Wealth
Building Wealth
- Getting rich is about knowing what to do who to do it and when to do it
- The most important thing is to figure out what to work on
- Seek wealth, is having assets that earn when you sleep
- You must own equity
- Play iterated games all returns in life whether, in relationships, wealth and knowledge come from compound interest
- Specific knowledge is found by pursuing your interest curious and passion
- Embrace accountability society will reward you with responsibility equity and leverage
- Fortunes require leverage (Products and media with no marginal cost)
- Programmers have an army of robots freely available
- Leverage is a force multiplier for your judgment
- Study Microeconomics, mathematics, computers, game theory, persuasion, psychology, ethics
- Reading is faster than listening doing is faster than watching
- Set and enforce an inspirational hourly rate of $1000
- Productize yourself (Accountability, specific knowledge)
- escape competition through authenticity
- Learn how to learn
- Figure out what you can uniquely provide at the scale
- Without ownership, your inputs are very closely tied to your outputs
- I only really want to do things for their own sake
- Leverage = money, labor, products with no marginal cost, coding, writing books, reading podcasts, tweeting, and YouTubing
- You're never going to be rich by renting your time
- Whenever you can in life optimize for independence rather than pay
- You want to be as leveraged as possible so you can have a huge impact without as much time or physical effort
- What you want in life is to be in control of your time
- Inputs don't match outputs, especially for leveraged workers
- If you have specific knowledge, accountability, and leverage, they have to pay what you are worth
- knowledge workers function like athletes train on sprint then rest and reassess
- Earn with your mind, not with your time
- Leveraged magnifies difference even more being at the extreme in your art is very important in the age of leverage
- I work through a burst of energy where I'm motivated by something
- Figure out what are you good at and start helping other people with it give away pay it forward
- Solving problems is more important than making money
What you want is freedom
Big decisions about where to live? who to live with? and what do you do?
Retirement is when you stop sacrificing today for an imaginary tomorrow
Find something that you feel like playing but is working for the others
Hold your lifestyle fixed and make your money in a giant lump sum
The single most important thing about the company is the alumni network you are going to build
How to get lucky: blind luck, persistence, hard work, hustle, and motivation, becoming very good at spotting luck, building a unique character, and unique brand that causes luck to find you
Be a maker who makes something interesting people want to show your craft praise your craft and eventually the right people will find you
Love yourself. if you don't love yourself who will?
Great people have great outcomes just have to be patient
Put yourself in a position with specific knowledge, leverage, accountability, and authentic skillset
Money solves money problems I'll give you freedom
You can save money you can live below your means and you can find certain freedom that will give you time and energy to pursue your internal peace and happiness
Judgment
- You get rich by saving your time to make money
- Wisdom is knowing the long-term consequences of your decisions, wisdom applied to external problems is judgment
- The direction you are heading matters most than how fast you move especially with leverage
- Clear thinkers understand the basics at that very very fundamental level
- To see the truth you have to get your ego out of
- The more desire the less likely you will be able to see the truth
- Clear thinkers have full days to think
- Focus on the problems and be aware of the biases
- Collect mental models such as evolution, embezzlement, complexity, economics, principal-agent problem, compound interest, basic math, calculus, falsifiability
- If You can't decide the answer is no
Happiness
How to build happiness
- Happiness is more important than health and health is more important than wealth
- Happiness is the state when you remove the sense of something missing in your life
- Happiness is just embracing the present reality is neutral
- Every desire is chosen for happiness
- Happiness is training without external validation
- How to build happiness by not drinking alcohol not eating sugar, not social networks not playing video games no caffeine
- Choose you're your friends wisely
- Happiness habits meditation, Sunlight, working out, awareness, minimizing cellphone, dropping caffeine
- Find happiness in acceptance
Saving yourself
- My number one priority is health (physical, mental, spiritual, family)
- Diet Palio and fasting
- Exercise, meditation, cold showers, the brain needs rest
- Choosing to build yourself
- The greatest superpower is the ability to change yourself
- Habits are everything commit yourself externally
- Set up systems not goals
- Free yourself from employment and thinking
- Read about mathematicians and persuasion
Philosophy
- Live by your values
- Life has no meaning
Formulas
- Happiness equal to health and wealth and good relationships
- Sleep with no alarms and circadian rhythms
- Specific knowledge is knowing how to do something society cannot get easily train other people to do
- Present above all else
- Desire is suffering
- Reading is a meta-skill
- All greatness conference suffering
- Benefits came from compound interest
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