Staying true to that quote will minimizes ones exposure to the risk of collective ignorance.

That quote puts into context the true essence of lifestyle design. I have transformed my practice and continue to transform my practice to focus on helping my clients allocate their resources to improve their quality of life.

I am in the process of doing so myself and if there are any resources in addition to your book that you can suggest, they would be gratefully appreciated.

Sincerly,
Kumbie

Great thoughts and insights into an often complex subject.

Personally, my bosses, mentors and myself are actively involved in startups as our main source of business activity. Many of them seem to be involved in more than one (usually in similar fields or industries however) which is how diversity occurs.

Cash flow generated from business activities is allocated and invested in one of three ways:
1: Back into the businesses, or in starting new opportunities (if the number of involvements is manageable)
2: In reducing living expenses and increasing simplicity.
3: In building cash savings (most liquid).

Long term investments and capital growth is achieved by building a share portfolio surrounding these ventures, each of which has a plan and a planned exit.

The concept (as explained by one of my mentors) works as follows:

“We are actively involved as investors in startups, where we invest time, effort and experience into the business rather than capital (aka Entrepreneurs and Advisers). These businesses are high risk businesses, so any cash flow taken from them is best stored into low risk, high liquidity options for future use and survival during lean times.”

Investing in yourself is highly recommended, and many of my bosses heavily invest in education (both formal, informal and ongoing learning).

This ties in efficiently with the principle of having an information advantage. If you are continuing to learn in your field and have studied and applied more than your peers, your chances of success are much higher.

I wouldn’t recommend this path for everyone, but since it is something I am continuing to educate myself in and enjoy, I find it a rather viable option for my long term success.

Forex trading is very fascinating and very addictive, which is part of the reason I’ve avoided it to date. It’s true you can make some serious gains in short periods of time, but the flipside is that you can also use leverage to get yourself in a hole you lack the capital to dig yourself out of.

Dopamine is great, but addiction to any behavior can spell poor decision-making. I’ve been there with some of my projects, and it’s important to be aware of the validation/excitement addiction all of us are prone to with different activities.

Tim

I tried it, because I was receiving a special offer ( I received an amount without the need of any deposits at a forex trading site) and I GET HOOKED.

I was trading every evening a couple of weeks. i was focused on following the trend, I was buying when it was going up (with a stoploss!!) and selling when it was going down (or hitting my stoploss).

Without any thoughts but with a simple rule: Let my profits run or cut my losses immediately!

So I managed to make from my free received $20 ( the ‘bonus’, only one per new account, instantly on your account) a reasonable $2334 in almost 3 weeks.

And the magic: It was without any deposit. I just kept my creditcard in my pocket. SO I couldn’t lose any money at all.

What do you think of this? Of course you’re readers are interested in this, most of them would make some money. And Tim, it is intellectually so stimulating, it’s like dopamine mixed with the smell of crispy dollars.