AMA: (ask me anything): James Altucher
Ask me in the comments about entrepreneurship, investing, writing, podcasting, chess, comedy, the economy, politics, or anything at all. Put questions in the comments and I'll answer each question.
I'll also follow up with idea lists to expand some of my answers further.
Trying this to see if AMA can be a useful thing for people to do here.
Preview
1. Why do this?
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I used to do this on Twitter every Thursday from 3:30-4:30. I did it for six years straight (even on holidays). I made two books out of it: "FAQ ME" and "FAQ ME TOO".
2. Who am I to answer?
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Nobody really. But I've had a lot of experiences and I've interviewed 1200 experts in many fields I'm not an expert in. Or I make stuff up!
3. FAQ ME
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Preview
Not a specific question but more of a general query. I'm intrigued with and curious about your experiment with minimalism. Any insights or information you would like to share? If not, tell us anyway.😜
I'm taking this opportunity to do a 2nd AMA:
In your experience, how would compare and contrast the worlds of Chess, Poker, and Backgammon. Gambling? Types of players? Environment around organized tournaments? Future of the game.? State of the game today?
Thanks again.
A) In 2015 I was going through a divorce that was rather painful for me.
I just didn't have the energy to renew my lease at the time. It's like a full time job to rent an apartment in NYC.
So I called a friend of mine to go to my house and get rid of everything. She could: keep things, sell things, donate things, throw things away. Whatever she wanted.
She brought her whole family and it took a week but at the end I was left with nothing.
I had been on a trip so I just had the things in my carryon bag.
For the next 2.5 years I lived from Airbnb to Airbnb only with the things in my carry-on bag.
Then finally, I needed to be at a specific location for a period of time and there were no Airbnbs available so I finally got a place. But I still got the minimum furniture.
BUT...WHen I got married to Robyn , she was a MAXIMALIST and brought all her stuff with her.
Now I live in a house and I still have just some books and that's it. But she has a lot of things in this house.
When I was living this lifestyle I often would see things I would want to buy but I was disciplined. I couldn't buy unless it could fit in my carryon bag, which meant I would have to leave something behind. ,
The result Is, I hardly ever shopped for new things. I hardly ever wanted anything. I didn't need anything.
Which freed up an enormous amount of time and energy. I built a business during this time which is still thriving and I don't regret this time at all. That said, it would be hard to do this if you have young kids.
I'll respond to the other question in another reply.
My questions would be (I know it might be personal or too intimate, I beg a pardon then):
What advice(s) do you still give to your daughters? I know, you have this post on your blog. But I believe you still have a lot to say and share.
Thank you!
No question from me for now but thanks for creating this platform and keeping it going. It hits a sweet spot of being fun and productive.
I've had many ups and downs this year, just like every year. But my coping mechanisms have become better because I try to analyze each down in the hopes of getting better the next time.
I think you've mentioned the importance of starting multiple businesses, and you're clearly a polymath with many different interests. Do you recommend people start multiple businesses / side hustles simultaneously, and if so, how does one manage all the work?
And what would you say to people who insist you should focus single-mindedly on one single goal?
Double down on the later and consider putting the more difficult ones aside until you have the time or resources to make them easier!
At the end of the day it depends on your long-term goals.
I can easily say this: every time print media has mentioned me, they have had many lies. One time I even said to a reporter,
"what you just said is not true and here's why." And she agreed with me. But then she wrote it anyway.
100% of articles that have been written about me have contained basic untruths.
Those are just the articles where I know intimately the truth. What about all the other articles out there?
Well, those are probably filled with lies as well. So I have zero trust of traditional print media.
Also, what are all highly leveraged crypto funds in the market as of now? Thank You!
For instance, if the market falls 20 days in a row, you can't say to yourself, "no way it falls a 21st." And you go all-in and then the market goes down for the 21st day.
Several keys to building resistance to this:
A) experience. Through experience you'll see how often you lose money when succumbing to gambler's fallacy. The problem is: this could require decades of experience. So need combine with the below:
B) extreme ownership:
If things don't go your way, you can't say: "the market is crazy" or "I shouldn't have followed my broker or friend or whatever".
You have to assume YOU made a mistake and analyze why. No blame.
C) reading.
Market history will reveal all of this. read about market crashes and bubbles. Read about all the great investors, specifically when they describe their biggest losses.
Read Ray Dalio's first book. Bernard Baruch's memoir. Matt Ridley's "The Rational Optimist", Nassim Taleb's "Fooled by Randomness", Greg Zuckerman's book on Jim Simons, etc