How much money have you made in your lifetime?
How much do you have left?
- Money is a game. (The more you play, the better you’ll get.) And, it can be learned.
- Don’t be a hater of money. (Anything you hate will avoid you.)
- It’s a double game. It’s about doubling your money. Question: how soon can you double your money? Risk tolerance VS time horizon.
- Seduction. Money likes to be seduced. Money doesn’t like desperate people. Money likes experience.
- Timing. Know when to spend, when you cut.
- Boredom. Money loves excitement. Money loves to work. Money loves to move.
- Always have a secret account. Must have a crisis account.
- Don’t fly first class until you have 10 million in your bank account.
- Compensation plan. Go to a country that rewards entrepreneurship. Flee high taxes and socialism.
- End of the world mentality. Manage your state when times are scary. Have cash available to take advantage of these times. There will be bust periods, this is when the house wins. Be the house. Have cash and balls when everyone else is terrified and broke.
- Study your politicians, philosophies, ETC — This will help you see the future and plan accordingly.
- Study smart people. Learn how they think.
- Play your game. Listen to the beat of your drummer. Don’t be a sheep. Never lose a double. Don’t compare yourself to others.
- Index. Beat your goals — ignore their goals.
- Befriend money makers. Hire slow; fire fast.
- Diversification is for sissies. ‘Safe’ but slow.
- Leverage. How can you leverage to grow? I didn’t understand this, so I will research his other vids to figure out what he meant. Update — Patrick means to use other people to multiply his power.
- Positioning. Being in the right place, with the right people, at the right time. Tim Cook. Steve Ballmer.
- Strategic partnerships. A lot of people make money when you make money AND vice versa.
- Big check syndrome. (Spending like a king when your pockets are fat.)
More on leverage: From 11 skills that millionaires master:
Millionaires master leverage. One of the reasons they understand leverage is that the sooner you learn that in order to do anything big, you need a team is the sooner you’ll start scaling at a very fast pace.
A lot of driven, self-motivated guys that have high GPAs or did very good in school and had good grades and are perfectionists , they typically have the hardest time. The guys that didn’t have the best grades don’t have a hard time with this because they’ve always needed help, and they recognize that they still need help. But the ones that did things well in school independently have a hard time knowing they need help.
Leverage is a big deal. You have to learn how to delegate and crowdsource. I love to ask my staff what they think about things. I like to ask every type of personality, such as people who are very skeptical but very technical and smart, someone who is excitable, someone who is normally in the middle. I want to get input from everyone because I want to know what they think about. That’s all a part of leverage.
So leverage is team, recruiting, sales, software, technology, social media, marketing, branding, collaborating — in everything you need to ask, “How can I leverage to make this thing go faster?”
What Patrick means is getting help from others to accomplish things — scaling up.