00:05

For the past ten years, I've been keeping this little notebook. With a scratch pad that I call

For the past ten years, I've been keeping this little notebook. With a scratch pad that I call

00:12

you see that money wisdom?

you see that money wisdom?

00:14

Reminders to self.

Reminders to self.

00:15

And these are basically just anytime I heard something, I read something or I learned something that was wise about wealth, I would write it down. And I put all the notes here, and then today, I'm gonna read you a bunch of the things that are in this notebook. And,

And these are basically just anytime I heard something, I read something or I learned something that was wise about wealth, I would write it down. And I put all the notes here, and then today, I'm gonna read you a bunch of the things that are in this notebook. And,

00:28

I, you know, I feel like I could do that because in most places, you can't really talk about money. Money's just sort of this tacky taboo thing. You're not supposed Everybody has to pretend they don't care about money, but we all do, which is weird.

I, you know, I feel like I could do that because in most places, you can't really talk about money. Money's just sort of this tacky taboo thing. You're not supposed Everybody has to pretend they don't care about money, but we all do, which is weird.

00:40

But, you know, they you just have to treat it like this silent fart in the room. You just have to pretend pretend you didn't care about it. For ten, it's not there. But it's there. And, this channel luckily is different. This is a channel where we come, we talk about business. We talk about money. You talk about mindset. We're talking about a bunch of different things that are interesting to us. And really, the only people who click on this channel are people that care about those things. And so it's like when you go to the gym, you can flex and talk about your pecs because the other people there care about that sort of stuff. And, so, you know, it's it's understood. So this is the Money Wisdom channel. I think in the next fifteen minutes, I don't think this will be long. I'll be able to go through a bunch of the nuggets. I called golden nuggets that I had written down in this. So the first one I'll start with this.

But, you know, they you just have to treat it like this silent fart in the room. You just have to pretend pretend you didn't care about it. For ten, it's not there. But it's there. And, this channel luckily is different. This is a channel where we come, we talk about business. We talk about money. You talk about mindset. We're talking about a bunch of different things that are interesting to us. And really, the only people who click on this channel are people that care about those things. And so it's like when you go to the gym, you can flex and talk about your pecs because the other people there care about that sort of stuff. And, so, you know, it's it's understood. So this is the Money Wisdom channel. I think in the next fifteen minutes, I don't think this will be long. I'll be able to go through a bunch of the nuggets. I called golden nuggets that I had written down in this. So the first one I'll start with this.

01:19

The rich aren't just lucky.

The rich aren't just lucky.

01:21

So pretend we took all the money that existed, and we redistributed it out. Everybody got same, you know, let's say a hundred thousand dollars to start with.

So pretend we took all the money that existed, and we redistributed it out. Everybody got same, you know, let's say a hundred thousand dollars to start with.

01:28

Ten years later, I think that most of the rich people would be rich again because wealth building is a skill and it can be learned.

Ten years later, I think that most of the rich people would be rich again because wealth building is a skill and it can be learned.

01:35

And, for most people, you wanna learn this skill, but you don't really know where to start, and I'll give the,

And, for most people, you wanna learn this skill, but you don't really know where to start, and I'll give the,

01:42

I write down these sort of three shifts. These big

I write down these sort of three shifts. These big

01:45

big small shifts that you can make. What is a big small shift? So I'll I'll give you a quick story.

big small shifts that you can make. What is a big small shift? So I'll I'll give you a quick story.

01:50

A man wants to learn golf. He goes out and he buys, you know, sort of golf clubs and he goes to the driving range, starts hitting the balls. And, you know, it's going left, it's going right, somber going to the center. He can't really control it. Doesn't know how doesn't know how to do it. He just started.

A man wants to learn golf. He goes out and he buys, you know, sort of golf clubs and he goes to the driving range, starts hitting the balls. And, you know, it's going left, it's going right, somber going to the center. He can't really control it. Doesn't know how doesn't know how to do it. He just started.

02:03

And,

And,

02:04

so he's like, okay. I need to build this skill, but, I don't know how, you know, I don't know what I'm doing, to be honest. And so he sees the you know, in the in the right next to him in the driving range, there's a coach teaching a kid. So he walks over and tells the coach, hey, I'd love to learn. Coach says happy to work with you. First lessons tomorrow morning. Okay. So he shows up again tomorrow morning. You know, this coach teaches him a few things. Another coach, you know, he's sort of a, you know, he's maybe twenty four years old. He's himself just graduated from college. You know, he's not the best in the world. He's just the guy standing next to him.

so he's like, okay. I need to build this skill, but, I don't know how, you know, I don't know what I'm doing, to be honest. And so he sees the you know, in the in the right next to him in the driving range, there's a coach teaching a kid. So he walks over and tells the coach, hey, I'd love to learn. Coach says happy to work with you. First lessons tomorrow morning. Okay. So he shows up again tomorrow morning. You know, this coach teaches him a few things. Another coach, you know, he's sort of a, you know, he's maybe twenty four years old. He's himself just graduated from college. You know, he's not the best in the world. He's just the guy standing next to him.

02:32

But still it helps.

But still it helps.

02:34

He's hitting it a bit better, but not much. The ball's still going left and right.

He's hitting it a bit better, but not much. The ball's still going left and right.

02:38

And, you know, the man thinks to himself, this coach sucks. I I don't want this crappy. This guy's a kid's coach. I need a real coach. And so he says, you know what? I'm gonna hire the best. Who is the best coach? It goes and finds a professional golfer to be his coach.

And, you know, the man thinks to himself, this coach sucks. I I don't want this crappy. This guy's a kid's coach. I need a real coach. And so he says, you know what? I'm gonna hire the best. Who is the best coach? It goes and finds a professional golfer to be his coach.

02:50

And this coach gives him some instructions. Within a few minutes, he's hitting the ball straight. It's going great.

And this coach gives him some instructions. Within a few minutes, he's hitting the ball straight. It's going great.

02:55

And so he says, alright, I'm ready to go play tomorrow. I'm playing a full eighteen holes of golf. Let's do this. Shows up the next day, and he's ready to hit the ball straight again. But today, things are going different. Today, it's slicing left, it's slicing right. Getting frustrated. And the worst part, the thing that's frustrating him the most is that the coach is not saying anything.

And so he says, alright, I'm ready to go play tomorrow. I'm playing a full eighteen holes of golf. Let's do this. Shows up the next day, and he's ready to hit the ball straight again. But today, things are going different. Today, it's slicing left, it's slicing right. Getting frustrated. And the worst part, the thing that's frustrating him the most is that the coach is not saying anything.

03:13

He sort of expects the coach to jump in and and fix it, but he coached just watching.

He sort of expects the coach to jump in and and fix it, but he coached just watching.

03:18

So finally he turns around. He says, hey coach, are you gonna, you're gonna do something? You're just gonna stand there. Alright? Like, look at me. I'm way off. I gotta do I gotta change something.

So finally he turns around. He says, hey coach, are you gonna, you're gonna do something? You're just gonna stand there. Alright? Like, look at me. I'm way off. I gotta do I gotta change something.

03:27

And the coach just smiles.

And the coach just smiles.

03:29

The coach says, you know, you think you're way off, but you're really only two millimeters off.

The coach says, you know, you think you're way off, but you're really only two millimeters off.

03:34

He said, coach, no offense. I know you're the expert here, but pretty sure I'm off by more than two millimeters. The ball's gone a hundred yards into the lake here. The coach says, yeah. Yeah. Yeah. I understand that. The outcome might be far off. But all you you're only off by two millimeters. You just you just need a two millimeter shift.

He said, coach, no offense. I know you're the expert here, but pretty sure I'm off by more than two millimeters. The ball's gone a hundred yards into the lake here. The coach says, yeah. Yeah. Yeah. I understand that. The outcome might be far off. But all you you're only off by two millimeters. You just you just need a two millimeter shift.

03:50

You see, because when your golf club hits the ball, if it's two millimeters angled in the wrong direction, it will completely change the trajectory

You see, because when your golf club hits the ball, if it's two millimeters angled in the wrong direction, it will completely change the trajectory

03:58

of where a ball is going. Right? A small shift in the angle here is gonna take us in a completely different direction.

of where a ball is going. Right? A small shift in the angle here is gonna take us in a completely different direction.

04:06

And so he just shows him a couple tweaks. Watch where you're where you're hitting the ball. Look at the face of the of the club.

And so he just shows him a couple tweaks. Watch where you're where you're hitting the ball. Look at the face of the of the club.

04:12

So he makes the adjustment, takes a swing, nails it.

So he makes the adjustment, takes a swing, nails it.

04:16

And, you know, I heard this story first from Tony Robbins and, I don't know, I don't know if it's real or fake or whatever, but I love the idea. Because it really rang true to me. Most things in life,

And, you know, I heard this story first from Tony Robbins and, I don't know, I don't know if it's real or fake or whatever, but I love the idea. Because it really rang true to me. Most things in life,

04:27

even if you're far off in your outcome, you're actually just only a small shift in your approach away.

even if you're far off in your outcome, you're actually just only a small shift in your approach away.

04:32

Because that's what changes your trajectory. And so here's the small two millimeter shifts that I think most people need to make.

Because that's what changes your trajectory. And so here's the small two millimeter shifts that I think most people need to make.

04:39

This was after all the money wisdom I collected, They all kind of bucket it into these three shifts that you can make. Shift number one. Hard work to smart work.

This was after all the money wisdom I collected, They all kind of bucket it into these three shifts that you can make. Shift number one. Hard work to smart work.

04:49

Growing up, we're all pretty much told hard work is the key to success. Our teachers tell us this. Our parents tell us this. But we gotta ask, is this really true? Because I look outside. I see the long guy mowing the lawn and working in the the summer heat. He's working hard. Or you go into any restaurant? Go to the back of the kitchen. Look at the line cooks. Those guys are working hard. They're working crazy hours.

Growing up, we're all pretty much told hard work is the key to success. Our teachers tell us this. Our parents tell us this. But we gotta ask, is this really true? Because I look outside. I see the long guy mowing the lawn and working in the the summer heat. He's working hard. Or you go into any restaurant? Go to the back of the kitchen. Look at the line cooks. Those guys are working hard. They're working crazy hours.

05:08

It's hot out there. It's difficult. They're on their feet all day. They work, you know, Saturdays and Sundays because the restaurant doesn't stop. They work hard.

It's hot out there. It's difficult. They're on their feet all day. They work, you know, Saturdays and Sundays because the restaurant doesn't stop. They work hard.

05:16

And, you know, you start to think about it. Like, well, if hard work equals success, then why doesn't my janitor driving a bentley? Right? Because what you work on and who you work with is what matters. It matters a lot more than how hard you work. So again, what you work on, the thing you actually choose to do

And, you know, you start to think about it. Like, well, if hard work equals success, then why doesn't my janitor driving a bentley? Right? Because what you work on and who you work with is what matters. It matters a lot more than how hard you work. So again, what you work on, the thing you actually choose to do

05:34

And who you work with will make a far bigger impact in your trajectory than just hard work. In fact, there is hard work does help, but it's maybe the fifth or sixth most important factor in my opinion. I do think there's sort of a minimum. Like, you need to work hard enough, but beyond hard enough, there's not really like a maximum you should be chasing. The goal is not to work as hard as you possibly can. Okay. So what should you actually work on? Right? That I said that's the most important thing. Well, Naval ravakant says it best. He says, you wanna find the thing that feels like play to you and work to others. And you should keep dabbling until you find that because at first, you might say, well, feels like play to me is watching Netflix. Okay. Cool. That feels like play to you, but it doesn't look like work to others. And so you have to find the thing

And who you work with will make a far bigger impact in your trajectory than just hard work. In fact, there is hard work does help, but it's maybe the fifth or sixth most important factor in my opinion. I do think there's sort of a minimum. Like, you need to work hard enough, but beyond hard enough, there's not really like a maximum you should be chasing. The goal is not to work as hard as you possibly can. Okay. So what should you actually work on? Right? That I said that's the most important thing. Well, Naval ravakant says it best. He says, you wanna find the thing that feels like play to you and work to others. And you should keep dabbling until you find that because at first, you might say, well, feels like play to me is watching Netflix. Okay. Cool. That feels like play to you, but it doesn't look like work to others. And so you have to find the thing

06:17

that has played you work to others. For me, for example,

that has played you work to others. For me, for example,

06:20

it's business stuff. So

it's business stuff. So

06:22

I am a nerd. I love

I am a nerd. I love

06:24

reading about learning about businesses. I like to go, you know, if a stock is if if a company's gonna go public, I'll go read the s one. I wanna read all about the inner workings of the business. To most people, they see this hundred page PDF. It's like you're digging through to find the balance sheet or the the P and L statement for for what? Do you do your is your boss telling you to do this?

reading about learning about businesses. I like to go, you know, if a stock is if if a company's gonna go public, I'll go read the s one. I wanna read all about the inner workings of the business. To most people, they see this hundred page PDF. It's like you're digging through to find the balance sheet or the the P and L statement for for what? Do you do your is your boss telling you to do this?

06:42

No. I actually enjoy doing that. But to others, it would seem like work. And so that's a kind of a sweet spot you wanna identify and really lean into those types of moments. Or this podcast. Some people get really nervous about public speaking, or it seems like a lot of work. Or, wow. You gotta you gotta come up with something, you know, an hour worth of stuff to say every two days. About business and don't you feel a lot of pressure? No. No. This feels like play to me. And so if it feels like work to others, but it feels like play to you,

No. I actually enjoy doing that. But to others, it would seem like work. And so that's a kind of a sweet spot you wanna identify and really lean into those types of moments. Or this podcast. Some people get really nervous about public speaking, or it seems like a lot of work. Or, wow. You gotta you gotta come up with something, you know, an hour worth of stuff to say every two days. About business and don't you feel a lot of pressure? No. No. This feels like play to me. And so if it feels like work to others, but it feels like play to you,

07:09

Those are the the that's the sweet spot. That's what you're looking for.

Those are the the that's the sweet spot. That's what you're looking for.

07:12

For some people, that's programming. Programming can be, you know, a joy to some people and it's a pain to others. For some people, it's writing. Like, I love writing. Other people hate writing. They think writing is this. They still have trauma from school. They they can't stand writing.

For some people, that's programming. Programming can be, you know, a joy to some people and it's a pain to others. For some people, it's writing. Like, I love writing. Other people hate writing. They think writing is this. They still have trauma from school. They they can't stand writing.

07:25

You know, for my trainer, it's exercise. After he trains me and, you know, four other people, he's been in the gym for six hours straight. Where does he go when he's done? To the gym because he wants to get his work on it. It's crazy. Like the, you know, for him, exercise and being in the gym feels like play, whereas to others, it would feel exhausting and feel like work. Help. Marie Kondo loves cleaning. She made that her thing. She loves cleaning.

You know, for my trainer, it's exercise. After he trains me and, you know, four other people, he's been in the gym for six hours straight. Where does he go when he's done? To the gym because he wants to get his work on it. It's crazy. Like the, you know, for him, exercise and being in the gym feels like play, whereas to others, it would feel exhausting and feel like work. Help. Marie Kondo loves cleaning. She made that her thing. She loves cleaning.

07:47

But that feels like work to to me and many others. So

But that feels like work to to me and many others. So

07:50

You gotta find that thing.

You gotta find that thing.

07:52

Why does this matter? Because when it feels like play, you'll do it a lot. Not just nine to five. You'll do it from five to nine too. You'll just do it all the time. Any available moment you have, your brain will go in that direction because it's something you enjoy doing so much. And because you enjoy doing it, you'll keep doing you can do it for a long period of time even if you're not getting immediate results. Right? There's many things that we will do if we get immediate results.

Why does this matter? Because when it feels like play, you'll do it a lot. Not just nine to five. You'll do it from five to nine too. You'll just do it all the time. Any available moment you have, your brain will go in that direction because it's something you enjoy doing so much. And because you enjoy doing it, you'll keep doing you can do it for a long period of time even if you're not getting immediate results. Right? There's many things that we will do if we get immediate results.

08:14

It's the things you're willing to do even without immediate

It's the things you're willing to do even without immediate

08:17

results lead to these big wins in the end.

results lead to these big wins in the end.

08:19

And, you know, you know what they call the guy who practices all the time and never gives up. Right? So somebody who does it all the time and could do it for for a long period of time?

And, you know, you know what they call the guy who practices all the time and never gives up. Right? So somebody who does it all the time and could do it for for a long period of time?

08:29

The best. That's what they call the guy. They call him the best, and the best always gets paid. In any field, the best plumber gets paid. The best Danny gets paid. The best whatever you are gets paid. And so you wanna find the thing that feels like play to you because it will help you become the best.

The best. That's what they call the guy. They call him the best, and the best always gets paid. In any field, the best plumber gets paid. The best Danny gets paid. The best whatever you are gets paid. And so you wanna find the thing that feels like play to you because it will help you become the best.

08:45

Shift number two. So we've gone from hard work to smart work, and that's finding the thing that feels like play to you and work to others. Now shift number two is

Shift number two. So we've gone from hard work to smart work, and that's finding the thing that feels like play to you and work to others. Now shift number two is

08:52

You wanna go from being far away from money to hanging out with money. So let's pretend you wanna get a six pack. To get a six pack, to get the abs, you need to start thinking and acting like somebody who already has a six pack. Right? Like, they make certain choices about how they eat. They make certain choices about with, you know, if you travel with somebody who's fit, they got in their bags, some protein powder resistance bands, they'll pick a hotel based on the gym. They make decisions you don't make because they have a certain set of priorities and habits that you don't have. So you have to sort of think like a fit person to act like a fit person, then you become a fit person. Same goes for wealth. You gotta think like a wealthy person, act like a wealthy person, and then you become a wealthy person. Most people get this wrong. They laugh about this, like, oh, So I should just that guy rich guys buy, you know, ferrari. So I should go buy a ferrari?

You wanna go from being far away from money to hanging out with money. So let's pretend you wanna get a six pack. To get a six pack, to get the abs, you need to start thinking and acting like somebody who already has a six pack. Right? Like, they make certain choices about how they eat. They make certain choices about with, you know, if you travel with somebody who's fit, they got in their bags, some protein powder resistance bands, they'll pick a hotel based on the gym. They make decisions you don't make because they have a certain set of priorities and habits that you don't have. So you have to sort of think like a fit person to act like a fit person, then you become a fit person. Same goes for wealth. You gotta think like a wealthy person, act like a wealthy person, and then you become a wealthy person. Most people get this wrong. They laugh about this, like, oh, So I should just that guy rich guys buy, you know, ferrari. So I should go buy a ferrari?

09:39

Not really. You wanna find their habits, not their extravagances.

Not really. You wanna find their habits, not their extravagances.

09:43

Right? Not their indulgences. You wanna find their habits. You wanna hang around with them so that you understand what their habits are. The the small things they do on a day to day basis that make them who they are and you need to start doing them. So you need to shift your way of thinking to match the type of person that you wanna become. Alright. So how do you how do you start thinking like a wealthy person? Well, you gotta hang out with them. How do you hang out with them? Right? Like,

Right? Not their indulgences. You wanna find their habits. You wanna hang around with them so that you understand what their habits are. The the small things they do on a day to day basis that make them who they are and you need to start doing them. So you need to shift your way of thinking to match the type of person that you wanna become. Alright. So how do you how do you start thinking like a wealthy person? Well, you gotta hang out with them. How do you hang out with them? Right? Like,

10:04

you know, you they they may not be around you. You know, what if you don't know anybody? So there's three ways. The first is peers. So you gotta find, you know, five people with the same dream as you. Right. Do you know

you know, you they they may not be around you. You know, what if you don't know anybody? So there's three ways. The first is peers. So you gotta find, you know, five people with the same dream as you. Right. Do you know

10:15

five people who have the same dream as you? Who are taking it as seriously as you or more seriously. You wanna find those people. You need to create a group chat. You need to create a weekly dinner. Hell, move into a house together. Do whatever it takes. When I wanted to get good at poker, I literally lived with a bunch of other people who are trying to get good at poker. And all day, we're all playing poker. We're all talking poker over our meals. Thinking about poker. We're asking each other for questions. We're getting inspired by somebody else's success. We're getting bitter about that guy's success, but it makes us work harder. You wanna immerse yourself in an immersive environment where you're gonna get better. And so

five people who have the same dream as you? Who are taking it as seriously as you or more seriously. You wanna find those people. You need to create a group chat. You need to create a weekly dinner. Hell, move into a house together. Do whatever it takes. When I wanted to get good at poker, I literally lived with a bunch of other people who are trying to get good at poker. And all day, we're all playing poker. We're all talking poker over our meals. Thinking about poker. We're asking each other for questions. We're getting inspired by somebody else's success. We're getting bitter about that guy's success, but it makes us work harder. You wanna immerse yourself in an immersive environment where you're gonna get better. And so

10:48

get as close to it as you can. Live living together is the best. If you can't do living together, Get dinners together. If you get dinners together, get in a group chat together, do whatever it takes.

get as close to it as you can. Live living together is the best. If you can't do living together, Get dinners together. If you get dinners together, get in a group chat together, do whatever it takes.

10:57

The second one is mentors. So you got your peers. Now you want your mentors. This is somebody who's already done it. You can learn from them. The trick here is really simple. To what most people do wrong is they go and ask for you to beat their mentor. Here's what you actually wanna do. You wanna find somebody who's already done it. You wanna ask them on a specific question.

The second one is mentors. So you got your peers. Now you want your mentors. This is somebody who's already done it. You can learn from them. The trick here is really simple. To what most people do wrong is they go and ask for you to beat their mentor. Here's what you actually wanna do. You wanna find somebody who's already done it. You wanna ask them on a specific question.

11:11

Hey, I'm dealing with this situation right now. I needed to I need to decide between a and b. Here's what I'm thinking.

Hey, I'm dealing with this situation right now. I needed to I need to decide between a and b. Here's what I'm thinking.

11:18

Could you give me any, you know, advice on the this decision between a and b? How would you think about this? Then whatever they say, you go take massive action on it, and then you follow-up, you say, hey,

Could you give me any, you know, advice on the this decision between a and b? How would you think about this? Then whatever they say, you go take massive action on it, and then you follow-up, you say, hey,

11:27

You told me that thing. Here's how here's what happened. You know, it either really worked or really didn't work. Here's what I'm doing next. You repeat it. You do that three times with somebody. Informally your mentor anyways. You never need to ask them to sort of, like, you know, be in a relationship with you. It'll just happen naturally by being somebody who asks us ask specific questions. So don't ask them for their time ask them for their specific advice, then actually take action on it, and then the key follow-up. If you repeat that, you'll have mentors.

You told me that thing. Here's how here's what happened. You know, it either really worked or really didn't work. Here's what I'm doing next. You repeat it. You do that three times with somebody. Informally your mentor anyways. You never need to ask them to sort of, like, you know, be in a relationship with you. It'll just happen naturally by being somebody who asks us ask specific questions. So don't ask them for their time ask them for their specific advice, then actually take action on it, and then the key follow-up. If you repeat that, you'll have mentors.

11:54

Okay. The next way you hang out with money, you gotta change your information diet. So if you're already listening to this podcast or watching this video on YouTube,

Okay. The next way you hang out with money, you gotta change your information diet. So if you're already listening to this podcast or watching this video on YouTube,

12:00

Congratulations. You're already doing it. But you need to ask people who have achieved what you want. What do you listen to? What do you follow? What do you read? What are your favorite YouTube channels?

Congratulations. You're already doing it. But you need to ask people who have achieved what you want. What do you listen to? What do you follow? What do you read? What are your favorite YouTube channels?

12:09

You know, my greatest teachers are people I've never met. This is people that I follow from Twitter and books and podcasts and YouTube. They've made the biggest impact on me. You don't you don't need to actually physically so hang out with everybody for them to make an impact. But, like, let's say you listen to this podcast, we release two, maybe three episodes a week. Each episodes about an hour. So you're hearing us for two or three hours a week. That's more than most people talk to their mom. That's more than most people talk to their friends. That's more than most people talk to anybody. So

You know, my greatest teachers are people I've never met. This is people that I follow from Twitter and books and podcasts and YouTube. They've made the biggest impact on me. You don't you don't need to actually physically so hang out with everybody for them to make an impact. But, like, let's say you listen to this podcast, we release two, maybe three episodes a week. Each episodes about an hour. So you're hearing us for two or three hours a week. That's more than most people talk to their mom. That's more than most people talk to their friends. That's more than most people talk to anybody. So

12:34

you bringing this conversation into your world is changing the type of conversations that you're having. If you start to change your conversations, it'll change your thinking, change your thinking, it'll change your actions, change your actions, you change your results. That's how it goes. So, these are the three ways that you can hang out, start to hang out with wealth.

you bringing this conversation into your world is changing the type of conversations that you're having. If you start to change your conversations, it'll change your thinking, change your thinking, it'll change your actions, change your actions, you change your results. That's how it goes. So, these are the three ways that you can hang out, start to hang out with wealth.

12:50

There's one other one that I didn't mention here, which is When you hang out with wealth, literally you get around people who've done what you had, it gives your imagination more food. So when you, like, I remember the first time I went to a really rich person's house, And I'm like, wow, he's got a chef and he's got, like, oh, the this guy just came over and just did that for them. Oh, interesting.

There's one other one that I didn't mention here, which is When you hang out with wealth, literally you get around people who've done what you had, it gives your imagination more food. So when you, like, I remember the first time I went to a really rich person's house, And I'm like, wow, he's got a chef and he's got, like, oh, the this guy just came over and just did that for them. Oh, interesting.

13:09

Oh, they're saying that they travel once a month to go do this thing and this charity thing that they do. That sounds really fulfilling. They're, you know, those stories sounded awesome. It taught me, like, how to how to figure out what to even want. And what's possible. What's achievable? Because when you see it, it's a lot more realistic than just thinking about it or hearing about it. Like, you know, beliefs are good, but an experience is always better. And so just hanging out with people who already have wealth gives you a sort of these all these like subconscious cues. It makes things feel more realistic. It gives you different things that you dream about. Maybe you don't care about a car. Like for me, I never cared about cars, but maybe I wanted, like, I always thought I wanted courtside seats at an NBA game.

Oh, they're saying that they travel once a month to go do this thing and this charity thing that they do. That sounds really fulfilling. They're, you know, those stories sounded awesome. It taught me, like, how to how to figure out what to even want. And what's possible. What's achievable? Because when you see it, it's a lot more realistic than just thinking about it or hearing about it. Like, you know, beliefs are good, but an experience is always better. And so just hanging out with people who already have wealth gives you a sort of these all these like subconscious cues. It makes things feel more realistic. It gives you different things that you dream about. Maybe you don't care about a car. Like for me, I never cared about cars, but maybe I wanted, like, I always thought I wanted courtside seats at an NBA game.

13:48

Then I saw a rich person with a chef and I was like, screw the game. I want a chef. That seems awesome. Alright? Healthy, tasty food that's being made by somebody else. It saves you time. That's that's unbelievable.

Then I saw a rich person with a chef and I was like, screw the game. I want a chef. That seems awesome. Alright? Healthy, tasty food that's being made by somebody else. It saves you time. That's that's unbelievable.

13:59

So that's, you know, that's the one other thing about hanging out with money. Alright. Shift number three.

So that's, you know, that's the one other thing about hanging out with money. Alright. Shift number three.

14:04

Going from small swings

Going from small swings

14:06

to fat pitches.

to fat pitches.

14:07

I love saying fat pitches. Alright. So common mistake most people make. They take small swings. Like, they take the first good offer that comes their way. The first good job or the first good deal.

I love saying fat pitches. Alright. So common mistake most people make. They take small swings. Like, they take the first good offer that comes their way. The first good job or the first good deal.

14:17

They start too many projects at once. I've definitely been guilty of that before.

They start too many projects at once. I've definitely been guilty of that before.

14:21

They chase shiny objects. So, oh, I'm doing this thing. Oh, there's a new thing. Go over there.

They chase shiny objects. So, oh, I'm doing this thing. Oh, there's a new thing. Go over there.

14:26

You can do anything, but you just can't do everything.

You can do anything, but you just can't do everything.

14:28

This is a hard lesson to learn in life. You can do anything but you can't do everything.

This is a hard lesson to learn in life. You can do anything but you can't do everything.

14:32

You know, and the beauty of this is You don't have to do everything. So Warren Buffett,

You know, and the beauty of this is You don't have to do everything. So Warren Buffett,

14:38

one of the wealthiest men in the world, one of the best investors in the world. He missed the whole internet wave. Like, last twenty years, basically, dominated by the tech industry,

one of the wealthiest men in the world, one of the best investors in the world. He missed the whole internet wave. Like, last twenty years, basically, dominated by the tech industry,

14:46

they missed it. That's alright. He's still ended up doing great. Why? Because he understands Coke and GEICO. His fat pitch.

they missed it. That's alright. He's still ended up doing great. Why? Because he understands Coke and GEICO. His fat pitch.

14:52

Was companies like that that were in his zone of competence, things he understood

Was companies like that that were in his zone of competence, things he understood

14:57

that he was able to act on. And you you can get rich anyway. Right? The beauty of it is you only gotta get rich one way. You don't have to get everything right. You just gotta get one thing right to be rich.

that he was able to act on. And you you can get rich anyway. Right? The beauty of it is you only gotta get rich one way. You don't have to get everything right. You just gotta get one thing right to be rich.

15:08

Tedd Williams, one of the greatest baseball hitters ever. He was famous for waiting for the fat pitch. He would sort of map out the strike zone. He said, alright. All of these are strikes, but you notice that you know, when it's dead center, I hit four hundred. But if I try to hit on the edge of the strike zone, I'm only hitting two thirty. And so what made the difference between

Tedd Williams, one of the greatest baseball hitters ever. He was famous for waiting for the fat pitch. He would sort of map out the strike zone. He said, alright. All of these are strikes, but you notice that you know, when it's dead center, I hit four hundred. But if I try to hit on the edge of the strike zone, I'm only hitting two thirty. And so what made the difference between

15:26

Ted, the greatest hitter ever. And, you know, the average or even above average hitter was that they would swing at the two, you know, the the the pitches where they would average two thirty, whereas he would only swing at the pitches where he'd average four hundred. Right? That was his attempt, to to wait for the fat pitch and only focus on hitting those. And Warren Buffett takes us even further for investing. So he says, unlike baseball, there's no called strikes in investing. You can literally sit there and pass on fifty opportunity straight just waiting for your fat pitch.

Ted, the greatest hitter ever. And, you know, the average or even above average hitter was that they would swing at the two, you know, the the the pitches where they would average two thirty, whereas he would only swing at the pitches where he'd average four hundred. Right? That was his attempt, to to wait for the fat pitch and only focus on hitting those. And Warren Buffett takes us even further for investing. So he says, unlike baseball, there's no called strikes in investing. You can literally sit there and pass on fifty opportunity straight just waiting for your fat pitch.

15:52

And,

And,

15:54

and, you know, somebody asked him, you know, what does a fat pitch look like? Here's what here's what Warren had to say about that. He says, If you look at the stock exchange, it's high. You know, for the last twelve months, will be, you know, maybe hundred fifty percent higher than the low. The low is, you know, the low part of the stock market.

and, you know, somebody asked him, you know, what does a fat pitch look like? Here's what here's what Warren had to say about that. He says, If you look at the stock exchange, it's high. You know, for the last twelve months, will be, you know, maybe hundred fifty percent higher than the low. The low is, you know, the low part of the stock market.

16:09

Says all you have to do is sit there and wait until there's something really attractive that you understand and you could forget about everything else. That's a wonderful game to play in. There's almost Nothing where the game is stacked in your favor like the stock market. But the problem is people start listening to everybody on TV or whatever, talking or they may read the paper, whatever. And they take this advantage that you can wait for something you really like that you really understand and pounce, and they turn it into a disadvantage.

Says all you have to do is sit there and wait until there's something really attractive that you understand and you could forget about everything else. That's a wonderful game to play in. There's almost Nothing where the game is stacked in your favor like the stock market. But the problem is people start listening to everybody on TV or whatever, talking or they may read the paper, whatever. And they take this advantage that you can wait for something you really like that you really understand and pounce, and they turn it into a disadvantage.

16:35

There's no easier game than stocks, but you just have to be sure you don't play it too often. And that's the mistake that people make. They play too often. They they swing too many times. They don't wait for the fat pitch, and that's why their returns go down.

There's no easier game than stocks, but you just have to be sure you don't play it too often. And that's the mistake that people make. They play too often. They they swing too many times. They don't wait for the fat pitch, and that's why their returns go down.

16:48

You know, the first ten years of your career, you probably don't even know what a fat pitch looks like, even if it was to hit you in the face. So My advice for most people is the first ten years, just go work the with the smartest, highest energy, most resourceful people you can find. Go into emerging markets or exciting fields, and just try to do exciting worth work with exciting people. Because doing that is what's gonna train your gut

You know, the first ten years of your career, you probably don't even know what a fat pitch looks like, even if it was to hit you in the face. So My advice for most people is the first ten years, just go work the with the smartest, highest energy, most resourceful people you can find. Go into emerging markets or exciting fields, and just try to do exciting worth work with exciting people. Because doing that is what's gonna train your gut

17:10

to actually notice fat pitches. If you're doing that, you're reflecting consistently. You're looking back. You're saying, alright. What did I learn the last year? What looking back? What should I have actually been focused on last year? You'll start to learn. Oh, wow. There was all these, like, opportunities that were coming my way that I actually didn't recognize to be as good of an opportunity as they were.

to actually notice fat pitches. If you're doing that, you're reflecting consistently. You're looking back. You're saying, alright. What did I learn the last year? What looking back? What should I have actually been focused on last year? You'll start to learn. Oh, wow. There was all these, like, opportunities that were coming my way that I actually didn't recognize to be as good of an opportunity as they were.

17:28

And so you gotta spend those first ten years like that to hone your gut. And then after that, you'll be able to notice those fat pitches. Some common things about, like, what is a fat pitch? What does that mean? So, like, a platform shift. Like, when the iPhone first came out, there's an app store. All of a sudden, there was this new computer in everyone's pocket,

And so you gotta spend those first ten years like that to hone your gut. And then after that, you'll be able to notice those fat pitches. Some common things about, like, what is a fat pitch? What does that mean? So, like, a platform shift. Like, when the iPhone first came out, there's an app store. All of a sudden, there was this new computer in everyone's pocket,

17:43

and nobody had built apps that was a fat pitch waiting to happen. Anybody who jumped on that, like Instagram back then, they were gonna do very well.

and nobody had built apps that was a fat pitch waiting to happen. Anybody who jumped on that, like Instagram back then, they were gonna do very well.

17:51

Law changes,

Law changes,

17:52

same time there's a rule of regulatory change that creates opportunity.

same time there's a rule of regulatory change that creates opportunity.

17:55

If there's a new tech, you know, technological breakthrough, like AI right now, You know, what what people are doing building on top of chat, GPT or a GPT four,

If there's a new tech, you know, technological breakthrough, like AI right now, You know, what what people are doing building on top of chat, GPT or a GPT four,

18:04

that's a fat pitch.

that's a fat pitch.

18:06

Market panics. So anytime the market panics and sells everything. Well, everything's on sale. That's a good opportunity to buy great companies.

Market panics. So anytime the market panics and sells everything. Well, everything's on sale. That's a good opportunity to buy great companies.

18:12

Another one, is working at a generational company early on. So if you saw Facebook in two thousand four to two thousand eight,

Another one, is working at a generational company early on. So if you saw Facebook in two thousand four to two thousand eight,

18:19

you could go in and be like, look, it doesn't even matter that this is, and how much I'm gonna make off this. You just wanna be on that rocketship. And so there's one of these, you know, and one or two of these every decade and bigger part of them is, you know, that's a fat bitch.

you could go in and be like, look, it doesn't even matter that this is, and how much I'm gonna make off this. You just wanna be on that rocketship. And so there's one of these, you know, and one or two of these every decade and bigger part of them is, you know, that's a fat bitch.

18:33

The other one is when somebody owns something, but they don't realize what it's worth.

The other one is when somebody owns something, but they don't realize what it's worth.

18:37

You know, they they they have an asset, but they don't really understand it fully or they don't have the right lens. But you do. You know what you could do with it. This happens in real estate all the time. Somebody's sitting on a building.

You know, they they they have an asset, but they don't really understand it fully or they don't have the right lens. But you do. You know what you could do with it. This happens in real estate all the time. Somebody's sitting on a building.

18:47

It's only rented out for this much. So they sell it at a fair price for what it's worth, but another guy comes in, it says, I know that I can get a new permit to zone this for multifamily, and I could build more units on top. And so he's selling it at what he thinks is a fair price, but to me, it's a steal because I have asymmetric information.

It's only rented out for this much. So they sell it at a fair price for what it's worth, but another guy comes in, it says, I know that I can get a new permit to zone this for multifamily, and I could build more units on top. And so he's selling it at what he thinks is a fair price, but to me, it's a steal because I have asymmetric information.

19:03

Ain't that word asymmetric matters. Asymmetric information is when you know things that others don't asymmetric

Ain't that word asymmetric matters. Asymmetric information is when you know things that others don't asymmetric

19:09

upside is when let's say you invest in a startup. In a startup, you know, you invest a hundred dollars. The most it can lose is your hundred dollars, but startups when they win, they could be hundred extra thousand extra turns. That's asymmetric upside. You can win a lot more than you can lose. And so you wanna look for opportunities where you have either asymmetric information or asymmetric upside as a general rule of thumb for how you how you invest. Now, of course,

upside is when let's say you invest in a startup. In a startup, you know, you invest a hundred dollars. The most it can lose is your hundred dollars, but startups when they win, they could be hundred extra thousand extra turns. That's asymmetric upside. You can win a lot more than you can lose. And so you wanna look for opportunities where you have either asymmetric information or asymmetric upside as a general rule of thumb for how you how you invest. Now, of course,

19:33

the likelihood of success matters. Right? Like, every startup's not gonna hundred x or thousand x. So you wanna find those where the probability of them working and the upside make it worth doing.

the likelihood of success matters. Right? Like, every startup's not gonna hundred x or thousand x. So you wanna find those where the probability of them working and the upside make it worth doing.

19:43

Okay.

Okay.

19:45

The other part about fat pitches, you gotta swing hard. Most people take weak half swings.

The other part about fat pitches, you gotta swing hard. Most people take weak half swings.

19:51

They make a couple calls or they, you know, they they were they send you one email, but they don't follow-up. Or you even give them an opportunity. They don't follow through.

They make a couple calls or they, you know, they they were they send you one email, but they don't follow-up. Or you even give them an opportunity. They don't follow through.

19:59

You know, don't just sit there. And just look or just bunt. Right? You gotta really swing. And so winners follow-up winners double down on what's working. Winners,

You know, don't just sit there. And just look or just bunt. Right? You gotta really swing. And so winners follow-up winners double down on what's working. Winners,

20:09

get on the next flight out to go meet you in person. And the way I say it is intensity

get on the next flight out to go meet you in person. And the way I say it is intensity

20:14

is the strategy.

is the strategy.

20:16

Most people want the magic strategy, the magic formula.

Most people want the magic strategy, the magic formula.

20:21

But unfortunately, the hard thing to understand is actually intensity is the strategy. Most of the time, the strategy is pretty obvious. It's pretty cut and clear. It's the intensity you take to it that makes a big difference. And so,

But unfortunately, the hard thing to understand is actually intensity is the strategy. Most of the time, the strategy is pretty obvious. It's pretty cut and clear. It's the intensity you take to it that makes a big difference. And so,

20:32

once you find a good strategy, you wanna execute it just violently versus trying to wait for the the perfect magic formula, perfect magic solution,

once you find a good strategy, you wanna execute it just violently versus trying to wait for the the perfect magic formula, perfect magic solution,

20:40

perfect strategy that that doesn't exist.

perfect strategy that that doesn't exist.

20:43

Here's an example of a hard swing. So

Here's an example of a hard swing. So

20:45

There's a guy Taylor Offer. I don't know why this comes to mind, but this first one that came to mind.

There's a guy Taylor Offer. I don't know why this comes to mind, but this first one that came to mind.

20:49

Taylor, he's the founder of a clothing company called Feet Now, but back then, he had a a merch business. I think he was trying to sell socks or something. And it was going okay, but he wanted to double down. So

Taylor, he's the founder of a clothing company called Feet Now, but back then, he had a a merch business. I think he was trying to sell socks or something. And it was going okay, but he wanted to double down. So

21:00

turns up the intensity.

turns up the intensity.

21:01

He's like,

He's like,

21:02

I'm selling merch. I need distribution. What if I had the distribution of some of the most famous fine and YouTube stars that existed? And the top vine in YouTube stars at the time were guys like Logan Paul and

I'm selling merch. I need distribution. What if I had the distribution of some of the most famous fine and YouTube stars that existed? And the top vine in YouTube stars at the time were guys like Logan Paul and

21:12

and King batch and stuff like that. He says, how do I get them to work with me? Right? I don't even know these guys. How do I get them to work with So he's watching their videos and he notices that all the doors in the background of their videos, like the the apartment doors

and King batch and stuff like that. He says, how do I get them to work with me? Right? I don't even know these guys. How do I get them to work with So he's watching their videos and he notices that all the doors in the background of their videos, like the the apartment doors

21:23

had the same handle.

had the same handle.

21:24

He's like,

He's like,

21:25

three of the viners have the same they must live in the same building.

three of the viners have the same they must live in the same building.

21:29

So he hunts down. He finds the building. Moves across the country, moves into the building, and he knows that they like to work out. So he starts just working out twice a day. He's like, this increases my odds of crossing paths with them. And they do cross paths. He tells them what he's doing. They get to know each other. Eventually, they become friends. They partner with him. He becomes the first guy to do merch with Logan Paul, said sells millions of dollars, merch, you know, right off the bat. He basically leapfrogged where he would have been with

So he hunts down. He finds the building. Moves across the country, moves into the building, and he knows that they like to work out. So he starts just working out twice a day. He's like, this increases my odds of crossing paths with them. And they do cross paths. He tells them what he's doing. They get to know each other. Eventually, they become friends. They partner with him. He becomes the first guy to do merch with Logan Paul, said sells millions of dollars, merch, you know, right off the bat. He basically leapfrogged where he would have been with

21:54

lower intensity without being willing to double down.

lower intensity without being willing to double down.

21:58

And and so I love that story because just a matter. It's a it's an example of of all the things I mentioned. Right?

And and so I love that story because just a matter. It's a it's an example of of all the things I mentioned. Right?

22:04

Working smarter, not harder.

Working smarter, not harder.

22:06

Of moving towards the people you want being near, the people you want versus being far away. And when you see a fat pitch double down swing hard at that thing.

Of moving towards the people you want being near, the people you want versus being far away. And when you see a fat pitch double down swing hard at that thing.

22:15

So if you remember one thing from this section, it's intensity as a strategy. Winters don't usually have a better strategy as that they do the obvious things with more intensity than you do. And the reality is you don't even know what Max intensity looks like until you see it. You need to go work with people who are real winners just to see Oh, that's how they attack when they see an opportunity or they have a problem, how they how they go and approach things. You gotta kinda say what I say I always say is like You think the knob of the volume goes only up to ten?

So if you remember one thing from this section, it's intensity as a strategy. Winters don't usually have a better strategy as that they do the obvious things with more intensity than you do. And the reality is you don't even know what Max intensity looks like until you see it. You need to go work with people who are real winners just to see Oh, that's how they attack when they see an opportunity or they have a problem, how they how they go and approach things. You gotta kinda say what I say I always say is like You think the knob of the volume goes only up to ten?

22:42

And then you beat somebody and they actually the volume, theirs turned up to fifteen.

And then you beat somebody and they actually the volume, theirs turned up to fifteen.

22:46

And you're like, oh, shit. Now I know what level fifteen looks like. As you have to see it once, and then it'll just imprint in your brain.

And you're like, oh, shit. Now I know what level fifteen looks like. As you have to see it once, and then it'll just imprint in your brain.

22:53

And so those are the three shifts. Find what feels like play to you and looks like work to others. Find a way to hang out with people who either have what you want or are chasing it as hard as you are. And then take a simple strategy and turn up the intensity. Yeah. This book probably has fifty other nuggets like that, but that's all for today. If you like this on YouTube, leave a comment. I love to read them. I'll respond to all of them every single one from this video.

And so those are the three shifts. Find what feels like play to you and looks like work to others. Find a way to hang out with people who either have what you want or are chasing it as hard as you are. And then take a simple strategy and turn up the intensity. Yeah. This book probably has fifty other nuggets like that, but that's all for today. If you like this on YouTube, leave a comment. I love to read them. I'll respond to all of them every single one from this video.

23:13

And,

And,

23:14

yeah, that's it. That's all for the, the well the Wealth Wisdom or the Money Wisdom Master Class for today. Thanks.

yeah, that's it. That's all for the, the well the Wealth Wisdom or the Money Wisdom Master Class for today. Thanks.

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