The Wisdom Wall

“when you are married, you are running a business. It is the business of running a household together, and it's only in the last hundred or so years that Americans became infatuated with this idea of love as the only reason to get married. That's ahistorical.”

“Dreamers, it's, it's the next gig. It's the next deal. These are the folks who typically fall into get rich quick schemes, and they are incredibly difficult to be partners with. They're not listening. They're not reading my book. Let's put it that way. And the only reason they can live in La La Land is that they are…”

“So, in most relationships, there is one money person, and this is a huge mistake.”

“So the way that you set up your accounts to be united in a marriage, I highly recommend all the money goes into a Joint account. And from there, you each have some of the money flow to a separate individual account, a no questions asked account, which both of you know about, but each of you only has access to your own.”

“There's more to life than metrics, you Silicon Valley nerds. That's a huge mistake that all these ROI attribution positive. Sometimes, in fact, the best companies know that's why they advertise in Times Square. They can't track that, but they do it because it's the right thing to do. And it's about branding.”

“Hey, take a little bit, put it in the market, boring Vanguard funds, do this stuff. Of course they haven't read my book, do this stuff in the book. And when you do that, you will be wealthier than you can possibly imagine. And you, your risk will be decreased dramatically.”

“So in, in every December, we have an annual rich life review, and I would encourage everybody to do this. So we sit down and we do it over several days. We're in no rush. And we start off by just going through our photos from the year and we go like, what were our most memorable things that happened this year?”

“So, for example, for, uh, like a wedding, You, 2.5 X, like right there. Okay. For a trip for travel, add 50% right off the bat. So if you think your trip is gonna be 3000, it's actually gonna be 45.”

“Typically, I would say add 15%, because there are things that people forget about. That's just a good guideline.”

“Be very, very careful before you make a purchase that is recurring, and you don't want to go back. Once you do it, make sure you're solid forever.”

“And what it really shows is the way you feel about money is highly uncorrelated to the amount in your bank account.”

“when the numbers change, they change faster than the psychology changes.”

“over time you learn that spending money as a skill is often as important as earning and managing it too.”

“so my answer for an investment, I narrowly define it as something that can provide a financial return.”

“You should not be talking about three dollar purchases if you're making 200,000 dollars a year. If you are talking about three dollar purchases, you have misaligned your money, uh, systems, and you probably don't have a rich life.”

“But I also think that there is no prize given for living a smaller life than you have to.”

“part of fighting for simplicity is that as you advance up, whether it be financially, relationally, et cetera, there are things that you simply cannot afford to do anymore.”

“money is not just about math. In fact, we overvalue math and we undervalue psychology”

“50% of them will never reply. Of those who reply, 50% will go, oh, oh, my God, I didn't know anyone would actually read this. Oh, I'm sorry. Hey, man, big fan. Which kind of leads to the question, if you didn't know anyone was going to reply, why on earth would you send that? That's kind of sad. And then the remaining…”

“You cannot make it to a hundred million dollars without a true massive acquisition machine. And that means that most of your business will be focused on acquisition.”

“there's a decorative items for dogs, which I love because the more unnecessary they are, Oftentimes the more profitable it can be, right? I don't, you're not buying a luxury sweater because you need it. You're buying it because you want it and price is largely irrelevant.”