Loss aversion bias is the natural tendency to suffer more from a loss than you enjoy from a proportionate gain. This is a feature of the human mind, not a bug and it’s designed to keep you alive. It also has important consequences when you navigate the world - ones that can work for you if you know what you’re doing and against you if you don’t.
Read MoreThe first little bit of money I made allowed me to quit my full-time job to go all-in on an asymmetric opportunity under my own name. I am not “financially free” forever. But, I’ve won the privilege to take on accountability and start building leverage in my industry doing something I’m very excited about. If I can get another small win, I can keep this party going. And that’s how wealth creation works. One small win opens up more doors for you to pursue the next small win.
Read MoreReading daily is a superpower and can help you build wealth over time. It compounds your knowledge, gives you mental models to test against reality, and builds a strong foundation to filter ideas. Millionaires and billionaires like Naval Ravikant, Charlie Munger, and Warren Buffett openly talk about the power of reading in wealth creation and strategies you can use to build wealth yourself.
Read MoreAt the beginning of 2021, I moved willingly into the dark. I quit my full-time job to write a movie with my wife. I knew that if I didn’t do this, I would regret it for the rest of my life. And minimizing regret turns out to be a very strong incentive for change. Some of the greatest entrepreneurs of all time use it to guide their decisions.
Read MoreIf you think you’re too “happy” to change the world, you’re wrong. My wife and I talk about this all the time. We wonder if we’re too “happy” and “balanced” to be artists who create work that can affect millions. While great work can definitely come from dark places, happy people are more productive. Here’s why…
Read MoreMy 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.
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