From the course: The Secret to Better Decisions: Stop Hoarding Chips

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The costs of hoarding your chips

The costs of hoarding your chips

From the course: The Secret to Better Decisions: Stop Hoarding Chips

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The costs of hoarding your chips

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- One of the reasons for this, about the chips, about how we deal with the chips is volatility. It is easy to believe that anything that we put effort in to acquiring is going to continue to go up in value, but it might not. That dental degree that you slaved over because of the dream you had, 10 years later, it's feeling like a nightmare. It has gone down in value. It hasn't gone up. If you had the chance to buy it again today, you wouldn't. You would say, "No." We don't have to keep all of our chips, particularly if they're going down in value. If you are really, really good at stenography, and then somebody shows up with a piece of software that can turn speech into text, the fact that you worked to be really good at stenography, the value of being a stenographer has gone down and down and down and it's not going up again anytime soon. Volatility. The next idea is carrying costs back to this idea of the kayak…

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