If you experience something extraordinary, such as e.g. a great success in your business, a wedding, birth, a beautiful vacation), it makes you happy at that moment....
But it doesn't stop there, does it?
Every time you think back on it or tell someone about it, you keep feeling a little joy.
That extra joy afterwards = the "reminder dividend". It is the ongoing "payout" that you get, after experiencing something meaningful.
But how do you earn these valuable payoffs from impactful events and successes?
>> By investing in experiences that you will remember thousands of times in the future as a priceless memory.
A great book to read or give as a gift during the Holidays 😊.
He came up with the brilliant concept of "memory dividends."
How to make the most of life and build a "memory dividend."
Framework reminder dividend
In 3 steps:
Step 1:
Grab pen and paper (or open a blank document on your screen).
Write down at least 20 experiences you want to experience in your life (e.g. places you want to travel to, skills you want to learn, ways you want to give something back to your loved ones and society, personal growth goals, as well as e.g. marriage, pregnancy desire, and your ambitions/business growth, etc.).
Think of the things you would really regret if you didn't do them at least once.
Step 2:
Next to each of those 20 things, write at what age you will probably no longer be able to do each of those things.
For example, I really want to ski/snowboard in Japan. (This is one of many travel examples from my list. ⛷️) But I think by the time I'm 70 I don't want to take the physical risk of double black skiing.
Step 3:
This is the most important part. Decide exactly when (in future years) you are going to set these priorities. Literally write down the month and year in which you plan to do it.
Most people put off planning under the assumption that they can "always do it next year."
But there comes a year when you can't....
Maybe you want to take a vacation with your aging parents? At some point, they will no longer be comfortable taking a long flight or walking long distances.
Maybe you want to travel around New Zealand for 3 months at a time? At some point, you may have too many responsibilities at home to take that much time off.
And if you do it sooner, you will benefit for years to come. I read an article where this was called building "identity capital." Here it was described as, "In your 20s, do three fascinating things that your dinner companions will want to ask you about for the rest of your life."
I have accumulated a lot of identity experiences. In my twenties, my thirties and now as a forty-something, I collect experiences. Experiences that enrich me, give me satisfaction and from which I learn and develop a lot.
During a round trip in New Zealand, we met two fellow travelers. And one of them told me the one-liner that has always stayed with me:
'Poor in the wallet, rich in the heart'
And I did modify that one-liner in the meantime 😉 to 'Rich in the wallet and rich in the heart'.
Literally create and realize more value in your life, both in impact, revenue and satisfaction.
That to me is wealth, prosperity and provides you with the freedom to live and do business on my terms.
Memory dividends are not just about the experiences themselves. The impact goes beyond that.
Consider the importance of:
1). The people you share them with. Don't get me wrong, I'm a big fan of solo travel (did a lot during my single time). But when you share an experience with someone close to you, you both get a higher memory dividend every time you think back on it together.
2). Right timing. Invest in your life in making new experiences and memories (to earn the highest dividends). As in investing in yourself, your business and in assets (your financial future). The effect of stacking value over time = the compound effect.
"Yes, you'll need money to survive during retirement, but the most important thing you retire on is your memories - so make sure you invest enough in those." -Bill Perkins
Living and doing business on your terms and spending your time on those things that matter.
Rich in the wallet and rich in the heart
ChatGPT: How can you improve your output?
I get a lot of questions about the quality of ChatGPT's output.
How can I improve the quality of my ChatGPT output?
Garbage in - Garbage out - in other words, it starts with entering the right data and asking the right questions (prompts) in ChatGPT.
Step 1: Clearly define the task
Tell it exactly what you want. If you're looking for information about quantum physics, don't say, "Hey, tell me about that little stuff." Instead, ask, "Can you explain the principles of quantum physics?"
Step 2: Set the context
GPT is a robot and cannot read minds. You need to fill in the backstory. When you ask a follow-up question, make sure the context is clear. Instead of just asking, "What about Schrödinger's cat?", ask, "What does Schrödinger's cat experiment show in the context of quantum superposition?"
Step 3: Define the output
If you want an essay, say so. If you want bullet points, say so. But make sure you're clear about the format. "Can you explain quantum physics in five bullet points?" is much better than "Give me some info."
Step 4: Be specific
If you want GPT to write like Shakespeare, say so. If you want a satirical view, say so. Remember, it's to meet your needs, so let it be known what they are.
Some high quality prompts compared to low quality prompts:
Example:
Prompt of high quality:
"Give me a five-point plan for starting a small business, including challenges I may face and strategies to overcome them."
Prompt of low quality:
"How do you start a business?"
The former tells GPT to create a clear plan, while the latter prompt barely gives anything to go on.
GPT is a "tool," not a mind reader. You have to make an effort to get useful information. The more precise and detailed your input, the better your output will be.
"We must be willing to let go of the life we planned so as to have the life that is waiting for us." Joseph Campbell
One life, live it.
I wish you another beautiful week.
Dutch