Very Good Advice (flipped)(favorite)

Morgan Housel2 min read

Flipped advice from: https://collabfund.com/blog/very-bad-advice/:

  1. Keep your expectations growing slower than your income.
  2. Before envying anyone, remember you’re seeing a sliver of their life.
  3. Trade status for independence whenever the exchange is offered.
  4. Keep net worth and self-worth in separate accounts, for yourself and for everyone you meet.
  5. Copy only people who want what you want.
  6. Trust track records, not audiences.
  7. Treat engagement and insight as unrelated variables.
  8. Set goals from what you actually want, not from what others have.
  9. Judge wisdom on its own terms; wealth proves little about it.
  10. Notice that a new thrill says almost nothing about lasting joy.
  11. Treat conversations as chances to learn, not contests to win.
  12. Assume nobody cares where you went to school after 25, and build accordingly.
  13. Ask which of your problems money can’t solve before assuming it solves all of them.
  14. Leave slack in every plan.
  15. Build relationships; the transactions follow.
  16. Prefer learning something new over defending what you already believe.
  17. Assume people know and believe more than they can put into words.
  18. Assume the past was messy, the present is normal, and the future is uncertain rather than doomed.
  19. Credit luck for some of your success and yourself for some of your failure.
  20. Forecast in ranges, and hold them loosely.
  21. Choose long-term reputation over immediate applause.
  22. Value what you finish, not how busy you look.
  23. Doubt your own tribe at least as hard as you doubt everyone else’s.
  24. Expect results to be rewarded more than effort, and plan for that.
  25. Treat your nostalgia as a story, not a record.
  26. Compare your behind-the-scenes only to your own past, never to someone else’s highlight reel.
  27. Assume every problem fades and every advantage erodes, and adapt before either does.
  28. Act under uncertainty; it never fully resolves.
  29. Judge others at their best and yourself at your worst, or at least hold both to the same standard.
  30. Treat graduation as the start of your education.
  31. Recognize patience as a strategy, not a stall.
  32. Use money as a tool, not a scorecard.
  33. Stay loyal to people who earn it, and see that loyalty as strength rather than servitude.
  34. Believe a thing more cautiously the more you want it to be true.
  35. Refuse the battle for social hierarchy; most things aren’t a fight.
  36. Study what you tend to regret and decide with that in mind.
  37. Learn from other people’s experiences; they’re cheaper than your own.
  38. Make friends with people whose morals raise your own.

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