Weekly Recap: “This Time, It’s Different”

Notes from Chris

Episode 582

THEMES & TAKEAWAYS:

Sir John Templeton once said, "The most dangerous words in investing are 'this time it's different.'"

What he meant in that context was that investors tend to repeat common mistakes. They fail to see that the results will be the same even if a few minor circumstances have changed. That's why people continue to lose money when they bet on stocks without knowing what they are doing. This thinking is dangerous in more than just investing, because of our tendency to wrongly predict the future.

When you're facing a dilemma of "Do I wait it out, or do I do it now?" maybe ask yourself, "If I wait a year, what will really be different?" You may very well be able to identify something that is going to create a complete change in your circumstance or situation that makes it more feasible to start your new project, take that big trip, or whatever it is that you want to do.

Or you might find that there's not much that is going to magically happen to all of the sudden make your life different. If you want something to be different, you have to do something yourself to make that a reality.

There's another quote that I like by Andy Warhol: "They say time changes things, but mostly, you have to change them yourself."

Listen to today's Weekly Recap to learn more about why "this time it's different" is a dangerous phrase and why you should take action today, not next month, or even next week!

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WHERE ARE THEY NOW:

This is a new segment that we're trying out with the help of side hustlers that we've featured on the show in the past. Today, we have an update from Andrew Church from Ep. 33.

We featured Andrew way back in February of 2017 when he had just started making unique and functional items out of slate under the name Bison Hill Stonecraft.

Listen to the Weekly Recap to hear from Andrew and see what's happened since he was featured on the show last year!

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EPISODES FROM THIS WEEK:

Here's what we heard this week on Side Hustle School! Listen to this week's recap for a more comprehensive highlight reel.

• Ep. 576 - A communications manager and mother of two young children manufactures an innovative solution for a common shopping problem
• Ep. 577 - While waiting tables, a recent college grad discovers the world of “sneakerheads.” He then learns to buy and resell shoes, earning a six-figure income and quitting his job within a year
• Ep. 578 - This shipping executive’s foreign friends struggled to get their hands on the American goods he took for granted. His new business now delivers thousands of packages a month to countries like Liberia and Hungary
• Ep. 579 - After following his wife around Italy, an Irishman takes life by the handlebars—breaking the cycle of new jobs by learning how to drop-ship e-bikes
• Ep. 580 - When diet and fitness fads run their course, this Aussie builds a tribe of over 16,000 followers and a side hustle that brings in $10,000/month
• Ep. 581 - A project planner gets inspired by his son’s soccer game and then creates a rewarding business as a sports videographer

Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,