Justin Wright

Weekly Recap - Skin in the Game

published4 months ago
3 min read

Happy Monday!

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This week we are talking about commitment, getting rid of that safety net, and putting your best foot forward!

As a brief disclaimer: any links for items, books, etc. that are available for purchase are done through an affiliate program. This means that I get paid a small pittance of money for everything you buy using my links. I don't recommend things I haven't read/used, so using these links helps me out and gets you great products!

Skin in the Game

There is a reason that many people fail to accomplish what they set out to do. It isn't necessarily that the goal isn't clear enough, that they haven't laid out a plan for achieving it, that they haven't thought about the new habits required to get there. No, oftentimes it's simply a matter of not fully committing themselves.

It's easy to say you want something. The world is full of wants, of envy, of people desiring to achieve and attain things they don't currently have. It's more difficult to take these wants and define them in terms of goals; to lay out a timeline and a framework for progressing along the path to achievement. Many get stuck at this step, especially with regard to New Year's resolutions.

Harder still is implementing habits, taking the steps required to accomplish those goals and creating meaningful life changes. Habits, as we've discussed in the past, are the daily drivers that create tangible progress. If your goal is to write a book, you'd better be writing something every day.

So how does the person who has defined their goals and successfully implemented habits still fall short? The tough reality is because they don't care enough. They don't commit, they don't put enough skin in the game, they give themselves a backup plan. Backup plans are a temptress, a siren song drawing you towards failure. "Well if this doesn't work out," you think to yourself, "I'll just go with Plan B."

The only way to achieve what you want is to throw out Plan B. There are no other plans, there is no safety net, the only way out is through. It is said that when Hernán Cortés conquered Mexico, he burned the ships his men arrived on before overtaking the Aztec empire. The message was simple: there is no backup plan. We will conquer or we will die.

If you want to achieve your goals, be willing to commit. Committing fully is scary, because it means that if you fail then there is nothing to fall back on. The catch is that you cannot succeed until you get rid of your safety net. Putting your skin in the game makes what you're working towards important, important enough for you to actually achieve it. The next time you set a goal, ask yourself if you want it enough to burn your boats. If not, don't waste your time.

Hit List

The most interesting things I've read, heard, or encountered this week:

For more of the above: Skin in the Game by Nassim Nicholas Taleb

Taleb makes his triumphant return to the newsletter with the first book of his I ever read. This book tackles exactly what it means to commit fully, and why this step is necessary for success. He also argues that we should be wary of advice or guidance from people who don't have skin in the game.

What else I'm reading: Life Rules Worth Breaking by Sahil Bloom on Twitter

I was introduced to Sahil's posts because he went to college with a friend and business acquaintance of mine. He regularly posts some tremendous threads, and I really enjoyed a lot of his points in this one. Sometimes breaking one of life's unwritten rules can help you fully commit to your goals!

What I'm listening to: The room where it happens

Sahil has created an incredible community of entrepreneurs, and has a great podcast dissecting a number of related topics. If you like his Twitter threads, consider giving the podcast a listen as well!

Enhance your writing: Quillbot

I was introduced to this tool by a friend, and I wish I found it sooner. Quillbot is a website that helps paraphrase and condense any piece of writing. Just plug in your long paragraph full of run-on sentences, and Quillbot will spit out cleaner copy automatically.

For anyone needing to file taxes on crypto: ZenLedger

If you traded any cryptocurrencies or NFT's in the past year, you will need to file taxes on any gains. It can be a frustrating and complicated process, and it's easy to overpay and give too much dough to Uncle Sam. ZenLedger integrates with your crypto wallet and quickly creates reports that you can send to your accountant or upload on your own. It saved me a lot of headaches. (NOTE: I am not sponsored or affiliated with ZenLedger in any way, I just think it's a kickass product).

That will do it for this week! Please let me know what you liked, didn't like, and what you want to see more of. Do you want it to be longer, shorter? Do you want specific topics covered more? Less? Have a wonderful week, and remember to please forward this to your friends -- helping get the word out and get more eyes on this newsletter is hugely helpful and greatly appreciated!

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