“Advice is one thing that is freely given away, but make sure that you only take in that which is worth having.” Excerpt from The Richest Man in Babylon
Everyone has an opinion on something and most people want to share their opinions, no matter how much or how little knowledge they have on the subject. It is important to keep an open mind, to be respectful, and to listen to other’s ideas, opinions, and advice.
But before you accept their advice and start putting it into action, try to understand if the source from which you’re receiving the advice is credible to listen to. Do they have first-hand experience in what they’re recommending to you? Are they intimate with someone who does? How far removed are they from the successes or failures of those opinions?
Be sure to always think for yourself. Use your critical thinking skills and try to play out best-case and worst-case scenarios on your head. Try to analyze the risks versus the rewards, and the likelihood of either of those extremes (as well as the middle-ground). Play devil’s advocate and try to punch holes in their advice. Does it still hold up?
In the end, understand that you can spend all day analyzing and not take any action. We all know someone who can see the faults of every decision, but is too afraid to make a decision of their own. Don’t be one of those people. Take actions (especially when it comes with asymmetric risk), learn from your mistakes, and keep moving forward.