Delayed gratification
○ Learn to learn, learn to think
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We're starting a movement!
The original intent was to launch an investment platform, however I
quickly realized that people had other problems and numerous other
obligations. I couldn't with a clear conscience tell people to make
investments while they themselves were drowning in debt: credit cards,
student and auto loans, and even mortgages. What's the ROI on the
best performing investment compared to a credit card APR? Even if I
can guarantee a better return than a credit card's interest rate, I
would still advise everyone to pay off debts before making
investments...
...and that's the origin of Firass.org!!!
Let's simplify everything, and start building upon a solid
foundation. Define an end goal, something that might even be nebulous
and aspirational, like "I want to be healthy and free." Then
work backwards to identify, one small step at a time, one action to
take to reach the end goal. This becomes all-encompassing, dealing with
money, food, and literally every interaction with the economy.
WE'RE STARTING A MOVEMENT!
So, where do we begin??? First, let me introduce myself!
Who am I? Why am I qualified?
I am Firass, a middle-aged Muslim man. I spent most of my life
listening and watching: my mouth closed, eyes and ears open! I've lived
in suburban, rural, and urban environments; as well as internationally.
I am neither a doctor, nor a financial advisor, nor a religious
scholar. Professionally, I write software. I have immense experience
managing projects, which includes the invaluable skill of breaking down
complex problems into tasks that are small, understandable, and
achievable. Running and scaling large software applications has taught
me another indispensable skill: performing root cause analyses (RCAs).
This means fixing the source of the problem when something goes wrong,
instead of applying temporary fixes that will cause the same or new
problems at a later time.
And that's what we are going to do:
Break down a complex problem into smaller pieces
Take that smaller piece and identify its root cause
Apply solutions, one small step at a time!
So, what's next??? Now that we got that introduction out of the
way, let's jump right in!
Where do we begin?
Again, let's start from the end goal and work backwards. By the end of
this journey, we are going to be people that consume in a thoughtful
and purposeful way. Based on my life experience, everything comes down
to things like impulse control, delayed gratification, and lowering
your time preference.
Some of these concepts might be new or abstract to you, but we will
work through this together with real life examples.
WE ARE GOING TO BE HEALTHY AND FREE!
This journey will entail a little step of learning and a small step of
action.
Learn: Opportunity Cost
Please take 51 seconds to watch economist Saifedean Ammous explain the
concept of opportunity cost.
Time is finite, and everything you do has a tradeoff: spending time or
money on one thing is time or money you could have spent on a near
limitless number of other options.
Do: Time Utilization Exercise
Introduction
How are you currently spending your time? Before we think of better
ways to spend our time, we need to account for what we are doing now!
Doing the time utilization exercise: Get a paper and pen (or open a
spreadsheet!), and let's get started. Make a list of everything you do
every day, and the amount of time it takes to do it.
Example
Below is a time utilization example for weekdays and for the weekend:
Weekdays (x5)
Activity
Time
Sleep
8 hours
Morning routine
1 hour
Work
9 hours
Eating/Food preparation
3 hours
Everything else time!!
2 hours
Bedtime routine
1 hour
Total
24 hours
Weekends (x2)
Activity
Time
Sleep
8 hours
Morning routine
1 hour
Eating/Food preparation
3 hours
Everything else time!!
11 hours
Bedtime routine
1 hour
Total
24 hours
Conclusion
Your exercise results will look different: It might be more detailed,
you might be a student, or you might spend time commuting. Whatever the
case, we can quickly see that most of our time is already accounted
for. The "Everything else time!!" bucket
is not free time: it includes time to run errands, entertainment, time
to relax, and other tasks. We will need to get creative if we want to
make meaningful change in our lives.