Economic Entitlement Is Leaving You Poor

in #economicslast month

Hey Jessllenials

As a millennial we're often coddled from a young age, perhaps African parent's my vary slightly in that they tend to be a little more forceful in where they want you to go, but the overall message is the same. You are special, you deserve better, and by definition, it's not a bad message to place on your kids but does it generate the positive outcome we wanted/

Being part of the snowflake generation, in a world where it's becoming increasingly competitive, and unless you're born in the right circles, you're going to have a shit time about it, it's a harsh reality for many young professionals growing up.

Some may still have assets and capital on their side to provide them with the floor they need to make a go of it, but if you're starting from scratch, you have a chance, but the window of opportunity becomes smaller each day.


Getting your hands dirty

In case you've not yet learned, the world is not fair, it's a rigged game and if you want to win, more often than not you'll have to play dirty. If you never had to learn that lesson, great, I don't think people should have to face that reality, but when plunder is a way of life, you have to get on the right side of it or be plundered.

I speak to people to try and do market research to try and stay in touch with the mindset and the consensus of the governed, to see what my peers are thinking and to try and understand their motivations and justifications. When you do that, you can take the information to hedge bets in the market, as generations tend to be rather predictable in how they do things, and if you can profit from it, why not?

I find it funny how we turn correlation into causation, and then turn that into a set rule for how life works and end up disappointed.

Ideas like:

  • My family live like this, I should too
  • I studied this X
  • I went to this university
  • I have am smart
  • I am working here x amount o years

Therefore I should be entitled to X. That sense of entitlement leaves us with a very skewed and tunnel vision view of the world, and we tend to let opportunities pass us by because we've committed ourselves to one path to success.

Success doesn't have one recipe

Success is an abstract idea, for me, it's retiring early, I don't know how I am going to do it, and I'm open to all avenues that have asymmetric upside and learning as much as I can to try and make it my reality. It could come in 1 form or through many forms, I don't know, but being there, being present, being open to it, is what will get me there.

If I had to think I am the smartest and most qualified person I should be CMO of the company I worked for, I'd sit around waiting years being disappointed, but instead, I started my business because I knew that path as blocked.

Economic entitlement will leave you in situations where you will get blocked off, and if you don't put ti the side and look for an alternative path, you'll stagnate your growth.

As soon as you begin to realise most of these rules we live by are arbitrary and made up by people no smarter than us, and just followed by those who never question it, you'll see that there are more opportunities than you think.

Have your say

What do you good people of HIVE think?

So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."

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A lot of it comes down to how willing people are to take the road less travelled. The looks I get when I talk about some of the things I do because it isn't the norm like going to the pub getting wasted (before lockdown) and spending money on trivial objects... So I just keep my mouth shut these days and play along with the mundane but buy BTC in the mean time 😀

There's nothing wrong with being conservative, I mean I was super conservative always saving cash I just didn't know how to deploy it properly and I got nailed by inflation, it may seem dumb since I lost a lot over the last 8 years in opportunity cost but it does mean I have the working capital to invest in an asset class that is doing something.

I think we're trained to not make a mistake, mistakes are bad, don't take risk, but if we don't we get what everyone gets who didn't take the risk. If I lose all the cash I have in BTC I can still say it was worth a try and I can work to earn it back but if I lose out on potential gains from BTC hitting 20, 50, 100, 200 I'll NEVER be able to work that back

Pretty sure when Jeff Bezos quit his job on Wall Street to sell books on the internet they also thought he was a nutter.

Oh yeah, I was just a beast at saving and never really knew how to invest it - that's not something they really teach you at school and you only really find out if you dip your toes in.

We're trained to do what we're told and then get examined on how well we are able to understand what we're told in school... for 10+ years growing up. Risk taking wasn't something we ever got taught about so it was something you had to find out on your own, normally. Agree with you there, even if it doesn't work out with BTC (it will, let's be honest), then you'll still be further ahead than someone who never took a risk - that's what I keep telling myself anyway!

Respect to the nuttas!

Lol it's like having a loaded gun not knowing how to shoot it, now instead of getting a gun and learning to shoot I found a bazooka and I'm just loading it up with fiat and firing it off. Like I never really got into stocks much, I just put some into funds and ETFs and let it run and it was returning less than jack shit so I knew I needed to do something

Lol i think so too, its going to work, I just want to know how well its going to work for me! If I can capture 10/20 years salary in one run yes please, set me up and then give me that breathing room

A lot of millennials are now finding out the world don't play fair.

Lol isn't that the truth, no participation trophies in life, and its a tough lesson to learn, I struggle with it too

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Well, identifying opportunities has something to do with general knowledge, up-to-date information, and experience. But the sooner one starts on that path, the better one's chances of choosing well. And it's not a one-shot thing, so we need less doubt and more real efforts.

I also think it depends on the person, if you want to be spoon-fed information and not question things, then you will get what everyone else gets. People are so afraid to make mistakes and want the "safe" path; unfortunately, there are no guarantees; there is no safe path. Once you find out you're not made of glass and mistakes won't kill you, you can start taking more risk and feel comfortable.

Like me, I have no problem throwing my money into Bitcoin, even if I lose it all that's fine with me

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Aye, but the ability to find alternatives of what now feels great is also important. At some point, conditions change. And yet another path is a good thing to find. I am not saying we shouldn't walk what's interesting. We just shouldn't stay too long on a path of stagnation, as you said.

I think that things are always in a state of change we just choose to ignore it until it affects us personally. Staying on the same path if you see improved results is fine with me but if you stay on the same path and results get worse and worse things need to change

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I won't comment on anything except this:

work hard whoever you are born poor or rich respect other as they do there best to get where they are

Absolutely, we don't know the background of people that lead to their situation, and we won't understand since we never lived that life

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yeah so try hard with what you have and don't look for what you had

Indeed, if you look at what others have you will always be miserable, comparisons are a thief of happiness

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yeah well you can hope to achieve that but don't lust over it

Hola chekohler,

Gracias por destinar correctamente el 100% de las recompensas de está publicación a HP y ayudar al crecimiento de tu cuenta.

Thanks for allocating the 100% rewards of this publication to Hivepower.

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