Personal Rules for Success | 16min snip from We Study Billionaires

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TIP580: Clear Thinking w/ Shane Parrish

We Study Billionaires - The Investor’s Podcast Network

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CHAPTER

Personal Rules for Success

This chapter explores the value of creating personal rules to guide behavior and decision-making instead of merely adhering to societal expectations. The speakers discuss how these self-imposed rules can enhance consistency, foster personal growth, and shape positive habits through environmental design. They also delve into the complexities of decision-making, highlighting the significance of focusing on processes rather than outcomes in achieving success.

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Episode notes

Clay is joined by Shane Parrish to discuss his New York Times bestselling book Clear Thinking – Turning Ordinary Moments into Extraordinary Results. Many people fall prey to making decisions based on our instincts and our gut feelings. Shane’s book gives you the tools to recognize those moments that reshape how you navigate the critical space between stimulus and response.

Shane Parrish is the founder of the highly-esteemed blog Farnam Street and also the host of The Knowledge Project Podcast, where he focuses on mastering the best of what other people have already figured out. His work has been featured in nearly every major publication, including The New York Times, The Wall Street Journal, and Forbes.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

03:09 - How Shane differentiates between high-quality and low-quality information.

10:30 - What the enemies of clear thinking are.

12:36 - Why we should prioritize the outcome over our ego.

15:32 - Preventative measures we can use to combat the enemies of clear thinking.

23:16 - Why we can’t rely on willpower to achieve the outcomes we desire.

23:54 - How successful people outposition others in order to outperform others.

28:38 - How we can optimize our environment to achieve better outcomes.

31:54 - Frameworks related to differentiating our outcomes from our underlying decision-making processes.

36:13 - How Shane thinks about determining what really matters in life.

40:48 - Why happiness needs to be thought of as derived internally rather than derived from something external.

46:08 - What the important things in life are to Shane.

48:25 - How Shane remains grounded in what’s most important.

56:03 - Why Shane started a holding company that buys wonderful businesses.

57:05 - What led Shane to invest alongside Howard Marks and Bill Ackman when joining Tiny’s board.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Shane’s book Clear Thinking.
Shane’s website.
Related Episode: WSB569: An Investor's Guide to Clear Thinking w/ Chris Mayer or watch the video here.
Follow Clay on Twitter.
Follow Shane on Twitter.

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