I was able to watch a condensed animated presentation of Bridgewater Associates Founder Raymond Thomas Dalio’s book, “Principles,” narrated by him. The visuals were refreshing and the content was engaging and excellent it got me thinking, “What lessons here can be applied to personal finance?”
Another topic he discussed is his belief that having truths as essential foundation yields good outcomes. This builds on the first idea above wherein we decide what is true or what matters for us. Now, we are dealing with the facts around us. In personal finance, this means knowing objective information about our financial situation. There is no use having to mask our actual financial situations as this will only put our financial plans in vain.
In my opinion, the most important point that he had discussed in the animated video is the formula that pain, when coupled with reflection, translates to progress. He has cited his near bankruptcy as the turning point not only of his career but of his life as well. There will be setbacks in our financial journeys such as excessive debt, gambling issues, loss of income or work, health-related concerns and others.
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