Recently I’ve finished a few audiobooks and I’d just like to document my thoughts here.
Ray Dalio — Principles
Ray Dalio’s guiding principle of meaningful work and meaningful relationships made me realize that life really boils down to this fundamental idea. Money can’t buy relationships, and money can’t buy you work that is fun. Moreso, money can’t buy you meaningful connections that will last you a lifetime.
As my mom always says:
能用錢解決的事是最簡單的
In English: The problems solvable with money are the easiest. When I was young, I didn’t really appreciate the strength of this quote. I thought as long as I had money, I could do anything! Yet, as I grow older, I’ve come to realize that money is just a tool — it gives you options, but doesn’t solve the problems for you.
Rich Dad Poor Dad
Robert Kiyosaki has given me a new way to think about money. To realize that a job is just to earn money — but to make money work for you is even more important.
I’ve been investing since I was in first year of university, starting from my very first paycheck. The whole reason I took on two part time jobs over the summer of my first year was to invest! At that time, I realized that making money work for you is crucial.
I’ve also been thinking: how can this possibly be sustainable if everyone keeps receiving money from dividends? Well, that is how technology works. Technology not only allows for improvements in our daily lives, but also reduces the number of workers needed to perform a job. This is precisely why, while many jobs are being automated, it is even more important than ever to be part of the change — either by updating skill-sets or by investing in the future.
More Books I’m Reading
I’m also in the process of listening to Steve Jobs and Obama’s autobiographies. Knowing their thoughts might unlock some realization for me too.
A Note on Current Market Conditions
Right now, the Federal Reserve is rapidly performing quantitative tightening in addition to raising interest rates. This has been a much-needed pullback. And while they quote supply chain issues with high demand but low supply, the reality is that credit has been too easy to come by.
As Warren Buffett has said:
Only when the tide goes out do you discover who’s been swimming naked.
Many companies that borrowed too much on credit now can’t pay it back and will go bankrupt. This includes homeowners with mortgages and shareholders of over-leveraged companies.
Anyhow, I think I’ve rambled too much. This has been my half-year mark for 2022 — and definitely one of the most interesting years in my life.
That’s all!