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Speaker 1: What is up, everybody? Welcome to another episode of financial heresy,

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Speaker 1: where we talk about how money works so that you

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Speaker 1: can make more, keep more, and give more. Let's start

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Speaker 1: off this year by kicking off a new habit of reading.

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Speaker 1: Many of you know how much I read, how much

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Speaker 1: I enjoy reading. One of the reasons for this is

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Speaker 1: because when you when you are trying to find answers

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Speaker 1: for something, and you go down one path and reach

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Speaker 1: a dead end, and then you go down another path

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Speaker 1: and reach a dead end, reading is one of the

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Speaker 1: only avenues that you never reach a dead end on.

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Speaker 1: So when I began my journey to learn about how

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Speaker 1: money works, I ran into a dead end pretty quickly.

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Speaker 1: When that when the first road I took was talking

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Speaker 1: to people I knew who knew anything about money. Um. Now,

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Speaker 1: everybody has somebody that they know that's a little bit

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Speaker 1: better than them at money, or somebody they know who

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Speaker 1: is the best person with money that they know. Um.

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Speaker 1: But to be honest, most Americans and most people in

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Speaker 1: the world, to be frank, are really bad with money.

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Speaker 1: They don't know how money works, they don't know how

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Speaker 1: to invest, they don't know good debt from bad debt.

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Speaker 1: They don't know anything about budgeting, They don't know anything

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Speaker 1: about creating wealth long term, how the how the economy works.

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Speaker 1: And so because most people are in that boat, when

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Speaker 1: you look at most people's networks, then the network is

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Speaker 1: the same thing. And so if you restrict yourself to

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Speaker 1: just your network of the people that you know, and

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Speaker 1: you go ask you you you make a list of

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Speaker 1: every single person in the world that you know. Um,

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Speaker 1: you're you're You're gonna have a couple at the top

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Speaker 1: of that list if you rank them by who's the

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Speaker 1: best with money. But for most people, the top of

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Speaker 1: that list is not going to be somebody who is

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Speaker 1: very wealthy. And so if you restrict yourself to your network,

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Speaker 1: you're going to run up to the end of that

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Speaker 1: road and you're gonna realize that that's not going to

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Speaker 1: get you where you want to be. So then for me,

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Speaker 1: the next road that I went down was a job.

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Speaker 1: So I decided, you know, when I realized, hey, I

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Speaker 1: don't know anybody who can get me to where I

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Speaker 1: want to be, I'm gonna go get a job in

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Speaker 1: that industry so that people, professionals in that industry I

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Speaker 1: can learn from, make friends with, and learn a lot

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Speaker 1: more and be able to get where I want to go. Well,

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Speaker 1: that road ran out after a couple of years as well,

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Speaker 1: and so then I discovered reading. And basically, Uh, the

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Speaker 1: reason why I like books so much, I mean, I

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Speaker 1: love learning from any avenue whatsoever. Um, the reason why

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Speaker 1: books are so powerful is because every book it takes.

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Speaker 1: It takes a lot to write a book. What. It

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Speaker 1: doesn't take a lot to make a podcast episode. It

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Speaker 1: doesn't take a lot to make a YouTube video, to

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Speaker 1: write a tweet, Uh, to even write a blow post. Um.

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Speaker 1: It takes some amount of effort and some amount of

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Speaker 1: expertise and some amount of knowledge for sure, However, nothing

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Speaker 1: like writing a book. Writing a book takes an immense

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Speaker 1: amount of effort, an immense amount of knowledge, and then

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Speaker 1: an immense amount of skill to be able to distill

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Speaker 1: all those years of experience and wisdom and knowledge and

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Speaker 1: whatever is being researched or talked about in the book

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Speaker 1: down into a readable format. Especially when you're looking at

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Speaker 1: a book that is recommended by somebody respected, somebody who

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Speaker 1: is smart, somebody who is in the field. That way,

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Speaker 1: you have some sort of a filter that you know.

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Speaker 1: Today many people can write a book and self publish it.

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Speaker 1: But for the most part, for a book to be

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Speaker 1: recommended as a good book, it has to pass through

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Speaker 1: so many filters for the author to have gone through

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Speaker 1: so many years of experience of living through something, doing something,

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Speaker 1: researching something, and then distill it and contense it, especially

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Speaker 1: if they got a publisher to published the book. It

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Speaker 1: is just almost impossible uh to replicate that experience from

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Speaker 1: a book in other forms of learning, in other mediums

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Speaker 1: through like you know, things like podcasts and um videos

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Speaker 1: and blog posts and things like that. Uh. And so

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Speaker 1: when you read a book, it's almost as if you're

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Speaker 1: choosing a very short term mentor um for a very

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Speaker 1: specific thing, whether it's about you know, budgeting or investing

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Speaker 1: or economics or history or whatever it is. You're you're

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Speaker 1: getting a mentor distilling their you know, let's say ten

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Speaker 1: years of their life or or more, and you're downloading

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Speaker 1: all of that wisdom into yourself over the course of

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Speaker 1: about eight hours. Eight hours is like the average amount

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Speaker 1: of time that it takes to h to read a book. UM.

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Speaker 1: And so it's an incredibly powerful way to accumulate a

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Speaker 1: lot of knowledge very quickly. UM. The second reason I

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Speaker 1: like reading is is because if you do it the

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Speaker 1: right way, then you are able to accumulate enough knowledge

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Speaker 1: so quickly that you can start to identify signal from noise. UM.

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Speaker 1: So signal and noise. If you're not familiar with the term,

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Speaker 1: it's basically like when you when you hear something you're

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Speaker 1: let's say you're in an allowed room, UM, and there's

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Speaker 1: there's lots of noise going on because there's lots of chatter,

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Speaker 1: lots of people, lots of people talking UM, and you're

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Speaker 1: trying to uh, you're trying to identify the sound of

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Speaker 1: your partner who is like, you know, whistling for you,

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Speaker 1: because you're trying to find them UM. When when there's

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Speaker 1: a lot of noise, it can be hard to hear

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Speaker 1: the whistle, which would be the signal that you're looking for.

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Speaker 1: And so the more the more you can have the

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Speaker 1: skill to be able to identify what is noise, you

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Speaker 1: can eliminate the noise and then focus on just the signal,

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Speaker 1: which would in this case be the whistle. And so

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Speaker 1: the more knowledge you can accumulate, which when you read

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Speaker 1: a book, it's a lot condensed. It's you know, ten

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Speaker 1: years let's say condensed into eight hours, and so you

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Speaker 1: get to download all of this information, all this wisdom,

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Speaker 1: all this experience in such a short amount of time

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Speaker 1: that if you repeat that consistently over a long period

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Speaker 1: of time, than what you're able to do is identify

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Speaker 1: what is signal and what is noise because of pattern recognition.

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Speaker 1: And so when you start to read, let's say, books

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Speaker 1: about you know, real estate investing, for example, the first

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Speaker 1: book you read on this is probably going to be

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Speaker 1: the very first, uh example of real correct information and

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Speaker 1: experience that you've ever encountered in your life. Uh. Lots

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Speaker 1: of people know someone who has invested in, you know,

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Speaker 1: one rental property. Very few people know somebody who has

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Speaker 1: invested in more than a dozen rental properties. Uh even

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Speaker 1: fewer in you know, over a hundred. And so when

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Speaker 1: you have the ability to read let's say, your first

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Speaker 1: real estate investing book, you're going to be flooded with

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Speaker 1: a ton of information that will sound all correct because

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Speaker 1: it's like, Hey, this is the most experienced person in

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Speaker 1: this topic that I've ever had the ability to encounter,

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Speaker 1: and so everything they're saying is new, and so it

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Speaker 1: seems like it's all signal. While when you read a

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Speaker 1: dozen real estate investing books. Then you'll see, Okay, these

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Speaker 1: twelve different people, there are you know, let's say five

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Speaker 1: or six things that all of them say that that

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Speaker 1: is consistent. Some of them invest in, you know, single

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Speaker 1: family homes, some of them in multifamilies, some of them

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Speaker 1: in commercial. But across all these variables, there is consistency

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Speaker 1: across these investors in these five or six areas. That

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Speaker 1: would be an example of signal. UH. An example of

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Speaker 1: noise would be, let's say the type of real estate

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Speaker 1: that they're investing in. So noise would be something that

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Speaker 1: doesn't matter that you can ignore or that you can

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Speaker 1: choose your preference on, and then signal. The things you

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Speaker 1: have to learn pay attention to are the things that

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Speaker 1: are you know, really you have to focus on. UM.

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Speaker 1: One example of this, UH is I've read, you know,

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Speaker 1: tons of books on successful traders and investors, and UM

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Speaker 1: one of the one of the things that popped up

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Speaker 1: as signal that I I didn't notice until probably I

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Speaker 1: don't know, ten books in on this topic. One of

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Speaker 1: the things that's consistent is risk management. UH. Every single investor,

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Speaker 1: successful investor, and successful trader throughout all of human history

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Speaker 1: the one thing that is, they're all of them. Their

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Speaker 1: number one rule is don't lose money. Whether you're talking

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Speaker 1: about Warren Buffett or George Sorrows or any successful investors, traders, um.

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Speaker 1: The number one rule, Ray Dalio, anybody, don't lose money.

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Speaker 1: Manage your risk, prevent yourself from taking large draw downs,

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Speaker 1: manage that downside risk. If you can take care of

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Speaker 1: the losses, the profits will take care of you. And

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Speaker 1: so it's every every single one of them has their

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Speaker 1: own way of saying it. But when you see it enough,

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Speaker 1: then pattern recognition suddenly sets in and you recognize, oh,

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Speaker 1: this is the one thing that's consistent. There are a

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Speaker 1: million ways to make money out there, and there's one

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Speaker 1: one way to lose money. And so if you which

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Speaker 1: is losing money, which is taking losses, and so if

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Speaker 1: you stop yourself from those losses, then you take care

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Speaker 1: of the biggest problem there is. And most of these

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Speaker 1: people discovered this through massive losses themselves, um, and so

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Speaker 1: they learned through personal experience. And so if you can

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Speaker 1: learn those things from others, then you get to shortcut

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Speaker 1: that yourself. I can tell you from personal experience, losing

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Speaker 1: of your net worth on a single trade is not

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Speaker 1: a fun experience to go through, and it takes a

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Speaker 1: wilder recover from that, both financially and mentally, and so

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Speaker 1: that is not something you want to go through if

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Speaker 1: you can avoid it. And so being able to download

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Speaker 1: the mistakes and experience and wisdom from others is something

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Speaker 1: that is highly beneficial to shortcutting your way to financial success.

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Speaker 1: So that is the groundwork on why I'm such a

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Speaker 1: huge fan of reading, and that is why I read

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Speaker 1: one to two books per week, um. For I've been

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Speaker 1: doing that for a couple of years now, and so

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Speaker 1: this is something it's very possible to read a hundred

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Speaker 1: books a year. Do the math, hundred bucks a year

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Speaker 1: is uh is two bucks per week. There's fifty two

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Speaker 1: weeks in the year. So let's say you go on

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Speaker 1: vacation one week and you get sick another week. So

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Speaker 1: you've got you've got every single week you read two

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Speaker 1: bucks in the year. With a little bit of room

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Speaker 1: for air, you had a hundred bucks. Um. The average

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Speaker 1: American doesn't even read twelve bucks a year. The average

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Speaker 1: American every January first New Year's resolution get in shape,

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Speaker 1: and then by January three. Let me tell you this, yesterday,

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Speaker 1: on January second, was in the gym. Obviously it was

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Speaker 1: the delayed you know, the holiday, because the first landed

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Speaker 1: on the weekend. Uh. It was so packed. I couldn't

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Speaker 1: even find a parking spot. I was waiting in line

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Speaker 1: for machines to use. I was walking around modifying my

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Speaker 1: workout because there were so many people in there. I

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Speaker 1: could not do what I needed to do, what I've

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Speaker 1: been doing every single Monday for the past you know,

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Speaker 1: year and a half. Today, Tuesday, January three, the very

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Speaker 1: next day, the gym was emptier than I've seen it

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Speaker 1: in a year and a half. I had carte blanche.

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Speaker 1: I walk around do anything I wanted. There's nobody waiting

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Speaker 1: for the machines, so it was just they were. It

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Speaker 1: was so empty, it was ridiculous. One day after the

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Speaker 1: New year, or two days, I guess after the New year,

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Speaker 1: all those people had already given up on their New

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Speaker 1: Year's resolution to get in shape. Another New Year's resolution

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Speaker 1: that many people make is reading more. So they say

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Speaker 1: I'm gonna read a book every single month this year,

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Speaker 1: and then by the January, when they haven't finished that

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Speaker 1: first book, they put down that goal and they still

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Speaker 1: don't read, and so most Americans do not read. And

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Speaker 1: that's why, to be honest, most people stay stuck in

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Speaker 1: the same routines because they're not giving themselves mentors and

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Speaker 1: coaches in all these different areas that they know they

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Speaker 1: need to improve on, and so they keep on repeating

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Speaker 1: the same actions because they give don't give themselves the

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Speaker 1: knowledge to know any better to know what the correct

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Speaker 1: actions are. And so the same actions happen, which means

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Speaker 1: the same results happen. The se actions give you the

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Speaker 1: same results. And so if you want different results, you

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Speaker 1: have to do different actions. And the only way to

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Speaker 1: know if those actions are going to be the correct

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Speaker 1: actions is to study the people who have taken those

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Speaker 1: actions before and see if they provide better results. And

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Speaker 1: so that's why I'm such a huge fan of reading.

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Speaker 1: And so if you can read a hundred books a year,

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Speaker 1: you're gonna be light years ahead of literally everybody that

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Speaker 1: you know. Um, even within just one year, you're gonna

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Speaker 1: be light years ahead of everybody you know. In one year,

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Speaker 1: you can read more books than most people you know

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Speaker 1: have read in their entire life. So how a hundred how?

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Speaker 1: How how is that going to break down? So to

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Speaker 1: a week. That still seems like a lot, right, Well,

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Speaker 1: the average book is about eight hours long in terms

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Speaker 1: of how long it takes you to read that book.

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Speaker 1: So you need three things here. The first thing you

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Speaker 1: need is an audio book. You can get these for free.

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Speaker 1: There's apps that allow you to connect your library membership

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Speaker 1: to them. You uh, then you can rent books through

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Speaker 1: the library, but their e books and so they go

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Speaker 1: onto your app. They're audible books, audio books. They go

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Speaker 1: onto your app whenever they're available. Every library has you know,

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Speaker 1: let's say one or two copies electronic copies of a book,

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Speaker 1: and so you create a wait list for yourself and

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Speaker 1: when a book comes up, it downloads to your device

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Speaker 1: and then you listen to it or you can you

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Speaker 1: can purchase them through Amazon or um Audible or Apple

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Speaker 1: Looks as well any other book reader. So you need

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Speaker 1: an audio book because this is where you get found time.

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Speaker 1: Any time you're driving somewhere, you're driving to work on

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Speaker 1: your commute, you are uh, you know, taking a shower,

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Speaker 1: you're doing things. You're doing the dishes, you're doing laundry,

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Speaker 1: you're mowing the lawn. You're doing things that don't require

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Speaker 1: any mental focus but just take time. That's where you

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Speaker 1: throw your headphones in and you listen to a book,

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Speaker 1: usually the off of the narrator. Of these books, they

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Speaker 1: read pretty slowly, um and so usually within just you know,

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Speaker 1: a very short amount of time, you know, a couple

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Speaker 1: of days of getting used to listening to audio books,

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Speaker 1: you can listen to them on two x or three

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Speaker 1: x speed with zero loss and comprehension, and many times

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Speaker 1: even a gain in comprehension, because the speed at which

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Speaker 1: a person can talk is much slower than the speed

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Speaker 1: at which a person can comprehend thoughts, and so by

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Speaker 1: speeding up the rate at which it is played back,

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Speaker 1: you actually maintain focus better because your mind stops wandering

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Speaker 1: off every time. You've already you already know how they're

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Speaker 1: going to end the sentence, and so your mind starts

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Speaker 1: thinking about something else. So to two extra three x

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Speaker 1: speed can be a game changer for you. But even not.

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Speaker 1: Let's say you just are on one or one and

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Speaker 1: a half time speed and you're just listening during that

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Speaker 1: found time, that time where you're doing things that didn't

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Speaker 1: require any mental focus. So that's number one, you need

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Speaker 1: an audio book. Number two, you need a physical book,

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Speaker 1: A physical book that you can you know, read at

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Speaker 1: night instead of watching TV. The average American between well, okay,

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Speaker 1: so this is a couple of years old when people

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Speaker 1: still you know, watched TV. Now people spend that time

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Speaker 1: watching YouTube videos and TikTok and Instagram and social media, movies, Netflix,

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Speaker 1: things like that. Between media that's considered entertainment and not learning.

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Speaker 1: The average Americans spends uh an hour and a half

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Speaker 1: to two and a half hours every single day consuming

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Speaker 1: entertainment style media, not learning, just entertainment. So right there alone,

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Speaker 1: if you replace that with reading, you're already at a

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Speaker 1: hundred book a year. Um. But if you for just

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Speaker 1: let's say, you know, even a short amount of time

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Speaker 1: from that, you know, a couple of days a week,

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Speaker 1: at night before going to bed, you read your physical

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Speaker 1: book with the light so that it's not your phone

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Speaker 1: light that's you know, causing you to lose sleep things

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Speaker 1: like that. So you need a physical book you can

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Speaker 1: take around with you and you can read, you know,

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Speaker 1: when you're in a place where you can focus on

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Speaker 1: a physical book. These would be the books that, uh,

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Speaker 1: you might want to underline things that with if they

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Speaker 1: have equations or if they have math or if they

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Speaker 1: have lines that you want to be able to easily

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Speaker 1: read over something like that. And then the third thing

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Speaker 1: you need is a Kindle style book like an e

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Speaker 1: book that you can read with an app on your phone. Um,

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Speaker 1: and this is for when you're going around little not

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Speaker 1: found time where it's like, hey, I'm doing something here

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Speaker 1: that doesn't require mental focus, but little breaks here and

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Speaker 1: there where you would normally be scrolling through social media

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Speaker 1: where it's like only a couple of minutes at a time,

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Speaker 1: where you're out waiting for somebody to to meet you

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Speaker 1: at the restaurant, or you are you know, standing up

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Speaker 1: on the subway for a couple of minutes, or you're

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Speaker 1: in an uber for five minutes, things where normally you

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Speaker 1: just be wasting you know, idle time and just scrolling

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Speaker 1: through you don't have a big dedicated chunk of time

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Speaker 1: to devote to something. Instead, you pull up your app

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Speaker 1: on your phone you're whether it's Kindle or Apple Books

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Speaker 1: or whatever e reader you have. Again, the library app

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Speaker 1: you can do this as well. I think one of

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Speaker 1: them is called Libby, and you just start reading. These

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Speaker 1: apps even allow you to underline or highlight, make notes

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Speaker 1: things like that, and so you have three books going

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Speaker 1: at all times, so that in all these little areas

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Speaker 1: you can fill in reading um that way. No, when

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Speaker 1: you when you master this habit, that means that all

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Speaker 1: of your wasted time now just got transformed into time

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Speaker 1: that's not even neutral now because you were wasting it.

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Speaker 1: So instead of just elevating that time to neutral time

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Speaker 1: where it's not being wasted, you're elevating that time even

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Speaker 1: further to accelerating your learning and giving yourself more skills,

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Speaker 1: broadening your horizons. And within a year of doing this,

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Speaker 1: you'll be able to hit one books in a year,

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Speaker 1: no problem. I race my wife every single year. We're

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Speaker 1: resetting the clock again this year. Uh, she beats me

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Speaker 1: by at least fifty percent. Last year. I think she

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Speaker 1: hit like a d books or something like that. Crazy.

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Speaker 1: And so it is very possible to read a lot

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Speaker 1: of books if you put put all of your wasted

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Speaker 1: time and found time into reading instead. And so you

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Speaker 1: need those three ways to do it because if you

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Speaker 1: focus on just physical books, you won't be able to

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Speaker 1: fill up enough of your time with that because you

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Speaker 1: can't read a physical book while you're doing dishes, but

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Speaker 1: you can read an audible book. So with that in mind, UM,

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Speaker 1: I would like to give a run through for you

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Speaker 1: of a list of twelve books. I've made a YouTube

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Speaker 1: video about these books as well, but I'm going to

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Speaker 1: go more into detail on why these books are great

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Speaker 1: uh in this podcast episode. Here, uh, twelve books to

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Speaker 1: start off, because I understand that most people will hear

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Speaker 1: a hundred books and they'll think that's absolutely ridiculous. I'm

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Speaker 1: going to start off with one book a month, and

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Speaker 1: that's okay, that's I mean, that's a great, a great

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Speaker 1: place to start, because it's better to start a habit uh,

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Speaker 1: and that's uh attainable that you'll actually try. Um. And

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Speaker 1: then once you've gotten into the habit of that, then

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Speaker 1: improving that habit. So read you know, twelve books this year,

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Speaker 1: and then next year double it to twenty four. Then

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Speaker 1: the next year, double that to fifty. In the next year,

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Speaker 1: double that to a hundred. So that's a much better

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Speaker 1: path than this year saying oh yeah, I'll try and

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Speaker 1: read a hundred and then you get one weekend and

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Speaker 1: realize you didn't finish a book, and so you just

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Speaker 1: quit and give up on the whole goal. UM. So

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Speaker 1: if you're just gonna go with twelve. That's absolutely fine.

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Speaker 1: I'm gonna give you twelve books to read this year, um,

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Speaker 1: and then if you're going to try and go for

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Speaker 1: the full hundred, then you should be able to read

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Speaker 1: these twelve twelve books within the next uh couple of

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Speaker 1: weeks here. So the first book that I'm gonna recommend

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Speaker 1: to you is Atomic Habits, because obviously we want to

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Speaker 1: kick off this year with a bang, and we're start

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Speaker 1: by reading itself. We're starting new habits here. So I

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Speaker 1: want to give you the tools necessary in order to

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Speaker 1: make this habit stick for the rest of your life,

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Speaker 1: because it will be rocket fuel for your success. So

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Speaker 1: Atomic Habits, there's no other book like this. There are

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Speaker 1: some looks the attempt to be like this. If you

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Speaker 1: want any book that will give you the tools and

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Speaker 1: the systems and the processes that you need in order

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Speaker 1: to radically change your life for the better, you need

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Speaker 1: to read Atomic Habits. First of all, every single line

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Speaker 1: written in this book is like a little a little poem.

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Speaker 1: It's just a little, a little piece of art. It

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Speaker 1: is so distilled and condensed and stated perfectly that the

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Speaker 1: every sentence in this book is just beautiful. My favorite

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Speaker 1: quote from this book is you are what you repeat. Um.

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Speaker 1: There's a there's a scene in the Batman movie Batman

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Speaker 1: begins Christopher Nolan one with Christian Bale, where he's just

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Speaker 1: acting like a buffoon. I believe this is the scene

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Speaker 1: where he had purchased the hotel and the girls that

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Speaker 1: he brought with him were swimming in the fountain in

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Speaker 1: the hotel at the dinner and Um, he's leaving in.

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Speaker 1: You know, Rachel is upset with him, and he says, Rachel,

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Speaker 1: you know this, this isn't me, This isn't who I am. Um.

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Speaker 1: Um really trying to communicate to her, like, hey, you

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Speaker 1: know there's something else. You know, I'm Batman And she

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Speaker 1: says a profound response. She says, Um, it's not who

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Speaker 1: you are deep down inside that defines you. It's what

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Speaker 1: you do that defines you. Obviously she didn't know he

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Speaker 1: was Batman. Um, so for him, he was actually doing things.

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Speaker 1: But it's it's very true. Many people think, oh I

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Speaker 1: could do that if I really wanted, I've got the

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Speaker 1: potential for that. I'm actually better than this. But the

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Speaker 1: only thing that matters is your actions. Your actions are

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Speaker 1: what produced results. It's not who you think you are,

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Speaker 1: what you think you can do. And many times it's

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Speaker 1: just a fear of failure that causes people to never try,

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Speaker 1: in which case they guarantee their own failure. So by

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Speaker 1: the fear of failure, they're guaranteeing that that fear comes true. Ironically,

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Speaker 1: but you are what you repeat because every single day

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Speaker 1: there are actions that you take every single day and

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Speaker 1: you think, oh, when this happens, I'll change. When this changes,

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Speaker 1: then I'll be somebody else. But in reality, if you

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Speaker 1: want to be somebody else else, you have to repeatedly

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Speaker 1: do new actions. I talked in the last episode about

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Speaker 1: the pet Pleasure and Pain Responses Um. This was a

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Speaker 1: book that helped me lose fifty pounds in six months

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Speaker 1: and keep the weight off. This was two years ago

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Speaker 1: that I started losing the weight. After six months, fifty

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Speaker 1: pounds was gone. Still kept it off to this day,

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Speaker 1: and this book helped me do that because it helps

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Speaker 1: you replace the pain and pleasure signals that you're receiving

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Speaker 1: from your environment with new habits where and if you

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Speaker 1: want to reinforce good behavior, you need to uh introduce

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Speaker 1: pain for not engaging in that action and then pleasure

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Speaker 1: when you do engage in that action to reinforce new

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Speaker 1: habits cycles and so atomic habits. Absolutely fantastic. I can't

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Speaker 1: recommend it enough. And that's why I think it should

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Speaker 1: be the first on your list, because it will give

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Speaker 1: you the tools that you need to put in place

431
00:21:45,160 --> 00:21:47,280
Speaker 1: in order to succeed with all of your other goals

432
00:21:47,320 --> 00:21:50,720
Speaker 1: for this year. Number two. This is probably going to

433
00:21:50,800 --> 00:21:54,080
Speaker 1: be the most controversial book on this list. Um, and

434
00:21:54,280 --> 00:21:59,360
Speaker 1: this is uh. Fossil Future by Alex Epstein. Fossil Future

435
00:21:59,600 --> 00:22:03,280
Speaker 1: is UH is a book that helped me put words

436
00:22:04,040 --> 00:22:07,080
Speaker 1: to uh the ideas that that I've had for a

437
00:22:07,119 --> 00:22:10,000
Speaker 1: while that I didn't know how to articulate. Number one

438
00:22:10,240 --> 00:22:14,320
Speaker 1: and then number two didn't know how to find whether

439
00:22:14,440 --> 00:22:16,800
Speaker 1: or not those ideas were true. And so in Fossil Future,

440
00:22:16,840 --> 00:22:20,360
Speaker 1: Alex Epstein goes on this journey, compiles a bunch of

441
00:22:20,400 --> 00:22:23,520
Speaker 1: scientific evidence, like real facts, it's not speculation. He goes

442
00:22:23,520 --> 00:22:28,920
Speaker 1: to the historical records of carbon in our atmosphere. Um,

443
00:22:29,080 --> 00:22:32,880
Speaker 1: what happens, you know, like at a biological level, when

444
00:22:32,960 --> 00:22:36,240
Speaker 1: the amount of carbon in the atmosphere increases versus decreases,

445
00:22:36,280 --> 00:22:38,760
Speaker 1: what happens to planet and animal life and human life.

446
00:22:39,440 --> 00:22:43,000
Speaker 1: My favorite quote from this book is we don't want

447
00:22:43,040 --> 00:22:45,680
Speaker 1: to save the planet from human human beings. We want

448
00:22:45,720 --> 00:22:48,639
Speaker 1: to improve the planet for human beings. And so he

449
00:22:48,640 --> 00:22:50,720
Speaker 1: shows how there's kind of this divide. There's one group

450
00:22:50,720 --> 00:22:53,479
Speaker 1: of people on Earth that want to save the planet

451
00:22:53,520 --> 00:22:56,440
Speaker 1: from human beings, and so in their ideal case scenario,

452
00:22:56,880 --> 00:22:59,040
Speaker 1: the planet would be left alone with no human beings

453
00:22:59,080 --> 00:23:02,440
Speaker 1: on it. UH basically viewing humans as a cancer on Earth.

454
00:23:02,760 --> 00:23:06,960
Speaker 1: And it's like, well, um, you first, if you think

455
00:23:06,960 --> 00:23:11,280
Speaker 1: there should be less humans on Earth, then you go first, UM,

456
00:23:11,320 --> 00:23:13,520
Speaker 1: because that's not a very good solution. We can see

457
00:23:13,600 --> 00:23:18,199
Speaker 1: very quickly where that devolves into basically genocide and you know,

458
00:23:18,359 --> 00:23:21,840
Speaker 1: mass suicide or realistically mass murder. Uh. In order to

459
00:23:21,840 --> 00:23:25,040
Speaker 1: accomplish that goal. That's not a goal that anybody should have.

460
00:23:25,080 --> 00:23:27,320
Speaker 1: And if anybody does have that goal, you need to

461
00:23:27,520 --> 00:23:29,960
Speaker 1: really look deep down within yourself because it's evil, it's

462
00:23:30,000 --> 00:23:33,520
Speaker 1: anti human in nature. Um. What we really want to

463
00:23:33,520 --> 00:23:37,399
Speaker 1: do is improve the planet for human beings, UM. And

464
00:23:37,440 --> 00:23:40,800
Speaker 1: so that necessitates taking care of the Earth, taking care

465
00:23:40,800 --> 00:23:44,080
Speaker 1: of the plan and so it's kind of a what's

466
00:23:44,119 --> 00:23:49,639
Speaker 1: it called um an argument that UH purposefully misstates the

467
00:23:49,680 --> 00:23:53,000
Speaker 1: opposite side. I can't remember the name for that. Um

468
00:23:53,560 --> 00:23:57,800
Speaker 1: A A scarecrow argument. UM. I can't remember the name

469
00:23:57,840 --> 00:24:01,880
Speaker 1: for it, but uh, it's it's many people say, oh, well,

470
00:24:01,920 --> 00:24:05,520
Speaker 1: you just want to destroy the planet um for for

471
00:24:05,640 --> 00:24:08,320
Speaker 1: humans benefit, and it's like, no, that would not be

472
00:24:08,400 --> 00:24:11,760
Speaker 1: in humanity's best interest to destroy our planet and to

473
00:24:11,840 --> 00:24:14,920
Speaker 1: waste our resources. That's literally the opposite of what we're

474
00:24:14,960 --> 00:24:17,359
Speaker 1: saying here. We want to improve the planet for the

475
00:24:17,400 --> 00:24:20,359
Speaker 1: benefit of human beings, and that necessitates taking care of

476
00:24:20,359 --> 00:24:23,120
Speaker 1: the planet and stewarding our resource as well. But it's

477
00:24:23,200 --> 00:24:26,120
Speaker 1: not in order to leave the earth untouched by humans.

478
00:24:26,320 --> 00:24:29,760
Speaker 1: The whole entire purpose of it all is to benefit humanity,

479
00:24:30,080 --> 00:24:33,000
Speaker 1: and so that's the lens to be looking through UM.

480
00:24:33,080 --> 00:24:35,920
Speaker 1: And that means that we have to benefit and grow

481
00:24:36,040 --> 00:24:40,360
Speaker 1: and and nurture plant, animal life. That's that's a that's

482
00:24:40,400 --> 00:24:48,560
Speaker 1: a a necessary component of improving the planet for human beings. UM. Finally,

483
00:24:49,440 --> 00:24:55,040
Speaker 1: carbon is carbon dioxide is what animals, what plants breathe in.

484
00:24:55,880 --> 00:24:59,680
Speaker 1: Carbon makes up the building blocks of all plant life,

485
00:25:00,040 --> 00:25:02,680
Speaker 1: and so that's why in greenhouses they increase the carbon

486
00:25:02,720 --> 00:25:06,040
Speaker 1: dioxide because it increases the size and the health of

487
00:25:06,040 --> 00:25:08,480
Speaker 1: plant life. So when we increase the amount of carbon

488
00:25:08,480 --> 00:25:11,000
Speaker 1: in our atmosphere. Number One, there's a cap on how

489
00:25:11,040 --> 00:25:12,880
Speaker 1: hot that can make the world, because there's a cap

490
00:25:12,920 --> 00:25:15,200
Speaker 1: on how much light that or heat that can trap.

491
00:25:15,480 --> 00:25:17,760
Speaker 1: Number Two, we know that if it gets that hot,

492
00:25:17,760 --> 00:25:20,680
Speaker 1: plant life can still thrive. Animal life can still thrive,

493
00:25:20,840 --> 00:25:23,600
Speaker 1: human life can still thrive. It's a couple degrees warmer.

494
00:25:23,880 --> 00:25:26,320
Speaker 1: That's not going to kill anybody, just the temperature change

495
00:25:26,320 --> 00:25:29,040
Speaker 1: by itself. Further, we know that that makes plant life

496
00:25:29,240 --> 00:25:32,720
Speaker 1: much more healthy, bigger, more robust. When plant life gets easier,

497
00:25:32,920 --> 00:25:35,879
Speaker 1: that means farming gets easier. That means growing food gets easier.

498
00:25:35,920 --> 00:25:39,680
Speaker 1: That means animal life eat that eats those plants gets

499
00:25:39,720 --> 00:25:42,440
Speaker 1: bigger and healthier and more abundant, Which means when plant

500
00:25:42,480 --> 00:25:44,879
Speaker 1: animal life gets bigger and healthier and more abundant, that

501
00:25:44,920 --> 00:25:49,280
Speaker 1: means human life gets bigger, healthier, happier, more abundant. Further

502
00:25:49,359 --> 00:25:51,920
Speaker 1: than that, when we point to this is the last

503
00:25:51,920 --> 00:25:53,399
Speaker 1: thing I'll say about the book. If you point to

504
00:25:53,760 --> 00:25:59,359
Speaker 1: climate change uh causing extreme weather events, this is something

505
00:25:59,359 --> 00:26:02,600
Speaker 1: that by some measures you can point to and say, okay,

506
00:26:02,640 --> 00:26:05,360
Speaker 1: we're causing there. There are more extreme weather events today

507
00:26:05,400 --> 00:26:08,480
Speaker 1: as a result of higher uh CEO two which is

508
00:26:08,480 --> 00:26:12,159
Speaker 1: a result of human activity um And the answer to

509
00:26:12,200 --> 00:26:16,880
Speaker 1: that is okay, but measure that versus how susceptible humanity

510
00:26:16,920 --> 00:26:19,560
Speaker 1: is too extreme weather events. How many people die per

511
00:26:19,640 --> 00:26:22,280
Speaker 1: year from floods, how many people die per year from hurricanes,

512
00:26:22,280 --> 00:26:24,280
Speaker 1: how many people die per year from tornadoes, how many

513
00:26:24,280 --> 00:26:26,199
Speaker 1: people die per year from droughts, how many people die

514
00:26:26,240 --> 00:26:29,800
Speaker 1: per year from famines. All these extreme weather events used

515
00:26:29,840 --> 00:26:33,919
Speaker 1: to kill humanity like crazy. It was the biggest concern

516
00:26:34,240 --> 00:26:38,160
Speaker 1: that humanity has had for almost all of human history.

517
00:26:38,200 --> 00:26:41,800
Speaker 1: That's why the gods were created who were in charge

518
00:26:41,800 --> 00:26:44,800
Speaker 1: of the weather, to try and appease these gods who

519
00:26:44,800 --> 00:26:49,160
Speaker 1: are killing humanity with these massive events that people couldn't control.

520
00:26:49,560 --> 00:26:54,879
Speaker 1: But the reality is today, because of fossil fuels and

521
00:26:54,960 --> 00:26:59,919
Speaker 1: because of technology enabled only by outputting carbon into the

522
00:27:00,000 --> 00:27:04,920
Speaker 1: atmosphere carbon dioxide, we have the ability to become we

523
00:27:04,920 --> 00:27:08,919
Speaker 1: we have become robust against these extreme weather events. People

524
00:27:08,960 --> 00:27:11,600
Speaker 1: don't die from floods anymore like they used to. People

525
00:27:11,600 --> 00:27:14,400
Speaker 1: don't die from these extreme weather events like they used to.

526
00:27:14,600 --> 00:27:17,199
Speaker 1: So yes, we might have some more extreme weather events,

527
00:27:17,359 --> 00:27:20,359
Speaker 1: but we are much more robust against them. And it

528
00:27:20,400 --> 00:27:23,000
Speaker 1: doesn't matter to us anymore. We've got air conditioning, we've

529
00:27:23,040 --> 00:27:28,440
Speaker 1: got heaters, we've got more solid structures where earthquakes aren't

530
00:27:28,480 --> 00:27:31,920
Speaker 1: as devastating as they used to be. Hurricanes and tornadoes

531
00:27:31,960 --> 00:27:34,560
Speaker 1: and famines and droughts aren't as devastating as they used

532
00:27:34,600 --> 00:27:37,679
Speaker 1: to be because we can transport food, we can transport people,

533
00:27:38,080 --> 00:27:41,399
Speaker 1: and so Fossil Future can't recommend it enough. If you

534
00:27:41,480 --> 00:27:43,719
Speaker 1: believe that everything that I've said is completely wrong, I

535
00:27:43,800 --> 00:27:47,000
Speaker 1: challenge you to just uh look at it for yourself

536
00:27:47,119 --> 00:27:49,280
Speaker 1: and see if you can find flaws in the facts

537
00:27:49,280 --> 00:27:53,320
Speaker 1: in the data presented. Um. And uh, if you already

538
00:27:53,359 --> 00:27:55,199
Speaker 1: agree with everything that I've said, then this will be

539
00:27:55,240 --> 00:27:58,280
Speaker 1: a book that will give you the tools to articulate, uh,

540
00:27:58,400 --> 00:28:02,240
Speaker 1: those those ideas better. Number three book on this list

541
00:28:02,240 --> 00:28:05,280
Speaker 1: of the FIAT Standard. The Fiat Standard is the sequel

542
00:28:05,320 --> 00:28:08,880
Speaker 1: to the Bitcoin standard by safety and amuse highly recommend

543
00:28:08,880 --> 00:28:11,960
Speaker 1: this book even if you dislike bitcoin severely, because there's

544
00:28:12,040 --> 00:28:16,320
Speaker 1: so much good in this book. Um that's not about bitcoin. Um.

545
00:28:16,440 --> 00:28:18,879
Speaker 1: The main thing that I like from this book is

546
00:28:18,920 --> 00:28:23,119
Speaker 1: that it kind of details why Fiat arose UM and

547
00:28:23,160 --> 00:28:27,000
Speaker 1: so I've detailed this in my first few episodes on

548
00:28:27,560 --> 00:28:31,439
Speaker 1: UM on this podcast the three part series on What

549
00:28:31,560 --> 00:28:34,760
Speaker 1: Happened to Money? But basically, gold was very good for

550
00:28:34,800 --> 00:28:37,439
Speaker 1: preserving purchasing power across long periods of time because you

551
00:28:37,480 --> 00:28:40,000
Speaker 1: can't just print more gold, and so that served as

552
00:28:40,000 --> 00:28:42,720
Speaker 1: a really good money for a long time. But gold

553
00:28:42,800 --> 00:28:45,640
Speaker 1: is not very good at transporting across large distances for

554
00:28:45,680 --> 00:28:49,040
Speaker 1: purchases because it's heavy and it can be stolen easily,

555
00:28:49,120 --> 00:28:53,760
Speaker 1: and so it's expensive costly to move over large distances.

556
00:28:53,800 --> 00:28:55,840
Speaker 1: And so if you want to buy something from China,

557
00:28:55,960 --> 00:28:59,120
Speaker 1: you can't really do that with gold. UM. You can

558
00:28:59,400 --> 00:29:02,160
Speaker 1: if it's husteddied by a third party and all you're

559
00:29:02,200 --> 00:29:04,760
Speaker 1: doing is transferring the ownership of that gold, which is

560
00:29:05,160 --> 00:29:08,480
Speaker 1: how FIAT came about. Because you needed a way to

561
00:29:08,600 --> 00:29:13,520
Speaker 1: transport the purchasing power across large periods of of space. UM.

562
00:29:13,560 --> 00:29:15,360
Speaker 1: But you can't do that by just moving the gold.

563
00:29:15,400 --> 00:29:17,880
Speaker 1: It's just too costly, and you can you can get stolen.

564
00:29:18,200 --> 00:29:20,880
Speaker 1: You have armed security guards. You have to transport the weight,

565
00:29:21,560 --> 00:29:25,040
Speaker 1: and so FIAT arose as a way for UH settlement

566
00:29:25,200 --> 00:29:31,320
Speaker 1: of gold over large UH periods of large amounts of space. UM.

567
00:29:31,440 --> 00:29:33,600
Speaker 1: And then he goes on to detail some of the

568
00:29:33,680 --> 00:29:37,000
Speaker 1: negative the huge negative effects that have arisen from the

569
00:29:37,040 --> 00:29:42,400
Speaker 1: abuse of FIAT everything from today's food system, the f

570
00:29:42,520 --> 00:29:46,360
Speaker 1: d a UH, the dietary recommendations from the government making

571
00:29:46,480 --> 00:29:51,000
Speaker 1: us fat and sick um, going into energy, and how

572
00:29:51,080 --> 00:29:55,120
Speaker 1: the government has subsidized these absolutely terrible forms of energy

573
00:29:55,120 --> 00:29:57,560
Speaker 1: that number one are toxic. Number two are killing local

574
00:29:57,600 --> 00:30:01,360
Speaker 1: ecosystems like solar and wind farms, are killing birds and

575
00:30:01,440 --> 00:30:04,240
Speaker 1: killing turtles and killing all of these animals. Of these

576
00:30:04,280 --> 00:30:08,120
Speaker 1: massive farms, they're extremely low density in terms of their energy.

577
00:30:08,440 --> 00:30:11,960
Speaker 1: You need massive thousands and thousands of thousands of acres

578
00:30:12,680 --> 00:30:15,600
Speaker 1: covered in solar panels. If you wanted to power the

579
00:30:15,720 --> 00:30:19,040
Speaker 1: United States with solar um, you need to cover the

580
00:30:19,160 --> 00:30:22,200
Speaker 1: entire state of Utah in solar panels, which obviously you

581
00:30:22,240 --> 00:30:25,400
Speaker 1: couldn't do Number one. Number two that would kill everything

582
00:30:25,520 --> 00:30:28,720
Speaker 1: that was over that entire area UM. And then number

583
00:30:28,720 --> 00:30:30,720
Speaker 1: three still don't have power if there's no sun. And

584
00:30:30,720 --> 00:30:33,160
Speaker 1: then number four those solar planet panels only last twenty

585
00:30:33,160 --> 00:30:35,880
Speaker 1: thirty years, and then all of those toxic metals end

586
00:30:35,960 --> 00:30:39,920
Speaker 1: up in landfills, just poisoning our water, water supplies and

587
00:30:39,960 --> 00:30:43,520
Speaker 1: things like that, and so UH and and number the

588
00:30:43,600 --> 00:30:46,160
Speaker 1: last thing is is that it's incredibly costly. The only

589
00:30:46,200 --> 00:30:48,280
Speaker 1: reason why solar has gotten so cheap is because of

590
00:30:48,320 --> 00:30:51,800
Speaker 1: the slave labor of the hugers in China and the

591
00:30:51,880 --> 00:30:55,640
Speaker 1: subsidies from from governments. And so without all of this

592
00:30:55,680 --> 00:30:59,960
Speaker 1: government interference that's enabled by FIAT giving governments unlimited spending power,

593
00:31:00,360 --> 00:31:03,480
Speaker 1: you wouldn't have this misallocation of resources and these malinvestments

594
00:31:03,480 --> 00:31:06,440
Speaker 1: and all this money poured into these areas of energy

595
00:31:06,480 --> 00:31:10,080
Speaker 1: that are just bad for the environment, bad for local economies,

596
00:31:10,200 --> 00:31:14,800
Speaker 1: and ultimately unsustainable and unreliable. Instead, you would have the

597
00:31:14,840 --> 00:31:18,680
Speaker 1: market determining this, which is just determined by mutual profit,

598
00:31:19,040 --> 00:31:22,000
Speaker 1: and the best product would would win in the end.

599
00:31:22,320 --> 00:31:24,960
Speaker 1: And so then he also goes into what what bitcoin

600
00:31:25,200 --> 00:31:27,320
Speaker 1: does to solve these things, But the main point of

601
00:31:27,320 --> 00:31:30,880
Speaker 1: the book is detailing all the evils brought about by

602
00:31:31,120 --> 00:31:35,560
Speaker 1: understrained government spending enabled through FIAT. Um the Fate. My

603
00:31:35,560 --> 00:31:39,760
Speaker 1: favorite quote from that book, Bitcoin effectively combines Gold's sailability

604
00:31:39,840 --> 00:31:46,120
Speaker 1: across time with fiat's sailability across space in one a political, immutable,

605
00:31:46,360 --> 00:31:49,800
Speaker 1: open source package. Alright, But number four on my list

606
00:31:49,880 --> 00:31:54,920
Speaker 1: four this year is the law by Frederick bost yacht Um.

607
00:31:54,960 --> 00:31:59,520
Speaker 1: This is UH A response a refutation of the Communist

608
00:31:59,760 --> 00:32:05,480
Speaker 1: man Manifesto UH by Karl Marx. Frederick Bastiat wrote this

609
00:32:05,520 --> 00:32:08,680
Speaker 1: book The Law two years after the Communist Manifesto was written,

610
00:32:09,080 --> 00:32:12,720
Speaker 1: in order to refute it. My favorite quote from this book, life, liberty,

611
00:32:12,720 --> 00:32:16,280
Speaker 1: and property do not exist because men have made laws.

612
00:32:16,760 --> 00:32:19,920
Speaker 1: On the contrary, it was the fact that life, liberty,

613
00:32:20,000 --> 00:32:24,080
Speaker 1: and property existed beforehand that caused men to make laws

614
00:32:24,320 --> 00:32:27,440
Speaker 1: in the first place. Uh. This is a recognition of

615
00:32:27,840 --> 00:32:33,840
Speaker 1: the self evident rights to protecting your own life and

616
00:32:33,880 --> 00:32:37,240
Speaker 1: what belongs to you, your own property, and the right

617
00:32:37,280 --> 00:32:40,440
Speaker 1: to do what you wish, so long as you do

618
00:32:40,520 --> 00:32:45,800
Speaker 1: not infringe on those same rights of others. Those are

619
00:32:46,120 --> 00:32:49,200
Speaker 1: that is That's why in the Constitution it says that

620
00:32:49,320 --> 00:32:52,959
Speaker 1: these are self evident. This is not something that has

621
00:32:53,000 --> 00:32:56,239
Speaker 1: been given by a government. And so then he points out,

622
00:32:56,360 --> 00:33:02,240
Speaker 1: this is the the the purpose the law at its most,

623
00:33:02,320 --> 00:33:05,920
Speaker 1: at its purest form, the law is there to be

624
00:33:06,040 --> 00:33:11,760
Speaker 1: the collective enforcement of individual rights, and that is it.

625
00:33:12,520 --> 00:33:14,960
Speaker 1: And if that were the case, if that's what the

626
00:33:15,040 --> 00:33:18,040
Speaker 1: law was used for today, then nobody would care who

627
00:33:18,080 --> 00:33:20,800
Speaker 1: was in power, nobody would care about voting, nobody would

628
00:33:21,000 --> 00:33:23,760
Speaker 1: would care who's making the laws, because if the law

629
00:33:23,840 --> 00:33:26,800
Speaker 1: was restricted to the collective enforcement of the protection of

630
00:33:26,840 --> 00:33:30,400
Speaker 1: individual rights, then it wouldn't matter who's in power or

631
00:33:30,480 --> 00:33:33,480
Speaker 1: who what laws they're making, because the only thing that

632
00:33:33,520 --> 00:33:36,120
Speaker 1: they can do is protect your individual rights that you

633
00:33:36,160 --> 00:33:39,560
Speaker 1: are protecting by yourself anyway you're the law could not

634
00:33:39,600 --> 00:33:43,360
Speaker 1: be used to infringe on rights. The only reason then

635
00:33:43,560 --> 00:33:45,600
Speaker 1: why we do care about voting and we do care

636
00:33:45,640 --> 00:33:49,560
Speaker 1: about whose in power is because the law is used

637
00:33:49,760 --> 00:33:52,760
Speaker 1: to infringe on rights. So we have to make sure

638
00:33:53,000 --> 00:33:55,320
Speaker 1: that we don't have somebody in power who's going to

639
00:33:55,400 --> 00:33:57,680
Speaker 1: infringe on our rights at the you know, at the

640
00:33:57,800 --> 00:34:00,360
Speaker 1: very least, have somebody in power who won't fringe on

641
00:34:00,400 --> 00:34:03,160
Speaker 1: our rights. And for many people, best case scenario put

642
00:34:03,200 --> 00:34:06,160
Speaker 1: somebody in power who will infringe on the rights of

643
00:34:06,200 --> 00:34:09,280
Speaker 1: my enemies. And so for many people on the left,

644
00:34:09,400 --> 00:34:11,200
Speaker 1: this is why they want to put people in power

645
00:34:11,200 --> 00:34:14,279
Speaker 1: who will raise taxes, because hey might as well take

646
00:34:14,320 --> 00:34:17,879
Speaker 1: away the property by force, because if if people don't

647
00:34:17,880 --> 00:34:20,879
Speaker 1: pay taxes, they go to jail by force and take

648
00:34:20,920 --> 00:34:23,920
Speaker 1: it away, and better yet, give it to me. And

649
00:34:24,000 --> 00:34:25,839
Speaker 1: so I want to put people in power who will

650
00:34:25,960 --> 00:34:29,720
Speaker 1: take infringe on the rights of my enemies for my benefit.

651
00:34:30,120 --> 00:34:33,239
Speaker 1: And so the law is Frederick bost Yacht's response to

652
00:34:33,280 --> 00:34:36,880
Speaker 1: the Communist Manifesto and it is uh fantastic. I highly

653
00:34:36,880 --> 00:34:39,000
Speaker 1: recommend it for anybody who has not read it. Number

654
00:34:39,040 --> 00:34:42,880
Speaker 1: five is the Almanac of Noval Ravi Kant Um Noval

655
00:34:42,960 --> 00:34:47,239
Speaker 1: Robbie Kant tweeted a thread on Twitter a few years ago.

656
00:34:47,719 --> 00:34:52,080
Speaker 1: It was an absolutely we went viral, very very insightful

657
00:34:52,400 --> 00:34:55,879
Speaker 1: uh small statements on what it takes to succeed in life,

658
00:34:55,880 --> 00:35:00,880
Speaker 1: both you know, financially with health, UM, with happiness, what

659
00:35:01,040 --> 00:35:04,759
Speaker 1: to focus on in today's day and age with technology, UM,

660
00:35:04,880 --> 00:35:08,360
Speaker 1: how to use technology in order to build wealth, what

661
00:35:08,440 --> 00:35:10,640
Speaker 1: kind of skills to focus on, what kind of things

662
00:35:10,680 --> 00:35:14,600
Speaker 1: to not focus on? UM, very very good tweet thread.

663
00:35:14,719 --> 00:35:16,680
Speaker 1: He went on a few podcasts talking about it, and

664
00:35:16,719 --> 00:35:23,520
Speaker 1: then author Eric Jorgensen took this um uh. He basically

665
00:35:23,520 --> 00:35:26,879
Speaker 1: combined it into a book, transcribed it um and put

666
00:35:26,880 --> 00:35:29,640
Speaker 1: it into book form for anybody who wanted to read

667
00:35:29,680 --> 00:35:32,160
Speaker 1: it as a book. And there's a lot more explanation

668
00:35:32,239 --> 00:35:34,640
Speaker 1: of each one of those statements in the book. So

669
00:35:34,880 --> 00:35:37,880
Speaker 1: the Almanac of Noval Robbie Kant absolutely fantastic. One of

670
00:35:37,880 --> 00:35:41,000
Speaker 1: the few books that I read multiple times. Uh. Number

671
00:35:41,040 --> 00:35:45,000
Speaker 1: six is Principles for Dealing with the Changing World Order

672
00:35:45,040 --> 00:35:48,399
Speaker 1: by Ray Dalio Um. Principles for Dealing with the Changing

673
00:35:48,440 --> 00:35:52,879
Speaker 1: World Order by Ray Dalio Um. This book is Oh

674
00:35:52,920 --> 00:35:54,719
Speaker 1: my gosh, I forgot to give you my favorite quote

675
00:35:54,719 --> 00:35:56,400
Speaker 1: from the Almanac of Noval Robbi Kant, So I'll go

676
00:35:56,440 --> 00:35:58,439
Speaker 1: back and give you that quote real quick. You get

677
00:35:58,480 --> 00:36:01,600
Speaker 1: rewarded by society for giving it what it wants and

678
00:36:01,680 --> 00:36:05,200
Speaker 1: doesn't know how to get it elsewhere. Um. Again, like

679
00:36:05,239 --> 00:36:08,799
Speaker 1: I said, just uh, real insightful on how to build

680
00:36:08,840 --> 00:36:11,960
Speaker 1: wealth and have success, all right. So number six Principles

681
00:36:11,960 --> 00:36:14,359
Speaker 1: for Dealing with the Changing World Order by Ray dalio

682
00:36:14,440 --> 00:36:19,680
Speaker 1: in today's uh Geopolitical mess Um, this is you know,

683
00:36:20,200 --> 00:36:22,200
Speaker 1: one of the most timely books here that I highly

684
00:36:22,200 --> 00:36:24,719
Speaker 1: recommend people read in order to understand what is going

685
00:36:24,760 --> 00:36:26,440
Speaker 1: on with our world today. It takes a look at

686
00:36:26,640 --> 00:36:30,200
Speaker 1: the last hundreds of years, compiles the rise and fall

687
00:36:30,239 --> 00:36:34,680
Speaker 1: of empires, and then archetypical structures for what happens, what

688
00:36:34,840 --> 00:36:37,360
Speaker 1: leads up to, and what causes the rise and fall

689
00:36:37,800 --> 00:36:41,799
Speaker 1: of great powers in our world, and shows how you know,

690
00:36:41,840 --> 00:36:44,240
Speaker 1: a lot of these things are happening right now today,

691
00:36:44,520 --> 00:36:49,880
Speaker 1: particularly UM focusing on the United States and China. UM.

692
00:36:50,000 --> 00:36:53,240
Speaker 1: The my favorite quote from this book. No system of government,

693
00:36:53,560 --> 00:36:58,640
Speaker 1: no economic system, no currency, and no empire lasts forever.

694
00:36:59,160 --> 00:37:04,879
Speaker 1: Yet almost everyone is surprised and ruined when they fail. Uh.

695
00:37:04,880 --> 00:37:08,759
Speaker 1: And so you can see here he's pointing out the

696
00:37:08,840 --> 00:37:12,040
Speaker 1: idea that many Americans and many people around the world

697
00:37:12,080 --> 00:37:17,080
Speaker 1: have today that America is the reigning superpower and always

698
00:37:17,120 --> 00:37:22,560
Speaker 1: will be. Yet the lifespan of reigning empires, superpowers, top

699
00:37:22,640 --> 00:37:25,480
Speaker 1: dogs in the world is very short. And when you

700
00:37:25,560 --> 00:37:27,680
Speaker 1: look at the markers that cause the rise and the

701
00:37:27,680 --> 00:37:32,040
Speaker 1: markers that show the fall of powers great powers, you

702
00:37:32,080 --> 00:37:34,680
Speaker 1: see a lot more today that show Americas on the

703
00:37:34,719 --> 00:37:37,680
Speaker 1: decline and other powers around the world are on the rise.

704
00:37:38,120 --> 00:37:41,080
Speaker 1: So basically, there's not much you can do about it,

705
00:37:41,080 --> 00:37:43,719
Speaker 1: but might as well be paying attention to what's going

706
00:37:43,760 --> 00:37:47,319
Speaker 1: on so that we can navigate it successfully position ourselves

707
00:37:47,360 --> 00:37:52,280
Speaker 1: to benefit from it. Number seven Enough Already by Scott

708
00:37:52,280 --> 00:37:55,800
Speaker 1: Horton UM. This is a book about ending the twenty

709
00:37:55,880 --> 00:37:59,359
Speaker 1: year War on Terror. UM. The title sums it up

710
00:37:59,600 --> 00:38:03,280
Speaker 1: enough our ready. Uh. Quote from this book, the policy

711
00:38:03,360 --> 00:38:06,520
Speaker 1: of American dominance in the Middle East amounts to murder

712
00:38:06,560 --> 00:38:10,839
Speaker 1: suicide on a mass scale. The treasury is empty, the

713
00:38:10,880 --> 00:38:14,600
Speaker 1: infantry is exhausted, the Bill of Rights is in tatters,

714
00:38:14,840 --> 00:38:18,360
Speaker 1: and the American people do not believe in the war anymore.

715
00:38:18,840 --> 00:38:22,440
Speaker 1: Twenty years is enough already. It is time to cancel

716
00:38:22,520 --> 00:38:25,600
Speaker 1: the failed war on terrorism. It is time to just

717
00:38:25,800 --> 00:38:28,920
Speaker 1: come home. We have built up that's that's the end

718
00:38:28,920 --> 00:38:31,640
Speaker 1: of the quote. We've built up this enormous military industrial

719
00:38:31,719 --> 00:38:37,319
Speaker 1: complex in this country. That UM gets insanely rich on

720
00:38:37,360 --> 00:38:41,799
Speaker 1: the taxpayers back by causing these endless wars to continue,

721
00:38:42,200 --> 00:38:44,920
Speaker 1: and they use that money to put politicians in place

722
00:38:45,400 --> 00:38:49,000
Speaker 1: and uh lobby for laws that will continue these endless

723
00:38:49,000 --> 00:38:52,239
Speaker 1: wars to continue happening so to the benefit of the

724
00:38:52,239 --> 00:38:56,720
Speaker 1: military industrial complex and to the detriment to the literal

725
00:38:57,200 --> 00:39:01,880
Speaker 1: hundreds of thousands of innocent lives and children and women

726
00:39:02,040 --> 00:39:05,279
Speaker 1: who have been slaughtered by American bombs in the Middle

727
00:39:05,320 --> 00:39:09,640
Speaker 1: East for the last two decades. It is there's no

728
00:39:09,719 --> 00:39:13,879
Speaker 1: excuse anymore. It is time to bring the troops home

729
00:39:13,960 --> 00:39:17,759
Speaker 1: and to end these endless wars. Um number eight What

730
00:39:17,840 --> 00:39:22,760
Speaker 1: I learned Losing a Million Dollars by Jim Paul Um.

731
00:39:22,920 --> 00:39:27,640
Speaker 1: Most books focus on what things you can do to

732
00:39:27,680 --> 00:39:33,040
Speaker 1: get success. Um. But the dirty little secret is how

733
00:39:33,120 --> 00:39:36,120
Speaker 1: much luck is involved. And so many hard working people

734
00:39:36,440 --> 00:39:38,839
Speaker 1: what they do and maybe most of the time without

735
00:39:38,880 --> 00:39:42,360
Speaker 1: realizing it is they do many many different things until

736
00:39:42,440 --> 00:39:46,879
Speaker 1: one thing works. And it's like, uh the commons saying

737
00:39:46,920 --> 00:39:49,080
Speaker 1: that the harder I work, the luckier I get, or

738
00:39:49,520 --> 00:39:54,000
Speaker 1: um that luck is where opportunity meets preparedness. That's all good.

739
00:39:54,200 --> 00:39:56,360
Speaker 1: You can't ignore the luck factor there though, And for

740
00:39:56,440 --> 00:39:59,920
Speaker 1: many people that first time success, you look at all

741
00:40:00,000 --> 00:40:02,600
Speaker 1: the things that they did in their life, it's, uh,

742
00:40:02,640 --> 00:40:05,320
Speaker 1: there's no evidence because the evidence is just missing. The

743
00:40:05,400 --> 00:40:07,239
Speaker 1: day is not there of all the other people who

744
00:40:07,320 --> 00:40:10,560
Speaker 1: did the exact same things but did not encounter that

745
00:40:10,600 --> 00:40:12,960
Speaker 1: one piece of luck, and so they didn't have that success,

746
00:40:13,000 --> 00:40:15,320
Speaker 1: and so their stories were never created and therefore I

747
00:40:15,440 --> 00:40:19,360
Speaker 1: never told. And so learning from people who have failed

748
00:40:19,600 --> 00:40:25,439
Speaker 1: is oftentimes much more reliable because you you you learn

749
00:40:25,480 --> 00:40:28,239
Speaker 1: an actual pitfall that you can avoid instead of just

750
00:40:28,440 --> 00:40:32,400
Speaker 1: a dice that you throw that might lead to success. Uh.

751
00:40:32,480 --> 00:40:35,760
Speaker 1: Comment favorite quote from this book. Success can be built

752
00:40:35,840 --> 00:40:41,120
Speaker 1: upon repeated failures when the failures are not taken personally. Likewise,

753
00:40:41,280 --> 00:40:44,840
Speaker 1: failure can be built upon repeated successes. Because when the

754
00:40:44,880 --> 00:40:48,800
Speaker 1: successes are taken personally. Um and so if you allow

755
00:40:48,880 --> 00:40:51,399
Speaker 1: yourself your ego to be inflated and think that your

756
00:40:51,400 --> 00:40:54,040
Speaker 1: success is because of you, then you're much more likely

757
00:40:54,080 --> 00:40:57,759
Speaker 1: to stumble and fall. Like on the flip side, if

758
00:40:58,120 --> 00:40:59,880
Speaker 1: if you continue to try things over and over and

759
00:41:00,000 --> 00:41:02,160
Speaker 1: over again, and you fail over and over and over again,

760
00:41:02,640 --> 00:41:04,520
Speaker 1: but you don't take it personally and just say, hey,

761
00:41:04,560 --> 00:41:07,319
Speaker 1: it's business, this is the cost of finding success some day,

762
00:41:07,520 --> 00:41:09,880
Speaker 1: then you're much more likely to find success some day

763
00:41:09,920 --> 00:41:12,000
Speaker 1: instead of that first failure saying oh what was me

764
00:41:12,040 --> 00:41:15,680
Speaker 1: and then giving up forever alright. Number nine The Price

765
00:41:15,800 --> 00:41:19,560
Speaker 1: of Tomorrow by Jeff Booth. I've referenced this book many times,

766
00:41:19,560 --> 00:41:22,880
Speaker 1: read it many times, interviewed Jeff on my YouTube channel.

767
00:41:22,920 --> 00:41:24,600
Speaker 1: I'm going to try and get him on this podcast

768
00:41:24,640 --> 00:41:27,680
Speaker 1: as well because it is such an important book. Most

769
00:41:27,719 --> 00:41:30,520
Speaker 1: people have no idea how beneficial deflation is over the

770
00:41:30,560 --> 00:41:33,200
Speaker 1: long term, how it is essential to be able to

771
00:41:33,239 --> 00:41:37,000
Speaker 1: have long term growth of wealth, and how it is

772
00:41:37,040 --> 00:41:39,560
Speaker 1: the natural force of nature and will take over. And

773
00:41:39,600 --> 00:41:42,960
Speaker 1: we have a monetary system and a financial system built

774
00:41:42,960 --> 00:41:46,920
Speaker 1: on inflation that is doomed to fail because it is

775
00:41:46,960 --> 00:41:51,120
Speaker 1: contrary to nature. My favorite quote from this book is

776
00:41:51,520 --> 00:41:55,920
Speaker 1: it took trillion dollars of debt to produce about forty

777
00:41:56,040 --> 00:42:00,640
Speaker 1: six trillion dollars of GDP growth over the last twenty years, um,

778
00:42:00,680 --> 00:42:03,279
Speaker 1: showing how this is unsustainable number one. And you have

779
00:42:03,400 --> 00:42:07,439
Speaker 1: to have an exponential growth in the pile of debt

780
00:42:07,880 --> 00:42:11,720
Speaker 1: under a Fiat inflationary system in order to cause growth,

781
00:42:11,840 --> 00:42:14,960
Speaker 1: meaning the number of the worth of the value of

782
00:42:14,960 --> 00:42:18,240
Speaker 1: the economies to go up. And so it's unsustainable because

783
00:42:18,239 --> 00:42:21,759
Speaker 1: at some point, a small percentage drop in the debt

784
00:42:22,000 --> 00:42:25,000
Speaker 1: wipes out the entire GDP. And that's the road that

785
00:42:25,040 --> 00:42:27,440
Speaker 1: we're headed towards. It's like you have a dam that's

786
00:42:27,440 --> 00:42:30,560
Speaker 1: building up, a river that's flowing, a deflationary river that's flowing,

787
00:42:30,800 --> 00:42:32,640
Speaker 1: keep on building up a bigger and bigger dam because

788
00:42:32,680 --> 00:42:35,000
Speaker 1: more and more deflation is piling up behind it, and

789
00:42:35,000 --> 00:42:37,000
Speaker 1: it keeps on, you know, eventually getting over the top

790
00:42:37,040 --> 00:42:39,760
Speaker 1: of the damn. Well, at some point the dam breaks

791
00:42:39,840 --> 00:42:43,560
Speaker 1: and all that deflation rushes forward and destroys you know, uh,

792
00:42:43,840 --> 00:42:47,040
Speaker 1: just you know, wipes out a lot of stuff that

793
00:42:47,080 --> 00:42:50,440
Speaker 1: has been built on that system that wouldn't have been

794
00:42:50,440 --> 00:42:52,600
Speaker 1: there if you would have just allowed the deflation to

795
00:42:52,640 --> 00:42:58,800
Speaker 1: occur naturally without intervention. UH Number ten, How Innovation Works

796
00:42:58,920 --> 00:43:02,279
Speaker 1: by Matt Ridley. How Innovation Works by Matt Ridley. H

797
00:43:02,400 --> 00:43:05,400
Speaker 1: My favorite quote from this book is innovation is the

798
00:43:05,600 --> 00:43:10,239
Speaker 1: child of freedom and the parent of prosperity. UM. Detailing

799
00:43:10,440 --> 00:43:15,040
Speaker 1: just example after example after example throughout history of how

800
00:43:15,280 --> 00:43:20,160
Speaker 1: most major leaps forward in technology, wealth progress, success, growth,

801
00:43:20,239 --> 00:43:26,200
Speaker 1: inventions um. Revolutions in technology like the industrial or agricultural revolution.

802
00:43:26,800 --> 00:43:30,600
Speaker 1: These things were not the result of government intervention. They

803
00:43:30,600 --> 00:43:33,399
Speaker 1: weren't like a committee getting together and saying, hey, we're

804
00:43:33,440 --> 00:43:35,239
Speaker 1: going to invent the steam engine, and then we're going

805
00:43:35,280 --> 00:43:37,800
Speaker 1: to use that steam engine to build a bunch of

806
00:43:38,200 --> 00:43:41,520
Speaker 1: trains and boats and things that will cause the Industrial Revolution.

807
00:43:41,600 --> 00:43:45,440
Speaker 1: It's like, that's not how it happened at all. It's years, decades,

808
00:43:45,480 --> 00:43:51,280
Speaker 1: centuries of tinkering, very small innovations, noticing one thing happening,

809
00:43:51,320 --> 00:43:54,200
Speaker 1: so trying out a bunch of other things failure over

810
00:43:54,280 --> 00:43:58,239
Speaker 1: and over and over and over again. That causes one

811
00:43:58,280 --> 00:44:01,880
Speaker 1: thing to stick that sparks a wildfire that causes massive

812
00:44:01,920 --> 00:44:08,200
Speaker 1: growth and massive change. That's how UH innovation happens. Under freedom,

813
00:44:08,400 --> 00:44:11,759
Speaker 1: the freedom to fail, the freedom to experiment any time

814
00:44:11,800 --> 00:44:15,600
Speaker 1: you have areas that regulation comes in and clamps down

815
00:44:15,960 --> 00:44:20,920
Speaker 1: and doesn't allow experimentation to happen freely. Then you stall

816
00:44:21,000 --> 00:44:23,640
Speaker 1: out and stop all innovation from happening, and the growth

817
00:44:23,680 --> 00:44:28,960
Speaker 1: there just dies. And you cannot have prosperity or an

818
00:44:29,000 --> 00:44:33,680
Speaker 1: increase in prosperity without allowing that to continue, because otherwise

819
00:44:33,760 --> 00:44:36,960
Speaker 1: we're playing with the same uh, same stuff that we have.

820
00:44:37,160 --> 00:44:40,640
Speaker 1: We're not creating any any new stuff. Um. And so

821
00:44:40,719 --> 00:44:43,960
Speaker 1: it's not sustainable. You have to have freedom that gives

822
00:44:43,960 --> 00:44:48,880
Speaker 1: birth to innovation, which gives birth to prosperity. UM. So

823
00:44:49,200 --> 00:44:53,880
Speaker 1: I highly recommend this book, very very insightful Number eleven.

824
00:44:54,000 --> 00:44:57,560
Speaker 1: When Money Dies by Adam Ferguson. When Money Dies by

825
00:44:57,600 --> 00:45:02,080
Speaker 1: Adam Ferguson. This book details the fall of the Weimar

826
00:45:02,160 --> 00:45:06,600
Speaker 1: Republic in Germany the hyper inflation that took place during

827
00:45:06,600 --> 00:45:11,000
Speaker 1: that time. UM. I like this book because it points

828
00:45:11,000 --> 00:45:12,960
Speaker 1: out a lot of things that are happening today. You

829
00:45:13,000 --> 00:45:17,359
Speaker 1: start to see, oh, I'm seeing that take place today.

830
00:45:17,400 --> 00:45:21,160
Speaker 1: I'm seeing little hints of those things be repeated today. UM.

831
00:45:21,280 --> 00:45:23,319
Speaker 1: One of the things that's scary is that you see

832
00:45:23,400 --> 00:45:26,640
Speaker 1: very clearly how this birth Nazi Germany, how you see

833
00:45:26,680 --> 00:45:29,840
Speaker 1: the hatred for the Jews start to be fermented, and

834
00:45:30,120 --> 00:45:33,040
Speaker 1: those seeds started to be planted during this time that

835
00:45:33,160 --> 00:45:37,880
Speaker 1: ultimately paved the way for Nazi Germany to happen, for

836
00:45:37,920 --> 00:45:41,719
Speaker 1: the Holocaust to happen. Um, that contempt and that resentment

837
00:45:41,760 --> 00:45:45,600
Speaker 1: started building during this time, UM and so uh it

838
00:45:45,719 --> 00:45:49,839
Speaker 1: details how the fall of money just completely destroys the society. UH.

839
00:45:49,960 --> 00:45:53,120
Speaker 1: Favorite quote from this book in hyper inflation, A kilo

840
00:45:53,200 --> 00:45:56,640
Speaker 1: of potatoes was worth two some more than the family silver,

841
00:45:57,040 --> 00:46:00,200
Speaker 1: a side of pork more than the grand piano. A

842
00:46:00,320 --> 00:46:03,840
Speaker 1: prostitute in the family was better than an infant corpse.

843
00:46:04,440 --> 00:46:08,920
Speaker 1: Theft was preferable to starvation. Warmth was finer than honor,

844
00:46:09,360 --> 00:46:13,840
Speaker 1: clothing more essential than democracy, food more needed than freedom.

845
00:46:14,600 --> 00:46:20,600
Speaker 1: Shows how Number one it flips in a society the morals. So,

846
00:46:21,520 --> 00:46:24,239
Speaker 1: because all the incentives are flipped when you destroy the

847
00:46:24,280 --> 00:46:27,920
Speaker 1: money like this, um, things like freedom and democracy and

848
00:46:28,040 --> 00:46:34,000
Speaker 1: honor and uh you know children, um, and uh you know,

849
00:46:34,080 --> 00:46:37,879
Speaker 1: trying to create better life for people. Oh, that goes

850
00:46:37,920 --> 00:46:40,400
Speaker 1: out the window, gets flipped on its head, and survival

851
00:46:40,440 --> 00:46:44,879
Speaker 1: becomes the only thing, um that people care about. UM.

852
00:46:44,960 --> 00:46:47,760
Speaker 1: And so it causes all these things that are immoral

853
00:46:47,840 --> 00:46:51,759
Speaker 1: to be valued or taken you know, those actions get

854
00:46:51,760 --> 00:46:55,520
Speaker 1: taken place, UM are chosen because people just have to

855
00:46:55,560 --> 00:46:58,680
Speaker 1: survive UM. And so it just destroys the society that way.

856
00:46:58,680 --> 00:47:01,799
Speaker 1: And the number two as as it details through, it

857
00:47:02,120 --> 00:47:04,640
Speaker 1: shows really like, you know things, you know, if this

858
00:47:04,640 --> 00:47:07,279
Speaker 1: were to happen here, it's very easy to see now

859
00:47:07,320 --> 00:47:08,800
Speaker 1: what I could do to prepare for that, so I

860
00:47:08,800 --> 00:47:11,080
Speaker 1: wouldn't be vulnerable like all these people who never thought

861
00:47:11,080 --> 00:47:14,919
Speaker 1: it could happen. UM. And so I highly recommend that book.

862
00:47:14,920 --> 00:47:17,279
Speaker 1: And then the last book here on the list is

863
00:47:17,480 --> 00:47:21,000
Speaker 1: Market Wizards. Really any of the Market Wizards books author

864
00:47:21,080 --> 00:47:24,200
Speaker 1: is Jack Schwager or it might be pronounced Schwager, I'm

865
00:47:24,239 --> 00:47:27,279
Speaker 1: not sure. UM, But any of the books he's got,

866
00:47:27,320 --> 00:47:30,120
Speaker 1: I think four or five of them Market Wizards, Unknown

867
00:47:30,120 --> 00:47:34,799
Speaker 1: Market Wizards, Hedge Fund Market Wizards, the New Market Wizards, uh,

868
00:47:34,840 --> 00:47:37,640
Speaker 1: the Little Book of Market Wizards. UM, all of them

869
00:47:37,640 --> 00:47:40,399
Speaker 1: are fantastic. The original one is Market Wizards, and it's

870
00:47:40,440 --> 00:47:42,360
Speaker 1: really interesting to see, you know, this book was written

871
00:47:42,760 --> 00:47:45,560
Speaker 1: I think in the eighties, maybe the nineties, and uh,

872
00:47:45,719 --> 00:47:48,719
Speaker 1: some of the most successful traders and investors. He goes

873
00:47:48,719 --> 00:47:51,640
Speaker 1: through and he interviews, uh, just you know, asking them,

874
00:47:51,680 --> 00:47:53,840
Speaker 1: you know what, what caused your success? Were some of

875
00:47:53,840 --> 00:47:56,200
Speaker 1: your biggest failures? Where are some biggest lessons you've learned?

876
00:47:56,520 --> 00:47:58,040
Speaker 1: Um And in all the books he goes through and

877
00:47:58,040 --> 00:48:00,359
Speaker 1: he does this, he interviews all these people and it's

878
00:48:00,360 --> 00:48:02,040
Speaker 1: really interesting to see some of the people that he

879
00:48:02,080 --> 00:48:04,640
Speaker 1: identified early on that went on to have like massive

880
00:48:04,680 --> 00:48:08,240
Speaker 1: success and become some of the biggest players. Um And again,

881
00:48:08,280 --> 00:48:10,160
Speaker 1: like I said earlier, how they all have some of

882
00:48:10,200 --> 00:48:13,400
Speaker 1: the same answers you start to identify. Okay, this is

883
00:48:13,440 --> 00:48:16,160
Speaker 1: important to every single one of them. It's probably something

884
00:48:16,200 --> 00:48:18,879
Speaker 1: that should be important to me. Uh. Favorite quote from

885
00:48:18,920 --> 00:48:21,840
Speaker 1: that book. It's not about being right, it's about making money.

886
00:48:22,120 --> 00:48:24,520
Speaker 1: Many people in investing in trading say, oh, you know,

887
00:48:24,560 --> 00:48:26,320
Speaker 1: I was right about that. I told you Tesla was

888
00:48:26,360 --> 00:48:28,040
Speaker 1: going to go up, and it went up, And so

889
00:48:28,080 --> 00:48:29,840
Speaker 1: they feel good about being right. And you ask him, well,

890
00:48:29,840 --> 00:48:31,279
Speaker 1: how much money did you make on it? I didn't

891
00:48:31,320 --> 00:48:33,520
Speaker 1: invest in it, Well what were you invested? Instead? I

892
00:48:33,560 --> 00:48:36,000
Speaker 1: invested in this crypto or this n f T or uh,

893
00:48:36,040 --> 00:48:38,960
Speaker 1: you know, Amazon or whatever. And it's like, okay, well,

894
00:48:39,000 --> 00:48:42,640
Speaker 1: then clearly you weren't right because you didn't believe enough

895
00:48:42,680 --> 00:48:45,080
Speaker 1: in that call to actually put money on the line.

896
00:48:45,120 --> 00:48:47,520
Speaker 1: And so in investing and trading, that's all that matters.

897
00:48:47,560 --> 00:48:49,600
Speaker 1: It's just profits that's in investing in trading. The only

898
00:48:49,600 --> 00:48:53,080
Speaker 1: thing matters is making money. That is the absolute only goal. Um.

899
00:48:53,160 --> 00:48:55,719
Speaker 1: And so it's not about being right. I care less

900
00:48:55,719 --> 00:48:58,279
Speaker 1: I was right, but I'm going to invest in a

901
00:48:58,320 --> 00:49:01,200
Speaker 1: way that I'm gonna make money. Um. And so regardless

902
00:49:01,239 --> 00:49:04,000
Speaker 1: of whether what I think should happen or want to

903
00:49:04,040 --> 00:49:06,200
Speaker 1: happen ends up happening, I'm gonna invest in a way

904
00:49:06,239 --> 00:49:08,560
Speaker 1: to make money. So those are the twelve books to

905
00:49:08,600 --> 00:49:11,480
Speaker 1: get you started. Whether you finish those in the first

906
00:49:11,600 --> 00:49:14,680
Speaker 1: month or whether you finish those over the course of

907
00:49:14,719 --> 00:49:17,719
Speaker 1: this year. That is a book list of twelve books

908
00:49:17,760 --> 00:49:20,439
Speaker 1: that I highly recommend you read during this year. Three

909
00:49:21,000 --> 00:49:25,000
Speaker 1: and um, please, I would highly encourage you to get

910
00:49:25,000 --> 00:49:27,440
Speaker 1: into the habit of reading more. If you are not

911
00:49:27,520 --> 00:49:31,400
Speaker 1: yet a high volume reader. It will transform your life,

912
00:49:32,000 --> 00:49:35,480
Speaker 1: especially if you pick out your books judiciously and focus

913
00:49:35,520 --> 00:49:39,160
Speaker 1: on the books that are guiding you little light light posts,

914
00:49:39,320 --> 00:49:43,359
Speaker 1: lighthouses shining light on the place that you want to go.

915
00:49:44,280 --> 00:49:46,799
Speaker 1: Thank you so much for listening. We will talk again.

916
00:49:46,840 --> 00:49:48,439
Speaker 1: I'll see again next week.