Sometimes the back-to-the-basics content really hits the nail on the head. I thought this was a very timely reflection, given all the other initiatives going on in the Jungle.
"Making money is *never* zero sum. There is always opportunity for wealth and if you are *unhappy* when someone you know succeeds, you’re the problem and you are are parasite. If you are thrilled that they made it, they will *remember* you forever and they will look out for you if you need something in the future. In short, don’t be a hater and don’t be insecure. Support people and you will have powerful friends beyond your wildest imaginations in less than 5 years."
Long time reader of WSP/BTB. All you kids whining about how difficult it is to make $1m USTT by 30 need to get a grip. Did it well before 30 (without crypto). WSP/BTB’s account of “Watch that company man throw his life away” is unfolding right before my eyes.
Great list. A couple thoughts from me, a Gen-Xer who got out of corporate and hit entrepreneurship at 42 (15 years too late, but better late than never heh). Did all right, sold my company and achieved deca-millionaire status (it's less than you think lol).
Yes, health. You'll be better off cutting down on drinking, getting regular cardio and lifting. Even a little effort brings huge differentiation as you get older (a few degrees of slope line difference magnifies with time). Hell, not having a beer belly and a BMI under 25 puts me in the top 10% of my cohort.
Scarcity is the mind-killer. You can achieve so much more than you know. Limiting beliefs and crippling scarcity mindset are real things. If I could go back in time and slap my 25 year old self and choose only one thing to say, this would be it.
Frugality. This one is more complex. You gotta be frugal but not cheap in life. And you gotta be liberal with money but not stupid. Energy and focus spent on pinching pennies is far better spent on growing opportunities and revenue. Think big picture. Sometimes you have to pay for quality and quality of life. But also, a fool and his money are soon parted. Knowing when to spend freely yet when to pinch is an art. Keep it in your mind.
Follow your skills. Yes. Figure out the intersection of the Venn diagram of what you're good and what you kinda like to do and what the market values. That's your sweet spot. You'll find you get more passionate about something as you get better at it and make money.
Watch out for parasites and time vampires. They are everywhere. Be nice to people as a default, but don't make investments in them without building trust over time. So many takers will bleed you dry if you let them, then forget you exist when you call in a favor.
Align incentives. Lol yes. It's laughable how many people think the starving dog will never touch the steak you put in front of him "because it's wrong." I spent a lot of time thinking about sales team incentives. I ended up giving my sales director a cut of all sales and a bigger cut of quarterly sales in excess of previous quarterly high. She was focused like a laser on growth. I gave her team a straight % of their sales above a low threshold -- sell more, make more. I found simplicity generally beats complexity for sales teams. If your incentive plan is game-able it will be gamed, and it's your fault if it happens.
Stop caring. Yes. Easier said than done. What helped me stop caring about specific outcomes was always making sure I had options. Options help you IDGAF when something falls through. People can sense when you're IDGAF, and it helps immensely. Incredibly important when I was selling my business. Give yourself options.
You have previously recommended "The Millionaire Next Door". One of the key takeaways from the book was that frugality can create wealth.
Granted, the book is 25 years old but I am curious if lower wages have changed your stance or if you never were onboard with that assessment in the first place?
For the comment we deleted *DO NOT* post paid info in the free section. Defeats the purpose and attracts leeches/grfters.
Our FI bucket = 36-38x annual living expenses if sold today. Cash flows from e-commerce = 0.1% net worth per month.
Frugality will fuck you up with hidden costs.
Move to a bad neighborhood to save $300/month -> get carjacked and shot -> it's all over.
Live with a roommate instead of a studio -> they bring drama or bad energy -> you have poor focus at home.
Skimp on a hotel -> Bad wi-fi connection -> Zoom interview is choppy, you don't get the job.
On and on it goes.
I think you have a typo on #5. A few too many zeros on $10,000 for a coding bootcamp 😉
Sometimes the back-to-the-basics content really hits the nail on the head. I thought this was a very timely reflection, given all the other initiatives going on in the Jungle.
Love it! Will def read this more then once
"Making money is *never* zero sum. There is always opportunity for wealth and if you are *unhappy* when someone you know succeeds, you’re the problem and you are are parasite. If you are thrilled that they made it, they will *remember* you forever and they will look out for you if you need something in the future. In short, don’t be a hater and don’t be insecure. Support people and you will have powerful friends beyond your wildest imaginations in less than 5 years."
Most important part IMO.
"In short, if you never learn to spend to earn… you’ll never be rich. This is a comment referring to both money and social life. Few. " - BTB
Interesting to see how Bull feels it applies to Social Life as well.
Maybe Bull meant that you must burn a few bridges to end up with a quality social circle? What did everyone interpret?
Could you take a look at Bowtiedgoat twitter page and offer your perspective. Do not quit your job to follow your dream. am facing a similar dilemma
Taking up your advice and launching a Consulting Service ASAP.
Long time reader of WSP/BTB. All you kids whining about how difficult it is to make $1m USTT by 30 need to get a grip. Did it well before 30 (without crypto). WSP/BTB’s account of “Watch that company man throw his life away” is unfolding right before my eyes.
Which option do you recommend when it comes to retiring parents:
1. Giving them a lump sum of cash
2. Giving them a salary
3. Buying them a house
Great list. A couple thoughts from me, a Gen-Xer who got out of corporate and hit entrepreneurship at 42 (15 years too late, but better late than never heh). Did all right, sold my company and achieved deca-millionaire status (it's less than you think lol).
Yes, health. You'll be better off cutting down on drinking, getting regular cardio and lifting. Even a little effort brings huge differentiation as you get older (a few degrees of slope line difference magnifies with time). Hell, not having a beer belly and a BMI under 25 puts me in the top 10% of my cohort.
Scarcity is the mind-killer. You can achieve so much more than you know. Limiting beliefs and crippling scarcity mindset are real things. If I could go back in time and slap my 25 year old self and choose only one thing to say, this would be it.
Frugality. This one is more complex. You gotta be frugal but not cheap in life. And you gotta be liberal with money but not stupid. Energy and focus spent on pinching pennies is far better spent on growing opportunities and revenue. Think big picture. Sometimes you have to pay for quality and quality of life. But also, a fool and his money are soon parted. Knowing when to spend freely yet when to pinch is an art. Keep it in your mind.
Follow your skills. Yes. Figure out the intersection of the Venn diagram of what you're good and what you kinda like to do and what the market values. That's your sweet spot. You'll find you get more passionate about something as you get better at it and make money.
Watch out for parasites and time vampires. They are everywhere. Be nice to people as a default, but don't make investments in them without building trust over time. So many takers will bleed you dry if you let them, then forget you exist when you call in a favor.
Align incentives. Lol yes. It's laughable how many people think the starving dog will never touch the steak you put in front of him "because it's wrong." I spent a lot of time thinking about sales team incentives. I ended up giving my sales director a cut of all sales and a bigger cut of quarterly sales in excess of previous quarterly high. She was focused like a laser on growth. I gave her team a straight % of their sales above a low threshold -- sell more, make more. I found simplicity generally beats complexity for sales teams. If your incentive plan is game-able it will be gamed, and it's your fault if it happens.
Stop caring. Yes. Easier said than done. What helped me stop caring about specific outcomes was always making sure I had options. Options help you IDGAF when something falls through. People can sense when you're IDGAF, and it helps immensely. Incredibly important when I was selling my business. Give yourself options.
Enjoy your stuff BTB. Tks.
#6 Follow Your Skills… Tie it To Money/Growth:
When you posted tweet then got the retweet comment by that loser who said this is being "one foot in one foot out" I just shook my head
That said to me he has only ever had a 50k job. If you can have a making 300k and have a business, why wouldn't you?
I also laughed at how the retweet said "this is bad advice for 95% of people"
Yeah no shit you dingbat you are the 95%/majority we are not, get out of the way
Morning Mr. Bull.
You have previously recommended "The Millionaire Next Door". One of the key takeaways from the book was that frugality can create wealth.
Granted, the book is 25 years old but I am curious if lower wages have changed your stance or if you never were onboard with that assessment in the first place?
Thanks,
Thanks for this post! This is a great one to send my friends :)
If we still haven't made it to >$50k, does the 2x number for online business still count or should it then be 4x?