My goal is to give you the tools to build wealth over time by exploring the mental models of those who have done it before you. An asymmetric opportunity could be one of the most important tools you use to get rich. An asymmetric opportunity is simply one in which the upside is much greater than the downside. I first learned of the concept from investor […]
Read MoreYou 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 MoreThere’s a simple way to make better decisions in your life: make more obvious ones. If it’s not slapping you across the face as an obvious “yes, I should do this right now,” then don’t do it. Just wait, and see what else comes your way.
Read MoreCharlie Munger uses a handful of mental models (ways of thinking about the world) to create outsized business results. One of those models is to operate within his circle of competence consistently. A circle of competence is an area of the world where you have useful knowledge that gives you an edge. These are the areas where you can win big.
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 MoreWhat you work on matters far more than how hard you work. At the same time, how long you work on something depends almost entirely on the amount of time you have to do it. That is Parkinson’s Law. And if you are going to get rich working moderately hard, you need to know about it.
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 MoreA challenge network is a group of people in your life who provide you with radical transparency and feedback to help you improve.
Growth and change are uncomfortable. Most people will not lean into discomfort on their own - they need a push. That's what a challenge network does. It pushes you in the right direction when you don't want to push yourself.
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