You may read thousands of books in your life, but there will only be a few that deeply change the way you think.Reread them every single year. Your experience with the book will change as you do—you'll pick up new ideas.

Reread your favorite books

It's easy to stand on the sidelines. It's hard to stand in the arena.It's scary to put yourself out there. When you're in the arena, never take advice from the people on the sidelines.

Never take advice from people on the sidelines

Your daily actions can put you in a position where luck is more likely to strike.It’s hard to get lucky watching TV at home—it’s easy to get lucky when you’re out engaging and learning. Create your own luck.

Always pursue the path that has the larger luck surface area

It's a shame that we often wait until a person's funeral to say all of the nice things we thought about them.The next time you have a positive thought about someone—tell them right then.

When you think something nice about someone, let them know

Life moves fast. When you encounter a moment of pure bliss, pause and embrace every aspect of it.The smells, the sounds, the feelings, the sensations. Pause time and appreciate moments of sweetness.

Stop and savor the beautiful moments of life

The Paradox of News: The more news you consume, the less well-informed you are.The constant barrage of BREAKING NEWS and clearly biased perspectives clouds your understanding.

Radically reduce your news consumption

Daily activity is essential to your health, brain function, and happiness. No need for a complex regimen.Each day minimum:<ul><li>Walk for 30 min</li><li>Raise your HR for 30 min</li><li>Mobility work for 5 min.</li></ul>

Move your body every single day

Use the  30-for-30 approach: 30 days, 30 min per day.30 days is a real commitment, but small enough to mentally take it on. 900 minutes of accumulated effort yields surprisingly significant results.

If you want to improve at anything, do it every day for 30 straight days

If you have the good fortune to be wealthy and successful in life, always be sure to share it with others.<ul><li>Support your family and friends when you're able.</li><li>Give with no expectation of return.</li><li>Always give more than you receive.</li></ul>

Default to generosity

<ul><li>Your 80-year-old self cares about the long-term compounding of the decisions of today.</li><li>Your 10-year-old self reminds you to stay foolish and have some fun along the way.</li></ul>

Make decisions that your 80-year-old self and 10-year-old self would be proud of

In his 2005 Stanford Commencement Speech, Steve Jobs talked about having faith that the dots will somehow connect in your life.You take daily actions with complete uncertainty. Faith in the dots allows you to persevere and endure uncertainty.

 Have faith in the dots

Life definitely isn't fair. It's a troubling reality. But instead of wasting energy on every obstacle in your way, focus on what you can control and how you can break through.

Always take accountability

Every conversation with a stranger is a chance to learn something new. Stop trying to be INTERESTING and focus on being INTERESTED.Be present in every conversation with everyone you meet. You never know what you might learn.

Be interested in everyone you encounter

Too many people seem to use money in ways that create problems, stress, and headaches.Money can be a wonderful tool, but only if you use it to simplify your life (not complicate it).

Use money to simplify, not complicate

<ul><li>Everything in life comes down to people and relationships.</li><li>Networks compound as well as any financial investment. Build an army that is deep and wide.</li><li>Cultivate deep relationships, but also learn to appreciate the power of weak ties.</li></ul>

Always prioritize people

personaldevelopment

Personal Development

motivationandinspiration

Motivation & Inspiration

Sahil Bloom: 15 rules that changed my life

The word “ritual” is thrown around colloquially today, but sometimes it still carries the weight of religious ceremony. For supermarket supershoppers, as we might call them, these stores themselves, with their floor-to-ceiling shelves and flickering freezers brimming with food that’s available for purchase, are a sanctuary that transcends faith, race, and economic status. Grocery shopping is an intimately personal act—deciding what to put in your body and what to feed the people you love—performed in public.

Grocery Shopping As A Ritual

Grocery shopping can be a uniquely pleasurable experience, and it’s a squarely American invention. Before the turn of the century, people got their groceries from general stores, where a clerk gathered your items while you waited and placed them on the counter to ring up. There was no way to compare the costs and relative virtues of, say, Crest or Colgate toothpaste; toothpaste was just toothpaste.

Grocery Shopping; A Pleasurable Experience

But for some, rooting for bargains taps into ingrained opportunism. For being clever enough to pair a coupon with an item that’s already on sale. For holding off on buying a tempting pint of ripe blueberries at one store before getting it for half the price at the next. There is a devilish sense of satisfaction at having gamed the system enough to get an extra six-pack of Gillette razor blades to store in the bathroom cupboard.

Bargain Hunting

Customers are so excited about spending only $8 on a rotisserie chicken that they happily buy many other items at a modest-to-steep markup.That makes the business work, but it also makes supermarkets compete in a race to the bottom on prices.

The Feedback Loop

An online magazine for today's home cook, reporting from the front lines of dinner.

marketingandsales

Marketing & Sales

moneyandinvestments

Money & Investments

business

Business

artsandculture

Society, Arts & Culture

The Case for the Supermarket Supershopper

Save with the idea that the world breaks every few years — a recession, a pandemic, a terrorist attack. These events rock the economy and crush the stock market. It’s been like that forever and it’ll be like that forever.The only way to endure that world is to save like a pessimist: keep a big emergency fund, avoid too much debt, and always have a backup plan.Save your money like a pessimist and invest your money like an optimist.

The Reason To Save

Invest knowing that if you can endure the short-term chain of financial disappointments and setbacks, things usually get better. People are good at solving problems and becoming more productive. We rebuild. We’re amazing at innovating.Saving like a pessimist is what lets you stick around long enough for your long-term investments to actually grow, compound, and benefit from society’s progress.

Investing Like An Optimist

Morgan Housel’s simple philosophy on how to save and invest.

Save like a pessimist, invest like an optimist

Morgan Housel is a partner at the Collaborative Fund and serves on the board of directors at Markel Corporation. He is also a former columnist at The Motley Fool and The Wall Street Journal and author of the award-winning book The Psychology of Money. Tim Ferris and Morgan discuss how understanding investing and risk tolerance is more of a phycological challenge than a purely financial one.

Morgan Housel interview

Money isn’t a means to wealth, it’s a means to autonomy and independence.

The way to become a great investor is to maximize the amount of dollars you accumulate over the course of your life. Most of the time, it is not earning the highest returns. For example:<ul><li>Warren Buffett is the wealthiest investor of all time.</li><li>Jim Simons the greatest investor of all time in terms of long term average annual returns.</li></ul>Warren Buffett’s long term average annual returns are about 21% per year. Jim Simons’ are like 66 % per year. Yet, Warren Buffett is wealthier because has been investing for much longer.

How to become a great investor

Cope’s rule states that organisms get bigger over time. But there are huge downsides to being big. There’s always a sweet spot in evolution. When something becomes too big to manage, it can cause you to fail.

 The size is the strategy

“Financial Advice for My New Son”“You might think you want an expensive car, a fancy watch, and a huge house. But I’m telling you, you don’t. What you want is respect and admiration from other people, and you think having expensive stuff will bring it. It almost never does — especially from the people you want to respect and admire you.” “When you see someone driving a nice car, you probably don’t think, ‘Wow, that person is cool.’ Instead, you think, ‘Wow, if I had that car people would think I’m cool.’ Do you see the irony? No one cares about the guy in the car."

Most people want independence and autonomy. Having the money that you don’t have to spend becomes the most valuable thing in the world when it lets you gain control of your time. But freedom and autonomy carry a lot of responsibility with them.

Instil the value of money and the ability to control how it affects your life


Risk is just the odds that something will prevent you from achieving your goals. Everyone has very different goals and aspirations and time horizons, so everyone thinks about risk differently. If your goals lie 50 years in the future, you probably wouldn't care what will happen in the next three years. But if you're 90 years retired widow on a fixed income, you'd have a very different definition of risk.  When people argue with each other on risk, it's really people with different risk tolerances and different time horizons talking over each other.

How to approach risk

There are many things in finance that look smart and sound smart, and the numbers add up, but it's completely opposed to how the real world works. Then there are many things that investors do that are not rational but is perfectly reasonable and align with how people's heads work.  For example, people own stocks that are closest to where they live. People who live in America only own US stocks, and those in Germany only own German stocks. It's not rational, but it's very reasonable. It's easier to invest your life savings in companies you're most familiar with.

Rational vs reasonable

Buffett has a great quote on wealth where he says he wants to leave his kids enough money that they can do anything, but not so much money that they could do nothing. Give children a safety net, but not fuel. Parents shouldn't give their children money just to make their life better. Children need to know that they have to make it on their own.

Ensure your children grow up to be financially smart

Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor | Brought to you by Allform premium, modular furniture; Athletic Greens all-in-one nutritional supplement; and Tonal smart home gym. More on all three below.Morgan Housel (@morganhousel) is a partner at the Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. He serves on the board of directors at Markel Corporation. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.His book The Psychology of Money has sold more than one million copies and has been translated into more than 30 languages.Please enjoy!This episode is brought to you by Allform! If you’ve been listening to the podcast for a while, you’ve probably heard me talk about Helix Sleep mattresses, which I’ve been using since 2017. They also launched a company called Allform that makes premium, customizable sofas and chairs shipped right to your door—at a fraction of the cost of traditional stores. You can pick your fabric (and they’re all spill, stain, and scratch resistant), the sofa color, the color of the legs, and the sofa size and shape to make sure it’s perfect for you and your home.Allform arrives in just 3–7 days, and you can assemble it yourself in a few minutes—no tools needed. To find your perfect sofa and receive 20% off all orders, check out Allform.com/Tim.*This episode is also brought to you by Athletic Greens. I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1 by Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*This episode is also brought to you by Tonal! Tonal is the world’s most intelligent home gym and personal trainer. It is precision engineered and designed to be the most advanced strength studio on the market today. Tonal uses breakthrough technology—like adaptive digital weights and AI learning—together with the best experts in resistance training so you get stronger, faster. Every program is personalized to your body using AI, and smart features check your form in real time, just like a personal trainer.Try Tonal, the world’s smartest home gym, for 30 days in your home, and if you don’t love it, you can return it for a full refund. Visit Tonal.com for $100 off their smart accessories when you use promo code TIM100 at checkout.*For show notes and past guests, please visit tim.blog/podcast.Sign up for Tim’s email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Margaret Atwood, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, Balaji Srinivasan, Sarah Silverman, Dr. Andrew Huberman, Dr. Michio Kaku, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

podcasts

Podcasts

Brought to you by Athletic Greens all-in-one nutritional supplement, Allform premium, modular furniture, and Tonal smart home gym. Morgan Housel (@morganhousel) is a partner at the Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. He serves on the board of directors at Markel Corporation. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.His book The Psychology of Money has sold more than one million copies and has been translated into more than 30 languages.Please enjoy!This episode is brought to you by Allform! If you’ve been listening to the podcast for a while, you’ve probably heard me talk about Helix Sleep mattresses, which I’ve been using since 2017. They also launched a company called Allform that makes premium, customizable sofas and chairs shipped right to your door—at a fraction of the cost of traditional stores. You can pick your fabric (and they’re all spill, stain, and scratch resistant), the sofa color, the color of the legs, and the sofa size and shape to make sure it’s perfect for you and your home.Allform arrives in just 3–7 days, and you can assemble it yourself in a few minutes—no tools needed. To find your perfect sofa and receive 20% off all orders, check out Allform.com/Tim.*This episode is also brought to you by Athletic Greens. I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1 by Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*This episode is also brought to you by Tonal! Tonal is the world’s most intelligent home gym and personal trainer. It is precision engineered and designed to be the most advanced strength studio on the market today. Tonal uses breakthrough technology—like adaptive digital weights and AI learning—together with the best experts in resistance training so you get stronger, faster. Every program is personalized to your body using AI, and smart features check your form in real time, just like a personal trainer.Try Tonal, the world’s smartest home gym, for 30 days in your home, and if you don’t love it, you can return it for a full refund. Visit Tonal.com for $100 off their smart accessories when you use promo code TIM100 at checkout.*Warren Buffett vs. Jim Simons. [06:43]What do people get wrong about the partnership between Warren Buffett and Charlie Munger? [13:45]The size is the strategy. [16:59]Six years after writing his “Financial Advice for My New Son” article for The Motley Fool, are there any points Morgan would add or amend? [20:27]While there’s no way of knowing what kind of adults our kids will grow up to be, how might we instill in them the value of money and the ability to control how it affects their lives? [23:43]What unorthodox career decision did Morgan’s father make in his 30s, and how did the family’s life change as a result? How did earlier lessons of frugality give Morgan’s parents more options later on than their more steadily affluent peers? [28:28]How Morgan’s career path meandered from Denny’s greeter to investment banker to reluctant writer. [34:18]After finally hitting his stride as a writer at The Motley Fool, what compelled Morgan to join the Collaborative Fund team? [42:15]What’s a Markel and how did Morgan get involved with it? What was it hoped he could bring to the table there? [49:07]How does Morgan approach risk? [56:32]What “fin tweet” game is Morgan playing, and what are the rules? Who are the top players in this space, and what makes them worth your attention no matter the medium? [58:59]Investors Morgan respects — even if he wouldn’t try to emulate them. [1:03:33]Don’t beat yourself up too badly if you’ve ever been gamed by the market. Even Warren Buffett still makes mistakes. But would his younger version have made the same decisions he makes today? What made the early days of the pandemic such an uncertain time for even the most seasoned investors — Buffett and Housel alike? [1:09:37]Sometimes it’s the counterintuitive bets that elevate an investor into deity or demigodhood in the pantheon of the money-minded — whether it’s Benjamin Graham, Walt Disney, or Michael Moritz. [1:19:11]Notes on leverage and the “buy, borrow, die” approach to investing, and making sense of conflicting, diametrically opposed advice from seemingly intelligent, rational parties with differing opinions. [1:28:37]Sometimes peace of mind matters more than profit. [1:33:44]Is it better to be an antediluvian penny pincher who dies rich, or a high-roller who casts fistfuls of dollars into the sea only to pass away penniless? Maybe the middle ground is healthier than either extreme. [1:36:01]How does Morgan recommend someone of means ensure their children don’t grow up to be horrible, entitled, and generally useless to society? [1:40:13]Biographies and memoirs Morgan recommends (and what they can teach us about current events). [1:48:19]How can you increase the likelihood that you will not respond in moments of panic by doing what cripples you financially? Morgan weighs in. [1:52:26]In Morgan’s experience, how does someone who comes into money effectively allow themselves to enjoy it without succumbing to the all-too-common temptation to sink it all under a mountan of status symbols nobody really cares about? For his own part, what does his financial comfort allow him to enjoy, and how does he scratch the itch when he’s pestered by such temptations? [1:57:27]Preparing for financially bumpy long hauls, and “understanding the difference between a fee and a fine.” [2:07:15]A handful of journalists and writers Morgan would choose as trusted informants in a world without Twitter or in-depth news sources. [2:10:37]Morgan’s hall of fame for books about investing and finance, and how Dan Gardner’s book The Science of Fear has made him think about fear. [2:17:02]Morgan’s advice for helping someone (like me) regain a regular cadence of writing if COVID or other life interruptions have derailed such efforts, and a glimpse into what his own writing process looks like. [2:19:18]Tolerance for petty annoyance as a valuable life skill. [2:25:48]How did training as a competitive ski racer prepare Morgan for USC and, eventually, a world-class writer for The Motley Fool? [2:30:53]What does Morgan think is true, but is actually just good marketing? [2:39:17]What looks unsustainable, but is actually a new trend we haven’t accepted yet? [2:40:57]What has been true for decades that will stop working, but will drag along stubborn adherence because it has such a long track record of success? [2:43:50]Which of our current views would change if our incentives were different? [2:45:46]What are we ignoring today that will seem shockingly obvious in a year? [2:48:11]Money is not spreadsheets. It’s dopamine and cortisol. [2:49:06]Thoughts on near-future innovations both frightening and fascinating. [2:50:10]Websites Morgan thinks are worth your while. [2:55:23]Stories or points in The Psychology of Money Morgan wishes people paid more attention to. [2:57:39]Parting thoughts. [2:59:02]*For show notes and past guests, please visit tim.blog/podcast.For deals from sponsors of The Tim Ferriss Show, please visit tim.blog/podcast-sponsors.Sign up for Tim’s email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim’s books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissFacebook: facebook.com/timferriss YouTube: youtube.com/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Margaret Atwood, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, Balaji Srinivasan, Sarah Silverman, Dr. Andrew Huberman, Dr. Michio Kaku, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tim Ferriss is a self-experimenter and bestselling author, best known for The 4-Hour Workweek, which has been translated into 40+ languages.  Newsweek calls him "the world's best human guinea pig," and The New York Times calls him "a cross between Jack Welch and a Buddhist monk."  In this show, he deconstructs world-class performers from eclectic areas (investing, chess, pro sports, etc.), digging deep to find the tools, tactics, and tricks that listeners can use.

The Tim Ferriss Show

#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor

The typical peak for renting is from May to August when school is out and the weather is more suitable for a move. It's not uncommon to see higher prices during these months, which is why some suggest looking earlier or later in the year. Ensure to make a list of the must-haves, the nice to haves, and the things that aren't a priority.

Get the best price

Using an agent can help navigate through unknown territory. They have a good understanding of each landlord's reputation. They can help weed out the duds, schedule appointments, help organise paperwork and make it an enjoyable experience.

Make use of an agent or broker

Negotiation is best done by a well-trained agent, however, you should still have some knowledge on things such as comparable appraisal characteristics, number of days on the market, and competition of similar spaces.

Don't be afraid to negotiate

Location is more important than square footage. For example, the apartment may have no closets but might be in the right neighbourhood. If you're planning to stay in your rental for longer than a year, a bigger space may be more important than the location. If you're considering a smaller space, calculate your rent with your roommate based on room size to determine if the apartment is worth it.

Location is more important

Rentals are not hard to personalise. Options to fix a temporary place are endless, such as removable wallpaper, swapping out light fixtures, using curtains, or disguising ugly floors with stick-on tiles. Some renters are willing to upgrade the apartment with new floors or a new kitchen at their own expense. They need to notify the owner of the changes, but owners generally agree to improvements.

Make your mark on your space

Renting is a great option for those living with roommates or young families. However, it is important to be well-informed before signing the lease. 

When it comes to renting, people have a lot to say about you should and shouldn't do. We talked to the real estate experts to get the facts straight.

The Best (and Worst) Renting Advice We’ve Received

The “Great Resignation” can be considered the result of pent-up frustration and being put on pause. It is a great reexamining. People are looking at their lives and considering not just how much they want to be paid; they’re also deciding what they want their title to be and what their life should look like. Instead of getting through the day, they’re looking at the long term.
If you’ve been waiting to ask for a raise, ask now! If you’ve been waiting to go for the promotion, go now!

The Great Resignation Is A Re-examining

Get better at asking for more by realizing where negotiation starts. It doesn’t start from the moment you sit down with your boss; it starts at home with you. It starts with being able to clarify your goals, your concerns, and your needs.
Expert negotiators are not the people with the most bluster or aggression; they’re the people with the most knowledge. They know themselves. They know the situation, and they have the ability to listen and get to know the other person really well so that they’re crafting the best possible deals.

Prepare To Ask For More

The key is going from closed to open questions. Classic closed questions can be answered with a “yes” or “no,” and the easiest answer is “no.” Instead of asking for a promotion. You can ask: "What’s the promotion process going to look like this year?” Or, “What do you need from me to make the case for my promotion?” Then listen to the answer.
When you ask someone that question, very often you’re going to get powerful information that’s going to tell you what matters most to them, so that you’re going to be able to figure out a way that meets their needs, while also meeting yours.

Asking Open-Ended Questions

The final critical skill you need to master in a successful negotiation is “landing the plane.” 
You asked your question and made your request, now, stop talking and land the plane. Silence can be nerve-wracking, putting you at risk of eating it up with words you may regret. A lot of high-value negotiation moves come after three and a half seconds of silence. If you need to count in your head, do it. But silence is a superpower in negotiation. It gives the other person time to think, and it prevents you from bidding against yourself.

Stop and Land the Plane: A Few Seconds Of Silence

Now is the time to ask for more—whether that’s a promotion, a raise, or other perks—says writer Alexandra Carter.


career

Career

communication

Communication

How to get better at asking for more money

The Fastlane is a state of wealth that is characterized by abundance. In the Fastlane, you don’t trade your time for money and are in complete control of all the wealth-generating factors.
The Fastlane lifestyle is for the people who want to retire young and don’t want to follow the conventional get rich roadmap that involves maxing the 401k, being frugal, and retiring at 65. Being on the Fastlane requires that you turn your back on what society says about wealth. Otherwise, you will never get rich.

The Fastlane

"The Millionaire Fastlane isn’t about being retired old with millions, but about redefining wealth to include youth, fun, freedom, and prosperity."

The get rich slow strategy that is championed by society is a losing game. It is anchored on your time, assumes that everything will go according to plan, and doesn’t involve getting rich at a young age.If you want to get rich, take the Fastlane road.True wealth is authored by three fundamental F’s:<ul><li>Family (relationships). Wealth is strong spirited familial relationships with people.</li><li>Fitness (health). Fitness includes health, vibrancy, passion, and boundless energy .</li><li>Freedom (choice). Freedom is the ability to pursue your dreams and do what you love.</li></ul>

True Wealth Isn’t Having A Bank Balance

The roadmap to wealth is made up of four key ingredients: <ul><li>Your roadmap. The roadmap is the guiding force behind the decisions you make </li><li>Your vehicle. Your vehicle is you. No one can drive you to your financial destination</li><li>Your roads. Roads are the financial pathways that lead to wealth. You can be an engineer, a plumber, a truck driver, etc. The roadmap guides your actions and the consequences of those actions create your financial life</li><li>Your speed. Speed refers to execution or your ability to go from idea to implementation</li></ul>

The Fast Roadtrip To Wealth

Sidewalker mindset:<ul><li>Debt perception: Credit allows you to buy things now. </li><li>Time perception: There is enough time and you could be dead in two weeks anyway.</li><li>Education perception. You don't need to learn.</li><li>Money perception. If you have money, flaunt it</li><li>Primary income source. Whatever pays the most, you will chase it</li><li>Primary wealth accelerator. Luck</li><li>Wealth perception. The one with the most toys wins</li><li>Destination. “I live for today and I’m not bothered about tomorrow”</li><li>Responsibility and control. Indulges in the victim mentality</li><li>Life perception. Life is too short to plan ahead</li></ul>

The Three Road Maps To Wealth: The Sidewalk To Poorness

Slowlane mindset:<ul><li>Debt perception: Debt is evil.</li><li>Time perception: Time is abundant</li><li>Education perception. Educations is important as it helps earn more dollars</li><li>Money perception. Each and every dollar must be accounted for because money is scarce</li><li>Primary income source. A job is the primary source of income</li><li>Primary wealth accelerator. Compound interest</li><li>Wealth perception. Savings, investments, and 401K</li><li>Destination. Comfortable retirement in the twilight years</li><li>Responsibility and control. Works to provide for the family by relying on others.</li><li>Life perception. Settle for less, and give up on any dreams</li></ul>

The Three Road Maps To Wealth: Mediocrity- The Slowlane

Wealth = (Primary Income Source: Job) + (Wealth Accelerator: Market Investments) When in the Slowlane, you mindlessly trade your life for a paycheck.

The Slowlane Roadmap Equation

"The ultimate insanity is to sell your soul Monday through Friday for the paycheck of Saturday and Sunday. Yes, give me $5 today and in return I’ll give you $2 back tomorrow. 5-for-2. No? Why? This is a smoking Deal!"

"Time isn’t a commodity, something you pass around like a cake. Time is the substance of life. When anyone asks you to give your time, they’re really asking for a chunk of your life."

"Somebody should tell us, right at the start of our lives, that we are dying. Then we might live life to the limit, every minute of every day. Do it! I say. Whatever you want to do, do it now. There are only so many tomorrows."

The Fastlane mindset: <ul><li>Debt perception: Debt is useful as it allows one to grow their system</li><li>Time perception: Time is far more important than money</li><li>Education perception. Learning is important for growth</li><li>Money perception. Money is everywhere. It reflects the value you create</li><li>Primary income source. Business systems and investments</li><li>Primary wealth accelerator. Making something out of nothing</li><li>Wealth perception. Build business systems for cash flow and asset valuation</li><li>Destination. A lifetime of passive income. Life is what you make of it.</li><li>Life perception. Dreams are worth pursuing no matter how outlandish</li></ul>

The Three Road Maps To Wealth: The Fastlane Roadmap

The Fastlane is a business system while the Slowlane is a job. In the Slowlane, you trade your time for your employer’s cash while in the Fastlane, wealth is driven by a business system. The Fastlane wealth equation looks like this: Wealth = Net Profit + Asset Value Asset Value = (Net Profit) X (Industry Multiplier) The Fastlane Roadmap is engineered for two purposes. It’s engineered to create a passive income stream to the excess of your expenses and lifestyle desires, and to make financial freedom a reality, exclusive of age.

The Fastlane Is A Business, Not A Job

"Instead of digging for gold, sell shovels. Instead of taking a class, offer a class. Instead of borrowing money, lend it. Instead of taking a job, hire for jobs. Instead of taking a mortgage, hold a mortgage. Break free from consumption, switch sides, and reorient to the world as producer."

"You could own the best hotel in the world located on the best beach in California, but if customers are treated like inconveniences and requests go unfulfilled, they won’t return."

<ul><li>Rental systems. Real estate is an example of a rental system that produces a recurring monthly income</li><li>Computer/software systems. The internet and software programs have created more millionaires than any other system in history</li><li>Content systems. Content systems are systems of information. They include books, blogs, and social networks</li><li>Distribution systems. These are systems that move products to the masses. An example is Amazon</li><li>Human resource systems. Systems that are run by people. Sometimes they can work in conjunction with other systems</li></ul>

The Five Fastlane Business Seedlings

The more lives you affect in an entity you control, in scale or in magnitude, the richer you become. To exploit the Law of Effection, your business needs to make an impact of either scale or magnitude, or both. Within our Fastlane wealth equation, “scale” and “magnitude” are implicit to our “net profit” variable. NET PROFIT = Units Sold (Scale) X Unit Profit (Magnitude)

The Law of Effection

<ul><li>To get to the Fastlane, you need a well-oiled and ready vehicle and that vehicle is you. You are the one responsible for making the journey.</li><li>You can’t pay yourself first if you don’t own yourself. To own yourself, create a corporation that divorces you from the act of business.</li><li>Success is not made up of a single choice but hundreds of them.</li><li>The easiest way to start making better decisions is to start changing your perception.</li></ul>

Your Vehicle To Wealth

1. Worse Case Consequence Analysis (WCCA). Analyse potential consequences before making a decision. 2. Weighted Average Decision Matrix (WADM). Weigh the various decisions and see which one is better.

Tips For Making Better Decisions

<ul>
<li>The commandment of need. Businesses satisfy the needs of people. Don’t chase money. Rather, look at how your business will help other people.</li>
<li> The commandment of entry. As entry barriers to a business fall, or lessen, the effectiveness of that road declines while competition in that field subsequently strengthens.</li>
<li>The commandment of control. Play in an organization that you control or you will be at the mercy of someone else.</li>
<li>The commandment of scale. Increase scale and magnitude in your business.</li>
<li>The commandment of time. Your business should detach you from your time.</li>
</ul>

The Five Fastlane Commandments

The Fastlane is a conglomeration of information that creates potential speed. You understand the Fastlane roadmap and its wealth equation. You’ve dumped the Sidewalk and the Slowlane. Ideas are nothing without execution. Execution divides winners from losers. Execution is a process. Ideas are events.

The Importance Of Speed

An excellent book on how to create insane wealth and live a great life. M. J. Demarco shares the secret to becoming a millionaire at any age. And it is not the kind of advice you receive from financial gurus, parents, or friends.

Is the financial plan of mediocrity -- a dream-stealing, soul-sucking dogma known as "The Slowlane" your plan for creating wealth? You know how it goes; it sounds a lil something like this: "Go to school, get a good job, save 10% of your paycheck, buy a used car, cancel the movie channels, quit drinking expensive Starbucks mocha lattes, save and penny-pinch your life away, trust your life-savings to the stock market, and one day, when you are oh, say, 65 years old, you can retire rich." The mainstream financial gurus have sold you blindly down the river to a great financial gamble: You've been hoodwinked to believe that wealth can be created by recklessly trusting in the uncontrollable and unpredictable markets: the housing market, the stock market, and the job market. This impotent financial gamble dubiously promises wealth in a wheelchair -- sacrifice your adult life for a financial plan that reaps dividends in the twilight of life. Accept the Slowlane as your blueprint for wealth and your financial future will blow carelessly asunder on a sailboat of HOPE: HOPE you can find a job and keep it, HOPE the stock market doesn't tank, HOPE the economy rebounds, HOPE, HOPE, and HOPE. Do you really want HOPE to be the centerpiece for your family's financial plan? Drive the Slowlane road and you will find your life deteriorate into a miserable exhibition about what you cannot do, versus what you can. For those who don't want a lifetime subscription to "settle-for-less" and a slight chance of elderly riches, there is an alternative; an expressway to extraordinary wealth that can burn a trail to financial independence faster than any road out there. Why jobs, 401(k)s, mutual funds, and 40-years of mindless frugality will never make you rich young. Why most entrepreneurs fail and how to immediately put the odds in your favor. The real law of wealth: Leverage this and wealth has no choice but to be magnetized to you. The leading cause of poorness: Change this and you change everything. How the rich really get rich - and no, it has nothing to do with a paycheck or a 401K match. Why the guru's grand deity - compound interest - is an impotent wealth accelerator. Why the guru myth of "do what you love" will most likely keep you poor, not rich. And 250+ more poverty busting distinctions... Demand the Fastlane, an alternative road-to-wealth; one that actually ignites dreams and creates millionaires young, not old. Change lanes and find your explosive wealth accelerator. Hit the Fastlane, crack the code to wealth, and find out how to live rich for a lifetime.

books

Books

10TH ANNIVERSARY EDITIONIs the financial plan of mediocrity -- a dream-stealing, soul-sucking dogma known as &quot;The Slowlane&quot; your plan for creating wealth? You know how it goes; it sounds a lil something like this:&quot;Go to school, get a good job, save 10% of your paycheck, buy a used car, cancel the movie channels, quit drinking expensive Starbucks mocha lattes, save and penny-pinch your life away, trust your life-savings to the stock market, and one day, when you are oh, say, 65 years old, you can retire rich.&quot;The mainstream financial gurus have sold you blindly down the river to a great financial gamble: You've been hoodwinked to believe that wealth can be created by recklessly trusting in the uncontrollable and unpredictable markets: the housing market, the stock market, and the job market. This impotent financial gamble dubiously promises wealth in a wheelchair -- sacrifice your adult life for a financial plan that reaps dividends in the twilight of life. Accept the Slowlane as your blueprint for wealth and your financial future will blow carelessly asunder on a sailboat of HOPE: HOPE you can find a job and keep it, HOPE the stock market doesn't tank, HOPE the economy rebounds, HOPE, HOPE, and HOPE. Do you really want HOPE to be the centerpiece for your family's financial plan?Drive the Slowlane road and you will find your life deteriorate into a miserable exhibition about what you cannot do, versus what you can. For those who don't want a lifetime subscription to &quot;settle-for-less&quot; and a slight chance of elderly riches, there is an alternative; an expressway to extraordinary wealth that can burn a trail to financial independence faster than any road out there.Why jobs, 401(k)s, mutual funds, and 40-years of mindless frugality will never make you rich young. Why most entrepreneurs fail and how to immediately put the odds in your favor. The real law of wealth: Leverage this and wealth has no choice but to be magnetized to you.The leading cause of poorness: Change this and you change everything.How the rich really get rich - and no, it has nothing to do with a paycheck or a 401K match.Why the guru's grand deity - compound interest - is an impotent wealth accelerator.Why the guru myth of &quot;do what you love&quot; will most likely keep you poor, not rich. And 250+ more poverty busting distinctions...Demand the Fastlane, an alternative road-to-wealth; one that actually ignites dreams and creates millionaires young, not old. Change lanes and find your explosive wealth accelerator. Hit the Fastlane, crack the code to wealth, and find out how to live rich for a lifetime.

MJ DeMarco is an accomplished writer whose work has resonated with readers around the world. MJ DeMarco has published several books that explore a range of topics, from fiction to nonfiction, and has received critical acclaim for the ability to weave compelling narratives. MJ DeMarco's writing style is known for its depth and authenticity, and has earned quite a loyal following of readers.

MJ DeMarco

The Millionaire Fastlane

Chasing clients for late payments can get uncomfortable. It can also have a huge impact on freelancers' cash flow, as freelancers work from project to project. Some tips can help to ensure getting paid faster without engaging in awkward conversations with your clients.

Getting paid on time

Some customers will intentionally delay payments indefinitely, but others just forget. Some invoicing tools can help to automate payment reminders. You could also write a personalised reminder message when creating an invoice and define when it should be sent to your clients.

Set up automatic invoice reminders

As a subcontractor, you may have expenses that your clients will reimburse after you finish the project, such as a freelance editor hiring a graphic designer for visual content or a proofreader to improve on its grammar. Expense automation solutions can ensure that you get paid faster. It works like this:<ul><li>You spend the money on a product or service</li><li>Then log it in the expense automation tool and submit a copy of a receipt.</li><li>The financial controller is notified and can proceed with reimbursement.</li></ul>

Use expense automation solutions

You can use online signature software to sign your contract. <ul><li>The quicker the document is signed, the faster clients can make an upfront payment for your services.</li><li>Online signature software often connects with Apple Pay or other payment services. After clients sign a contract, they are automatically redirected to the payment gateway.</li></ul>

Sign documents online

Instead of encouraging early payments with a discount, use a late fee for creating an incentive. Clients who intend to pay on time won't mind signing a contract with a late fee. How to include late payments in your contract:<ul><li>The amount should not exceed 1.5% of the project fee unless you can justify it.</li><li>Set a due date on your invoice.</li><li>If a client does not pay, send an invoice reflecting the change in the final sum.</li></ul>

Ask for a late fee

Try to prevent late payments by examining a customer's profile and avoid working with clients similar to that one. If a new client is too similar to that client profile, it's better to pass on such projects. If you have a personal webpage or social media profile, select and add video testimonials of your ideal customers, thereby turning away companies that you don't consider ideal.

Choose clients wisely

By building your brand, you can get more gigs and become selective in who you work with. As a result, you can stand out and win more respect. With a solid personal brand, you can stop selling your time and invest in more scalable ways of earning money, such as launching an online course or blogging.

Build your personal brand

6 ways to get paid faster

Refine your current budget and create attainable goals Identify at least two areas that you would like to work on within your current budget and decide whether you want to decrease your expenses or place an additional budget for it.  By evaluating how much you've spent on a certain matter and identifying the 'new' number you'd like to establish, you're one step closer to attaining your goal. Remember that your goals aren't impossible, but there has to be a fresh approach adopted to see them through.

Refinement of Planning and Execution

If you have newly acquired debt, here are some suggestions on how to tackle them without getting overwhelmed:<ul><li>Take a breather and remember that things happen all the time, you're not alone.</li><li>Review all credit card statements and other potential bills, list them down cohesively (due dates, amounts, creditors) on a notebook or an excel sheet.</li><li>It is recommended to tackle high-interest accounts first, but you can also take inventory of what works best for you.</li></ul>

Tackling Newly Acquired Debt

Every penny counts. As corny as that may sound, no amount is too small that you won't benefit from saving. Having an emergency account is a leverage that one can achieve to have. It's better to have something on a rainy day than nothing.

Saving Up

The future is uncertain and whatever that may happen will happen eventually but we can also still choose to make sound financial decisions from a place of gratitude. When we allos ourselves to look back on our failures and successes and don't dwell on them, every day is a new opportunity to implement new things that will ultimately help us in the end.

Keeping It Positive

Financial Planning: Getting Back to the Basics

Popular career advice suggests you can increase your salary by doing better in your performance review or by getting more education from a university.&nbsp; However, this advice is out of date. Doubling your salary or at least increasing is about breaking the norm and trying things that are more radical.

Avoiding the typical advice offered by popular career websites

Aim for a goal such as:<ul><li>To be a leader in your field.</li><li>To become a leader of people.</li><li>To support projects you care about with your extra money</li><li>To make more money to start a side business.</li></ul>

The goal should be more than money

<ul><li>Get one customer on your side. Focus most of your time on one customer. It could involve a weekly phone call and making their experience better.</li><li>Referring a customer is a great way to be helpful in business.</li><li>Choose a role that exploits one skill that you have and become known for it internally.</li><li>Take on an unofficial leadership role and stay committed.</li><li>Sit in a different location every day at work. This can lead to meet lots of people in other departments.</li><li>Be genuinely interested in what you do.</li><li>Attend meetings where you feel out of your depth.</li><li>Look after your appearance.</li></ul>

Staying at your current company strategies

<ul><li>Work less and be smarter with your time. E.g. attend fewer meetings.</li><li>Utilize your work colleagues who could introduce you to new opportunities.</li><li>LinkedIn can lead you to new opportunities or consulting gigs. Posting content regularly can lead you to have conversations with strangers that can lead to new opportunities.</li><li>Start a side-hustle.</li><li>Invest some of your paycheques.</li><li>Add in freelancing. Freelancing opportunities abound and could turn into a full-time business or full-time job.</li></ul>

Leaving your current company strategies

Doubling my 9–5 salary several times in my career is something I never thought would happen. My career went from startup land to call center operator in a short space of time. That meant going from…