Have you ever gone to buy a product online only to have a ticking timer pop up, counting down the seconds you have left to finish the order? Your heart rate increases. Adrenaline starts pumping through your veins. You rapidly type out your credit card details and wonder how a little timer could have such a dramatic impact on your body… What you’re feeling is the scarcity principle in action.
Read MoreIf you don’t already create content online, you should start now. And the easiest place to start is to become a content curator. A “content creator” creates original content. A “content curator,” though, curates content that’s already out there in the domain, organizes it, shoots it through their unique perspective, and then publishes it to build an audience right now.
Read MoreDrop servicing is the practice of selling a service to a customer for a certain price (say $100). Then hiring someone else to provide the service for the client at a lower price ($50), and pocketing the difference.
Read MoreTo build wealth, you want to expose yourself to situations where uncertainty (unpredictability) is a positive force for you, not a negative one. You want to make bets in areas where surprises push to the upside because of positive Black Swan events.
Read MoreInversion is the practice of thinking through problems in reverse. It’s the practice of “inverting” a problem - turning it upside down - to see it from a different perspective. In its most powerful form, inversion is asking how an endeavor could fail, and then being careful to avoid those pitfalls. As Warren Buffett likes to say when it comes to investing: “Rule number one is don’t lose money. Rule number two is don’t forget rule number one.”
Read MoreAt the end of Felix Dennis’s book, How To Get Rich, he outlines eight “secrets” to getting rich. In terms of actionable advice on wealth creation, these are right up there with Naval Ravikant’s must-read How To Get Rich tweetstorm, along with his accompanying podcast episodes. Despite the name, though, the reality is there are no secrets to getting rich. There are only models that push you in the right direction. And these will do just that…
Read MoreThe ideas you learn compound over time. One idea doesn’t stay as one idea - it gets mixed with other ideas and produces new ideas on top of each other. I call this process idea compounding and those who do this actively idea compounders. An idea compounder is someone who layers ideas on top of each other to find new ideas and ways to apply them.
Read MoreIt's hard to get other people to care about what you do. And it's almost impossible if they don't have the same "skin in the game" - if they aren't rewarded or punished directly based on the outcome of their decisions. It turns out this is a very old problem. It's called the principal-agent problem. And if you're an owner or an employee, you have to understand it.
Read MoreAfter a year of reading, writing, and applying the models of wealth creators, here are the top 20 ideas that have changed the way I think about the world.
Read MoreIf you are going to become wealthy, you need help. You only have so many productive hours in a single day, which puts a cap on your productivity. What you need is a way to compound your efforts. You can do this with leverage. There are four different kinds of leverage: capital, labor, code, and media. Here’s why media is the most useful to you.
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