Nvidia stock is worht more than UK stock market You’re not going to make it in Stutgart (ride the waves, better waves easier money) For example, being a great manager at GM is much worse than manager at google
You have flexibility to move while young (move to one of 20 global cities)
Ask people before making important decisions (making quick decisions is not sign of great leader) Meritocracy in USA What money buys you in the USA If you have a side hustle, it’s to try a new main hustle. It means your current main hustle isn’t working
Know how to ask for advice/mentor Kitchen cabinet
Make sure you have a plan
The actor thing»»»
USA is nice if you have money, monstrous if you don’t
Rich people talk about money, while it’s taboo for women, middle and lower class to talk about it Asymmetry of information is how they stay on top
He needs 100M so that he can live off of intereset
Smartest thing he did was being a white heterosexual man in the 60s People who grow up with money can’t imagine what it’s like to not have money (like a ghost following you around) Made him feel economic security was very important
The anxious generation
People don’t want to take risks (ties into Simon Sinek having aspirations outside of your means)- that might result in public shaming Asking out a woman Having a business and it not working
Actually uncomfortable risk
Learn how to ask for things
Most overcompensated people are sales people for their education and skills, because of their appetite for public failure Wonderful things don’t happen Nothing really wonderful will happen to you inside home on a screen Wonderful things happen when you take risk
Make sure to diversify your investments (no more than 3% of net worth)
20s Advantage is time Workshop careers when younger If you invest 2500 a month, you’re going to be fine when older
Advantage when older you can see the landing lights
Should not ifgnore finances when older just because you’re old
You can take risks while young, dance between rain drops e.g. sleep on a couch
Failing slowly is bad, having signal that might be success slowly is the worst thing that can happen to you (e.g. red envelope)
Best fast failure, worst is slow failutre
Can move country etc when young Find signals to see whether you’re going to make it or not e.g. acting, need to be in top 1% to make it. If you were in another industry with the same relevant talent, you would make a lot more talent Young people mistake hobbies for passisons. Passions come from mastery e.g. soapstone master makes 1.3 million a year. He probably wanted to be a football star
Enough money to pay rent in 2 years, enough money to form a family in 5 years
Money can buy you a lot. Economic securities Becoming a lawyer isn’t cool but being top 1% of lawyers will get you laid more often than top 1% of footballers Top 10% of tax lwayers fly private It’s sexy to be great at anything Experience relationships, romantic opportunities
No reason to hoard money Spends money for experiences etc. Number when he got out of college was a million In his 30s it was 10 milion Then 100 million Backward integrate how mich money you want»»»
Highly effective people
If you want to be an economic animal, move to one of 20 super cities Wealth= relevance and love
- Get credential People with a college degree on average earn 50-100% more over their lives
To get a job at morgan stanley, go to one of 8 colleges
2/3rd of all economic growth over the next 30 years is going to take place in one of 20 cities
Being good in SF is much better than being amazing in stutgart»>
Get to where the waves and snow are amazing
When you’re in a city you’re playing against serena Williams all day. It levels up your game
In 30 miles radius of SF more wealth created in the last 6 months compared to last 10 years in Germany
Nobody is going to search for you to hire you
Be in top 10% of an industry that has 90% plus employment rate
Downside of mertitorcarcy, dignity in every work -if you don’t make it you fail
Always opportunity for people who are good managers
Have a plan when you enter a new place
Growth solves all problms, you also cant make a successful business where market size is decreasing e.g. 100M offers
1/3rd of all relationships start at work How to realise an opportunity is good You’re stressed sometimes, good mentor, leaders like you Is someone emotionally invested in my success here. Am I learning? Am I gaining skills that challenge me? Flow of interesting people, that I might start a business with
These are my opportunities, this is what I’m good at and not good at
Once you start working, you’re not going to stop.
Check in with board about big decisions. Make decisions on what you think they think.
Moving out is first opportunity to shape yourself Study abroad is second
Small investments into personal relationships You want to be put into a room full of opportunity even when youre not there
80% of the time job offers is made to someone who has an advocate friend in the company. Google
70% of entrepreneurs are immigrants
Story telling is good skill to have Know your mediums
Be close to top 1% Craft narrative
Great CEOs didn’t drop out from any university, they dropped out from top universities.
Not more than 40% of income goes into the house Avoid becoming house poor
Why depreciating house value is a good thing
Super earners get screwed by tax
Rich people talk about tax all the time