What screams "I make terrible financial decisions!"?

Doug Armey, Successful entrepreneur, investor and financial consultant

My top 5. In just the last month.

Next month I could come up with 5 more.

Two 20 year old guys, cruising in a $120,000 BMW M6. In the middle of the day. Not dressed for work. Of course maybe they have a different kind of business.

A family pulling into a middle class tract home development. Huge dually extended cab diesel pickup, pulling a gigantic travel trailer, towing a Fiat 500. Any more stuff and they’d need to go down tracks.

Old rundown house. Beat up cars. Weeds and dead grass. Really nice ski boat. A sign on the windshield of it, “For Rent.” What the hell? I’m going to rent your boat? Why did you buy it?

20 something guy, writing on the internet about how to become a millionaire with Bitcoin. First off, how the hell does anybody know how to make money in Bitcoin? And second, this guy was in high school during the last recession. And diapers in the previous one.

Young couple. Two young children. Buy an 8000 square foot house. To entertain. Kitchen is bigger than most tract homes. She and the kitchen looked like they’ve never served a meal. They just unloaded it.

Remember, there are a few ways to build wealth. And unlimited to go broke.

What is the biggest clue to seeing someone’s level of intelligence?

Eric Leow Yu Quan, studied at Raffles Institution

Perhaps that one time when I went to a conference and listened to numerous presentations on the emergence of the sharing economy - with the influx of Grabhitch, Airbnb and the likes - until one speaker caught my attention.

This speaker was clearly an expert in this domain, similar to all the other speakers, but I felt that I could understand him much better than the rest.

He was much more concise, and made deliberate attempts to shun away from technical jargon while maintaining the cogency of his presentation.

He explained the most complex ideas with the simplest words, the most logical progressions that helped an amateur like me begin grasping the nuances of the whole concept, without much prior knowledge.

Evidently, the least intelligent person will ramble and confuse you with big “buzzwords”, that are meaningless on their own but give you the impression that they know their stuff, even though they don’t necessarily do. The smartest person knows how to synthesize every small detail into a coherent picture, and able to elucidate with clarity by using layman terms. He doesn’t simply quote buzzwords; instead, he leads you on to the idea behind each buzzword, allowing you to fully grasp the concept in its entirety.

If you’re not convinced, then try this small exercise. Choose an area of your own expertise. For instance, I choose pharmacokinetics. Now, try to explain the key ideas of this area to primary school students. It’s actually harder than you think, because you have to keep in mind their limited experience, knowledge and worldview. You then have to use concepts that they learn in primary school, and try to extend it to incorporate bits and pieces of your area of expertise, while maintaining that flow in logic to keep them convinced. Chances are, the more well-read you are in this area of expertise, the better you are in explaining in simpler terms - sounds pretty ironic, but it’s not the complexity of the jargon that’s the problem, it’s the stringent requirement that you actually must know how each jargon is linked to the big picture that makes it so difficult to accomplish.

Thus, if you want to see how intelligent someone is, choose an area that has been proclaimed to be “their expertise”, and ask them to explain it to you. If they speak in a rather convoluted manner while reciting textbook explanations and keywords, it’s time to be skeptical.

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What do the Chinese think of Western food?

Ellen Li, studied at University of California, Berkeley (2017)

I'm an ABC (American Born Chinese) with parents from the mainland. Here are some observations from my parents, relatives, and Chinese friends:

Americans like to eat a lot of fried, greasy foods (e.g. fried chicken, pizza, and burgers). These foods are good occasionally but usually avoided for health reasons.

The Chinese have a concept called “热气” (loosely translated to “internal heat”). Having a lot of internal heat is bad. Fried, greasy foods promote internal heat = no bueno.

American desserts are generally considered too sweet. Frosting is usually scraped off cakes because frosting is too sugary and thick and fattening.

Cold foods and drinks are a curiosity. Chinese people like to eat hot foods and drink hot beverages. Cold, raw salads aren't considered appetizing. Iced water being offered EVERYWHERE in the US is a source of wonder and amusement.

Americans like to drink a lot of soda and other sugary beverages. Again, good in moderation but generally a no-no.

Processed food and fast food weren't a thing in my family. My mom always insisted on fresh ingredients and home-cooked meals even though I coveted Lunchables and McDonald’s. Not sure why, but probably for health reasons.

Overall, American/Western food is considered excessive compared to Chinese food: excessively sweet, excessively greasy/fattening, and excessively salty.

American food is great as an occasional treat but definitely not for everyday consumption. Tasty in small quantities, overwhelming in large amounts.

EDIT: Some people have commented that the answer is asking about “Western” food and not American food. I realize that American food is a subset of Western food. I focus on American food because for most Chinese people I know, the bulk of their experience with Western food is through American food.

EDIT 2: Wow I didn't expect for this answer to get so much attention. Just wanted to clarify a few things after reading comments!

China is a huge country, and this post and my comments on it do not and cannot represent the whole country and all of its people. I'm writing primarily from my experiences and conversations with family from the Guangdong region in China.

I also realize that this post sounds overwhelmingly negative towards American food. I know most Americans don't eat like this and the US is also a huge country with a diverse population and palette. But this is the perception of American food held by the Chinese people I know. They've experienced American food through fast food, some American restaurant chains, and what's shown in the media. That's what they consider American food and this post is a reflection of their opinions on it.

Thanks for reading!

What are the dark truths of life?

Ghada Boubaker, “I am free of prejudice. I hate everyone equally.”

People who care about you will reach out for you no matter what, if they didn’t then they didn’t care in the first place PERIOD.

Most people are selfish, envious and won’t be happy for your success.

The bitterest tears shed over graves are for words left unsaid and deeds left undone.

“Man is least himself when he talks in his own person, give him a mask and he will tell you the truth”. Oscar Wilde

“Of all the animals, Man is the only one that is cruel. He is the only one who inflicts pain for the pleasure of doing it”. Mark Twain

“From the deepest desires often come the deadliest hate”. Socrates

“Men are not prisoners of fate, but only prisoners of their own minds”. Franklin Roosevelt

“There is no greater sorrow than to recall happiness in times of misery”. Dante Alighieri

“Where there’s anger, there is always pain underneath”. Eckhart Tolle

Love is giving someone the ability to destroy you but trusting them not to.

“Nothing fixes a thing so intensely in the memory as the wish to forget it”. Michel de Montaigne

“Worse than telling a lie is spending your whole life staying true to a lie”. Robert Brault

“You can be a king or a street sweeper. But everyone dances with the Grim Reaper”. Alton Harris

“A person often meets his destiny on the road he took to avoid it”. Jean de la Fontaine

As a wealthy person, what are your tips for financial independence?

Adam Fayed, Global Wealth and Insurance Advisor living in Asia

Wealth is relative. I may be wealthy compared to the global average, but there is probably somebody reading this who is much wealthier than me, which brings me to point 1:

1. Compounding.

High wealth takes more time than high income. If you have person 1, who is 30, has an MBA and is earning $200,000 after tax , and person 2, who is 60 and has earned $60,000 a year for 40 years, person 2 should be wealthier.

2. Good spending habits + compounding

Look at the three people below:

Person 1 was a secretary from New York who died recently Wirth $6M. Person 2, Buffett, `only` had $1M at age 32. Mike Tyson, person 3, made hundreds of millions by age 32. Now Buffett has over $60Billion and Tyson is broke or close to broke.

3. Read

Buffett spends 80% of his days reading and Mark Cuban spends 3 hours a day reading. It is an investment. I suggest some of these books:

They also spend more on getting knowledge from online sources, rather than pointless material things.

4. Real estate

Use a house as a home. Don’t overspend on rent. Using real estate on leverage can be profitable but it is risky. Best to just own 1 home maximum, which is modest. Millionaires, who have sustainable wealth, are more likely to live in places like these.

5. Fees

They keep their investment keeps low.

6. Long-term.

They see the bigger picture. Often buy, hold and rebalance.

7. They have self-control

Human nature and especially fear, greed and egoism is the killer of portfolios.

8. They always do the right things, consistently

The person below is one of the best, if not the best, at football. One of the reasons is he implements the evidence everyday. If you want to get wealthy, implementing the evidence consistently and with persistence can be key. There is no point in only sometimes being motivated.

Do you want to be financially free online?

Here is a reading list to avoid some of these issues:

Amazon.com: 6 Steps to Financial Freedom: The Secrets Marketers and Wall Street don't want you to know. (9781983114083): Adam Fayed: Books

Paul Farrell – The Lazy Person’s Guide to Investing: A Book for Procrastinators, the Financially Challenged, and Everyone Who Worries About Dealing With Their Money

Burton Malkiel and Charles Ellis. The Elements of Investing

Larry Swedroe. The Only Guide to an Investment Strategy You’ll Ever Need

Larry Swedroe. The Quest For Alpha: The Holy Grail of Investing

John Bogle, The Little Book of Common Sense Investing : Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Books. Big Profits)

William Bernstein. The Four Pillars of Investing: Lessons for Building a Winning Portfolio

John Bogle – Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor

John Bogle’s “The Clash of the Cultures”

David Swensen, Unconventional Success: A Fundamental Approach to Personal Investment

Lawrence Cunningham. The Essays of Warren Buffett: Lessons for Corporate America, Second Edition

“Security Analysis” by Benjamin Graham

Benjamin Graham’s “Intelligent Investor.”

Carl Richards, The Behavior Gap, Simple Ways to Stop Doing Dumb Things with Your Money.

Thinking Fast and Slow, Daniel Kahneman

Extraordinary Popular Delusions and The Madness of Crowds, Charles Mackay.

The Essays of Warren Buffett

For more academic work on how the 4% rule works in practice, I would recommend the following:

Sustainable Withdrawal Rates From Your Retirement Portfolio, by Philip L. Cooley, Carl M. Hubbard and Daniel T. Walz – http://afcpe.org/assets/pdf/vol1...

Other academic books to look at include:

Bengen, W. P. (1994). Determining withdrawal rates using historical data. Journal of Financial Planning, 7(1), 171-180.

Bengen, W. P. (1996). Asset allocation for a lifetime.Journal of Financial Planning, 9(3), 58-67.

Bengen, W. P. (1997). Conserving client portfolio during retirement, part III. Journal of Financial Planning, 10(5), 84-97.

Bierwirth, L. (1994). Investing for retirement: using the past to model the future. Journal of Financial Planning, 7(1), 14-24.

Cooley, P. L., Hubbard, C. M. & Walz, D. T. (1998). Retirement spending: choosing a sustainable withdrawal rate. Journal of the American Association of Individual Investors, 20(2), 16-21.

Ferguson, T. W. (1996). Endow yourself. Forbes, 157(12), 186-187.

Ho, K., Milevsky, M. & C. Robinson. (1994). Asset allocation, life expectancy, and shortfall. Financial Services Review., 3(2), 109-126.

Ibbotson Associates (1996). Stocks, bonds, bills, and inflation yearbook. Ibbotson Associates, Chicago, IL.

Ibbotson Associates (1998). Stocks, bonds, bills, and inflation yearbook (CD-ROM V ersion). Ibbotson Associates, Chicago, IL.

What techniques can help me improve my charisma?

Andrew Ferebee, 7-Figure Entrepreneur | High Performance Coach | Podcaster

1. Make Perfect Eye Contact

Everyone knows that eye contact is important, but few people understand how to do it effectively.

Typically, people either make too little eye contact and end up looking scared and anxious.

Or they make too much eye contact and look like the sort of person who has to personally introduce themselves (and their misdeeds) to all of their neighbors when they move into a new area.

A good rule of thumb is this.

If you are speaking, make eye contact 80% of the time.

If someone else is speaking to you, make eye contact only 60% of the time.

This will increase your perceived social status and ensure that your eye contact makes you seem charismatic instead of creepy.

2. Ask More Questions and Speak Less

Plain and simple.

People are more interested in themselves than anything else on the planet.

By asking more questions about their life, dreams, and aspirations and speaking less you will make yourself seem more interesting, make them feel important, and prevent yourself from having to come up with witty remarks and banter during the conversation.

If you ever hit a dead end in a conversation, ask a question and then nod, say “Interesting” and then “Tell me more”.

Works like a charm.

3. Maintain Excellent Posture and Take Up More Space

Charismatic people have strong posture.

Period.

Think about the most charismatic person you know.

Are they typically hunched over in conversations? Do they shrink up to make themselves appear smaller?

Or do they stand tall with their shoulders back, OWNING their space and commanding respect?

I think you know the answer.

Keep your shoulders out, your back straight, and your posture strong.

Own your space and have excellent posture and it will work wonders for your charisma.

4. Repeat People’s Names Back to them When You First Meet

Although you don’t want to come off like a used car salesman, repeating people’s names back to them is a powerful way to build instant rapport, connect with someone, and prevent yourself from forgetting their name.

Don’t overdo it, but be sure to repeat their name back to them at least twice during the first conversation.

For example.

Me: Hi, I’m Andrew.

You: Andrew?

Me: Yup

You: Good to meet you Andrew, I’m Sam.

That’s it.

5. Speak Slowly, Clearly, and Thoughtfully

A hallmark of charismatic individuals is that other people listen when they speak.

However, you can’t expect people to listen when you speak if you are constantly blurting out random crap and speaking faster than a radio ad.

When you talk in social settings speak clearly, slowly, and with deep vocal tonality.

Think before you speak and make sure that every word coming out of your mouth is meaningful.

If you are the type of person who only speaks when they have something important to say, people will naturally shut up and listen when you open your mouth.

6. Dress to Impress

While the majority of charisma comes from verbal and nonverbal communications, there is a third aspect to charisma that people often overlook.

Style.

Charismatic people dress to impress and wear clothing that represents their personal status and confidence.

This doesn’t mean you need to rock a 3 piece suit everywhere you go.

But you should make sure that you are well groomed and wearing clothes that fit properly and are stylish.

7. Make Appropriate Physical Contact

If you overdo this one it will come off as creepy and weird.

If you get it right, you will build rapport with people faster than anyone else and be the most charismatic guy or gal in the room.

Tap people lightly on the shoulder to emphasize a point. Maintain a handshake for just 1–2 seconds longer than normal. Pat someone on the back while delivering a compliment.

Be appropriate and respectful of other people’s space but don’t be afraid to break the touch barrier quickly and regularly.

8. Smile Genuinely (And Slowly)

Most people smile too quickly or disingenuously.

Smiling is a powerful tool for building charisma but it needs to be executed properly.

When meeting someone, wait to smile until after you’ve shaken hands and made eye contact.

When someone says something funny, slowly let out a radiant smile.

When making eye contact, smile softly and genuinely.

The more genuine and heartfelt that people believe your smiles are, the more powerful they will be.

9. Educate Yourself on Social Dynamics

As with anything in life, if you want to become more charismatic then you must study charisma and learn from the best.

Watch TV shows with charismatic main characters and take notes about how they conduct themselves.

Read books like Influence and 92 Tricks to Talk to Anyone.

Educate yourself massively on social dynamics and charisma and you’ll be 10x farther ahead than the majority of the population

10. Always Prioritize Yourself

THE most powerful and charismatic individuals in the world prioritize themselves.

I don’t mean that they talk about themselves all the time or gloat incessantly.

But that they value their time and attention and give it away slowly.

If you are interrupted in the middle of a conversation, ignore the interrupter and finish your train of thought.

If someone tries to get your attention, finish what you are doing before acknowledging them.

Give your attention away sparingly and it will seem more valuable.

Hope these quick tips help.

Stay Grounded, 
Andrew

What are some of the interesting psychological facts that you know?

Takudzwa Razemba

The worst feeling ever is when you feel like you’re annoying the only person you wanna talk to.

One of the best feelings is losing your attachment to somebody who isn’t even good for you.

The reason why some of us stay up late at night and sleep all through the day is because we were meant to live on the other side of the planet.

Adults think its disrespectful when you don’t let them disrespect you.

Everything goes according to plan if you have no plan.

Morning wood is just your body waking up with high expectations for the day.

Only in mathematics can a problem have infinite solutions and yet somehow I still end up with a wrong answer.

Any distance is walking distance if you’re broke enough.

You know you’re an introvert when you have inside jokes with yourself.

Somewhere someone on this earth needs a person just like you in their life, and they’re always wishing for you to show up.

Until you value yourself, you won’t value your time. Until you value your time, you will not do anything with it.

It's true that life is hard for everyone. And if life is tough for individuals, its difficulty is multiplied for leaders. Individuals can think me, but leaders must think we.

What are some mindblowing facts about psychology?

Kelsie McKinnon, I study psychology a lot.

Answered Fri

A rare but very real delusional disorder causes those afflicted to believe that they have died and are no longer among the living. It’s called Cotard’s Syndrome or Walking Corpse Syndrome.

The most common lie people tell is “I'm fine”

Charm and flattery are the two of the most used presuasion tactics.

Less socially intelligent people are heavily prone to being manipulated.

1 in 5 women and 1 in 20 men admit to sleeping with a cuddly toy on a regular basis (Kanner, 1995).

Suicidal thinking or behaviour is the most common reason for people to be admitted into a mental institution.

Women who live in warmer climates have more body image concerns than those who live in colder climates .

Bandwagon Effect. As the name implies, this means joining a fad or craze because others are doing so. Then isn't this just a repetition of social comparison theory -- following the lead of others? The result is the same, but the psychology is different. Social comparison theory describes behavior based on our status relative to others. Whatever we do then is based on our dissatisfaction. The bandwagon effect does not presuppose comparison with others or any cognitive dissonance. It is little more than "monkey see, monkey do." The thinking is closer to "hey, that looks like fun" rather than "why them and not me?"[1]

Women generally prefer men with deep husky voices because they seem more confident and not aggressive.

The people who give the best advice are usually the ones with the most problems.

The smarter the person is, the faster he thinks, and the sloppier his handwriting is.

Our emotions don’t affect the way we communicate. In fact, the very opposite is true: the way we communicate has an influence on our mood.

The way a person treats restaurant staff reveals a lot about their character.

People who have a strong sense of guilt are better at understanding other people’s thoughts and feelings.

Men are not funnier than women: they just make more jokes, not caring whether other people like their humor or not.

Shy people talk little about themselves, but they do this in a way that makes other people feel that they know them very well.

The Fregoli delusion is the belief that different people are in fact the same person. For example, a man in his early twenties fell in love with a woman who rejected him, then came to believe that all of his Facebook friends were actually this woman in disguise. This led him to think that her many disguises and impersonations of different people meant that she was as obsessed with him as he was with her. It doesn’t take much analysis to see the young man’s delusion as a primitive ego defense. [2]

Women have twice as many pain receptors on their bodies than men, but they have a much higher pain tolerance.

Listening to high-frequency music makes you feel calm, relaxed, and happy.

If you can’t stop your stream of thoughts at night, get up and write them down. This will set your mind at ease so you can sleep.[3]

Good morning and good night text messages activate the part of the brain responsible for happiness.

Doing things that scare you will make you happier.

The average amount of time a woman can keep a secret is 47 hours and 15 minutes.

People who try to keep everyone happy often end up feeling the loneliest.

The happier we are, the less sleep we require.

When you hold the hand of a loved one, you feel pain less keenly and worry less.

Intelligent people tend to have less friends than the average person. The smarter the person is, the more selective they become.

Marrying your best friend eliminates the risk of divorce by over 70%, and this marriage is more likely to last a lifetime.

Women who have mostly male friends stay in a good mood more often.

People who speak two languages may unconsciously shift their personalities when they switch from one language to another.

Being alone for a long time is as bad for your health as smoking 15 cigarettes a day.

Travel boosts brain health and also decreases a person’s risk of heart attack and depression.

People look more attractive when they speak about the things they are really interested in.

When two persons talk to each other and one of them turns their feet slightly away or repeatedly moves one foot in an outward direction, this is a strong sign of disagreement, and they want to leave.

-Kelsie

Footnotes

[1] A Fool and His or Her Money, Psychologically Speaking

[2] 5 Rare and Unusual Psychological Syndromes

[3] 26 Mind-Blowing Psychology Facts That You Never Knew About People

What can one learn about a person's personality just by observing them?

Helena Hu, studied Neuroscience & Music at Wellesley College

People who are more detail-oriented and critical tend to be more apprehensive about applauding. They won’t clap just because everyone else is clapping; they don’t feel the pressure to fit in. They clap only when they are impressed.

People who are more self-assured are not embarrassed of being seen alone. They are too busy pushing their own lives forward to worry about what others might think. They also tend to value their privacy.

People who follow main-stream fashion trends are generally more social and naive. They are obsessed with social media and depend on the approval of their peers to feel confident. They think they are “edgy” and “trendy”. They are not. Some wear knock-off designer pieces (ex. lace up boots that resemble the lowlands from stuart weitzman but are from payless shoes). Others wear the real deal in a flashy manner.

People who have been wealthy for many generations won’t flaunt their wealth.

People who smile at strangers are mentally strong. They don’t care how others will respond; they just want to spread kindness. They have been through a lot in their lives.

I think it is important to trust your first impression/gut feeling of people. Their aura and presence can show a lot.

The way people walk can tell what state of mind they are in. Successful people tend to walk like they have a mission to accomplish- large brisk strides. People who are depressed are more lethargic.

How they treat themselves. If they are kind and sympathetic to themselves, they will also be more accepting to others. If they constantly pick at themselves, they will most likely do the same to you. They might not verbally criticize you, but they will silently judge your every movement.

Their gaze. What do they stare at? What gets their attention? Are they afraid of making eye contact? Do they hold their gaze for a long time, or do they flutter around? Follow their gaze to find out what catches their attention. In a room full of different objects and people, what do they notice first? For example, my little brother noticed a helper at our Karate place drinking water on the mat. It was clear from his expression that he was pretty jealous because he is used to getting special treatment at school and loves being the teacher’s pet. If they stare at the floor a lot, they are usually contemplative and worrisome. I used to do this a lot as a kid. Essentially, people notice different things, depending on their interests and habits. Another thing I’ve noticed is that people who hold a faraway gaze are more inventive and imaginative. They enjoy analyzing the abstract and letting their minds run free. People with steely, beady eyes are more meticulous and analytical. They are known for their quiet observation skills. Finally, I don’t think anyone can feign the warmth and tranquility that come from the eyes of truly compassionate people. People who do not harden with disenchantment are the best people to get to know.

Maintaining eye-contact shows confidence and authenticity in most cases.

A genuine, wholesome smile says a thousand words.