“The chains of habit are too light to be felt until they are too heavy to be broken.” — Bertrand Russell One of the ironies of life is that many bad habits provide immediate rewards while negative consequences are concealed
“Never, ever, think about something else when you should be thinking about the power of incentives.” — Charlie Munger The power of incentives is obvious. Even small children will modify their behavior in response to incentives set by their parents.
““Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris — I wanted the independence. I desperately wanted it.” — Charlie Munger The world can appear vastly unequal in terms of the goods and services
Productivity should be skyrocketing given the wealth of resources we have at our fingertips that claim to organize and optimize our time. Yet, for some reason, there never seems to be enough time in the day to accomplish all of
Starting out too quickly in a marathon is a classic beginner’s error. The adrenaline rush of the starting line, a rested body, and watching others start off strong can conspire to accelerate your pace beyond the level that can be sustained for 26.2 miles. Exceeding your physical capacity at the start can have dire consequences toward the end of the race. Aspects of personal finance resemble marathon running as well. To go the distance, you must pace yourself.