匹克球（Pickleball）小心得

这段视频对匹克球（Pickleball）的一些基本规则讲解得十分清楚，强烈推荐观看。新手实战一次，有不懂的地方再回来看一遍。

匹克球的球拍英文称为 paddle，而羽毛球和网球的球拍则叫 racquet。尽管在匹克球中误称其为 racquet 也不影响交流，就像羽毛球的球正式名称是 shuttlecock 或 birdie 或 bird，但很多人直接称之为 ball，依然能被理解。

匹克球的兴起，与羽毛球的室内场地密切相关。羽毛球的双打场地最大，长 44 英尺，宽 20 英尺，因此匹克球沿用了相同的尺寸（44' x 20'）。不过，匹克球的单打和双打使用相同的场地大小，而羽毛球的双打场地比单打场地略宽。

匹克球的球分室内球和室外球。室外球 40 孔，孔小。室内球 26 孔左右，孔大。无论是 paddle 还是 ball，最好买 USAPA（美国匹克球协会）获批过的，产品列表请点击这里去查询。

在上述视频中，详细介绍了发球方的规则。那么接发球方是否有固定规则呢？答案是否定的，规则并未强制要求接发球员站在底线外。然而，在实际比赛中，接发球员通常站在底线外或底线附近，主要是为了遵守双弹跳规则（Two-Bounce Rule）并更好地应对深发球。如视频所述，接发球员的队友 应站在场地中间，尽快前移至非截击区（厨房区），占据有利位置，为进攻做准备。而发球队伍的非发球球员则应尽量站在靠近底线的位置，以应对球在己方场地的第一次弹跳（双弹跳规则）。从选手的发球站位往往能看出他们是否熟悉匹克球的基本战术。

匹克球和羽毛球的发球方式相似，均为对角发球，无论是否触网，球都必须落入对角的发球区。不过，匹克球的发球区始终固定，而羽毛球的发球区规则有所不同——单打时发球区深且窄，双打时发球区浅但更宽。

对于匹克球和羽毛球的发球规则：如果发球落在对角发球区的边线（包括两侧边线和后端线），则发球有效。只要球的任何部分触及界线，均视为界内。但若球落在靠近球网的非截击区线（匹克球）或短发球线（羽毛球），则视为界外。知道这个规则的业余选手不多，索性以重新发球来应对。

匹克球的得分规则：只有发球方才能得分。而羽毛球则采用每球得分制（Rally Scoring），即无论谁赢得该回合，均可得分。

在匹克球双打中，每当一方获得发球权，总是从右侧发球区（Right Box）开始发球。而在匹克球单打和羽毛球中，发球方的站位则取决于得分的奇偶性（奇数左侧，偶数右侧）。匹克球双打中，每位发球员都拥有一次发球权。

尽管上述视频已经详细讲解了匹克球双打的得分规则，但从评论来看，许多观众仍然觉得这个规太复杂。正如前文所述，当发球权转移给另一支队伍时，新队伍的第一名发球员必须从右侧发球区（Right Box）开始发球。每次得分后，发球员与队友交换位置，使发球员轮流从左右发球区发球。如果发球失误：

• 若第一名发球员失误，发球权转给队友（第二名发球员）。
• 若第二名发球员失误，发球权转移至对方队伍，对方从右侧发球区重新开始发球。

如视频所述，计分从 0-0-2 开始。即，开局时的首发球方仅有一次发球权，以抵消先发的优势。

知道了这样的发球和站位，理解匹克球双打的得分和计分就十分容易了。

正因匹克球的计分方式不同，其比赛总分通常为 11 分制，而羽毛球则采用 21 分制。

匹克球的核心技术其实是“丁克”（Dink）。在微信视频的高级匹克球比赛中，可以看到长时间的 Dinking Rally。那么，什么是“丁克”？它是一种短球战术，通常是在非截击区（厨房区） 附近打出软击球，目的是减缓比赛节奏、迫使对手犯错，并创造进攻机会。在众多丁克战术中，对角丁克（Cross-court Dink） 是最常见的，因为它能让球路更长，增加对手回球的难度。

此外，匹克球的第三拍（Third Shot）至关重要。理想情况下，这一球应该落入对方的厨房区，然后迅速上网，占据有利位置。

理解匹克球的规则并不难，看看几个视频、打上几场实战，不懂就请教老手，很快就能掌握。但真正的挑战在于提升球技。业余选手主要依靠实战积累经验，而专业选手则需要有针对性的训练，精进技术和战术。

在健身房、社区中心等公共场地打球时，首先要仔细阅读场地规则，确保遵守规定。其次，这类场地的搭档通常是随机匹配的，水平参差不齐，大家彼此不熟悉，因此需要注意基本礼仪和安全：

• 如果其他场地的球滚进了本场地，应暂停比赛，把球安全地传回去，避免踩到球导致受伤。
• 如果自己的球误入他人场地，不要贸然冲进去，而是先喊一声提醒对方，让他们把球传回来。
• 对于水平较低的队友或对手，要保持耐心和尊重，友好交流，而不是急躁或轻视。
  

在公共场地打球，除了提高球技，良好的球品和礼仪同样重要，这不仅能让自己打得更开心，也能为整个球场营造更好的氛围。

没有了 Microsoft 365 subscription 怎么办？

Subscription（订阅服务）对公司来说无疑是一门赚钱的好生意，是一种极具吸引力的商业模式，能源源不断地捞进经常性收入。对公司有利，对客户就不利。曾几何时，花一百元——促销的时候只要半价——买一套 Microsoft Office 就能用好多年；而现在，一年订阅费就要百元有余。Adobe 因为订阅难以取消的丑闻，不仅让股票大跌、公司声誉扫地，还引来了联邦贸易委员会的调查。实际上，大部分人也就偶尔用用 Photoshop 而已。在如今图形处理软件泛滥的时代，对于非专业用户来说，Photoshop 的许多普通功能完全可以用其他开源或者免费软件替代。为了套住用户，Adobe 就在订阅取消上耍流氓。

扯远了。进入 Subscription 时代后，我一直用孩子在以前学校的账户来使用 Office，现在 Microsoft 对继续使用旧账户发出了警告：

订阅截止日是 2025 年 3 月 8 日。如今孩子上大学了，继续用他们大学的账户，我就可以看到他们的 OneDrive 内容的权限，他们有点不乐意，我也觉得他们的理由充分。

没有了 subscription，我怎么继续使用 Microsoft Office？上面的警告提供了三个选项。第三个选项是 Use the free apps at Microsoft365.com，意思是免费使用网络版的 Microsoft 365。真的吗？我登录进去，打开 Word，看了一下界面，网络版与下载版基本一样，Word 的 Dictate 功能运行起来十分顺畅，毫无延迟。对我来说，网络版足够使用了，这点让我倒是挺满意的。

注：Microsoft 365 subscription 如以前卖 Office 套装一样，也经常做 50% 的促销。

res-downloader 是一个好工具

GitHub 上的 res-downloader 是一个好工具，能下载微信视频号、微信小程序、抖音、快手、小红书、直播流、m3u8、酷狗、QQ音乐等地方的常见网络资源下载。这些网络资源包括图片、视频、音频等。点击这里去它的 GitHub 页面。

因为 res-downloader，我想起来多年前我用来嗅探视频流链接的一个工具 URL Snooper，它的最新版还停留在 May 5, 2017，看来已经停止开发很久了。也是，有各种各样的浏览器插件可以完成这些任务，使用 URL Snooper 已经没有必要了。世界在变化，内需变化不大，外在形式和实现的方式发生了变化而已。

巴菲特 2024 年度信

2025 年 2 月 22 日（周六），沃伦·巴菲特（Warren Buffett）发布了伯克希尔·哈撒韦公司（BERKSHIRE HATHAWAY INC.） 2024 财年的股东信。过去十余年，我每年都会认真阅读他的年度信件，今年也不例外。

在这封信中，巴菲特与股东分享了公司的成功与失误。他直言自己在投资和人才聘用上曾犯下错误，并强调企业在面对问题时必须及时纠正。他还批评了一些公司不敢承认错误的企业文化。但是，他坚信这样的表扬和批评的管理理念——“Praise by name,criticize by category”（表扬要点名道姓，批评则要笼统）。正因如此，他在信中特别表扬了 Pete Liegl，并将此作为对他的纪念。Pete 曾凭借简单的握手交易，将 Forest River 休闲房车公司卖给伯克希尔，并成功将其发展为市值数十亿美元的企业。此外，他还特别提及 Todd Combs 出任 GEICO CEO 几年以来的卓越贡献，推动了公司经营的显著改善。

巴菲特已年届九旬，他在信中透露，格雷格·阿贝尔将接任伯克希尔的 CEO，确保公司的稳定传承。

尽管伯克希尔旗下 53% 的子公司业绩有所下滑，但受益于国债收益率上升及保险业务（特别是 GEICO）的强劲表现，公司 2024 年营业利润达到 474 亿美元。巴菲特重申，公司始终注重长期投资，不会被短期股价波动左右。

他坦言，60 年前买入伯克希尔本是个错误，因当时公司的纺织业务已注定失败——这一点他过去提到过很多次。然而，伯克希尔最终逆势成长，成为今日的商业巨擘。在这 60 年间，公司仅派发过一次股息，而是将利润持续再投资，既全资持有众多企业，也长期持有苹果、可口可乐等大型公司股票，始终坚信美国企业和资本主义的长期价值——这一点也几乎年年老调重弹。

巴菲特认为，美国经济的繁荣基于储蓄、明智的资本配置以及坚韧不拔的精神。

截至目前，伯克希尔持有高达 3342 亿美元的现金储备，并在 2024 年缴纳 268 亿美元企业税，占全美企业税收的 5%。巴菲特感谢政府为经济稳定所做的努力，并表示希望未来伯克希尔能缴纳更多税款，前提是这些资金能被合理、高效地使用。

财产保险业务的特性决定了保费收入通常在前，而真正的成本可能几十年后才显现，因此风险难以预测。伯克希尔长期利用这笔 “浮存金” 进行投资，并保持严格的风控策略。随着汽车保有量增长及极端气候频发，保险需求持续上升，公司在这一领域的竞争优势愈加稳固。

此外，伯克希尔将进一步加码对五家日本商贸公司的投资，目前投资增值接近 100 亿美元，增值幅度70%，采取日元平衡策略（即从日本借款投资日本公司）是成功的，预计 2025 年将获得约 8.12 亿美元股息收入，而利息成本约 1.35 亿美元。

My Fundamental Way of Understanding Reality

We Actually Live in a Four Dimensional Space

Today I want to share with you a fundamental way of understanding the world: seeing time as the 4th dimension of our reality. When you read today's title, “We actually live in a four dimensional space,” you might think I'm just trying to grab attention. After all, we clearly live in a three-dimensional world. Some sci-fi fans might imagine that there's an unseen dimension allowing aliens to appear instantly in our world from the 4th dimension, but that's just baseless speculation. However, if we change our perspective and consider time as a dimensional space, then our world is actually four dimensional, also known as space-time. This is a scientific concept first proposed by Albert Einstein in physics. Space-time has an entire theoretical framework, including how to calculate distances while factoring in time. But that's not my main focus today; what I really want to talk about is the impact of time.

My inspiration comes from a message left by a reader named Lemon. She wrote six years ago: "A longtime friend of mine asked to borrow money. She said she really needed it and, since we had a great relationship, I didn't think twice. I sent her the money without even asking for an IOU. But later, her husband came to me and asked, 'How much money did you borrow from us?' I was completely stunned—his wife was the one who borrowed money from me. It turned out she had been investing in stocks with millions involved, and I couldn't understand why she would do something like that. Was this really the same friend I had known for years? Two years ago, she paid me back completely, even though I never asked for it, showing that she still valued our friendship. But in the end, I lost a good friend. I wanted to reconnect with her, but she always seemed distant, which in a way was good for me. There was an irreversible crack in our relationship, something that could never be undone, and I had no choice but to move on. So, should we avoid lending money to close friends to prevent losing them? What do you think, Mr. Wu?"

How time transforms space

Before answering her question, let me share two stories about my friends.

First story: Chasing a dream from the past.

My friend Xiao Mei wasn't a top student in high school and didn't get into a prestigious university; however, she worked hard and eventually became successful in her career. Yet she always had a deep admiration for elite schools. Some prestigious universities, particularly those that are business minded, take advantage of people like her—Stanford University being one of them. Stanford offers two programs tailored for this kind of audience: one is a special short term MBA program lasting only two months but costing as much as a full year MBA program; the other is the visiting scholar program. While most visiting scholars at Stanford are there for academic research, a small number gain entry by making significant financial donations. A university official once told me about this, explaining that donating the equivalent of free postdoctoral research grants could secure someone a visiting scholar position complete with an office desk and an official ID. My friend was eager to attend Stanford's Business School or become a visiting scholar. I asked her, "At this stage in your life, with your career already established, why chase this status?" She insisted that it wasn't just about prestige; it was about fulfilling a long lost dream. In the end, she chose to be a visiting scholar. At first, she proudly posted photos of her ID and office on social media, but over time even she began to resent this behavior. While she continued to tell people she had been a visiting scholar at Stanford, privately she admitted that the experience didn't match the intellectual romance she had envisioned. She couldn't quite explain why. I told her, "The 40-year-old you and the 20-year-old you are two completely different people. The same campus experienced 20 years apart is an entirely different place. What you didn't get at 20 won't feel the same at 40, even if you were treated as a 20-year-old again."

Second story: A relationship that couldn't be recreated.

My friend Xiao Chang had a college girlfriend who was considered the campus beauty. They had a good relationship, but she was the dominant one in the dynamic. After graduation, as they started working, they spent less time together; with many suitors at her workplace, their relationship naturally faded. Xiao Chang, understanding the situation, let go without drama and focused on his career. He later went abroad for his PhD. Ten years later, after earning his doctorate, Xiao Chang landed a job at a multinational company and was sent back to China to expand their business; he became the second highest executive in the country. Meanwhile, his ex-girlfriend had married and divorced, ending up single again. When she heard about Xiao Chang's success, she reached out to see if he could help her find a job. Xiao Chang happily agreed—not just out of kindness, but because he still had feelings for her. To avoid workplace conflicts, he helped her secure a job at another company. They got back together, and everything seemed perfect at first, but within a year they broke up. Friends speculated that now being wealthy and powerful, Xiao Chang must have abandoned her for someone else. At first he tried to explain, but eventually he stopped bothering. In private, however, he confided in me, "She's not the same person I once knew." I told him, "That's true, but you're not the same person either. At 20 you loved the 20-year-old version of her, but if today were your first time meeting her at 30, you probably wouldn't fall for her. You're clinging to a past that no longer exists."

The power of time

Over a century ago, Einstein pondered a philosophical question: What are the fundamental conditions for existence? His conclusion was space and time. If either ceases to exist, the world itself would lose meaning—essentially, it would not exist. Since space and time are inseparable, changes in time naturally alter space. Imagine a ruler fixed at one end while the other end rotates; even though its length remains unchanged, its position shifts over time. Human relationships work the same way. Some things once missed can never be recovered. If you were once a struggling student with barely enough money for tuition and a thief stole your last bit of cash, preventing you from completing your studies, no amount of money later in life could fix that. In the first story, my friend missed the experience of studying alongside talented young peers at ages 18 to 22; no degree could ever bring back that youthful camaraderie. When the time for something has passed, it's best to let go. In the second story, people change. Two friends drift apart and stop communicating for a long time; even if they reconnect, they may find themselves strangers, as time has transformed them. Einstein's space-time equation shows that time influences space more than space influences time. If we apply this to society, we see that in a rapidly changing world, time's effects are even stronger, and we live in an era of rapid change.

Seizing the present to avoid regret

Understanding this reality means keeping three things in mind.

First, do things at the right time: study when you're in school, love when it's time to love, and settle down when the time is right. Delaying these milestones can make them feel unnatural later.

Second, let go of nostalgic memories: if past experiences conflict with your present, prioritize the present—you are no longer who you used to be.

Third, don't overthink the future; the future rarely turns out exactly as imagined as long as you avoid making decisions that will harm your future. Don't stress over uncertainties, and most importantly, never forget that time is the 4th dimension of our world.

That is my fundamental way of understanding reality.

Why Most People Can't Achieve Financial Freedom

Yesterday, we discussed how businesses generate free cash flow, which primarily depends on two factors: high profit margins in their core business and the ability to generate profits without continuous reinvestment. To achieve this, a company needs to do two things well: choose the right industry and build a strong competitive advantage. The same logic applies to individuals. Before we dive into how people can achieve financial freedom, let's examine three real-life examples that highlight why most people struggle to attain it—three types of people who can't achieve financial freedom.

Case 1: The Startup Dreamer

This first case is a common scenario among many professionals. Let's imagine a character—a technical expert or a skilled salesperson—who sees people around him making a fortune when their companies go public. So, he joins a promising startup and receives a generous amount of stock options. As the company raises multiple rounds of funding, its valuation soars and his paper wealth increases. However, statistics show that only 2–3% of venture-backed startups go public or get acquired at a high price, and less than 5% of those public companies experience significant stock price growth. More often than not, the startup quietly shuts down after a few funding rounds or lingers in a stagnant state, and as a result, his stock options become worthless. Even in cases where a startup gets acquired by a larger company, early employees typically receive limited financial returns—perhaps the equivalent of one or two years’ salary, considering that he likely accepted a pay cut to join the startup. His total earnings may only match what he would have made in a stable corporate job. At this point, he faces two choices: stay with the acquiring company and settle into a corporate career (which leads to our second case) or jump into another startup and try his luck again. In places like Silicon Valley, many opt for the latter, repeating the cycle of rising and falling wealth.

Case 2: The High-Earning Corporate Executive

The second case is based on numerous interviews, reports, and personal observations. The protagonist comes from a modest background but excels academically, earning a degree from a top university before landing a job in a major city. After a decade of hard work, he rises to a senior executive position in a large corporation, earning a $1,000,000 salary. He has finally made it—this is the ultimate dream for many ambitious students and young professionals: climbing the corporate ladder to financial success. However, with his new status comes frequent business travel, luxury vacations, and five-star hotels to maintain his professional image. He entertains clients regularly, indulging in lavish dining and networking events. Then one day, he gets laid off or the company shuts down. When he checks his savings, he's shocked to find very little. His largest asset is real estate, which is difficult to sell, and he doesn't want to sell it because that would jeopardize his future lifestyle. His second-largest asset is company stock options, which have lost all value due to the company's downturn. Luxury goods, such as designer clothing and jewelry, are practically worthless in resale. When his mortgage payment comes due, he realizes that his house and car are liabilities, not assets. If his children attend private school, he may struggle to pay tuition. Even if he wants to cut back on spending, it's nearly impossible because many of his expenses were investments in maintaining his income level; if he stops, he risks losing future earning opportunities.

Case 3: The Business Owner Trapped in His Own Success

The third case features a successful business owner who is intelligent, hardworking, and deeply committed to his company, which he built from the ground up. He knows every aspect of his business but struggles to trust his employees, leading to a management style that relies more on personal oversight than structured processes. As his company grows, he gets busier with daily operations and doesn't have the time to study macroeconomic trends. His business is part of a competitive industry—there's always demand—but he can only charge low prices because any price increase would drive customers to competitors. Over time, his company fails to develop brand influence or meaningful innovation. Although he appears to earn substantial daily profits, his company has high operating costs. If he stops working, the income stops while the expenses continue. Since his business success is tied to his personal efforts, he can't easily pass it down to his children or employees. He's like a dancer trapped in red shoes—constantly moving but unable to stop. Although he seems financially stable, he has little true free cash flow. Many business owners fall into this trap, spending heavily on maintaining industry connections and status, and assuming that reinvesting money into their business will always yield higher profits. However, when economic conditions shift, profits can turn into losses and cash flow dries up overnight.

Why Do These People Struggle?

These three cases reflect common misconceptions about financial freedom:

• Confusing paper wealth with real wealth. Money professionals mistake stock options and paper gains for true financial security, but without liquidity, these assets can become worthless.
• Failing to account for the impact of reinvestment on cash flow. High-income earners and business owners often spend heavily to sustain their income, not recognizing how reinvestment eats into their free cash flow.
• Mistaking luck for a reliable income source. People often overestimate the stability of their income, assuming past earnings will continue indefinitely.

The Experience Trap and Survival Strategies

We've all heard the story of the farmer who found a rabbit trapped in a tree stump and assumed he could rely on it as a steady food source. From an outside perspective, it was pure luck, but if he catches another rabbit the next day and again the day after, he might start believing it's guaranteed. As philosopher Francis Bacon warned, "Beware the bondage of your own thoughts." Many people, especially high earners, base their future plans on past experiences that may not hold true for salaried employees. Wages might seem like reliable cash flow, with promotions promising even higher income, but this assumption is based on limited experience. It doesn't account for company failures or economic downturns. In agricultural societies, people knew to expect seven good years followed by seven bad years; in modern economies, recessions occur roughly every eight to ten years. The key to long-term financial success is surviving each downturn and taking advantage of the opportunities that follow. History shows that every so-called golden era of an industry ends with only a few survivors—those who adapt and persist. The same applies to individuals. For example, investment banking professionals face a major financial crisis roughly every 7–8 years. About half of them get wiped out, but those who survive two cycles usually achieve financial freedom.

Key Takeaways

Most people misunderstand personal free cash flow. Common pitfalls include:

• Treating paper wealth as real wealth.
• Failing to account for the impact of reinvestment on cash flow.
• Assuming past luck or income stability will continue indefinitely.

Now, here's a question for you: Have you ever mistaken past income for good fortune as a reliable long-term source of financial security? Share your thoughts in the comments.

Why Is It So Hard for the Poor to Get Rich?

Six Fundamental Problems That Keep People in Poverty

I. Introduction: The Challenge of Building Wealth

Poor people rarely get rich overnight, while middle‐class individuals might fall into poverty suddenly. Sometimes, people spend their whole lives without becoming wealthy, yet second-generation rich individuals can quickly revert to ordinary—or even poorer—statuses in just a few years. I mention this not to discourage rapid wealth accumulation but to emphasize that no matter how much wealth you acquire, the most important thing is to hold onto it. Improving financial literacy is crucial because the most terrifying situation is not having a low starting point but being locked at the bottom. Often, those who remain at the bottom are the ones who lock themselves in.

Many years ago, I debated with some young colleagues at Google on this issue. They attributed widespread poverty to society, but I argued that blaming everything on society is a lazy approach that never solves the problem. I reminded them that even the poorest among us had milk and bread to eat as children, a bathroom in their house, various electrical appliances, and even a car. Their so-called poverty was not about having nothing; it was simply about not being able to afford better food, a separate room for each child, or to upgrade a decade-old car. Twenty years ago in the United States, the poverty line for a family of four was an annual income of less than $20,000—which at that time could buy 2,000 pounds of eggs per month. When I was a child, my family’s annual income could only buy 100 pounds of eggs, and we had to send money to support my grandparents. My American colleagues were surprised by this, and I added that in just over 20 years, my income had surpassed the poverty line many times over—while many American families have remained below it for generations. Today, I want to share with you the six fundamental problems that lead to poverty.

II. Six Fundamental Problems That Lead to Poverty

1. Overextending Generosity

Many people, even before they become wealthy, begin to give away large amounts of money to subsidize their family and friends. Some might argue that generosity is a virtue. However, consider the airline safety instruction: in the event of an oxygen mask emergency, you are told to put on your own mask before helping others. The same principle applies to wealth building. Solve your own financial problems first and avoid becoming a burden on society; only then should you help others. Today, many emphasize filial piety, friendship, and saving face—even before securing their own career and financial independence—by giving large sums to family and friends. Every penny is hard earned, especially for those from poor backgrounds. Diverting your limited wealth reduces the funds available for exponential growth, turning potential exponential gains into mere linear growth—or even stagnation. This pitfall affects not only money but also career development.

2. Rushing into Uninformed Investments

People with limited funds often rush to invest—especially in industries they don’t understand. This issue is common among American college graduates and some middle-class individuals in China. When a person’s savings amount to only four to five times their annual income, the difference between choosing a good or bad investment option may not significantly impact their life. Yet, some become overly obsessed with investments—not just stocks and finance, but also buying second properties. This not only consumes their limited funds but also their time and energy, causing them to lose focus on developing their careers. In short, someone who chases too many investment opportunities may not have time to concentrate on career advancement.

3. Premature Consumption and Consumerism

The mindset of consumerism, particularly premature consumption, is a major enemy of wealth building. For instance, many young people in the US—whether earning under $50,000, around $100,000, or even $200,000—often live paycheck to paycheck. Those earning $200,000 rarely accumulate wealth. About ten years ago, I observed a similar phenomenon among young people in China. Several small business owners with an annual income of over 1,000,000 yuan would spend lavishly on luxury study trips and stays in five-star hotels, even though they could have used that money to study in Paris for an entire year. Such consumption patterns quickly cap their wealth accumulation.

4. Over-Engagement in Ineffective Socializing

Some business owners spend excessive money on luxury hotels and extravagant social events simply because everyone in their business school circle does the same. I told them that people who unthinkingly spend on luxury items to fit into a particular circle are not truly advancing. Over-engagement in ineffective socializing often means neglecting the time and energy needed to hone money-making skills. Inefficient networking and social activities can detract from focusing on career development.

5. Investing Too Much Time in Low-Value Learning

Some individuals invest excessive time in earning irrelevant certifications or degrees that have little value beyond professional qualifications. Many such certifications lack credibility and fail to persuade employers. While some believe that a higher degree will secure a better job, the key is whether you actually learn something useful that can be applied in your work. Additionally, spending too much time on hobbies—like coffee brewing, baking, or flower arranging—without any plan to turn them into a business can divert your focus from your primary goal of wealth creation. While hobbies are valuable, excessive focus on them can be detrimental to building wealth.

6. Casual Entrepreneurship in Unfamiliar Fields

Starting a business in an unfamiliar industry can be much harder than expected. Many restaurants close or change owners quickly because people assume opening a restaurant is easy. One restaurant owner told me that their seasoning inventory alone includes hundreds of varieties and requires frequent restocking. If you do not understand the field, jumping in is likely to lead to losses, wasting both time and money. With current trends in artificial intelligence, many people who have never written a line of AI code are rushing to start AI businesses—much like someone who has sampled a few Cantonese dishes trying to open a Cantonese restaurant. Although there are other issues, such as choosing the wrong romantic partner, these six problems are the most critical.

III. Conclusion: Focus on Fewer Mistakes

In summary, as Warren Buffett says, it is more important to make fewer mistakes than to seize every opportunity. To build wealth, you must:

• Secure and retain your wealth by managing your money wisely.
• Focus on career development and avoid distractions that divert your limited resources.
• Overcome a mindset that prioritizes immediate gratification over long-term wealth building.

Only by addressing these six fundamental problems can individuals break free from the cycle of poverty and achieve lasting financial freedom.