What is considered one of the best investments Tim Ferriss has ever made?

Tim Ferriss considers learning to meditate one of the best investments he has ever made. He initially struggled with his hyperactive mind but found that heart rate variability (HRV) training and reframing meditation as a tool for his unconscious mind significantly improved his ability to quiet his mind and enhance his productivity.

What does Debbie Millman consider her most defining professional experience?

Debbie Millman considers a severe takedown of her career on a graphic design blog in 2003 her most defining professional experience. Despite falling into a deep depression and considering leaving the field, this moment ultimately transformed into the foundation of her subsequent work and success.

What is Debbie Millman's most worthwhile investment?

Debbie Millman's most worthwhile investment has been psychotherapy, specifically psychoanalytic psychotherapy with an emphasis on self-psychology. She emphasizes that consistent, frequent sessions (twice a week or more) are more effective than once-a-week therapy for profound change and self-understanding.

What bad recommendation does Neil Strauss hear in his profession?

Neil Strauss often hears that individuals should look for work-life balance, especially in their 20s and 30s. He argues that if you view your work as a calling or a labor of love, you won't dread the hours; instead, you'll want to engage with it as often as possible.

What advice does Scott Belsky give to college students entering the 'real world'?

Scott Belsky advises college students not to hold out for the perfect job or title, nor to optimize solely for a slightly higher salary. Instead, focus on roles that incrementally bring you closer to your genuine interests and prioritize working with good people and a supportive boss, as these provide invaluable lessons.

What is a key piece of advice for aspiring professionals from Veronica Belmont?

Veronica Belmont advises aspiring professionals to start doing the thing they want to be doing before they get a job. For writers, this means starting a blog; for engineers, it means creating projects on GitHub. These proactive efforts demonstrate initiative and passion, serving as a more effective resume than just a degree.

What bad advice does Veronica Belmont hear in product management?

A common bad piece of advice in product management is to weigh all user feedback equally. Veronica Belmont suggests that not all feedback is created equal, and taking too much stock in every suggestion can dilute the product's original vision and make it feel less like your own creation.

Key Moments

Best Investments, Bad Advice to Avoid, and Other Life Lessons | The Tim Ferriss Show (Podcast)

Tim Ferriss

Howto & Style4 min read54 min video

Feb 25, 2018|13,988 views|171|13

tim ferriss 4 hour workweek 4 hour body 4 hour chef forbes timothy ferriss entrepreneur author writer best-seller public speaker angel investor

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Key Moments

TL;DR

Five experts share insights on investments, failures, and avoiding bad advice.

Key Insights

Accumulating too much information can hinder investment decisions due to confirmation bias.

Failures, though painful, are often crucial stepping stones to future success.

Therapy is a significant investment in self-understanding and personal growth.

Don't seek work-life balance; view work as a calling when pursuing a fulfilling career.

Outsiders and neophytes can transform industries by questioning established norms.

Focus on genuine interests and learning from people early in your career, not just salary.

THE DANGER OF EXCESSIVE INFORMATION IN INVESTING

Adam Robinson highlights that in finance, unlike many other fields, accumulating more information doesn't necessarily lead to better results. Studies show that as investors are given more data, their accuracy in predicting outcomes remains flat, while their confidence significantly increases. This overconfidence can lead to poor decision-making and greater losses. The complexity of the world means our models are often flawed, and confirming information reinforces our biases, making us blind to actual market trends.

FAILURES AS FOUNDATIONAL EXPERIENCES

Several guests shared how significant failures served as critical turning points. Debbie Millman described a harsh online critique of her career that sent her into depression but ultimately became the foundation for her subsequent work. Neil Strauss's rejection from journalism school, though initially a setback, was the catalyst for him becoming a journalist. Veronica Belmont's painful experience hosting a Game of Thrones premiere led her to a fulfilling career switch. These stories underscore that perceived failures can be the impetus for profound personal and professional growth.

THE VALUE OF PSYCHOTHERAPY AND SELF-UNDERSTANDING

Debbie Millman emphasizes that psychotherapy, despite its cost, is one of the most worthwhile investments one can make. It's essential for understanding destructive patterns and living a more remarkable life. Consistent, frequent sessions allow for deeper germination of insights than once-a-week therapy. Honesty with one's therapist is crucial, and understanding one's motivations and insecurities is key to integrating these feelings healthily and authentically, leading to greater happiness and peace.

REDEFINING WORK AND CAREER ASPIRATIONS

The concept of 'work-life balance' is challenged, with a preference for viewing work as a 'calling' – a labor of love that provides spiritual nourishment. Hard work, especially in one's 20s and 30s, is deemed necessary for a fulfilling career. For those passionate about their work, the desire isn't balance but to engage in that loved activity as often as possible. Scott Belsky advises students to focus on incremental progress towards genuine interests rather than optimizing for salary or title.

CHALLENGING INDUSTRY NORMS AND LISTENING TO NEEDS

Scott Belsky argues that industries are often transformed by outsiders or neophytes who question established assumptions, rather than by incumbent experts. He also cautions against blindly following customer feedback, noting that customers often articulate needs rather than specific wants. Behance's success stemmed from identifying users' struggles with online portfolios and attribution, despite their initial claims of not wanting another social network.

INVESTING TIME AND LEARNING FROM OTHERS

Neil Strauss stresses the immense value of time as a resource, urging people to be less casual with it than with money. His best investment was time spent as an unpaid intern at The Village Voice, which provided a crucial learning environment and mentorship. He advocates for being open to feedback, even if it stings, and trying new approaches before dismissing them, as the most breakthrough ideas might be those one initially resists.

THE POWER OF MEDITATION AND PRACTICAL SELF-MANAGEMENT

Adam Robinson found meditation, specifically through heart rate variability (HRV) training, to be a highly effective investment for managing his constantly racing mind. Reframing meditation as a tool to allow the unconscious mind to work, he learned to achieve a calm state on demand. This practice enhances creativity and productivity, proving that 'unproductive' time spent quieting the mind can yield significant returns.

INITIATIVE AND PROJECT-BASED EXPERIENCE

Veronica Belmont advises students entering the professional world to take initiative by working on projects related to their desired career. Creating a blog, a GitHub portfolio, or any tangible work demonstrates passion and expertise, serving as a more impactful 'resume' than traditional qualifications. This proactive approach is key to getting a foot in the door and proving one's capabilities.

THE MYTH OF OBJECTIVE OUTCOMES

Neil Strauss shares a parable illustrating that the outcome of an event is rarely definitive. What seems like a failure (a horse running away) can lead to unexpected positives (returning with more horses), and what seems like a success (a son being saved from war due to injury) has unforeseen downsides. This emphasizes the importance of not judging events as solely good or bad, but recognizing that life is a continuous flow where endings are not final.

THE SELECTION AND APPLICATION OF FEEDBACK

Veronica Belmont points out that not all feedback on a product or project is equal. It's crucial to critically evaluate user input and not take every suggestion to heart. Over-reliance on feedback can dilute the original vision and make the product feel less like one's own creation, highlighting the need for discernment in integrating external ideas.

Mentioned in This Episode

●Supplements

●Products

●Software & Apps

●Companies

●Organizations

●Books

●People Referenced

Life Lessons and Investment Advice

Practical takeaways from this episode

Do This

Invest time in learning to meditate for increased creativity and productivity.

Consider psychotherapy as a valuable investment in self-understanding and well-being.

Seek out roles that incrementally move you closer to your genuine interests.

Prioritize learning how to work with people, be managed, and manage expectations.

Be willing to work for free initially to gain experience and learn from experts.

Cultivate genuine interests and set yourself up for serendipitous collaborations.

Try ideas you disagree with to potentially unlock breakthroughs.

Create projects related to your desired career, even before getting a job.

Focus on the need, not just what customers say they want, in business.

Embrace being a neophyte to question industry assumptions.

Be yourself with your therapist and communicate your fears openly.

Seek out highly trained and educated therapists.

Drink the reishi elixir without sweeteners, even if it's bitter.

Avoid This

Don't rely on accumulating more information to improve investment results; it can lead to overconfidence.

Avoid trying to understand the world too deeply, as it leads to mistaken beliefs and lost opportunities.

Don't expect a quick fix from therapy; it requires dedication and resilience.

Don't seek work-life balance in your 20s and 30s if you love your work; instead, embrace the calling.

Don't be afraid of rejection; it might lead you to unexpected and better paths.

Avoid letting ego prevent you from accepting advice or trying new things.

Don't rely solely on customer feedback; discover their underlying needs.

Don't hold out for the perfect job or optimize solely for salary early in your career.

Avoid recommending therapy to friends of clients or vice versa, as it blurs boundaries.

Don't put honey or nut milk in your reishi elixir; drink it as is.

Common Questions

Accumulating excessive information in investing does not necessarily improve accuracy and can lead to a false sense of confidence. This overconfidence can cause investors to increase their bets, potentially leading to financial losses. It can also feed confirmation bias, making individuals ignore information that contradicts their initial beliefs.

Topics

Entrepreneurship Meditation Mindset & Self-Improvement Business & Entrepreneurship Product Management Decision Making Career Advice Personal Growth Investment Strategy Work Ethic Career & Skills

Mentioned in this video

Companies

Princeton Review

Adam Robinson was a co-founder of this test preparation company, known for its book 'Cracking the System: The SAT'.

Airbnb

Company that disrupted the hospitality industry, led by an outsider (Joe Gebbia).

Uber

Scott Belsky was an early investor and advisor in this company, which is cited as an example of industry disruption by outsiders.

MySpace

Mentioned as a platform that focus group participants in 2007 felt was sufficient for connecting with creative peers.

YouTube

Platform where Veronica Belmont hosted the season 6 premiere of Game of Thrones, leading to negative online comments.

Adobe

Acquired Behance in 2012.

Milk

A startup Veronica Belmont advised, acquired by Google.

Google

Acquired Milk, a startup Veronica Belmont advised.

Amazon

Acquired Goodreads, a startup Veronica Belmont advised.

GitHub

A platform recommended for aspiring engineers and programmers to showcase projects on their resume.

Four Sigmatic

Company that created mushroom coffee and reishi mushroom elixir. They offered a custom version without sweeteners for the podcast host.

Scott Belsky was an early investor and advisor in this company.

AOL

Acquired About.me, a startup Veronica Belmont advised.

Media

Print magazine

Magazine where Debbie Millman served as editorial and creative director.

The Tim Ferriss Show

Name of the podcast where this discussion is taking place.

Sword and Laser

Podcast hosted by Veronica Belmont.

Game of Thrones

TV show whose season 6 premiere Veronica Belmont hosted, leading to negative online comments that prompted a career change.

IRL

A podcast hosted by Veronica Belmont for Mozilla.

The Village Voice

Newspaper where Neil Strauss worked as an unpaid intern, which served as his 'journalism school'.

People

Scott Belsky

Entrepreneur, author, investor, and venture partner at Benchmark. Co-founder of Behance. Discussed industry transformation and customer feedback.

Veronica Belmont

Product manager, writer, producer, speaker, and host of the 'IRL' podcast. Discussed her experience hosting Game of Thrones premiere and career advice.

Paul Slovic

A psychologist who conducted a study in 1974 on the effect of information on decision-making, particularly in horse race handicapping.

Debbie Millman

Design influence, host of 'Design Matters' podcast, and president emeritus of AIGA. Discussed her career and favorite failure.

Neil Strauss

Eight-time New York Times bestselling author, known for books like 'The Game' and 'The Truth'. Discussed his career path and favorite failure.

Seth Godin

Friend of Debbie Millman who contributed to her understanding of the difference between happiness and pleasure.

Dan Kennedy

A marketer from whom Neil Strauss learned an exercise to calculate the value of one's time based on earnings and working hours.

ThrownCHICK CEO

Mentioned as a startup Veronica Belmont advised.

Josh Waitzkin

Friend of the podcast host who recommended heart rate variability (HRV) training for meditation.

Bobby Fischer

A chess grandmaster who mentored Adam Robinson in the 18 months leading up to his World Championship win.

Kevin Hart

Co-author with Neil Strauss of the New York Times bestseller 'I Can't Make This Up'.

Joe Gebbia

Co-founder of Airbnb, mentioned as an example of an outsider who disrupted the hospitality industry.

Daniel Kahneman

A Nobel laureate and peer of Paul Slovic, mentioned in the context of a study on how information affects decision-making.

Robert Greene

Author of 'Mastery', mentioned for his insights on being willing to work for free to gain experience.

Software & Apps

Whrrl

A startup Veronica Belmont advised, acquired by Tagged.

Heart Rate Variability (HRV) training

A biofeedback technique using breathing to smooth and widen heart rate amplitude, recommended for achieving calm and improving meditation.

Groove.me

Company where Veronica Belmont works as a product manager focused on employee recognition.

4-hour workweek.com

Website where listeners can sign up for Tim Ferriss's 'Five Bullet Friday' email newsletter.

botwiki.org

Community website that Veronica Belmont helps to administer, focused on bot creators and enthusiasts.

About.me

A startup Veronica Belmont advised, acquired by AOL.

Periscope

Scott Belsky was an early investor and advisor in this company.

Goodreads

A startup Veronica Belmont advised on product, communications, and marketing, which was later acquired by Amazon.

Rhapsody

Acquired Soundtracking, a startup Veronica Belmont advised.

Behance

A platform founded by Scott Belsky for creative professionals to display portfolios and find talent, later acquired by Adobe.

bombmakers.org

Community website that Veronica Belmont helps to administer, focused on bot creators and enthusiasts.

Soundtracking

A startup Veronica Belmont advised, acquired by Rhapsody.

Organizations

School of Visual Arts

Institution where Debbie Millman co-founded the world's first master's program in branding.

Benchmark

A venture capital firm where Scott Belsky serves as a venture partner.

AIGA

Professional organization for designers where Debbie Millman served as president emeritus.

Mozilla

Organization for which Veronica Belmont hosts the 'IRL' podcast.

Supplements

Stevia

A sweetener that the podcast host prefers to avoid in his reishi elixir.

Books

The Truth: An Uncomfortable Book About Relationships

Neil Strauss's book that explores sex addiction, non-monogamy, infidelity, and intimacy.

Mastery

Book by Robert Greene that discusses the importance of working for free to gain experience.

Cracking the System: The SAT

A test prep book co-founded by Adam Robinson, which became a New York Times bestseller.

I Can't Make This Up: Life Lessons

A New York Times bestseller co-authored by Kevin Hart and Neil Strauss.

The Game

A book by Neil Strauss about the world of pickup artists, for which he went undercover.

Products

Reishi Mushroom Elixir

A drink recommended for ending the day and improving sleep quality, with organic reishi extract, fuel mint extract, rosehips extract, and Tulsi extract.

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