Getting old is tough … and it gets tougher the older you get. As a result, finding your 'reasons for being' and joy in life become increasingly important as well.
2020 was a year of massive upheaval for many. Stress, change, pandemics, quarantine, new jobs, new goals … or at the other end of the spectrum, lack of change, lack of a job, or lack of purpose.
Regardless of the reason, many people struggle to get up in the morning. This is a shame because life is so much better than the alternative (and life becomes even better when you learn to enjoy living and let go of what isn't serving you).
There's a Japanese concept called Ikigai that may help.
Ikigai centers around finding purpose as you grow older. Paradoxically, it makes sense to start the process as early as possible.
Here is an infographic that lays out some "Reasons for Being."
Finding your "reason to be" and living with purpose are keys to making the most of your time.
The beauty of 2021 being a fresh start is that you can also change your approach and your vision.
The graphic highlights something interesting (yet almost counter-intuitive) … When two areas intersect, it creates something positive (e.g., a passion or a mission). However, where three areas intersect, it creates a pain point (for example it could be what you're good at, you love doing it, the world needs it … but it doesn't make you any money – so now you're struggling).
Worth examining and thinking about for a bit.
On a related note, here is a TEDx talk about the 9 common diet and lifestyle habits that help people live past 100.
I've always been a fan of Blockchain, but I've always been a bit more cautious of cryptocurrencies.
Blockchain is the technology foundation behind cryptocurrencies and an important enabling technology for the next generation of technological innovation.
This makes sense to me because the VCs were able to capitalize on the "Fear of Missing Out" and "Animal Spirits" driving the market without the concentration risk of a particular cryptocurrency. In a sense, it is the same reason I am bullish on Blockchain itself.
Making sense of cryptocurrencies, however, is tougher for me to justify. There are over 1000 currencies out there – and the list is growing. But valuation isn't really about first-mover advantages or features … You also must consider government policies and regulations and a host of other issues.
Consequently, it's hard to recommend putting money in any coin as an investment.
Speculating (or "trading") is a different conversation.
Clearly, there is a lot of money being made and lost … but how much of those gains and losses can be attributed to luck and how much to skill? A better question is … If you traded cryptocurrencies, how much of your gains or losses would be due to luck versus skill?
For the past few years, it felt as if the buzz had died down a little. Despite that, Bitcoin prices and many other cryptocurrencies continued to increase in value – though with much more volatility than normal investments.
This week, Dogecoin (a cryptocurrency that started as a meme) jumped from $.07 a coin to $.35 a coin, capitalizing on press and support from Elon Musk. But it's not the only cryptocurrency doing well.
A lot of the jump in the price of many coins recently coincided with the GameStop trading surge and was likely driven by the sentiment of those same retail traders.
Crypto's are interesting, in part, because they're a digital currency decentralized over a peer-to-peer network.
The more people are willing to accept it as a medium of exchange, the more valuable it becomes (and the more it becomes a stable store of value).
Supposedly, decentralization provides it safety from censorship and government interference – meaning it has value as an international currency, and as a currency for black-market transactions. But, in my opinion, that remains to be seen (and I consider it unlikely for most cryptocurrencies).
Compared to a reserve currency – whose worth is primarily influenced by trade value and other macroeconomic factors – watching crypto's volatility can be scary.
That being said, as adoption increases and more businesses enable it, it's possible that it will continue to legitimize. For the time being, I remain a long-term skeptic because there is too much working against it.
For an extra laugh, here's a still relevant video from 2017 on why you should invest all your money in Bitcoin.
In addition, here's an A.I. remastered World War II cartoon written by Dr. Seuss with a character named Private Snafu. It's one episode of a series of shorts that were banned post-WWII, and it's one of the more tame episodes. For an extra piece of trivia, the name of Private Snafu and his series of shorts was based on the military acronym for "Situation Normal: All F***ed Up".
While produced by Warner Bros., these shorts which were made for the US military did not have to go through the Production Code Administration and thus got away with raunchier humor, foul language, and what we would today categorize as racist propaganda against the Japanese and Germans.
While it's okay to acknowledge that we should be doing better today, I also think it's interesting and informative to watch older materials in the context and time period they were written.
Racism isn't okay, but if you don't know history, you're doomed to repeat it, and art can be discussed and enjoyed within that context as well.
Markets are not the economy, but it's still important to understand and follow economics.
One of the unfortunate "trends" of 2020 was the increase in debt at various levels. Now, debt can be a good thing … it greases the international wheels and can be an important part of long-term financial plans for countries (in the same way you or I might use it.)
But too much of a good thing is a bad thing, and doing that math gets pretty complicated on the national level.
To help put it in perspective, I want to look at the U.S. debt on different scales.
First, you can look at this US Debt Clock for a staggering interactive visualization of the inflows and outflows in America. Click the image to watch it update in real-time. I encourage you to look at some of the components tracked. It made me think about our future differently.
The U.S. has the largest percentage of the world's debt, but Japan has the worst debt-to-GDP rate at over 224% (compared to America's approximately 127%)
During 2020, debt held by the US public increased by $4.2 billion – the largest dollar increase in history. A large part of that increase in debt was due to the federal deficit which was reported at $3.1 billion
To help understand the image, Texas is actually a great case study. Texas's bubble is big because it has one of the highest total debt levels, but is green because its debt ratio is pretty good at 62.5%.
California has the highest total debt, but is very light pink, stating that its debt ratio isn't bad. Some states' liabilities outweigh their assets by a factor of 4x or 5x which is scary.
This is a helpful illustration of the delicate balance of taking on debt. It's okay to take on large amounts of debt if you have a reasonable belief that revenue outstrips interest. To contrast that, some of these states have unsustainable debt levels – and only survive because they're a part of a bigger whole – the U.S. – and have an extra safety net.
What about Consumer Debt?
Most of America's debt is Federal – but consumer debt accounts for a non-trivial portion as well. Here's a chart that shows the change in U.S. Household debt since 2003.
Student, Auto, and Home Owner loans have all increased substantially – with the cost of student loans raising over 500%. Almost every category of consumer debt has increased.
While our country has gotten richer, and the standard of living has increased, we also have more people living in large amounts of debt.
Things To Consider
These charts are startling. Debt is a powerful tool … but comes with risk as well. The question is, are we as a country and individuals managing the risk appropriately?
It's hard to look at these charts and say that there isn't an issue. The hope is that the government stimulus packages will make a difference – but Band-Aids won't fix the root of the problem and can even lull people into a false sense of security.
Last week, Microsoft won a contract to provide the U.S. army augmented reality ("AR") headsets. It's worth up to $21.9 billion over 10 years, and they'll be providing over 120,000 AR headsets. Porn has been the leader in VR/AR innovation, but it's unsurprising that war is also being used to drive innovation. Human nature is human nature.
Virtual reality (VR) and augmented reality have been around for a long time, but there's been a massive boom in innovation and interest over the last 3-5 years. Not only are the technologies becoming more affordable, but the animation is becoming more realistic, headsets are becoming more portable and longer-lasting, and our physical and virtual realities are beginning to blend.
We're moving towards a world where technology envelops every aspect of our lives … figuratively and literally. It's funny because I felt the same way in the late 90s as cell phones and the internet proliferated. It feels quaint in comparison to the ubiquity of technology today. Even our toasters are smart now.
The following (still fictional) video is thought-provoking. What happens when these new technologies are used to influence behavior, decision-making, and even your identity?
Like many things, these technologies make possible awesome new capabilities (if used well) and horrific consequences (if abused or used in authoritarian ways).
Your doctor or nutritionist could help you make better choices for yourself. Your therapist or coach could help you perceive and respond differently to the challenges life presents you. Marketers could better influence your purchases. Employers could better monitor and measure your performance and productivity. And governments will not be far behind … doing what they do. It all toes the line between beneficial and creepy.
Because of where we are in the adoption curve, it is becoming more common to discuss bioethics and AI ethics. Likewise, as we accelerate into an age of exponential technologies and mindsets, be prepared for increasing scrutiny of the promise versus the peril of various new technologies and capabilities.
We live in interesting times, and only getting more interesting as it goes!
Have you noticed that it's easier for most people to identify and solve someone else's problem than it is to do the same for themselves?
Humans are emotional creatures. As a result, our decision-making often suffers from fear, greed, and discretionary mistakes.
As an entrepreneur, I strive to be objective about the decisions I make. Towards that goal, using key performance indicators, getting different perspectives from trusted advisors, and relying on tried-and-true decision frameworks all help.
Combining all three creates a form of "mindfulness" that comes from dispassionately observing from a perspective of all perspectives.
That almost indifferent and objective approach is also where exponential technologies like AI excel. They amplify intelligence by helping make better decisions, take smarter actions, and continually improve performance.
I shot a video about mindfulness and the future of A.I.
Artificial intelligence is cool. The truth, however, is that AI is still relatively limited. Individual techniques (or algorithms) are good at "something". The challenge is that they only focus on what they need to come up with their answer, without considering a different perspective. While it is good at what it is good at, it isn't necessarily good at empathetically understanding that a different technique, which comes up with a different answer, might be "right" as well.
The future of AI likely will be based on swarm intelligence, where many specialist components communicate, coordinate, and collaborate to view a situation more objectively, better evaluate the possibilities, and determine the best outcome in a dynamic and adaptable way that adds a layer of objectivity and nuance to decision making.
One of the lessons I teach to our younger employees is that an answer is not THE answer. It's intellectually lazy to think you're done simply because you come up with a solution. There are often many different ways to solve a problem, and the goal is to figure out the one that comes up with the best results.
Even if you find THE answer, it is likely only THE answer temporarily. So, it is really just a step in the right direction that buys you time to learn, improve and re-evaluate.
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