The 5 Types of Wealth

  • The ideal future: time, people, purpose, health
  • “Find dear friends and celebrate them, for the richness of being human is in feeling loved and loving back”
  • Five types of wealth: time, social, mental, physical, financial
  • “Growth for growth’s sake is the ideology of a cancer cell” – My First Million podcast

Life Razor

  • a single statement that defines your presence in current season of life
  • Ex: I coach my son’s sports teams
  • Controllable, Ripple Creating, Identity defining
  • When facing decisions or opportunities, ask how that type of person would respond

Goals and Anti Goals

  • Goal gives you direction. Start with long term goal and make intermediate goals along that path
  • Anti Goal is a direction you want to avoid.
  • Ex: if goal is enjoy time at work, anti-goal is jammed calendar, constant travel, no time with kids, not enough sleep
  • anti goal are things to avoid on way. If goal is to be CEO, anti goals could be too much time away from family and suffering health. You want to achieve your goal, but not if it means having these negative outcomes
  • What are the worst possible outcomes that could result from your pursuit of your goal?

Time Wealth

  • Time billionaire. At age 20 you probably have 2 billion seconds left. By fifty, just one billion seconds remain
  • Would you swap your time and money with Warren Buffet? Because he would trade all his billions of dollars to have your time
  • Seneca: We are not given a short life but we make it short, and we are not ill-supplied but wasteful of it
  • You know how important your time is, yet you ignore its passage and engage in low value activities that pull you away from the things that matter.
  • The relationship between free time and happiness follows an inverse U shape – meaning that both too little and too much free time lead to unhappiness
  • Eisenhower: What is important is seldom urgent and what is urgent is seldom important.
  • Eisenhower matrix – 2×2 grid of important and urgent
    • Important and urgent: do now, but improve processes so they rarely become urgent
    • Important and not urgent: Spend most of your time and energy
    • Not Important and Urgent: delegate
    • Not important and not urgent: delete
  • Time box 2 flow state / deep work. Start with 30 min session, then 60 min, with target of reaching 2hr session twice a day
  • Create a flow state boot up sequence using your five senses. Ex:
    • Touch: 5 min walk outside or cold plunge
    • Taste: specific drink (green tea)
    • Sight: Uncluttered desk, full screen app on computer
    • Sound: Classical or Jazz playlist on YouTube Music
    • Smell: cedarwood/sandalwood candle
  • Timebox with four major activity types:
    • Management: Meetings, calls, email processing, people management. Batch into 1-3 discrete times so it doesn’t bleed over to the whole day
    • Creation: Coding, building, writing. Focus on deep work for long term goals (important not urgent)
    • Consumption: Reading, Listening, Studying. At least one block per week.
    • Ideation: Brainstorming, walking, self reflecting. At least one block per week.

Social Wealth

  • Depth, Breadth, and Earned Status
  • “A fit body, a calm mind, and a house full of love. These things cannot be bought – they must be earned.”
  • To live a life of abundant Social Wealth, focus on what must be earned, not what can be bought.

Mental Wealth

  • Curiosity is the foundation of a life with Mental Wealth.
  • Purpose: the clarity of defining your unique vision and focus creates meaning and aligns short- and long-term decision making
  • Growth: the hunger to progress and change, driven by an understanding of the dynamic potential of your intelligence, ability, and character
  • Space: the creation of stillness and solitude to think, reset, wrestle with questions, and recharge; the ability and willingness to listen to your inner voice
  • Your purpose in life does not have to be related to what you do for work.
  • Your purpose does not have to be grand or ambitious.
  • Your purpose is at the intersection of what you love, what you are good at, and what the world needs.

Physical Wealth

  • What would your 80 yr old self want you to do today?
  • Physical wealth is grounded in executing the daily actions – regular movement, proper nutrition, and thoughtful recovery – to live a vital present and build toward your imagined future.
  • Physical Challenge – 30 day tracker
  • Morning routine
    • Consistent wake up time (earlier is better, but ensure 7-8 hr of sleep)
    • Hydrate with 16oz of water
    • Move: five pushups, five squats, five lunges, and 30 second plank
    • Go outside, 15-30 min walk, no phone or podcasts

Financial Wealth

  • Vonnegut anecdotes about Enough
  • Define and embrace your “enough” to keep it top of mind, move it from unconscious “need more” to conscious and logical goal
  • Build financial wealth through income generation, expense management, and long term investment
  • Once you’ve reached your Enough Life, you no longer need to focus on money and can prioritize more time, relationships, purpose, growth, and health.