One about the words you say to yourself
The surest and easiest way to never fail in life is to never try anything different.
(It’s also the most boring way to live the one life you have.)
Can you tell the writer is growing older?
In this edition:
These words are bad for you
These words are good for you
Also, a quick question about two words and a PSA from Mark Manson.
STORY
Limiting money beliefs pt. 2
Last week, I started addressing reasons that I’ve heard people use to NOT do the hard thing about money - learn, and I concluded:
Adopting the right mindset towards money is your first step towards successful investing.
This starts by reframing beliefs to make space for useful information to guide your actions. Let’s dive back in.
Here are 5 more common objections and a reality check on each.
Belief #6. “I could lose my money.”
Problem: It’s either that or, “I know someone who lost their money.” This fear runs deep in nearly everyone. Unfortunately, when it is present around your investment decisions, it can quickly justify inaction. But you don’t know what you don’t know.
Reality: Yes, you could lose your money in financial instruments. In fact, you will lose money at some point. Ask Buffet. Markets swing both ways after all. But you will lose more money through ignorance. And not just in the stock market.
Belief #7. “I’m not greedy.”
Problem: Some people associate financial investments (and the stock market) with greed. For them, this is contrary to their personal values and a good enough reason not to involve themselves in such things. They ‘keep it simple’.
Reality: Such people haven’t understood what investing means and how to use what’s available to achieve their goals. Investing isn’t about greed. It’s about financial independence and a secure future. Learning to invest may actually teach you more about yourself than you’d imagine.
Belief #8. “I’m too old to start now…”
Problem: Are you though? The one thing that’s certain is that the longer you leave it, the more this tends towards becoming a self-fulfilling prophecy. Older people who don’t understand current investments often feel that they’ve been left behind & it isn’t worth the effort at this point in their lives.
Reality: Do you feel old? Use age to your advantage. It really is never too late to begin, refresh or update your knowledge. In fact, having experienced more economic cycles may make the learning experience more relatable. Even if you start late, you’re still helping your older self.
Belief #9. “I once had a bad experience…” (related or unrelated)
Problem: Bad experiences around money leave lasting memories. The associations you then make determine your attitude and behaviour around it. One bad money experience is enough to create a mindset that investing is one of those games where ‘the house always wins’.
Reality: Losses are part of the process but don’t define the entire experience. If they did then we wouldn’t have markets. This is why knowledge will spare you. With the right strategy, you will see that investing is more about long term growth and less about short term losses.
Belief #10. “There’s so much information out there.”
Problem: This is a valid argument. And in today’s world, living in the age of content and generative AI, there’s more everyday. This has led to a lot of information available (volume) and a lot of conflicting advice which can leave you unsure of who to trust.
Reality: Start. And start small. You never need all the information to make a decision. You need fundamentals and you need decision making frameworks that you stand by. Through intentional progressive learning, you will know better how to sift through the noise.
In the recent past, I said:
“...learning how money works is an investment everyone must make…The same principles that guide great financial investments can also guide great 'life investments'.”
Knowledge is power. If you don’t take the time to acquire it, be ready for the outcomes that brings.
QUICK ONE
A word or two?
A quick question:
“I want to learn to trade. How is that different from investing?”
A short answer:
Trading is the short-term buying and selling of assets to capitalize on price fluctuations, often aiming for quick profits.
Investing is the long-term strategy of acquiring assets to grow wealth over time, focusing on fundamentals and compounding returns.
NOTES TO SELF
Stronger body, stronger mind
I signed up to a gym for the first time in November 2014 - ten years ago. This was two months into a very demanding new job. The five years that followed were one heck of a journey (both in and out of the gym).
Then 2020 happened and we were all flung into very imperfect conditions.
Things weren’t ever the same after that year, were they?
Needless to say, after enough back & forth, I stopped home training in 2021 & justified it to myself. Easy negotiation at the time. Fast forward to 2024 and a few months ago, I made the call not to wait to be able to go to a gym again but use what I had available.
I’m better for it.
A lesson I learned back then that applies now is that training the body is training the mind. And a good way to prepare your mind for the challenges life presents, is by putting the body to the test.
How will you ever know your limits if you don't test them?
How will you ever be fearless if you don't do things that scare you?
Physical training allows you to commit to potentially endless improvement.
But improvement means attaining goals which previously weren’t accessible to you. That is how progress will be observable.
I find physical exercise a versatile ‘tool’ because it presents many markers for progress and many different ways to challenge this machine we call a body.
Every time you overcome an obstacle in life, you become someone different.
You learn, and you grow.
In training, you can gauge progress by more weight, more time active, more reps per set, more volume per session, physical changes and so on.
In physical training, you can choose how far into your challenge zone you want to go. And as much as it’s physical, the decision to push or drop the weight happens in the mind, before it happens in the body.
You don't have to be better than everyone.
Just be better than you were yesterday.
Outwork your yesterday self.
Everyday.
When you choose to identify as a person who trains (in whatever shape or form), you’re choosing an infinite game. One where the goal will keep shifting. One where you will never truly arrive.
Training has taught me much about my body, but it has taught me even more about my mind.
The quotes in this passage are a few of many thoughts that have crossed my mind in living room training sessions over the past few months of a rebuild. Back when I was ‘pumping iron’, the gym became a place to hear some of my deepest thoughts. And either overcome them or succumb to myself.
I share these recent thoughts in the hope that they may help you as they’ve helped me navigate a challenging period and prepare for whatever lies ahead.
And wherever you are:
Train. Train hard. Train often. Train hard often.
CURIOUS
Choose your battles
In 22 words from Mark Manson.
One final thought from one of those sweaty sessions with one of my YouTube trainers:
It doesn't get easier, you get harder!
Never settle.
Have the best week possible.
AG
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