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.
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.
Read MoreLoss 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.
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