In life
One
of the commonly heard phrases "I know, I understand....."
Yet,
when it comes to making decision and taking action, we are often 口是心非!(translated:
affirm on lips but deny in heart!)
"Errr..
but because... of this and that Bla Bla Bla... “
Or
"This
time is different!"
How
many times in life have you feel that you know and understand the situation and
yet, when you compel to respond and take action, you shy away!
Then
when the outcome turns out otherwise, you will say "I already know and
tried." Somehow, the result is always the same or worst without any
improvement.
Or
you keep repeating the same mistakes, even though you already know and
understand?
Why?
Ask
yourself:
How
important is "what you know and understand" to you?
Did
you really try with your heartfelt effort? Is your heart right?
Did
you have the discipline to implement what you know, or just finding excuses
each time?
Do
you admit the mistake, accept the responsibility and become better the next
time?
Investment
"Be Fearful When Others Are Greedy and
Greedy When Others Are Fearful!" - Warren Buffett.
Do
you feel that you understand entirely above phrase, even blog about it and wear
it on your lips and often proclaim that you are value investor?
Then
how come, for some reasons when the stock market is high (E.g. STI hit 5 year
high on Apr 2015), you still feel "itchy" and continue to buy.
And
when stock market or STI index already approaching to 5 year low now, you
reckon it will drop further and now is not the right time to buy yet? And
advocates hold on to your cash!
Hmmm....
Do I chicken out when but it comes to the real battle?
Is knowledge really power?
Napoleon
Hill wrote in his bestseller book "Think and Grow Rich" there are two
kinds of knowledge;
1.General
and 2.Specialized. General knowledge no matters how great in quantity or
variety it may be, is of but little use in the accumulation of money or
success. Knowledge will attract money or success only if it is organized, and
intelligently directed, through practical plans of action to the definite end
of accumulation of success.
Many
people thought "knowledge is power". It is nothing of that sort!
"Knowledge is only potential power" it only becomes power once it is
organized into definite plans of action and directed to a definite end!
Rolf's thoughts
In
order not to commit to the mistake of "understanding only" and no
result to speak of, I impose the below three steps to myself, be it in life, in
career or in investing.
Step
1: Learn
Have
the passion and discipline to read, understand and acquire as much knowledge as
possible.
Step
2: Remind and Relate
Consistently
remind myself either by writing it out, or constantly communicate the
philosophy/theory to people around you. It can be blogging, commenting on blogs
or speaking to family members, friends and colleagues to share/exchange
philosophies. Over time, you will be so good that you can explain so simply the philosophies/theories for others to understand.
For
instance, you will realise how great investors always like to be interviewed by
journalists. During the interview, they always repeat the same philosophies
they believed in!
Step
3: Implement, Fail and Learn
Practise
what you know by devising a plan way ahead. Be sensitive and anticipates. Next,
layout timeframes and set criteria for the execution of the plan. Do not “show-hand”
during the first round! Preferably to fail early "small stake" and
still can come back stronger and better in the many rounds ahead. You need to
expose and have many experiences the real battle before you can really become
good.
Do not worry about mistakes in life. It is
good to lose money and go broke at least once, preferably twice. But does it
early so that you are talking about US$20k not US$20mil, which you still can
come back.” - Jim Rogers
Over
time you will realize, not only you know and understand, but now you can truly
implement what you know to achieve a set of positive results!
Related
posts: