You can always make more money. But you can never get back your time. Would Charlie Munger or Warren Buffett trade away their billions to be a fit, clear-minded 20-year-old again? I haven’t asked them, but I’m betting they would. If you’re young, don’t waste your time pining away for billions of dollars. You are billionaires of a different kind. You are time billionaires, and you are already rich.
Read MoreWealthy, successful people are a net positive to the world. They can help not only themselves but also contribute meaningfully to make other people’s lives better. That’s because wealth creation is a positive sum game. The total gains and losses in the “game” are greater than zero and you end up creating value for the entire system.
Read MoreI recently had the pleasure of sitting down with Josh Cadorette for an episode of his podcast, Building Out Loud. We discuss creating a personal definition of wealth, learning from mental models, and building leverage online. Enjoy!
Read MoreNassim Nicholas Taleb, in his book, The Black Swan: The Impact of the Highly Improbable (Incerto), tells us that a scalable profession is one “in which you are not paid by the hour and thus subject to the limitations of the amount of your labor.” In other words, the input of your labor is disconnected from the output. If you want to get rich, work in a scalable profession.
Read MoreIt 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 More
