In the world of stock investing, we often hear about the importance of discipline—the ability to do what needs to be done at the right time, regardless of our emotions.
But what does discipline really mean in this context?
In his book Lessons for Living, psychiatrist Phil Stutz identifies three distinct forms of discipline:
Structured Discipline: This refers to how we manage our daily lives through rigorous planning. It includes things like creating a morning routine, completing essential tasks, or setting aside time to recharge.
Reactive Discipline: This type of discipline is about how we respond to unexpected events. Do we react impulsively when life throws us off balance? The goal is to adopt a measured response. For example, it could mean accepting that our financial forecasts aren’t always right or understanding that our colleagues may not share our perspective on important matters.
Growth Discipline: Finally, this discipline concerns personal development. What are we doing each day to improve? Whether it's learning new skills, overcoming fears, or committing to meaningful projects, the idea is to progress consistently, even if only in small steps, to become a better version of ourselves.
I invite you to take a moment to reflect on these three types of discipline and choose a simple action you can take today to progress on your personal and professional journey.
Source: Phil Stutz. Lessons for Living, Random House, 2023.
Image Credit: Depositphotos by Michel Villa.
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