My protect from a recession plan:

• Own: hard assets houses, rentals
• Own: cash-flowing biz's (increase prices)
• Hold: lots of cash for opportunities

It's gonna get rough out there. Don't panic, stay the course.

When your assets pay for your liabilities, and your salary goes to creating more assets.

The best investment advice I’ve ever heard was: maximize your salary.

Market index ETFs outperform real estate on average

And ETFs have 100x less headaches than dealing with leaking water pipes and shoddy construction of 10 real estate properties you manage

Vanguard ETFs never have leaking water pipes

I am very low cash, like 0.1%

Everything is locked up and I can’t touch it

If your expectations grow faster than your income you’ll never be happy with your money no matter how much you accumulate.

My favorite indicators of wealth (that have nothing to do with money):

• How often you can say "no"
• Never using productivity apps
• A calendar without recurring meetings
• Never waking up to a shrieking alarm clock
• Freedom from spending time with anyone I dislike

Diversify your income.

You’re not going to get rich renting out your time.

You must own equity, a piece of a business - to gain your financial freedom

It always astounds me how many barely competent people get paid amazing amounts because they aren’t afraid of asking for it.

"Compound interest is the eighth wonder of the world"

If that sounds fluffy, perhaps this will convince you: Warren Buffett made 99.7% of his money after the age of 52.

At 21, his net worth was $20,000.

$6,000 to $73B does not happen overnight.

Purely passive income is a lie

• Every project requires some maintenance
• Every project requires some mental capacity
• Every project requires some research

"Should I buy more? Should I sell more? How's that project doing?"

Point: passive income pretends to be passive

The problem most people find themselves in:

The pay at their job is just enough to cover the consumer needs and wants (which are never assets) and that paycheck becomes the most addicting thing in the world.

Instead of studying how Bezos made his billions, it's much more useful to learn how someone like you is making $10K/mo.

It's impossible to be 10x smarter than someone, but it's possible to be 100,000,000,000x richer.

As a founder, it's tough to execute 100x or even 10x better, but it's quite possible to have an idea that's 100,000x better.

There's a lot of leverage in working on the right thing.

$150,000 invested in the S&P500 in 2011 would have returned $266,000 (+77%)

That's $16,000 (or 10%) more than buying below condo and selling at $250,000 (+66%).

Home owners don't realize most price increase comes from the markets, not them.

Source: https://multpl.com/s-p-500-historical-prices/table/by-year

It's odd how society portrays having 💰 money as buying Bentley cars and Rolex watches, when the real thing money should buy you is freedom from institutionalized slavery, aka employment

If you're under 40 in Europe and you're relying on the government to fund your retirement, you're a) an idiot and b) f'd

"When promised quick profits, respond with a quick 'no.'", Warren Buffet

People don't want to get rich, they want not to have to worry about money. We created a society where you can only do that by getting rich.