Ray Dalio is worth $22 billion.
He uses this 5-step system to make decisions.
You can learn and implement these lessons:
He uses this 5-step system to make decisions.
You can learn and implement these lessons:
@RayDalio is the founder of the world's largest hedge fund firm Bridgwater Associates.
It manages $154 billion in assets under management.
He has been using this 5-step system for 47 years.
Here is a summary of each step:
It manages $154 billion in assets under management.
He has been using this 5-step system for 47 years.
Here is a summary of each step:
1. Have clear goals
Prioritize you can’t have everything you want.
Don’t confuse goals with desires.
Decide what you really want in life by reconciling your goals and your desires.
Never rule out a goal because you think it’s unattainable.
Prioritize you can’t have everything you want.
Don’t confuse goals with desires.
Decide what you really want in life by reconciling your goals and your desires.
Never rule out a goal because you think it’s unattainable.
Remember that great expectations create great capabilities.
Almost nothing can stop you from succeeding if you have flexibility and self-accountability.
Knowing how to deal well with your setbacks is as important as knowing how to move forward.
Almost nothing can stop you from succeeding if you have flexibility and self-accountability.
Knowing how to deal well with your setbacks is as important as knowing how to move forward.
2. Identify and don’t tolerate problems
View painful problems as potential improvements that are screaming at you.
Don’t avoid confronting problems because they are rooted in harsh realities that are unpleasant to look at.
Be specific in identifying your problems.
View painful problems as potential improvements that are screaming at you.
Don’t avoid confronting problems because they are rooted in harsh realities that are unpleasant to look at.
Be specific in identifying your problems.
Don’t mistake a cause of a problem with the real problem.
Distinguish big problems from small ones.
Once you identify a problem, don’t tolerate it.
Distinguish big problems from small ones.
Once you identify a problem, don’t tolerate it.
3. Diagnose problems to get at their root causes
Focus on the “what is” before deciding “what to do about it”.
Distinguish proximate causes from root causes.
Recognize that knowing what someone (including you) is like will tell you what you can expect from them.
Focus on the “what is” before deciding “what to do about it”.
Distinguish proximate causes from root causes.
Recognize that knowing what someone (including you) is like will tell you what you can expect from them.
4. Design a plan
Think about your problem as a set of outcomes produced by a machine.
Remember that there are typically many paths to achieving your goals.
Think of your plan as being like a movie script in that you visualize who will do what through time.
Think about your problem as a set of outcomes produced by a machine.
Remember that there are typically many paths to achieving your goals.
Think of your plan as being like a movie script in that you visualize who will do what through time.
Write down your plan for everyone to see and to measure your progress against.
Recognize that it doesn’t take a lot of time to design a good plan.
Recognize that it doesn’t take a lot of time to design a good plan.
5. Put these plans into action
Great planners who don’t execute their plans go nowhere.
Good work habits are vastly underrated.
Establish clear metrics to make certain that you are following your plan.
Great planners who don’t execute their plans go nowhere.
Good work habits are vastly underrated.
Establish clear metrics to make certain that you are following your plan.
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