The author became a street boy (a runaway) monk, MIT student, later a CEO of tech company (even AI)
He lists down in this video hacks that should have been learned earlier.
Some of them:
1. Differentiate between savings and investment. Or you can have both. Savings let you earn 1/4 of 1% while investment tied to S & P can get you more, Compounding plays out better.
2. Stop believing in the American dream. Limited opportunities now, less jobs, heavy taxation.
Only 4% make it through and become successful, the 96% suffer.
3 Practice practice practice in what you are good at. (There is no inherent genius. Only practice creates geniuses. Some people who are determined are good in practice. Athletes, musicians, actors practice this Even doctors. What are you good at? Do you practice constantly
4. Look at yourself as an investment portfolio. Do you spend on your education and self improvement? Are you gettting desired returns. Wilkinson said that fortune are preceded by education and intelligence
5. Move where the opportunites are:
NY, Boston, SF, Chicago. Where the talented and fortunate are. They are not in the boondooks
6. Equity and salary.
You become rich early. You behave differently when you are the owner. Salary is a trap is an addiction.
7. Humble yourself. Get a mentor
Not the coaches who are paid exorbitantly. Be coached by someone who has made it. Some will coach you free if he can get an action of your venture.
8. Have an emergency fund
1. For medical emergency
2. When you are laid off
3. Acts of God: flood, typhoon,
9. Have your own FBI. (Financial Bureau of Investigation) to find out where your money goes.
In this priority/order:
1. Emergency
2 Equity
3. Essential
4. Enjoyment
Allocate $ or PHP first in 1-3 before going to # 4
10. American dream can become the American debt. Avoid debt at all costs. Buying homes early while young can be a catastrophe.
11. Be financial literate. There are apps you get into or YT videos . There is no excuse. There are books: Psychology of Money, and the Algebra of Wealth Compounding. These are precious guides.
12 Automate personal finance. There are apps that can do this for you.
13. Go analog. Read read read books.
14. Failure as a teacher like as on the spot firing being jobless, being homeless. Be prepared and develop resilience from that. Find something positive in bad experiences to bring out the best in you. Find the strength that you have missed. It can let you see the road beyond the corner and find the best you
15. Find the krypto in you (what destroys Superman) find the antidotes and seek people who can support you and give your strrength.
16. Dont play victim
Dont hold grudges. Stay friendly even with those people who wronged you.
17. Find the right partner. Who can give you support in the worst of conditions.
18. Forgive yourself and live away from the past - Abusive parents, bad employers, misfortunes. Stay in the present find something positive and be a good person now.
19. Think of yourself as someone living for others to be their best Find out how can that happen By finding love and service. What impact can we have on others lives.
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20. Happiness = Resources/need Thus increase your resources and decrease need If your need is 0 your happiness becomes infinite
