2024-01-05
Doing something you really like will lead you to growth that goes way beyond. Having fun with what you do will keep you consistent, help you when you feel lost, and guide you to a place where you'll not only achieve your financial goals but also find happiness in life.
Money always follows your curiosity. By following your curiosity, you will eventually achieve your financial goals. While money follows a straight path, curiosity may diverge temporarily, leading you away from the money path. However, someday your financial goals and curiosity will converge again, leading to even greater success. -Shakey
“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.” - Steve Jobs
In a world of short-term thinkers, the long-term thinker will prevail. It's really hard to sometimes get back on track and think long term because it's tempting to focus solely on short-term rewards. This is highly correlated with valuing process over outcome.
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Most of the time, when you look at the rich in Dubai or Miami, you'll see young men in their early 20s standing in front of a Lamborghini, telling you how to get rich. Often, these individuals aren't actually in the business they claim to be in; instead, they're in the marketing business, which is often much easier. There are several checks a person needs to pass for me to consider them credible in their work:
Other factors to consider include how many people fail when you only see those few individuals winning.
“Show me the incentive, and I'll show you the outcome.” - Charlie Munger
This is the most important part. Let's start with the first:
Conviction: You need to have an utterly deep conviction, an unshakable belief that nothing can stop you. Your vision is so deeply ingrained that no one can discourage you. You must overcome everything in your path and breach through it like a tank. Your mindset is everything.
Motivation: I'd rephrase this as 'Why?' Why are you doing this? What's your motivation? It surely can't be solely about money because, as the quote above suggests, that won't work. It needs to be more profound, like finding joy in learning new things.
Fear: Fear can be one of the best motivators. Just close your eyes for a moment and consider how all the goals you've set for your life might go unrecognized. Use this fear as a deep motivation.
Urgency: Urgency is something you feel; you'll notice it. Urgency is when you wake up in the morning and don't want to sleep longer. You're driven to kick-ass that day, to be better than everybody else, and to push and push and push.
Outcome goals can work, but for them to be effective, they need to be motivating rather than destructive. For instance, imagine your outcome goal is to make 1 million in the next 24 months. Okay, that's your goal, but now you have to think one step forward. Will this goal truly help me, or will it lead me to act in a destructive manner where I'll do anything to reach it or get demotivated if I don't achieve it? In my opinion, process goals are the type of goals on which you should emphasize your focus.
Often, everything you start to work on will take much longer than you initially thought. So, if you believe you can achieve something in, let's say, 1 year, my experience has shown that this is rarely the case. It will likely take much longer. Try to build in a margin of safety for your time.