Intro
In this episode of “My First Million,” Shaan shares his insights and wisdom on building wealth. He emphasizes the importance of mindset, small shifts, and surrounding oneself with the right people. From finding your sweet spot to waiting for the fat pitch in investing, Shaan provides valuable advice for anyone looking to improve their financial situation.
Main Takeaways
Money Wisdom
- Money wisdom is a collection of wise sayings about wealth that can be learned from various sources.
- Wealth building is a skill that can be learned, not just luck.
Mindset and Small Shifts
- Small shifts can lead to big changes in wealth building.
- Learning from a professional can significantly improve one’s skill.
- Mindset is important in wealth building.
- Small shifts in approach can lead to big changes in trajectory.
- Hard work is not the only key to success.
Finding Your Sweet Spot
- What you work on and who you work with matter more than how hard you work.
- Find the thing that feels like play to you and work to others.
- Lean into your sweet spot and identify the moments that you enjoy.
- Find your sweet spot by identifying what feels like play to you and work to others.
- When you enjoy what you’re doing, you’ll do it all the time and become the best in your field.
Surrounding Yourself with the Right People
- Shift from being far away from money to hanging out with money by thinking and acting like a wealthy person.
- Find the habits of successful people, not their extravagances, and start doing them.
- Shift your way of thinking to match the type of person you want to become.
- To think like a wealthy person, you need to surround yourself with people who have the same dream as you and are taking it seriously.
- You can find peers by creating a group chat, having weekly dinners, or even living together.
Mentors and Information Diet
- Mentors are people who have already achieved what you want and can offer specific advice. Don’t ask for their time, ask for specific advice, take action on it, and follow up.
- Change your information diet by asking successful people what they listen to, read, and watch. You don’t need to physically hang out with them to make an impact.
- Changing your conversations will change your thinking, actions, and results.
- Hanging out with wealthy people gives you more imagination and makes things feel more realistic.
- Being around successful people gives you subconscious cues and teaches you what’s possible.
Investing and Taking Opportunities
- Common mistake: taking small swings and chasing shiny objects.
- You can do anything, but you can’t do everything.
- Wait for the fat pitch: focus on hitting the pitches where you’ll average 400, not 230.
- Spend the first 10 years working with smart, high-energy, and resourceful people to hone your gut.
- Examples of fat pitches: platform shifts, law changes, technological breakthroughs, market panics, working at a generational company early on, and owning an asset with asymmetric information or upside.
Success and Networking
- Likelihood of success matters, but look for opportunities with asymmetric information or upside as a general rule of thumb for investing.
- Probability of success and upside should be considered when investing.
- Winners in investing follow up, double down on what’s working, and show intensity.
- Intensity is the strategy, not a magic formula or strategy.
- Example of hard swing: Taylor off, founder of Feet Now, moved across the country to be near top Vine and YouTube stars to partner with them and sell millions of dollars of merch.
- Winners don’t necessarily have a better strategy, but they do obvious things with more intensity than others.
Networking and Purpose
- Success is not just about what you know, it’s about who you know.
- “Your network is your net worth.” – Porter Gale.
- The Japanese term “Ikigai” refers to finding one’s purpose in life, which can lead to success and fulfillment.
- “The only way to do great work is to love what you do.” – Steve Jobs.
Summary
Money Wisdom and Wealth Building
Money wisdom is a collection of wise sayings about wealth that can be learned from various sources. Building wealth is a skill that can be learned through small shifts and a strong mindset. It’s important to find your sweet spot and surround yourself with the right people who share your goals. Mentors and an intentional information diet can also greatly impact your financial success. When it comes to investing, focus on hitting the pitches with high probability of success and upside. Networking and finding your purpose are also key factors in achieving success and fulfillment.
Conclusion
Building wealth requires a combination of mindset, skill development, and surrounding yourself with the right people. By making small shifts, finding your sweet spot, and learning from mentors, you can improve your financial trajectory. Additionally, investing wisely and networking strategically can lead to significant opportunities. Remember, success is not just about what you know, but also about who you know and finding your purpose in life.
