Build A Skill For Income, Invest The Rest For Freedom

Most people jump from one project to the next - chasing one shiny object after another but never finishing anything. This is a bad idea because you want to compound the same set of skills for decades to become the best at what you do. But at the same time, you also want to expose yourself to the very real upside in other industries. How can you do both? Visual designer and entrepreneur, Jack Butcher, has a tweet that articulates the solution perfectly: “Build where you're best, bet where you aren't.”

The Most Powerful Force You Can Harness: Slow, Incremental, Constant Progress

The small things that you do consistently matter more than the large things you do sporadically. This is because consistency allows you to capture the awesome power of compounding - where small gains compound on each other to create massive change over time. From the history of the inorganic universe to the last 20,000 of human history, the power of small, incremental constant progress can be felt everywhere. And it’s the secret to your success.

Play The Long Game: Delay Gratification Now To Get More Later

All of life’s great returns come from compound interest. Whether you are compounding money, relationships, or skills, time is your greatest force multiplier. And that means you want to play the long game. You want to delay gratification now so you can get more later. Successful businesses, investors, wealth creators, athletes, and entrepreneurs all play the long game to maximize returns. Here’s how they do it…

Build Assets That Work For You After You’re Finished Working On Them

To become financially free, you need to spend your time making things that work for you after you’re finished working on them. These are systems, assets, media, and code that keep chugging along with uncapped upside when you’re finished with them. Only exchange as much time for money as you need to survive. Otherwise, work on stuff that works for you.

Building WealthThomas WaschenfelderMay 31, 2023build assets, how to build assets

The Paradox of Fear: The More Scary Stuff You Do, The Less Scared You Are

Fear is the greatest enemy of wealth creation. If you are not naturally courageous, you have to work much harder to constantly push outside your comfort zone. And the paradox of fear is that the more stuff you do that scares you, the less scared you are.

Eight Reasons Why You’ll Never Be Rich (And How To Fix Them)

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.

Getting Rich Begins With Curiosity and Ends With Mastery

Curiosity 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.

Survivorship Bias: Why You Only Care About The Winners

In 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.

Making Good Bets: Positioning, Timing, and Patience

Wealth 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.

How To Choose A Business Partner That Will Make You Both Rich

Life 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.

Master The Mindset Of The Wealthy. Then Build.