Best Advice You Never Took

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stemikger
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Re: Best Advice You Never Took

Post by stemikger » Sun Jun 03, 2018 6:40 am

Actually nothing. I was lucky enough to have a strong inner voice and not follow advice I didn't agree with. I remember my Mother-in-Law was upset that I bought a townhome in 1993 and I'm still in said home with no mortgage and love the area. I paid $134K for this home and could sell it for $525K today and I'm also mortgage free. My family and my Father-in-Law thought I was crazy for maxing out my 401K, but today, I have a nice net worth for my income because I did.

I made several mistakes on my own, but coming up all the advice I was giving by well meaning people was actually bad advice, so I ignored it. There are many things I wish I did differently like start investing sooner and maybe be more stocks when I was younger, but that is looking back and I can only live my life going forward.

As far as all things financial and life too, Warren Buffett, John Bogle, Charlie Munger and the Bogleheads have been my mentors and I definitely know I chose wisely.

Having said that, I still follow my own advice (e.g. I still feel international is not for me, even though most Bogleheads disagree).
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!

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VictoriaF
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Re: Best Advice You Never Took

Post by VictoriaF » Sun Jun 03, 2018 9:53 am

stemikger wrote:
Sun Jun 03, 2018 6:40 am
Actually nothing. I was lucky enough to have a strong inner voice and not follow advice I didn't agree with. I remember my Mother-in-Law was upset that I bought a townhome in 1993 and I'm still in said home with no mortgage and love the area. I paid $134K for this home and could sell it for $525K today and I'm also mortgage free. My family and my Father-in-Law thought I was crazy for maxing out my 401K, but today, I have a nice net worth for my income because I did.

I made several mistakes on my own, but coming up all the advice I was giving by well meaning people was actually bad advice, so I ignored it.
Hi stemikger!

Your response is an interesting example of the operation of the thinking System-1 that relies on heuristics and produces cognitive biases (see Daniel Kahneman's "Thinking, Fast and Slow"). You have substituted a difficult question that asked for the "Best" advice with an easy question about "Well-meaning" advice.

This is not criticism. This is an illustration of how heuristics and biases sneak into our reasoning, how difficult it is to spot H&B in ourselves, and how other people can spot them in us.
stemikger wrote:
Sun Jun 03, 2018 6:40 am
There are many things I wish I did differently like start investing sooner and maybe be more stocks when I was younger, but that is looking back and I can only live my life going forward.
Here you are using another substitution, from a difficult question of what great advice you never took to an easier question of what you could have done differently. You are taking credit for the analysis instead of giving it to someone who has advised you.

Some of us, myself included, have made another substitution from "Best" advice to "Good and generally unconsequential" advice. (My "failures" reported earlier in this thread were about not playing fortepiano and not using smart phones. Both of which are hardly life-changing failures.)
stemikger wrote:
Sun Jun 03, 2018 6:40 am
As far as all things financial and life too, Warren Buffett, John Bogle, Charlie Munger and the Bogleheads have been my mentors and I definitely know I chose wisely.

Having said that, I still follow my own advice (e.g. I still feel international is not for me, even though most Bogleheads disagree).
The question posed in this thread is difficult for several reasons:
1) we have to simultaneously attribute wisdom to others ("best advice") and lack of wisdom to ourselves ("never took"), which goes against a common cognitive bias of overconfidence
2) we have to acknowledge our mistakes, which is difficult because we are guided by the confirmation bias
3) we subjectively select counterfactuals using the availability heuristic.

Of course, all these considerations apply to me as well as to all others.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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Re: Best Advice You Never Took

Post by Sandi_k » Sun Jun 03, 2018 12:56 pm

I didn't follow the "standard" PF advice to pay off all debt before investing.

It was clear to me that my tax-deferred options disappeared each year, and compounding was powerful. So instead of focusing ONLY on paying off debt, I split the funds - half to debt payoff, half to retirement savings.

As a result, I learned a good lesson - most decisions are not "all or nothing" binary choices.

We now are in a very good financial position due to the growth and compounding of all those early dollars. I'm pleased with the results. ;)

Teague
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Re: Best Advice You Never Took

Post by Teague » Sun Jun 03, 2018 1:22 pm

Never get old.

-Advice given by my grandfather.
Semper Augustus

Fallible
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Re: Best Advice You Never Took

Post by Fallible » Sun Jun 03, 2018 1:54 pm

The best advice I got I did take - but not often enough. It came from a grade school teacher: "Think before you speak." Fast-forwarding to now, it's a reason I highly value the "Preview" button on this site.
Bogleheads® wiki | Investing Advice Inspired by Jack Bogle

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Kitty Telltales
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Re: Best Advice You Never Took

Post by Kitty Telltales » Sun Jun 03, 2018 2:39 pm

TomatoTomahto wrote:
Fri Jun 01, 2018 3:05 pm
Overall, the best advice I ever got was about marriage. Make your home an environment where your goal is to out-serve your spouse. You'd think you'd start to resent someone you put ahead of yourself, but I've found it does the opposite.
Advice I give my kids: set your alarm for 15 minutes before your spouse has to get up. Make coffee. Bring it to him/her. I have done this for more than 20 years, and every morning my wife appreciates it as though it were the first time.
My husband does this for me even though he is retired and could sleep in. Yes, I appreciate the coffee and him for bringing it to me as I crawl in the bath each and every day!!

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cfs
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Re: Best Advice You Never Took

Post by cfs » Sun Jun 03, 2018 3:15 pm

Best advice I never took . . . thinking . . . thinking. . . thinking, oh, ok, it had to do about love and respect.
Gracias por leer / cfs
~ Member of the Active Retired Force since 2014 ~

jb1
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Re: Best Advice You Never Took

Post by jb1 » Sun Jun 03, 2018 4:19 pm

Im relatively on the younger side. I always worked in college while everyone else was partying. I was taking a finance class in 2011 and the professor told us "Facebook is having their IPO soon, Im investing in it, I suggest you do also".

Didnt take his advice.

Rexindex
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Re: Best Advice You Never Took

Post by Rexindex » Sun Jun 03, 2018 4:35 pm

“Sit on a letter, email, whatever a few days before sending it with emotion”
“Attention is the rarest and purest form of generosity.” | — Simone Weil

GCD
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Re: Best Advice You Never Took

Post by GCD » Sun Jun 03, 2018 6:06 pm

"Why the ^#$@ do you want to move to South Dakota?"

:oops:

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stemikger
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Re: Best Advice You Never Took

Post by stemikger » Mon Jun 04, 2018 9:09 am

VictoriaF wrote:
Sun Jun 03, 2018 9:53 am
stemikger wrote:
Sun Jun 03, 2018 6:40 am
Actually nothing. I was lucky enough to have a strong inner voice and not follow advice I didn't agree with. I remember my Mother-in-Law was upset that I bought a townhome in 1993 and I'm still in said home with no mortgage and love the area. I paid $134K for this home and could sell it for $525K today and I'm also mortgage free. My family and my Father-in-Law thought I was crazy for maxing out my 401K, but today, I have a nice net worth for my income because I did.

I made several mistakes on my own, but coming up all the advice I was giving by well meaning people was actually bad advice, so I ignored it.
Hi stemikger!

Your response is an interesting example of the operation of the thinking System-1 that relies on heuristics and produces cognitive biases (see Daniel Kahneman's "Thinking, Fast and Slow"). You have substituted a difficult question that asked for the "Best" advice with an easy question about "Well-meaning" advice.

This is not criticism. This is an illustration of how heuristics and biases sneak into our reasoning, how difficult it is to spot H&B in ourselves, and how other people can spot them in us.
stemikger wrote:
Sun Jun 03, 2018 6:40 am
There are many things I wish I did differently like start investing sooner and maybe be more stocks when I was younger, but that is looking back and I can only live my life going forward.
Here you are using another substitution, from a difficult question of what great advice you never took to an easier question of what you could have done differently. You are taking credit for the analysis instead of giving it to someone who has advised you.

Some of us, myself included, have made another substitution from "Best" advice to "Good and generally unconsequential" advice. (My "failures" reported earlier in this thread were about not playing fortepiano and not using smart phones. Both of which are hardly life-changing failures.)
stemikger wrote:
Sun Jun 03, 2018 6:40 am
As far as all things financial and life too, Warren Buffett, John Bogle, Charlie Munger and the Bogleheads have been my mentors and I definitely know I chose wisely.

Having said that, I still follow my own advice (e.g. I still feel international is not for me, even though most Bogleheads disagree).
The question posed in this thread is difficult for several reasons:
1) we have to simultaneously attribute wisdom to others ("best advice") and lack of wisdom to ourselves ("never took"), which goes against a common cognitive bias of overconfidence
2) we have to acknowledge our mistakes, which is difficult because we are guided by the confirmation bias
3) we subjectively select counterfactuals using the availability heuristic.

Of course, all these considerations apply to me as well as to all others.

Victoria
Hi Victoria,

For fear of sounding like a complete idiot, I think I might have to show this to my daughter who majored in psychology to even understand what you wrote. I know Charlie talks about The Psychology of Human Misjudgment; also known as the "25 Cognitive Biases" and I can find many of those talks on YouTube, so maybe I should check them out. Thanks for the feedback. . . I think. lol.

Cheers,

Steve G.
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!

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Sandtrap
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Re: Best Advice You Never Took

Post by Sandtrap » Mon Jun 04, 2018 9:47 am

Go to Med School.
Go to Engineering School.
Go with that girl. :shock:
Don't go with that girl. :shock:
Don't buy that.
Buy that.
Pay attention.
Sit still.
Listen.

aloha
j :oops:

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Sandtrap
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Re: Best Advice You Never Took

Post by Sandtrap » Mon Jun 04, 2018 9:50 am

stemikger wrote:
Sun Jun 03, 2018 6:40 am
Actually nothing. I was lucky enough to have a strong inner voice and not follow advice I didn't agree with. I remember my Mother-in-Law was upset that I bought a townhome in 1993 and I'm still in said home with no mortgage and love the area. I paid $134K for this home and could sell it for $525K today and I'm also mortgage free. My family and my Father-in-Law thought I was crazy for maxing out my 401K, but today, I have a nice net worth for my income because I did.

I made several mistakes on my own, but coming up all the advice I was giving by well meaning people was actually bad advice, so I ignored it. There are many things I wish I did differently like start investing sooner and maybe be more stocks when I was younger, but that is looking back and I can only live my life going forward.

As far as all things financial and life too, Warren Buffett, John Bogle, Charlie Munger and the Bogleheads have been my mentors and I definitely know I chose wisely.

Having said that, I still follow my own advice (e.g. I still feel international is not for me, even though most Bogleheads disagree).
++++++1
Me, too.

j :D

Operon
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Re: Best Advice You Never Took

Post by Operon » Mon Jun 04, 2018 11:59 am

"Wear your retainer every night." ;-)

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VictoriaF
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Re: Best Advice You Never Took

Post by VictoriaF » Thu Jun 07, 2018 7:51 am

stemikger wrote:
Mon Jun 04, 2018 9:09 am
Hi Victoria,

For fear of sounding like a complete idiot, I think I might have to show this to my daughter who majored in psychology to even understand what you wrote. I know Charlie talks about The Psychology of Human Misjudgment; also known as the "25 Cognitive Biases" and I can find many of those talks on YouTube, so maybe I should check them out. Thanks for the feedback. . . I think. lol.

Cheers,

Steve G.
Hi Steve,

I am very sorry that you took my message as your shortcoming. The fault is entirely mine. I have read many books and papers on cognitive psychology and behavioral economics, published two papers on cognitive biases in cyber security and cyberspace operations, and now I am developing new ideas. I liked your message because it has illustrated several concepts I am working with.

However, it was unfair to cite your message under assumption that you are familiar with these topics.

With sincere apologies,
Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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wander
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Re: Best Advice You Never Took

Post by wander » Thu Jun 07, 2018 8:06 am

Best advice was from my coworker about buying Apple stocks when its iPod became so popular. I didn't take it as it was against my investing strategy.

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stemikger
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Re: Best Advice You Never Took

Post by stemikger » Thu Jun 07, 2018 9:28 pm

VictoriaF wrote:
Thu Jun 07, 2018 7:51 am
stemikger wrote:
Mon Jun 04, 2018 9:09 am
Hi Victoria,

For fear of sounding like a complete idiot, I think I might have to show this to my daughter who majored in psychology to even understand what you wrote. I know Charlie talks about The Psychology of Human Misjudgment; also known as the "25 Cognitive Biases" and I can find many of those talks on YouTube, so maybe I should check them out. Thanks for the feedback. . . I think. lol.

Cheers,

Steve G.
Hi Steve,

I am very sorry that you took my message as your shortcoming. The fault is entirely mine. I have read many books and papers on cognitive psychology and behavioral economics, published two papers on cognitive biases in cyber security and cyberspace operations, and now I am developing new ideas. I liked your message because it has illustrated several concepts I am working with.

However, it was unfair to cite your message under assumption that you are familiar with these topics.

With sincere apologies,
Victoria
Hi Victoria,

No need to apologize. I did not get offended at all. I didn't want to ignore the reply, but it was a little over my head. I just wanted to add a little humor in my response, but I definitely did not feel offended in the least.

Have a good day.

Steve G. :beer
Choose Simplicity ~ Stay the Course!! ~ Press on Regardless!!!

MrPotatoHead
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Re: Best Advice You Never Took

Post by MrPotatoHead » Fri Jun 08, 2018 9:59 pm

A wise man told me not to get married.

BradJ
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Re: Best Advice You Never Took

Post by BradJ » Fri Jun 08, 2018 10:11 pm

One of my favorites was my dad telling me that a key to success is redefining what failure means.

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bligh
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Re: Best Advice You Never Took

Post by bligh » Fri Jun 08, 2018 10:24 pm

kazper wrote:
Fri Jun 01, 2018 11:03 am
Probably to invest early.

I'm only mid-30s now so I didn't wait too long, but I could have started putting more money away for retirement when I started my first serious job nearly a decade ago. My balance would look quite a bit different than it does now if I did...
+ 4

I can recall the exact advice a good friend (10 years older to me) had with me when I got my first "big boy" job right out of college. "Max out your retirement accounts right now, this is the best time to do it. You are young single and making good money."

What was my response to him? "I only just started working and you're already talking to me about my retirement. How depressing! No way.. I want to take it one day at a time and see how things go" :oops:

temco_rep
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Re: Best Advice You Never Took

Post by temco_rep » Fri Jun 08, 2018 10:57 pm

Best advise I never took:

I was listening to a financial guy on the radio back in the late 80's...and I remembering him saying :"I love Microsoft!" and I didnt buy any,

In the early 90's I went to a business conference in LV and the guest speaker was Peter Glenn, the author of "It not my department". He told everyone in the audience about Amazon and how they were going to take over the world. Again, I didn't buy any.
I would have a much , much higher net worth right now, guaranteed.

Hulu
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Re: Best Advice You Never Took

Post by Hulu » Sat Jun 09, 2018 12:21 am

I waited several decades to meditate.

finite_difference
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Re: Best Advice You Never Took

Post by finite_difference » Sat Jun 09, 2018 6:51 am

VictoriaF wrote:
Thu Jun 07, 2018 7:51 am
stemikger wrote:
Mon Jun 04, 2018 9:09 am
Hi Victoria,

For fear of sounding like a complete idiot, I think I might have to show this to my daughter who majored in psychology to even understand what you wrote. I know Charlie talks about The Psychology of Human Misjudgment; also known as the "25 Cognitive Biases" and I can find many of those talks on YouTube, so maybe I should check them out. Thanks for the feedback. . . I think. lol.

Cheers,

Steve G.
Hi Steve,

I am very sorry that you took my message as your shortcoming. The fault is entirely mine. I have read many books and papers on cognitive psychology and behavioral economics, published two papers on cognitive biases in cyber security and cyberspace operations, and now I am developing new ideas. I liked your message because it has illustrated several concepts I am working with.

However, it was unfair to cite your message under assumption that you are familiar with these topics.

With sincere apologies,
Victoria
What bothers me about the current “new” developments in Western behavioral/cognitive/psychology fields are they tend to think they invented everything by themselves, when much of the ideas were developed, perhaps in slightly different form, in Ancient times in the East, e.g. India, China, etc. Now my biases may be showing ;)

This question is also hard because it’s for the best advice you “never took”. If it was such good advice, you should take it. Better late than never! And how do you really know it’s the best advice if you didn’t try it out?

Perhaps mine is to read the book, “Thinking, Slow and Fast” which is still sitting on the bookshelf. And to practice dedicated sitting meditatation. I think both of those activities are very good for you.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

gator15
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Re: Best Advice You Never Took

Post by gator15 » Sat Jun 09, 2018 7:03 am

Wife tells me I need to stretch more. She’s been telling me this for 10 years now. I should probably listen as I have no flexibility.

regularguy455
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Re: Best Advice You Never Took

Post by regularguy455 » Sat Jun 09, 2018 8:52 am

Not looking into Bitcoin more seriously when I encountered it. I was busy studying for my engineering classes so when I tried setting up a miner and hit a snag, I never finished.

7 years later I never used any of those engineering skills.

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whodidntante
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Re: Best Advice You Never Took

Post by whodidntante » Sat Jun 09, 2018 9:11 am

Teague wrote:
Sun Jun 03, 2018 1:22 pm
Never get old.

-Advice given by my grandfather.
The alternative is awful.

TX_Drew
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Re: Best Advice You Never Took

Post by TX_Drew » Sat Jun 09, 2018 9:46 pm

wander wrote:
Thu Jun 07, 2018 8:06 am
Best advice was from my coworker about buying Apple stocks when its iPod became so popular. I didn't take it as it was against my investing strategy.
This is exactly the one I was thinking of too. It was before the iPhone, just during iPod rise in 2003ish. I wasn’t impressed with the iPOD, as I had a Rio for a few years already.

The good news is I did finally buy a decade later, and it keeps going up.

Best advice I did take, very simple and boring, from my father: spend less than you make. That’s it.

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VictoriaF
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Re: Best Advice You Never Took

Post by VictoriaF » Mon Jun 11, 2018 12:18 pm

stemikger wrote:
Thu Jun 07, 2018 9:28 pm
VictoriaF wrote:
Thu Jun 07, 2018 7:51 am
stemikger wrote:
Mon Jun 04, 2018 9:09 am
Hi Victoria,

For fear of sounding like a complete idiot, I think I might have to show this to my daughter who majored in psychology to even understand what you wrote. I know Charlie talks about The Psychology of Human Misjudgment; also known as the "25 Cognitive Biases" and I can find many of those talks on YouTube, so maybe I should check them out. Thanks for the feedback. . . I think. lol.

Cheers,

Steve G.
Hi Steve,

I am very sorry that you took my message as your shortcoming. The fault is entirely mine. I have read many books and papers on cognitive psychology and behavioral economics, published two papers on cognitive biases in cyber security and cyberspace operations, and now I am developing new ideas. I liked your message because it has illustrated several concepts I am working with.

However, it was unfair to cite your message under assumption that you are familiar with these topics.

With sincere apologies,
Victoria
Hi Victoria,

No need to apologize. I did not get offended at all. I didn't want to ignore the reply, but it was a little over my head. I just wanted to add a little humor in my response, but I definitely did not feel offended in the least.

Have a good day.

Steve G. :beer
Hi Steve,

Humor rocks! We should start a Bogleheads discussion on "The truth about biases by Charlie M and Steve G."

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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VictoriaF
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Re: Best Advice You Never Took

Post by VictoriaF » Mon Jun 11, 2018 12:37 pm

finite_difference wrote:
Sat Jun 09, 2018 6:51 am
VictoriaF wrote:
Thu Jun 07, 2018 7:51 am
stemikger wrote:
Mon Jun 04, 2018 9:09 am
Hi Victoria,

For fear of sounding like a complete idiot, I think I might have to show this to my daughter who majored in psychology to even understand what you wrote. I know Charlie talks about The Psychology of Human Misjudgment; also known as the "25 Cognitive Biases" and I can find many of those talks on YouTube, so maybe I should check them out. Thanks for the feedback. . . I think. lol.

Cheers,

Steve G.
Hi Steve,

I am very sorry that you took my message as your shortcoming. The fault is entirely mine. I have read many books and papers on cognitive psychology and behavioral economics, published two papers on cognitive biases in cyber security and cyberspace operations, and now I am developing new ideas. I liked your message because it has illustrated several concepts I am working with.

However, it was unfair to cite your message under assumption that you are familiar with these topics.

With sincere apologies,
Victoria
What bothers me about the current “new” developments in Western behavioral/cognitive/psychology fields are they tend to think they invented everything by themselves, when much of the ideas were developed, perhaps in slightly different form, in Ancient times in the East, e.g. India, China, etc. Now my biases may be showing ;)
This is a common criticism. And biases were noted in the Ancient West as well as the Ancient East. The modern science, starting with cognitive psychology, takes well known observations as hypotheses and tests them in randomized controlled experiments. These experiments allow to identify "elemental" biases and develop further ideas. Thus, economists take "proven" biases to modify their models, finance professionals use biases to improve financial decisions, and human resources professionals develop new techniques for screening job applicants and enhancing the workplace.

Kahneman wrote "Thinking, Fast and Slow" with an expressed purpose to give people a vocabulary for discussing biases. It's simpler to talk about "loss aversion" than to repeatedly cite a Chinese proverb about loss aversion.

finite_difference wrote:
Sat Jun 09, 2018 6:51 am
This question is also hard because it’s for the best advice you “never took”. If it was such good advice, you should take it. Better late than never! And how do you really know it’s the best advice if you didn’t try it out?
The OP implies that you may realize in the retrospect that you should have taken some advice. I agree with you that while you can play with selected counterfactuals, in real life, various factors could have led to different ends. For example, one could have become a prominent lawyer, worked 80-hour weeks, acquired national fame ... and developed psychiatric problems from overwork and lack of sleep.
finite_difference wrote:
Sat Jun 09, 2018 6:51 am
Perhaps mine is to read the book, “Thinking, Slow and Fast” which is still sitting on the bookshelf. And to practice dedicated sitting meditatation. I think both of those activities are very good for you.
Agree about "Thinking, Fast and Slow." Walking meditation is also worth trying.

Cheers,
Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

bh7785
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Re: Best Advice You Never Took

Post by bh7785 » Mon Jun 11, 2018 1:34 pm

Exafchick wrote:
Fri Jun 01, 2018 2:28 pm
Not to marry my first husband...or second!
This made me chuckle. Are you now on your third? :D

bh7785
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Re: Best Advice You Never Took

Post by bh7785 » Mon Jun 11, 2018 1:42 pm

Teague wrote:
Sun Jun 03, 2018 1:22 pm
Never get old.

-Advice given by my grandfather.
My Dad has given me this advice a few times over the course of my life. I really wish I had listened to him.

latesaver
Posts: 94
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Re: Best Advice You Never Took

Post by latesaver » Mon Jun 11, 2018 1:44 pm

VictoriaF wrote:
Thu Jun 07, 2018 7:51 am
stemikger wrote:
Mon Jun 04, 2018 9:09 am
Hi Victoria,

For fear of sounding like a complete idiot, I think I might have to show this to my daughter who majored in psychology to even understand what you wrote. I know Charlie talks about The Psychology of Human Misjudgment; also known as the "25 Cognitive Biases" and I can find many of those talks on YouTube, so maybe I should check them out. Thanks for the feedback. . . I think. lol.

Cheers,

Steve G.
Hi Steve,

I am very sorry that you took my message as your shortcoming. The fault is entirely mine. I have read many books and papers on cognitive psychology and behavioral economics, published two papers on cognitive biases in cyber security and cyberspace operations, and now I am developing new ideas. I liked your message because it has illustrated several concepts I am working with.

However, it was unfair to cite your message under assumption that you are familiar with these topics.

With sincere apologies,
Victoria
Over my short BH lifespan, I have come to appreciate your posts. Even when discussing CC rewards strategies you have managed to interweave the concept of hindsight bias. Over the past 12 months I have read many of the books you recommended.

At the risk of violating some cognitive bias myself (there are so many) I have a suggestion. When you reference Ariely, Kahneman, Gilbert, etc., and their literary works, perhaps consider advising on the sequencing of consumption.

For example, I found Thinking Fast and Slow to be a bit advanced. It is the book I started with and still among my favorites to this day but looking back, I wish I had started with something a little simpler like Predictably Irrational.

Just a thought.

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VictoriaF
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Re: Best Advice You Never Took

Post by VictoriaF » Mon Jun 11, 2018 1:53 pm

latesaver wrote:
Mon Jun 11, 2018 1:44 pm
Over my short BH lifespan, I have come to appreciate your posts. Even when discussing CC rewards strategies you have managed to interweave the concept of hindsight bias. Over the past 12 months I have read many of the books you recommended.
Thank you! I like it when people appreciate my posts, and I love it when people get hooked on Behavioral Economics and related subjects.
latesaver wrote:
Mon Jun 11, 2018 1:44 pm
At the risk of violating some cognitive bias myself (there are so many) I have a suggestion. When you reference Ariely, Kahneman, Gilbert, etc., and their literary works, perhaps consider advising on the sequencing of consumption.

For example, I found Thinking Fast and Slow to be a bit advanced. It is the book I started with and still among my favorites to this day but looking back, I wish I had started with something a little simpler like Predictably Irrational.

Just a thought.
I completely agree. It was "Predictably Irrational" that got me interested in Behavioral Economics, and then I started building on it. Reading "Thinking, Fast and Slow" after "Predictably Irrational" is more enjoyable. There is an undesirable "sequence bias" in finance. By contrast, a sequence bias in reading behavioral economics books is clearly desirable.

Thank you providing a better perspective,
Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

Socal77
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Re: Best Advice You Never Took

Post by Socal77 » Mon Jun 11, 2018 4:25 pm

From the infamous Alex "Mousey" Ostrowsky.

"Matt... Don't ever get married."

Exafchick
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Re: Best Advice You Never Took

Post by Exafchick » Tue Jun 12, 2018 7:59 am

bh7785 wrote:
Mon Jun 11, 2018 1:34 pm
Exafchick wrote:
Fri Jun 01, 2018 2:28 pm
Not to marry my first husband...or second!
This made me chuckle. Are you now on your third? :D
No way! Twice was plenty!

BigMoneyNoWhammies
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Re: Best Advice You Never Took

Post by BigMoneyNoWhammies » Tue Jun 12, 2018 8:45 am

kazper wrote:
Fri Jun 01, 2018 11:03 am
Probably to invest early.

I'm only mid-30s now so I didn't wait too long, but I could have started putting more money away for retirement when I started my first serious job nearly a decade ago. My balance would look quite a bit different than it does now if I did...
+1 to this. In my early 30's as well and I could kick myself thinking back to all the money I frivolously wasted in my college years and early 20's that could have been working for me for the last decade.

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triceratop
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Re: Best Advice You Never Took

Post by triceratop » Tue Jun 12, 2018 8:58 am

I was advised that it would be fiscally prudent to immediately go into a more lucrative field like finance or tech rather than pursue a PhD. I did not follow that advice. The advice was correct so far, financially, but there is more to life than one's salary or social prestige, something I've only appreciated more as I've progressed. So it was good advice and even better not to take it. :)
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

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Re: Best Advice You Never Took

Post by new2bogle » Tue Jun 12, 2018 9:46 am

golfCaddy wrote:
Fri Jun 01, 2018 12:14 pm
go to med school
This.

new2bogle
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Re: Best Advice You Never Took

Post by new2bogle » Tue Jun 12, 2018 9:47 am

triceratop wrote:
Tue Jun 12, 2018 8:58 am
I was advised that it would be fiscally prudent to immediately go into a more lucrative field like finance or tech rather than pursue a PhD. I did not follow that advice. The advice was correct so far, financially, but there is more to life than one's salary or social prestige, something I've only appreciated more as I've progressed. So it was good advice and even better not to take it. :)
I understand what you are saying, but at the end of the day money gives you time and the power to enjoy life.

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Re: Best Advice You Never Took

Post by Engineer250 » Tue Jun 12, 2018 12:25 pm

VictoriaF wrote:
Mon Jun 11, 2018 1:53 pm
latesaver wrote:
Mon Jun 11, 2018 1:44 pm
Over my short BH lifespan, I have come to appreciate your posts. Even when discussing CC rewards strategies you have managed to interweave the concept of hindsight bias. Over the past 12 months I have read many of the books you recommended.
Thank you! I like it when people appreciate my posts, and I love it when people get hooked on Behavioral Economics and related subjects.
latesaver wrote:
Mon Jun 11, 2018 1:44 pm
At the risk of violating some cognitive bias myself (there are so many) I have a suggestion. When you reference Ariely, Kahneman, Gilbert, etc., and their literary works, perhaps consider advising on the sequencing of consumption.

For example, I found Thinking Fast and Slow to be a bit advanced. It is the book I started with and still among my favorites to this day but looking back, I wish I had started with something a little simpler like Predictably Irrational.

Just a thought.
I completely agree. It was "Predictably Irrational" that got me interested in Behavioral Economics, and then I started building on it. Reading "Thinking, Fast and Slow" after "Predictably Irrational" is more enjoyable. There is an undesirable "sequence bias" in finance. By contrast, a sequence bias in reading behavioral economics books is clearly desirable.

Thank you providing a better perspective,
Victoria
Just want to say I appreciate the discussion and the book suggestions. Have added two now to my audible wish list (is it walking meditation if I listen to audiobooks?)
Where the tides of fortune take us, no man can know.

Isabelle77
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Re: Best Advice You Never Took

Post by Isabelle77 » Tue Jun 12, 2018 2:00 pm

Do what you're good at.

Don't sweat the small stuff.

Appreciate your health.

All advice I try to follow today in my 40s. But, I certainly regret earlier in my life choosing a career that wasn't in an area I really excelled at just because it was lucrative. I've also spent far too many hours worrying about stupid things. And while I take care of myself, it has only been recently that I really have come to appreciate that every morning I wake up without pain or a serious health concern is a beautiful morning.

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Re: Best Advice You Never Took

Post by VictoriaF » Wed Jun 13, 2018 4:58 am

Engineer250 wrote:
Tue Jun 12, 2018 12:25 pm
Just want to say I appreciate the discussion and the book suggestions. Have added two now to my audible wish list
This is best advice that you took. It does not belong to this thread.
Engineer250 wrote:
Tue Jun 12, 2018 12:25 pm
(is it walking meditation if I listen to audiobooks?)
Nope, but a good try. When you go for a walk, you can do a few minutes of walking meditation before you turn on your audiobook.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

finite_difference
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Re: Best Advice You Never Took

Post by finite_difference » Wed Jun 13, 2018 10:44 am

So others that happened to actually followed the advice will have to help validate whether the advice was actually good or not.

I thought of two more:

Take a month or three break after graduating before you start your first job.

Travel the world as much as you can before having kids.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

geospatial
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Re: Best Advice You Never Took

Post by geospatial » Wed Jun 13, 2018 4:09 pm

"Put on some more sunscreen/wear a hat or you're gonna get burned." I listen more now, but not often enough.

Also had a friend offering to let me buy some Red Hat IPO shares at the opening price. I didn't trust it. He sold at the end of the day and tripled his investment.

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Stinky
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Re: Best Advice You Never Took

Post by Stinky » Wed Jun 13, 2018 8:20 pm

frugalmama wrote:
Fri Jun 01, 2018 12:38 pm
Take better care of my teeth when I was younger. Dental care is expensive and dental insurance isn't good!
+1

I took horrible care of my teeth as a teenager. As a result, I had 20 (!) cavities at one dental checkup when I was in college. Now at age 64, I have crowns on all but 6 of my teeth, because one-by-one my teeth became so full of fillings that they had to be crowned.
It's a GREAT day to be alive - Travis Tritt

Finridge
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Re: Best Advice You Never Took

Post by Finridge » Wed Jun 13, 2018 8:43 pm

"You know nothing, Jon Snow." - They didn't use those exact words of course--but this was hinted at from time to time, in various ways, some more explicit than others. It took me awhile to realize that this is correct...

Teague
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Re: Best Advice You Never Took

Post by Teague » Wed Jun 13, 2018 11:21 pm

whodidntante wrote:
Sat Jun 09, 2018 9:11 am
Teague wrote:
Sun Jun 03, 2018 1:22 pm
Never get old.

-Advice given by my grandfather.
The alternative is awful.
Perhaps, but direct evidence is rather scant.
Semper Augustus

AerialWombat
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Re: Best Advice You Never Took

Post by AerialWombat » Thu Jun 14, 2018 12:05 am

“Do NOT marry the woman you met at Burning Man.”

I really, really should have followed that advice.

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Re: Best Advice You Never Took

Post by VictoriaF » Sat Jun 16, 2018 3:33 pm

AerialWombat wrote:
Thu Jun 14, 2018 12:05 am
“Do NOT marry the woman you met at Burning Man.”

I really, really should have followed that advice.
But you must have a great story!

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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Re: Best Advice You Never Took

Post by sschullo » Sat Jun 16, 2018 3:51 pm

College friends blew a head gasket when I announced that I was enlisting in the Marines at the height of Vietnam. While he did not say that I should not go, my older brother reminded me that they are shooting people there (he was a WWII vet).
Public School K-12 Educators: "Ask NOT what your annuity sales person can do for you, ask what you can do to be a Do-It-Yourselfer (DIY)."

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