Pursue wealth, not money or status. Wealth refers to assets that can still make money for you while you sleep. Money is the way we transform time and wealth.
Creating wealth and adhering to ethical standards can be achieved simultaneously. If you despise wealth in your heart, it will avoid you.
- Ignoring people who blindly pursue social status. Their means of gaining status is to attack those who create wealth.
- It is impossible to become rich by relying on rental time. You must have equity (partial ownership of the enterprise) in order to achieve financial freedom.
One way to obtain wealth is to provide society with what it needs but cannot obtain, and to achieve scale. - Cultivate iterative thinking. All the rewards in life, whether it’s wealth, interpersonal relationships, or knowledge, come from compound interest.
- Choose an industry with long-term development prospects and find people who can work together for the long term.
- Choose smart and energetic business partners, but more importantly, they should have integrity and integrity.
- Do not collaborate with cynics and negative pessimists. Their prophecy will self actualize.
- Learn how to sell, learn how to build, and combine two skills together, which is unstoppable.
- Arm yourself with expertise, sense of responsibility, and leverage.
- Cultivate a sense of responsibility and be brave enough to take on business risks in your own name. Society will reward you based on the level of responsibility, equity, and leverage effect.
- Expertise refers to knowledge that cannot be obtained through training. If society can train you, then society can also train others to replace you.
To excel, one must pursue true interests and love, rather than blindly pursuing hot topics.
The process of accumulating expertise is like playing for you, but for others it is very difficult. - The transfer of expertise needs to be accomplished through mentoring and apprenticeship, rather than through school education.
- Expertise is often highly technical or creative and cannot be outsourced or automated.
Give me a lever long enough and a fulcrum, and I will be able to pry the earth. “- Archimedes
The Internet has greatly expanded career space, but most people have not yet realized this clearly.
In order to obtain wealth, it is necessary to fully utilize the leverage effect. Business leverage comes from products (code and media) with zero marginal cost of capital, labor, and replication. - Capital refers to money. To obtain financing, one needs to use one’s expertise and sense of responsibility, and demonstrate good judgment.
- Labor leverage is about letting others work for you. This is the oldest and most fiercely contested form of leverage. Having labor leverage will make your parents think you are great, but don’t overly pursue labor leverage.
- Capital and labor are levers that require permission to be used. Everyone is chasing capital, but someone must be willing to contribute. Everyone wants to lead others, but someone must be willing to follow.
- Code and media are levers that can be used without permission. These two levers are the levers behind the new affluent class. You can create software and media to work for you while you sleep.
- There is a large number of robots available for us to use for free. In order to improve thermal efficiency and save space, these robots are concentrated in the data center. Let’s use it.
If you don’t know how to write code, then publish a book, write a blog, make a video, or record a podcast. - A lever is a multiplier of judgment.
- Judgment comes from experience, but it can be quickly established by learning basic skills.
- There are no so-called “business” skills. Don’t waste your time on business magazines and courses.
- Learn microeconomics, game theory, psychology, persuasion, ethics, mathematics, and computer science.
- Reading is faster than listening, doing is faster than watching.
- You should be too busy to socialize, but still keep your schedule organized.
- Set a bold personal hourly rate and strictly enforce it. If the cost savings from solving a problem are lower than hourly wages, then ignore the problem; If the cost of outsourcing a task is lower than the hourly salary, then choose outsourcing.
- Work with all your might and without reservation. However, the people who work with and the content of the work are more important than the level of effort.
- Achieve global excellence in the career field of one’s choice. Continuously redefine your career until your ideals come true.
There is no tutorial on getting rich quickly in the world. Even if there is, it’s just that the person who provides the tutorial wants to make money from you. - Use your expertise and leverage, and ultimately you will get what you deserve.
When you finally become wealthy, you will realize that this is not your initial pursuit.