How do you protect your Success and wealth instead of chasing shiny objects?
1. Don’t chase “shiny objects”
Don’t chase the latest fad, or the next get-rich-quick scheme.
Some people are always looking for the next big thing. They get bored fast and don’t want to work on anything that takes more than a year or two.
But if you are not working on something that can last decades then you are wasting your time.
You need to be working on things that will last generations so you can continue to benefit from them even when you are old and grey like me!
For instance, stocks and real estate have lasted for centuries. I have no idea what the “next big thing” in tech will be but I am sure it will come and go quickly (just like cryptocurrencies).
My friend Sam Altman keeps telling me about some new app he is using called “Sizzle” which allows him to order food from his phone without talking to anyone. But he doesn’t know if it will last long term so he doesn’t invest in it (since he believes in investing only in things that can last decades). He just uses it, which is fine since it saves him a few minutes every day ordering food. But I don’t think Sizzle has staying power but stocks do (and they aren’t shiny at all!). Generate income streams that will last forever even if they don't seem exciting right now. This is why I invest in real estate, stocks, businesses, etc...not crypto or other "shiny objects". ——
2. Have multiple income streams / business lines —— Don't put all your eggs into one basketIn addition to having multiple income streams, have multiple business lines within each stream as well
I write books
I write articles for newsletters
I write articles for websites such as this one
I teach courses on my own sites (or via platforms such as Teachable)
I do speaking engagements
-etc… You want many different sources of income within each of your income streams so if one source dries up you still have others kicking in
It also helps with branding: people see you as an expert across many areas rather than just one area so they might listen when you recommend a book or product or service or investment opportunity because they assume you know a bit about everything rather than just one area of expertise (which might change quickly)
This is why having multiple streams of income is important but also why having multiple businesses within those streams is important too ——
3. Be patient with investments / ideas / businesses / etc
The key is patience with investments
When we first started selling apartment buildings back in 2000 we bought our first building for $700k cash (with 100% financing)
We were scared out of our minds
But we knew we had partners who would help us fix up the places if needed so we were willing to take a chance on buying real estate instead of waiting 10 years until we had enough money saved up ourselves to make an investment like this
But most investors aren't willing to wait 10 years before making an investment return so they look at shiny objects instead while hoping those shiny objects deliver returns immediately instead of over time through compound interest (see #5 below)
The key is knowing when to hold'em and
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