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by James Robert Lay on February 2, 2021
Brief Summary of Episode #64
Are you stuck in traditional thinking?
A lot of financial brands are, but that's all going to change in 2021. Either you'll embrace new possibilities or…you can guess the alternative.
Lately, I've been exploring the philosophies of traditional thinking versus first principles thinking.
Traditional thinking starts with limitations. Its motto is: We can't do this.
First principles thinking starts with possibilities. Its motto is: Run hard after what's going well.
Some people call these “scarcity thinking” and “abundance thinking.”
We have to choose one philosophy or the other because the mind can only hold one thought at a time.
In 2021, abundance thinking is going to be more important than ever. By focusing on what's going well (gratitude), you can train your mind to move in that direction.
We were hustling to airports and conferences in 2019. But when that was taken away in 2020, we replaced it with a healthy sense of gratitude for the things we have.
In 2021, we'll need to keep that sense of gratitude as our North Star.
Recently, I talked about gratitude with Sam Kilmer, senior director at Cornerstone Advisors, where he leads the fintech advisory practice working with industry providers, fintechs, and investors.
Key Insights and Takeaways
- The key element for success in 2021
- Roadblocks that could trip up financial institutions going forward
- The philosophy of first principles thinking versus traditional thinking