This article is part of my series on Personal Development for Smart People. If you are new here I recommend you to first read my introduction to the book.
My second post with my notes from the second part of the book is all about money.
Money
- intro
- no special rules for money, it obeys the principles of truth, love and power
- & truth
- money is a social credit, allowing you to extract a certain amount of social value whenever you spent it
- most common way to earn money is to sell your time
- the greater your ability to deliver social value, the greater your earning potential becomes
- not absolute value but social value
- other way to earn money is to build a system that earns money for you
- & love
- 2 basic ways to earn money
- make a meaningful social contribution, and receive payment commensurate with the social value of your contribution
- take advantage of market inefficiencies to extract money without contributing any substantial value
- moocher mind-set
- extracting more social value than you're contributing
- moocher mind-set suggests you can always rely on others to pick up your slack
- contributor mind-set
- best way to make money is to provide fair value in exchange
- income depends on the social value of your work, not the personal value
- wealth can be created from ideas and actions
- 2 basic ways to earn money
- & power
- you're responsible for your own financial situation
- don't treat money as end unto itself
- if you want something badly enough, target it directly
- the value of money lies in its exchange
- & oneness
- best way to earn money is through honest contribution
- work within the area of overlap between your personal values and social values
- do what you love while creating value for others
- social and personal values fluctuate over time, so be prepared to adapt
- simplest way to create value for others is by sharing what you love to do
- not easy, but worth the effort
- fairness
- fair compensation for the value you produce
- fairness is better than either greed or self-sacrifice
- unfair compensation practices have a dehumanizing effect
- & authority
- in order to generate significant value, we develop our talents and skills
- to create substantial value you must commit to being a lifelong student
- be sure that your self-education is practical
- to earn money more easily strive to become an authority in the area of overlap between your personal interest and social demand
- & courage
- if you know you can contribute genuine value, summon the courage to ask for fair compensation in exchange
- have the courage to put human beings first, money second
- never chase soulless profits
- & intelligence
- intelligence is the ultimate source of wealth
- go after the big opportunities, the ones that inspire and challenge you to grow
- it's intelligent to give more than your receive, this generates growth
- conclusion
- best path to wealth is to release your fear of being poor
Next post in this series is about Health.
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