The Internet of Value

The Internet of Information has been revolutionizing our world since the early 90s. The Internet of Value is starting to take hold. Bitcoin is its first major “app.” But just as email did in the Internet of Information, Bitcoin will also have to contend with other technologies.

In fact, at this point it isn’t even clear what the overall platform will be. But Blockchain is looking promising. Entrepreneurs take note. New opportunities abound.

Your Not Fighting Money or Time

Why haven’t you started the business you want to start? Why aren’t you on the trip you always wanted to take? Why are you not doing what you want to do?

If your answer to these questions is money, or time, your not being honest with yourself. And the lies we tell ourselves are the ones that stand to hurt us the most.

If you are holding back you are simply letting yourself get in the way of your future. Why? It could only be a result of two things. Either you are not actually very interested in doing what you think you want to do, or you are fearful of something. If it is the former, find something you care enough about to make happen, and then do it. If it is the latter, what are you afraid of? What you should be scared of is not living your own life. Your way. What else is there to fear?

It Started with a Text Message

It all started with a text message. A friend of mine sent me a message that read: “Buy as much Bitcoin as you can afford. Until you can’t afford to buy anymore.”

I had been watching cryptocurrencies for about a year, in amusement. As a finance professor I was initially skeptical. Everybody in the financial world was. I had initially heard of Bitcoin a number of years ago, while a Ph.D. student, and didn’t think much about it until early last year.

Continue reading “It Started with a Text Message”

Getting Rid of What Doesn’t Matter

Do you need a new car? Do you need to live in a house by yourself? Do you need a vacation? No, no, and no. A job? Maybe not. What do you need? Only what matters. Something you love to do, a plan to make it happen, and focus.

Get rid of everything that doesn’t matter, to make what you really want a reality.

What Are You Not Doing in 2018?

Every minute you spend doing one thing is a minute you give up something else. There is an opportunity cost for everything you do.

Everybody has 100 great ideas. Good ideas are a dime a dozen. It seems like I get a new one everyday. But, success isn’t about having a great idea.

Success is about choosing to say – No – to 99 good ideas, and choosing the one great idea that you love. Because with every extra thing you pursue, the probability of success, on anything, diminishes quickly. What gets focused on, grows.

Risk is Binary

Isn’t everything binary? Maybe. But for now, let’s just consider risk.

Risk is simply uncertainty of an outcome. It can be thought of as a choice between two options. Either you take the risk, or you don’t.

A helpful way to consider whether to take the risk is to ask:

A. What is the worst case scenario if it doesn’t go well? In a sense you are asking – What is the cost of failure?

Then, ask yourself:

B. What is the cost of not taking the risk. This is an opportunity cost. In other words – What will you give up if you don’t take the risk, assuming it would succeed?

They say that at the end of your life you will regret the things you didn’t do more than the things you did. Take a risk, and if you fail you will be disappointed. Refuse to take the risk, and you will be left with regret. I’d rather be disappointed than regretful. How about you?

What’s Your 2018 Side Hustle?

I think everybody should have a “side hustle.” Something they do to make a little money on the side. For example, a friend of mine has some embroidery machines he has owned for a while. They are just sitting. In 2018 he has set a goal to generate an extra $50,000 in income from his side business making marketing products for companies. This income is over and above his regular job. That extra money is not earmarked for any bills, and will go straight into investments, which will, in turn, generate more income.

A side hustle also gives you a chance to pursue something you want to do. And if it is successful, it can provide a safety net from your main job. You may end up making your side hustle your main gig.

What’s your 2018 side hustle?