For the past 10 years, I've been keeping this little notebook with a scratch pad that I
call.
You see that money wisdom reminders to self
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 I'm today I'm going to read you a bunch of the things that are in this
notebook.
I you know I feel like I could do that because in most places you can't really talk about money money. Is this sort of this tacky taboo thing? You're not supposed to? Everybody has to pretend they don't care about money
but we all do which is weird that you just have to treat it like
this. Silent fart in the room. You're gonna pretend pretend you didn't care about if it and it's not there but it's there and this channel. Luckily, it's different. Visit Channel, we come, we talk about business to talk about money, you took my mindset. We talked 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
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. So you know, it's understood. So, this is the money wisdom Channel. I think, in the next 15 minutes, I don't think this would 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. The first one. I'll start with this.
The rich aren't just lucky. So
pretend we took all the money that existed and we redistributed it out. Everybody got the same, you know, less a hundred thousand dollars to start
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 for most people. You want to learn this skill, but you don't know really
know where to start. And I'll give the, I write down these sort of three shifts, these big big small
shifts that you can make what does a big small shift. So
I'll give you a quick story. A man wants.
To learn golf. So he goes out and he buys a set of golf clubs and he goes to the driving range, starts hitting some balls and you know it's going left, it's going to write some are going to the center. You can't really control.
It doesn't know how to doesn't how to do it. He just started. And so he's like, okay, I need to build the skill, but I
don't know how. 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 the driving range, there's a coach teaching a kid. So, he walks over to tell the coach, hey, I'd love to learn coach as happy to work with you first lessons
tomorrow morning. Okay, so he shows up again tomorrow
morning this coach
Teach them a few things other co-chair. He's sort of a he's maybe 24 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 but still it helps. He's hitting it a bit better, but not much the ball. Still going left and right.
And you know, the man thinks to himself asked coach sucks. I don't want this crappy, this guy's a kid's coach. I need a real
Coach. It's he says you know what, I'm gonna hire the best, who's the best coach. It goes and finds a professional golfer to be his coach. This coach gives us some
instructions within a few minutes he's hitting the ball
straight.
Oh, it's going great. And so he says, all
right. I'm ready to go play tomorrow. I'm playing a full 18, 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 life to slicing, right? And he's getting frustrated and the worst part, the thing that's frustrating him the most is that the coach not saying anything
he sort of expects the coach to
jump in and fix it but
he coaches just watching. So, finally turns around. He says a coach, are
you gonna you gonna do something? You just going to stand there. All right, like I look at me, I'm way off.
Off. I got to do say I'm going to change something and the coach Just Smiles. Coach says, you know, you think you're way off but you're really only two millimeters off.
Coach no offense. I know you're the expert here but pretty sure I'm off by more than
two millimeters. The balls gone a hundred yards into the lake here and
coaches. Yeah, I understand that the outcome might be far off
but all you're only off by 2. Mm. Did you just need a 2? Mm shift. You see because when your golf club hits the ball if it's 2. Mm angled in the wrong direction, it will completely change. The trajectory of where the ball is going right? A small shift in the angle. Here is going to take us in a completely.
A
different direction.
And so he just shows them. A couple tweaks
has watch where you're hitting the ball, look at the face of the of the
club. So he makes the adjustment takes a swing
Nails. It, 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, even if you're far off in your outcome, you're actually just only a small shift
in your approach away because that's what changes your trajectory. So here's the
small to mm shifts that. I think most people
To make this is after all the money wisdom, I collected, they all kind of bucketed into these three ships that you can make shift number one, hard work to Smart work.
Growing up were all pretty much told hard. Work is the key to success. Our teachers tell us this our parents tell us this but we got to ask, is this really true? Because I look outside. I see the lawn guy, mowing the lawn and working in 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.
It's hot out there, it's difficult are on their feet all day, they work, you know, Saturdays and Sundays, because the restaurant doesn't stop. They work hard and, you know, you sort of think about it like well, it's 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 thing, you actually choose to do
and who you work with? We'll make a far bigger impact in your trajectory
Just hard work. In fact, there is hard. Work does help us 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. I said that's the most important thing. Well, Nepal ramakant says it best. He says you want to 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, it 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 that is play to
you. Work to others, for me, for
example, it's business stuff. So, I am a nerd. I love reading about learning about business, and I like to go, you know, if a stock is, if a
company to go public, I'll go read the s-1. I want to 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 p&l statement for
What did your boss telling you to do this?
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 want to
identify and really lean into those types of moments or this podcast. Some people get really nervous about public speaking or seems like a lot of work or why 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, do you do?
Those are the, That's The Sweet Spot. That's what you're looking for. For some people that's programming, programming could be, you know, a joy to
some people and it's a pain to others. For some people's writing like I love writing other people hate writing, they think writing is this they still have Trauma from
school. They can't stand writing, you know for my trainer,
it's exercise after he trains me and, you know, for other people, he's in been in the gym for six hours straight. Where did he go? When he's done to the gym, if you want to get his workout it it's crazy like that, you know, for him exercise and being in the gym
Like play whereas to others, it would feel exhausting it feel
like work. Hello Marie kondo loves cleaning. She made that her thing, she loves cleaning, but that feels like work to me and many others. So,
he had to find that thing.
Why does this matter? Because when it feels like
play, you'll do it a lot. Not just 925, you'll do it from five to nine
to, 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 it. You can do it for a long period of time, even if you're not getting immediate results,
It's right. There's many things that we will do if we get
immediate results, it's the
things you're willing to do even without immediate results that lead to these big wins in the
end and up, 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 can do it for a long period of time. 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, then he gets paid the best, whatever you are gets paid. And so you want to find the thing that feels like Play-Doh.
Because it will help you become the
best shift. Number two. So we've gone from hard work to Smart work and that's finding the thing that fills our play to you and work to others. Now shift number two, is you want to go from being far away from any to hanging out with money.
So let's put anyone to get a
six-pack to get a
six-pack to get 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 and make certain choices about went. Like, you know, if you travel with somebody who's fit, they got in their bags and protein powder,
It's bands. They'll pick a hotel based on the gym. Do you make decisions you don't make because they
have a certain set of priorities and habits that you don't have. So you got 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 wealthy person. Most people get this wrong. They laugh about this like, oh, so I should just that guy Rich, guys. Bye. You know, Ferrari. So I should go by Ferrari. Not really. You want to find their
habits, not there.
Extravagances, right, not their
indulgences, you want to find their habits, you want to 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 want to become, all right? So how do you, how do
you start thinking like a wealthy person? Well, you got to hang out with them but how do you hang out with them? Right? Like,
you know, you know, 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 want to find five people with the same dream as you write.
Do you know, five people who have the same dream as you who are taking it as seriously as you or more? Seriously,
you want to find those people? You need to create a group chat, you need to create a weekly dinner. He'll 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. All talking poker over our meals were thinking about poker. We're asking each other questions. We're getting inspired by somebody else's success. We're getting bitter about that guy success, but it makes us work. Harder you want.
Immerse yourself in an immersive environment where you're
going to get better and so,
get as close to it, as you can look. Living together is the best if you can't deliver together, get
to understand. If he had dinners. Are we
going to group chat together? Do whatever it takes
the second one is Mentor. So you got your peers. Now you want your mentors, this is somebody'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 be their
Mentor. Here's a Jackson want to do
you want to find somebody's already done
it? You want to ask them on a specific question.
Hey, I'm dealing with this situation right now. I needed it.
I need to decide between A and B, here's what I'm thinking, could you give me any 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, then you follow up you say,
Hey, you told me that thing. Here's how here's what happened. You know, either really worked or really didn't work. Here's what I'm doing next. If you repeat it, you do that three times, and somebody they're kind of informal 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 such a specific question. So don't ask them for their time as
For their specific
advice, then actually take action on it and then the key follow-up, if you repeat, that you'll have mentors, okay? The next way you hang out with money, you got to change your information diet. So if you're already listen to this podcast or watching this video on YouTube regulations, 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? 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 necessarily 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 2 or 3 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 of the most people talk to
anybody. So you bringing this conversation into
your world is
changing the type of conversations that you're having start to change your conversations, it'll change your thinking change, your thinking, it'll change your actions and 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. 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 have done what you did. It gives
your imagination more food. So when you like I remember the first time I went to some really rich
person's house and I'm like, well, he's got a chef and he's got like the this guy just came over,
just did that for them? Oh
interesting. Oh, they're
saying that they travel once a month to go do this thing. And just charity thing that they do, that sounds really fulfilling their those story, 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 and 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 a like I thought I always thought I wanted courtside seats at an NBA
game.
Then I saw a person with a chef and I was like screw the game I want to Chef that seems awesome. Right. Healthy,
tasty food, that's being made by somebody
else saves you time. That's, that's unbelievable. So that's, you know, that's the one other thing about hanging out with money. All right. Ship number 3,
going from small
swings, too fat pitches. I love saying that pitches. All right, 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 of the first good deal. They start to me.
Two projects at once. I've definitely been guilty of that before they chase shiny objects.
So, I'm doing this thing. Oh, there's a new thing. Go over there. You can do anything. If you just can't do everything, this is a hard lesson to learn in life. You can do anything but you can't do everything. And the beauty of this
is you don't have to do everything. So Warren Buffett. One of the wealthiest men in the
world. One of the best inventions the world. He missed the whole internet. Wait like the last 20 years basement dominated by the tech industry they missed it. That's all right, he still ended up doing great. Why? Because he understands
Coke and Geico
His fat pitch was companies like that that were in his zone of competence things. He understood that he was able to act on and
you can get rich anyway, right? The beauty of it, is you only got to get rich one way. You don't have to get everything, right? You just got to get one thing,
right? To be rich, Ted 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 all right all these are strikes but you notice that, you know, when it's
dead center, I hit 400 but
if I try to hit on the edge of the strike zone,
Only hitting 230 and so what made the difference
between Ted the greatest hitter ever? And you know the average or even above average hitter was
that they would swing at the two of you know the pitches where they would average 230 or as he would only swinging the pitches
where you'd average 400, right? That was his attempt to to wait for the fat pitch and only focus on hitting those and Warren Buffett takes this
even further for investing. So he says unlike baseball there's no called strikes and investing you can literally sit there and pass on 50 opportunity. Straight just waiting for your fat pitch.
Any time somebody asked him, you know, what is a fat pitch
look like, 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 12 months will be, you know maybe a hundred fifty percent higher than
the low low. As you know, the Loma parda stock market.
He 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 everything on TV or whatever.
Dever 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
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 soup base wing too many times, they don't
wait for the fat pitch and that's why their returns go down.
You know, the first ten years of your career, you're
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 going to train your
gut to actually notice that
pitches. If you're doing that you're reflecting. Consistently you're looking back, you're saying. All right. What did I learn the last year? What looking
What should I've 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 they were.
And so you got to spend those first 10 years like that, to hold your gut. And
then after that, you'll be able to notice those fat Pages. Some common things about like what does 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 and everyone's
pocket and nobody had built apps yet. That was a fat pitch, waiting to happen anybody who jumped on that. Like,
Ram back then, they were to do very well Law changes. Anytime there's a rule of regulatory change that creates opportunity. If there's a new technique, you know, technological breakthrough, like AI right now, you know what people are doing, building on top of chat GPT or a GP t for, that's a fat pitch Market
Panic. So anytime the market just panics and sells everything? Well, everything's on sale, that's a good opportunity to buy great companies. Another one is working at a generational company early on, so if you saw
Facebook and 2004 to 2008, you could go in and be like, look.
It doesn't even matter that this is and how much I'm going to make off this. You just want to be on that rocket ship
and so there's one of these, you know, one or two of these every decade and big. A part of them is, you know, that's a fat bitch. The other one is when somebody owns something but they don't realize what it's worth,
you know, 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 sitting on a building, it's only rented out for this much. They sell at a fair price for what it's worth but that
Another guy comes in and 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 actually a steel because I have asymmetric information that word asymmetric matters. Asymmetric information is when you know things that others don't asymmetric of side is when let's say you invest in a start-up and a start-up you know you invest
$100. The most you can lose is your hundred dollars but startups when they win they could be hundred extra thousand
extra turns. That's a symmetric upside. You
Can win a lot more
than you can lose it. So, you want to 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, the likelihood of success matters, right? Like every startups not going to hundred extra thousand X. So you want to find those where the probability of them working and the upside make it worth doing
Okay. The other part about fat pitches you got to swing hard most people take week half swings they make a couple of
calls or they you know there are they send you one email but they don't follow up or even give them an opportunity. They don't follow through, you know, don't just
sit there and just look or just bunt, right? You got to really swing and so
winners, follow-up winners double down on, what's working Winners? Get on the next flight out to go meet you
in person and the way I say it is intensity is the strategy.
Most people want the magic strategy. The magic
formula.
But unfortunately, the hard thing to understand is
actually intensity is the strategy. Most of the time, the strategies pretty obvious, it's pretty Cut and Clear. It's the intensity. You take to it, that makes a big difference and so once you find a good strategy you want to execute it just violently
versus trying to wait for the perfect magic formula. Perfect magic solution, a perfect strategy, that doesn't exist. Here's an example of a hard swing. So there's a guy Taylor offer. I don't know why it comes to mind. But as first one that came to
mind Taylor, he's the founder of a clothing company
called feet now but back
And he had a merch business, I think you try to sell
socks or something
and it was going, okay, but he wanted to double down.
So to turns up the intensity, he's like,
I'm selling merch, I need distribution. What if I had the distribution of some of the
most famous Vine and YouTube stars that existed and the top Vine and YouTube Stars at the time, were guys, like Logan, Paul, and it KingBach 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
today? So he's watching their videos and he notices that all the doors in the background of
their videos, like that apartment doors had the same.
Handle, he's like
three of the viners have the same. They must live in the same building. 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 him what he's doing. They get to know each other eventually become friends. They partner with them, he becomes the first guy to do merge with Logan. Paul said, sells millions of dollars merch, you know right off the bat he basically leapfrogged where he would have been
Lower intensity without being willing to double down.
And so I love that story. Because this time that it's example of, of
all the things I mentioned right? Working smarter not harder 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. So if you remember, one thing from this section its intensity is a strategy winners. Don't usually have a better strategy
is 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 got to kind of sell. What I say. I would say is like you think the knob
of the volume goes only up to 10 and then you meet somebody and they actually the volume, there's turned up to 15 you're like oh shit. Now I know what level 15 looks like as you have to see it once and then it will imprint in your brain.
And so those are the three ships 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 chasing it as hard as you are
and then take a simple strategy and turn up the intensity.
Now this book probably has 50 other nuggets like that but that's all for
today. If you like this on YouTube, leave a comment. I love to
read them all. Respond to all of them,
every single one from this video and yeah, that's
it. That's all for the the wealth of the wealth wisdom or the money wisdom, master class for today. Thanks,
I feel like I could rule the world. I know I could be what I want to
Travel never looking back.
All right, everyone, that's the end of my first million. However, I've got good news. You see, if you liked this episode, we actually have another podcast. The hustle has another podcast, it's called The Hustle Daily Show to daily podcast. That has everything you need to know about business and Tech and only a few minutes. It's awesome. Our best writers, like Zack Crockett are behind it. It's incredibly fascinating. I listen to it daily so check it out. The hustle Daily Show.
