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Compound interest is a very powerful concept. Compound interest applies to more than just compounding capital. Compounding capital is just the beginning. Compound interest also happens in your reputation. If you have a sterling reputation and you keep building it for decades upon decades, people will notice. Your reputation will literally end up being thousands or tens of thousands of times more valuable than somebody else who was very talented but is not keeping the compound interest in reputation going. ...

Wealth is the thing you want. Wealth is the factory, the robots, cranking out things. Wealth is the computer program that’s running at night, serving other customers. Wealth is even money in the bank that is being reinvested into other assets, and into other businesses. Even a house can be a form of wealth, because you can rent it out, although that’s probably a lower productivity use of land than some commercial enterprise. So, my definition of wealth is much more businesses and assets that can earn while you sleep. ...

because it’s very hard to identify what the 1 percent is. What I’m saying is: when you find the 1 percent of your discipline which will not be wasted, which you’ll be able to invest in for the rest of your life and has meaning toyou—go all-in and forget about the rest.

Embrace accountability and take business risks under your own name. Society will reward you with responsibility, equity, and leverage.

Leverage comes in labor, comes in capital, or it can come through code or media.

Clear accountability is important. Without accountability, you don’t have incentives. Without accountability, you can’t build credibility. But you take risks. You risk failure. You risk humiliation. You risk failure under your own name. 如果你说同学们帮我擦黑板，那么就不会有人擦

There’s not really that much to fear in terms of failure, and so people should take on a lot more accountability than they do.

If you don’t own a piece of a business, you don’t have a path towards financial freedom. If you don’t own a piece of a business, you don’t have a path towards financial freedom.

Ownership versus wage work. If you are paid for renting out your time, even lawyers and doctors, you can make some money, but you’re not going to make the money that gives you financial freedom. You’re not going to have passive income where a business is earning for you while you are on vacation. Without ownership, your inputs are very closely tied to your outputs. In almost any salaried job, even one paying a lot per hour like a lawyer or a doctor, you’re still putting in the hours, and every hour you get paid. ...

In an investment firm, they’re buying equity. These are the routes to wealth. It doesn’t come through the hours.

I only really want to do things for their own sake. That is one definition of art. Whether it’s business, exercise, romance, friendship, whatever, I think the meaning of life is to do things for their own sake. Ironically, when you do things for their own sake, you create your best work. Even if you’re just trying to make money, you will actually be the most successful. ...

Mental models are concepts that represent your understanding of how something in the world works. Think of driving a car: What do you expect when you press down on the right-side pedal? If the car slows down, you’ll be surprised—that pedal is supposed to be the accelerator. The accuracy of your model of the world determines your expectations, decisions, behavior, and—in the long run—your results. ...

You should to know the problem exactly.

There is a difference between (A) what an MBA does to help you prove your abilities to others . (B) what getting an MBA actually does to improve your abilities. They are two different things.

Make something people want . . . There’s nothing more valuable than an unmet need that is just becoming fixable. If you find something broken that you can fix for a lot of people, you’ve found a gold mine.

It’s not really about hard work. You can work in a restaurant eighty hours a week, and you’re not going to get rich. Getting rich is about knowing what to do, who to do it with, and when to do it. It is much more about understanding than purely hard work. Yes, hard work matters, and you can’t skimp on it. But it has to be directed in the right way. ...

Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy. Ignore people playing status games. They gain status by attacking people playing wealth creation games. You’re not going to get rich renting out your time. You must own equity—a piece of a business—to gain your financial freedom. You will get rich by giving society what it wants but does not yet know how to get. At scale. ...

我绝不能让别人认为我很吝啬。于是我经常邀请朋友去餐厅吃饭；我还需要一辆大轿车来展现身份；此外，我还必须支付一些其他费用 —— 税收。最终，我只得求助于这一伟大的发明：信用卡。有了信用卡，我就不用自己付钱了，信用卡公司的人会帮我付款，至少我暂时先不用付钱了 …… 之后我就听到有人说：“他真是个人生赢家，他过的是头等生活。”我过起了头等生活：不喝气泡酒 —— 只喝香槟酒；不吃牛排 —— 只吃上等里脊。我想像一个富人一样，生活在未来世界。而很快，过去以账单、催债信和高贷款利率等方式不断地打扰我。作为一个业绩优异、收入颇丰的销售人员，我总是能够获得新的信用卡。于是我开始进行交替还款，也就是说，我得到一张新的信用卡，然后用新信用卡去还旧信用卡的账单。就这样，我将自己卷入了一个螺旋式下降的财务状态中。 ...

你越努力工作，你老板换豪车豪宅的机会越大。 你今天的收入就是你昨天所做之决定的结果，如果不理解这一点，你就不能说：“现在我要另做选择。

实现财务保障不要去冒险最重要的标准便是金钱的可支配性。你必须每天都有金钱收入。因此，你最好将你的金钱放进保险箱或是投入现金基金当中。在你实现财务保障之前，你都不应该去冒险。因此，你应该选择低风险的投资项目。但就算是这样，你还是要注意管控可能出现的风险。永远不要将你所有的金钱全都投进一个投资项目中，即使“你全部的资金”加起来只有 1000 欧元。记住，对风险的管控就意味着盈利机会的增加。在实现财务保障之前，请保持让财务安全处于中心位置。你应该容忍低利润率，将一部分现金存放在银行储蓄账户中。如果你仍想要投资基金，那么我向你推荐一个存款计划。 ...