Some non-investing reflections of mine

Confession: I've often failed to hit many of the goals I set for myself. Because I didn't get clear on the true price I need to pay.

If you struggle with this too, I hope it helps you feel a little better:

Some years back, I was chatting with an old friend at a hotel lounge over drinks. She spontaneously ran over to the grand piano and started playing it. She was flawless. Playing song after song from memory. I watched in awe. I started playing a mental movie in my mind of myself doing the same. How cool would it be if I could be like her and play songs on the piano at command? Must be such an enjoyable feeling. I felt motivated in the moment to learn this skill.

But I never did anything.

My list of failed dreams stretch longer than just this - New skills, new hobbies, new languages I want to pick up. But never got around to it.

And one day the realization hit me:

I only fell in love with the idea of playing the piano and looking cool like my friend. But I did NOT take time to get clear on the price I need to pay to get there. If I had taken time to reflect and be honest with myself, I would have admitted:

i) I was too stingy to pay money for piano lessons or invest in a keyboard.

ii) I was too practical to spend my time learning this instead of reading stuff about business or investing.

Everything in life has a price.

We just need to figure out exactly what it is and decide whether we want to pay it. Since then, I've shifted the way I looked at the goals I set for myself.

2 reasons this has been helpful.

1. It teaches you to think in terms of trade-offs.

We can have a lot, but we can’t have everything.

If you’re making tons of money but are unhappy, it means you haven't fully accepted the price you need to pay to enjoy incredible business success. Other things are clearly more important to you than making money, and that’s okay.

The opposite is also true.

If you only work 2 hours a day and pursue a colourful personal life and you’re still unhappy, you haven’t embraced the fact (and it is a fact) that what you chose to do will not make you wealthy. Personal satisfaction is important, but it’s not enough for you. And that’s okay too.

Want to make more money?

Want more time with family?

You can, but something else will have to give.

2. It teaches you to learn to lower your expectations, or increase your work ethic

The most dangerous people I’ve met are those who are both:

a) extremely ambitious AND

b) extremely lazy

This is a perfect combination to create huge envy.

These are people who want to do big things, but they’re not willing to pay the price. They want that sexy car but don't want to pay for it. So they do the equivalent of a Grand Theft Auto. They’ll cheat, steal, or throw you under the bus. And if someone else has what they want, it eats away at their soul.

If someone is winning at a higher level than you are, either:

Lower your expectations to match your work ethic or... Increase your work ethic to exceed your expectations.

If you do neither, you’ll feel miserable.

Max

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