Let’s talk about Schelling points. The Schelling point is a game theory concept made famous by Thomas Schelling in his book, The Strategy of Conflict, which I recommend. It’s about multiplayer games where people respond based on what they think the other person’s response will be. More

Let’s chat about the Kelly criterion.  The Kelly criterion is a popularized mathematical formulation of a simple concept. The simple concept is: Don’t risk everything. Stay out of jail. Don’t bet everything on one big gamble. Be careful how much you bet each time, so you don’t lose the whole kitty.  If you’re a gambler, the Kelly criterion mathematically formulates how much you should wager per hand, even if you have an edge—because even when you have an edge, you can still lose. More

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

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

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

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

We skipped one tweet because I wanted to cover all of the tweets on the topic of the long-term. The tweet we skipped: “There are no get rich quick schemes. That’s just someone else getting rich off you.” This goes back to the world being an efficient place. More

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

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

We’re talking about working for the long-term. The next tweet on that topic: “Apply specific knowledge, with leverage, and eventually you will get what you deserve.” I would add: Apply judgment, apply accountability, and apply the skill of reading. This one is a glib way of saying, “It takes time.” More