Wealth

Do you want to talk a little bit about the skills that you need, in particular specific knowledge, accountability, leverage and judgment. So, the first tweet in this area is “Arm yourself with specific knowledge accountability and leverage.” And I’ll throw in judgment as well. I don’t think you covered that in that particular tweet. More

Let’s do this last tweet. You said, “Don’t partner with cynics, and pessimists. Their beliefs are self-fulfilling.” Yes. Essentially, to create things, you have to be a rational optimist. Rational in the sense that you have to see the world for what it really is. And yet you have to be optimistic about your own capabilities, and your capability to get things done. More

In terms of picking people to work with, pick ones that have high intelligence, high energy, and high integrity, I find that’s the three-part checklist that you cannot compromise on. You need someone who is smart, or they’ll head in the wrong direction. And you’re not going to end up in the right place. More

Talk a little bit about what industries you should think about working in. What kind of job you should have? And who you might want to work with? So, you said, “One should pick an industry where you can play long-term games with long-term people.” Why? Yeah, this is an insight into what makes Silicon Valley work, and what makes high trust societies work. More

Let’s look at this next tweet, which I thought was cryptic, and also super interesting, about the kind of job or career that you might have. You said, “The internet has massively broadened the possible space of careers. Most people haven’t figured this out yet.” The fundamental property of the internet more than any other single thing is it connects every human to each other human on the planet. More

You’re not gonna get rich renting out your time. But you say that, “you will get rich by giving society what it wants, but does not yet know how to get at scale.” That’s right. So, essentially as we talked about before, money is IOUs from society saying, “You did something good in the past. More

Any other big things you should avoid, other than renting out your time?  Yeah, there are two tweets that I put out that are related. The first one I was talking about where someone, like, how your lifestyle has to upgrade, shouldn’t get upgraded too fast. And that one basically said, people who are living far below their means enjoy a freedom that people busy upgrading their lifestyles just can’t fathom. More

Next you go into more specific details on how you can actually get rich, and how you can’t get rich. The first point was about how you’re not going to get rich: “You are not going to get rich renting out your time. You must own equity—a piece of the business—to gain your financial freedom.” More

 I think it’s pretty interesting that the first three kinds of luck that you described there are very common cliches for them that everybody knows. And then for that last kind of luck that comes to you out of the unique way that you act, there’s no real cliche for it. More

Obviously, we want to be wealthy, and we want to get there in this lifetime without having to rely on luck. A lot of people think making money is about luck. It’s not. It’s about becoming the kind of person that makes money. I like to think that if I lost all my money and if you drop me on a random street in any English-speaking country, within 5, 10 years I’d be wealthy again. More