Doing Dumb Things and The Art of Doing Nothing
Week #5 - One paragraph that explains life, books I am reading
The First Rule of Happiness
The first rule of happiness is low expectations
We are all victims of this. Our expectations go up in rise with our incomes and with the society around us.
We continuously want better homes and cars as our incomes go up. This puts us in a spiral loop where in the expectations keep going up and may not keep pace with our incomes and our wealth. It's also interesting to note that we are the most jealous of our friends, neighbours, and relatives than those with who we have no connection at all. Social media adds fuel to the fire.
We may not be jealous of the wealth of Ambanis or Bezos of the world because we don't engage with them on daily basis but seeing our peers do better than us definitely increases our stress.
How, then, should we remain happy in a world constantly seeking to outpace others? We must keep our expectations in check. This is easier said than done. I am a victim of this as well.
Certain ideas that can help are as follows - 1. Reading great books. Understanding the lives of people who did well in life but always kept their expectations in check. 2. Constantly asking this question "Am I creating a hedonistic life? A life I may regret living" 3. Differentiating needs versus wants. Asking every time - do I need it or do I want it? And what's the cost?
“We have all the tools of contentment at hand already. You don’t have to conquer Italy to enjoy the fundamental pleasures of life. Stay human and subdue the rat within. Life’s not a race. It’s a journey to savor and enjoy. Ambition–the relentless desire for more–can eat you up.” – Russ Roberts, How Adam Smith Can Change Your Life
Don’t do really dumb things
It’s probably one of the most undervalued things. It’s about not going to places where you could die. It’s about focusing on the downside instead of upside. It’s about avoiding the risk of ruin.
What are some such things that could have undesirable consequences?
- too much debt
- leveraged trading
- too much alcohol or sugar
- smoking
- two wheelers without helmet
- committing crimes
- unhealthy lifestyle
- lack of insurance
- delay in preparing for retirement
- dependency on income vs wealth
Focus on the outcomes. Avoid errors that are unrecoverable.
The Art of Doing Nothing
Sounds like music. Having the ability to sit in a room and not do anything. It’s probably the most easy thing to understand but the most difficult thing to execute.
Morgan Housel shares an interesting story in his recent book where he talks about Kipchoge who would have to wait for a few hours to receive his gold medal along with other runners up in Olympics. While the other winners would start scrolling on their phones, Kipchoge would just sit there. Sitting in silence. Doing nothing. Content. For hours.
Voya corporate leaders is a fund that was set up in 1935 with 30 stocks. It could never buy or sell an existing holding unless a company went bankrupt. It has returned 11.1% until 2019. Didn't do much for 85 years.
Mastering the art can be best understood through stoicism. Understanding you can control vs what you can’t control. Focus on what’s in your control and ignore everything else.
A frugal heart frees us. A needy heart enslaves us. Notice that this applies to just about everything, not just money. The less we expect from others the better our relationships. The simpler food we can appreciate the better our health. The less passion we expect out of life the more tranquility we’ll have. Don’t aim for less, but learn to appreciate less in all spheres of life. Taleb
Interesting Finds & Podcasts
Do we believe it’s just a coincidence that Finland is both the most well-traveledcountry, with the average Finn making 7.5 trips a year, and the happiest country in the world?
Interesting podcast around content creation
Books I am Reading
Same As Ever (for the second time)
My personal blog - nirajdugar.com
Get in touch for financial planning - niraj@holisticwealth.in
Work website - Holistic Wealth
Twitter - contliving
Youtube - Niraj Dugar