FOMO (Fear Of Missing Out) Is Bad For Money You see a stock go up and you want to buy. You buy and it plummets immediately. You tell yourself “I’ll never purchase an asset again based on FOMO,” only to repeat the mistake again a few months later. Conversely, you buy something that’s profitable. You don’t sell because you fear you’ll miss out if the stocks skyrocket. It plummets back below your purchase price and you lose money....
Kobe is legendary for working hard and was one of the best ballers in history. Elon Musk is known for working hard and is the world’s richest man. It’s very tempting to draw the connection that working hard is a necessary and sufficient condition for success. Alas, if working hard is all that’s needed to win, everyone would win. Someone could work 10X hours the next person and earn half as much....
You watch these 15-second Tik Tok clips and influencers give you some shallow advice. Some say to double-down and focus on your strengths only; some say you should diversify and ‘taste’ as much as you can. Black and white advice is bad because everyone’s situation is different. Should an 18-year old decide what he’ll do for the rest of his life and “specialize”? I don’t think so. Should a 58-year old man who’s suffered Shiny Object Syndrome keep looking to find his ‘passion’ for the next 20 years?...
Passive income is a myth. It does not exist. There are 2 reasons for this. Reason 1: Everything Takes Nonzero Energy Building a passive income stream takes herculean effort in general, and isn’t as ‘easy’ as you think. If it were, then everybody would be doing it and by definition the “passive” income opportunity would be gone. So, say you spend 500 hours building a passive income stream that eventually pays you $50,000....
You should never listen to anyone except yourself. Blindly trusting people, especially for financial decisions almost always leads to disaster. In fact, for things related to money, you should just ask people about where to get information, as opposed to what the information is. For example, instead of asking your friend what are good stock picks, you might ask where are sources to learn more about stocks. Then do your own diligence from there....