Billionaire Kids
Here’s One Father’s Brilliant Advice On How To Raise Your Kids To Be Billionaires
– Make them aware of the full range of life options.
– Do NOT send them to public school NOR to the prep schools that are just our public schools on steroids. Get them involved in projects, travels, robotics, etc.
– Teach a love of work.
– Teach a love of people.
– Teach generosity.
– Teach the mental nexus. Learn to make critical decisions on partial information.
– Lie, cheat, and steal.The world is full of assholes and swindlers and your kids will need a radar for it, and they need to suffer the consequences so that they develop an arsenal of techniques for dealing with it. They need to be superb judges of character. You can’t teach good behavior by isolating them from bad behavior.
– Make them teen outcasts. Entrepreneurs are highly results-oriented and have little patience with those as process-oriented as teachers.
– Teach numeracy. Anyone who can’t do math in his head on the fly is going to have a difficult time being an entrepreneur and putting deals together. Schools don’t teach this; it’s a special, long-term effort.
– No allowances. No “Joe” jobs. Nobody ever got rich working for a living. Trading your time for money is a loser’s game. An allowance just teaches a kid to lack resourcefulness — same for teen jobs. My wife and I played VC to our kids. They could ask for any amount of money they wanted but what’s the plan? What’s your purpose? What are alternatives? etc. They learned to recognize opportunities and pitch them. (learn the power of persuasion and sales)
– Get a grubstake. get them involve in a startup with other young people.
– Worthy. Each time a moral decision is called for, it’s “Search your heart, son. You have to build your life around what is important to you. The only way I can help you is to tell you how I screwed up sometimes. But the sooner you learn to get in touch with your own feelings of what is right and what is wrong, the better.” (But be sure to model right over wrong like crazy to them.)
– There is only one path to getting wealthy: Exploit opportunity. The whole purpose of what I’ve stated above is to equip your children with the tools to spot and build on an opportunity to add value to the world.
Source: http://www.businessinsider.com/how-to-raise-your-kids-to-be-billionaires-2014-6
19 ways rich people think differently
Rich people believe poverty is the root of all evil … while average people think MONEY is the root of all evil. (poor people think that rich are dishonest)
Rich people think selfishness is a virtue … while average people think selfishness is a vice. (be happy without pretending to save the world, if you dont take care of yourself you cant help anyone else)
Rich people have an action mentality … while average people have a lottery mentality. (focus on solving problems)
Rich people believe in acquiring specific knowledge … while average people think the road to riches is paved with formal education.
Rich people dream of the future … while average people long for the good old days. (Self-made millionaires get rich because they’re willing to bet on themselves and project their dreams, goals, and ideas into an unknown future)
Rich people think about money logically … while average people see money through the eyes of emotion.
Rich people follow their passion …while average people earn money doing things they don’t love.
Rich people are up for the challenge … while average people set low expectations so they’re never disappointed.
Rich people believe you have to be something to get rich … while average people believe you have to DO something to get rich.
Rich people use other people’s money … while average people believe you need money to make money.
Rich people know the markets are driven by emotion and greed … while average people believe they’re driven by logic and strategy
Rich people teach their kids to get rich … while average people teach their children how to survive. (see the world as objective reality, instead of judginf the poor)
Rich people find peace of mind in wealth… while average people let money stress them out
Rich people would rather be educated than entertained (big libraries, small tv)
Rich people just want to surround themselves with like-minded people (avod mediocrity is not to be snob)
Rich people focus on earning (what to gain vs risk instead of saving to keep)
Rich people know when to take risks
Rich people find comfort in uncertainty (while middle class look for emotional comfort)
Rich people know you can have it all (family, business, friends, vacations, purpose)
Source: http://www.businessinsider.com/ways-rich-people-think-differently-2014-6
10 traits to build rich habits
1. Rich people believe their habits have a major impact on their lives.
good habits create “opportunity luck”
2. Rich people believe in the American dream.
The American Dream is the idea of unlimited potential, that you can make it on your own
3. Rich people value relationships for professional and personal growth.
When I applied the hello calls and the life event calls to my own life, I ended up making another $60,000 as a result.
4. Rich people love meeting new people.
5. Rich people think that saving is hugely important.
6. Rich people feel that they determine their path in life.
It is not genetics, but savings and proper investing
7. Rich people value creativity over intelligence.
8. Rich people enjoy their jobs.
9. Rich people believe that their health influences their success.
10. Rich people are willing to take risks.
Source: http://www.businessinsider.com/ways-rich-people-think-differently-2014-5
The 6 Most Important Decisions You’ll Ever Make by Sean Covey
School
Friends
Parents
Dating and Sex
Addictions
Self-worth
10 life changing decisions we make without thinking by James Altucher
College
House
Marriage
Children
Eat
Media
Stocks
Luxuries
Job
Alcohol
What I Learned About Life After Interviewing 80 Highly Successful People
A) A life is measured in decades.
B) A life is measured by what you did TODAY, even this moment.
C) Focus is not important, but Push is (reinvention).
D) Give without thinking of what you will receive.
E) Solving hard problems is more important than overcoming failure.
F) Art and success and love is about connecting all the dots.
G) It’s not business, it’s personal.
H) You can’t predict the outcome, you can only do your best.
I) The same philosophy of life should work for an emperor and a slave.
J) The only correct path is the path correct for you.
K) Many moments of small, positive, personal interactions build an extraordinary career.
L) Taking care of yourself comes first.
M) The final answer: People do end up loving what they succeed at, or they succeed at what they love.
N) Anybody, at any age can participate every day in the worldwide conversation.
O) Figure out How to Make Uncertainty Work for You
HOW TO BECOME AN IDEA MACHINE
A) Is “The Idea Muscle”, or the Mental side of your daily practice, the most important part of the four?
B) Do you have a theme each day for your ideas?
C) What if I can’t come up with 10 ideas?
D) My idea muscle has atrophied. How long will it take to become an idea machine?
E) What is an idea machine?
F) Do all 10 ideas have to be good ideas?
G) I have so many ideas, I don’t know which ones to work on? How do you pick?
H) What is Idea sex? All of life is about connecting the dots.
I) People say ideas are a dime a dozen and that execution is everything. Is this true?
Always start with easy execution steps. MVEs. Minimum viable execution steps.
J) Are the ideas usually about starting new businesses?
K) I keep coming up with good ideas but then I go out drinking with my friends on Friday night and tell them my ideas and they all laugh at me. What should I do?
L) I’ve been doing this for three months and I haven’t seen any difference in my life?
M) I have no time to do this. What should I do?
Simplify your life. The simpler every part of your life is, the more power you have to make significant changes in the world.
N) I have an Idea. How do I get money for it?
Deliver proven value to others, charge money for it, get testimonials about how good your product is, and then you’ve widened the horizon of your decisions. That’s the path to success.
O) How do I know if an idea is good?
P) What if I have more than 10 ideas a day? Should I save some of them for the next day?
You’re going to be immortal because you will begin to lead a life that is worth remembering forever.
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