2/20
Your OUTCOMES are a lagging measure of your HABITS . Although difficult to appreciate on a daily basis , they MATTER IMMENSELY.
Change your habit ,to change the outcome.
It doesn't matter WHERE you are currently,
CHANGE YOUR HABIT TO CHANGE THE TRAJECTORY OF YOUR LIFE!👇
3/20
You do not RISE to the level of your GOALS .You FALL to the level of your SYSTEMS .
Why so ?
Both WINNERS & LOSERS have a Goal . What then sets them apart ?
It's having a SYSTEM in place.
Systems are forever & they result in continuous SELF IMPROVEMENT .
4/20
Reaching a goal may give rise to emptiness or targetting another goal.
But that isn't the case for systems.
Hence GOALS - OVER RATED SYSTEMS - UNDER RATED
2 small examples on my system based approach for self improvement.
5/20
Your identity emerges out of your habits. Every action is a vote for the type of person you wish to become.
Despite knowing better we find that
changing our habits is challenging because : 1) We try to change the wrong thing 2) We try to change our habits in the wrong way.
6/20
The 3 layers of behaviour change 1. Outcome change: WHAT we want to change 2. Process change: HOW we want to change 3. Identity change: WHY change.
(Most important)
A Behaviour that is incongruent with the self will not last.
Why ?
👇
7/20
The book then presents
* The science of HOW habits work
* The HABIT LOOP
* The 4 laws of BEHAVIOUR CHANGE.(Different methods to help BUILD Good habits & BREAK Bad ones.)
With the help of many examples to understand how to go about things, the possible problems etc.
8/20
Fun fact ! 🙃🙂
We don't need to be aware of the CUE for a habit to begin. No conscious attention is needed.
This is what makes habits USEFUL .
But then THIS IS ALSO what makes them DANGEROUS !
As the MORE we repeat these patterns, the LESS likely we are to question them!
9/20
I liked the concept of #HabitScorecard which helps in becoming more aware of your behaviour.
* Enlist habits
* Rate them
* Create a Habits Scorecard
* Observe events as is
* No criticism . No appreciation
* Acknowledge
* Work towards betterment
* Review
10/20 #ImplementationIntention helps in planning out beforehand WHEN & WHERE TO ACT & thereafter STICKING to them .
SPECIFICS matter as most of us lack NOT Intention , BUT CLARITY.
*Helps in saying NO.
*Ensures FOCUS.
*Helps in TIME MANAGEMENT.
👇
11/20
1 concept I loved was #HabitStacking - Adding new habits to existing ones.
Used to do this unknowingly but it's more fun incorporating it KNOWING HOW to go about it !!
Eg :
*Find something good - Appreciate it.
*Read something good - Make Notes of it.
👇
12/20
Some other Interesting aspects worth deliberating upon
* Make the CUES of GOOD HABITS obvious & BAD HABITS invisible.
* Easier to AVOID temptation than RESIST it. ( ESPECIALLY FOR MARKETS)
* Habits once formed are unlikely to be FORGOTTEN.
* Use of Temptation bundling.
13/20
Essentially we imitate the habits of 3 groups
* The Close
* The Many
* The Powerful
Each group offers an opportunity to leverage the 2nd law of Behaviour change & make our habits more attractive.
A very under rated concept I believe!
14/20
Another interesting aspect is
HOW TO ACHIEVE MORE WITH LESS EFFORT .
Seems difficult right ? 🤔
Here's where practising environment design comes into play.
Habits are easier to build when they fit into the flow of your life .
Reduce #friction.
Try it out !!
15/20
The TWO MINUTE RULE blew my mind away .
Such a simple but profound concept !
*Basically START SMALL .
*Keep it EASY.
*STICK to it.
*ITERATE.
A NEW HABIT SHOULD TAKE LESS THAN TWO MINUTES TO DO.
Gradually SCALE UP towards your GOAL .
Worked brilliantly for me!
16/20
Few other methods discussed to develop habits include :
*Habit Shaping,
*Automating a Habit
*Habit Tracking
*Goldilocks Rule etc.
We might have already practiced a few of them without knowing the technical basis behind it.
17/20
The secret to maximising your odds of success is to choose the RIGHT FIELD OF COMPETITION.
We all are born with different abilities .
Our environment determines the SUITABILITY of our genes & the UTILITY of our natural talents.
COMPETENCE is dependent on CONTEXT.
👇
18/20
However, Habits dull you.
Sticking to your habits and following the underlying processes & fighting monotony when there is no motivation is tough.
Doing it repeatedly shall SET YOU APART from the amateurs & make you a professional.
FALL IN LOVE WITH BOREDOM !
19/20
1% WORSE EVERY DAY FOR 1 YR vs
1% BETTER EVERY DAY FOR 1 YR
When you look back over a decade the VALUE of GOOD HABITS & the COST of BAD ONES becomes strikingly apparent !!
This is WHY understanding DETAILS is essential.
Keep up the habits & REFINE them as required.
20/20
To sum it up ,
An Atomic habit is a little habit that is part of a larger system.
Just as atoms are the building blocks of molecules , #AtomicHabits are the building blocks of remarkable success!
Here's my list of #BooksToRead for #investors . It is NOT an exhaustive list ,for there is NO END TO LEARNING.
I have tried to incorporate different learning aspects of #investing here .
What we experience early on (in our adult life) is more compelling than what we learn second hand, which is why each person thinks about #Risk & #Reward DIFFERENTLY.
In theory we SHOULD make our investments based on OUR goals & options available.
3/31
However we tend to include our unique experiences of how the world works (albeit with incomplete information) which might seem crazy to others .
* Spreadsheets cannot replicate human emotions which is why no amount of studying can make one truly UNDERSTAND the underlying.
With Diwali around the corner along with our economy rebounding , only fair that we be bombarded with "PATAKA STOCKS" by EXPERTS from Indore to the enthusiastic newbie who made 30% returns on his portfolio ( of ₹10,000) in 1 week 🙄
2/14
So here are my 2 cents gently reminding how much of WEALTH has ACTUALLY been created for the enthusiastic retailers by PATAKA / PENNY / MULTI BAGGER stocks recommended in the past few years .
DISCLAIMER : Being a learner, I am mostly wrong 😇🙏
To each his own .
3/14
A small snapshot of a few Penny stocks ( using this word a little liberally here ) that were recommended LEFT , RIGHT AND CENTRE on Social Media & how they are doing currently :))
P.S - These are still recommended to newbies with the recount of their glorious past ! 🤦
1/8 Often hear salaried people complaining about volatility being the reason they stay away from markets .
IMHO I feel #volatility is not risk . It's actually an opportunity to be capitalised upon sensibly .
( T&C being applicable as always*)
A few pointers on the same.
2/8 * Being salaried helps immensely as one gets a fixed sum of money monthly . Less uncertainty of cash inflows aids in better decision making as we don't resort in knee jerk reactions .
* With proper planning one can keep aside money to invest systematically in markets.
3/8 * In the event of a sudden melt down we won't be forced to sell our holdings for want of money for next month's expenses.
* Thereby , we ensure we do not interrupt the process of #compounding . Otherwise, one is forced to sell even good stocks for want of money . 🤷