The freedom of time is great, but it’s the freedom to create meaning on my own terms that really matters. Since I quit my job, I’m actually excited to get up in the morning and get to work. And each win opens up more opportunities to make money and to do it in ways you enjoy. More options, more businesses, more investments, more things that I can do…It’s going to be a long lifetime of learning, of reading, of creating that’s going to compound.” It stacks up little bit, chips at a time. “My personal wealth has not been generated by one big year.
#Get rich quick meaning how to#
Here’s Naval talking about this on his blog, How To Get Rich: Every Episode : But, I was able to stack a chip onto the pile and play another hand with even more upside.Īnd Naval Ravikant tells us that is usually how wealth is built. One small win allowed me to pursue the chance for another.īuilding Wealth Is Stacking One Chip On Top Of Another. So, I leaped from the comfort of my 9-5 into a far less certain future with far more upside. And a new opportunity in my circle of competence arrived. Years of reading, learning, and sharpening my toolset.Īnd then suddenly, an old bet paid off. I waited years working a job I knew I would one day leave as I looked for the right opportunity to come along. This is what I’m trying to embody in my own career. That’s what Berkshire is… Patience followed by pretty aggressive conduct when the time comes." My grandfather taught me that opportunity is infrequent and one has to be ready when it strikes. “I think the record shows the advantage of a peculiar mindset - not seeking action for its own sake, but instead combining extreme patience with extreme decisiveness… Patience combined with opportunity is a great thing to have.
That’s the ideal temperament for someone looking to build wealth. But, when they spot an opportunity, they act with extreme aggression. Munger and Buffett spend an inordinate amount of time thinking and reading. Wealth Creation Requires Extreme Patience, Interrupted By Bursts of Extreme Action. And the more leverage you have, the larger the impact of your decisions, and the more important it is to make good ones.
#Get rich quick meaning series#
Wealth creation is a series of good bets, one after another, for decades. At the end of the day – if you live long enough – most people get what they deserve.” Slug it out one inch at a time, day by day. But you build discipline by preparing for fast spurts. Step by step you get ahead, but not necessarily in fast spurts. Discharge your duties faithfully and well. Spend each day trying to be a little wiser than you were when you woke up. It’s a very intelligent question: You look at some old guy who’s rich and you ask, 'How can I become like you, except faster?' “We get these questions a lot from the enterprising young. In fact, young entrepreneurs and investors often ask Buffett and Munger how they can become like them - very rich - only faster. To an outsider, it looks like they move verrry sloooowly.
They do not clutter their minds with “busy work.”īecause they have so much leverage - money and labor - they only need to make one or two great decisions a year to grow or sustain their business, Berkshire Hathaway. Warren Buffett and Charlie Munger spend much of their day sitting, reading, and thinking. Wealth Builds Slowly With A Series Of Good Bets.
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