1. What they should have taught us in school about making money {NAME}, The main reason why the vast majority of wealth is concentrated in a small percentage of the population, is because the rich do things differently to most people. The rich follow many patterns, but here are 3 of the most powerful ones: - They catch trends early My second mentor Allan Nation once said, "Tai, if you tell people about an idea of yours and your next door neighbor likes it, it's already too late to make money with that." That's because once it's accepted by the masses it's no longer a new trend. And the only people who are making money from it are the ones that got in early. Look at Steve Jobs, the founder of Apple. He came up with the Macintosh in 1984 which was the first commercially successful personal computer. He then created the iPhone in 2007, which was the first phone with integrated functions of other mobile devices like MP3 Players, GPS Navigators, and even Cameras. Today, Apple has a market cap of $2.89 trillion and is currently the largest company in the world. You can attribute much of their success to catching trends early. - They work on their mental habits The richest people in the world are great at fixing the patterns in their minds that hold them back from achieving their business goals. Whether that's self doubt, discouragement, or cynicism… They build strong mental habits that help them overcome those thinking patterns and build a mindset that serves them as entrepreneurs. Do you think Elon Musk would be able to run multiple companies like Tesla, SpaceX, and Twitter at the same time if he doubted every decision he made? He had to build strong mental habits and fix bad ones before he could even run one profitable business. It takes a certain level of mental strength to take around $170 million dollars that came from selling a company, and then use those funds to get into building electric cars and rockets. - They are extremely selective about the people they choose to surround themselves with There is a famous quote that says, "You are the average of the five people you spend the most time with." Successful people understand this pretty well and that's why they tend to surround themselves with others that are wealthy, or pursuing wealth. The biggest shortcut you can take if you want to start making money is surrounding yourself with people that already make money, so you can learn from them. I use a framework called, "straight to the top", which means whatever you want do in life, learn it from mentors that are already the best ones in that field. In my experience you will likely only achieve about 10% of the success your mentor had. So if you want to make a million dollars, you need to learn from people making $10 million or more. 2. What is "wealth"? One of the fascinating things about wealth is that it's often in the eye of the beholder. A new survey identified several trends in how people's perceptions of wealth are formed. In the survey, Schwab asked 1,000 respondents in America whether they feel wealthy. 48% said very or somewhat. What's most interesting to me is how respondents determined whether they're wealthy or not. More than 60% of Gen Z and millennial respondents, said they feel wealthy when they can afford a similar lifestyle to their friends. Just over half of Gen Zers said they compare their lives to others on social media. For others, feelings of wealth came from a life well-lived. When asked which statement better describes their feelings about wealth, 72% said "having a fulfilling personal life" rather than "working on my career." Feeling wealthy is subjective, and very affected by something called "contrast bias". Humans tend to judge where they are based on where they were. If you're used to making $50,000 a year, and suddenly you start making $200,000 you will feel richer than someone who went from making $10 million a year, to making $2 million a year. The truth of the matter is that once you can take care of your basic financial needs, and have a little money left over, the definition of what it means to be wealthy is entirely up to you. So tell me, what is your definition of being wealthy? Reply to this email to let me know. I want to hear from you {NAME}. Stay strong,
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