Key Takeaways
- The true benefit of wealth is time, freedom.
- The youth have every benefit – I’m jealous of every one of you.
- The only way to deal with fear is to cozy up to it.
- In hindsight, I’d aim to make 30-40m asap – ideally before 35 – and then cash out and spend my time doing exactly what I want and when I want (writing poetry, mainly).
- Your inclinations count tremendously – pay attention to them but don’t be beholden to them.
- Ideas don’t make you rich. Correct execution of good ideas make you rich.
- Balance sheets is for accountants but you have to deeply understand your cash flows.
- Think big but act small – both in terms of your ego and the details you care about.
- I became one of the richest self made Brit’s by owning my company outright and investing / building more “baskets” as soon as I could.
- Never make a numbers person the leader.
- Ownership is the only thing. Never give a single share unless you absolutely have to.
- Delegation and promotion are your finest tools for getting rich. What do you care who gets the glory if you own the company and get rich? However, don’t delegate to replicas of you. Find people better than you and who fill in your weaknesses and then let them run!
- Giving away your fortune before your die is the most important message in this book.
- Cut loose from others’ expectations and your secondary priorities. Getting rich has to be your utmost priority.
- Choose the right mountain, one where money is flowing to quickly and naturally.
- To the extent you can, eliminate fear and you will see new opportunities you were blind to before.
- Once you make an investment or give it away, forget it. Imagine it’s gone forever. If it comes back to guy, great, but don’t expect it to and don’t let it consume your thoughts.
- Never loan money to friends or family. Give it.
- Make yourself hard to reach. Cut yourself off. Avoid the distractions but keep your old friends and trusted friends and family close.
What I got out of it
- Ignore great ideas and focus on execution. Focus. Delegate. Sell before you need to or when bored. Remember to give it all away.
