10 Years of Money Wisdom in Under 28 Minutes

⚠️Warning⚠️

Our content is made solely for individuals with a long attention span and a thriving desire to improve.

If you’re not one of them, prepare to get bored.

Rich People Aren’t Just Lucky

Like a silent fart in the room, you've got to pretend you don’t care about money, even though you do.

But don’t worry, this podcast “My First Million” is all about money.

The rich aren’t just lucky

Let’s pretend we took all the money in the world and redistributed it to everybody to even out the game.

Shaan believed most the the rich people would be rich again in ten years.

Why? Because wealth building is a skill that can be acquired through learning.

But the problem for most of us is that we don’t know where to start.

Small Changes

In golf, if there’s even a small misalignment, it could go left or right instead of the middle.

Just like playing golf, there are 3 small but significant changes that you can make, according to Shaan.

#1 Hard Work to Smart Work

Growing up, we’re told hard work is the key to success.

But ask yourself, “Is this really true?”

If hard-work = success, why doesn’t the janitor drive a Bentley?

The reality is, what you work on and who you work with is far more important than how hard you work.

If there’s a metric for assessing what contributes to success, 10/20 would be hard work—beyond this, it might be pointless.

Hypothetically, the goal is to get hard work to 10/20, and the remaining would be smart work.

So what should you work on?

Shaan cited Naval Ravikant's quote: “Find the thing that feels like play to you and work to others.”

Netflix might be a play for you, but it doesn't look like work for others.

For Shaan, it’s business stuff. He would read 100 pages of PDF for fun, but this is work for others. So if it’s works for others, they might be willing to pay for it.

Podcasts would be considered work for others, but for Shaan, it’s play.

Why does this matter? When it feels like play, you enjoy it, and you’ll keep doing it for a long period of time without needing immediate results.

#2 Hanging Out With Money

Fake it till you make it. I assume you’ve heard this saying somewhere.

Regards to this, let’s pretend you want a six-pack abs. This means you have to start thinking and acting like somebody who already has a six-pack abs.

If you aspire to be a healthy or fit guy, you need to make decisions like them.

• Travel with protein powder and resistance bands.

• Pick hotel based on gym location.

• Make a sleeping schedule and so on.

As you can see, they make decisions based on their priorities and habits. Not by feelings.

So does this mean you have to buy a Ferrari and all their extravagance possessions?

Not really—you should focus on their habits. Especially what they do on a daily basis.

• Learn how they think.

• How do they make decisions in a particular situation?

But how do we hangout with them in the first place?

1. Find people with the same dream as you, you can create a group chat, move into a house or whatever.

2. You need a mentor.

3. Change your information diet—you need to ask successful people ,“Who do you follow? What are you listening to? What are you reading?”

When you find a mentor, you should ask them specific questions this is relevant to your work.

• I can’t decide A and B? What should I do?

• I’m starting a new business, we’re doing x, how can I get from A to B?

If they give you advice, take massive action on it.

And after that, regardless of the result, follow up on it.

If you did this 3 to 4 times, they’re kind of your mentor anyway, even if they don’t declare it explicitly.

Remember, don’t ask them for their time, ask specific advice then actually take action on it.

With the rising popularity of podcast and YouTube, you don’t have to physically hang out with everybody.

Even in this podcast, “My First Million”, you learn and hear what they are talking about, their habits, the books they’re reading, and so on.

Just like I said in my previous newsletter, when you hang out with rich people—You're sampling their lives, helping you figure out which lifestyle suits you.

#3 Small Swings to Fat Pitch

Common mistake most people make:

1. They take small swings.

2. They start too many projects at once.

3. They chase shiny objects.

You’ve probably heard of Warren Buffet, one of the wealthiest man alive.(at this point in time)

Last 20 years have been dominated by Tech Industry and he missed the whole internet wave.

But it’s alright! He ended up doing great anyway.

Why? Because he understand Coke and Geico, his fat pitch are this.

You don’t have to get everything right. You just got to get one thing right to be rich.

This emphasizes the importance of focusing on one thing, as a scattered focus leads to nothing.

Intensity Is The Strategy

Most people want the magic strategy, the magic formula but unfortunately, the hard thing to understand is, intensity is the strategy.

Most of the time, the strategy is obvious —It’s the intensity you take that makes a huge difference.

Once you find a good strategy, you should execute it right away aggressively instead of waiting for the perfect strategy.

The story about intensity is told in 20:59. Shaan said it perfectly, so I’d just put the timestamp.

Winner don’t usually have a better strategy, they do the obvious things with more intensity compared to the average.

🎉You’ve made it to the end🎉

If you like this summary, feel free to check out the full video because I cut out some interesting things.

The video I summarized is by Shaan Puri. You can check the full video on their YouTube channel.

For this particular video, Click here or the thumbnail.