Listen to the full episode on iTunes (and please leave a rating to help the podcast reach more people): E35: Herd Animals, Stoics, Independents, and Contrarians
- There are 4 modes of being: Herd Animal, Stoic, Independent, and Contrarian.
- You can look at it visually like this: Herd Animal————————Stoic——Independent——————Contrarian
- Herd Animal = Go with the crowd, fit in, be nice, and stampede in collective panic.
- Stoic = Self-centered and serene, focused on one’s own world and work.
- Being stoic will lead to a fulfilling life.
- Being stoic is the low hanging fruit of effort therefore you should strive to be stoic in as many areas as possible.
- Independent = Going with/against crowd, but without any strong emotion attached.
- Contrarian = Taking a stand for something and against the crowd for profit/ideology.
- If you go against the herd most of the time, you will by default be wrong most of the time.
- You need a studied opinion to be right most of the time and you must be indifferent in regards to going with or against the crowd. (Independent way of being).
- Example of studied opinion: Ludvig doesn’t eat breakfast or consume media because through extensive study and experimentation he has come to the conclusion that the cons outweigh the pros.
- Before you take a contrarian stance on something, you must first do your best to make sure your opinion is right because when you’re contrarian and wrong you lose credibility.
- You want to be intelligently contrarian to avoid losing credibility.
- As a result, you can only be a contrarian in the areas of life you have a lot of knowledge about (usually just a few areas).
- Being a contrarian is a prerequisite to big success.
- When you’re contrarian it can go both ways: You can become the top 1% or the bottom 1%.
- To become the 1% you have to do what 1/100 does. You have to be considered really weird by the herd.
- An unthinking contrarian will have a miserable life. E.g. the rebellious kids in the back of the class.
- However, an intelligent contrarian will set himself up for big success.
We are right now creating the Future Skills Program which will be an online video course covering decision-making and risk management with weekly homework and evaluations.
* Why decision making and risk management? Because better decisions equal better finances, better relationships and an overall better life.
* Decisions are the foundation of everything you do and the outcome you eventually get.