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Ego Lab - How To Create Lasting Change by Compounding Habits - Ep. 6

How To Create Lasting Change by Compounding Habits - Ep. 6

08/21/22 • 25 min

Ego Lab

How to take all the king's rice

Why 80% of your effort is probably a complete waste

How the one percent rule can make you into a productivity machine

How pillows, grease, and brakes took a sports team from worst to first

How to know if you are too spread out or focused

Why consistency is underrated

Find free worksheets, blog posts, and insightful book recommendations at EgoLab.us

(0:00) Intro

(1:05) The magic of the compounding principle

(3:05) How the 1% rule can make you 37x better in just one year

(4:35) How the British Cycling Team went from laughing stock to dominant winners

(8:25) Why Success leads to more Success

(9:19) The power of anchoring habits

(9:50) The vital role that consistency plays in growth

(12:39) Using the snowball effect to achieve your goals

(15:40) Leveraging the Pareto Principle for monstrous growth

(17:00) Understanding biases to improve your life

(17:57) The sunk cost fallacy and relationships

(19:50) The greatest predictors of successful relationships

(20:33) The brilliance of Warren Buffet

(22:31) How to create better outcomes in a shorter time

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How to take all the king's rice

Why 80% of your effort is probably a complete waste

How the one percent rule can make you into a productivity machine

How pillows, grease, and brakes took a sports team from worst to first

How to know if you are too spread out or focused

Why consistency is underrated

Find free worksheets, blog posts, and insightful book recommendations at EgoLab.us

(0:00) Intro

(1:05) The magic of the compounding principle

(3:05) How the 1% rule can make you 37x better in just one year

(4:35) How the British Cycling Team went from laughing stock to dominant winners

(8:25) Why Success leads to more Success

(9:19) The power of anchoring habits

(9:50) The vital role that consistency plays in growth

(12:39) Using the snowball effect to achieve your goals

(15:40) Leveraging the Pareto Principle for monstrous growth

(17:00) Understanding biases to improve your life

(17:57) The sunk cost fallacy and relationships

(19:50) The greatest predictors of successful relationships

(20:33) The brilliance of Warren Buffet

(22:31) How to create better outcomes in a shorter time

Previous Episode

undefined - Why Wanting Less Makes You Wealthy - Society's Complex Relationship With Money - Ep. 5

Why Wanting Less Makes You Wealthy - Society's Complex Relationship With Money - Ep. 5

How To Live Like A Millionaire - And How To Do It Without Money

How much money do you need to be happy?

Why comparison is in our genetics

Why we care so much about money

Why lottery winners wind up miserable

Live your dream life for way less than you suspect

What the science says about happiness and money
Episode Summary:
Why does society view money as the ultimate status symbol, and how does this perception affect our overall happiness? This episode tackles these provocative questions and more as we dissect the complex relationship between wealth, happiness, and self-worth. We dig into the societal push for financial abundance and the consequent pressure to climb the socioeconomic ladder. But, are we losing sight of what truly matters in this race for riches?
We also deep dive into the concept of 'enough' - a state of contentment that stems from gratitude, not from amassing wealth. It's not about the money itself, but the options that money can provide. What if the pursuit of happiness is not about acquiring more, but about appreciating what we already have? We examine how our inherent qualities – positive or negative – can be amplified by wealth and the influence of our surroundings on our life choices and values.
In the quest for success, we may risk it all only to find ourselves in a destructive downward spiral. So, how do we redefine success and wealth? It's time to question conventional definitions and focus on discovering our true values. We wrap up the episode with a thought-provoking discussion on the influence our surroundings exert in shaping our lives and the role of wealth in this process. So, let's break free from societal norms and embark on a journey toward financial enlightenment and genuine happiness.

Timestamps
0:41 Why do people care so much about money?

5:49 Want to be wealthy? Ask yourself, “Why do you want it in the first place?”

8:16 What you really need to be happy in your life

10:27 How comparison robs you of your happiness

13:43 How one bad idea can change your life forever

16:45 Why lottery winners are miserable and what would you do if you had a million dollars?

19:20 The Billionaire party and having enough

21:32 The difference between money and wealth

26:27 How to live like a millionaire without a million dollars

30:10 Are people with more money actually happier? What the science says

33:26 How to think more creatively about making enough money

36:12 What will make you feel like a millionaire?

Next Episode

undefined - Decision Making - How do I know if I'm making the right choice? - Ep. 7

Decision Making - How do I know if I'm making the right choice? - Ep. 7

In this episode, Tony and Brian discuss:
Is free will an illusion?
How one small change in your mindset can reduce Anxiety and Worry
Why new decision making strategies can have a major impact on your life
The superpower of letting go
Are negative experiences the most important?
The impact of indecision and how to move past it
Why biases are limiting you
How to stop spending time on things you don't care about
What to do if I regret my career choice?
Timestamps

(1:05) Do we have free will?

(4:31) Neuroplasticity and our brains are like a computer. There is hardware - our genetics, and software - the experiences we load onto it.

(7:14) Can you get over anxiety?

(9:00) Do you use worry as a tool?

(10:20) How to identify what decisions are worth paying attention to

(12:42) The story of the farmer taking life in stride

(14:47) What is the right decision?

(17:10) How do I make big decisions feel more manageable?

(18:27) How do I know my decisions are good ones?

(20:23) Are some decisions more important than others?

(22:50) How do I manage opportunities and the number of decisions I have to make?

(27:11) How do biases impact my decisions?

Show notes ep 7 decisions

We didn’t pick our parents, we didn’t pick our life experiences, so there’s an element of chance in all aspects of your life. There is a lot of biases and beliefs that come preloaded on us because of nature and nurture.

Our brains are like computers. We have hardware that makes us who we are. Our tendencies to act and feel certain ways. Then we have the software, which is our learned experiences. Software is all of the parts of our lives that shape how the hardware operates.

Neuroplasticity is like walking in a forest. Just like when we walk through a forest and have to make new paths, our brains do the same with learning. The more we walk down certain paths the more defined they become.

Changing our thought process from “I have anxiety” to “there is anxiety present” makes the feeling something impermanent. It allows us to move past that feeling of anxiousness instead of believing it’s a part of everything we do.

If you’re not careful you might be using worry as a tool. Worry allows us to feel a false sense of control over one’s future. Think about it like trying to worry about all the outcomes that could potentially happen, so you won’t be surprised.

You can use simple strategies to help you identify what you want to be putting your attention on. Exercises that help us identify what we can and can’t control can be very helpful. Click here for the worksheet that can help you with that.

We tend to see things in the moment as “good” and “bad”. But when we look back on our experiences it’s often the case that a “good” experience didn’t turn out like we hoped and sometimes our “bad” experiences are the most important instructors.

Every choice comes with an opportunity cost. When we make a choice in the moment it comes with pros and cons. We’re going to gain and lose from every decision but it’s important to make a decision and live with the consequences.

When you begin down a new path, try to begin with small steps. It’s much easier to climb a 100-foot ladder when the steps are one foot apart than it is to climb a 100-foot ladder when the steps are 10 feet apart.

“The Secret to getting ahead is getting started. The secret of getting started is breaking your complex overwhelming tasks into small manageable tasks, and starting on the first one.” - Mark Twain

A lot of life is being open to new experiences. If you’re someone who believes that the world is black and white, you will miss out

Ego Lab - How To Create Lasting Change by Compounding Habits - Ep. 6

Transcript

00:00:04 Anthony Carl

If you're consistent in a lot of different things, you probably will make results, but it also is important if you're going to be making these large decisions with that consistency that you're going down the right pathway.

00:00:17 Brian Faust

I think one of the important parts of having success over a long period of time is almost finding failures, but only by showing up, and only by putting yourself out there having goals pursuing those, do you get

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