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The War on Fossil Fuels

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“Solar and wind power aren’t reliable sources of energy, simply because there are nights, clouds and windless days.” Bjorn Lomborg

“The developed world’s response to the global energy crisis has put its hypocritical attitude toward fossil fuels on display,” writes Bjorn Lomborg. Wealthy countries continue to admonish developing ones to cut their fossil fuels consumption and increase their use renewable energy, he states.

Last month the Group of Seven went so far as to announce they would no longer fund fossil-fuel development abroad.

Meanwhile, in response to the current energy supply constraints, Europe and the U.S. are begging Arab nations, specifically Saudi Arabia, to expand crude oil production. Germany is reopening coal power plants, and Spain and Italy are spending big on African gas production.

Over the past century, the developed world became economically wealthy through the pervasive use fossil fuels, which still overwhelmingly powers most of their economies. Fossil fuels still provide three fourths of wealthy countries’ energy consumption, while solar and wind provide less than 3% combined.

The reality is that solar and wind power aren’t reliable sources of energy, simply because there are nights, clouds and windless days. And, improving battery storage won’t help much: There are currently enough battery storage in the world today only to power global average electricity consumption for 75 seconds. By 2040, the battery storage capacity would cover less than 11 minutes of average global consumption.

The assault on fossil fuels has shrunk U.S. refining capacity and the refinery shortage is driving up fuel prices. Basic economics should inform politicians that “prices rise when supply doesn’t meet demand”.

With oil and gas prices on the New York Mercantile Exchange are at five-year highs, you would expect that it would be in oil and natural-gas companies interest to ramp up production, given the current high prices,.

But, oil and gas companies expect that as soon as the current energy turmoil subsides, the Biden administration will shift back to hostile rhetoric, anti-energy legislative proposals, and oppositional regulatory policies.

By forcing up the price of fossil fuels, policymakers have put the proverbial cart in front of the horse. Instead of driving up fossil fuel prices higher, policymakers need to make green energy much cheaper and more effective.

Humanity has relied on innovation and technological breakthroughs to solve other big challenges. We didn’t solve air pollution by forcing everyone to stop driving but by inventing the catalytic converter that drastically lowers pollution.

References:

  1. https://www.wsj.com/amp/articles/the-rich-worlds-climate-hypocrisy-energy-fossil-fuel-wind-solar-panel-india-poverty-power-battery-storage-11655654331
  2. https://www.wsj.com/amp/articles/is-6-a-gallon-gasoline-next-gas-prices-refining-shortage-fossil-fuels-11654806637
  3. https://www.wsj.com/amp/articles/why-energy-companies-wont-produce-oil-natural-gas-biden-administration-fossil-fuel-inflation-prices-11654720932
  4. https://nypost.com/2022/06/19/fossil-fuel-price-spikes-are-causing-pain-but-little-climate-payoff/

Thoughts of the Day

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“Never give in. Never give in. Never, never, never, never – in nothing, great or small, large or petty – never give in, except to convictions of honor and good sense. Never yield to force. Never yield to the apparently overwhelming might of the enemy.” — Winston Churchill

“You will never reach your destination if you stop and throw stones at every dog that barks.” – Winston Churchill

Hope is a Way of Thinking…a Super Power

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Hope is a feeling of expectation, a desire or wish for a certain thing to happen.

According to psychologist and renowned hope researcher Charles R. Snyder et al. (1991) hope is a positive cognitive state based on a sense of successful goal-directed determination and planning to meet these goals.

“Hope is not an emotion; it’s a way of thinking or a cognitive process.” Brené Brown

In other words, hope is like a snap-shot of a person’s current goal-directed thinking, highlighting the motivated pursuit of goals and the expectation that those goals can be achieved.

Hope helps us remain committed to our goals and motivated to take action towards achieving. Hope gives people a reason to continue fighting and believing that their current circumstances will improve, despite the unpredictable nature of human existence.

As psychologist and renowned hope researcher Charles Snyder et al. (2002, p. 269) stated so eloquently:

A rainbow is a prism that sends shards of multicolored light in various directions. It lifts our spirits and makes us think of what is possible. Hope is the same – a personal rainbow of the mind.

While some approaches conceptualize hope in the realm of being, that is acknowledging hope during illness and within palliative care; Snyder et al (1991) emphasized the relevance of hope in the context of doing – that is the capacity to achieve goals.

According to Snyder’s Hope Theory (Snyder, Irving, & Anderson, 1991), hopefulness is a life-sustaining human strength comprised of three distinct but related components:

  1. Goals Thinking – the clear conceptualization of valuable goals.
  2. Pathways Thinking – the capacity to develop specific strategies to reach those goals.
  3. Agency Thinking – the ability to initiate and sustain the motivation for using those strategies.

Hope does not necessarily fade in the face of adversity; in fact hope often endures despite poverty, war and famine. While no one is exempt from experiencing challenging life events, hope fosters an orientation to life that allows a grounded and optimistic outlook even in the most challenging of circumstances.

Practicing optimism has much in common with hope. Both are concerned with a positive future orientation and both assume that good things will generally occur in one’s life.

The difference is that optimism is a positive attitude about a future event that is probable and likely to occur: the optimist expects that life will work out well and as expected (Scheier & Carver, 1993).

On the other hand, being hopeful is regarded as more realistic than optimistism.

The hopeful individual recognizes that life may not always work out as planned, yet maintains positive expectancy directed toward possible outcomes that hold personal significance (Miceli & Castelfranchi, 2002)

Hope is more than just a state of mind; it is an action-oriented strength.

References:

  1. https://positivepsychology.com/hope-therapy/

C.R. Snyder was a fellow of the APA in the divisions of teaching, social and personality, clinical, and health. He worked as the director of the Clinical Psychology Program at the University of Kansas and was  the editor of the Journal of Social and Clinical Psychology. Snyder passed away in 2006.

The biblical definition of hope is “confident expectation.” Hope means “a feeling of expectation and desire for a certain thing to happen” and it is a cognitive processes or way of thinking.

“Be joyful always; pray continually; give thanks in all circumstances, for this is God’s will for you in Christ Jesus.” ~ 1 Thessalonians 5:16–18 (NIV)

Your Powerful Thoughts and Mind

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“You will attract to you…the very things, or the very station in life, that you create in your thoughts.” —Napoleon Hill

The most powerful tool available to you is your mind and you can attract the very things you create in your thoughts and mind, writes Napoleon Hill, America’s most followed motivational author about the principles of success. “Your thoughts singularly determine your personal outcomes in life, as well as your ability to enjoy the journey,” he opines.

In order to harness your thoughts to create the life you desire, you simply need to utilize the mental resources already within your possession, Hill concluded. You must cultivate a thorough understanding of the workings of the mind and the manner in which thoughts may be transformed into their physical counterparts.
 
In order to create positive change in your life, you must learn to harness the power of your thoughts. In particular, you must discover how to:

  • Magnetize your thought impulses with desire
  • Refine your thoughts with definiteness of purpose
  • Control and direct your emotions to productive ends
  • Support your goals with a compelling network of motives
  • Create positive thought habits through concentration and repetition
  • Protect your mind from negative external influences

The more you practice, the greater control you will have over your thoughts and emotions, which will enable you to enjoy more success in the pursuit of your definite major purpose.

Essentially, Dr. Hill wrote that there are no limitations to the mind conditioned for success and achievement.

“Try as hard as you wish and you cannot be happy unless you BELIEVE IN YOURSELF!

Work with all the strength at your command and you cannot accumulate more than barely enough to live on unless you BELIEVE IN YOURSELF!

The one and only person in all this world through whose efforts you can be supremely happy under all circumstances, and, through whose labor you can accumulate all the material wealth that you can use legitimately, is YOURSELF!” —Napoleon Hill

By understanding and embracing the power of thought and your mind, you will be able to operate at a higher plane of thought and action, better recognizing opportunities, gaining influence, and instilling this critical quality in others.

According to Napoleon Hill (Law of Success), self-confidence is…

  • the banishment of fear
  • the acquisition of mental courage
  • a safeguard from failure and defeat
  • the foundation for high achievement
  • the secret to attracting opportunities
  • the impetus for taking action on your dreams
  • the crucial ingredient for healthy relationships
  • the key to personal freedom and joy

When you believe in your ability to succeed…you completely transform your life.

“Change your thoughts and you change your world.” ~ Norman Vincent Peale

Most people take their joys and blessings for granted. Instead of focusing on their joys and blessings, they rather focus on what they do not have; or, constantly think and complain about their problems and troubles.

But, changing your focus and thoughts from problems to joy, and from what you don’t have to expressing gratitude for your many life blessings will change your life. And, a great way to change your thoughts is to appreciate and enjoy what you already have.

“Gratitude unlocks the fullness of life. It turns what we have into enough, and more. It turns denial into acceptance, chaos to order, confusion to clarity. It can turn a meal into a feast, a house into a home, a stranger into a friend.” ~ Melody Beattie

Focus on changing your thoughts and focus instead of changing the world and environment around you

It is impossible to change the world or environment around you. The best and wisest course of action is to change yourself or at least change your thoughts and attitude towards the people or situations you do not like.

“Never underestimate your power to change yourself; never overestimate your power to change others.” ~ Wayne Dyer

References:

  1. https://www.amazon.com/Napoleon-Hills-Language-Thought-Publication/dp/164095242X/ref=nodl_
  2. https://www.brownleeglobal.com/working-on-your-goals-and-expressing-gratitude-everyday/
  3. https://www.amazon.com/dp/1640952349/ref=emc_b_5_mob_i
  4. https://www.purposefairy.com/66095/change-your-thoughts/

Grant Sabatier: The 7 Levels of Financial Freedom

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“It’s important to view money not as something that allows you to buy things, but view it as a means of giving you more choices in how you want to live.”

Grant Sabatier, the author of “Financial Freedom”, views money not as something that allows you to buy things, but as a means of giving you more choices in how you want to live. “With every dollar you save, you give yourself more freedom and options in life,” he said. “Based on how much you have saved and invested, ask yourself, ‘How many months of freedom have you acquired?’”

Sabatier’s 7 levels of financial freedom

Level 1: Clarity

The first step is taking stock of your financial situation — how much money you have, how much you owe, and what your goals are. “You can’t get to where you want to go without knowing where you’re starting from,” Sabatier says.

Level 2: Self-Sufficiency

Next, you’ll want to be standing on your own two feet, financially speaking. This means earning enough to cover your expenses without any outside help, such as contributions from Mom and Dad.

At this level, Sabatier notes, you may be living paycheck-to-paycheck or taking on loans to make ends meet.

Level 3: Breathing room

People at Level 3 have money left over after living expenses that they can put toward goals such as building an emergency fund and investing for retirement.

Escaping Level 2 means giving yourself some financial leeway, which Sabatier notes doesn’t necessarily mean making a much bigger salary. Indeed, 31% of working Americans making over $100,000 live paycheck-to-paycheck, according to MagnifyMoney.

“Just because you make a lot of money doesn’t mean you’re actually saving that money,” Sabatier says. “Most people in this country live through debt.”

Level 4: Stability

Those who reach Level 4 have paid down high interest rate debt, such as credit card debt, and have stashed away six months’ worth of living expenses in an emergency fund. Building up emergency savings helps ensure that your finances won’t be thrown off track by unexpected circumstances.

“At this level, you’re not worried if you lose your job or if you have to move to a different city,” Sabatier says.

When calculating how much you’d need to have saved, thinking about what your financial picture might look like understand exigent circumstances, rather then your regular, everyday expenses, financial experts say.

“If you have a job loss, you’d make some changes. You’d probably cut your gym membership and get rid of your subscriptions, for instance,” Christine Benz, director of personal finance and retirement planning at Morningstar, told Grow. “Think about the bare minimum you’d need to get by.”

Level 5: Flexibility

People at Level 5 have at least two years’ worth of living expenses saved. With those kinds of savings, Sabatier suggests, you have the ability to think about your money terms of the time it can buy you: “You could take a year off from your job if you wanted to.”

You needn’t carry all of this money in cash, Sabatier notes: It could be a sum total from your savings and investment accounts. As long as you’re able to access that money somehow, if you need it, you have the flexibility to untether yourself, at least temporarily, from the workforce.

Level 6: Financial Independence

People who have achieved financial independence can live solely off the income generated from their investments, according to Sabatier’s framework.

“You generally have one of two things,” says Sabatier. “You either have a large pile of money in an investment portfolio that’s generating interest, or you have rental properties, and cashflow from the rent covers your living expenses, or a hybrid of the two.”

To get here, you’ll have to invest a high percentage of your income, which could require you to shift to a more modest lifestyle to drastically lower your cost of living. Pursuing this lifestyle requires a change in thinking away from the traditional paradigms of personal finance, Sabatier says.

“People are being taught to save 5%, 10%, 15% of their income, and maybe you’ll be able to retire when you’re 65,” he says. “Thankfully, more young people are starting to understand that if I aggressively save and invest, I can work less and have more control over my future and my destiny.”

Level 7: Abundant Wealth

Financially independent folks who live off their portfolio income rely on the “4% rule” — a retirement rule of thumb that posits that an investor can safely withdraw 4%, adjusted for inflation, from a balanced portfolio of stocks and bonds each year, and be relatively certain that the money will continue to grow and won’t run out.

Although economists debate whether 4% is the optimal number (some more conservative observers think the right figure might be closer to 3.3%), the calculation behind it serves as the basis for establishing a FIRE number — the amount of money you’d need to retire and earn an annual income you could comfortably live on.

While those in Level 6 need to monitor swings in their portfolio to make sure their retirement is still going according to plan, those in Level 7 have no such worries. “Level 7 is abundant wealth — having more money than you’ll ever need,” Sabatier says. “You don’t have to worry about money, and it’s not essential to your day-to-day existence.”

References:

  1. https://grow.acorns.com/self-made-millionaire-grant-sabatier-levels-of-financial-freedom/
  2. https://www.cnbc.com/2022/05/10/the-7-levels-of-financial-freedom-according-to-a-millionaire-50percent-of-us-workers-are-at-level-2.html

Ten Critical Investing Lessons

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Investing in assets is a great way to grow your money or to put your capital to work.

If there’s any lessons investors relearned in 2022, when investing in stocks, bonds, derivatives and real estate, it’s that the markets will be unpredictable, defy logic and offer unexpected surprises.

Sometimes investors can correctly anticipate what’s coming based on our past investing experience and macro economic information. Other times, investors are reminded no matter what they thought they knew, the market always knows better.

For these reasons, it’s important to remember you can always become a better, more patient and disciplined investor, whether you’re learning lessons the hard way, reminded of lessons you previously learned, but forgot, or learning from the good or bad experiences of others.

Here are 10 Critical investing lessons you wish you could teach your younger, novice self:

1) Personal finances first – Master and manage your personal finances first and foremost. Dealing with volatility is never easy, but it’s so much easier when your personal finances are rock-solid (no bad or debilitating debt, positive cash flow and net worth, emergency fund established). Know and strengthen your personal balance and cash flow statements. And, always have some cash on hand to take advantage of market dips and pullbacks.

2) Expect to be wrong often when investing – You’re going to be wrong when investing. You’re going to be wrong a lot. Your goal isn’t to bat 1.000 (that’s impossible). Your goal is to increase your odds of success. Even the best investors are wrong approximately 2 out of 5 times.

3) Sell slow – Don’t be in a rush to sell – It’s tempting to book a profit quickly or sell when you get scared. One investor sold MSFT at $24. Current price: $268. Selling a mega-winner early is the most expensive investing mistake you can or will make. And, don’t forget about taxes when you earn income or sell assets. Any income (or profit) you earn from selling assets is taxable. Before you sell any appreciated asset or take any income, make sure you have enough money for the taxes so that your gains will not be wiped out by taxes alone.

4) Watch the business – Watch the business, not the stock. The two are not linked at all in the short-term. But are 100% linked in the long-term. Always remember, you’re buying a piece of a business, do understand the business and how that business generates cash flow.

5) Buy quality – Capital is precious. Making money and putting money to work for you are hard. Saving it and growing it are harder. Buy the highest-quality investments you can find. Avoid everything else. When you focus on buying quality, opportunities can be found in any market whether it be up (bull) or down (bear). Thus, stick to your long-term plan of buying quality companies every month and forget about how everybody else is performing.

6) Add to winners, not losers – Add more capital to your winners, not your losers. “Winners” means the business is executing. “Losers” means the business isn’t. Add to the best companies you can find at better and better value points.

7) Patience above all – Your biggest edge and investing super power is patience. Don’t waste it. Compounding over the long term is the greatest power of investing. Your holding period for an investment asset should be measured is in decades, not days.

8) Do nothing is usually correct – “Do nothing” (being a long term investor) sounds easy, until you start investing your capital. Investing should be more like watching paint dry than a Las Vegas casino. More often than not, it’s the correct thing to do. Ninety-nine percent of good investing is doing nothing. It’s essential to ignore the noise and the hysteria of Mr. Market. Never Let Short-Term Volatility Dictate Your Long-Term Investment Decisions.

9) Learn valuation – Know what valuation metrics matter and when they matter. P/E Ratio is great, but it’s not universally applicable, and it only works when a company is in mature (stage 4). Consider ROIC, P/FCF, and P/Sales. Remember: Every investment is the present value of all future cash flow.

10) Network with others – Connect with other trusted long-term investors and experts. A good community is worth its weight in gold. Especially when bear markets appear.

Final thought: Have a plan – A financial plan is paramount to your financial success. During periods of volatility, you often hear that investors should “stay the course”, but there is not a course to stay without having a comprehensive financial plan.

The plan should be based upon your goals, values, purpose and dreams for the future, short and long term. It is a roadmap for your financial future and it should provide a guide for how you invest. The plan should also address other areas such as retirement planning, estate planning, risk management, asset allocation review, and cash flow planning.

In all things, be grateful! Appreciate and be grateful for all aspects for your current life and the abundance of opportunities. Gratitude influences your state of mind, your behavior, your relationships and your perspective on the world.

Roman philosopher Cicero said that, “Gratitude is not only the greatest of the virtues but the parent of all the others.”

Source: Brian Feroldi, 10 Critical Investing Lessons, Twitter, June 25, 2022.

The Power of “I Am”

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Self-talk, which is also known as your inner voice, are the words and messages you repeatedly say to yourself. These words, whether they are positive or negative, strongly influence how you feel and act in your daily life.

Self talk directly and substantially influences the way you think, behave and feel. Therefore, it’s important to use positive, motivating words that are structured to help you live your best life. For example, some people say destructive and disparaging comments to and about themselves that they would never say to someone else.

What follows the two simple words, “I Am”, will determine what type of life you have and will either bring success or failure in your life, says Pastor Joel Osteen.

Instead of saying negative “I Ams”, – “I am a failure. I am never going to succeed”, say what God says you are. Declare “I am blessed, confident, loved, accepted.”

When you change your “I Ams,” your life will change for the better. The seeds of greatness on the inside will spring forth.

10 Tips to become physically/mentally/emotionally stronger:

  1. Workout and move every day, eat healthier and get adequate sleep
  2. Meditate every day and strive to live a purpose driven life
  3. Accept new challenges or try something new…keep growing.
  4. Take some time to reflect and to be mindful…and spend time reading everyday
  5. Develop positive self-talk (affirmations) and stop negative self-talk
  6. Get comfortable with and learn from rejection and failure
  7. Have a gratitude attitude daily and keep a gratitude journal
  8. Be kind to yourself and others
  9. Stop comparing yourself to others
  10. Surround yourself with positive people

References:

  1. https://www.joelosteen.com/how-to-watch/Messages/2018/04/09/20/26/The%20Power%20of%20I%20Am
  2. https://positivewordsresearch.com/thoughts-matter/

Older Americans Have Not Saved for Retirement

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Nearly one-third of older Americans have less than $10,000 saved for retirement.

Almost three in 10 older Americans between 55 and 67 years old have less than $10,000 saved for retirement, according to a new survey from Sagewell Financial, a banking and financial technology company focused on seniors’ money management.

Whereas, four in 10 older Americans had less than $50,000 saved for retirement. 

Paying for retirement by older Americans

The Sagewell Senior Certainty Survey of older Americans revealed:

  • 27% have less than $10K saved for retirement, and 40% have less than $50K
  • 57% are concerned that they will run out of money
  • 82% do not feel confident about their access to cash or liquidity in retirement
  • 73% said they welcome some income smoothing (receiving consistent income in the form of 1 or 2 consolidated monthly checks.)

“It is disheartening to learn that more than a quarter of Baby Boomers have less than $10K saved for retirement – that number jumps to 32% among women,” said Sam Zimmerman, co-founder and CEO of Sagewell. “Nearly 60% of seniors expect to live on less than $3K a month in retirement. We are at a crisis point now, and it will worsen unless we take drastic steps to improve the way our seniors plan for and live in retirement.”

Inflation and Recession

Older Americans are being hit hard by soaring inflation, painfully high gas prices, and fear of a looming recession which has outpaced increases in their benefits this year. These challenges have many older Americans worrying about their financial security and future. 

“If you have inflation and a recession combined together, it’s a whole different beast,” said Zimmerman. “This is a time for action. The quicker you move, the more agency you have in reducing the impact of a recession.”

Given the darkening forecast, it’s not too soon to plan ahead and prepare for a possible recession.

First, don’t do this

While there are money moves you can take to help ride out a downturn, that generally shouldn’t include bailing out of the stock market.  

“The worst thing people can do is they get nervous and pull money out the market,” said Jordan Rippy, a personal finance expert and accounting professor at Johns Hopkins Carey Business School. “Most people should be invested in the market for the long term.” 

Cut your budget

Instead, look for ways to trim your monthly budget. That can mean culling things like subscriptions and streaming services, while also negotiating discounts on your cable, cell phone and other bills. 

Pay off your debt 

It’s expensive to carry debt in an inflationary environment. In particular, you want to pay off credit card debt — or any kind of debt with a variable interest rate — right away. That’s because those interest rates will rise and add more debt. 

Keep contributing to your 401(k)

Do not press pause on saving for retirement. Indeed, if possible keep stashing the same fixed percentage of your income in your 401(k) or other retirement savings plan. Even if the market is volatile your assets will grow over time if you don’t try to time the market. 

This approach, known as dollar-cost averaging, ensures that people look past the usual dizzying swings in the stock market and keep building their nest egg.

Create new revenue streams

Try to diversify your income sources so that if your company downsizes and you lose your job, you’ll still have money coming in.

The Sagewell Senior Certainty Index is an online, random sample survey of 1,004 Americans between 55 – 67 who are approaching retirement or recently retired. The survey was conducted to gauge how seniors, particularly those who are online, view the certainty of their retirement planning. 

References:

  1. Jeff H, (June 21, 2022), Sagewell Senior Certainty Index, https://www.msn.com/en-us/money/retirement/nearly-one-third-of-older-americans-have-less-than-2410000-saved-for-retirement/ar-AAYHJVK
  2. https://www.sagewellfinancial.com/sagewell-senior-certainty-index-june-2022/
  3. https://www.cbsnews.com/news/inflation-recession-saving-money-tips-gas-how-to-prepare-financially/

Failure is Always an Option

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“Failure is an option here. If things are not failing, you are not innovating enough.” ~ Elon Musk

Most people are afraid of failure. Yet, there is nothing new about failure, and it’s nothing to be ashamed of either. No one wants to fail at what they do, especially if it’s something they’re very invested in.

Elon Musk has a very simple way of not letting the prospect of failure get in his way, according to Jenny Medeiros at Goalcast. He doesn’t avoid failure or hope that it doesn’t happen, instead, he anticipates that it will occur.

Getting comfortable with the idea of failing isn’t easy. But there are steps, according to Medeiros, you can take to create a well-thought contingency plan when failure happens.

  1. Take a pen and paper right and write down a project you’ve always been meaning to start but haven’t due to the fear of not being successful.
  2. Now, write down the absolute worst-case scenario for that project. It could be losing money, wasting time, public embarrassment, etc.
  3. Next, break down the causes of this worst-case scenario. Then cross out the ones that are out of your control.
  4. Finally, write a contingency plan for each cause you can control. If you’re worried that no one will want to buy your designer socks, your plan could be to re-use those designs on other products like t-shirts or even notebooks.

The important thing here is to always expect and be willing to embrace failure, and be ready for it. Only then will it stop being the reason you don’t move forward with your goals.

Surrendering to failure is never the answer. Instead, learning from your mistakes is the best gift you can give yourself to improve not only whatever new invention, business venture or dream you undertake, but to evolve as individual, leader and innovator.

Musk learned from his own mistakes. He says:

“Constantly think about how you could be doing things better and questioning yourself.”

“The biggest lesson you can learn from Musk is to never, ever give up on your goals,” writes Bonnie Burton in an Inc Magazine article. “Life has a pesky way of placing big obstacles in your path — whether it be unmotivated employees, health emergencies, failed experiments, impostor syndrome and so many more unexpected roadblocks.”

References:

  1. https://www.goalcast.com/elon-musks-1-tactic-to-never-be-afraid-of-failure/
  2. https://www.inc.com/bonnie-burton/a-big-lesson-new-inventors-can-learn-from-elon-musks-mistakes.html