37 Lessons Actuarial Science Has Taught Me About Life

37 Lessons Actuarial Science has thaught me about life

Mark Farrell, a UK-based actuary, PhD and Fellow of the Institute of Actuary, who regularly writes for his own blog “Proactuary”, has recently shared an article on the 37 life lessons actuarial sciences has taught him through the years.

We share our favorites with you :

  1. Risk is unavoidable. To succeed, you must learn to embrace it.
  2. Much of life is random. But thanks to the law of large numbers, doing something enough times can help you create your own luck.
  3. Salary is important, but meaningful work trumps your wage.
  4. The biggest risk in life is playing it too safe.
  5. Don’t burn bridges. It’s better, in the long term, to stay cool and bite your tongue.
  6. Don’t be tempted to chase money to the detriment of character. It nearly always turns out bad.
  7. Vilfredo Pareto was right. 80% of your success tends to come from 20% of your efforts.
  8. 90% right and done beats 100% right but unfinished.
  9. Think long term. Particularly with regard to spending and health. The 1973 Stanford study kid who ate the marshmallow is now broke and obese.
  10. What looks like overnight success usually takes years of work.
  11. Thinking optimally and rationally, without bias, is a valuable skill. But surprisingly difficult to master.
  12. 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.
  13. Never stop learning. For a successful actuarial career, exams are only the beginning.
  14. Challenge your comfort zone. But don’t forget to rest.
  15. As a 41-year-old I probably have about 500 months of my life left to live. Stay conscious of that every day.

What about you ? What is your list ? Which valuable life lessons are you able to learn from your professional experience ? Share them in the comments section!

For the full list of Mark Farrell, visit his blog. 

 

Source and picture : Proactuary.com, “37 Lessons Actuarial Science Has Taught Me About Life

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