Recommended Reading: The Education of Millionaires

I do not recall who recommeded me this book, I wish I could as I want to thank them. Regardless, I have introduced many a friend, acquaintance and sometimes even strangers to The Education of Millionaires by Michael Ellsberg.

 

Here are my notes, highlights and parts I found interesting and useful.

 

“The future is here—it’s just not evenly distributed.”

Making an impact on large groups of people involves leading them in some way. Yet, seeking to be a leader is akin to seeking what economists call a “positional good.” A classic example of a positional good is a penthouse apartment. You can’t have a penthouse apartment unless there are apartments below it. Not everyone in society could have a penthouse apartment.

a decision is to cut off, or kill, other possibilities.

 

The reality is that the vast majority of people today, even when they are on their deathbed, find that their regrets largely center around things they didn’t do, not things they did do.”

 

 

In his book The Monk and the Riddle, Randy Komisar advises you to ask a simple question about your current mode of income: Would you be willing to do this for the rest of your life? The point is not that you will do it for the rest of your life. But would you be willing? If this was all there was—no brighter tomorrow, no magic promotion or raise or investment that vaults you into the shrouded next level. Just this. Now. Would you be happy with this the rest of your life?

 

 

Critics of my book will likely say that what sets them apart is they simply took bigger risks than others: the people I interviewed were simply the winners at the roulette wheel, and I failed to talk about all the people who played at the wheel and got wiped out. (This line of critique would charge me with a fallacy of statistical reasoning known as “survivorship bias”: making assertions about some process based on conclusions drawn only via looking at the “winners” of that process, without taking into account the experience of the—usually much larger—sample of losers

 

 

I believe that for most of the people featured in this book a trait even more important than luck was resilience.

 

 

Because if I can’t find it I know I’m not the only one. Other people can’t find it. There’s an unserved niche in the market,

 

 

Jim Rohn says, ‘You are the average of the five people you spend the most time with.’ And on a bigger picture, you are a reflection of the twenty or thirty people who give you the best advice. Everything is about people.

 

 

if you want to be successful, and make a huge impact in your life, find exceptional people to learn from, and surround yourself with them.

 

The entrepreneurs in this book, in turn, understand that true giving generates wealth, and true wealth helps you give more. They understand flow. They understand affluence.

 

if you look up affluence in the dictionary, you’ll see its root is a Latin phrase meaning ‘to flow with abundance.’ So in order to be truly affluent, you must always let what you’ve received flow back into the world.”

 

the wealthiest people are not the ones who are hoarding the most value—they’re the ones who have the most value flowing in and out of their lives.

 

 

Seth Godin writes: “It’s difficult to be generous when you’re hungry. Yet being generous keeps you from going hungry.”

 

“You can have anything you want in life, if you will just help other people get what they want.”

 

“The amount of money you earn is the measure of the value that others place on your contribution…. To increase the value of the money you are getting out, you must increase the value of the work that you are putting in. To earn more money, you must add more value.”

 

To get value, give value.

 

connection capital is a highly scalable, highly leverage able

 

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