This video outlines 20 “cheat codes” for achieving success in life, career, and finance, based on the speaker’s personal journey from challenging beginnings to becoming a multi-millionaire entrepreneur and tech executive.
Core Message & Key Takeaways
The central theme is that success, while hard, can be navigated more effectively by applying specific principles. Key takeaways include the importance of long-term financial planning (investing, avoiding debt, financial literacy), continuous skill development and strategic career moves, personal resilience (embracing failure, seeking help, self-forgiveness), the significance of relationships, and finding happiness by managing desires and contributing to others.
The 20 Cheat Codes Summarized:
- Saving is Not Investing: Prioritize long-term investing in index funds (e.g., S&P 500) for compound growth. Stay in the market and avoid trying to time it.
- Stop Following Your Passion (Initially): Build passion by becoming great at something; success and mastery often cultivate passion.
- Practice, Practice, Practice: Excellence is built through persistent, dedicated practice of monetizable skills.
- Treat Your Career Like an Investment Portfolio: View your career as a collection of skills and connections that compound over time. Embrace early-career learning opportunities.
- Move Where Opportunities Are: Relocate to areas with high career growth potential and ensure physical presence when beneficial.
- Equity vs. Salary: Prioritize acquiring equity for long-term wealth and adopt an owner’s mindset.
- Get a Mentor: Seek genuine mentorship early in your career to accelerate growth.
- Have an Emergency Fund: Save 3-6 months of living expenses for unforeseen circumstances.
- Form Your Own FBI (Financial Bureau of Investigation): Track your spending and categorize your money into: Emergency, Essentials, Equity, and Enjoyment (funded in that order).
- Forget the “American Dream” of Debt: Avoid status symbols and unnecessary debt (e.g., large mortgages early on, credit card debt). Wealth is what you keep.
- Get Financially Literate: Understand concepts like compound interest, credit scores, and taxes.
- Automate Financial Transactions: Automate savings, investments, and bill payments for consistency and ease.
- Go Analog: Reduce “doom scrolling” and engage in deep reading to improve critical thinking and focus.
- Think of Failure as Your Friend: Learn from failures; they are often valuable lessons and precursors to success.
- Don’t Be Afraid to Ask for Help: Overcome fear of rejection and seek support; success is often a team effort.
- Don’t Play the Victim Card: Take responsibility and avoid holding grudges; focus on moving forward constructively.
- Choose Your Life Partner Wisely: This is a critical decision impacting emotional well-being. Use both rational (System 2) and emotional (System 1) thinking.
- Forgive Yourself for Your Past: Let go of past traumas and mistakes to move forward unburdened.
- True Value is What You Bring to Others: Focus on the positive impact you make on others’ lives for a meaningful legacy.
- Your Happiness is Connected to What You Own and Desire (H=O/D): Happiness equals (What you Own) divided by (What you Desire). Manage your desires to increase happiness.
Ultimately, the video suggests that by applying these principles, individuals can build a successful and fulfilling life, emphasizing financial prudence, continuous learning, resilience, strong relationships, and a focus on both personal well-being and contribution to others.
Source: https://youtube.com/watch?v=KEqmJ8pw1_4&si=zbqFN88C3bdZFQHE
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