Weekly Mixtape For July 7th, 2019

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Morgan Housel: Why Things Break: Easy Causes of Business and Investing Failure “The Upside Of A Recession “But now you have a problem. Information gained through real experiences is the most influential kind of information that exists. So now you believe your skill is right with a heavy degree of confidence and entrenchment. Which becomes a liability when the world evolves away from the thing you’re so confident in.”

A Wealth Of Common Sense: The Upside Of A Recession Everyone already knows the bad stuff that can come out of a recession—the unemployment rate spikes as people lose their jobs and companies cut back, asset prices go down, people stop spending as much, and the general mood of the country goes into a funk. These periods are never fun to live through but there is a bright side to the downside if you go into the next recession prepared, both financially and psychologically.”

Khe Hy: How Active Listening Can Improve Your Work (And Love) Life “Asking a simple question and then stepping aside gets you away from offering solutions or trying to be right. It’s about letting the other person feel heard. Which creates a space for compassion, trust, and ultimately love.”

Ashby Daniels: A Letter To Do-It-Yourselfers “In each case, it took upwards of six meetings to get everything figured out before I could provide any real advice. I say all this, again, not to encourage you to hire an advisor, but to encourage you to have a conversation with your spouse about how your finances work. And I mean the nitty-gritty. Ask your spouse if he/she would feel comfortable doing all that you do if something were to happen to you.”

The Reformed Broker: Civilians “I think that people who read pieces of information about companies from time to time in mainstream publications don’t always consider that there are market players (and algorithms) who are constantly digesting and pricing information 24 hours a day.”

The Irrelevant Investor: The Best Ten Years Ever “It’s hard to appreciate the good times when you’re in the middle of them, which is why it’s helpful to turn to the data. Narratives hide the present, numbers reveal them.”

Calibrating Capital: Kids Self Employment System First is their awareness that life costs money. Buying snacks at the grocery store costs money. Buying a Lego set costs money. I took it as granted that they knew this, and my old-man-bemoaning of how money doesn’t grow on trees didn’t do a lick of good in communicating this. So that realization was encouraging to see.”

Douglas Boneparth: Escaping The Echo Chamber “Look, you don’t need to leverage social media for your business if you don’t want to. Heck, you don’t even need to participate. That’s what lurking is for. You can simply enjoy your favorite platforms however you want.  But, if you’re looking to grow your business and brand using them, you’re going to need to first figure out what works and doesn’t by creating and engaging an audience that’s open to sharing your *stuff* because, if it’s good enough, they will help you escape whatever echo chamber you might find yourself in.”

All About Your Benjamins: We’re Only As Good As Our Peers

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.