"Success with money relies more on Psychology than Finance,and doing well with money has little to do with how smart you are, and a lot to do with how you behave. And behavior is hard to teach, even to really smart people." --- Morgan Housel (2020)
“The Psychology of Money“ by Morgan Housel is an insightful guide that puts the spotlight of financial success squarely on the shoulders of human behavior. In this world of complexity, how you behave with money is more important than what you know about money.
With a blend of research, anecdotes, and stories of personal experiences, Housel illuminates the significance of better understanding your own behavior, and how that is far more responsible for your financial outcomes than your skill.
The following one-page visual guide has been created by me to help you apply the teachings from Morgan’s book to your life. See below 👇
Downloadable Content – Raw Notes
Ready to dive deeper into Morgan Housel’s work on The Psychology of Money? Download my unfiltered notes below 👇
“However, I am confident in saying that if you can figure out a way to save 10% to 20% of your income into the financial markets each year, automate your savings and all of your bill payments, increase the amount you save each year by just a little, diversify your investments, and basically leave them alone, you will be better off financially than the vast majority of retirement savers in America. Everything else is gravy.” --- Ben Carlson(2020)
“Everything You Need to Know About Saving for Retirement“ by Ben Carlson is a succinct yet insightful guide that puts the spotlight on a fundamental aspect of retirement planning: your savings rate. In a world of complex investment strategies and ever-changing financial landscapes, Carlson distills his wisdom into a straightforward message – it’s not just about where you invest, but how much you save.
With a clear and approachable style, he emphasizes that building a secure retirement is within reach if you focus on increasing your savings and maintaining a consistent approach. Drawing on his expertise in personal finance, Carlson’s concise and no-nonsense approach empowers readers to take control of their financial destinies, offering a roadmap to achieving financial security during retirement through a smart savings strategy!
The following one-page visual guide has been created by me to help you apply the teachings from Ben’s book to your life. See below 👇
Downloadable Content – Raw Notes
Ready to dive deeper into Ben Carlson’s work on Saving for Retirement? Download my unfiltered notes below 👇
You cannot quit. You have the ability, so you need to go back and work this out.” - Steve Young’s Dad, (circa 1980s)
Steve Young: A Gridiron Paragon of Grit. From every touchdown to each hard-fought comeback, his relentless determination on the field defines the true essence of grit. A quarterback icon who faced challenges head-on, Young embodies the spirit of unwavering passion and perseverance.
Steve Young is the epitome of a GRIT Paragon. When he was a freshman at BYU, he was the 8th string quarterback and was barely even getting any practice time. Like most freshmen when things don’t go according to plan, Steve called his father (whose nickname was actually Grit).Â
Steve’s dad basically said the following: “You can quit but you can’t come home because I’m not going to live with a quitter. You’ve known that since you were a kid. You’re not coming back here.”
With the words of his father ringing in his ears, Steve Young stepped up his game and put the work in. By all accounts, he threw over 10,000 spiral passes at a practice net the summer between his freshman and sophomore year. By his sophomore year, he had risen to QB2 and by his junior year he was BYU’s starting QB. In his final year with the Cougars, Steve Young won the Davey O’Brien award for the most outstanding college quarterback in the country.
Then … It happened all again when he got to the San Francisco 49ers. He spent 4 years on the bench as the backup to four-time Superbowl champion, Joe Montana. And because of his experience at BYU, Steve stayed, learned, and flourished under Montana’s apprenticeship. He eventually got his chance and the rest is history.
When Steve Young retired, he was the highest-rated quarterback in NFL history.
What we eventually accomplish in life may depend more on our passion and perseverance than on our innate talent - Angela Duckworth, Grit (2016)
In Grit: The Power of Passion and Perseverance, Angela Duckworth unpacks the attributes/traits of those individuals who possess grit which is defined as holding the same top-level goal for a very long time and having the passion and perseverance to see your ultimate goal through.
She challenges the unconscious biases we all have towards talent, especially in the way that we all rush to anoint people as extraordinarily talented whenever they accomplish a feat worth writing about. As much as talent counts, effort counts twice as you can see in the following picture of skill and achievement:
What we all achieve depends on talent (how fast we improve skill) and our effort. But as you can see in the above picture, effort factors in the calculations of achievement twice. This is because effort builds skill and at the very same time, effort makes skill productive!
Similar to the findings of Daniel F. Chambliss by the end of the book it is clear the most dazzling human achievements are, in fact, the aggregate of countless individual elements, each of which is, in a sense, ordinary. High level of performance is, in fact, an accretion of mundane acts.
Steve Young: An Example of a Paragon of GRIT
“You cannot quit. You have the ability, so you need to go back and work this out.” - Steve Young’s Dad, (circa 1980s)
Steve Young is the epitome of a GRIT Paragon. When he was a freshman at BYU, he was the 8th string quarterback and was barely even getting any practice time. Like most freshmen when things don’t go according to plan, Steve called his father (whose nickname was actually Grit).
Steve’s dad basically said the following: “You can quit but you can’t come home because I’m not going to live with a quitter. You’ve known that since you were a kid. You’re not coming back here.”
With the words of his father ringing in his ears, Steve Young stepped up his game and put the work in. By all accounts, he threw over 10,000 spiral passes at a practice net the summer between his freshman and sophomore year. By his sophomore year, he had risen to QB2 and by his junior year he was BYU’s starting QB. In his final year with the Cougars, Steve Young won the Davey O’Brien award for the most outstanding college quarterback in the country.
Then … It happened all again when he got to the San Francisco 49ers. He spent 4 years on the bench as the backup to four-time Superbowl champion, Joe Montana. And because of his experience at BYU, Steve stayed, learned, and flourished under Montana’s apprenticeship. He eventually got his chance and the rest is history.
Steve Young: A Gridiron Paragon of Grit. From every touchdown to each hard-fought comeback, his relentless determination on the field defines the true essence of grit. A quarterback icon who faced challenges head-on, Young embodies the spirit of unwavering passion and perseverance.
When Steve Young retired, he was the highest-rated quarterback in NFL history.
Final Thoughts
Superlative performance is really a confluence of dozens of small skills or activities, each one learned or stumbled upon, which have been carefully drilled into habit and then are fitted together in a synthesized whole.
People with grit are paragons of perseverance and effort. As much as talent counts, effort counts twice as much with them. They develop their skills by hours and hours and hours of deliberate practice beating on their craft. They master the capacity to do something repeatedly, to struggle, and to have patience over the long-term. But most importantly, they develop the stamina to go over something again and again and again no matter how difficult it is.
In closing, greatness is actually doable because greatness is many, many individual feats, and each of them is doable. When it comes to how we fare in the marathon of life, effort counts tremendously, and consistency of effort over the long run is everything. Great things are accomplished by those people whose thinking is active in one direction, who employ everything as material, who always zealously observe their own inner life and that of others, who perceive everywhere models and incentives, who never tire of combining together the means available to them.
Little Habits and Characteristics That Can Make You More Gritty
Seek to continuously improve
Focus on the daily discipline of trying to do things better than you did yesterday
Remember that the 10-Year Rule Applies to developing skills: thousands and thousands and thousands of hours spent in deliberate practice over years and years and years
Love what you do
Remember that sustained effort over the long-run counts more than talent
Interpret setbacks and failure as a cue to try harder rather than as confirmation that you lack the ability to succeed
In a world dominated by large institutions that often fail to truly serve our needs, the concept of leadership needs a fresh perspective. In Robert K. Greenleaf’s thought-provoking work, “Servant Leadership: A Journey Into the Nature of Legitimate Power and Greatness,” he introduces the idea that a great leader is, first and foremost, a servant. This notion challenges the traditional understanding of leadership and suggests that true leadership is rooted in serving others.
Greenleaf emphasizes the importance of listening, empathy, and acceptance as essential qualities of a servant-leader. He delves into the idea that effective leadership requires the ability to bridge the gap between available information and the unknown future, relying on intuition and foresight. Stressing the interconnectedness of past, present, and future, Greenleaf suggests that a qualified leader maintains a wide span of awareness. Furthermore, he advocates for leadership through persuasion rather than coercion, and he highlights the significance of both active leaders within institutions and external trustees who oversee them.
Ultimately, Greenleaf’s vision calls for nurturing strong natural servants who have the potential to lead, enriching the world through their presence, and striving to build better institutions in an imperfect world. In this journey, servant-leaders emerge as beacons of positive change, inspiring and guiding others toward a more harmonious and effective future.
Delve into the nuances that unpack Greenleaf’s ideas, gaining a richer understanding of servant leadership’s potential to reshape our institutions and empower individuals. Embrace the journey of discovery and join me in exploring how these principles can catalyze positive change in our world. Your path to enlightened leadership starts with a simple click – download now and embark on a transformative exploration!”
Luis Figo Served as Real Madrid’s Change Agent During the First Era of the Galácticos
In 2002, Luis Figo emerged as the winner of the prestigious Ballon d’Or, recognizing him as the top football player in Europe. This accolade came shortly after his controversial transfer from Barcelona to their arch-rivals, Real Madrid.
Over his five-year tenure with Real Madrid, Figo made a significant impact, with over 200 appearances and notable triumphs, including two league titles and the 2002 Champions League. His arrival injected new vitality into Los Blancos, albeit at the expense of his former club in Catalonia. Organizations often require a COO to serve as a Change Agent, focusing on implementing specific organizational changes. In this role, the COO spearheads initiatives such as turnarounds, major organizational transformations, or planned rapid expansions, while the CEO maintains the day-to-day operations. When executed effectively and in balance, this approach can lead to remarkable progress and success.
Michael Jordan and Scottie Pippen Formed a Strong Two-In-A-Box Partnership During Their 10-Year Run at the Top of the NBA
Michael Jordan and Scottie Pippen established an extraordinary and cohesive Co-Leader partnership during their dominant ten-year reign atop the NBA that ended in historic double three-peats. Throughout their intertwined careers, Jordan and Pippen exemplified the essence of a Two-In-a-Box partnership. Their collaboration on and off the court showcased remarkable synergy, mutual understanding, and shared goals. Pippen’s exceptional abilities, combined with Jordan’s unparalleled talent, propelled the Chicago Bulls to unprecedented success, and Pippen flawlessly assumed the role of Michael Jordan’s Co-Leader.
Their dynamic duo not only achieved individual greatness but also fostered a collective strength that elevated the entire team. Together, they formed one of the most electrifying and potent duos ever witnessed in the NBA. In drawing parallels to the COO’s role, Jordan and Pippen’s Co-Leader partnership exemplifies the power of a collaborative approach. By working together, leveraging their respective strengths, and nurturing a harmonious relationship, they propelled the Bulls to the pinnacle of the NBA. The impact of such a Co-Leader dynamic extends beyond basketball, highlighting the significance of a strong and complementary partnership in driving organizational success.
Venus Williams and Serena Williams Formed a Strong Mentorship CEO-COO Relationship During Their past 25 years on the court
Venus Williams stands as one of the most compelling examples of mentorship in the world of tennis. Serena Williams herself acknowledges that her journey would not have been possible without Venus, but I believe the impact goes even further. The influence of Venus extends to players like Coco Gauff, Naomi Osaka, Sloane Stephens, and Madison Keys, who have all been inspired by her trailblazing presence.
Venus brought a new era to tennis with her remarkable speed, distinctive style, and unapologetic confidence. However, her role as a Big Sister went beyond her on-court achievements. She served as a mentor, shielding Serena from the resistance of the tennis establishment and the pervasive racism that often accompanied their rise to stardom.
This mentoring dynamic can be likened to the role of a Chief Operating Officer (COO) in the business world. In both cases, the mentor figure provides guidance, support, and protection, empowering their mentee to navigate obstacles and reach their full potential. Venus’s mentorship not only elevated Serena’s career but also paved the way for future generations of tennis players, exemplifying the transformative impact of a dedicated mentor, both on an individual and broader scale.
Alex Smith and Patrick Mahomes Formed a Strong Heir-Apparent CEO-COO Relationship During the 2017 Season with the Kansas City Chiefs
During his tenure from 2013 to 2017, Alex Smith served as the starting quarterback for the Chiefs, leading the team to the playoffs on four occasions and securing their first playoff victory in over two decades. However, in 2017, the Chiefs made a strategic decision to trade up and select Patrick Mahomes as Smith’s long-term successor. Coach Andy Reid demonstrated transparency with Smith, providing the reassurance he needed to embrace the role of mentoring Mahomes. Just a year later, Smith was traded, paving the way for Mahomes to step in as the new starting quarterback. This scenario exemplifies the Heir-Apparent CEO-COO structure, which can be instrumental in ensuring successful succession planning.
In this context, the COO plays the role of the Heir Apparent. Similar to the quarterback transition, the COO is identified and groomed as the successor to the CEO. By implementing a well-executed Heir-Apparent CEO-COO structure, organizations can facilitate a seamless transition of leadership. The COO, under the mentorship and guidance of the CEO, gains valuable experience, insights, and knowledge necessary to assume the top role when the time comes. This strategic approach allows for continuity in leadership and ensures that the organization can thrive even during leadership changes.
Ray Lewis and Ed Reed Formed a Strong Co-Leader Partnership During Their 11-Year Run with the Baltimore Ravens
During their Super Bowl XLVII-winning campaign in 2013, the Baltimore Ravens showcased their defensive prowess, despite being ranked 12th in total defense. What set them apart was the remarkable partnership between Ray Lewis and Ed Reed. Their collaboration as Co-Leaders began in 2002 and spanned an impressive 11 years, solidifying their status as one of the most formidable linebacker/safety tandems in NFL history. Together, they anchored a consistently outstanding defense that stood among the league’s best.
Ray Lewis and Ed Reed epitomize the essence of a Trusted Partner relationship. Their deep bond and understanding on the field allowed them to anticipate each other’s moves, offering unwavering support and collaboration. With Lewis’s commanding presence and Reed’s exceptional playmaking skills, they formed an unbreakable foundation for the Ravens’ defense. Their synchronized efforts and remarkable synergy elevated their team to new heights.
This Trusted Partner dynamic in football can be likened to the role of a Chief Operating Officer (COO) in the business world. Just as Lewis and Reed established a reliable and cohesive unit, a COO serves as a Trusted Partner to the CEO, fostering a strong partnership at the top. This collaboration ensures a harmonious and effective leadership team, capable of driving the organization towards success. The impact of a Trusted Partner, both in football and business, cannot be understated, and Lewis and Reed’s legacy as an exceptional tandem serves as a testament to the power of such a partnership.
