"Making money is *never* zero sum. There is always opportunity for wealth and if you are *unhappy* when someone you know succeeds, you’re the problem and you are are parasite. If you are thrilled that they made it, they will *remember* you forever and they will look out for you if you need something in the future. In short, don’t be a hater and don’t be insecure. Support people and you will have powerful friends beyond your wildest imaginations in less than 5 years."
Sometimes the back-to-the-basics content really hits the nail on the head. I thought this was a very timely reflection, given all the other initiatives going on in the Jungle.
In social settings being cheap will make you lose friends and potential connections. Buy a bottle, buy a drink for everyone once in a while, buy some shots, buy presents on birthdays...
Pay the entry for the good club instead of going to a cheap place...
Long time reader of WSP/BTB. All you kids whining about how difficult it is to make $1m USTT by 30 need to get a grip. Did it well before 30 (without crypto). WSP/BTB’s account of “Watch that company man throw his life away” is unfolding right before my eyes.
Great list. A couple thoughts from me, a Gen-Xer who got out of corporate and hit entrepreneurship at 42 (15 years too late, but better late than never heh). Did all right, sold my company and achieved deca-millionaire status (it's less than you think lol).
Yes, health. You'll be better off cutting down on drinking, getting regular cardio and lifting. Even a little effort brings huge differentiation as you get older (a few degrees of slope line difference magnifies with time). Hell, not having a beer belly and a BMI under 25 puts me in the top 10% of my cohort.
Scarcity is the mind-killer. You can achieve so much more than you know. Limiting beliefs and crippling scarcity mindset are real things. If I could go back in time and slap my 25 year old self and choose only one thing to say, this would be it.
Frugality. This one is more complex. You gotta be frugal but not cheap in life. And you gotta be liberal with money but not stupid. Energy and focus spent on pinching pennies is far better spent on growing opportunities and revenue. Think big picture. Sometimes you have to pay for quality and quality of life. But also, a fool and his money are soon parted. Knowing when to spend freely yet when to pinch is an art. Keep it in your mind.
Follow your skills. Yes. Figure out the intersection of the Venn diagram of what you're good and what you kinda like to do and what the market values. That's your sweet spot. You'll find you get more passionate about something as you get better at it and make money.
Watch out for parasites and time vampires. They are everywhere. Be nice to people as a default, but don't make investments in them without building trust over time. So many takers will bleed you dry if you let them, then forget you exist when you call in a favor.
Align incentives. Lol yes. It's laughable how many people think the starving dog will never touch the steak you put in front of him "because it's wrong." I spent a lot of time thinking about sales team incentives. I ended up giving my sales director a cut of all sales and a bigger cut of quarterly sales in excess of previous quarterly high. She was focused like a laser on growth. I gave her team a straight % of their sales above a low threshold -- sell more, make more. I found simplicity generally beats complexity for sales teams. If your incentive plan is game-able it will be gamed, and it's your fault if it happens.
Stop caring. Yes. Easier said than done. What helped me stop caring about specific outcomes was always making sure I had options. Options help you IDGAF when something falls through. People can sense when you're IDGAF, and it helps immensely. Incredibly important when I was selling my business. Give yourself options.
You have previously recommended "The Millionaire Next Door". One of the key takeaways from the book was that frugality can create wealth.
Granted, the book is 25 years old but I am curious if lower wages have changed your stance or if you never were onboard with that assessment in the first place?
Its 2x post tax vs. current income. If you make $50K after tax, you need to make $100K after tax online (adjust based on ability to move to lower tax areas if you wish)
I am hoping a man can still grind away in his 30s as someone who hits the big 3-0 next year but I just have to get the comment of anyone here on one thing you guys said a while ago. Apparently, all of the winners have left mandate-heavy NYC and moved to either Texas or Florida.
Would it be safe for one to assume that the winners are partying hard in Dallas or Miami as opposed to even being in NYC? Last I heard, the nightlife of Manhattan has been toast since the mandates as the pretty women and winners all fled.
Yeah I got a big decision to make after 2022, left NYC due to how bad the COVID politics got and how annoying people got too if you didn't wear a mask. At the same time, have occasionally thought about going back in my early 30s while I can still enjoy it compared to trying it in my mid 30s.
That post you guys did on NYC vs San Francisco SAVED my 20s, made me your lifelong fan. I wonder with the COVID shuffling, mandates, and all of that if we get a 2021 or 2022 version of that post for those of us who are also taking lifestyle, dating, and those things into consideration.
I’m here now and seems like there’s plenty of hot women, as usual. Actually the past 1.5 years have made the true winners stand out even more. Of course there’s tons of trash as well. Have heard Austin is great right now from many people.
I am in Miami so hot women for sure but the city is spread out. Do miss the NYC nightlife to an extent and the amount of women out and about but the COVID politics became insane, mask nazis everywhere man.
For the comment we deleted *DO NOT* post paid info in the free section. Defeats the purpose and attracts leeches/grfters.
Our FI bucket = 36-38x annual living expenses if sold today. Cash flows from e-commerce = 0.1% net worth per month.
Apologies for that - I should've checked the Level # before asking. Thanks for the clarification
All good just check if it's a locked post or not
Frugality will fuck you up with hidden costs.
Move to a bad neighborhood to save $300/month -> get carjacked and shot -> it's all over.
Live with a roommate instead of a studio -> they bring drama or bad energy -> you have poor focus at home.
Skimp on a hotel -> Bad wi-fi connection -> Zoom interview is choppy, you don't get the job.
On and on it goes.
Yep. Can't cheap your way to the top
My rent's going up by like $500 in a few months. Not entirely sure what to do here though.
"Making money is *never* zero sum. There is always opportunity for wealth and if you are *unhappy* when someone you know succeeds, you’re the problem and you are are parasite. If you are thrilled that they made it, they will *remember* you forever and they will look out for you if you need something in the future. In short, don’t be a hater and don’t be insecure. Support people and you will have powerful friends beyond your wildest imaginations in less than 5 years."
Most important part IMO.
I think you have a typo on #5. A few too many zeros on $10,000 for a coding bootcamp 😉
Sometimes the back-to-the-basics content really hits the nail on the head. I thought this was a very timely reflection, given all the other initiatives going on in the Jungle.
Yes the Jungle is expanding quickly and will continue to do so
Love it! Will def read this more then once
"In short, if you never learn to spend to earn… you’ll never be rich. This is a comment referring to both money and social life. Few. " - BTB
Interesting to see how Bull feels it applies to Social Life as well.
Maybe Bull meant that you must burn a few bridges to end up with a quality social circle? What did everyone interpret?
In social settings being cheap will make you lose friends and potential connections. Buy a bottle, buy a drink for everyone once in a while, buy some shots, buy presents on birthdays...
Pay the entry for the good club instead of going to a cheap place...
Could you take a look at Bowtiedgoat twitter page and offer your perspective. Do not quit your job to follow your dream. am facing a similar dilemma
Taking up your advice and launching a Consulting Service ASAP.
Get it done! Can always change business model later
Already know how to scale out once I get it off the ground. Thanks for the advice and motivation.
Long time reader of WSP/BTB. All you kids whining about how difficult it is to make $1m USTT by 30 need to get a grip. Did it well before 30 (without crypto). WSP/BTB’s account of “Watch that company man throw his life away” is unfolding right before my eyes.
Yep.
What was your path? Online widget sales?
Tech sales + ecomm
Great list. A couple thoughts from me, a Gen-Xer who got out of corporate and hit entrepreneurship at 42 (15 years too late, but better late than never heh). Did all right, sold my company and achieved deca-millionaire status (it's less than you think lol).
Yes, health. You'll be better off cutting down on drinking, getting regular cardio and lifting. Even a little effort brings huge differentiation as you get older (a few degrees of slope line difference magnifies with time). Hell, not having a beer belly and a BMI under 25 puts me in the top 10% of my cohort.
Scarcity is the mind-killer. You can achieve so much more than you know. Limiting beliefs and crippling scarcity mindset are real things. If I could go back in time and slap my 25 year old self and choose only one thing to say, this would be it.
Frugality. This one is more complex. You gotta be frugal but not cheap in life. And you gotta be liberal with money but not stupid. Energy and focus spent on pinching pennies is far better spent on growing opportunities and revenue. Think big picture. Sometimes you have to pay for quality and quality of life. But also, a fool and his money are soon parted. Knowing when to spend freely yet when to pinch is an art. Keep it in your mind.
Follow your skills. Yes. Figure out the intersection of the Venn diagram of what you're good and what you kinda like to do and what the market values. That's your sweet spot. You'll find you get more passionate about something as you get better at it and make money.
Watch out for parasites and time vampires. They are everywhere. Be nice to people as a default, but don't make investments in them without building trust over time. So many takers will bleed you dry if you let them, then forget you exist when you call in a favor.
Align incentives. Lol yes. It's laughable how many people think the starving dog will never touch the steak you put in front of him "because it's wrong." I spent a lot of time thinking about sales team incentives. I ended up giving my sales director a cut of all sales and a bigger cut of quarterly sales in excess of previous quarterly high. She was focused like a laser on growth. I gave her team a straight % of their sales above a low threshold -- sell more, make more. I found simplicity generally beats complexity for sales teams. If your incentive plan is game-able it will be gamed, and it's your fault if it happens.
Stop caring. Yes. Easier said than done. What helped me stop caring about specific outcomes was always making sure I had options. Options help you IDGAF when something falls through. People can sense when you're IDGAF, and it helps immensely. Incredibly important when I was selling my business. Give yourself options.
Enjoy your stuff BTB. Tks.
#6 Follow Your Skills… Tie it To Money/Growth:
When you posted tweet then got the retweet comment by that loser who said this is being "one foot in one foot out" I just shook my head
That said to me he has only ever had a 50k job. If you can have a making 300k and have a business, why wouldn't you?
I also laughed at how the retweet said "this is bad advice for 95% of people"
Yeah no shit you dingbat you are the 95%/majority we are not, get out of the way
Morning Mr. Bull.
You have previously recommended "The Millionaire Next Door". One of the key takeaways from the book was that frugality can create wealth.
Granted, the book is 25 years old but I am curious if lower wages have changed your stance or if you never were onboard with that assessment in the first place?
Thanks,
I think it all comes down to how we understand frugality.
BTB encourages lowering your spending *in certain areas* to *invest* more in others.
In order to spend to earn you have to cut spending on useless stuff. That's how I understand it.
Thanks for this post! This is a great one to send my friends :)
Cartoons will lead us
If we still haven't made it to >$50k, does the 2x number for online business still count or should it then be 4x?
Its 2x post tax vs. current income. If you make $50K after tax, you need to make $100K after tax online (adjust based on ability to move to lower tax areas if you wish)
I am hoping a man can still grind away in his 30s as someone who hits the big 3-0 next year but I just have to get the comment of anyone here on one thing you guys said a while ago. Apparently, all of the winners have left mandate-heavy NYC and moved to either Texas or Florida.
Would it be safe for one to assume that the winners are partying hard in Dallas or Miami as opposed to even being in NYC? Last I heard, the nightlife of Manhattan has been toast since the mandates as the pretty women and winners all fled.
As usual doesn't matter earn money online and go to best tax area. Would not live in NYC unless something insane changed
Yeah I got a big decision to make after 2022, left NYC due to how bad the COVID politics got and how annoying people got too if you didn't wear a mask. At the same time, have occasionally thought about going back in my early 30s while I can still enjoy it compared to trying it in my mid 30s.
That post you guys did on NYC vs San Francisco SAVED my 20s, made me your lifelong fan. I wonder with the COVID shuffling, mandates, and all of that if we get a 2021 or 2022 version of that post for those of us who are also taking lifestyle, dating, and those things into consideration.
I missed that, because I joined recently. What was the gist of it? Currently in CA. I love CA a lot due to the asian food
I’m here now and seems like there’s plenty of hot women, as usual. Actually the past 1.5 years have made the true winners stand out even more. Of course there’s tons of trash as well. Have heard Austin is great right now from many people.
I am in Miami so hot women for sure but the city is spread out. Do miss the NYC nightlife to an extent and the amount of women out and about but the COVID politics became insane, mask nazis everywhere man.