Here are 20 ideas on wealth creation that have transformed my life (THREAD).

1. Equity.

Owning equity just means owning a piece of a business, a product, or IP (like a script or digital guide).

Equity is everything. It's the only way to make money while you sleep.

MORE 2. Compound Interest

Compound interest makes you money off the interest you have already generated. It's hard to understand how powerful it is:

"Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it” -Albert Einstein

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5 things I learned from @jaltucher about SUCCESS & HAPPINESS, in convo with @AlexAndBooks_ on "The Reader's Journey." THREAD

#1. Life isn't that long. Invest in things you ENJOY.

“You only have one life to live and you want to do things that you love doing.” – @jaltucher

MORE #2. To find HAPPINESS

@jaltucher says:

- Master a skill you enjoy doing.
- Build a strong sense of community.
- Create a network of good friends & relationships
- Become financially independent, so you can leave your job if you hate it

I'll add: choose the right partner!

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5 things I learned about SALES from @adamscrabble in convo with @jposhaughnessy on "Infinite Loops" THREAD

1. "Your first client is your own mind" - @adamscrabble

Sales must = your identity

"What you perceive yourself to be, that's what you turn into." - @jposhaughnessy

MORE 2. “Cold calling is a performance art.” - @adamscrabble

The sound of your voice is the most important thing in the first 20 secs.

You must learn how to control it and make it engaging.

"You’re not going to be interested in what I say, but how I say it" - @adamscrabble

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Here are 5 things I learned about investing from @jposhaughnessy in conversation with @adamscrabble (nice job, guys!)

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1. Thinking probabilistically > deterministically

"We are deterministic thinkers living in a probabilistic world and sometimes mayhem can ensue."

MORE 2. If you want to suffer, check your stock portfolio 10 times per day.

"What a market does on day to day basis is 100% noise” – @jposhaughnessy

To watch the market and your stocks all day is closer to gambling than it is to investing.

It's no way to create wealth.

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You can capture LUCK.

You just have to know where to look...

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In 1978, Dr. James Austin wrote "Chase, Chance, and Creativity: The Lucky Art of Novelty."

In it, he explains the role of luck and serendipity in medical research,

and lists 4 kinds of LUCK...

MORE The first kind of luck is BLIND LUCK.

This is the kind of luck you know very well...

“Chance [luck] #1 is completely impersonal; you can’t influence it.”

- Dr. James Austin

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Here are 5 things I learned from @EricJorgenson in conversation with @jackbutcher (THREAD)

1. Sometimes progress feels like leaving a book on the shelf.

When Eric was drafting the Almanack of @naval, he often left it on the shelf and then came back to it to get clarity.

MORE 2. If you don't know what to do next, add constraints.

@EricJorgenson talked to friends and peers when he was unsure of what direction to take the book.

Often, those conversations revealed simple constraints that helped him push forward with the book.

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4 lessons on wealth creation from co-host @POMP on "Capital University" with @BryceHall - THREAD

1. To generate long-term wealth, you must own equity in a high-value business.

Equity means you own a piece of the upside. The larger the pizza grows, the larger your slice.

MORE 2. Cashflow from a business is great, but it's not enough.

Making $100K - $150K / month online is great, but it's not sustainable. You have to find a way to turn it into generational wealth.

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5 lessons on patience from @naval Ravikant

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1. Great people have great outcomes... eventually.

"Every person I met at the beginning of my career... where I looked at them and said, 'Wow, that guy or gal is super capable'…all of them...became extremely successful."

MORE 2. Don't keep track of how long it takes to get rich or else you'll run out of patience.

"There is an indeterminate amount of time you have to put in. If you’re counting, you’ll run out of patience before success actually arrives." - @naval

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Here are 5 qualities of a smart entreprenuer, according to @guyraz on the @jaltucher show: (A THREAD)

1. Smart entrepreneurs embrace optionality.

“They don’t burn bridges; they keep their options open in case they need to pull that parachute” – @guyraz

MORE 2. Smart entrepreneurs solve problems they've encountered themselves.

“If it works for you, it’s probably going to work for everybody like you... If you love it and would use it, it's probably a good idea” – @jaltucher

@sivers created CDBaby to sell his music online

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5 things I learned from @briankoppelman on the @tferriss podcast.

#1. Twitter is powerful because it shows you the process behind someone else's success.

"Twitter is the most amazing creation...because it allows us to get right inside of all these different processes." #2. When taking feedback, give yourself a moment for your emotions to cool before responding.

It's okay to feel angry or sad about the feedback, but don't respond from that place.

Let yourself cool down, then evaluate the feedback on its own merit to see if it's valuable.

5 simple hacks to feel better,

according to @drchatterjeeuk on @drmarkhyman "The Doctor’s Farmacy"

1. Find workouts you like to do & healthy foods you like to eat

"You can have fun and be healthy at the same time” – @drchatterjeeuk

Most people haven't found the right workout 2. Take a few moments each day to take care of your body, mind, and heart.

Just like you brush your teeth every day, and not once a week,

take care of yourself each day in little moments.

Exercise, learn something new and connect with people you love.

5 ideas from @naval Ravikant on becoming a rational optimist

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1. If you don't carry the right *attitude* about wealth, it won't happen for you

“Being anti-wealth will prevent you from becoming wealthy. Be optimistic, be positive. Optmists do better in the long run"

MORE 2. Rational optimism lets you see the world for what it is, and still be optimistic about what you can build.

“To create things, you have to be a rational optimist...

All the really successful people I know have a very strong action bias.

They just do things." - @naval

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Leverage compounds your effort & amplifies the impact of your decisions

The best leverage is robots!

Here are 3 forms of robot leverage I use that are (basically) free (THREAD)

#1. Website (82¢ / Day)

My total expenses for Wealest.com are about USD 300/year (MORE) That's 82 cents per day to reach thousands of readers a month all around the world.

That is incredible value.

And you can get even cheaper than that with different platforms.

I own the URL for Wealest through Namecheap and run the site through Squarespace. (MORE)

Here are 5 timeless ideas I learned from @BlasMoros on @SeanDeLaney23 podcast, "What Got You There"

#1. Comparing yourself to others only brings pain.

“There’s always gonna be...somebody better than you. But are you a little bit better than who you were yesterday?"

(MORE) #2. The better you know yourself, the easier your life will be.

It's out on the edges - when you're pushing yourself to the limit - that you learn what you're really capable of.

"Self-knowledge is self-mastery” – @BlasMoros

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3 Things @EricJorgenson learned while drafting "The Almanack of @naval Ravikant"

from @david_perell "The North Star" podcast

1. Ideas become a part of you if you stick with them long enough.

"You can't really spend this much time with these ideas and not take them in."

MORE 2. Working hard isn't enough.

"Hard work matters but it’s not the most important thing” – @EricJorgenson

You NEED leverage to compound the impact of your decisions.

Hard work is important but it alone will not bring you success.

Work hard AND smart.

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5 ideas on building a business, from @PatFlynn

1. Behind every visible overnight success, there are many invisible years of struggle

These years of grinding behind the scenes are insanely valuable

because they give you the tools to sustain your success once you hit.

MORE 2. Many business owners give up right before the reward.

"Oftentimes, we give up right at the inflection point” – @PatFlynn

The most important filter for an entrepreneur is whether they have the GRIT to push through difficult times.

Success is nonlinear.

Keep going.

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5 ideas on business from @balajis on @david_perell "The North Star" podcast

THREAD

1. The future of media is community

"Every new media company needs to be a media community as well”

I'll add: we are seeing this with @MightyNetworks

Every personal brand will have a community 2. Hire undiscovered geniuses.

“The most challenging thing to do as an entrepreneur but, it’s also absolutely necessary, is to hire people who are better than you” - @balajis

Hire people who are hungry and can teach you something.

I'll add: get the incentives right, too.

Here are 5 things I've learned building my newsletter subscriber list to 430

(THREAD)

1. Set a simple schedule and stick to it

There is power in telling your audience when your newsletter will go out because now you have to stick to it!

Set a day & time & never miss an issue. 2. Experiment with your writing.

My newsletter today isn't exactly what it was when I started

I used to include links to other articles. But I dropped that in favor of a "what I learned this week" section

I iterated and found a format that works for me

Experiment for yourself

Five timeless ideas from @MikeTyson appearance on the @joerogan experience:

#1. Action transforms the impossible into the possible.

“Impossible is nothing to somebody that tries. Everything that somebody said was impossible has happened.” - Mike Tyson

Try first.

MORE #2. The person who wants it more gets it.

“I think success in fighting and life is about desire and the will. How bad do you want it?” – Mike Tyson

Find the thing you want more than anything else in the world, and go after exactly that.

The world will give it to you.

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Here are the "7 Cures for a Lean Purse" from "The Richest Man in Babylon" - in my own words:

1. Pay yourself first using the skills you already have.

Whatever it is you do for a living, put 10% of your salary away into a savings account, and do not touch it.

(MORE) 2. Keep your expenses low.

Avoid luxury expenditures that come to disguise themselves as necessities.

Take a hard look at what comes out of your bank account and see if there’s anything you can cut.

This will increase your savings rate and allow you to build wealth faster.

5 things I learned about venture capitalism from @avlok and @XavierHelgesen on @myfirstmilpod

1. Most investments fail, but it doesn't matter.

You can make a great return (7-15X) with just 2 or 3 wins in unicorn businesses (valued at $1B+) or decacorns (valued at $10B+)

THREAD 2. The internet businesses you invest in still need a moat.

“It’s harder to have a stable, durable business in internet land

because internet land is so dynamic and changes so much

and is so competitive unless you have a moat” – @XavierHelgesen

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