Read time: 5 minutes

Welcome to The Ascend Archives Friday Edition where I share insights from the brightest minds in business and life and how I'm applying them to my life.

I've previously shared some wisdom from Shaan Puri in my newsletter on copywriting.

Today is round 2.

But this time, we're talking money.

I listened to this short pod while on a train from Florence to Cinque Terre back in November. I had just quit my job, started to travel the world for an undefined amount of time, and was trying to figure out what my next career move would be.

It’s now 4 months later and I've actually implemented 2 out of these 3 tips from Shaan. The third one is still a work in progress so we’ll see where it goes.

Let's dive in.

The 3 Money Mindset Shifts

1. Hard work to smart work

Hard work is important but hard work alone will only get you so far.

Shaan argues it’s more important what you work on than that you work hard.

He gives examples of a line cook or landscaper. These folks work incredibly hard, but given their industry, they have limited money making upside.

So the first part is finding something that has the potential for making a lot of money.

The second part is finding work that you enjoy.

Naval has a great quote, “Find the thing that feels like play to you and looks like work to others”.

Once you find this, the hard work becomes easier because you actually enjoy it. You can do it for long periods of time even if you don’t get immediate results. That consistency is what leads to big wins.

Back in January, I found writing.

I learned you can make significant money through writing. One ghostwriter I talked to writes books for entrepreneurs, charging upwards of $75,000 per book. Granted, he’s been writing for 15 years, but just shows the potential.

Many people hate writing. I genuinely enjoy sitting down to craft a story or distill complex ideas. That gives me a significant advantage.

Sure, I find myself staring at a blank page sometimes, not knowing what to say. But since it feels like play, its easier for me to push through.

I’m also committed to write for the long term. I will inevitably get better with the more reps I put in.

2. Hang out with money

Being around money shows what is possible and helps determine what you actually want.

Shaan breaks this down into three categories:

1. Peers

Find 5 people that have the same dream as you. Start a group chat, live together, or plan a weekly dinner. By immersing yourself with these like minded people, you will get better ideas, you can challenge your thinking, and speed up the learning curve.

2. Mentors

Shaan's approach to mentors is simple. Ask specific questions, take massive action on what they tell you to do, and update them on your results. Even if this person isn't a formal mentor to start, by following those steps, they will become your mentor.

Then, once you are around people with money, you will learn about things you didn’t even realize were possible. Shaan talks about going to a millionaire’s house and saw a random guy cooking in the kitchen. The millionaire had a private chef cook all his healthy, nutritional meals. Shaan didn’t realize that was even a thing but now he has that for himself.

3. Information diet

Ask smart people what they read, listen to, or watch. Be deliberate with the content you consume because that influences your thinking, which will change the conversations you have, which will change your actions, and ultimately your results.

I chose to move back to Austin to be surrounded by entrepreneurs building brands, companies and real estate portfolios. I love my buddies in New York but the daily conversations about the corporate grind would be very different than building businesses with my Austin friends.

I recently spoke with a business owner in Austin that I look up to. He recommended I read the book, Vivid Vision, and write a 3 year vision for my life. I immediately purchased the book, wrote my vision and sent it to him a week later. I now have a relationship with him that could lead to opportunities working together in the future.

3. Small swings to fat pitches

You can do anything but you can't do everything.

Warren Buffet's approach to investing is to "wait until there is something you really like and understand to pounce". Most people get into trouble when they take too many chances picking stocks.

Shaan's advice for anyone in their 20s is to use the first 10 years to work with the smartest and most resourceful people you can. Try a bunch of stuff and build your knowledge base. This will train you to notice the "fat pitches" or the really big opportunities that you should take advantage of. You will probably miss them at first, but you'll learn what they look like so that eventually you can land one.

It comes down to discovering asymmetric information. What are things that you know that others don't? And when you find them, go all in. Get on a flight to go meet in person. Invest in the business. Double down. Put all your intensity towards that thing.

I'm in this learning phase right now. Trying new things, surrounding myself with smart people, and becoming aware my wins and losses. I’m constantly reflecting on what is going on around me and what my unique competitive advantage might be.

I'm keeping an eye out for my fat pitch and once I find it, I’m swinging for the fences.

Thank you for reading! As always please reply and let me know what resonated, what didn’t, or what you question. I love chatting about this stuff!

Cheers,

Andrew