Breakfast Notes #77 (Tiktokfication, Trails, Wisdom)
Good morning my curious friends,
This is a quote that may help you reframe your perception towards managing expectations,
"Expectations are like a debt that must be repaid before you get any joy out of what you’re doing." - Morgan Housel
Here is the 77th serving of the Breakfast Notes.
Insightful Links Of The Week
- The Tik-Tokification of Personal Finance. According to a study by Qualtrics, more than one-third of American respondents (with Gen Z leading the way at 61%), seek financial advice or information online or through social media. The fact that social media influencers are teaching a significant portion of Gen Z Americans about money indicates a shift in the perceived authority and credibility of traditional sources of financial education. This just underlines a new reality of the 2020s - Attention is now the new oil. If professors want to reclaim their authority, they may wish to start exploring with Tik Tok.
- Seeking Wisdom In Trails. I recently finished reading this book and now, I will never look at or walk a trail in the same way. Robert Moor dedicates himself to months of endless hiking. This means you get to see him reflect on the significance of trails in real time. With a journalist's rigour and the vigour of youth, he delves enthusiastically into a wide array of fields - biology, geography, folklore, and linguistics. He interviews rugged ultra-hikers, activists and indigenous tribes, seeking answers to the fundamental question: Why bother hiking? Much like a hike, his book is a demanding journey that yields great fulfilment only when you finish it.
- Advice from 1000 Years of Living. Sahil Bloom has a tradition of undertaking a thought-provoking exercise on his birthday. As he turned 32 this year, he asked several 90-year-olds a powerful question: "If you could speak to your 32-year-old self, what advice would you give?" The responses were remarkable, encompassing a wide spectrum from lighthearted and clever to profoundly poignant. As my wife turns 28 this week, I thought I could re-visit this article. #13 screamed at me: "No one has ever argued their way to happiness." Sahil elaborates, "When someone wants to argue with you, you can either (a) argue back or (b) do literally anything else with your life. Option (b) should always win out." I recommend including this in your yearly reading list.
- Expectation Debts Must Be Paid. You know the saying, "Tough times don't last, tough people do'? If we don't expect tough times to last, why should we expect good times to last? When we do have the mistaken assumption, the good times are here to stay, we are in for a rude shock. Don't believe me? Ask the folks holding on to their Bored Apes NFT. Housel puts it best here, "Expecting nothing but good feels like such a good mindset – you’re optimistic, happy, and winning. But whether you know it or not you’re very likely piling up a hidden debt that must eventually be repaid."
Thank you for reading, and may the sun shine upon your face,