It's not about the money. That was going to be the alternative title for 50 Interviews. Perhaps it was the right title all along. I need to be reminded of this.
More often than not, when money becomes the prime driver for a business, the business fails. If you are only it for the money, it becomes a job.
Money is needed to: 1. Qualify a business vs. a hobby (read Money Pit) 2. Keep a business afloat 3. Provide resources to take the idea further 4. Support others who support the idea by allowing them to earn a living at it.
Self-employed or entrepreneur?
What kills momentum? When we lose focus. If you have a client demanding attention, that attention comes at a cost. You have to turn away from whatever you are working on to give it your full attention. The added hit is that because another set of eyes will be on the result, your accuracy demands more of your creative energy.
The law of compensation states that what you do now comes back amplified at a future date. All you need to do is give without worry about the immediate impact of your actions, without worry of how or when it might pay us back in the future.
"Blunt, outspoken and brutally honest."
I admire authenticity. It's a rare trait these days.
F.U. Money is about having the income to live a life you love. If you are constantly worried about money, life feels like a constant struggle. The way out is not to distract yourself from the problem, but rather to face the problem head on.
F.U. Money takes the power away from the money itself, and puts it where the motivation to make it actually is - and that's what money can do for you.
Money can lift the weight that the lack of money imposes.
Money is a tool to generate wealth for yourself and others.
Money frees up time. If you can afford to hire someone to hand that ceiling fan, you don't need to waste an entire weekend trying to do it yourself, and odds are it'll be done better.
In thinking about money, you may need to make a subtle, but critical shift.
My notes & highlights follow...
First off, millionaires don't become millionaires until they become obsessed with the idea. They sleep, eat and spend their time thinking, “How can I make my F.U. Money as quickly as humanly possible?” They take every action into account.
Next, they constantly ask themselves, “What have I done today that will move me closer to my F.U. Money?”
Don't wait till month end to review your results. If you need to adjust your effort, you need to know soon enough for it to make a difference.
For me, I found a formula that worked well. I call it the 10 day, 10k sprint. If I put in sustained effort, I could generate a backlog of $10k in 10 days. Usually, it was the final few days of the 10k sprint is when the majority of the 10k arrived. What often hurt me was success too early in the 10 days. I'd throttle back because I felt I had a buffer. After the 10 days, I'd take couple days off. But then, I'd get start up another 10k sprint. Using this strategy, in less than 9 months, I should be able to build a backlog of 300k.
I'm adapting Dan's questions for his DIGs (Daily Income Goals) for my 10k sprints:
If you’re not hitting your D.I.G., then you’re not hitting your weekly income goal. If you’re not hitting your weekly income goal, then you’re definitely not hitting your monthly income goal.
The universe delivers what you want through others.
Unless you have a money press, money comes to you through others.
Have you ever googled How to Make Money? Here's a good result with 32 legitimate options.
Try a Hypersearch!
If you do, you'll see a common thread. Most everything we need to do to make money involves other people. Money has to flow from somewhere. And in order for money to flow out to you, it most flow out from someone else.
YouTube 10 Websites That Will Pay You DAILY Within 24 hours!
Title: "The Psychology of Money" by Morgan Housel
Key Takeaways
Pay the Price: Investing comes with a price - volatility. Higher expected returns require the ability to stomach larger swings in portfolio value.
Never Enough: The tendency to constantly compare oneself to others and feel inadequate, no matter one's wealth level. Social comparison can lead to envy and poor financial decisions.
Crazy is in the Eye of the Beholder: What seems like crazy financial behavior to one person may be rational given another's background and life experiences.
Peek-a-Boo: Preparing mentally and financially for unpredictable "black swan" events is more useful than trying to forecast them. Missing the market's best days can severely impact long-term returns.
The Seduction of Pessimism: Humans are psychologically drawn to pessimistic outlooks, which can distort our investment decisions. Progress happens slowly while setbacks occur rapidly.
Financial success is more about mastering your behaviors and emotions than just having financial knowledge or skills. Controlling greed, fear, and having the temperament for long-term investing is crucial.
There is a difference between being rich (high income) and being truly wealthy (having money saved/invested that provides options). Wealth provides freedom and control over your time.
People's experiences shape their financial attitudes and behaviors. Understanding your own perspective from your life experiences is important.
Rules and budgets are less important than having general guidelines that align with your goals and changing them as your life situation evolves.
Learning from broad human behaviors across history is more valuable than focusing on specific historical events when managing money and expectations.
Thinking probabilistically about potential outcomes, rather than making black and white judgments about success/failure, is wise when making financial decisions.
Defining "enough" wealth to be content, rather than always seeking more, is challenging but allows you to live a more meaningful life aligned with your values.
The purpose of wealth should be to fund options and control over your time, not just accumulating more possessions or status symbols.