Waking up early is certainly an underrated strategy: I still don't see enough people doing it.
For the last 7 years, this habit has genuinely improved my life. I wake with no alarm, naturally between 5am and 6am. This means, I'm typically sleeping by 10pm.
For a guy who used to go to bed at 2am, that's a massive change that I would recommend to everybody!
Tim, I don's have a cash flow machine but I have one spreadsheet for tracking my monthly expenses and one for tracking my net worth. I don't touch the latter more often than once a year. But I must say the difference between 2022 and 2023 was a huge positive surprise, given that most of my money is in US stocks and ETFs.
Needed that car story Tim. I'm still rocking an 06 Commodore that was plagued by the worst mould invasion of all time when I went away for 7 months. It was professsionally cleaned and is safe to drive, and yet, my friends still take the piss out of me for it. Screw em. She works great! And that money's going to life-building things.
Loved this Tim, we are wealthy , and have the habits you write about. Just finished a lunchtime discussion about whether to buy a new car or keep our 10 year old Skoda until it drops.
I used to get a new car every couple of years or so…my values and life style have changed so much for the better, by changing what I value. Thank You and we are keeping the Skoda 😎
The judging part: I follow that script now, but sure wish someone had told me that when I was much younger, during the stage of my life when I was obsessed with being judged, and went along with the crowd.
Hi, Tim. Can I start investing with (CAD) $2500? Any suggestions? It's in a Canadian TFSA (tax free savings acct) right now with no service fees charged. I want to take two short vacations next year (1 week each) as well. I'm estimating I'll need the same income next year as this year to do so. I'll review the above ideas in more depth so you won't have to put your financial advisor hat on. Hi to Ms Denning and Baby Denning.
I help people aged 45-60, who lost their job, spouse or loved one, transform their expertise into entrepreneurial success without ever punching a clock again.
Back in September, when I took the course with you and Todd - I had this general idea to try and help tech people 50+ who lost their jobs. You told me back then to start writing (which I do daily on X/LI and weekly on substack) and cast a wider net. You told me then that the writing and casting a wide net process would lead me to the people I could help the most (and people who could afford me the most)
I followed your advice and came back a full 360 to the older demographic. I am compassionate, because I am there myself (I'm 73 and became a tech founder at age 52 after our fintech crashed painfully).
I had a SaaS business for clinical trials before this. The people who develop innovative drugs and devices are very smart, but at an operations level; extremely stupid and full of themselves and justifying their stupidity with 50 year old regulatory rules.
After 10 years of dealing with very smart but also extremely stupid people, we developed very thick skin and a strange mix of compassion and results-orientation with our customers. This seemed to work. Eventually, I had enough and sold the company to our richest customer and redeemed myself from slavery.
So - looking forward, I felt needed to wipe my disk and get back to what I love. Helping people.
Great read. Always laced with knowledge. Compounding rings a bell. I need to find a way to grow $70.000 that's sitting in a Money Market Savings account. Had $20.000 in a C. D. which just expired its time only to hear the interest has dropped for renewal. I have no understanding of the stock market and no guidance for real state?
Unlimited budget for learning. So, I signed up for your 4/28 course and looking forward to it. I subscribe to few Substacks that give great insights from folks who have a ton more experience in an area I have some experience. I agree on rich vs wealthy. Rich people love to hang out with other rich people doing rich people things that reinforce how rich they all are. I try to limit my interaction because it makes me feel inadequate relative to benchmarks I don’t value…
Great and practical ideas. I would add, make an inventory of your believes about money. Most people have limiting beliefs like "I am not good with money", "Money is evil", "To make money, you need to work very hard", and my favorite "I am not doing this for money. Money is not importabt." I can write another two more dozens here. I think it's also important to add that there are entanglements related to money running in families which we need to work on.
“Unlimited budget for new skills”. A light bulb moment if ever I had one. Thank you!
Great reminders, Tim.
Waking up early is certainly an underrated strategy: I still don't see enough people doing it.
For the last 7 years, this habit has genuinely improved my life. I wake with no alarm, naturally between 5am and 6am. This means, I'm typically sleeping by 10pm.
For a guy who used to go to bed at 2am, that's a massive change that I would recommend to everybody!
Tim, I don's have a cash flow machine but I have one spreadsheet for tracking my monthly expenses and one for tracking my net worth. I don't touch the latter more often than once a year. But I must say the difference between 2022 and 2023 was a huge positive surprise, given that most of my money is in US stocks and ETFs.
Needed that car story Tim. I'm still rocking an 06 Commodore that was plagued by the worst mould invasion of all time when I went away for 7 months. It was professsionally cleaned and is safe to drive, and yet, my friends still take the piss out of me for it. Screw em. She works great! And that money's going to life-building things.
Loved this Tim, we are wealthy , and have the habits you write about. Just finished a lunchtime discussion about whether to buy a new car or keep our 10 year old Skoda until it drops.
I used to get a new car every couple of years or so…my values and life style have changed so much for the better, by changing what I value. Thank You and we are keeping the Skoda 😎
The judging part: I follow that script now, but sure wish someone had told me that when I was much younger, during the stage of my life when I was obsessed with being judged, and went along with the crowd.
Tim
OK hotshot.
Choosing trial and error when it comes to money is stupid. I agree.
How do I get stupid people who prefer trial and error to pay me money to teach them a system?
Danny
Hi, Tim. Can I start investing with (CAD) $2500? Any suggestions? It's in a Canadian TFSA (tax free savings acct) right now with no service fees charged. I want to take two short vacations next year (1 week each) as well. I'm estimating I'll need the same income next year as this year to do so. I'll review the above ideas in more depth so you won't have to put your financial advisor hat on. Hi to Ms Denning and Baby Denning.
Tim Incredible article no further words!! Basically a roadmap of the things Someone needs to do to be successful.
Those are these steps to follow 🔥🔥
Tim
Thank you for that.
I help people aged 45-60, who lost their job, spouse or loved one, transform their expertise into entrepreneurial success without ever punching a clock again.
Back in September, when I took the course with you and Todd - I had this general idea to try and help tech people 50+ who lost their jobs. You told me back then to start writing (which I do daily on X/LI and weekly on substack) and cast a wider net. You told me then that the writing and casting a wide net process would lead me to the people I could help the most (and people who could afford me the most)
I followed your advice and came back a full 360 to the older demographic. I am compassionate, because I am there myself (I'm 73 and became a tech founder at age 52 after our fintech crashed painfully).
I had a SaaS business for clinical trials before this. The people who develop innovative drugs and devices are very smart, but at an operations level; extremely stupid and full of themselves and justifying their stupidity with 50 year old regulatory rules.
After 10 years of dealing with very smart but also extremely stupid people, we developed very thick skin and a strange mix of compassion and results-orientation with our customers. This seemed to work. Eventually, I had enough and sold the company to our richest customer and redeemed myself from slavery.
So - looking forward, I felt needed to wipe my disk and get back to what I love. Helping people.
Great read. Always laced with knowledge. Compounding rings a bell. I need to find a way to grow $70.000 that's sitting in a Money Market Savings account. Had $20.000 in a C. D. which just expired its time only to hear the interest has dropped for renewal. I have no understanding of the stock market and no guidance for real state?
Good article. Enjoyed it and it's helpful.
Unlimited budget for learning. So, I signed up for your 4/28 course and looking forward to it. I subscribe to few Substacks that give great insights from folks who have a ton more experience in an area I have some experience. I agree on rich vs wealthy. Rich people love to hang out with other rich people doing rich people things that reinforce how rich they all are. I try to limit my interaction because it makes me feel inadequate relative to benchmarks I don’t value…
I love this entry 👏🏻
What are the 3-5 best books you read on finance that shifted your perspective or had a big impact on you?
Great and practical ideas. I would add, make an inventory of your believes about money. Most people have limiting beliefs like "I am not good with money", "Money is evil", "To make money, you need to work very hard", and my favorite "I am not doing this for money. Money is not importabt." I can write another two more dozens here. I think it's also important to add that there are entanglements related to money running in families which we need to work on.
Get up early, BUT don’t sacrifice good sleep! It’s crucial for sustained health.