My podcast review of James Altucher’s book “The Choose yourself guide to Wealth”
Ideas are the new currency of the 21st century. Good I hope so, I have lots of ideas what do I do with them?
HOW I ENDED UP IN PRISON—AND HOW I BROKE OUT
INTRODUCTION: IDEAS ARE THE CURRENCY OF THE TWENTY-FIRST
CENTURY
THE 18 NEW RULES OF ABUNDANCE
DAILY practice
- Ideas everyday – build the muscle – idea sex
- Real rules of leadership give more to others than you expect back for yourself
- 1% better physically, mentally, spiritually
- Failure = experiment
- $2 bill
- saving a dollar is not making a dollar – $100 is only $100
HOW I ENDED UP IN PRISON—AND HOW I BROKE OUT
- School, mortgage etc, 401K
THE FACTS –
• hundred year average return on houseing .2%, college tuition
THE HISTORY OF THE END OF THE WORLD –
• current events – media selling fear, mamalls care about fear
“we get to choose the sandbox we play in”
• History of world wars, our economy , dual income with women working
WHY ALL THE PERSONAL FINANCE GURUS ARE OUT OF DATE
• personal finanace didn’t exist before 1970 – lots of industries have poped up to help you with this making money doing so with fees
• cognitive bias – protect us from wild and keeps us on safe path
• abundance for all parts of life not only money
DEVELOP A PRACTICE FOR SUCCESS
• simple life goals: happiness, eradicate unhappiness, smooth days – no hassles
• Physical – sleep, eat
• Emotional – love and support from people
• Mental – ideas work te muscle
• Spiritual – Complaining is draining
RESULTS OF THE DAILY PRACTICE
• every year and 6 months totally different
• more luck – sharing
PART 1
NEW GAME, NEW RULES
• get paid, get laid, lose weight is what people will pay for = info product
• text ads – to try out products
• list ten ideas for newsletters you can write.
WHAT IF YOU DON’T KNOW WHAT YOUR PASSION IS?
• Passion – You’re naturally going to get passionate about what you are good at.
WHY YOU HAVE TO QUIT YOUR JOB THIS YEAR –
• The rich employee
• middle class is dead – outsourcing is growing
• “Only free time, imagination, creativity, and an ability to disappear will help you deliver value that nobody ever delivered before in the history of humankind”
• being an entrepreneur can be anyone – need the ability to fail, have ideas, sell those ideas and courage to execute on ideas, to be persistent so even as you fail you learn and move on to the next adventure.
• “Who can I help today?”
BE AN IDEA MACHINE –
• work out your brain, challenge yourself
• “Ideas are te currency of life. Not money-because money can rn out. Money gets depleted until you go broke. But good ideas buy you good experiences, buy you better ideas, buy you better experiences, buy you more time, save your life. Financial wealth is a side effect of the “runner’s high” of your idea muscle”
• bad ideas are to be expected
• all parts of daily practice are important
• giving away ideas – to companies
HOW TO SELL ANYTHING
• be a friend
• say no – opportunity cost
• over deliver
• never take no for an answer
• refer customers to a better source
• sell everything
HOW TO CONVINCE ANYONE OF ANYTHING IN SIXTY SECONDS
ONCE THE IDEAS GET ROLLING
TEN THINGS YOU NEED TO KNOW ABOUT LEADING
• Being a leader appens right now, today. It’s something you can do without money, without authority, and without anybody. But first you have to lead yourself”
• Desire more success for others tan for yourself
• Yes and
• gratitude
• A leader connects to all people and tells a visionary story. We help… because
• be ok with change
• “A good solutions solves one problem. A real solution solves a hundred problems.”
• A sick leader is not a good leader -CEO who stayed up all night…
• Love what you do.
o Don’t do something just for the money. Money is a side effect of persistence. You persist in things you are interested in. Explore your interests. Then persist. Then enjoy all the side effects.
o Every successful tomorrow is determined by on thing: ahving a successful today.
•
SHARING IDEAS: BEING A GREAT PUBLIC SPEAKER
• Being a great public speaker – he wrote a post “Tips to be a great public speaker” –
• comedians, remember to pause, Storytelling
• DISCUSSING IDEAS: HOW TO NEGOTIATE WITH ANYONE
• say no, meet in middle
• have more things to negotiate, your list
• “if you can’t walk away from a negotiation then you are not negotiating”
• negotiation is about the value you deliver the other person
• listen to your gut
• options equal freedom
•
USING IDEAS TO CONNECT PEOPLE: BUILDING A PERMISSION NETWORK
• ask both people if it is ok to introduce
• ideas to help people then share them with them
• DEVELOPING HABITS FOR ABUNDANCE
• have a talent, being good at something
• Finding what your are talented at
o list things you did from 6 to 18 worked horses, played a lot of basketball and golf
o “we are ultimately are a combination of all of our experiences, all of the things we are interested in, all of the things we flirt with”
o 4 hours a day
o 2 to 5 hours after you wake up
o history and study your failures
o
• HOW TO MASTER ANYTHING
• having persistence “persistence creates luck. persistence gets you experience. Persistence is a sentence of failures punctuated by the briefest of success, and eventually those successes will start to propel you toward mastery. Not one success or two. But many, many, many.”
• GETTING RID OF YOUR EXCUSES
• no money, no equipment, time – 7pm to 2 am, not good enough, no degree, not right location, no network = lewis howes guy in the middle,
• WHY TO-DO LISTS DON’T WORK – stress
• done lists
HAVE THEMES INSTEAD OF GOALS
PART 2
MAKING MONEY IN THE TWENTY-FIRST CENTURY.
• TRENDS: THE POWER TO SEE THINGS DIFFERENTLY THAN EVERYONE ELSE
• all things end, innovation takes place nonstop
•
TREND #1 BIOTECH
• TREND #2: HEALTHCARE
TREND #3 : OBSERVATION
TREND #4: THE TEMP WORKFORCE
TREND #5: ROBOTICS
TREND #6: CHEMISTRY
Batteries
TREND #7: FINANCIAL TECHNOLOGY
LESSONS I LEARNED FROM BUILDING A BUSINESS
• gave away 50% to theStreet.com
• always be deal making
A CHEAT SHEET FOR STARTING A BUSINESS
• many questions answered – when to go for venture capital
• should you patent
• how much equity to give
• SEO and Social Media Marketing
WHY I WANT MY KIDS TO KNOW WHO THE MYSTERIOUS S.J. SCOTT IS – writes a book every 3 weeks – 2000 words a day
COMPOUND INTEREST AND COMPOUND ABUNDANCE – the scam
VALUE YOUR BUSINESS THE “CHOOSE YOURSELF!” WAY: THE SECRET OF
ABUNDANCE
• Ideas more valuable than money
•
BUT HOW DO YOU VALUE A COMPANY?
THE ZERO TO ONE APPROACH
• Peter Thiel’s four attributes for good business: monopoly, scalability, network effect, and brand.
• MONOPOLY
• SCALABILITY
• NETWORK EFFECT
• BRAND
DEMOGRAPHICS – headwinds
THE THREE D’S MODEL:
• Death
• Divorce
• Debt
THE THREE P’S MODEL (to value a company)
• People
• Process
• Product
• PART 3
KEEP AND GROW THE MONEY YOU MAKE
THE MYTHS WE’VE ALL BEEN TOLD (28 of them)
• owning a home
• going to college
HOW TO AVOID THE GREAT FINANCIAL SCAM OF THE TWENTY-FIRST CENTURY
• You own stock may be being loaned to short the stock itself.
• 401Ks, IRAs
STOP PAYING YOUR DEBTS
• never invest big chunks of your money
• don’t put more than 10% overall in stocks or more than 2% in same sector
• Debt usually has a contract – the bank has an agreement with you for foreclosure if you don’t pay
• credit card debt – sold for pennies on the dollar to people who collect twice as much, like hedge funds
•
• THE TEN MOST IMPORTANT RULES YOU NEED TO KNOW ABOUT INVESTING
Who makes money in the market
• People who hold stocks forever
• People who hold stocks for a millionth of a second
• People who cheat
WHAT DO I DO WITH MY OWN MONEY?
LESSONS LEARNED FROM DAY TRADING
• Invest in yourself
• invest in experiences rather than possessions
• passive income
• books – reading is the best return on investment. You get to read about peoples lives and experiences for almost nothing.
• Gratitude is another word for abundance
• Investing in yourself, you will get wealthy… if you remember that financial wealth is a side effect of real inner wealth. This is the most powerful investment you can do with your time and your life…you can make money back but not moments of stress and anxiety.
The ten most important rules you need to know about investing
• invest in someone smarter than you.
• Cash is king
• Invest in dividends aristocrats
• Never invest because of tax reasons: 401(k)s, IRAs, Roth IRAs
STREET SMARTS ARE VITAL: MENTAL MODELS WORTH LEARNING
• Antifragile – system that gets stronger as it gets hurt, our economy isn’t
• Four hour work week
• 10,000 hours – practice with intent that’s important.
• Idea Sex
• The 80/20 Rule
• Improve your life 1% a day
• The Four Agreements
o Be Impeccable wit your Word
o Don’t take anything Personally
o Don’t Make Assumptions
o Always Do Your Best
FOUR THINGS I DO THAT CAN CHANGE YOUR LIFE IN THE NEXT TEN MINUTES
• Use 2 dollar bills
• Wear a Doctor’s Coat
• Use Waiters Pads
• Watch Standup Comedy
HOW TO GET AN MBA FROM EMINEM
• Eminem rap battle vs. Papa Doc 8 Mile lyrics.
AVOID REGRETS.
HOW TO RUN A “CHOOSE YOURSELF” MEETUP.