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Seven-Bullet Monday - July 11, 2022

Here is your Seven-Bullet Monday

1. A quote I am pondering:

"When everything seems to be going against you, remember the airplane takes off against the wind, not with it." – Henry Ford

Henry Ford had to battle many naysayers and other challenges on his way to revolutionizing the automobile industry, so he knew what he was talking about when mentioning headwinds. In the same manner, resistance training helps build healthy muscles, but it wouldn't be effective if it weren't hard. So, consider the challenges that life throws your way as a helpful headwind. Keep your throttle at full and watch your lift off.

2. A question I am asking myself:

How do I speak gently but persuasively?

My tone of voice can sometimes be harsh and blunt, even though my intentions might be right. Learning to speak gently and encouragingly is challenging, but I am determined to improve.

3. A book I am reading:

The Four Obsessions of an Extraordinary Executive: A Leadership Fable - Patrick Lencioni

Patrick Lencioni's ability to teach management principles by creating semi-fictional stories is outstanding, in my view. The story, this time, is about Rich O'Connor, a fictional CEO of a very successful consulting company, and how his success comes from his absolute focus on four fundamental business leadership principles. These principles are: building and maintaining a cohesive leadership team, creating organizational clarity, over-communicating organizational clarity, and reinforcing organizational clarity through human systems.

4. My favourite podcast this week:

The Chris Harder Show #640: Questions I'm Getting About the Economy

With decade-high inflation levels, rising interest rates and recession on the horizon, many people are panicking about their financial futures. In this podcast, Chris Harder breaks down the rhetoric and fear-mongering and reminds us that recessions, as painful as they are, are necessary to correct overheated markets and weed out underperforming businesses and market profiteers. He also provides some helpful advice on what sectors to consider on the investing front as we go through these times.

5. Hugh-Tips

Lessons from Charlie (Part VII)

Charlie Munger's quote this week: "Those who keep learning will keep rising in life."

It's an excellent short quote this week. Some investors have made the mistake of thinking they have learnt enough based on early success and have then got caught out because businesses and markets have changed. The best investment hands down, no dispute, is to invest in yourself. That doesn't necessarily mean a financial degree, although you are welcome to do that if you wish, but it is in reading or listening to good investing books, podcasts and reading good investing blogs, like the Intellectual Investor.

6. My highlight this last week

Attending my men's mastermind group on Thursday

Every second week I attend a men's mastermind group called Creaky Blinder (yes, a play on the show Peaky Blinders, but tweaked to reflect our agedness 😊). Since Napoleon Hill introduced the concept around 75 years ago, mastermind groups have proved to be transformational for tens of thousands of people worldwide. It's a chance to give and receive encouragement, open up on a personal level, and challenge and hold each other accountable, along with a good many laughs. If you haven't ever considered one, I encourage you to research it more and either find one or start one. Getting the right people in the mastermind group is absolutely critical, as any mastermind participant will tell you.

7. My challenge to you for this week

Pause and think before you say "yes" or "no."

Have you ever regretted saying "no" or "yes" too quickly to a proposition or request? I certainly have, only to wish I had taken time to think it over and give a more considered response. Ed Sheeran gave this advice, "I can't tell you the key to success, but the key to failure is trying to please everyone". My takeaway is that my 'yes' or 'no' should be for the right reasons, based on my internal values and judgements, and not simply because I feel pressured into one or the other response.

Have a wonderful week

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