Most people will never be rich. And according to the late Felix Dennis, there’s only a handful of reasons why. For those of you who are on this journey, it’s helpful to practice inversion - to look at how you might fail so that you can avoid those pitfalls. Knowing how not to get rich helps you get there in the long run. Let’s invert wealth creation to see why most people will never be rich.
Read MoreCuriosity leads to obsession, which leads to mastery. And only through mastery do you become the best in the world at what you do - and get paid well for it. But, it all begins with your genuine curiosities. If you want to get rich, the first thing you need to do is get your curiosity back.
Read MoreIn life, we rarely talk about the “losers.” Newspapers don’t report on what didn’t happen, finance gurus on Twitter don’t talk about the times they failed, and no one writes deep analysis on all the companies that quickly went bankrupt. This is because of survivorship bias. We focus on what we can see (the winners), and ignore what we can’t see (the losers). And it seriously distorts our ability to calculate the odds of something happening.
Read MoreWealth creation is the process of making good bets over time. These could be what stocks you buy, what creative projects you work on, or what business you start. Three considerations go into making good bets: Positioning, Timing, and Patience. You only need to get rich once. And one good bet can do it.
Read MoreLife is a single-player game. But who you work with along the way has as much of an impact on your success as what you choose to do. Great partners, mentors, and bosses take you places you never thought you’d go. And those relationships compound over time. The longer you’ve known someone, the less friction there is to go after really big wins. Here are some frameworks from wealth creators for choosing the right partners.
Read MoreMost people want to be wealthy. They’ll talk about it. Yearn for it. Maybe even start down the path to try and obtain it. But far fewer need to be wealthy - carrying a compulsion with them that keeps them up at night. If you want to be rich, desire isn’t enough. Compulsion is.
Read MoreChange isn't the exception in life, it’s the rule. And those who can learn fast, pivot quickly and position themselves to gain from rapidly changing circumstances eventually win. If you want to quit the “rat race” and become independently wealthy, you must adapt to change.
Read MoreNo two humans are exactly alike. And this simple recognition can be your competitive advantage. If you can learn to follow your unique interests, talents, and skills, you can escape competition and become your own niche. You can become the best at what you do. And that will get you paid.
Read MoreDistraction is the enemy of wealth creation. Alongside the fear of failure, it’s the greatest obstacle you need to overcome to “win the game.” The price of freedom is control of your attention.
Read MoreThe less you have, the more risk you can take because it's all upside. This doesn’t mean you can rush it. Any “get rich quick” scheme is doomed to fail because if it were easy to build wealth quickly, everyone would do it. But it does mean that if you see a bet with good odds, you should be as aggressive as you can - get as much leverage and capital as you can into the opportunity - and shoot your shot.
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