Ep. 29 - Don't wait

“Good things come to those who wait.”

This is terrible advice and a terrible mantra to live by. Good things don’t come to those who wait. Good things come to those who pursue, who reiterate, and who take risks.

Humans try to control and time everything in life. Our career, our business launch, or our entrance into investing. But one thing that has become abundantly clear is ‘timing’ these major life events and decisions is near impossible. The logic behind this is two-fold; first, waiting for the right time creates more time to think, which inevitably leads to all the ways 'it' could go wrong, and two, inspiration is fleeting - when we feel inspired we should rush towards that feeling, not run away from it.

Paralysis by Analysis

I used to be (and still am sometimes) guilty of this. I could think my way out of any idea. It was almost a skill. I could come up with countless reasons as to why ‘X’ would fail. The result? I never tried anything. I never took risks, and thus was never completely fulfilled professionally and financially.

Risk is a fundamental human trait. It makes us feel alive, and it provides unteachable lessons for oneself. Understanding your risk tolerance and pushing your comfort zone to expand will benefit you in ways unimaginable.

Now, there is another side to this equation. People might argue that thinking (or, over thinking) is a sound quality because it creates risk aversion. So, there are times that it will save you money, and times that it may save you from being hurt (physically and emotionally). I understand this, and there’s a difference between a hedged and calculated risk, and a 100x leveraged position in a Shitcoin. However, both serve similar purposes. Both allow you to feel the excitement and nerves that comes along with risk-taking and ‘not waiting’. The only way you learn your risk tolerance is by taking risks, both small and substantial.

Risk is inevitable for progress. Embrace it, and enjoy the ride.

Opportunity Cost

The other piece to the puzzle, and detriments of waiting is the opportunity cost that comes along with it. Think about this easy example - if you missed the 10 best performing days in the stock market since the 2008 economic crash, then you missed out on 50% of the total stock market gains from 2008 to 2020. That is a clear example of opportunity cost, and one which shows the power of waiting, or second guessing yourself. The opportunity cost on your financial and emotional well-being can be substantial.

The longer you wait to pursue that investment, or that project, the larger the opportunity cost becomes.

Don’t wait, just do

Life is short, just do the things you want to do. It’s actually quite simple. We usually trend towards over complicating situations and over analyzing all our options. This over complication and analysis of options will lead to inaction. Don't be paralyzed by 'timing' or risk-taking. The worst-case scenario usually isn't that bad anyways. We need to stop waiting, and just do.