You don't know it all

You don't know it all | Ecency

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Today, while talking to one of my neighbors, I shared my frustration about not having a cinema in our area. I used to spend a lot of money on transportation just to watch movies that I was interested in. During our conversation, a guy informed me that there has actually been a cinema running in our area for over two years. Despite passing by that building every day, I had no idea about it. Knowing this earlier would have saved me both time and money, and I could have watched several other movies during that time.

The same thing happens in every other aspect of life, we might be staying with something valuable, and we might not know about it, and we might be overspending or misusing our time just because we don't have pieces of information that could change our life. information is compelling, and what we need to change our lives might be a simple statement, but because we don't know it, we don't know it, which also happens in finance.

Don't always make your decision on what you know alone

Realizing that there are gaps in our knowledge is crucial. It can change our perspective, especially when it comes to finance. Often, we base our decisions on what we know and take risks without considering what we don't know. For instance, if we love a project and invest in it, we assume that everyone else involved will make the same decisions as us. However, this may not be the case. Other people's decisions can impact the outcome of our own decisions. For example, if someone within the project is selling while we are buying, the project may end up being worthless Living you with nothing.

It's important to recognize that we can only truly understand our own thoughts and feelings about something. Other people may have different perspectives and emotions towards the same thing. What we don't know is actually more significant than what we do know because our knowledge can be managed and controlled, while the unknown can be unpredictable and even frightening. This is why it's crucial to gather as much information as possible when making investments and to proceed with caution.

Unknown is powerful seek it

Sometimes, what is injuring us from progress is lack of information, simply because we don't know it and we don't seek it. Most people make wrong financial decisions due to their lack of information, simply because they think the one at their disposal is enough. They don't care about the things they don't know. This is the main reason why people don't diversify their portfolio, just because they believe that the information at their disposal is enough, which also makes them lose so many opportunities in the market because they don't seek. They don't want to know that even when the opportunity is presented to them, they are reluctantly not trying to take that risk because of the uncertainty within the project.

You can't also know it all, don't risk it all

In life, it's crucial to keep in mind that there's always more that we don't know than what we do. This is why caution is key when investing or pursuing any endeavor. Just because something has a low likelihood of occurring doesn't mean it can't happen. Since we can't be certain, it's always best to minimize risk. For instance, even if you've been driving for 40 years without an accident, it doesn't mean you should overspeed. There are other factors that can contribute to an accident on the road, which have nothing to do with your driving ability. This serves as a perfect example of how we should approach everything in life.

You might indeed be a good spender based on the information you have at hand, and it looks like that to you because you believe you are spending right because of the information at your disposal. But the truth is if you have access to other information, you will realize there are better ways to do things. We must not be fixed on the things we know alone because those things we don't know sometimes are more important than those we know. That is why we must keep learning and keep trying different things out.