It is possible to save and invest your way to wealth. Over the long term (30-40 years), with consistent investing, you can likely build a retirement fund large enough to live off once you turn 65. But, if you want to do it faster than that, you can’t save your way there. Instead, you have to spend money to save time in the pursuit of wealth creation.
Read MoreIf there exists a single "secret" to wealth creation, this is it:
You must own *equity* to get rich.
Equity is just a fancy word for owning a piece of a business. You can get equity in a few different ways:
You can own equity in a business that you start.
You can own equity by buying a piece of a publicly-traded company (a stock) on the open market.
You can own equity in a start-up company that you invest in privately (via Angel.co, for example).
You can own equity in a product or a piece of intellectual property (IP) like a book, script, or other artwork.
The internet gives everyone with a WiFi connection the opportunity to catapult themselves into soloprenuers (solo + entrepreneurs). These are creators who leverage ever-cheaper software, digital infrastructure, and creative tools to build monster businesses on the backs of their audiences. The most critical part of building a solopreneur business is authenticity. People will ONLY buy from you if they trust you. And authenticity is the backbone of trust.
Read MoreSmart people talk themselves out of potentially life-changing opportunities all the time because they try to eliminate risk. I know this because I’m one of them. I’m constantly inverting opportunities to see how they could blow up in my face… and then I often pass. But, no matter how much analysis you do, there is no reward without risk. Nothing comes for free.
Read MoreThe ability to produce and scale media online has created an unprecedented opportunity for non-technical "creatives" (writers, artists, performers, visual designers, etc.) to build and monetize an audience. For the average person, this is the most accessible path to wealth creation in their 20s, 30s, and 40s.
Read MoreX (formerly Twitter) is digital leverage to scale your personality - your thoughts, ideas, skills, and beliefs - for free to anyone with an internet connection. It’s a simple, free way to start “productizing” yourself in preparation to make a living doing what you love.
Read MoreMost 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.
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