Book review: The Wealthy Barber Returns

I saw a hedge fund manager recommend this book on Twitter, but accidentally grabbed the newer version instead of the recommended original. Nonetheless, here is my review. This short and easy-to-read book which is a compliment contains some common sense regarding personal finance. If you just begin to dip into the personal finance space, this book can be a good place to start, though I am sure there are better books. If you want to enrich your personal finance knowledge, there may be some ideas from the book that can be interesting. If you live in Canada, this book may even be more interesting as the author spent a significant part of the book discussing matters specific to the Canadian systems only.

The two main take-away points from this book, if that’s all you will leave it with, are this: 1/ live below your means and 2/ save early.

There is no surer way to approach financial independence than keeping your expenses below your income. In fact, the lower your expense is than your income, the better. It’s quite common to see folks who spend most or all of their income every month. Those are the paycheck-to-paycheck folks. When life throws them a twist as it very often goes, there will be no saving for a rainy day. If you look at the current pandemic (as it is still going on), not only is it not a rainy day, it is a freaking storm. People lose jobs and health insurance. Income is gone, but bills are still there to pay. In fact, 40% of Americans are reported not to have $400 for an emergency. That’s so crazy to think about. Even though the idea of living below your means is so laughably obvious, the reality clearly shows that it is a foreign concept to many.

The book emphasizes a key trick in making sure that you save money every month: save before you spend the rest, not spend and save the rest. Say, if you earn $3,000 a month, put 10-20% somewhere as savings and spend the rest. That approach allows you to save at least $300 a month. After two months, at least you can say that you are NOT among people who don’t have $400 in cash for an emergency. On the other hand, if you decide to save whatever is left after the first 28-29 days of the month, you likely won’t save much. As human beings, we are terrible in self-control.

“You don’t have to become a miser and live a life of austerity. You just have to exercise a little discipline and a little common sense. You’re probably wondering, “If that’s the case, why aren’t there more successful savers? Why haven’t we all been able to slightly reduce our spending?” The blunt answer? A little discipline and a little common sense are a little more than most of us can muster.”

Excerpt From: David Chilton. “The Wealthy Barber Returns.” Apple Books.

The second key take-away is that you should start saving early. The earlier and more consistent you save, the better. Instead of typing out why you should, I’ll let these charts from JP Morgan demonstrate the power of compounding interest, which is usually called “the 8th wonder of the world”

chart jp morgan retirement
Source: Business Insider

As you can see, the earlier and longer you save, the more compounding interest works in your favor. To reach $1 million at retirement, you can either save $361 monthly, starting at the age of 20, or save $1,400+ a month at the age of 40. Which one do you feel is more daunting? Especially given the more responsibilities and expenses that come with being older? Exactly!

There are other topics addressed in the book such as:

  • If someone asks you to do something that involves spending, practice saying “I can’t afford it”
  • When you should take out a line of credit
  • What is good debt and what is bad debt?
  • A basic primer on index funds and why you should strongly consider them as an investment vehicle

Overall, I think the book does offer value. I can see that it’s even more helpful to teenagers who are interested in building wealth and strategizing their life to financial independence and happier life. To those who may argue that saving fir the future will come at the expense of today’s sacrifice and the enjoyment of life, here is what the book argues, which I agree with

One of the most damaging misconceptions in personal finance is that saving for the future requires sacrifices today that lessen people’s enjoyment of life. Surprisingly, it’s quite the opposite! People who live within their means tend to be happier and less stressed. That’s true not only for the obvious reason — they know their financial futures look bright — but also because they’re not consumed with consumption. They’re not in the emotionally and financially draining race to acquire the most stuff they possibly can. A race that, it should be noted, has no finish line and thus no winner.

Excerpt From: David Chilton. “The Wealthy Barber Returns.” Apple Books.

Book review: The Innovation Stack

Similar to the most recent books, this one came to me by chance when somebody I follow retweeted someone else who read it. I gave it a chance and I am glad I did. The book is penned by Jim McKelvey, the cofounder of Square. The book should be recommended by business schools and read by anyone who wishes to improve their competitiveness as a business or a company. It is a straightforward, easy-to-read, genuine and informative book. What I like the most about the book is the author’s genuineness. He doesn’t seem to try to immortalize entrepreneurs or make wild exaggerations. For instance, one of his main points is to copy what worked in the past. In my personal experience at business schools, I often listened to professors talk about “blue ocean” or “doing something unique”. I always find it hard to come across something that has never been done before. Perhaps, I am not smart enough. That’s why it’s refreshing to listen to a billionaire who admitted that he copied everything he could at Square.

Jim’s Innovation Stack simply refers to the process of companies trying to solve a problem which leads to two more problems and so on. By tackling each problem, successful entities come up with a unique mix of elements that only they can possess, elements that make them competitive. Any competitor that wants to copy an Innovation Stack has to somehow copy every single element of the Stack, not just one or a few. That makes a solid Innovation Stack defensible and difficult to emulate.

The same concept can also apply to individuals. For instance, speaking English may not give anyone a competitive advantage. However, combining English with other skills such as fluency in Latin and professional training in archaeology makes a person “more unique” and harder to compete.

There are other gems in the book that I believe will be useful to readers. If you are looking for a short quality read over this weekend, give it a try. It’s worth it.

“BEFORE stalking got such a bad reputation, I was pretty good at it. My target was always the same: some famous businessperson. Entrepreneurship was not taught in school at the time,* so I had to invent a way to get instruction. My technique was simple: I would wait until some famous entrepreneur came to St. Louis to give a speech. After the speech I would catch the speaker as he or she left the stage and offer a ride to the airport.”

Excerpt From: Jim McKelvey. “The Innovation Stack.” Apple Books.

“A couple of ratios help illuminate the crime scene. Credit card vendors were making 0.04¢ on every dollar ($0.3 billion / $788 billion) they processed from their large merchants. Now compare this to 1.8¢ on the dollar, the profit they were making on small merchants ($2.4 billion / $130 billion). Their profit margin from small businesses was forty-five times higher than from billion-dollar corporations. I rechecked my math three times before that number sunk in. Small businesses pay forty-five times more than the giants do. We had identified a big problem and a good reason to start a company.”

Excerpt From: Jim McKelvey. “The Innovation Stack.” Apple Books.

The problem with solving one problem is that it usually creates a new problem that requires a new solution with its own new problems. This problem-solution-problem chain continues until eventually one of two things happens: either you fail to solve a problem and die, or you succeed in solving all the problems with a collection of both interlocking and independent innovation. This successful collection is what I call an Innovation Stack

Excerpt From: Jim McKelvey. “The Innovation Stack.” Apple Books.

“But this book’s subject is the exploration of the unknown; so, as a consolation prize for readers expecting between five and seven bulleted steps to success, I will now tell you the universal formula for success in any existing industry. This formula works from building bridges to selling soap. This formula has worked for millennia and it will give you the ability to succeed in any known field of endeavor. Even better, you have been practicing the fundamental skill it requires since before you were born, and are almost certainly a master.

Ready?

Copy what everyone else does.”

Excerpt From: Jim McKelvey. “The Innovation Stack.” Apple Books.

“In 1973, Braniff cut its fare between Dallas and Houston to $13, half of what Southwest charged. The Dallas–Houston run was Southwest’s primary source of profit—competing at that rate, even with its Innovation Stack and greater cost efficiency, would be disastrous. Braniff’s pricing attack violated US antitrust law, but the executives hoped to drive Southwest out of business before Herb could take them to court. Winning in court wouldn’t matter if Southwest was dead, so Herb needed a fast solution. He and his team devised a plan by looking at their customers.

Southwest knew that most of the passengers on the Dallas–Houston route were businesspeople. These businesspeople flew Southwest primarily for the convenience of multiple flights, easy changes, open seating, and on-time performance. Braniff could set any price it wanted, but it could not replicate the other effects of Southwest’s Innovation Stack. These business fliers were not choosing Southwest simply because of the low price, a price their employers reimbursed them for anyway. So Southwest offered fliers the option of paying only $13, or they could pay the full fare of $26 and get a complimentary bottle of Chivas Regal scotch, Crown Royal whiskey, or Smirnoff vodka. Most of the passengers stayed with Southwest and chose to pay the full fare and get the booze. Southwest managed to outsell Braniff at twice the price, and for the length of that promotion became the largest liquor distributor in Texas.”

Excerpt From: Jim McKelvey. “The Innovation Stack.” Apple Books.

“Disruption has become nearly as threadbare a concept as entrepreneurship. The two words could be roommates at rehab. When Clayton Christensen first popularized the disruption concept back in 1997, the idea was novel and interesting. But what Christensen originally called disruptive innovation has now been shortened to just disruption and the oversimplification is profound. Two decades later, disruption has become the high-fructose corn syrup of business, an overused ingredient sprayed on pitches and injected into keynotes in the hope of disguising the familiar taste of conformity.”

Excerpt From: Jim McKelvey. “The Innovation Stack.” Apple Books.

“IS DISRUPTION BAD? Not by itself. But disruption has also never been the focus of good entrepreneurs. The entrepreneurs profiled in this book set out to build and not to destroy. To focus on disruption is to look over one’s shoulder into the past. But if you are trying to solve a perfect problem or expand a market, shouldn’t you study that industry? No, you look at your customers, or I should say your potential customers, for they do not even know your product or service is possible.”

Excerpt From: Jim McKelvey. “The Innovation Stack.” Apple Books.

But now that you have read this book you have lost something as well. You can no longer look at a problem and say, “Nothing can be done.” You can’t even say, “I can’t do it because I am lacking (fill in your excuse du jour).” You can only say either, “I’m not going to do anything” or “I am going to solve this problem.” Because we have seen how world-changing entrepreneurs had few if any qualifications when they began their journeys. 

Excerpt From: Jim McKelvey. “The Innovation Stack.” Apple Books.

5 things I wish I learned/knew sooner than later

What do you wish you knew sooner or later? I ask myself that question all the time. Here is what I came up with for myself.

Know how to curate what to read and how to read

A popular and widely cited stat reads that 90% of the world’s data is generated in the last two years. Regardless of the figures, I think the premise is true. We encounter a lot of information and data every day. News, social media, photos that we take, tweets that we write, new movies or shows that streamers release, songs that artists launch. The deluge of information makes it incredibly challenging for a person to know what information to absorb and from what source. There are days when I spend hours reading and there are days when I get information fatigue. What makes it more tricky and challenging is misinformation. It’s harder than ever to distinguish between accurate information and false information. The accuracy is only just relative, depending on how you look at things. For instance, somebody may claim that the government did a good job with the economy prior to Covid because the stock market hit all time highs and unemployment rate was rate. Well, that may be true, but it’s only part of the story. There are other serious issues to look at including but not limited to federal budget, minimum wages or income inequality. When you take those into account, the assessment won’t look as rosy. Additionally, while there is value in being informed in many areas, specialization into a few may serve you better. It would be valuable for us to learn how to curate what to read, how to read and how to say “no” to information.

No one knows everything all the time

Because we are overwhelmed by a lot of information every, as mentioned above, it makes everyone prone to mistakes in judgement. Hence, even established authorities in certain areas become wrong at times. Legendary investors lost money. Famous economists erred on their predictions. Analysts screwed up on assumptions and evaluations. Scientists’ claims were challenged and debunked. We often associate previous successes with the ability to be right all the time or successes in one area with knowledge in other areas. That often is not true. One tech founder that may succeed in building a billion dollar firm can make disastrously wrong claims on biology or sociology or even in other business areas such as fast food, hospitality or energy.

To figure out when an authority with credibility errs is tricky. How often do you read a scientific article from The Lancet and question it immediately? How often do you read a report from World Bank and pick it apart detail by detail? Or do you share them first? Past track record and credibility help, but they don’t guarantee accuracy all the time. Hence, although it’s good to respect and appreciate greatness, I think it’s valuable to learn to think for ourselves and be vigilant.

Focus. Focus. Focus

I sometimes have to stop myself from multitasking. Modern societies have trained us to constantly want to multitask. We have all been there. Listening to music or podcasts during work. Putting on radio while driving. Chatting while studying at night or doing homework. It’s incredibly difficult to stay completely immune from distractions. I don’t believe anyone can do that. Nonetheless, it is extremely helpful and valuable to learn to be “in the zone” more, even for just a few hours every day to do deep work. I do believe that the more a person can do so, the more he or she can succeed

Learn to write

I think writing is as important, if not more important, than coding which is touted as something we all should learn as early as possible. The ability to communicate in writing, even in the form of an email, a report or an article, is essential nowadays. First, writing is a form of communication with others. A well-written piece can carry a message effectively and there can only be good things coming from effective communication. Second, writing is thinking. When thoughts go into words, we think about the thoughts at hand more. We pick apart every aspect of our thoughts more to make them more refined. So when you come across some good content, it mostly comes from a vigorous thinking process beforehand. It’s not a coincidence that Jeff Bezos replaces the use of Power Points at Amazon with a 6-page memo. Therefore, learning to write is highly important

Learn to different yourself

Whatever you want to do, it’s impossible that you are the first or only person in the world to do it. If you want to launch a cryptocurrency hedge fund, there are hundreds out there. If you want to launch a newsletter, there are thousands already in the market. If you want to build an Asian eatery in the local community, it’s impossible that there is none already in operations. Modern societies and technological advances make it easier than ever to launch individual ventures. At the same time, it’s also exceedingly challenging to stand out from the crowd. What I think can make each of us stand out are individual uniqueness and work ethic. Nobody in the world can beat you at being you. Each of us has a different unbringing, life experience and personality. Infusing that uniqueness into our work, I believe, can make us stand out more. For instance, millions of people can speak English. If you speak English, it’s nothing special. If you add a foreign language such as Japanese, it narrows down the competition. If you add another such as Latin or a special specialty such as flying a commercial jet, it narrows down the competition even more. The chance of standing out from the crowd is now higher. Hence, capitalizing on our unique experience, personality and perspective can be very useful.

The second piece is work ethic. Even if you have all the talent in the world, it means nothing if you don’t put in the work. Athletes like Kobe Bryant, Lebron James, Michael Jordan, Cristiano Ronaldo put in hours of work every day even after achieving success and fame. If you don’t have genius-level talent, like most of us, the ability to put in 12-15 hours of work a day will differentiate you from a lot of folks that are not willing to work beyond the required 8 hours. On the other hand, even if you work long hours every day, yet you don’t have a factor that can help differentiate you from others, it doesn’t mean anything. That’s why thousands of blue collar workers who work two or three jobs a day are not as famous or rich as others. The work they do deserves respect, but it is nothing different from the work of hundreds of thousands of others.

Learning about your uniqueness, deploying it and working hard is important and the sooner one does it, the better.

Learn to avoid jealousy and self-pity

I believe it is tremendously important to learn about controlling jealousy and self-pity early in life. Everyone in the world should be happy. Life is too short not to. Though we differ from one another in the things that make us tick, there are a few common factors that contribute to happiness such as being healthy, avoiding jealousy or feeling sorry for yourself all the time. While they seem obvious, they all require practice and learning. If you sit on the couch on the time and eat fast food every day, chances are that you won’t be healthy. If you don’t purposefully train your mind not to be jealous of others or compare yourself to others, chances are you may not be able to do it. If you are trapped in self-pity and don’t make effort to get out of that trap, how can you? I grew up in Asia where your parents subject you to comparison with other kids all the time. If you get a 9 out of 10 from a school assignment after putting in a lot of work, you may still be scolded if other kids get 10. I was trained and wired to be jealous as a kid. I worked really hard in the past few years to escape from that and I make concerted effort every day to stay away from the jealousy and self-pity. Does it make me completely happy? No, because there are other factors at play: work, family, relationship, goals. But it surely helps me not be unhappy.

What do you wish you learned/knew sooner than later?

Some more readings on Covid-19

It is important to stay informed of what is going on with this pandemic. Having perspectives stemming from what happens in other countries helps understand the extent of the problem that we are dealing with here in America. I compiled below what I came across. It goes without saying that I am not benefiting personally from any of this and that you should take everything you read with a grain of salt. Nonetheless, I believe it is helpful so that’s why I share them.

Some personal anecdotes on what happens on the ground in the US

Colorado changes policy for drive-up COVID-19 testing facility

What is happening in Italy

Italian doctor at heart of illness shares chilling coronavirus thoughts

What is going on in Korea

Special Report: Italy and South Korea virus outbreaks reveal disparity in deaths and tactics

South Korea reports more recoveries than coronavirus cases for the first time

What is going on in China

Other resources at a16z

Coronavirus Resources & Readings

WHO guide on how to make your own hand sanitizer

Reading

If you just happen to read this blog of mine for a bit, you’ll know I like to read. Reading is fun and powerful. I learned English and still do from reading, including vocabulary, grammar, nuances, connotation and just how words can be put together. I am still miserable at it, so that’s why I keep reading.

Also, reading expands my horizon and reminds me of how lucky I am. Non-fiction books such as self-help or just pure business reads are incredibly helpful in becoming a better business person or just a better person. Accounts on life in North Korea, Africa or the gender discrimination in Middle East boost my compassion and appreciation for what I have.

I believe strongly that we all should embrace reading. And to give you some motivation, here is a tweet I thankfully came across this morning

Source: Jelani Cobb

I shared it with a friend and his first response was ‘Damn. No excuse’. Indeed, there isn’t.

Book: Wandering by Hermann Hesse

Wandering by Hermann Hesse is a short yet fantastic read. When life’s uncertainties keep piling up and your mind is exhausted by all the distractions, it is a surreal feeling to read this book and imagine being open up to the nature the way that the author was. His lyrical writing is magnificent.

But I smile, and not only with my mouth. I smile with my soul, with my eyes, with my whole skin, and I offer these countrysides, whose fragrances drift up to me, different senses than those I had before, more delicate, more silent, more finely honed, better practiced, and more grateful. Everything belongs to me more than ever before, it speaks to me more richly and with hundreds of nuances. My yearning no longer paints dreamy colors across the veiled distances, my eyes are satisfied with what exists, because they have learned to see. The world has become lovelier than before.

The world has become lovelier. I am alone, and I don’t suffer from my loneliness. I don’t want life to be anything other than what it is. I am ready to let myself be baked in the sun till I am done. I am eager to ripen. I am ready to die, ready to be born again. The world has become lovelier.

Wandering – Hermann Hesse

Soft rain, summer rain

Whispers from bushes, whispers from trees.

Oh, how lovely and full of blessing

To dream and be satisfied.

———————————

I was so long in the outer brightness,

I am not used to this upheaval:

Being at home in my own soul,

Never to be led elsewhere.

———————————

I want nothing, I long for nothing,

I hum gently the sounds of childhood,

And I reach home astounded

In the warm beauty of dreams.

———————————

Heart, how torn you are,

How blessed to plow down blindly,

To think nothing, to know nothing,

Only to breathe, only to feel.”

For me, trees have always been the most penetrating preachers. I revere them when they live in tribes and families, in forests and groves. And even more I revere them when they stand alone. They are like lonely persons. Not like hermits who have stolen away out of weakness, but like great, solitary men, like Beethoven and Nietzsche. In their highest boughs the world rustles, their roots rest in infinity; but they do not lose themselves there, they struggle with all the force of their lives for one thing only: to fulfill themselves according to their own laws, to build up their own form, to represent themselves. Nothing is holier, nothing is more exemplary than a beautiful, strong tree. When a tree is cut down and reveals its naked death-wound to the sun, one can read its whole history in the luminous, inscribed disk of its trunk: in the rings of its years, its scars, all the struggle, all the suffering, all the sickness, all the happiness and prosperity stand truly written, the narrow years and the luxurious years, the attacks withstood, the storms endured. And every young farmboy knows that the hardest and noblest wood has the narrowest rings, that high on the mountains and in continuing danger the most indestructible, the strongest, the ideal trees grow.

Weekly readings – 2nd March 2019

I spend quite a lot of time on reading or at least as much time as I can possibly afford nowadays. Long posts, interesting news articles, books or tweets. Sometimes, I share with my friends interesting pieces and reciprocally get some in return. I benefit from the exercise a lot. Since I tend to catch up on the reading during the weekends thanks to the requirements of the new job, I decided to run an experiment in which I would collect interesting content I read during a week on every Saturday, if possible. The content may not need to be recent, but it’s interesting in some aspects, at least to me. Plus, the number of links will vary, depending on what I come across every week. Let’s see how it plays out. Here is the first one:

Lyft S-1

Status as a Service (StaaS)

The questions that matter

Rightscale 2019 State of the Cloud report

The value chain constraint

Privacy complaints received by tech giants’ favorite EU watchdog up to more than 2x since GDPR

Public library’s browser extension and e-book borrowing

Reading is awesome, but it can be fairly expensive if you buy every book you want to read. This post is about one trick I found to borrow e-books from the public library in Omaha, Nebraska, saving me a lot of money, while maintaining this rewarding habit. I suspect that the same should be similar to public libraries across the US.

I am a big fan of the public library in Omaha. There are tons of books to borrow for free. The normal process is that you go to the library’s website, log in, type in the book of your choice, place a hold, if the book is available of course, and pick it up later at your chosen branch.

I can’t recall the exact moment, but some time last year, I added their browser extension to Chrome. The extension allows me to see the availability of books right on the website where I am visiting without navigating to the library’s website itself. It’s convenient and in some cases, saved me a few bucks from buying books that otherwise are free to borrow at the library.

How the extension looks on Amazon

On the right hand side of the screenshot is how the extension looks. Immediately, I know that there are 3 available hard-copies of the book at the library and no e-book or audiobook up for grabs at the moment. One click and it takes me to the library’s website.

It’s even more convenient if you can borrow the e-books, especially when the weather outside is nasty. The process is pretty simple. Simply go to the library’s website, look for the book and place a hold on the e-book. A couple of options will appear as follows:

The “read in browser” option is quite self-explanatory. If you pick the “pick a format to download” option, there are usually Kindle or Adobe Epub format. As I own a Kindle, I go with the former. Once the option is picked, the window will appear like this:

Click on “Download Kindle” and you will be redirected to Amazon website:

Click on “Get Library Book”, open your Kindle, turn on Wifi-connection and you’ll get access to the book. To return the borrowed books, it has to be done in Amazon, according to Amazon website:

If you can support authors and pay for every book, by all means. If you read a lot and want to save money, public libraries can be a tremendous help. Don’t feel bad about free reading. Part of our taxes goes to the management and maintenance of public libraries. If you are not able to increase your income to build your net worth, it’s easier to lower expenses. This is one of the tricks I knew to limit the damages to my bank account while still enriching my knowledge and soul.

What should be taught more at schools

After years of being at school, I cannot wait to graduate in a few months’ time. Looking back at my academic career so far, even though schools offer some values, most of the courses can now be learned online provided that one has the will and the discipline to learn. What stands out more to me is what schools don’t teach. Here are some lessons that I feel are missing at schools, but play an important role in one’s life and career

Personal finance

I cannot stress enough how important this is. I have seen and known people get thousands of dollars in student loans for education. Then, get more debt in car loans to buy that new car that will be worth significantly less a few years from now. When a new car arrives in your home, it comes with parking fees, gas expenses and insurance. Consequently, monthly expenses rise and savings become even smaller.

On top of that, some gather whatever savings are left to make a down payment for a house and will still have to make installments on a regular basis. A monthly paycheck, after tax, will be used to pay for critical expenses such as rent, food and gas. What is left is used to pay for interests and some outstanding debt. In the end, there is almost no savings. I once read a report recently that many Americans cannot make a $400 emergency payment. Here is a simple breakdown of monthly income and expenses. It is for illustration purpose only. The relative size of the components is different in reality.

Income and Expenses

I didn’t take into account expenses such as bars, celebrations, birthday gifts, wedding gifts, books, travel, shopping, that broken Macbook charger, that flat tire, that media subscription you appreciate so much and others that add values to our lives.

What if something terrible happens and you are hospitalized? How will you pay for the hefty medical bills? It is impossible to assume that you won’t get sick even once for years. It’s practically unsustainable to cross-finger and hope that no severe accident such as car accidents will not happen ever. One of my classmates was hit in a car accident through no fault of her own simply because a person ran the red lights to make it to a Black Friday sale!

There is no shortage of studies and media coverage on pay day loans – a quick way to get your hands on cash, but at the expense of extremely high interest. Life will quickly become just a constant loop of being stuck to your job and paying off debts. If you don’t like the current job, you won’t be able to change jobs or quit because of the debt burden. You don’t have much margin of error or freedom to enjoy life. The lack of freedom to make choices is highly devastating.

Communication

Too cliché? Nah, it is really relevant based on what I have seen so far. . I have seen a lot of PowerPoint decks made by experienced professionals that are littered with text without visuals. As data is taking the world by storm, the ability to convey insights from data is important as well. How could anyone understand anything from highly complex Excel sheets?

The ability to present and communicate effectively is very crucial in one’s career. However, I think that point is missing at schools.

Writing is thinking

It’s easy to sit down, think of an idea and feel that it’s the best idea that has ever been thought of. Unfortunately, it is not true, most of the time. There are a lot of gaps in our thinking unless we write it down on a Word document or a sheet of paper. When we write, we can think more about the points being made, the gaps in logic, evidence to back the logic up and the way to present it. It’s true that students have to write a lot of papers. They; however, have little idea on WHY they have to write papers except for grades.

Reading

It’s all in the books. I am not in a position to tell what one should read. One should just read to see where it is going and what areas one is interested in. Let’s say if a person reads constantly and improves by 1% every month, starting from a base ability value of 100, here is how the person will grow after a while

Ability value

After 4 years, you’ll grow by more than 50% and become twice as good as when you started after 7 years.

Titles, fame or wealth doesn’t always equal to being right

Being logical and having a good idea are not exclusive to fame, authority, fame or wealth. CEOs make mistakes and are dismissed all the time. Crypto fans would be happy to recall that Jamie Dimon – CEO of JP Morgan – dismissed the value of cryptocurrency at first and made a 180 turn to embrace it. I once heard a classmate publicly claim in class that he regretted not mirroring Warren Buffett’s investments. He is a legendary investor, but he is not immune to mistakes nor he is right all the time.

My point is that it’s important to stay vigilant and look at ideas for their merits, not for the fame, titles or wealth of the person who proposed them.

I believe that graduates would be much better prepared for life and career post education if these lessons were emphasized more at school.