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Ready, Aim, Aim, Aim ...

I've recently noticed something in my life. Something that didn't used to be there, or at least as much. Something that seems to have grown exponentially since launching Fident. 

I've become more subject to Analysis Paralysis. 

After deciding to do the single most risky Thing in my life - launch a business - I've had a harder time making decisions and setting direction. This is fascinating to me. Logic would make me think that after deciding to do something really scary, and really hard, that I would have almost built up a higher tolerance against indecision. 

It doesn't seem to be the case. I'm sure there's psychological research in having more indecision after taking risk (anyone who knows of them, feel free to send the studies my way), but I want to share my process - because I don't believe I'm alone in the struggle. 

I've come up with a series of questions to ask myself (or I've stolen these from someone else, of whom I can't recall to give credit to):

What - precisely - am I deciding on?
What - precisely - is the best possible outcome? How likely is that?
What - precisely - is the worst possible outcome? How likely is that?

Unfortunately, these answers don't spit out a clean cut fortune cookie proverb, but they do nudge us forward. They provide guiderails of sorts. We're still not going to know the definitive answer, but having 80% confidence is usually enough. 

Which is the other realization I had - we're never going to be 100% confident. But getting anywhere north (or south) of 50% at least keeps us moving, and progressing from Ready, to Aim, to Fire.
Additional Resources

1. A Teachable Moment - When Filling Out FAFSA, the Waiting is the Hardest Part [Read time 3 minutes]
Goldmine of an article for any families with kids heading to college in the next year. October starts the race for financial and merit aid for higher education institutions through the filing of the Free Application for Federal Student Aid (FAFSA). According to this article, far too few families take the time to fill it out, assuming that because of income or assets they won't qualify for anything - and they leave potentially a lot of money on the line.

2. Living with Money Podcast - Jeremy Walter, Fident Financial (that's me!) [Listen time 52 minutes]
I had the privilege of hopping on the Living with Money podcast recently, and the episode was released this week. It was a fun conversation with Tim Mullooly, and we hit on a wide range of topics from my approach to financial planning, my personal understanding of what money is, benchmarks vs benchmarking, living in Today vs Tomorrow, and others. 

3. Calibrating Capital - Successful Success [Read time 3 minutes]
A friend summarized this after I posted better than I could: "Success on someone else's terms is failure." When you hear someone say someone else (or you!) are "successful," what do you think that means? How are we defining success? I think this looks entirely different for everyone, and too few of us spend meaningful time defining it for ourselves. Don't look at what others define success as - define it for yourself, and then design and measure your life accordingly.

Bonus: Carl Richards - How to deal with grumpy people [View time 10 minutes]
I've recently had a bout with some people who don't just disagree with me, but who were getting pretty ugly about it - in public and in private. I emailed my thoughts to Carl on how he deals with this, and he posted this video as a reply. There are nuggets of GOLD in this in how to process and respond to people who disagree with you, even when it's ugly. 

 
I exceeded my 250 word count in my original text, and I gave you 4 resources rather than 2 this week. But rather than spend an inordinate amount of time figuring out how to reduce even more, I'm pressing Fire. 

What are you aiming at? And what's preventing you from firing? Any tricks you want to share? If you give me a good one, I'll let you in on a crude, temporary hack currently staring me in the face on my monitor. 

Gratefully,
Jeremy
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Fident Financial, LLC (FFL) is a registered investment advisor offering services in the state of PA and in other jurisdictions where exempted.  Opinions expressed in this email are solely those of FFL, unless otherwise specifically cited.  Material presented is believed to be from reliable sources but no representations are made by FFL as to another parties' information accuracy or completeness.






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