1: Stanford professor Dr. Carol Dweck and her colleagues administered a nonverbal IQ test to two groups of adolescents
Afterwards, one group was praised for their intelligence (“You must be smart!”).
The other was praised for their effort (“You must have worked really hard!”).
The researchers then administered a second test with a harder set of problems.
“The intelligence-praised children performed worse,” Sahil Bloom writes in his book The 5 … continue reading
1: On July 2nd, 1776, the Second Continental Congress voted unanimously to declare independence from Britain.
“That these United Colonies are, and of a right ought to be, free and independent states, that they are absolved from all allegiance to the British Crown, and that all political connection between them and the state of Great Britain is, and ought to be, totally dissolved,” so read the motion.
But “there was … continue reading
1: “Monday, July 1st, 1776, began hot and steamy in Philadelphia, and before the morning was ended a full-scale summer storm would break,” David McCullough writes in his book John Adams.
John Adams, then one of Massachusetts’s delegates to the Second Continental Congress, was up before sunrise.
Early that morning, he wrote a long letter to Archibald Bulloch, the new president of Georgia: “This morning is assigned … continue reading
1: Benjamin Franklin outlines his daily calendar and routine in his remarkable autobiography.
Ben organized his days into six “time blocks,” Sahil Bloom writes in his book The 5 Types of Wealth.
1: Let’s say our goal is to help India.
“The question we should consider asking is not ‘How can I help India?’ billionaire Charlie Munger writes in Poor Charlie’s Almanack: The Wit and Wisdom of Charlie Munger.
“Instead, we should ask, ‘How can I hurt India?’ We find what will do the worst damage and then try to avoid it.”
This is the power of thinking backward and … continue reading
1: Salomon Brothers CEO John Gutfreund was about to get fired.
The year was 1991. A major scandal had rocked the prestigious Wall Street investment bank.
And, it was all so unnecessary, Charlie Munger writes in Poor Charlie’s Almanack.
Charlie should know. He had a front-row seat to all the action as Vice Chairman of Berkshire Hathaway, then Salomon’s largest shareholder.
2: The scandal happened when Salomon’s traders submitted … continue reading
1: Let’s say we have a friend, Rose. Upon graduating from college and getting her first job, Rose starts socking away $250 a month into her 401K. She’s not making a big salary, but she finds a way to do it. She is consistent.
Rose puts away $250 each month for the next 17 years. Earning 8 percent on her money, she accumulates about $120,000, Darren Hardy documents in his terrific book, The … continue reading
