Technically no one has mastered anything and the ultra wealthy confirm it.
There is always room for improvement and I believe it is quite dangerous to believe we have mastered something.
We deceive ourselves all the time, especially on our level of expertise.
Believing you are the smartest person in the room or having no drive to learn are precursors for failure in life. Having a deep curiosity to learn is the greatest tool in your toolkit. It makes the world go round and elevates your chances for practically everything.
When we resort to looking for some daily inspo or how to build wealth, we look no further than to the greats with the most. We believe their bank account must be correlated to their satisfaction, health, and happiness so we put the top 1% on a pedestal and look up to them just based on their wealth.
Sure success has to do with wealth but not as much as one may think. I believe if one is happy, they are successful. Sure you could be broke and happy, but I would consider that contentment not actual happiness. You can never be truly happy if you aren’t secure, stable, have no financial buffer or aren’t healthy.
Up to a certain income which also happens to be the average American wage, $75k as researchers and economists have proposed, our happiness starts to plateau. In coastal cities with more than 3+ per household, I would raise this threshold to $250k in yearly income per household to stay afloat. But for the most part, we need less than we think to live a meaningful life.
Our basic needs are met after $75k in income and no matter what we buy, happiness will stagnate after a while. Of course one’s level of satisfaction will not be as high if their health or relationships are compromised but assuming they are in tip-top shape and as happy as can be which isn’t all so common with billions under your name, they’ve done something right.
Pass the Top
It’s disappointing that people only look up to media moguls and strangers on the Fortune 400 list for advice. There are incredible people on earth who didn’t get so lucky but still deserve as much. It isn’t fair Bezos is worth $200m and pays less taxes than someone earning minimum wage barely surviving.
Unfortunately in life we don’t always get what we deserve but we do get what we negotiate so keep fighting and never loose hope. If you stop trying, you are 100% guaranteed to not move ahead. Hard work doesn’t always lead to success though. Following the unconventional unbeaten path are usually the best routes.
Jay Shetty, Hindu monk turned renowned public speaker, motivational coach, and true master in finding peace and happiness isn’t as popular as Gates simply due to the field he is in and his name but can teach far more wisdom than one could imagine. I’ll go as far to say that people in your life that you interact with on a daily basis or authors like Jay can spread more wisdom than anyone on the Fortune 400 list. Wealth isn’t a substitute for knowledge. Although they are correlated, popular advice doesn’t always stick or work since the top 1% don’t always want to reveal their secrets either.
When we have preconceived notions about people and solely listen to certain individuals based on the size of their bank accounts, this can mess with our heads, especially since most of the advice coming from billionaires is opaque and generalized anyway. Believe it or not, sometimes the billionaires themselves don’t even listen or follow what they preach! Self-help sells too well and these business makers can’t pass up on another opportunity to make more by sharing unproven advice.
So who should we go for advice if the top 1% are not relatable and fake?
Let’s look at another leader who is changing lives in an unconventional way.
One closet at a time.
Mari Kondo. She is an organization and joy specialist. Her organization tips and famous KonMari Method of tidying up lives has encouraged me to do far more things with my own life that have directly translated into more wealth building opportunities than what Warren preaches about compound interest as the eight wonder of the world.
I get it.
Opening a Roth IRA, investing in a basket of socks through an ETF or index fund allows me to compound my wealth overtime, especially since time is my best advantage in the markets, yet compared to Mari, Warren hasn’t provided any lasting effects on my happiness or career.
Even coming from a personal finance advocate. Wealth isn’t everything.
Isn’t the whole point of investing, building wealth, and letting it compound for you to provide you a better life later on? Organization works ASAP.
Yes, patience is a virtue here, another phrase I’m sure one of the 5 richest people on earth have quoted but Mari to Jay have helped instill practical and applicable values and lessons into millions not billions of lives that have at least impacted me far more.
They are certainty not as wealthy as the top 1% but why should that be a factor in determining who to go for advice for? Everyone’s path is different anyways. What worked for Steve might not work for Joe. Being open to hearing advice from a variety of professionals in differing fields is invaluable and we should be more open to it.
You can learn anything from anyone and many of the skills the ultra wealthy preach the less wealthy have spun and reinvented to be applicable.
Let’s take a look at what they include:
#1 Guard Your Time
Your time is your most precious asset and commodity. Without it, you can’t do anything. Our running to-do list is endless and there’s always something we need to get done but we seem to never be able to. The wealthy resort to calendars instead. They have a select amount of space and a discrete time frame in which to get something done.
Those who complain they don’t have enough time don’t know where it goes. You can’t prioritize everything.
Not to put Buffet on the spot here again but he is right about the power in saying ‘no’. It becomes more common and part of one’s vernacular when they are worth more. You can’t do everything and must prioritize your energy expenditure and time. You also need to take care of yourself, something people don’t realize as there’s no immediate benefit due to our short attention spans. Yet in the long-run our future selves will thank us. Don’t expect to help anyone if you can’t help yourself first. Being selfish is necessary.
Guard your time because it cannot be replaced. Death is all on our calendars. We all have a finite time here left on earth. Use it to your advantage to see what you are capable of.
#2 Listen Carefully
Avoidance and skepticism are your best friends. The more money you attain, the more people want to hang out with you in order to take advantage of you.
Overconsumption will prevent you from retaining more. Focus on what you can control and block out the noise.
People always have some sort of opinion and the noises only get louder the more you grow. Follow your path and know what you are worth. And as a last resort, go buy those $500 noise-canceling Apple headphones. Splurge on yourself at this stage because you can.
#3 Easy Choices = Hard Life, Hard Choices = Easy Life
Health is wealth.
If you choose to fail and not focus on eating right, exercising regularly, sleeping strong, and fostering nurturing relationships in your personal and professional life, everything else will slowly fall apart.
We are social creatures. Work isn’t everything and there’s no i in team. We need to have a balanced fulfilling life in order for other areas of our life to feel and be meaningful.
Health is priceless and cannot be replaced. I urge my colleagues to picture your future self and what they would say to your present self. Reduce your health insurance bills, doctor visits, and weight loss pills to focus on you today.
Be selfish in order to feel and be the best version of yourself.
Be risk averse with your health and be moderately risk aggressive with your wealth.
More risk = more reward. If you put in the work, the work will work for you.
#4 There’s no “Make It” Moment
Believe it or not, when you achieve your ultimate dream, there will always be someone with more and always something else to do.
Retirement doesn’t hit a billionaire the same way as a millionaire. The real change makers despise and refuse to go there.
We are convinced once we hit X milestone or earn X amount, we will be satisfied for life. Unfortunately, humans are grown up babies that have endless needs and wants as well. We are never satisfied. We are the problem and in order to solve it, we need a drive and purpose. No matter how much you sold your company for, there’s always something on the other side. You can’t just quit after spending 30 years 7 days a week 14+ hours a day on your baby and expect to retire after your company gets acquired or public with nothing to do for the rest of your life.
Most people aren’t wired that way and if you think you’re different, just wait and see. The grind, hustle, drive, and adrenaline rush never ends once you’re locked in.
Work for the long-term. It’s a marathon not a sprint. You’ll never achieve everything because there’s just not enough time. Enjoy the journey not just the destination since it’s usually the best part anyway.
#5 Curiosity Fever
As eluded to in the start, once you become disinterested in furthering your growth, you are putting your life on hold.
Knowledge is power. Once you start believing you know everything, are the biggest and baddest smarty pants in the room or are convinced you never need anyone’s advice or help, you damage your potential.
The ultra wealthy know this can never exist. They always act as a student eager to learn. Although majority fo them attained their wealth outside of a degree-bearing career, they consistently act as a sponge as much as possible even when a few brain cells go dark. They know what it means to learn and what it can do for them in the long run. You can only go so far if you don’t know.
It’s disappointing that people who argue and judge the most know nothing about the other person’s situation or the topic at hand. This is primary driven by jealousy and a lack of emotional intelligence and POV.
EQ > IQ always!
As simple and basic as these tips are, very few people follow them. They would rather scroll through beach pics on Facebook.
These lessons are hidden gems. They are at the core of the ultra wealthy’s success and those who are wealthy in the inside as well. Listen to them too.
Oh and last tip.
Whatever you are working towards in life, realize it will be more expensive and take longer than you intended.
Ride the waves and enjoy the journey. The money will come after the goal is set to something larger.