Most people think that effort and success are always directly linked - the more effort you put in, the more success you get out. But success is actually nonlinear. This misunderstanding is why the mass majority of people give up before they reach the rewards.
Read MoreHere’s a list of 22 wealth creators and their philosophies. A disclaimer first, though. Don’t take this as the whole truth. Each person has more than a single idea that makes up their point of view on wealth creation. I’ve pulled out a few core ideas that I find most interesting. So in a way, they are subjective, while still being incredibly useful. Enjoy.
Read MoreWe all have a little voice of discouragement in our heads. The one that tells us that our pursuit is so unlikely to succeed, we shouldn’t even bother. And that voice is right… sort of. That little voice is only looking at the odds of success - which are long. But it’s not considering the asymmetric outcomes that allow you to win despite bad odds.
Read MoreEach wealth creator I study has a different phrase for what amounts to the same idea: finding opportunities where the upside is much greater than the downside. Naval Ravikant calls these Asymmetric Opportunities while Nassim Nicholas Taleb uses the phrase Fundamental Asymmetry. Charlie Munger names it value investing. And investor Mohnish Pabrai simply calls it Dhandho.
Read MoreWealth creation is about looking for positive asymmetric opportunities - ones where the upside is many times greater than the downside. The Barbell Strategy is one way you can protect your downside risk while maximizing your upside potential.
Read MoreThe best indicator of long-term success is how successful you are right now. If you are building a website, business, podcast, or anything else that takes time to build, your initial success is the best indication of long-term success. If it starts out great, it will likely continue to be great. If it starts out mediocre (with a soft reaction from your target market), it will likely stay that way.
Read MoreCharlie Munger addressed shareholders and answered questions at the Daily Journal Corporation’s annual meeting in Los Angeles in February 2020. I went into the transcript and pulled out 5 lessons on wealth creation from Charlie Munger’s annual address.
Read MoreIt’s hard to be the best at something. I’m not talking “pretty good” or even “scary good.” I’m talking face-melting, hysteria-inducing, “greatest-ever” best. This is very hard to do. It’s almost impossible. Instead of trying to be the best at 1 thing, you should try and become very good at two or more things. Very good means that you’re in the top 25% in that field. That’s the 25% rule.
Read MoreIf you typed “How to make money starting with nothing” into your search engine or clicked on a social link from Twitter and landed here, welcome! I’m happy to have you. You’re part of a special group of have-nots looking to bootstrap themselves into generational wealth. A word of warning though… This series is going to be a little bit different than the others you’ve read […]
Read MoreFelix Dennis got rich in publishing. Naval Ravikant got rich in Silicon Valley. Nassim Nicholas Taleb by trading. Warren Buffett by investing. And the soon-to-be rich will get wildly wealthy by building things that don’t yet exist. What’s your path to riches? […]
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