Invest in Process | Investor's Guide to Joy — Chapter 3
Chapter 3 of 6

Invest in Process

Optimizing for income or impact, and why it matters which one you choose.

The Investor's Guide to Joy book cover
Chapter: 3 of 6
Read time: 7 minutes
Theme: Process over outcome, income vs. impact
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The life you have is created by the questions you are willing to ask yourself. — Matt King

Everyone wants the result. Almost no one wants the process. But the process is where everything actually happens.

Two principles govern both life and money. Understanding them will change how you invest in yourself and everything else. The Law of Linearity is about cause and effect. Input leads to output. In investing, it looks like a straightforward formula: invest money, expect returns. While this approach works in certain situations, it can lead to a rigid, predictable life that lacks joy and spontaneity.

The Law of Liberty is about freedom and flow. It is about being present in the moment, embracing uncertainty, and allowing life to unfold naturally. In investing, this means being open to unexpected opportunities and understanding that not all returns are financial. Some are measured in personal growth and joy.

The key to a joyful investing journey is balancing these two laws. Use the structure and discipline of linearity to build a solid financial foundation. But do not let it limit you.

Are you optimizing for income or impact? This is the question that changed everything for me. For years, the answer was income. Every decision ran through a filter of: will this make me more money. And it worked. My income grew. My net worth grew. But my soul shrank.

When I shifted the filter to impact, something strange happened. The income did not go away. It actually increased. But it came attached to meaning. The deals I pursued mattered to me. The people I worked with energized me...

What readers are saying

"I'd never separated those two words before. Income and impact. Reading this made me realize I'd been optimizing for the wrong one for a decade."

— David

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Paul H. Graham Author of The Investor's Guide to Joy & founder of Taxes and Exits
© Paul H. Graham · The Investor's Guide to Joy
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