Success is a Lie
The Myth
Money As a Measuring Stick of Success
Money is obviously important. In a capitalistic society it is power.
It’s a word that tends to bring up emotions such as ambition, fear, and envy.
Bet the House
In 2021, Alex realised he had lost over $700,000 due to trading with leverage.
Alex did not have the money to cover his losses.
The 20-year-old threw himself in front of an oncoming train.
The day after Alex took his own life, the trading platform sent an automated email suggesting the particular trade had been resolved, and he didn't owe any money.
The loss was an illusion.
Value your failures, but do not amplify them.
Tom Watson Jr., CEO of IBM between 1956 and 1971, was a key figure in the information revolution.
Watson was a wise leader.
A young executive had made some bad decisions that cost the company several million dollars.
He was summoned to Watson's office, fully expecting to be dismissed. As he entered the office, the young executive said, "I suppose after that set of mistakes, you will want to fire me."
Watson replied, "Not at all, young man, we have just spent a couple of million dollars educating you."
Measure What Matters
True success comes from carefully choosing your own set of rules and habits.
Unlike a rudimentary goal, measure based on consistency and momentum.
Base elements within your control, and use a ranking system of score e.g.
“how healthy, calm and creative have you been today out of 10?”
Take Responsibility
It is common to choose money to define one's success.
However, there is more to wealth.
Some investors reward themselves for following their rules whether a trade goes well or not. They rather ask "how well did they follow their plan".
Some level of competition is healthy. So challenge yourself to learn from others and follow their clues towards achievement.
Can you answer the following?
How much money do I have, need, and want?
Why?
What are other important life metrics?
"It's good to learn from your mistakes. It's better to learn from other people's mistakes." - Warren Buffet