OldSchool.com - Jae Jun
The Most Valuable Lesson I Learned Regarding Money and Time
There are two valuable things in investing.
Building wealth and your time.
Notice I did not say money. Because money is a tool. It isn't wealth.
But why time?
One of the ways my thinking changed over the past 2 years was after I started reading and following a guy named Tim Ferris.
Now this guy is all about maximizing efficiency and becoming the best at whatever you do.
The catch is that he doesn't do anything in a conventional way. He completely breaks the mold of whatever you thought was the normal way and goes about hacking ways to get better faster.
His book "The 4 Hour Workweek" motivated me to change my mindset about money and time. Especially when it came to investing and old school value.
You see, I'm a cheapo.
When my toothpaste runs out, I'll cut it in half and scrape the remaining. That would still be good for another week of teeth brushing.
When I go grocery shopping, I compare the same product by how much I'm paying per ounce.
But Tim Ferris completely flipped my world upside down.
Before, I was so hung up on what something cost and trying to save a few bucks here and there.
I wasn't thinking about the ultimate benefit of how it was going to help me save time, quicken my speed of learning and research and let me focus on more important things.
Think of it as glass half empty thinking.
I'd waste hours price shopping different investment and business tools just to save $2 a month.
I love investing and working on Old School Value but I was fretting too much about cost instead of framing it properly as an investment.
In my grocery shopping example above, I was willing to spend 30 minutes comparing 5 different stir fry sauces just to save $2.
Instead of quickly choosing and going home to write more blog posts, work on my business or spend quality time with my wife, I chose to waste 30 min simply to save $2.
I was valuing my time as $4 an hour in that situation. More than 50% below minimum wage.
Same with investing.
I was so cheap I wasn't willing to sign up for some really good services or newsletter that was going to help me get things done quicker.
You can relate right?
I bet you feel like you just don't have enough time and everything is overwhelming.
Well, I stopped doing anything that I view as below my hourly fair value.
- Instead of comic books, I read business and investment books.
- Instead of news, I ask a news freak friend to tell me what's happening in the world.
- Instead of learning to code and design, I pay for 100x better results.
- and more.
That's my secret.
One of the biggest time and energy killers is trying to filter quality stocks and calculate intrinsic value the right way.
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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Leong Kiong
how to calculate intrinsic value of a stock?
2014-06-25 15:32