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The Author believes an idea meritocracy is the best decision-making system because it requires honesty and leads to continual improvement.
He explained it by dividing his principles into Life Principles and Work Principles. The life principles apply to individual success, and the work principles guide group success.
Raymond Thomas Dalio (born August 8, 1949) is an American billionaire hedge fund manager and philanthropist who has served as co-chief investment officer of Bridgewater Associates since 1985. He founded Bridgewater in 1975 in New York. Within ten years, it was infused with a US$5 million investment from the World Bank's retirement fund.
The Author shares his life journey in the book and based on the lessons he learned from life he divided the principles into two categories such as Life Principles and Work Principles.
The Author has struggled in life and went through many failures before he reach massive success, from those failures he learned the concept that there are principles to everything. His major failure was in 1982, when he bet everything he had on a depression in stocks and the market never come back and he lost everything he had and from this failure it gave him the humility he needed to balance his aggressiveness and shift mind set from thinking "I'm right" to asking "how do I know I'm right?"
He believes, everything on the Universe, the planet, the earth, the occurrence of an events, the 24 hours in a days that we have, our mind and body how it operates are all is based on some specific principles and if we learn those principles, then we can achieve great success in life.
The 5-Step Principles for Getting What You Want in Life
- Set clear goals.
- Identify problems and don’t tolerate them.
- Diagnose your problems to find root causes.
- Design solutions to get around problems.
- Do the tasks required to completion.
1.Set clear goals.
The first step is to set a clear goal in mind what you really want.
For Example like you want an income of say of a specific amount every month or year after 20 years or 30 years from now.
Divide it into small goals in order to reach the greatest goal in life.
2. Diagnose your problems to find root causes
The second step would be what things you need to do to archive those goals?
What are the obstacle’s you may face to achieve those goals?
Analyse the root cause for those obstacles?
Just like a doctor or an IT professional, when they find the problem in hand they try to diagnose the root cause of it that is creating the problem.
3. Design solutions to get around problems.
When diagnosing your problems and the root cause is analysed or identify, think for the solutions to overcome those problem areas. Analyse the your weakness and where you or somebody is lacking.
4. Fix your mistakes:
Design and implement the solution to the problem and the road towards your goal will be started with one small goal at a time.
5. Do the tasks required to completion.
You have to push through to results, and if you keep doing that over and over again, you will inevitably succeed,
These 5 steps form a loop. Once you complete one turn of the loop, then you’ll look at your results and go through the process again, setting new, higher goals.
The author says "You do it over and over again because you have determination — you will inevitably succeed."
People may usually give up when they find any obstacles or when find it difficult, then identify what your weakest steps are. Then get better at them, or find someone who can help you compensate for them, so that you can accomplish the small goals.
The Author while implementing the above steps asked to look into the points before making any decisions.