MONEY 101

Don't open this thread if you're looking for some quick tips. This thread isn't about that.

It's about the nature of money and our relationship with it. It's about understanding it.

NO ONE'S CRAZY

People born at different times and situations learn different lessons.

Someone born before independence thinks differently from someone born 25 years back.

We make decisions based on our own unique experiences. What seems crazy to you might make sense to me.

ENOUGH

There are a few things that are never worth the risk:
Reputation
Freedom
Family & Friends
Happiness

To keep these things is to know when to stop taking risks. Knowing when you have enough.

Never risk the above for another $1,000 when you already have $1,000,000.

COMPOUNDING

$81.5 billion of Warren Buffett's $84.5 billion net worth came after his 65th birthday.

That's insane. And that's how compounding happens.

His skill is investing, but his secret is time.
He has been investing for three-quarters of a century.

GETTING WEALTHY VS STAYING WEALTHY

Getting money requires taking risks, and being optimistic.

But keeping money requires the opposite. It requires humility and fear that what you've made can be taken.

The key here is 'survival'.
It's about consistently not screwing up.

FREEDOM

The highest form of wealth is the ability to wake up every morning and say, "I can do whatever I want today."

The more control you have over your time the happier you'll be.

Controlling your time is the highest dividend money pays.

MAN IN THE CAR PARADOX

When you see someone driving a Ferrari, you rarely think, "Wow, the guy driving that car is so cool."

Instead, they imagine themselves in the driver's seat they don't care about the owner, or even notice them.

Using money to be admired is futile.

WEALTH IS WHAT YOU DON'T SEE

We tend to judge wealth by what we see because that's the only information we have.

Wealth is nice cars not purchased, watches not worn, the clothes forwent.

Wealth is financial assets that haven't yet been converted into the stuff you see.

SAVE MONEY

Save. Just save. You don't need a specific reason to save. It's great to save for a car, a phone or anything else.

But saving for things that are impossible to predict or define is one of the best reasons to save.

NOTING'S FREE

Most financial costs don't have visible price tags.

Uncertainty, doubt and regret are common costs in the finance world.

They're often worth paying. But you've to see them as fees rather than fines.

MONEY 101 💲

ALL YOUR PRECONCEIVED IDEAS ABOUT BUSINESS ARE WRONG.

THE WORLD HAS CHANGED AND SO HAS THE BUSINESS WORLD.

Here's a thread on BUSINESS 101.

SCRATCH YOUR OWN ITCH

The best way to create a great product or service is to make something you want to use.

When you build what you need you can assess the quality of what you make quickly and directly.

Best of all this approach lets you fall in love with what you're making.

YOU NEED LESS THAN YOU THINK

Do you really need 10 people or will 2 or 3 do for now?

Do you really need an office or can you work from home?

Do you really need $50,000 or $5,000 is enough to start?

You get the point.
Maybe eventually you need to go expensive.
But not now.

HOW TO HOT DOG

You have stuff you could do, you have stuff you want to do.

But your focus should be on the stuff you have to do.

Suppose you want to start a hot dog stall, and you're thinking about decorations, name, place, etc.

But your focus should be on the HOT DOG FIRST.

PICK A FIGHT

If you think your competitor sucks, say so.

It's a great way to attract followers and a great differentiator too.

Audi takes on Lexus's automatic parking systems with ads that say Audi drivers know how to park their cars.

COPY CHEFS

You know chefs like @ranveerbrar @SanjeevKapoor @ChefKunalKapur but there are many chefs out there why aren't they famous?

Because they don't share they don't teach.

A chef knows that just by sharing his recipe no one can beat him.

The same applies to business too.

COPY DR*G DEALERS

They know that their product is soo good that they're willing to give it away for free upfront.
They know you'll come back for more with cash in hand.

So, make your product so good that it becomes irresistible and let the customers use it for free initially.

SHOW THE BACKSTAGE

Give people a backstage pass and let them see what goes behind your business, product, or service.

People love to know what goes behind your business. This will make the trust stronger.

Make videos about it and post them on your website or the packaging.

WORKAHOLISM

Our culture celebrates the workaholic.
People who pull all-nighters are considered heroes.

Working more doesn't mean you care more or get more done. It just means you work more.

The real hero is already home because he figured out a faster way to get things done.

LEARNING FROM MISTAKES IS OVERRATED

What do you learn from your mistakes?
You might learn what not to do again but you still don't know what to do next.

Learning from success.
When something succeeds, you know what worked and you can do it again and better.

LEARN FROM SUCCESS.

FORGET ABOUT FORMAL DEGREE

There are many companies out there that have educational requirements or a specific GPA.

Don't run a company like that.

Come on. There are many intelligent people who don't excel in class.

You don't need someone from the best college to get results.

BUSINESS 101💸

COVID DESTROYED ALL YOUR PLANS FOR THE YEAR 2020

PLANS GET DESTROYED THAT'S WHAT HAPPENS TO THEM

"PLANNING IS GUESSING"

Yes, you read that right planning is guessing.

Unless you're a fortune-teller, long-term planning is a fantasy.

Why don't we just call plans what they really are: Guesses

Plans are inconsistent without improvisation.

You have to be able to improvise while executing.

You have the most information when you're doing stuff, not before you've done it.

Yet when do you write a plan?

Usually it's before you've even begun.

That's the worst time to make a big decision.

Now, this doesn't mean that it's complete bullshit to make future plans or think about how you'll handle future obstacles.

That's a worthwhile exercise.

Just don't obsess about it too much.

Figure out the next most important thing and do that.

Make decisions right when you are about to start something, not too far in advance.

Working without a plan may seem scary.

But blindly following a plan that has no relationship with the current scenario is even scarier.

PLANNING IS GUESSING💭

THE ULTIMATE 4-STEP SYSTEM TO MAKE THE MOST OF YOUR DAY AND NOT FEEL MISERABLE IN THE END.

1. HIGHLIGHT
2. LASER
3. ENERGIZE
4. REFLECT

This system is just these 4-steps repeated every day.
Let me break it down further.

First, you'll choose a single HIGHLIGHT to prioritize in your day.

Next, you'll employ specific tactics to stay LASER-FOCUSED on that highlight.

Throughout the day you'll build ENERGY to do that highlight.

Finally, you'll reflect on the day with a few simple notes.

HIGHLIGHT

You'll choose a single activity to prioritize in your calendar.

Your highlight might be something you don't necessarily have to do, like playing with your kids or reading.

Of course, your Highlight isn't the only thing you'll do each day. But it'll be your priority.

HIGHLIGHT TACTICS

1) Write your highlight on a sticky note and paste it where it is clearly visible.
2) Schedule your highlight on your calendar.
3) Make time for your highlight in the morning.
4) Say NO to projects, favors, and invitations if you don't feel like doing them.

LASER

Distractions like email, social media, and breaking news are everywhere and aren't going away.

You can't go live in a cave, throw away your gadgets, and swear off technology entirely.

But you can redesign how you use technology to stop the reaction cycle.

LASER TACTICS

1) Turn off all notifications on your mobile.
2) Log out from all social media services.
3) Don't check social media until noon.
4) Read the news once per week.
5) Shut the door when working, if you don't work in a room put on headphones without any music on.

ENERGIZE

To achieve focus and make time for what matters, your brain needs energy, and that energy comes from taking care of your body.

ENERGIZE TACTICS

1) Do some physical activity every day even a good 30 min brisk walking will do the trick.
2) Eat without screens.
3) Stay away from refined sugar in any form.
4) Don't drink coffee first after waking up.
5) Inculcate intermitting fasting into your lifestyle.

REFLECT

Finally, before going to bed, you'll take a few notes. It's super simple.

You'll decide which tactics you want to continue and which ones to drop, how good your energy and focus levels were, and what brought joy in the day.


4 STEP SYSTEM TO WIN EVERY DAY🏆

25 lessons so that you can:

Ask for the pay raise you've always deserved.

Say no to that friend without offending him/her.

Crack the interview of your dream company.

Become the coolest person to be friends with in your college.

And nail more social situations...

1) Avoid arguments.

2) Never tell the other person, 'You're wrong.'

3) If you're wrong, admit it, with enthusiasm.

4) Begin in a friendly way.

5) Get the other person to agree with you immediately.

6) Let the other person do more of the talking.

7) Try to see things from the other's pov.

8) Let the other person take credit for the idea. If your main goal is to get results.

9) Be sympathetic to the other person's ideas.

10) Show a genuine interest in other people.

11) A smile is the best ornament you can wear, wear it often.

12) A person's name is the sweetest sound in any language to him or her. Say their name more.

13) Be a good listener.

14) Talk about the other person's interests.

15) Make the other person feel important.

16) If you must criticize, then begin with praise.

17) Call attention to people's mistakes indirectly.

18) Before criticizing the other person, talk about your own mistakes.

19) Give suggestions instead of direct orders.

20) Let the other person save face.

21) Praise every improvement.

22) Give the other person a good reputation to live up to and improve upon.

23) Don't complain & criticize, if not necessary.

24) Appreciation should be honest, not flattery.

25) Only give advice when you're asked for it.

BECOME A SOCIAL NINJA🤺

HOW TO NOT GIVE A DUCK🦆

LEARN FROM THE BOOK
THE SUBTLE ART OF NOT GIVING A F*CK BY @IAmMarkManson.

THE BACKWARDS LAW

The desire for more positive experiences is itself a negative experience, and paradoxically the acceptance of one's negative experience is itself a positive experience.

The more you desperately want to be sexy and desired, the uglier you come to see yourself.

HAPPINESS IS A PROBLEM

Happiness comes from solving problems. The keyword here is "solving." If you're avoiding it, then you'll be miserable soon.

Problems never end, they improve.

Elon Musk's got money problems, a beggar got money problems. Elon just got better problems.

YOU AREN'T SPECIAL

Each one of us deserves greatness and can be extraordinary.

But the point that - if everyone were extraordinary then no one would be extraordinary is missed.

Accepting that you are average in most areas of your life is liberating and a superpower.

RESPONSIBILITY/FAULT FALLACY

People hesitate to take responsibility for their problems because they believe that to be responsible for their problems is to be at fault for them.

Responsibility and fault often appear together but they aren't the same.

MOTIVATION MYTH

Thinking actions happen because of motivation is partially true.

Action isn't just the effect of motivation; it's also the cause of it.

Inspiration→Motivation→Action→
Inspiration...
It's an endless loop.

So, Do something; anything. Motivation will follow.

NO FUCKS GIVEN TO THE TITLE💀

IMAGINE THIS
You're single. Forever. The end.

NOW IMAGINE THIS
You have no friends. Forever. The end.

Which one do you honestly think is worse?

I believe that many of us misinterpret
our need for solid friendships as a
need for a romantic relationship.

But you can be happy without a partner.
You cannot be happy without friends.

Being single forever may suck to think
about, but it's not exactly the end of
the world.

You could still have a pretty bitchin life anyway.

We've all been single before.

And many of us in committed relationships will someday be single again.

But friendless for the rest of your life?

Well, let’s say that these are the
things that suicides are made of.

Prioritize your friendships.

FREINDS VS PARTNER💕

🧠90% OF PEOPLE SUCK AT BUILDING GOOD HABITS, AND WHEN THEY FAIL THEY CALL IT FATE.

HERE ARE 9 IDEAS SO THAT YOU DON'T.



Thread with lessons from the book Atomic Habits by @JamesClear.

🧠FOCUS ON SYSTEMS, NOT ON GOALS

If you're an entrepreneur, your goal might be to make huge profits.

Your system is how to test products and keep making them better.

It doesn't imply that you should ignore goals, they give you direction but it is the system that matters.

🧠IDENTITY CHANGE

The most effective way to change your habits is to focus not on what you want to achieve, but on who you wish to become.

The two-step process to changing your identity:
1. Decide the type of person you want to become.
2. Prove it to yourself with small wins.

🧠FOUR LAWS OF BEHAVIOR CHANGE

How to create a good habit and break a bad one?

Here are four rules to do both:
1. Make it obvious/invisible.
2. Make it attractive/unattractive.
3. Make it easy/difficult.
4. Make it satisfying/unsatisfying.

🧠BEST WAY TO START A NEW HABIT

Fill out this sentence:
I will [BEHAVIOR] at [TIME] in [LOCATION]

I will exercise for one hour at 6 a.m. in my local gym.

After this, stack another habit with the previous habit and keep adding.

After [CURRENT HABIT], I will [NEW HABIT].

🧠TWO-MINUTE RULE

When you start a new habit it should take less than two minutes to do.

The idea is to make the habit as easy as possible to start.

Running three miles becomes tying my running shoes.
Studying for class becomes opening my notes.

🧠ENVIRONMENT MATTERS

Fill your environment with signals that initiate good habits and devoid of signals of bad habits.

Want to eat more fruits?
Keep them in the living room where they can be seen easily.

Want to cut screen time?
Delete apps like Netflix and Instagram.

🧠TEMPTATION BUILDING

To make your habits more attractive try to pair an action you WANT to do with an action you NEED to do.

Only after [HABIT I NEED]
I will [HABIT I WANT].

Only after studying for 2 hrs, I can play football.

🧠TAKING ACTIONS > PLANNING

The most effective way to form habits is by simply practicing them more.

It doesn't matter how many days have passed practicing a habit whether it is 21 days or 21 weeks, repetition is what matters in the end.

🧠THE HABIT CONTRACT

It is a written agreement in which you state your commitment to a particular habit and the punishment that will occur if you don't follow through.

Sign on it with your partner, friends, or parents.

If I don't exercise in the morning I will fast that day.