Specify what wealth means to you 🔬
Read books and reflect on your money perception 📚
2. Choose Your Path
- Choose Investing and/or Entrepreneurship as the cornerstones of your path to wealth.
- Know what to focus on (Investing/Entrepreneurship).
3. Develop Your “Zone of Genius”
- “Zone of Genius” = Intersection of your talents, passions, and the value you’re able to provide to society.
- Both in your job or as an entrepreneur, developing your “zone of genius” and operating in it as much as possible is crucial.
- Because in it you provide the maximum amount of unique value to society.
- How much value you bring to society, determines how wealthy you can get.
- It’s also essential for your happiness and fulfillment in life 🧘
- Don’t overwhelm yourself. Break down the necessary steps on each path into achievable subunits - lump and slice 🔪 (how?).
- Win without talent or luck (how?).
Establish the right perspective towards your wealth journey and set your expectations straight 👀
- Getting wealthy is hard, if it wouldn’t be everyone would be rich.
- This implies that the journey to wealth has to filter out the majority of people along the way.
- That’s why you should expect difficulty, sacrifices, and hardship in some way or form.
- However, this is also what’s gives meaning to this journey. It’s not only about getting wealthy but also about creating meaning by struggling, pushing through hardship, and growing along the way.
5. Hold Course & Let Compounding Work
“Play iterated games. All returns in life, whether in wealth, relationships, or knowledge, come from compound interest.” - Naval Ravikant
6. Build Generational Wealth & Give Back
- If you have children, teach them the foundations of wealth creation 👪
- Be a role model in all aspects regarding wealth creation.
- Teach them the importance of personal growth & life-long learning.
- Have open conversations about money.
- Teach your children about managing and investing money wisely.
- Give back 🤝
- Even though it might not feel this way, success on each path doesn’t solely depend on you.
- Success on your wealth journey often depends on many factors that are dependent on other people and/or are influenced by luck or your circumstances.
- Sharing the fruits of your wealth creation with others in need and helping others along the way is a decent way to appreciate this fact. Give back.