Why We Need To Fail More

Much of the research that I read and write about is geared towards achieving more success.

We work on time management and productivity so that we can accomplish more. We study investing and personal finance so that we can be more successful with our money.

There is a major focus on success in our culture and not much attention paid to failure.

But maybe that’s wrong.

Maybe we should be failing more.

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The Productivity Benefits of Letting Your Mind Wander

When I started making a concerted effort to be more productive, I knew I had to make better use of my time.

One of the early steps in this process was adding podcasts and audio books to my day. Previously, while walking to the subway or around the neighborhood, I would have just let my mind wander. I replaced this lost time with extra learning.

The extra knowledge helped. I felt more productive on my walks. But I started feeling more overwhelmed with the work I had on my plate the rest of the time. It felt like I was actually getting less done.

According to the research, I probably was.

I had lost the benefits of letting my mind wander.

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How to Succeed in the Modern Economy

Neil Irwin of the New York Times published a very interesting article on rising income inequality in America earlier this week.

The article was published by the Upshot, a team of wonks over at the Times who write nerdy, in depth, data driven policy articles. My favorite type of article.

The article took a nuanced look at the evolution of corporate culture and the rise of income inequality. It is worth a read in its own right.

But today I want to pull out just one piece of that story. A part of the story that struck me because it is a drum that I keep beating.

We are living and working in a fundamentally different economy than our parents.

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Don’t Bank on the Mortgage Interest Deduction

Every conversation that I have had discussing the benefits of buying versus renting has eventually turned to the Mortgage Interest Deduction.

(What? Doesn’t everyone have those conversations? Just me?)

If you itemize deductions on your tax return, the Mortgage Interest Deduction allows you to deduct the interest that you pay on your mortgage from your income. This ultimately lowers your taxes and, in turn, your cost of home ownership.

This perk is often mentioned to me as a key reason for buying a home rather than renting.

There are a number of reasons why I disagree with this approach, but today I want to explore one in particular.

The Mortgage Interest Deduction could be gone soon.

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