Growing New Skin

Don’t be afraid to give up the good to go for the great

Hello 👋 and welcome to another issue of this newsletter. To the new subscribers, it’s nice to have you here.

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Oftentimes, to transform yourself from who you are to be who you want to be, you have to abandon who you are. You shed off your current habits that you want to change. You grow new skin.

Some actions are good, others are great. If you find yourself doing good and there is an option to do better, do better. Unfortunately, it is harder done than said.

Most people consider the time and energy spent makes it harder to change direction to a better option. “It is good enough,” they say. The resources spent on this path looks wasted when they change direction. The truth is, if you weren’t on this path already, you most likely wouldn’t have seen a better option.

Read more about Sunk cost.

In most cases, you are at point A and your goal is to go to point B. On your way to point B, you realised that point B isn’t actually your goal. Point C looks more like it, so you pivot and move towards C. Halfway through, you discover that C is good but D is better, so you change and move towards D. And perhaps you find out that your goal isn’t even worth it then you change course again.

While we humans, like water, take the path of least resistance, this path tends to lead us to mediocrity.

“Don’t be afraid to give up the good to go for the great”-  by John D. Rockefeller.

For a while, I have thought through my investment strategy, and it has long needed changes. A few months ago, I looked through the impact taxes had on my dividends and found that growth stocks (capital gains) were more tax-advantageous for me. I haven’t made any significant changes to my portfolio to reflect that.

A few days ago, I was discussing with a friend of mine who wanted to liquidate his crypto holding to further his education. And this brought me back to thoughts that have been brewing in my head for a long time.

The thought: Since I don’t currently have a visible career path, instead of maximising passive income from investments, why not pursue investing in myself.

Optimising for passive income without a solid active income isn’t the optimization you’d want. You’d leave a lot of money on the table.

Stop trying to avoid the work.

While there is some nuance here, you are good to go if you literally don’t have to do anything. But if you still have to give yourself headaches, why not scrap it all and focus on the one with the highest ROI.

DECISION: Liquidate my holdings, still thinking whether all or partial and invest in myself. I intend to go neck deep into web3, cryptocurrency white papers while sharpening my writing and storytelling skills.

I have to admit that deciding to liquidate wasn’t easy, but then, I have to learn to ignore sunk costs and remember not to be afraid of giving up the good for the great. To be who I want to be, I have to abandon who I am to be who I want to be.

This last tweet is it for me.

“The greatest wealth comes from investment in yourself and your career, not personal finance.” And her job is selling funds so that you can imagine. Read up the thread.

Finally, I hope that you, my esteem reader make the decision going forward to invest in yourself and stop being afraid of giving up the good for the great.

That wraps it up for this week. See you next Sunday.