"To Be, Or Not To Be..."- Create The Framework For Your Life - a podcast by LBW Wealth Management

Nerd alert!  In this episode, we are going to talk about how to create a framework that not only works for investing but can be also applied in every aspect of life.  Dan first introduced the concept of “Circle of Competence”: imagine a big circle, that’s all the things you don’t know; within it, a slightly smaller circle, that’s all the things you think you know (but you don’t); and then in the middle, there’s a dot, that’s all the things you truly know.  Keep all your big bets within that dot, and continuously grow that dot if you can.  Nathaniel and Tim gave a couple of blogs, books, podcasts that they have benefited from the most in the past couple years.  In terms of applications and implementations of the framework, it’s important to: 1.) Draft your parameters and stick to your little dot; 2.) Know that the longer a timeframe you have, the bigger the possibility you will succeed; 3.) Understand probability and outcomes; 4.) Compound your knowledge.  As Nathaniel pointed out, create a framework that works for you; be persistent, be consistent, give it a long enough timeframe, and you will succeed!

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