37 Lessons Actuarial Science Has Taught Me About Life
Mark Farrell PhD FIA
![Mark Farrell PhD FIA]()
Mark Farrell PhD FIA
ProActuary.com - The World's Largest Actuarial Job Site | Actuary | Actuarial Science Senior Lecturer
- Compound interest is powerful. Start saving early.
- Life is a series of likelihoods. Thinking in a probabilistic way will serve you well.
- Risk is unavoidable. To succeed, you must learn to embrace it.
- Much of life is random. But thanks to the law of large numbers, doing something enough times can help you create your own luck.
- Salary is important, but meaningful work trumps your wage.
- Focus on the things you can control. Let go of the things you can't.
- Don't be afraid of uncertainty. A stochastic life is full of colour.
- The self-help gurus that preach you can have it all in life are wrong. There's an opportunity cost with every venture we embark on.
- Be careful what advice you follow. Question everything.
- The biggest risk in life is playing it too safe.
- Take active control of your life. The proactive stallion beats the reactive rocking horse.
- There are an infinite number of ways to perceive events. Don't attach 100% probability to your initial interpretation.
- Don't burn bridges. It's better, in the long term, to stay cool and bite your tongue.
- Don't be tempted to chase money to the detriment of character. It nearly always turns out bad.
- Move. Sitting at a desk all day is bad.
- Health, family and friends come first. Work and study are important but not what life is about.
- Beating procrastination is a daily battle. Nike's mantra of "Just Do It" is a great antidote.
- Things like smoking, being male, poor diet, lack of exercise and and stress equates to a lower expected lifetime. But that's on average.
- Vilfredo Pareto was right. 80% of your success tends to come from 20% of your efforts.
- Not all "experts" are created equal. Letters and credentials doesn't equate to omniscience.
- Learn to say no, when appropriate. Everyone has an agenda. What's best for you may not be on it.
- 90% right and done beats 100% right but unfinished.
- Lower your expectations. Happiness = Outcome/Expectations.
- Think long term. Particularly with regard to spending and health. The 1973 Stanford study kid who ate the marshmallow is now broke and obese.
- What looks like overnight success usually takes years of work.
- Consider your circle of friends as a state in a Markov chain. Guard transitions into the "circle of influence" state carefully.
- Thinking optimally and rationally, without bias, is a valuable skill. But surprisingly difficult to master.
- Failure in life is inevitable (e.g. actuarial exams!). But that's not what counts. Getting up and readjusting your path is what is important.
- Never stop learning. For a successful actuarial career, exams are only the beginning.
- Never take the lift when there are stairs to climb. Small habits make a difference.
- Be careful with technology, especially addictive smartphones and social media. We are living in a grand-scale social experiment.
- Challenge your comfort zone. But don't forget to rest.
- Time spent with family, especially your kids, is much more important than achieving any work accolades.
- Always question the assumptions you make in life. We make faulty assumptions more often than we realise.
- Mistakes happen. Ask yourself "will this matter/will anyone care in 5 years time?"
- It's better to choose the pain of discipline (e.g. studying) over the pain of regret (e.g. failing exams).
- As a 41-year-old I probably have about 500 months of my life left to live. Stay conscious of that every day.
Head of Life & Health Products, Canada and English Caribbean
3 年Late to the party, but terrific post ?? . Thanks for connecting Mark.
Actuary | Amateur Lifter | BJJ Hobbyist
4 年"1. Compound interest is powerful. Start saving early." So true, and as I learned recently ... it applies to relationships too.
Marine insurance underwriter at Leadway Assurance Company Limited
5 年You experience some of these lessons when you pass an actuarial exam.
I love this! Would love to print out and read occasionally as well as distribute among fellow graduates from MTSU.
Actuarial Analyst at Allianz Services (Allianz Ireland) | P & C Insurance | IFRS17 | Data Science Enthusiast
5 年Nice practical explanation of your studies...