10 MILLION DOLLAR HABITS YOU SHOULD PRACTICE
1. BE THE BEST AT WHAT YOU DO
In life, the most important long-term vision you can have for your life is “be the best”. Without this commitment to excellence, you will automatically default to mediocre or merely satisfactory performance.
2. OVERCOME YOUR FEARS
The way you develop the habit of courage is by acting courageously whenever courage is called for. Ralph Waldo Emerson once wrote that the most important lesson he learned as a young man was, “In every situation do the thing you fear.” He concluded, “If you do the thing you fear, the death of fear is certain.”
3. TAKE CHARGE OF YOUR EMOTIONS
Make it a habit to continually repeat to yourself, “I am responsible!” Whenever you feel angry or frustrated about something, immediately cancel out this feeling by saying, “I am responsible!”
4. DECIDE WHAT YOU STAND FOR
Living in truth means that you live consistently with the highest values you know. This requires that you develop the habit of thinking through who you are and what you believe in. You must continually clarify what you stand for and what you will not stand for. Once you have decided that you are going to build your life around certain values, you must refuse to compromise those values for anything.
5. LOYALTY IS ESSENTIAL
The habit of loyalty seems to be a quality of the very best people in our society. Disloyalty is a major reason for failure in business. Deciding from the outset that you will be completely loyal to the people who expect and deserve your loyalty enables you to remain clear and focused in the face of short-term successes and reversals.
6. DEVELOP YOUR OWN CHARACTER
Aristotle, probably the greatest philosopher and thinker of all time, said you can take charge of the development of your own character. There is a simple method that can help if you wish to learn a virtue later in life: Simply practice the virtue in every situation in which it is required.
7. PRACTICE MODERATION IN ALL THINGS
Develop the habit of temperance, or “moderation in all things.” Just as you should eat less than your stomach can hold, you should also apply the principle of temperance to other things you consume, especially alcohol.
8. GET REGULAR CHECKUPS
Develop the habit of getting regular physical and dental checkups. Today, we have the most advanced medical technology and the best doctors in the history of the world to enable us to live well and live longer. But none of these advantages will do you any good if you do not get regular checkups.
9. CREATE QUALITY TIME WITH YOUR FAMILY
Spouses should spend at least one full hour each day talking together about subjects that have nothing to do with their work. If you are not careful, you will slip into the habit of talking about your work as soon as you get home, and once you begin, like starting an engine, that will be the topic of conversation throughout the evening. As a result, there will never be any talk about the family or other matters.
10. EVERYBODY LIKES A COMPLIMENT
As Abraham Lincoln wrote, “Every one likes a compliment.” Make it a habit to admire the traits, qualities, or possessions of other people. Compliment them when they are punctual. Praise them for their achievements. Admire their car or clothes or briefcase. When you go to someone’s home, compliment her on the home in general and on the different rooms, furniture, and decorations.
Admire people’s accomplishments, such as their awards or diplomas. Flatter their children and spouses. Compliment their offices and businesses. Praise the waiter when he serves you quickly: “You certainly are fast today!”
Whenever you compliment a person on anything, especially appearance or an article of clothing, his self-esteem goes up. He feels more valuable, more important, and happier. And because of the “boomerang effect,” you feel happier and more positive yourself. Your self-esteem goes up in equal measure.
Top 10 lesson learned from the book MILLION DOLLAR HABITS:
1. "You are where you are and what you are because of yourself. Everything you are today, or ever will be in the future, is up to you. Your life today is the sum total result of your choices, decisions and actions up to this point."
2. "You can write the script of your own life, and if you are not happy with the current script, you can rip it up and write a new one."
3. "Success is the ability to live your life the way you want to live it, doing what you most enjoy, surrounded by people you admire and respect."
4. "Arise early each morning and read for 30 to 60 minutes in your field. Attend every seminar and course you possibly can. Make it a habit to seek out and attend at least four seminar programs per year in your field."
5. "Your “reference group” would determine as much as 95 percent of your success or failure in life. These can be members of your family; your coworkers; or members of your political party, church, or social organizations."
6. "The average self-made millionaire spends 20 to 30 hours per month thinking, studying, and planning finances."
7. "Your time is your life. Choose your job with care. Your time is more important than the money that you will receive. Money can be replaced, but time spent is gone forever."
8. "The Law of Sowing and Reaping: Whatsoever you sow, that also shall you reap. Whatever you put in, or do for others, will eventually come back to you."
9. "In one study conducted some years ago, the researchers found many men and women who accomplished great things had—when they were young—been avid readers of the biographies and autobiographies of successful people."
10. "The whole secret of a successful life is to find out what is one’s destiny to do, and then do it."
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Book Review- The Founders by Jimmy Sonni
This is a gripping narrative of the "Paypal Mafia". I had to use the word, even though the author clarified it clearly. In fact, by the end of the book, you will see that there was no Mafia at all, but at the same time, you will come away with greater respect for all the men and women in the story. The author stated that part of his intention was to draw out the human story in this legend of the Paypal Mafia, he did that successfully and gave us the gift of telling the story in a way that we could learn so much. We are grateful to Mr. Jimmy Soni.
I have always enjoyed tech stories. By the time I was 20 I had binged on all the biographies of Bill Gates, Steve Jobs, Jeff Bezos, Elon Musk, etc, and the stories of the companies they founded or led.
Before now, I had never read an in-depth story of the Paypal founders.
I like how the story began with all the companies the founders started and their personal journeys. For instance, it begins with how Levchin had to leave his country of birth, Ukraine, and find a new life in the US. Just to say, before now, I didn't know of Levchin. The book introduced me to him, and so many others that were at the foundation of what became Paypal. This taught me something; today, it is easy to look at the companies Peter Thiel and Elon Musk run and think "Wow. These guys built this in one shot.", but that's not the case. Paypal was their third or the fourth try, more, it is the product of so many iterations and mergers. In fact, it has not reached its original conception yet.
That's how ideas work. They do not come fully formed. They keep changing according to reality. And for the founders, the experienced they gained from different places were brought to the Paypal work
I like how realistic they were at various points. Especially Peter Thiel. The original companies were Confinity and X.com, they were competitors and were getting aggressive at competing and then they realized if they kept us with this competition it will destroy them both. They merged together. Again this pragmatism will play out again when they sold to eBay.
The demanding atmosphere they created at work is admirable. Today, hard work is thought of as something disastrous to mental health. Hold it there, I get the mental health argument. In fact, I sleep more than anyone I know and I disengage frequently. Yet, I think we are denying ourselves the sweet pleasure of working hard under the guise of mental health. Here is the paradox of life, the things that will bring you the highest satisfaction are the things that you work the hardest for. It is after you've pushed your limits and achieved a goal that you reach a nirvana of satisfaction.
The stories of the CEO's exit and coups were fascinating. As a Nigerian, I found the instructive. You can never imagine such in Nigeria.
A person I came to love so much after reading this is Reid Hoffman, a man whose biography I had never read. Of course, I knew he founded LinkedIn, but I never read about him. He was a tactical, negotiating genius. One time, he was told to hold a sale conversation with eBay just before an IPO. He wasn't meant to sell it, just to hold the conversation to allow Paypal to have a successful IPO. He succeeded. The author narrates other stories of how Reid played a crucial role in keeping things going. Another achievement of the book is how it tells how specific individuals in the whole Paypal story played a role.
There were so many moments of "If we had not done this, Paypal will not be existing today" .... that's the nature of ideas and entrepreneurship. Risk. There was no guarantee that Paypal will succeed. There was no place where it was fixed in stone. The founders just took action and dared the universe. The risk paid off. Entrepreneurship is all about risk. There will be moments of near disaster and collapse, and there will be moments of near death but entrepreneurs keep pushing.
In this book you will read about the competitive fight between Paypal and eBay and the eventual merger, you will read the stories of tinkering with ideas and how they were deployed, you will read of the daredevil courage of some men and women and you will find inspiration all along.
I am still fascinated by the fact that a group of nobodies created and pursued an idea that is worth multi-billions today. As of today, PayPal is worth 92 billion USD.
I was fired up when I was done. This is a very good read.
The book ends with a powerful story of two prisoners who found a way through prison by reading up the Paypal founder's story. It is relishing. Computers give you a new power. They give you the power to create. Tech is an antidote to poverty, chaos, and to hopelessness. For folks in Nigeria, get a tech skill. You will never regret it.
I highly recommend it.
Actionable Insights For You
1. Stop waiting to fully understand your idea. Just take action.
2. Build a formidable team that can drive your idea.
3. Be open to new suggestions and directions.
4. Follow what works, not necessarily what you like.
Key Concepts:
Slow-Carb Diet: One of the central components of the book is the Slow-Carb Diet. Ferriss proposes a simple, effective eating plan that focuses on consuming specific types of carbohydrates, proteins, and fats while minimizing processed foods and sugars. The diet is designed to help readers lose body fat and maintain energy levels.
Minimalist Exercise: Ferriss challenges traditional exercise routines and instead promotes efficient and effective workouts that can be completed in a short amount of time. He introduces concepts like Occam's Protocol and the Minimum Effective Dose (MED) to optimize muscle gain and fat loss through targeted resistance training.
Biohacking and Self-Experimentation: Throughout the book, Ferriss encourages readers to embrace a scientific approach to improving their bodies. He advocates for self-experimentation and tracking to find the best individualized strategies for weight loss, muscle gain, and overall health.
Enhanced Sex and Sleep: "The 4-Hour Body" discusses techniques to improve sexual performance and increase libido through various means, including supplementation and specific practices. Additionally, Ferriss explores ways to optimize sleep quality to promote better recovery and overall well-being.
Cold Exposure: The book introduces the concept of cold thermogenesis, highlighting the potential benefits of exposing the body to cold temperatures, such as increased metabolism and fat burning.
Injury Prevention and Recovery: Ferriss emphasizes the importance of taking care of the body to avoid injuries and enhance recovery. He discusses methods such as contrast showers and specific supplements to support joint health and reduce inflammation.
Tracking and Quantification: Throughout the book, Ferriss encourages readers to track various aspects of their health and progress, including body measurements, sleep patterns, and performance metrics. This data-driven approach helps individuals monitor their improvements and make informed decisions about their health and fitness strategies.
Overall, "The 4-Hour Body" is a bold and unconventional guide to optimizing physical performance and well-being. Timothy Ferriss's emphasis on experimentation, data analysis, and efficiency challenges traditional fitness and diet approaches, making the book a compelling read for individuals looking to improve their bodies and lives through innovative methods. It is essential to remember that while the book contains valuable insights, it is always wise to consult with healthcare professionals before implementing significant changes to one's diet or exercise routine.
Top 10 lesson learned from book-The Millionaire Fastlane.
1. You are the Driver
If you want to become rich fast, then you will have to be the driver. You control:
- Your money
- Your mindset
- Your financial future
Don’t allow others to drive your future - you determine your success - or failure.
2. The Fast Lane:
Invent Becoming a millionaire doesn’t always have to be a slow process. You can become rich if you:
- Invent
- Bring value
- Offer answers
Become the solution to someone else’s problem. That’s when you’ll make money.
3. You Need Speed to Win
Becoming a millionaire - fast - depends on several factors:
- Your effort
- Your mindset
- Your consistency
- Your determination
Don’t focus on the end result, focus on the systems that will bring you to the result.
4. Money is the Illusion
Looking rich is the illusion of true wealth. True wealth is:
- Health
- Freedom
- Relationships
Money doesn’t buy you happiness. Money buys you time, which gives you freedom.
5. The Formula for Wealth
Salary does not build wealth fast.
Wealth = net income + asset value
You build a high net income when you:
- Sell products
- Build a business
- Increase your product prices
Your ticket to the fast lane is when you solve a problem for your customer
6. Your Habits Make you Poor
Your habits may be the reason why you’re poor. This behavior leads to poverty:
- Refusing to learn
- Seeking to impress
- Living paycheck to paycheck
If you want to jump on the millionaire fast lane, you first need a solid plan.
7. Your Job is a Prison
You sacrifice 5 days (Mon-Fri) for 2 days of freedom (Sat-Sun). Why your job won’t make you rich fast:
- Salaries grow over time
- It takes time to gain experience
- You have no control over your salary
Time is the ultimate currency. Spend it wisely.
8. The Illusion of Compound Interest
If you just rely on compound interest, you won’t get rich fast. How to get rich fast:
- Become a boss
- Build a business
- Invent something
Compound interest is based on time. Wealth that is just based on time will be limited.
9. The Money Tree
The salary of your 9 to 5 is the slow lane to wealth. The 5 Money Trees to Wealth:
- Rental system
- Software system
- Network marketing
- Information system
- Human resource systems
Building and monetizing systems are the way to wealth.
10. The Law of Wealth
Building millions (in wealth) means you have to service millions (of people). The 2 Parameters to Optimize income:
1. Amplitude (how much is sold)
2. Magnitude (the price it is sold for)
You earn money when you add value to your customers.
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Here are 10 lessons from The Millionaire Fastlane by MJ DeMarco:
1. The slow lane is a trap
The slow lane is the path of least resistance. It's the path that most people take. But it's also the path that leads to mediocrity. If you want to become a millionaire, you need to take the fast lane.
2. Money is not the goal
Money is a tool. It's a means to an end. The real goal is freedom. Financial freedom, time freedom, and location freedom. If you want to be truly wealthy, you need to focus on these things, not on money itself.
3. You need a plan
If you want to be successful, you need a plan. A plan that outlines your goals, your strategies, and your timeline. Without a plan, you're just wandering aimlessly. And you're not going to get very far.
4. You need to work hard
There's no getting around it. If you want to be a millionaire, you need to work hard. You need to be willing to put in the long hours and the hard work. There are no shortcuts.
5. You need to be willing to take risks
There's no such thing as a sure thing. If you want to be successful, you need to be willing to take risks. You need to be willing to fail. Because failure is a part of success.
6. You need to be persistent
There will be times when you want to give up. There will be times when you want to quit. But if you want to be successful, you need to be persistent. You need to keep going, even when things are tough.
7. You need to be positive
A positive attitude is essential for success. If you're constantly negative, you're never going to achieve your goals. You need to believe in yourself and your ability to succeed.
8. You need to be surrounded by positive people
The people you surround yourself with have a big impact on your success. If you're surrounded by negative people, they're going to drag you down. You need to surround yourself with positive people who believe in you and your ability to succeed.
9. You need to be willing to learn
The world is constantly changing. And if you want to stay ahead of the curve, you need to be willing to learn. You need to be willing to adapt to change.
10. You need to be patient
Success doesn't happen overnight. It takes time, hard work, and dedication. If you're patient, you'll eventually achieve your goals.
Thank you for reading 📚 ❤️ 🙏
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