Mix Bag

Question 1

What does financial freedom has to do with purpose?

Answer 1

Unless you know life’s purpose, you will not know what you want to do with money, so you wouldn’t know how much money you really need to be free financially.

Question 2

Is self discipline needed in everything?

Answer 2

If you It goes on doing the right thing, then you end up doing Lot less things. By having self-discipline floor first 30 to 60 days you will build a new habit, you do not need the force self discipline throughout your life. You only need it for first 30 to 60 days until new Habit is formed.

Question 3

Whats better while selling jam- 6 or 30?

Answer 3

Paralyze people with 30 choices…

Question 4

Why choices are creating workolism, anxiety etc?

Answer 4

We feel inadequate due to choices, capitalism makes us think that we can be whatever we want and never enough.. constant rush and anxiety.

Question 5

In divided mind, whats authors main point?

Answer 5

We are becoming increasingly left brain, logical, predictable, digital self of ourselves… we focus on reasoning rather than intuition .. we are becoming more divided than whole.

Question 6

What does the harvard study which followed 700 men for 75 years showed about good life?

Answer 6

Good relationships keep people happier and healthier…

Question 7

Why VE so far thousand times for the same mistake?

Answer 7

Not only we suffer for the first time we made the mistake, but every time we remember the incidents, we suffer.

Question 8

What happens when you give others or yourself love or hate?

Answer 8

You get love or hate back… its like a slingshot.

Question 9

What does it mean to not take things personally?

Answer 9

It means what others say about you is NOT about you.. it’s reflection of themselves. If they are happy they will say nice things, if they are angry they will say you are bad.. you should not get affected by what they say or do.. even if they kill you, its not about you, its about their fear, values, judgements, anger etc.. not about you at all.

Question 10

Why people get angry?

Answer 10

Its about their own fear.. they may be afraid that they are not good enough, they will loose you, that you dont care about them enough.. its about them , not you.. even though they will make it seem that its about you.

Question 11

Why inflexibility in certain principles is good?

Answer 11

Examples: army captain who burned his ships at the shoreline, clay christenson family time, ceo not eating desert, dada not eating supari etc…

• less decision fatigue
• reputation, build strong commitment

Workout every day no matter what etc

Question 12

What does downside and upsides has to do with happiness and success?

Answer 12

Many times if we jus manage downside, then upside takes care of itself. For ex. Flying planes checklist. Warren buffet and munger said “ we are not smart enough to fix broken businesses so we just avoid them. Tell me where i am going to die so I don’t go there.”

Question 13

why do adults learn slower or do not learn?

Answer 13

There glass is already full, you need to empty your cup every day.

Question 14

what is circle of competence?

Answer 14

The idea is to stay within your circle of competence for business as per warren buffet. Need more info.

Question 15

what are the 4 agreements?

Answer 15

• be impeccable with your words
• do not take anything personally
• do not make assumptions
• Try your best

Question 16

List 4 rules for happiness

Answer 16

• Enjoy anything small or big for at least 30 seconds, fire and wire the neurons together
• Happiness is a choice
• Take frequent and refreshing breaks
• Find out what music, food, scenes, activities make you happy, enjoy them as often as you can
• cultivate good relationships
• invest in experiences rather than things

Question 17

List few learning from trigger book

Answer 17

• I have the will power
• Nothing will come in the way
• no one is watching
• it will take less time or efforts this time
• i can assess my own situation objectively
• high probability of low probability events
• my change is permanent and i won’t have to worry about the old habits again
• lower the bar, at least i am better than
• my enthusiasm won’t fade
• today is a special day

Question 18

how should one read the books?

Answer 18

• give yourself 15 min to see if its the right book
• Read it at least twice
• write down the important points in flash cards
• write down notes
• pause in reading and reflect
• tell others about it
• emotion + information = long term memory
• exchange be-wilderness for cleverness
• review flash cards every morning

Question 19

how do you interpret the 4 agreements using poison analogy?

Answer 19

• Do not give poison to others, during that process you will poison yourself
• do not take other people’s poison
• if you are not sure , do not assume that everything is poison from other person
• if you end up poisoned , try your best to recover

Question 20

what does Ted William , the baseball fame tell us about 77 cells and approach to investing?

Answer 20

each cell is size of baseball, wait till the ball is in your sweet spot to increase your chances of success…hit with all your strength when the ball is in sweet spot even at the risk of being out….leave the balls outside of sweet spot , even if its very tempting.

Question 21

herd mentality and life?

Answer 21

most people are living average life since they follow the herd mentality in investing, business, life enjoyment etc…..be willing to find the truth, have wisdom to make right decisions and stick to your decision even if it means going against the current or ridicule.

Question 22

what is ¨physics envy¨ trap?

Answer 22

try to make super complex systems like human relationships or economics or business into newtonian few laws….albert einstein said ¨a scientific theory should be as simple as possible, but no simpler.¨

Question 23

munger on inter-relatedness of systems and complex decisions

Answer 23

¨what I am against is feeling very confident that you know for sure that you know that your particular action will be more good than harm. We are dealing with highly complex, inter-related system.¨

Question 24

why good ideas cause more trouble in life than bad ideas?

Answer 24

since you know how to avoid bad ideas or do it very less like drugs etc but good ideas are very easy to overdo and cause more harm than good.

Question 25

what is mispriced gamble in investment as per munger?

Answer 25

its horse betting with one ticket for 2 single horse race, your bet is 3 as to 1…its 2 prong approach. this is value investing. Russian roulette is one prong investing with odds very little. thats properly priced gamble. Not a good investment of money.