👏🏾👏🏾👏🏾 Thanks for sharing these insights Tim! I have two favorites from Sivers book:
1. Making money is helping people. This was a golden gem. There’s an exchange here. If I do something that helps you, I get compensated for it. Trade and barter since the beginning of time.
2. Ideas are worth nothing, Execution is what matters. I’ve heard this also in the book “Unfair Advantage.” Everyone has ideas but very few execute.
If we can masted those two things, we can definitely provide value to the world and get compensated in return 🙏🏾
Good points Franklin. I teach business, including entrepreneurship, innovation, entrepreneurial behaviour, new venture finance, sales, client relationship management, business research, data analytics, among others. Curriculum dictates that people have ideas. My 30+ years experience as an entrepreneur, advisor and professor suggest that’s rubbish. I think Bezos is right “People don’t have ideas. Ideas have people.”
After a few one-on-one sessions with my clients I realised that paying for coaching is the way to go. It keeps both parties accountable. I want to do my best and give them a lesson that brings them forward. They paid me so they show up and do the work. Money is a great motivator.
A good education and "The Millionaire Next Door" was my guide growing up. It made sense. I have 2 business partners who are brothers, one has 2 Ferraris and a $2 million condo in Cancun, the other drives a 5 year old BMW with 130k miles. One partner also climed Mt Kilamingero with his daughter. One is mostly a jerk, the other gets things done and is a workaholic, guess which one is which? I can vouch and say material things do wear you down. You must really love your hobby before committing the time and effort. Elon Musk I've heard doesn't even own a home? He sleeps wherever he finds himself. I imagine he really doesn't have time for material stuff. That's the extreme that few will attain. Also, it is a good idea to be modest and don't flaunt your wealth. People tend to hate others who may have more than they do. Good article, Tim, thanks!
My favourite money idea from Derek is the fewer possessions I have, the happier I am. That's the kind of life I've always aimed for - to be able to move cities and countries whenever I want. I'm not there yet. Learning to make money on the Internet is a skill that will probably take me there.
I love when Tim takes shots at Finance nerds/bros even though I am one. I like to think I'm a cool one though. I'm not a Wall Street guy or someone that had some rich Uncle in the Chicago trading pits back in the 80's. Just a regular Joe Shmo that wiggled his way into a passion for Finance and became a (pretty good) retail investor and trader in the process.
So as much as I love Finance, I love thoughts and advice for the "average person" with an authentic personality. That's what Tim brings. That's what I try to bring as well, which is why all my posts start with "let's put some personality back in Finance."
I wouldn't love money, and I wouldn't be greedy, both which carry severe spiritual implications. Also, no, "rich" people do not automatically deserve credit because of their success, that depends on how they got rich; what if they took advantage of others, or simply took an inheritance? Lots of greedy people working atop big pharma are rich, they don't really deserve a handshake as they're profiting off of sickness.
...And even then, money isn't the only form of success, so why should a rich person (I have rich family members) 'impress' you? Being rich doesn't mean smarter, wiser, talented, fitter, healthier... you name it. Many rich people are lost.
Wow, seriously. Making money is helping people. That's a pretty generalized statement. How about drug dealers, drug cartels, scammers. Wow, just wow. An exchange of value, perhaps in a perfect world, which this most certainly is not.
Looks like I have another book to push to the top of my reading list. I had read “Anything You Want” a couple years ago and it was excellent. I might need to go back and reread that one too.
👏🏾👏🏾👏🏾 Thanks for sharing these insights Tim! I have two favorites from Sivers book:
1. Making money is helping people. This was a golden gem. There’s an exchange here. If I do something that helps you, I get compensated for it. Trade and barter since the beginning of time.
2. Ideas are worth nothing, Execution is what matters. I’ve heard this also in the book “Unfair Advantage.” Everyone has ideas but very few execute.
If we can masted those two things, we can definitely provide value to the world and get compensated in return 🙏🏾
Thanks for the piece man!
Or, as my very wise father used to say "Nothing starts until you have a sale".
Good points Franklin. I teach business, including entrepreneurship, innovation, entrepreneurial behaviour, new venture finance, sales, client relationship management, business research, data analytics, among others. Curriculum dictates that people have ideas. My 30+ years experience as an entrepreneur, advisor and professor suggest that’s rubbish. I think Bezos is right “People don’t have ideas. Ideas have people.”
Absolutely, these two points are gold!
After a few one-on-one sessions with my clients I realised that paying for coaching is the way to go. It keeps both parties accountable. I want to do my best and give them a lesson that brings them forward. They paid me so they show up and do the work. Money is a great motivator.
A good education and "The Millionaire Next Door" was my guide growing up. It made sense. I have 2 business partners who are brothers, one has 2 Ferraris and a $2 million condo in Cancun, the other drives a 5 year old BMW with 130k miles. One partner also climed Mt Kilamingero with his daughter. One is mostly a jerk, the other gets things done and is a workaholic, guess which one is which? I can vouch and say material things do wear you down. You must really love your hobby before committing the time and effort. Elon Musk I've heard doesn't even own a home? He sleeps wherever he finds himself. I imagine he really doesn't have time for material stuff. That's the extreme that few will attain. Also, it is a good idea to be modest and don't flaunt your wealth. People tend to hate others who may have more than they do. Good article, Tim, thanks!
My favourite money idea from Derek is the fewer possessions I have, the happier I am. That's the kind of life I've always aimed for - to be able to move cities and countries whenever I want. I'm not there yet. Learning to make money on the Internet is a skill that will probably take me there.
I love when Tim takes shots at Finance nerds/bros even though I am one. I like to think I'm a cool one though. I'm not a Wall Street guy or someone that had some rich Uncle in the Chicago trading pits back in the 80's. Just a regular Joe Shmo that wiggled his way into a passion for Finance and became a (pretty good) retail investor and trader in the process.
So as much as I love Finance, I love thoughts and advice for the "average person" with an authentic personality. That's what Tim brings. That's what I try to bring as well, which is why all my posts start with "let's put some personality back in Finance."
I wouldn't love money, and I wouldn't be greedy, both which carry severe spiritual implications. Also, no, "rich" people do not automatically deserve credit because of their success, that depends on how they got rich; what if they took advantage of others, or simply took an inheritance? Lots of greedy people working atop big pharma are rich, they don't really deserve a handshake as they're profiting off of sickness.
...And even then, money isn't the only form of success, so why should a rich person (I have rich family members) 'impress' you? Being rich doesn't mean smarter, wiser, talented, fitter, healthier... you name it. Many rich people are lost.
Powerful post Tim. Lots to mine here. Getting the book.
Wow, seriously. Making money is helping people. That's a pretty generalized statement. How about drug dealers, drug cartels, scammers. Wow, just wow. An exchange of value, perhaps in a perfect world, which this most certainly is not.
I like this “Consuming more information is often nothing more than procrastination in disguise”
100% true
Money is simply a tool; it’s how we use it that defines its value.
My favourite idea is that ”making more many means you are helping more people.” So deep.
Great insights. This was a worthwhile read, especially the part about making money is being helpful. New perspective.
Making money is helping people. Important statement to remember when feeling that you are selling something. You are providing value.
Thanks for sharing this. I'll be reading "How to Live", I don't have that much time to change my financial life. I need all the help I can get.
Depends. People on TV pushing propaganda (i.e. everyone) aren't adding any value at all.
There’s more than one path to financial freedom, and funnily enough none of them involve $3000/month car loans. Look poor; be rich.
Looks like I have another book to push to the top of my reading list. I had read “Anything You Want” a couple years ago and it was excellent. I might need to go back and reread that one too.
Great post - very insightful and gives me lots to think about - but action for sure