This is definitely one of the most useful chapters in the entire book.
In many aspects of life, doing or even ascertaining the “right” things is notoriously difficult. However, the “bad stuff” to avoid would receive almost universal nods. Therefore, there’s alot more utility to be gained from eliminating the downsides.
Diet
Should you follow the Healthy Plate recommendations from the Health Promotion Board or maybe you should adopt a Keto diet and eliminate carbohydrates from your diet?
Maximum of 2 eggs a day? Or even up to 4 is alright? And are fruits a healthy snack or are they simply too sweet?
All of the above are debatable but I reckon there’s consensus on reducing or even totally eliminating these stuff from your diet:
- Processed snacks like Snickers and potato chips
- Sugary soft drinks
- Refined carbohydrates like white rice and pasta
- Deep fried items like fried chicken wings
Marriage
What’s the secret to a loving and enduring relationship? Would opposites add more spice to life or is it better off to be with someone similar for the added stability?
Is being open and transparent more important or the continuous effort to romance each other more critical? Should finances be joint or kept separate?
Honestly, I believe most “experts” have no idea on the above and are just grappling in the dark. What’s more obvious is to avoid the below:
- Cheating on your partner
- Endless comparisons with others
- Holding a grudge on the past
- Put your needs and wants above your partner
Personal Finance & Investments
Should you prioritise increasing your income or cutting your expenses? What’s the ideal saving rate? 20%, 30%, or >50%?!
Pay down your housing loan to be debt-free or stretch it out to take advantage of low interest rates?
And is investing in the Singapore market more than enough or should you diversify beyond the local shores? And how much of your savings should you be investing. 50%, 75% or even 95%?!
Whenever I receive such questions from readers, I inadvertently get a headache. The truth is, there’s really no right or wrong answer to them. It all boils down to situation and preferences.
But what’s more useful is to keep these things at bay:
- Spending beyond your income/means
- Incur credit card debts
- Continuously switch investing strategies
- Obsess over short-term returns
“Invert, always invert” – Charlie Munger
Thanks for reading.
