Top Cities people are moving from:
San Francisco, CA
New York City, NY
Los Angeles, CA
Washington, DC
Seattle, WA
Chicago, IL
Top Cities people are moving to:
Las Vegas, NV
Charlotte, NC
Phoenix, AZ
Denver, CO
Tampa, FL
Austin, TX
Dallas, TX
Where else should be on this list?
Life is short.
If you're lucky, you’ll get 4,000 weeks.
Learn that new skill.
Read that new book.
Apply for that new job.
Start that new business.
You have the power to create success.
Make the most of it.
Using your emergency fund doesn't make you a failure.
It protects you from selling your assets or going into debt to cover unexpected expenses.
It means life happened, and you were prepared.
Unpopular Opinion:
If you can’t cover a $500 emergency without going into debt, don’t eat out at restaurants until you can.
Your parents are not your emergency fund.
The most important financial decisions in life:
1. The career you choose.
2. The skills you develop.
3. The person you marry.
4. The friends you keep.
5. The location you live.
Take your time and choose wisely.
Life expectancy is 77.
Retirement age is 67.
Work 50 years to enjoy 10?
Is that really what you want?
We need to shift this mindset ASAP.
Retirement is a financial goal, not an age.
You don't need to:
• Cancel Netflix
• Stop going out
• Quit social media
• Disappear for 6 months
You need to:
• Eat healthier
• Wake up earlier
• Create a routine
• Focus on your goals
Discipline will change your life.
You'll be ahead of 99% of people.
Be the 1%.
You don't get paid for working hard.
You get paid based on:
• How hard you are to replace
• How much value you deliver
• How many problems you solve
Focus on being able to produce results and money will always follow.
Old status symbols:
• Expensive cars
• Expensive homes
• Expensive clothes
New status symbols:
• Time freedom
• Location freedom
• Financial freedom
Don't go broke buying things to look wealthy.
Society is built on getting you into consumer debt.
Break free.
Job titles don‘t make you a leader.
Here‘s what does:
Emotional Intelligence
Providing Mentorship
Empowering Others
Leading by Example
Owning Mistakes
Accountability
Gratitude
Empathy
Integrity
Humility
The person you'll be in 5 years depends on:
• The people you spend time with
• The conversations you have
• The habits you develop
• The network you build
• The actions you take
• The books you read
• The skills you learn
Invest in yourself accordingly.
You can make $40,000/ year as a school teacher, and people will praise and respect your career choice.
You can make $200,000/ year as a Manager at Walmart, and people will ask, "When will you get a real job?"
Stop worrying about what people think.
Their opinions won’t pay your bills.
In my 20s I thought:
• Big house
• Expensive cars
• Expensive watches
• Name-brand clothes
= Wealth
In my 30s I realize:
• Healthy lifestyle
• Control of your time
• More time with family
• Multiple income streams
= True Wealth
Life is about so much more than money.
Don't let a job steal your life.
Layoffs this year:
• UPS: 12,000
• FedEx: 12,000
• Google: 12,000
• Amazon: 27,000
• Walmart: 12,000
• Citigroup: 20,000
• Microsoft: 10,000
• Meta (Facebook): 21,000
• Twitter: 50% of employees
• Peleton: 20% of employees
• Coinbase: 25% of employees
• Snapchat: 20% of employees
• Robinhood: 31% of employees
Job security is an illusion.
Never feel guilty about leaving a job for a better opportunity.
Google is FREE.
YouTube is FREE.
ChatGPT is FREE.
Podcasts are FREE.
The Library is FREE.
Knowledge is everywhere.
Start learning and earning.
Your future self will thank you.
Companies people don't stay at for long:
Google: 1.1 years
Facebook (Meta): 1.6 years
Apple: 1.7 years
Amazon: 1.8 years
Microsoft: 1.9 years
Tesla: 2.0 years
Would you work at any of these companies?
I used to be impressed by people living in big mansions or driving flashy cars.
Now I admire people who can wake up and do whatever they want or travel whenever they want.
Time freedom & location freedom > Possessions
18-year-old: I'd like to go $300,000 in debt for a college degree
Bank: Excellent, sign right here.
18-year-old: I'd like to borrow $60,000 for a car loan
Bank: Yes, here you go.
18-year-old: Can I also get a home mortgage?
Bank: No.
18-year-old: Can I also borrow $5,000 to start my business?
Bank: No.
Make it make sense.
Entry-level jobs should require 0 years of experience.
Not 1 year. Not 2 years. Not 3-5 years.
3-5 years of experience are for Managers.
5-7 years of experience are for Senior Managers.
8-10 years of experience are for Directors.
10+ years of experience are for VP's.
The purpose of entry-level jobs are to jump-start one’s career.
Agree?
I never use debit cards.
Credit cards save me thousands of dollars with:
• Reward points & cash back
• Raising my credit score
• Fraud protection
• Travel protection
• Airport Lounges
• Price protection
• Free insurance
• Warranties
If you pay your credit cards on time, and in full, it's "free money".
Do you consider credit card points to be passive income?
Real wealth is not:
• Big yachts
• Private jets
• Luxury cars
• Giant mansions
Real wealth is:
• Sleeping in any day you want
• Spending quality time with family
• Watching a movie on Friday at 2 pm
• Going for a walk on Monday at 11 am
High School should teach:
• Taxes
• Investing
• Negotiating
• Real Estate
• Entrepreneurship
• Personal Finance
• Financial Planning
What would you add?
You will never build wealth with a high-yield savings account.
A HYSA is great for your emergency fund, but you need to invest.
Since 1928 the S&P 500 has returned 11% annually (with dividends reinvested)
No savings account can beat investing long-term.
You can’t "save" your way to wealth.
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Notes by Andrew Lokenauth | export