A Brilliant Method To Generate Ideas For Your Business - Simon Reynolds

The future of your business depends on just two abilities.

Firstly, being able to come up with excellent ideas to expand your business. Secondly to be good at implementing those ideas.

There are thousands of books and articles about the implementation part, but comparatively little about quality business idea generation. Over the last 25 years I have made my living coming up with good business ideas and over time I developed a system that allowed me to do so quickly, efficently and effectively.

Below is a quick ten step methodology that will allow you to speedily generate lots of different ideas for your company. Whether you’d like to conceive new income streams, fresh marketing concepts, breakthrough positioning strategies or novel product ideas, this system will get the job done.

Here’s how it works. Spend ten minutes on each of the questions below. During the ten minute period endeavor to come up with as many answers to each question as you can. Only after you have completed each question should you review your solutions. At stage one, it’s all about quantity – the more answers you come up with, the higher your chances of generating something wondrous.

Stage two is the sifting process – picking the gems and discarding the rest.

Follow this process and you’ll have no shortage of excellent ideas to use throughout your company.

QUESTION ONE: WHAT’S SOMETHING I COULD DO THAT’S REALLY EXTREME?
This question forces you to think more laterally than most of us usually do. Often when we brainstorm, our ideas are merely tiny changes to what’s already there. The danger is that if we think too safe and small we often will end up with solutions that have no hope of making an impact. By choosing to conceive ideas that must all be extreme we have a chance of coming up with ideas that, with a little tweaking, could be something really special.

QUESTION TWO: WHAT COULD WE ADD TO SOMETHING WE ALREADY DO TO MAKE IT MORE EXTRAORDINARY?
This question can lead to some wonderful ideas. By simply adding to an already successful concept you can take it into a totally different and vastly more profitable area. Is it not true that many of the most impactful concepts in your industry were only slightly better than what everyone else was doing? Take ten minutes to brainstorm additions to your existing best ideas, you may well be delighted by what you come up with.

QUESTION THREE: WHAT COULD WE STRIP AWAY FROM WHAT WE ALREADY DO?
This is in many ways the opposite of the previous question. When you look at an existing product or industry, you can often come up with something novel by just reducing the core idea to something simpler. For example, when Bic produced the first mass produced disposable razor it was merely a simplified version of the traditional version. Toyota did the same with cars, decades ago. What could you strip away to create something more unique, novel or marketable?

QUESTION FOUR: WHAT IDEAS COULD WE TAKE FROM OTHER INDUSTRIES AND APPLY TO OURS?
It’s amazing how little cross pollination there is between industries. Yet, one of the quickest ways to come up with a break though idea is to examine what other industries are doing and see if you can apply those concepts in your sector. For example, software sales people could learn a lot from the best real estate sales people. TV writers could learn a whole range of new techniques from advertising writers. Don’t just navel gaze inside your own world – take a look at the industries around you and see how their old ideas could become your new ones.

QUESTION FIVE: WHAT COULD WE STEAL FROM COMPETITORS AND MAKE A SLIGHT CHANGE TO?
Picasso said “Good artists borrow, great artists steal.” Steve Jobs once remarked, “We are shameless about stealing great ideas.” If these so called original thinkers were happy to steal from their competitors, maybe you should consider it too. By stealing, of course, I don’t mean outright IP theft, I am suggesting that you look at products and strategies your competition is using with success, alter them a little then try them yourself. Generally speaking, if they work for them they’ll usually work for you. A case in point; Indian Motorcycles has grown a breakneck speed in the last three years by copying many of the marketing strategies that have worked for Harley Davidson.

QUESTION SIX: WHAT WILL THEY BE DOING IN OUR INDUSTRY IN 20 YEARS?
This question sparks loads of intriguing ideas. Don’t look forward 12 months, have a go at foreseeing two decades. You may not predict accurately but you are far more likely to come up with interesting ideas and directions for your company. After all, the future is often dominated by those who can envision where an industry is heading, rather than merely looking at where it is currently. For instance, TV exec Barry Diller made himself a billionaire by successfully predicting 15 years ago that the internet would become a major advertising platform.

QUESTION SEVEN: WHAT WOULD WE BE SCARED TO DO?
This question is all about pushing the envelope. How far would you go? Could you go? The answers will often up all kinds of intriguing ideas – and possibly create entirely new sectors. In the education world, the recent rise of MOOCs – Massive Open Online Courses that deliver high quality education to millions for free, shocked the industry. But that scary idea is currently creating several super fast growing enterprises. As the British Special Air Service commandos say, ‘Who Dares Wins.’

QUESTION EIGHT: WHAT WOULD STEVE JOBS DO IN THIS SITUATION?
Or John Paul Getty? Or Andrew Carnegie? By trying to guess how great entrepreneurs would handle your business situation, you free your mind up to think in different ways. How would they disrupt your industry? What direction would they choose to give them a chance of dominating your sector like they once did theirs? Pretend you’re them and find out.

QUESTION NINE: WHAT’S THE FASTEST THING WE COULD DO?
This is another out of the box way of thinking about your business. If the usual product cycle in your industry is 12 months, how could you get a product out in 12 weeks? Don’t just say it’s impossible, force yourself to think more laterally. James Patterson is one of the world’s most successful authors. When most authors produce a book every year or two, last year Patterson released twelve! How? He asked the speed question and came up with an entirely different way of writing, using teams.

QUESTION TEN: WHAT’S THE CHEAPEST THING WE COULD DO?
The vast majority of successful companies were started with less than $25,000. Many have been begun with a few hundred bucks. Contrary to popular opinion tiny budgets often increase creativity, not inhibit it. So think cheap, really cheap. What could you create for a song, if that was your only option? Stick with that question for awhile and I guarantee you some exciting solutions will emerge.

Three Elements of Success to Achieve Your Heart’s Desire - Benjamin J Harvey

What do baseball bats, playing cards and Alex Rodriguez have to do with you achieving everything in your life that you desire?

There’s a man in America who is famous for his mindset coaching and he works with a variety of people, including some of the top performing professional athletes in the world. His name is Jim Fannin and he is the author of a book called 'Score For Life’.

One of the things Jim likes to do with his top performing athlete is teach them three critical elements to ensure they achieve whatever they desire in their chosen sport:

1. Find the essence of their master craft
2. A huge amount of mental rehearsal
3. Work with their intuition

Jim was working with Alex Rodriguez, a famous American baseball player. Jim asked Alex exactly what he wanted to achieve in the sport of baseball. Alex replied that he wanted to be the greatest homerun hitter of all time. Jim said, “that's a big goal... let's sit down and work out what the essence of that actually is. What makes an incredible homerun hitter? Is it upper body strength? Is it the ability to run quickly? Is it the ability to pick the ball and understand what sort of pitch is coming? Or is it the ability to hit the ball as hard as possible?”

1. Find the essence of your master craft
They discovered the most important thing that Alex needed to perfect (as in the absolute essence of the craft), to achieve what he desired and  to become the greatest homerun hitter of all time, was to hit the ball flat with an accelerated bat. When he perfected that he wouldn't need to do much else.

2. A huge amount of mental rehearsal
The second thing that Jim suggested Alex do was begin a huge amount of mental rehearsal. So what Alex used to do was mentally rehearse hitting that ball perfectly flat every single time. He only rehearsed this one thing, which was hitting the ball flat with an accelerated bat.

3. Work your intuition
Jim got Alex to really perfect and work on his intuition. He showed Alex pitches that were recorded and as a pitcher got ready to pitch the ball Jim would pause the video and ask Alex “what kind of ball does your intuition say this is? Is it a fast ball, low ball, curved ball or drop ball?"  Alex would have to use his intuition to interpret what sort of pitch is coming his way. In doing this practice he was able to harness Alex's intuition to make him far more intuitive when out playing.

So, what does this mean for you and how do you put it in action?

First of all make some time to set your goal and ask yourself one question: What is the core essence that will allow me to achieve  my desire effectively?  Discover the essence of the craft that you’re doing.

In my field of personal development and assisting people to live their mission and do whatever they love most in life, I have determined that the essence of my master craft is to focus my attention on the heart’s desires of those I serve.

What I mean by that is when someone sits in front of me, or I am working with a client, all I have to do is focus all my attention on what they desire most in life inside their heart. If I do that, I find that accelerates their ability to create what they love most.

Once you have done that then embark on a huge amount of mental rehearsal. Jim didn't say just small amount of mental rehearsal, he said a huge amount of mental rehearsal.

Once you do a huge amount of mental rehearsal then work out activities to harness and strengthen your intuition. It's different depending on your craft, but one generic exercise I suggest is to get two different coloured pens and throw them over your head with your eyes closed then use your intuition to guess which colour pen landed where behind you.

There are many other ways to harness your intuition but please focus on those three elements of success: understanding the essence of your master craft, undertaking a huge amount of mental rehearsal and harnessing your intuition for the better in order to achieve your heart’s desire.

How To Be More Charismatic

Charisma is a crucial ingredient of business success.

Without it, it’s hard to influence others. Difficult to clinch sales. And damn near impossible to get to the top. 

But it is widely assumed that charisma cannot be developed – you’ve either got it or you don’t.

I beg to differ. I’ve coached hundreds of business people on how to be more charismatic, with dramatically positive results.

Here’s some key tips to boost business charisma.

PREPARE DEEPLY.

One of the most powerful ways to come across as charismatic is to really, really know your stuff. Too many intelligent and talented people wing it in meetings and major presentations. Sure, they know the basics, but question them a little further and you often find their knowledge is shallow.

This lowers their charisma in several ways. Firstly, they are just a tad unsure with their answers, as they don’t have a complete grasp of the subtle points of an issue. As a result, they can come across as less confident.

Secondly, because they have not fully mastered the issue they tend to speak less in meetings, and therefore, make less of an impression.

On the other hand, when you have truly prepared for a presentation well, knowing the issues better than anyone else in the room, you exude confidence. You speak up. You are not afraid to differ and make your point. You, therefore, are far more likely to be perceived as a dynamic, charismatic individual.

ASK QUESTIONS.

The person who asks the questions usually controls the meeting. And those that ask reasonably smart questions usually come across as intelligent and even wise – two elements that help build the perception of charisma. I have always found it interesting that it takes a lot less knowledge to ask a good question as it does to provide a good answer; yet, those who ask a lot of questions often end up giving the best impression.

Unfair or not, the fact remains that one of the most effective ways of appearing more charismatic is to increase the amount of questions you ask in important meetings. Try it and watch how many of the attendees start talking directly to you as a result. You become the center of the meeting.

USE YOUR HANDS WHILE SPEAKING.

It may seem strange, but observe somebody you know who exudes charisma and you’ll almost certainly notice that they use their hands a lot when they speak. Hand gesticulations make people seem more passionate, interested and are a clear sign of confidence – all important components of charisma.

If you question the importance of hand movements, watch someone who you feel is totally devoid of charisma. In most cases, they will deliver their points with almost no hand movements to aid them.

BE GENUINELY INTERESTED IN THE PEOPLE YOU TALK WITH.

It seems somewhat illogical, but people are always impressed by somebody who seems really interested in what they are saying.

So many people are craving appreciation and respect, that if you look like you’re giving it to them they’ll become your raving fans.

Merely by listening to them intently and expressing great interest in the points people make, you will usually make a very positive impact on them. Even if you hardly say anything, they will view you as perspicacious simply because you showed the ‘wisdom’ to be riveted by their point of view. As the old saying goes, “To appear interesting be interested.”

DEVELOP PASSIONS.

When people come alive about their passions and hobbies, they immediately become a lot more charismatic. The more you’re into something, the more animatic your presenting style is. Passionate people are usually far more magnetic than those who are ambivalent.

Your passionate attitude should extend beyond your hobbies of course; if you can exude passion about many things, that enthusiasm will generally make you seem a more exciting person. Being bored with life is never equated with charisma.

BE ENERGETIC.

Although there are definitely subdued people who emanate charisma, generally humans are attracted by strong, uplifting energy.

If you want to increase your charisma at work, lift your energy level. Being energetic in how you talk and move will make you more captivating. Most people judge people by the energy they give off (no doubt you’ve met plenty of people you just energetically didn’t feel good about). So, before you walk into an important meeting or sales presentation take a minute to center yourself and lift up your energy factor. It can make a major difference to people’s perception of you.

OPTIMISM RULES.

Closely aligned with energy comes optimism. As Professor Martin Seligman from the University of Pennsylvania has shown, most of us prefer to hang out with optimistic people. In a world where in most cases you can buy from several suppliers, it’s often those that we enjoy being with who get the deal.

Of course, i’m not talking about pie in the sky, Pollyanna thinking, I’m referring to intelligent, reasonable optimism- choosing to see the possibility in work situations, rather than only the downside. Optimism doesn’t just make us more charismatic, it’s also been shown to increase persistence and resilience – a crucial factor in work and life success, as several studies have shown (See Andrew Zolli’s excellent book, ‘Resilience. Why Things Bounce Back’ for examples).

The more you look into charisma at work, the more you can see it is not some accidental attribute – it can be created and enhanced with simple, easy to apply strategies. So, in the next week, why not focus on one or two of the methods I’ve outlined and see if you can boost your charisma. In the business world, it’s a highly useful trait to have.

How Adversity Helps You Become Your Best Self

Several years ago an experiment was done on mice to work out what conditions would cause them to grow their brain potential.

One mouse got everything a mouse could dream of - food, warmth, everything.

It was living the ‘good life’!

Another had exactly the same life… except it had to run around a treadmill.

And the third just lived in a normal cage… and twice a week was thrown into a really challenging maze.

He had to go up a pole… get across obstacles with water below him… all sorts of challenges like that.

It was tough slog for the little guy!

Well, at the end of the experiment they studied the brains of the 3 little mice.

The first mouse didn’t grow a single bit of brain capacity…

The second mouse grew some brain capacity but the new neurons didn’t connect.

But the third mouse that had to use its wits to survive… grew massive amounts of brain capacity.

And amazingly, all the new ‘brain pathways’ were all fully connected and integrated.

That’s why it’s so important to do as Dr Demartini says…

That means seeing all the events in your life ‘as on the way’ not ‘in the way’.

On the way to a better, bigger, brighter, smarter, stronger YOU.

And all the crap in the past is fertiliser for the beautiful garden you will create in your life.

Five Fatal Flaws of Trading - Jeffrey Kennedy

That's an age-old question. While there is no magic formula, one of Elliott Wave International's senior instructors Jeffrey Kennedy has identified five fundamental flaws that, in his opinion, stop most traders from being consistently successful. We don't claim to have found The Holy Grail of trading here, but sometimes a single idea can change a person's life. Maybe you'll find one in Jeffrey's take on trading? We sincerely hope so.
(Editor's Note: The following is an excerpt from Jeffrey Kennedy’s highly popular Trader’s Classroom section of his Monthly Futures Junctures. Learn more about Futures Junctures.)

Why Do Traders Lose?
If you’ve been trading for a long time, you no doubt have felt that a monstrous, invisible hand sometimes reaches into your trading account and takes out money. It doesn’t seem to matter how many books you buy, how many seminars you attend or how many hours you spend analyzing price charts, you just can’t seem to prevent that invisible hand from depleting your trading account funds.
Which brings us to the question: Why do traders lose? Or maybe we should ask, 'How do you stop the Hand?' Whether you are a seasoned professional or just thinking about opening your first trading account, the ability to stop the Hand is proportional to how well you understand and overcome the Five Fatal Flaws of trading. For each fatal flaw represents a finger on the invisible hand that wreaks havoc with your trading account.

Fatal Flaw No. 1 – Lack of Methodology
If you aim to be a consistently successful trader, then you must have a defined trading methodology, which is simply a clear and concise way of looking at markets. Guessing or going by gut instinct won’t work over the long run. If you don’t have a defined trading methodology, then you don’t have a way to know what constitutes a buy or sell signal. Moreover, you can’t even consistently correctly identify the trend.
How to overcome this fatal flaw? Answer: Write down your methodology. Define in writing what your analytical tools are and, more importantly, how you use them. It doesn’t matter whether you use the Wave Principle, Point and Figure charts, Stochastics, RSI or a combination of all of the above. What does matter is that you actually take the effort to define it (i.e., what constitutes a buy, a sell, your trailing stop and instructions on exiting a position). And the best hint I can give you regarding developing a defined trading methodology is this: If you can’t fit it on the back of a business card, it’s probably too complicated.
  
Fatal Flaw No. 2 – Lack of Discipline
When you have clearly outlined and identified your trading methodology, then you must have the discipline to follow your system. A Lack of Discipline in this regard is the second fatal flaw. If the way you view a price chart or evaluate a potential trade setup is different from how you did it a month ago, then you have either not identified your methodology or you lack the discipline to follow the methodology you have identified. The formula for success is to consistently apply a proven methodology. So the best advice I can give you to overcome a lack of discipline is to define a trading methodology that works best for you and follow it religiously.
Fatal Flaw No. 3 – Unrealistic Expectations
Between you and me, nothing makes me angrier than those commercials that say something like, "...$5,000 properly positioned in Natural Gas can give you returns of over $40,000..." Advertisements like this are a disservice to the financial industry as a whole and end up costing uneducated investors a lot more than $5,000. In addition, they help to create the third fatal flaw: Unrealistic Expectations.
Yes, it is possible to experience above-average returns trading your own account. However, it’s difficult to do it without taking on above-average risk. So what is a realistic return to shoot for in your first year as a trader – 50%, 100%, 200%? Whoa, let’s rein in those unrealistic expectations. In my opinion, the goal for every trader their first year out should be not to lose money. In other words, shoot for a 0% return your first year. If you can manage that, then in year two, try to beat the Dow or the S&P. These goals may not be flashy but they are realistic, and if you can learn to live with them – and achieve them – you will fend off the Hand.

Fatal Flaw No. 4 – Lack of Patience
The fourth finger of the invisible hand that robs your trading account is Lack of Patience. I forget where, but I once read that markets trend only 20% of the time, and, from my experience, I would say that this is an accurate statement. So think about it, the other 80% of the time the markets are not trending in one clear direction.
That may explain why I believe that for any given time frame, there are only two or three really good trading opportunities. For example, if you’re a long-term trader, there are typically only two or three compelling tradable moves in a market during any given year. Similarly, if you are a short-term trader, there are only two or three high-quality trade setups in a given week.
All too often, because trading is inherently exciting (and anything involving money usually is exciting), it’s easy to feel like you’re missing the party if you don’t trade a lot. As a result, you start taking trade setups of lesser and lesser quality and begin to over-trade.
How do you overcome this lack of patience? The advice I have found to be most valuable is to remind yourself that every week, there is another trade-of-the-year. In other words, don’t worry about missing an opportunity today, because there will be another one tomorrow, next week and next month ... I promise.
I remember a line from a movie (either Sergeant York with Gary Cooper or The Patriot with Mel Gibson) in which one character gives advice to another on how to shoot a rifle: 'Aim small, miss small.' I offer the same advice in this new context. To aim small requires patience. So be patient, and you’ll miss small."

Fatal Flaw No. 5 – Lack of Money Management
The final fatal flaw to overcome as a trader is a Lack of Money Management, and this topic deserves more than just a few paragraphs, because money management encompasses risk/reward analysis, probability of success and failure, protective stops and so much more. Even so, I would like to address the subject of money management with a focus on risk as a function of portfolio size.
Now the big boys (i.e., the professional traders) tend to limit their risk on any given position to 1% - 3% of their portfolio. If we apply this rule to ourselves, then for every $5,000 we have in our trading account, we can risk only $50-$150 on any given trade. Stocks might be a little different, but a $50 stop in Corn, which is one point, is simply too tight a stop, especially when the 10-day average trading range in Corn recently has been more than 10 points. A more plausible stop might be five points or 10, in which case, depending on what percentage of your total portfolio you want to risk, you would need an account size between $15,000 and $50,000.
Simply put, I believe that many traders begin to trade either under-funded or without sufficient capital in their trading account to trade the markets they choose to trade. And that doesn’t even address the size that they trade (i.e., multiple contracts).
To overcome this fatal flaw, let me expand on the logic from the 'aim small, miss small' movie line. If you have a small trading account, then trade small. You can accomplish this by trading fewer contracts, or trading e-mini contracts or even stocks. Bottom line, on your way to becoming a consistently successful trader, you must realize that one key is longevity. If your risk on any given position is relatively small, then you can weather the rough spots. Conversely, if you risk 25% of your portfolio on each trade, after four consecutive losers, you’re out all together.

Break the Hand’s Grip
Trading successfully is not easy. It’s hard work ... damn hard. And if anyone leads you to believe otherwise, run the other way, and fast. But this hard work can be rewarding, above-average gains are possible and the sense of satisfaction one feels after a few nice trades is absolutely priceless. To get to that point, though, you must first break the fingers of the Hand that is holding you back and stealing money from your trading account. I can guarantee that if you attend to the five fatal flaws I’ve outlined, you won’t be caught red-handed stealing from your own account.

43 Lessons from 43 Years - J.D.Roth

1. Be impeccable with your word. Be honest — with yourself and others. If you promise to do something, do it. When somebody asks you a question, tell the truth. Don’t gossip. Practice what you preach.


2. Don’t take anything personally. When people criticize you and your actions, it’s not about you — it’s about them. They can’t know what it’s like to be you and to be living your life. When you take things personally, you’re allowing others to control your life and your happiness. “The dogs bark, but the caravan moves on.” — Arab proverb


3. Don’t make assumptions. The flip side of not taking anything personally is to not assume you know what’s going on in other people’s heads, to not assume you know the motivations for their actions. Just as their reality doesn’t reflect your reality, your life is not theirs. Give people the benefit of the doubt.


4. Always do your best. Your best will vary from moment to moment. Some days in the gym, for instance, I’m able to lift heavier weights than on other days. That’s okay. I do the best I can every time. This is one of the keys to success and to happiness: No matter what you do, do it as well as you can.


5. Be skeptical — but learn to listen. In other words, don’t believe everything you hear, not just from others, but also from your own internal self-talk. Keep an open mind, but analyze the things you see and hear to see if they actually make sense.


6. Be encouraging. There are a lot of people out there who want to tell others what’s wrong with their actions, why the things they want to do can’t be done. Don’t be that way. Instead, do what you can (in big ways and subtle ways) to help others achieve their goals.
 
7. People who are happy with their own lives almost never criticize others, to paraphrase Steven Pressfield from The War of Art. “If they speak at all,” says Pressfield, “it’s to offer encouragement.”


8. Have the courage to pursue your dreams. If you want something, go after it. Don’t allow yourself to be trapped in a life filled with shoulds. Don’t do things just because others expect you to do them. Choose what you want. “The minute you choose to do what you really want to do, it’s a different kind of life.” — R. Buckminster Fuller


9. Fear is the mind-killer. If you can build confidence and overcome fear, you’ll be happier and more successful. This isn’t easy, but it’s worth it. “You gain strength, courage, and confidence by every experience in which you really stop to look fear in the face…You must do the thing you think you cannot do.” — Eleanor Roosevelt


10. “No hay mal que por bien no venga.” — Spanish proverb. That is, there is no bad from which some good does not come. (Or, “every cloud has a silver lining”.) Sometimes life sucks. Bad things happen. But in nearly every instance, the bad brings good too, usually in the opportunity to change, to transform yourself into something new.


11. Change is good. For some reason, our society is skeptical of people who transform themselves. A politician who changes her mind because she gains a deeper understanding of something is said to have “flip-flopped” on an issue. But personal growth can be amazing. By doing and trying and learning new things, you experience more of life, and you become a better person. Don’t be afraid to change and grow.


12. Spirituality is personal. The desire for one person (or group) to impose her (or their) beliefs on others is the source of much of this world’s strife. Believe what you want, and let others do the same. “There is no need for temples, no need for complicated philosophies. My brain and heart are my temples; my philosophy is kindness.” — Dalai Lama


13. Self-care comes first. Eat right. Exercise. Take time to relax. Do your personal chores. Be well groomed. Treat yourself like a princess (or a prince). When you take care of yourself, it’s easier to be of service to others.


14. You can’t predict what the Future You will like. It’s pointless to even try. Instead, focus on creating the best life for the Present You. Make decisions based on what you need today instead of what might happen tomorrow. (But note this isn’t permission to simply ignore the future. You still need to save for retirement, for instance, but you also need to make decisions based on who you are at this moment.)


15. Be present in the moment. When you do something, do that thing. When you’re with somebody, be with them. Don’t multitask. Put away the smartphone or the computer or the book. Be all there. When you do this, you’ll do better work, you’ll show respect to others, and you’ll enjoy yourself more.


16. Don’t try to change others. “Attempts to change others are rarely successful, and even then are probably not completely satisfying,” Harry Browne wrote in How I Found Freedom in an Unfree World. “To accept others as they are doesn’t mean you have to give into them or put up with them. You are sovereign. You own your own world. You can choose…There are millions of people out there in the world; you have a lot more to choose from than just what you see in front of you now.”


17. Don’t allow others to try to change you. Again from How I Found Freedom in an Unfree World: “You are free to live your life as you want…The demands and wishes of others don’t control your life. You do. You make the decisions…There are thousands of people who wouldn’t demand that you bend yourself out of shape to please them. There are people who will want you to be yourself, people who see things as you do, people who want the same things you want. Why should you have to waste your life in a futile effort to please those with whom you aren’t compatible?”


18. It’s okay to say, “I don’t know.” Admitting ignorance isn’t the same as admitting defeat. It doesn’t make you look bad. You know what does make you look bad? Saying or doing something with confidence but being completely wrong. If you don’t know, say so.


19. Don’t yuck someone else’s yum. Just because you don’t like something doesn’t mean it’s bad. Pursue your passions, and let others pursue theirs. If you don’t like something, fine. There’s no need to make a big deal about it. (Note: This is a tough one for me to actually practice in daily life.)


20. There’s seldom one right way to do something. Most of the time, there are multiple paths to success. For instance, as I’ve said many times here at Get Rich Slowly, there’s no one right way to get out of debt. Don’t believe anyone who tells you there is.


21. Quality tools can make life better. For years, I equated low cost with smart spending. Now I know that’s not always the case. Now, I’m willing to spend to buy high-quality things when I know I’ll use them all the time. I have high-quality boots, for instance, and an expensive computer. I’m okay with that. I walk everywhere I go, so the boots are worth it. And my computer is my livelihood. The expense is worth it because it makes working a joy. For items used daily, buy the best. If you don’t use it often, of if it’s not important to you, buy the cheapest possible.


22. Happiness is mostly internal. While external forces do affect well-being, most of your happiness comes from one place: You. Research has shown that about 50% of happiness is biological; 40% of happiness comes from intentional activity, the things you choose to do; and only 10% of your happiness is based on external factors beyond your control. If you’re not happy, change who you are and what you do.


23. Small passions give life flavor. I love bacon and comic books and Scotch whisky and cats and maracuyá (a passionfruit from Perú). I enjoy walking through the city, reading the news in Spanish, taking the laundry out of the dryer, and ordering the same tea every day from the same barrista. These small pleasures provide texture to life. Savor them.


24. There’s no such thing as natural talent. If you want to be good at something, you have to spend the time to become good at that thing. Only American superheroes don’t have to work for the abilities they have. And how strange is that? They’re just given their powers. That’s not how it works in the real world. As Malcolm Gladwell notes in Outliers, in the real world, people become experts by putting in thousands of hours.


25. Be adventurous. Try new things. Eat new food. Learn a new skill. Travel. Watch foreign films. Change your hairstyle. You might not enjoy everything you try, but then you might find something you really love. (From Action Girl’s Guide to Living.)


26. Be open-minded. Read books and magazines and newspapers and web sites. (And not just the ones you already agree with or like.) Listen to other people’s opinions. You don’t have to welcome every new idea with open arms; just be willing to change and grow. (From Action Girl’s Guide to Living.)


27. Be positive. Life is short. Don’t waste time complaining. If you can do something about a problem, do it. Otherwise, get on with life and forget it. Route your negative energy in a positive direction. If you hate something, fine, but don’t make it your career. (From Action Girl’s Guide to Living.)


28. Don’t sweat the small stuff. Who cares if your shirt isn’t ironed? If you forgot to mail the phone bill? If you can’t remember someone’s name? Take it easy. It’s not that important.


29. Ask for it. You’ll never get it if you don’t ask. And you might be surprised at what you can get just by being bold.


30. Slow and steady wins the race. The most successful folks are those who work longest and hardest at things they love to do. So try to find ways to make frugality fun, and recognize that you’re in this for the long haul. You’re making a lifestyle change, not looking for a quick fix.


31. The perfect is the enemy of the good. Too many people never get started toward their goals because they don’t know that the “best” first step is. Don’t worry about getting things exactly right — just choose a good option and do something to get started.


32. Failure is okay. Everyone makes mistakes. Don’t let one slip-up drag you down. One key difference between those who succeed and those who don’t is the ability to recover from a setback and keep marching toward a goal. Use failures to learn what not to do next time. “Fall down seven times, get up eight.” — Japanese proverb


33. You can have (or do) anything you want — but you can’t have (or do) everything you want. Being smart with money — or with time — isn’t about giving up your plasma TV or your daily latte. It’s about setting priorities and managing expectations, about conscious living. Focus on the things that matter most to you and ignore everything else.


34. You don’t need permission. When we’re young, we wait for our parents and our teachers to say it’s okay to do the things we want to do. As an adult, you don’t need permission from anyone else. Do you want to quit your job and travel the world? Do it. Do you want to learn how to ride a motorcycle? Do it. Don’t wait for somebody to give you the go-ahead. You are the only one who needs to give yourself permission to do these things.
 
35. Action beats inaction. It’s easy to put things off, but the sooner you start moving toward your goals, the easier they’ll be to reach. It’s better to start with small steps today than to wait for that someday when you’ll be able to make great strides. Get moving.


36. Along similar lines, it’s not what you say that matters; it’s what you do. Live a life of action, not words. “Action is character.” — F. Scott Fitzgerald.


37. Look for connections. Share your interests and experiences with people you meet. You don’t need to force your story on others. But learn to strike up conversations with people you meet. Ask them about their lives. They’ll ask you about yours. In Never Eat Alone, Keith Ferrazzi notes this is a great way to form connections you might otherwise miss. In this way, you may sometimes turn a random encounter into a possible “lucky break”. (Occasionally you will be a source of luck for the people you meet, just as they will sometimes be a source of luck for you.)


38. Keep your options open. Goals are good. But single-minded devotion to a goal can often blind a person to other opportunities. And it’s a mistake to cling to one path out of a sense of obligation. If you enter law school and discover you hate it, quit. Don’t endure years of misery because you feel it’s expected of you. You have more options than you think, but you may need to open your eyes to see them.


39. Be empathetic — think like the other person. Remember that people are all the same. We each have the same fears and the same desires. Underneath, most folks are pretty nice. Instead of fighting with others are hating them because they’re different, try to get a feel for their story, their point of view. “You never really know a man until you stand in his shoes and walk around in them.” — Harper Lee, To Kill a Mockingbird.


40. Do the right thing. If you do what’s right, and you do it well, what do you care what other people think? Successful people will always have critics. Learn from the critics or to ignore them, but don’t let them bring you down. Do the right thing, and confidently own the consequences.


41. Don’t compare yourself to others. I’ll tell you a secret. There are a lot of personal finance blogs out there. I don’t get to read them as often as I used to, but I do try to make the rounds once every week. Sometimes when I do this, I feel like giving up. I feel like quitting. I lose confidence. “I can’t write that well,” I think. “I can’t cover retirement investing as well as Jim did.” Comparing myself to others is counter-productive. It only makes me feel inadequate. Who cares what other people write, or how well? What’s important is simply producing the best work I can. All I can be is myself.


42. Be yourself. This is by far the most important thing I’ve learned about life. For so long, I tried to please other people, tried to be and do the things I thought they wanted me to be and do. That just made me unhappy. And most of the time, it didn’t please anyone. I’ve had enough of that. Instead of trying to be somebody else, I’m just me. I’m honest about who I am and what I want. Sure, that means some of my old friends don’t like who I’ve become. That’s okay. I’ve made new friends who do like who I am. But the best part is that I like who I am.


43. “Everybody is talented, original and has something important to say.” — Barbara Ueland, If You Want to Write.