Here are the steps and advice discussed for living a life that leads to wealth and financial freedom:
- Become an Owner of Assets:
- Engage in the "race for asset ownership worldwide" as assets are seen as the only defence against irrelevance from artificial intelligence.
- Focus on owning things in limited supply, such as real estate, brick-and-mortar businesses, and data centres, which serve as infrastructure for AI expansion.
- Recognise that all wealth is fundamentally a combination of commodities and energy.
- Understand that owning assets protects you from the "inflation tax" and wealth gap created by money printing, as those who earn a wage get "stolen from".
- Work towards becoming an owner rather than being owned.
- Escape the 9-5 Job and Embrace Entrepreneurship:
- Avoid wasting your 20s slaving away at a 9-5 job, as this was a significant regret mentioned.
- Figure out how to get out of the 9-5 job as early as possible.
- Start building a side hustle as early as you can to test future career paths or businesses.
- Consider secretly working on your side hustle during spare minutes at your current job, in meetings, or between projects.
- Rather than hoping your career is awesome, build something online that makes it awesome.
- Recognise that a salary, even a high one like £150,000 annually, may be a "curse" because it might only offer enough to survive comfortably but not enough to escape the "rat race".
- View entrepreneurship as a "final frontier". A one-person business is sufficient.
- Transition from Trading Time for Money to Creating Value and Leverage:
- Do not trade your time for money forever; a standard career involves selling your time at a fixed price.
- To get wealthy, divorce your time from your income and create some form of leverage.
- As an owner, you can potentially make more money in shorter periods of time.
- The best long-term career should ensure you still get paid even if you don't show up to work.
- A one-person business encourages you to act like an owner and get paid for value created, taking personal responsibility.
- An employee is a one-person business with a single customer (employer), so aim to get at least two more.
- Invest Early and Strategically:
- Use money to make more money, and learn investing as early as possible.
- Save money, especially in your 20s, and invest all of it instead of buying frivolous items.
- Create passive income, such as dividend income, to ensure some income comes in on autopilot.
- Educate yourself on investing psychology, the history of financial markets, and market cycles.
- Invest before spending.
- Consider automating investments and bill payments.
- While some successful individuals invest only in index funds, others engage in individual stocks.
- Cultivate a Growth Mindset and Continuous Learning:
- Anticipate potential career challenges such as getting fired, working for a bad boss, or experiencing boredom in a cubicle job.
- Read for at least an hour a day.
- Have a one, five, and ten-year career and life plan.
- Change jobs every one to two years to learn new skills and meet new people across different industries.
- Develop Sales Skills:
- Learn sales, as it is crucial for financial success; the advice is to "learn sales or starve".
- Understand that sales is about helping people and should be conducted with radical transparency.
- Practice Financial Discipline and Frugality:
- Never pay a single dollar in credit card interest.
- Avoid trying to keep up with others financially; millionaires don't get rich by trying to impress others.
- Be content with practical choices, such as driving a "crappy car" and wearing no-brand clothes.
- Drink water instead of alcohol or sugary drinks like Coke or Pepsi.
- Eat at home for the most part.
- Prioritise Health and Well-being:
- Strength train at least three times a week.
- Actively work on optimising your diet to maintain a high functioning level.
- Strategic Networking and Lifestyle Habits:
- Cultivate a small circle of friends, prioritising quality over quantity.
- Meet weekly with a select group of people to discuss business, money, and growth opportunities.
- Consider choosing friends who are more successful (though the speaker notes this is not universally important).
- Maintain a consistent daily rhythm by getting up at the same time every day, including weekends.
- Avoid watching the news for extended periods, even years.
- Understand the Nature of Employment:
- Never fully trust an employer or HR, as corporations often "sell employee dreams not reality".
- Understand that under capitalism, companies are designed to profit as much as possible from employees while paying them the least amount.