People often fail to appreciate their career progression as it happens gradually over time through salary increases, skill development, and expanding connections. Conversely, setbacks such as being laid off or fired happen instantly. This slow progress and immediate setbacks can lead individuals to be more pessimistic about their achievements and the world as negative news is highlighted daily while positive developments are often overlooked, even though they hold more power in the long run.
#488: Ever made a flippant, seemingly minor decision that radically changed the course of your life?
Morgan Housel has experienced this. At age 17, he made a quick decision that ended up saving his life. Sadly, two of his friends were less fortunate.
He shares that story in today's podcast episode, and sheds light on the lessons he's learned from it.
Housel says that his lifesaving choice -- and many of our other important decisions -- are snap verdicts, ones that we don’t spend much time thinking about.
If pivotal moments are decided in a flash, how do we navigate risk? How do we evaluate our options?
Housel says this comes understanding concepts that remain constant, consistent, and universal.
We need to accept that humans aren’t rational. We must appreciate the reasons why the best answer doesn’t always win. We ought to remember that we overlook many good things happening around us. These constants will most likely impact our futures.
Housel was named by MarketWatch as one of the 50 most influential people in the market. He is the New York Times bestselling author of The Psychology of Money. His new book is titled Same As Ever.
He joins us to discuss the ideas in his latest book.
For more information, visit the show notes at https://affordanything.com/episode488
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