Principal-Agent Problem: Act Like an Owner

If you think and act like an owner, it’s only a matter of time until you become an owner
We spoke earlier about picking a business model that has leverage from scale economies, network effects and zero marginal cost of replication. There were a few other ideas on the cutting-room floor that I want to go through with you. The first one is the principal-agent problem. More

Envy Can Be Useful, or It Can Eat You Alive

Envy can give you a powerful boost, or it can eat you alive
Do you want to tell us about jobs you had growing up and the one that kicked off your fanatical obsession with creating wealth? This gets a little personal, and I don’t want to humble-brag. There was a thread going around Twitter—Name Five Jobs You’ve Held—and every rich person on there was signaling how they’ve held normal jobs. More

Being Ethical Is Long-Term Greedy

If you cut fair deals, you will get paid in the long run
In the “How to Get Rich” tweetstorm you listed things you suggest people study, like programming, sales, reading, writing and arithmetic. One of the items that ended up on the cutting-room floor was ethics, which you also suggest people study. I was going to put that out as a concession to people who believe making money is evil and that the only way to make it is to be evil. More

We Should All Be Working for Ourselves

But we will have to make sacrifices and take on more risk
Who is this advice targeted to? Is it for my Lyft driver? Is it for an Internet entrepreneur? Is it for somebody who wants to start a YouTube channel? Because it comes from someone who’s steeped in Silicon Valley and tech companies, it’s always going to have a bias towards that. More

Accountability Means Letting People Criticize You

You have to stick your neck out and be willing to fail publicly
We finished discussing the tweetstorm. We’re going to spend some time on Q&A and discussing tweets that didn’t make it into the “How to Get Rich” tweetstorm. My first question: What are some common failures or things people typically do wrong when they try to apply this advice? A lot of people don’t understand what specific knowledge is or how to “obtain” More

Productize Yourself

Figure out what you're uniquely good at, and apply as much leverage as possible
You summarized this entire tweetstorm with two words: “Productize yourself.” Productize has specific knowledge and leverage. Yourself has uniqueness and accountability. Yourself also has specific knowledge. So you can combine all of these pieces into these two words. If you’re looking towards the long-term, you should ask yourself, “Is this authentic to me? Is it myself that I’m projecting?” More

A Calm Mind, a Fit Body, a House Full of Love

When you're finally wealthy, you'll realize it wasn't what you were seeking in the first place
The last tweet on the topic of working for the long-term is: “When you’re finally wealthy, you’ll realize it wasn’t what you were seeking in the first place. But that’s for another day.” That’s a multi-hour topic in and of itself. First of all, I thought it was a really clever way to end the whole thing. More

Reject Most Advice

Most advice is people giving you their winning lottery ticket numbers
One of the tweets from the cutting-room floor was: “Avoid people who got rich quickly. They’re just giving you their winning lottery ticket numbers.” This is generally true of most advice. It goes back to Scott Adams—systems not goals. If you ask a successful person what worked for them, they often read out the exact set of things that worked for them, which might not apply to you. More