I'll start this weeks newsletter with a question. Does social media cause more harm than good?
Social media is a great way to connect with people; friends, family, colleagues and the ilk. We can look back on past photos and laugh at the silly outfits or poses we once thought were cool. During the lockdown, social media has probably been the best way to keep updated about what's going on in the lives of the people close to us. Daily zoom calls with our network isn't practical given our busy lives.
On the other hand, we're all too aware of the negatives that social media brings. Strangers are generally nastier online when hiding behind a username. Things like online bullying, online stalking or privacy concerns and use of our data are also some of the drawbacks of social media use. We also know that social media companies collectively spend hundreds of millions of dollars each year on psychologists and other advisers, to ensure that their apps are as addictive as possible — raising all kinds of ethical questions.
Despite this, the benefits of social media are undeniable. But I'm not so convinced that in aggregate, the benefits of social media outweigh the drawbacks. Although, I do think that with careful management, we can tip the odds ever so slightly in our favour, where the potential benefits do outweigh the drawbacks. But we should always keep in mind that not all social media platforms are created equal. We shouldn't aim to keep a presence on all social media platforms, as their drawbacks far outweigh their benefits (I'm looking at you Facebook).
What do you all think? What are your experiences of social media? And do you think the benefits can outweigh the negatives? Reply to this email and let me know your thoughts.
Have an awesome week ahead,
The Psychology of Money
I have finished reading Morgan's book with the same title earlier in the week, but thought I should also give his famous blogpost a read. One thing the blogpost and the book have convinced me is that money should be studied in Psychology classes and not Finance.
Diddy & His Mentor Ray Dalio | Inside a Meeting
There is more to Sean Combs (aka Diddy) than music. Sean also runs a successful business empire, and is estimated to be worth almost a billion dollars by Forbes. Ray Dalio is a very successful billionaire hedge fund manager, who mentors Diddy. In the video, they explore the role of radical open mindedness, building an effective team, and the importance of using the 5-step process for success that Ray outlined in his book.
Psychologists Explain How To Stop Overthinking Everything
Given the circumstances we find ourselves in, looking after our mental wellbeing is more important now, than it's ever been. Becoming aware of when we're overthinking can help put our minds at ease.
"Overthinking is destructive and mentally draining. It can make you feel like you’re stuck in one place, and if you don’t act, it can greatly impact on your day-to-day life. It can quickly put your health and total well-being at risk. Rumination makes you more susceptible to depression and anxiety."
Tweet of the Week
This Week's Wisdom
"Most of what happens in life is entirely out of your control, and while blind self-belief might disguise that fact for a while, it will eventually prove an anaemic opponent to brute reality."
— In the book Happy, by Darren Brown
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