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1/ In my course on portfolio optimization for Executive MBA students, I do a last lecture ala #randypausch
The theme - understanding wealth + running money. While we come from finance, we often forget the basics.
Remember this is a finance class.
The theme - understanding wealth + running money. While we come from finance, we often forget the basics.
Remember this is a finance class.
2/ Notes from last lecture. Lesson 1
Wealth is not about money in the bank. Its about how much control you have over your life.
Are you doing things you don't want to do? Are you are doing things you love doing?
I would rather run in the rain. When was the last time you did?
Wealth is not about money in the bank. Its about how much control you have over your life.
Are you doing things you don't want to do? Are you are doing things you love doing?
I would rather run in the rain. When was the last time you did?
3/ Lesson 2. Family.
When chips are down, when you have been wiped out, when you prefer the dark over light, who is going to hold your hand and nurse you back to life?
Family.
Don't ignore them. Don't discount them.
Treat every day with them as your last day.
When chips are down, when you have been wiped out, when you prefer the dark over light, who is going to hold your hand and nurse you back to life?
Family.
Don't ignore them. Don't discount them.
Treat every day with them as your last day.
4/ Lesson 3. Health (a)
In most professions there is a step up in compensation in final 15 years. You are likely to earn an order of magnitude more between 45 to 65 compared to what you earned between 25 to 45.
You can only claim the jackpot if you survive and are functional.
In most professions there is a step up in compensation in final 15 years. You are likely to earn an order of magnitude more between 45 to 65 compared to what you earned between 25 to 45.
You can only claim the jackpot if you survive and are functional.
5/ Lesson 4. Health (b)
Conversely, you can also wipe out everything you have saved if you get claimed by a critical illness or a dreaded disease.
Improve your odds, prevent the preventable. Take care of your health and of your loved ones.
Conversely, you can also wipe out everything you have saved if you get claimed by a critical illness or a dreaded disease.
Improve your odds, prevent the preventable. Take care of your health and of your loved ones.
6/ Lesson 5. Experiment
Calculated risks. Not any risk. Risks with downside protection. Risk with limits and controls in place.
You can't control bad breaks. But you do control the circuit breakers.
Small bets are better than unlimited exposure
Calculated risks. Not any risk. Risks with downside protection. Risk with limits and controls in place.
You can't control bad breaks. But you do control the circuit breakers.
Small bets are better than unlimited exposure
7/ Lesson 6. Face value.
Don't take advise at face value. Run numbers and do the math yourself before you commit.
Don't write a PhD thesis. Run high level analysis before you write a check.
In the end even if you write it off, you can charge it to the experience account.
Don't take advise at face value. Run numbers and do the math yourself before you commit.
Don't write a PhD thesis. Run high level analysis before you write a check.
In the end even if you write it off, you can charge it to the experience account.
8/ Lesson 7. Focus (a)
Value increases as you specialize. Gains don't just compound in sports and training. They also compound in real life.
Build up on what you have done. Experiment, explore, grow but circle back and connect with your origins.
https://www.instagram.com/p/BttBVrVnCbV/
Value increases as you specialize. Gains don't just compound in sports and training. They also compound in real life.
Build up on what you have done. Experiment, explore, grow but circle back and connect with your origins.
https://www.instagram.com/p/BttBVrVnCbV/
9/ Lesson 8. Focus (b)
I do math. I teach. I write. I design systems. What is the common theme? Numbers.
Numbers were my north star since the beginning. Find yours and make it the "theme".
I write about numbers. I teach numbers. I build systems that work with numbers.
I do math. I teach. I write. I design systems. What is the common theme? Numbers.
Numbers were my north star since the beginning. Find yours and make it the "theme".
I write about numbers. I teach numbers. I build systems that work with numbers.
10/ Lesson 9. Crowds.
There is value outside of crowds. Be careful before you commit to group think.
Sometimes it takes a decade or more for you to be proven right. When the world keeps on telling you, you are wrong.
Sometimes they are right. Sometimes you are.
There is value outside of crowds. Be careful before you commit to group think.
Sometimes it takes a decade or more for you to be proven right. When the world keeps on telling you, you are wrong.
Sometimes they are right. Sometimes you are.
11/ Lesson 10. Consistency
Consistency is an attribute of an ass. Persistence is a completely different ball game.
Learn to tell the difference between the two.
The later is about learning, evolving, pivoting. The former is closing your eyes and sticking to your guns.
Consistency is an attribute of an ass. Persistence is a completely different ball game.
Learn to tell the difference between the two.
The later is about learning, evolving, pivoting. The former is closing your eyes and sticking to your guns.
12/ Lesson 11. Give back.
Mentor, teach, donate, lend a helping hand, whatever you do, keep on doing it.
Every year, for an hour, a day or a week or a month, live for others.
You would be surprised by how much that refreshes, heals and enriches your soul.
Mentor, teach, donate, lend a helping hand, whatever you do, keep on doing it.
Every year, for an hour, a day or a week or a month, live for others.
You would be surprised by how much that refreshes, heals and enriches your soul.
13/ Lesson 12. Judge not. lest ye be judged.
Don't let success get to your head. A winning hand has more to do with timing and luck than your skill or your expertise.
Just because you made it and I didn't, doesn't make me a lessor soul. There but for the Grace of God, go I.
Don't let success get to your head. A winning hand has more to do with timing and luck than your skill or your expertise.
Just because you made it and I didn't, doesn't make me a lessor soul. There but for the Grace of God, go I.
14/ Lesson 13. Live in the moment.
Celebrate small wins. Take time out now. Don't fall in the trap - "I will put aside x dollars first before I will start to enjoy life."
By the time you can afford to eat all the ice cream you want, you won't be allowed to or wouldn't want to.
Celebrate small wins. Take time out now. Don't fall in the trap - "I will put aside x dollars first before I will start to enjoy life."
By the time you can afford to eat all the ice cream you want, you won't be allowed to or wouldn't want to.
15/ Notes from my last lecture.
What would your lecture look like? Consider yourself tagged.
@jehan_ara
@durre_nayab_
@sophasnain
@FaizaK
@Sameerpeace
@alinawab
@peshawar2o
@kayzafar
@anzarkhaliq
@ali_rehan
@MaroofAliSyed
@RahmaMian
@SaharHGhazi
What would your lecture look like? Consider yourself tagged.
@jehan_ara
@durre_nayab_
@sophasnain
@FaizaK
@Sameerpeace
@alinawab
@peshawar2o
@kayzafar
@anzarkhaliq
@ali_rehan
@MaroofAliSyed
@RahmaMian
@SaharHGhazi
16/ Randy Pausch. CMU. Last Lecture.
For those of you who asked and hadn't heard of CMU's Randy Pausch's last lecture, please see.
We were lucky enough to hear him speak while he was still alive in 2007.
For those of you who asked and hadn't heard of CMU's Randy Pausch's last lecture, please see.
We were lucky enough to hear him speak while he was still alive in 2007.
