June 5, 2025 • 13 mins
You can download your FREE report on how you can avoid financial mistakes as a dentist using the link just here >>> dentistswhoinvest.com/podcastreport
———————————————————————
Wealth often feels like it belongs to a lucky few, but after reading over 50 books on money and success, I discovered the truth. The path to financial freedom is simpler than you think, though it often goes against conventional advice.
Books like Rich Dad, Poor Dad, The Psychology of Money, and many lesser-known gems all point to the same core idea: leverage. Whether through people, money, systems or content, wealthy individuals find ways to get more done with less effort.
We explore MJ DeMarco’s concept of the sidewalk, slow lane and fast lane, showing why so many people stay stuck financially. We also dive into Robert Kiyosaki’s Cashflow Quadrant and practical tools from Who Not How and Traction to help you take real action.
If you want to shift from working harder to building true wealth, this episode lays out the key principles that actually move the needle.
———————————————————————
Disclaimer: All content on this channel is for education purposes only and does not constitute an investment recommendation or individual financial advice. For that, you should speak to a regulated, independent professional. The value of investments and the income from them can go down as well as up, so you may get back less than you invest. The views expressed on this channel may no longer be current. The information provided is not a personal recommendation for any particular investment. Tax treatment depends on individual circumstances and all tax rules may change in the future. If you are unsure about the suitability of an investment, you should speak to a regulated, independent professional. Investment figures quoted refer to simulated past performance and that past performance is not a reliable indicator of future results/performance.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Dr James (00:00):
Everybody wants the fast track formula to getting
rich, and that included me aswell, and that's why I spent a
huge chunk of my life reading 50books on finance and wealth.
Turns out that when you readenough books, the answer is out
there, but it's a littlecounterintuitive to what you
might expect it to be.
I've spent the last 10 years ofmy life reading books on
(00:20):
finance and wealth and appliedthe lessons to my own life to
achieve success.
That includes the all-timeclassics like Rich Dad, poor Dad
and the Psychology of Money,but as well as that, a lot of
books that people don't knowabout that contain lessons that
are equally, if not more so,valuable.
It was Einstein who once saidthat everything should be made
as simple as possible, but notsimpler, and that's why, in this
(00:42):
video, I'm going to give youthe best takeaways from those 50
books, so that you can benefitfrom the knowledge contained
within them the highlightswithout having to put the hours
in that I did.
I'll also be sharing the mainreasons why so many people fail
at becoming wealthy and what youcan do to avoid that.
So let's get into it.
The very first book that we'regoing to talk about today is
(01:02):
this all-time classic, theAlmanac by Naval Ravikant.
What this book is is basicallya collection of tweets from a
chap called Naval Ravikant, whois a multi-millionaire, and
these tweets don't just talkabout finance and wealth, they
just talk about life in general.
Therefore, you might be sayingto me now, james, but what the
heck is this all got to do withfinance and money specifically,
(01:25):
and I can understand why youmight think that, and I suppose
the reason why this book was sopivotal to me and encouraged me
to go on a big journey ofdiscovery about money and wealth
is because of how NavalRavikant describes the concept
of leverage.
What is the concept of leverage?
It is the fundamental principleof maximizing your units of
(01:47):
output per unit of input.
So in this specific example,we're talking about returns, or
hourly rate, or pay or returnsand investing per unit time.
Naval breaks it down supersimply.
He says that, fundamentally, onthe face of this earth, there's
only four types of leverage,and every rich person who's ever
been successful or obtainedwealth has used these lessons,
whether they've realized it ornot.
(02:08):
They'll either have used onemethod or a combination of those
methods.
So what are the four types ofleverage that Naval describes in
this book.
The first concept is humanleverage.
What Naval means by that isusing staff or team members in
order to grow a business andincrease your productivity per
unit time.
The second form of leverage iscash leverage.
(02:30):
Obviously, what he means isinvesting.
When you understand how you caninvest and grow your money, you
can get a greater return onyour money per unit times, just
about knowing what to do.
The third type of leverage isautomation, as in software or
machines.
Obviously, if you can create asoftware, a piece of software,
or build a machine, or evenpurchase a machine that replaces
(02:50):
you in an activity that you doday on day, then what it will
mean is your productivity isincreased.
And the fourth type of leverage, and the one that everybody's
scared to do, is media, is toget in front of the camera, talk
, tell your story, your story,share lessons, share knowledge,
share wisdom and eventually, ifyou do that enough times, well,
(03:11):
that manifests into money inyour bank account, which is the
whole premise of how YouTubeworks, if you think about it.
So really, the key take home isthat if you want to get wealthy
, you must use at least one orsome combination of those forms
of leverage.
Categorically, the next thing Ithought to myself on my journey
was all right, this cashleverage we talked about just a
second ago sounds intriguing andit sounds like I need to know
how that works.
Then I picked up this book,which is how to Own the World,
(03:34):
which talks about how someonecan grow their money in the
stock market and how you canmanage your own investment
accounts.
According to Copley FundResearch, the average UK active
fund returns 8.21% per annum.
But if we know that theAmerican stock market returns
10% every single year, thenwhat's happening to the extra 2%
?
Not financial advice.
(03:55):
Do your own research.
Of course, these are just statsthat I'm recounting Now.
That might not sound like much,but if we're investing for long
periods of time, say towards aretirement fund, that can add up
to quite something.
That is significant.
I'm going to put a graph on thescreen right now which shows
you the return on £10,000 over40 years at various interest
(04:17):
rates.
The interest rates also doubleup as rates of return on
investment.
This graph is going to appearon the screen right now.
At a rate of return of 8% ayear, we'll give you about
$200,000 at the end of thatperiod, whereas that extra 2% on
top, that 10% will give youover $450,000.
So that 2%, depending on howyou look at it, you either
(04:39):
doubled your money or halvedyour money, so it's really
important to be able tounderstand this.
The next book that really helpedme on my journey was this book,
the Millionaire Fastlane, by MJDeMarco.
I reasoned to myself all right,brilliant, I already know how
to invest and I understand aboutcash leverage.
I'm good.
Now, the truth is, that doeswork, but it's only one method
(05:03):
that you can use to becomewealthy.
I really like this book, theMillionaire Fastlane, because it
talks about your journey towealth from a top-down fashion,
and the author just makes it sosimple.
He says right, if here is whereyou are and here's where you
want to get to, here being whereyou currently are financially
and here being financial freedom, you've only got three paths to
get there and even if you don'tselect a path actively, you'll
(05:27):
still be on one of them bydefault, without even realizing
it.
Mj DeMarco breaks those threepaths down as the sidewalk, the
slow lane and the fast lane.
And what does he mean by that?
The sidewalk if you're takingthe sidewalk on the slow lane
and the fast lane and what doeshe mean by that?
The sidewalk?
If you're taking the sidewalkon a journey while you're
walking, you're going very slowand you might get tired out
before you even get there,particularly if the journey is
(05:47):
long, as is the journey tofinancial freedom.
And what he means by that is,if you don't have a plan, you're
basically moving at a snail'space and you're unlikely to ever
achieve financial freedom,unless it's by blind fluke or
luck.
So if you don't care aboutmoney, you're not thinking about
your wealth, you're probably onthe sidewalk.
Next method he describes is theslow lane.
What that corresponds to isgrowing your wealth steadily in
(06:07):
the stock market over maybe 20,30, 40 years.
Now, it will get you to whereyou want to go.
It's a very reliable method.
Again, not financial advice.
Do your own research or consulta financial advisor if you're
uncertain about that.
However, the big thing toremember is it's not quick.
It does take a lot of time.
Therefore, if you wantsomething a little bit faster,
(06:28):
you need to think about othermethods.
The third method that MJDeMarco describes is the fast
lane.
The fast lane will get youthere extremely quick, but it is
dangerous.
You may crash and burn, you mayfail, you may fall, run into
obstacles, you may run your caroff the road that's the risk of
the fast lane but it also hasthe potential to achieve the
(06:50):
Holy Grail, which is financialfreedom and relative youth.
Mj DeMarco relates this tostarting a business and running
a business Obviously easier saidthan done, but really, if you
want to accelerate your journeytowards wealth, you have to
think about incorporating abusiness into your plans,
because it is such a formidablebeast that has allowed so many
(07:11):
people across the face of theearth Jeff Bezos, bill Gates,
elon Musk to attain great wealthvery fast.
The next book on my list thatwas pivotal for me is an
all-time classic Rich Dad, poorDad and really there's a lot of
lessons in this book, but thebiggest lesson that stuck with
me was the cashflow quadrant.
What is the cashflow quadrant?
Well, it's a really usefulframework that will help you
(07:32):
understand what you need to doin order to achieve passive
income, invest in assets and orgrow a business.
It works like this You've got aquadrant on the left-hand side,
as you look at it.
On the left-hand side of thequadrant, you've got employed
and self-employed.
On the right-hand side of thequadrant, you've got asset owner
and business owner, robertKiyosaki, makes the point that
(07:55):
if you stay on the left-handside of the quadrant, you're
always going to be exchangingtime for money, even if you're
self-employed, because whenyou're self-employed, you're
still employed.
You just own your own job, soyou get a greater slice of the
pie.
It's not until you take some ofthe wealth you generate over
here don't spend it all andtransfer it across to the
right-hand side of the quadrantthat you can start to invest in
(08:16):
assets and grow real wealth, andthose can be the stock market,
those can be property, those canbe a business.
You get to decide.
Just pick the asset that youlike in terms of characteristics
and just keep going until youget there.
The key thing to realize isyou've got to transfer some of
that wealth across to theright-hand side of the quadrant.
Now remember that I said at thestart that some of these books
are a little bit off the beatentrack and definitely not the
(08:39):
sort of books you see normallyrecommended in these videos.
In that spirit, my next book iswho, not how.
I reasoned to myself right.
I'd really like to grow abusiness.
Easier said than done.
How can I go about that?
And this book describes how youcan properly leverage teamwork
in order to achieve that.
What does the book talk about?
Well, the book talks aboutreplacing the word how in your
(09:01):
life with the word who, and Iguess the biggest takeaway for
me, which he points out in thebook, was to try to train
yourself to think in those terms.
There's a part in the book thatalways sticks in my mind and he
says, instead of saying toyourself, how can I achieve this
?
If you change that sentenceinto who can help me achieve
this, you'll achieve the samegoal, or probably do even better
(09:21):
with way less effort and hityour objectives way faster.
I retrain my brain to thinklike that.
If I have a problem, I alwaysthink to myself who do I know in
my rolodex that can really help, because their likelihood is
that they will know more aboutthe subject than me, be able to
get better results with lesseffort, and I'll probably also
learn from them along the way.
It's such a simple little tweakin your thinking that just
(09:42):
makes a huge difference in termsof output in your life.
It was really at this stage thatI realized that I wanted to
have some skin in the game inthe slow lane and the fast lane,
the slowly, and stuff investing.
You can pick it up with timeand knowledge.
It's just about repetition andpatience, whereas the fast lane
has potential to acceleratethings, and how that looked for
me was growing a business.
The next book on my list is thebook Traction by Gina Wickman.
(10:04):
This book is one of my favoritebooks of all time.
It talks about something calledthe entrepreneurial operating
system, which is effectively away to communicate KPIs
effectively to your team membersand your business and give them
accountability.
You meet with them every singleweek, you measure your progress
and you ensure you're hittingyour goals.
And for me, around about thattime I'd heard about KPIs, but I
(10:25):
was just flying blind a littlebit and hitting it open.
My companies now are way morestructured, we have effective
goals that we all agree on andI'm able to delegate
accountability to other people.
Because of that, it's one ofthe best books I've ever read.
Whenever it comes to businessis having really great protocols
(10:46):
, and that's why I'm going tothrow in a little bonus book,
which is the e-myth revisited,which shows you how to make
really killer protocols in abusiness a little bit of a bonus
one for everybody.
Both of those books complementeach other really, really,
really well.
I recommend reading tractionfirst.
I guess something that reallyhit home for me was this next
book, psychology of money byMorgan Housel.
What Morgan Housel does in thisbook is explore the psyche of
different generations and howthey view money traditionally
(11:10):
and how they could be subtlyinfluenced in ways that you
don't even realize, for example,your parents.
The narrative of how mostpeople got wealthy over the last
40, 50 years was that they usedthe slow lane method we talked
about earlier, as in theyinvested in the stock market or
they invested in property andthen gradually compounded their
wealth with time over manydecades.
It's important to remember thatthat, therefore, will be the
(11:33):
wisdom that our elders, in theera that we're currently in,
espouse, because that's whatworked for them and that's what
they know.
But you have to remember theylived through one of the
greatest boom periods of alltime through the stock market
and also property market.
One of the greatest boomperiods of all time for the
stock market and also propertymarket.
Does that necessarily mean thatthose methods will apply going
forwards?
In likelihood they will, butyou have to understand the world
(11:56):
has changed since their day andthere's so many other ways out
there that you can make moneyand grow your own wealth, and
that's the point that MorganHousel makes in this book.
Just be aware of how they think, so then you can choose whether
or not to listen to them andunderstand that they didn't make
their wealth in 2025.
Therefore, they're not likelyto be able to encourage you to
use those methods which workextremely well.
I'm referring to the fast lane,of course, and all those other
methods we talked about in thosebooks just a minute ago which
(12:19):
help somebody grow a business.
What's clear at this point isthat if you want to become
wealthy, fundamentally you needto employ leverage, as Neville
described it earlier, and thenthe second thing to understand
the second huge takeaway for meis that you need to move some of
your wealth from the left handside of the cash flow quadrant
over to the right.
It really is just aboutapplying these methods.
(12:40):
Anybody on the history ofplanet earth who has obtained
wealth has used these methods,whether you're conscious of them
or not.
At least if you know what theyare, you can be intentional
about it.
Part of becoming wealthy ispassive income, and that's why
I've made a video on the coolestways that I've ever found to
obtain passive income, whichyou'll find just here.
Everybody wants the fast track formula to getting
rich, and that included me aswell, and that's why I spent a
huge chunk of my life reading 50books on finance and wealth.
Turns out that when you readenough books, the answer is out
there, but it's a littlecounterintuitive to what you
might expect it to be.
I've spent the last 10 years ofmy life reading books on
(00:20):
finance and wealth and appliedthe lessons to my own life to
achieve success.
That includes the all-timeclassics like Rich Dad, poor Dad
and the Psychology of Money,but as well as that, a lot of
books that people don't knowabout that contain lessons that
are equally, if not more so,valuable.
It was Einstein who once saidthat everything should be made
as simple as possible, but notsimpler, and that's why, in this
(00:42):
video, I'm going to give youthe best takeaways from those 50
books, so that you can benefitfrom the knowledge contained
within them the highlightswithout having to put the hours
in that I did.
I'll also be sharing the mainreasons why so many people fail
at becoming wealthy and what youcan do to avoid that.
So let's get into it.
The very first book that we'regoing to talk about today is
(01:02):
this all-time classic, theAlmanac by Naval Ravikant.
What this book is is basicallya collection of tweets from a
chap called Naval Ravikant, whois a multi-millionaire, and
these tweets don't just talkabout finance and wealth, they
just talk about life in general.
Therefore, you might be sayingto me now, james, but what the
heck is this all got to do withfinance and money specifically,
(01:25):
and I can understand why youmight think that, and I suppose
the reason why this book was sopivotal to me and encouraged me
to go on a big journey ofdiscovery about money and wealth
is because of how NavalRavikant describes the concept
of leverage.
What is the concept of leverage?
It is the fundamental principleof maximizing your units of
(01:47):
output per unit of input.
So in this specific example,we're talking about returns, or
hourly rate, or pay or returnsand investing per unit time.
Naval breaks it down supersimply.
He says that, fundamentally, onthe face of this earth, there's
only four types of leverage,and every rich person who's ever
been successful or obtainedwealth has used these lessons,
whether they've realized it ornot.
(02:08):
They'll either have used onemethod or a combination of those
methods.
So what are the four types ofleverage that Naval describes in
this book.
The first concept is humanleverage.
What Naval means by that isusing staff or team members in
order to grow a business andincrease your productivity per
unit time.
The second form of leverage iscash leverage.
(02:30):
Obviously, what he means isinvesting.
When you understand how you caninvest and grow your money, you
can get a greater return onyour money per unit times, just
about knowing what to do.
The third type of leverage isautomation, as in software or
machines.
Obviously, if you can create asoftware, a piece of software,
or build a machine, or evenpurchase a machine that replaces
(02:50):
you in an activity that you doday on day, then what it will
mean is your productivity isincreased.
And the fourth type of leverage, and the one that everybody's
scared to do, is media, is toget in front of the camera, talk
, tell your story, your story,share lessons, share knowledge,
share wisdom and eventually, ifyou do that enough times, well,
(03:11):
that manifests into money inyour bank account, which is the
whole premise of how YouTubeworks, if you think about it.
So really, the key take home isthat if you want to get wealthy
, you must use at least one orsome combination of those forms
of leverage.
Categorically, the next thing Ithought to myself on my journey
was all right, this cashleverage we talked about just a
second ago sounds intriguing andit sounds like I need to know
how that works.
Then I picked up this book,which is how to Own the World,
(03:34):
which talks about how someonecan grow their money in the
stock market and how you canmanage your own investment
accounts.
According to Copley FundResearch, the average UK active
fund returns 8.21% per annum.
But if we know that theAmerican stock market returns
10% every single year, thenwhat's happening to the extra 2%
?
Not financial advice.
(03:55):
Do your own research.
Of course, these are just statsthat I'm recounting Now.
That might not sound like much,but if we're investing for long
periods of time, say towards aretirement fund, that can add up
to quite something.
That is significant.
I'm going to put a graph on thescreen right now which shows
you the return on £10,000 over40 years at various interest
(04:17):
rates.
The interest rates also doubleup as rates of return on
investment.
This graph is going to appearon the screen right now.
At a rate of return of 8% ayear, we'll give you about
$200,000 at the end of thatperiod, whereas that extra 2% on
top, that 10% will give youover $450,000.
So that 2%, depending on howyou look at it, you either
(04:39):
doubled your money or halvedyour money, so it's really
important to be able tounderstand this.
The next book that really helpedme on my journey was this book,
the Millionaire Fastlane, by MJDeMarco.
I reasoned to myself all right,brilliant, I already know how
to invest and I understand aboutcash leverage.
I'm good.
Now, the truth is, that doeswork, but it's only one method
(05:03):
that you can use to becomewealthy.
I really like this book, theMillionaire Fastlane, because it
talks about your journey towealth from a top-down fashion,
and the author just makes it sosimple.
He says right, if here is whereyou are and here's where you
want to get to, here being whereyou currently are financially
and here being financial freedom, you've only got three paths to
get there and even if you don'tselect a path actively, you'll
(05:27):
still be on one of them bydefault, without even realizing
it.
Mj DeMarco breaks those threepaths down as the sidewalk, the
slow lane and the fast lane.
And what does he mean by that?
The sidewalk if you're takingthe sidewalk on the slow lane
and the fast lane and what doeshe mean by that?
The sidewalk?
If you're taking the sidewalkon a journey while you're
walking, you're going very slowand you might get tired out
before you even get there,particularly if the journey is
(05:47):
long, as is the journey tofinancial freedom.
And what he means by that is,if you don't have a plan, you're
basically moving at a snail'space and you're unlikely to ever
achieve financial freedom,unless it's by blind fluke or
luck.
So if you don't care aboutmoney, you're not thinking about
your wealth, you're probably onthe sidewalk.
Next method he describes is theslow lane.
What that corresponds to isgrowing your wealth steadily in
(06:07):
the stock market over maybe 20,30, 40 years.
Now, it will get you to whereyou want to go.
It's a very reliable method.
Again, not financial advice.
Do your own research or consulta financial advisor if you're
uncertain about that.
However, the big thing toremember is it's not quick.
It does take a lot of time.
Therefore, if you wantsomething a little bit faster,
(06:28):
you need to think about othermethods.
The third method that MJDeMarco describes is the fast
lane.
The fast lane will get youthere extremely quick, but it is
dangerous.
You may crash and burn, you mayfail, you may fall, run into
obstacles, you may run your caroff the road that's the risk of
the fast lane but it also hasthe potential to achieve the
(06:50):
Holy Grail, which is financialfreedom and relative youth.
Mj DeMarco relates this tostarting a business and running
a business Obviously easier saidthan done, but really, if you
want to accelerate your journeytowards wealth, you have to
think about incorporating abusiness into your plans,
because it is such a formidablebeast that has allowed so many
(07:11):
people across the face of theearth Jeff Bezos, bill Gates,
elon Musk to attain great wealthvery fast.
The next book on my list thatwas pivotal for me is an
all-time classic Rich Dad, poorDad and really there's a lot of
lessons in this book, but thebiggest lesson that stuck with
me was the cashflow quadrant.
What is the cashflow quadrant?
Well, it's a really usefulframework that will help you
(07:32):
understand what you need to doin order to achieve passive
income, invest in assets and orgrow a business.
It works like this You've got aquadrant on the left-hand side,
as you look at it.
On the left-hand side of thequadrant, you've got employed
and self-employed.
On the right-hand side of thequadrant, you've got asset owner
and business owner, robertKiyosaki, makes the point that
(07:55):
if you stay on the left-handside of the quadrant, you're
always going to be exchangingtime for money, even if you're
self-employed, because whenyou're self-employed, you're
still employed.
You just own your own job, soyou get a greater slice of the
pie.
It's not until you take some ofthe wealth you generate over
here don't spend it all andtransfer it across to the
right-hand side of the quadrantthat you can start to invest in
(08:16):
assets and grow real wealth, andthose can be the stock market,
those can be property, those canbe a business.
You get to decide.
Just pick the asset that youlike in terms of characteristics
and just keep going until youget there.
The key thing to realize isyou've got to transfer some of
that wealth across to theright-hand side of the quadrant.
Now remember that I said at thestart that some of these books
are a little bit off the beatentrack and definitely not the
(08:39):
sort of books you see normallyrecommended in these videos.
In that spirit, my next book iswho, not how.
I reasoned to myself right.
I'd really like to grow abusiness.
Easier said than done.
How can I go about that?
And this book describes how youcan properly leverage teamwork
in order to achieve that.
What does the book talk about?
Well, the book talks aboutreplacing the word how in your
(09:01):
life with the word who, and Iguess the biggest takeaway for
me, which he points out in thebook, was to try to train
yourself to think in those terms.
There's a part in the book thatalways sticks in my mind and he
says, instead of saying toyourself, how can I achieve this
?
If you change that sentenceinto who can help me achieve
this, you'll achieve the samegoal, or probably do even better
(09:21):
with way less effort and hityour objectives way faster.
I retrain my brain to thinklike that.
If I have a problem, I alwaysthink to myself who do I know in
my rolodex that can really help, because their likelihood is
that they will know more aboutthe subject than me, be able to
get better results with lesseffort, and I'll probably also
learn from them along the way.
It's such a simple little tweakin your thinking that just
(09:42):
makes a huge difference in termsof output in your life.
It was really at this stage thatI realized that I wanted to
have some skin in the game inthe slow lane and the fast lane,
the slowly, and stuff investing.
You can pick it up with timeand knowledge.
It's just about repetition andpatience, whereas the fast lane
has potential to acceleratethings, and how that looked for
me was growing a business.
The next book on my list is thebook Traction by Gina Wickman.
(10:04):
This book is one of my favoritebooks of all time.
It talks about something calledthe entrepreneurial operating
system, which is effectively away to communicate KPIs
effectively to your team membersand your business and give them
accountability.
You meet with them every singleweek, you measure your progress
and you ensure you're hittingyour goals.
And for me, around about thattime I'd heard about KPIs, but I
(10:25):
was just flying blind a littlebit and hitting it open.
My companies now are way morestructured, we have effective
goals that we all agree on andI'm able to delegate
accountability to other people.
Because of that, it's one ofthe best books I've ever read.
Whenever it comes to businessis having really great protocols
(10:46):
, and that's why I'm going tothrow in a little bonus book,
which is the e-myth revisited,which shows you how to make
really killer protocols in abusiness a little bit of a bonus
one for everybody.
Both of those books complementeach other really, really,
really well.
I recommend reading tractionfirst.
I guess something that reallyhit home for me was this next
book, psychology of money byMorgan Housel.
What Morgan Housel does in thisbook is explore the psyche of
different generations and howthey view money traditionally
(11:10):
and how they could be subtlyinfluenced in ways that you
don't even realize, for example,your parents.
The narrative of how mostpeople got wealthy over the last
40, 50 years was that they usedthe slow lane method we talked
about earlier, as in theyinvested in the stock market or
they invested in property andthen gradually compounded their
wealth with time over manydecades.
It's important to remember thatthat, therefore, will be the
(11:33):
wisdom that our elders, in theera that we're currently in,
espouse, because that's whatworked for them and that's what
they know.
But you have to remember theylived through one of the
greatest boom periods of alltime through the stock market
and also property market.
One of the greatest boomperiods of all time for the
stock market and also propertymarket.
Does that necessarily mean thatthose methods will apply going
forwards?
In likelihood they will, butyou have to understand the world
(11:56):
has changed since their day andthere's so many other ways out
there that you can make moneyand grow your own wealth, and
that's the point that MorganHousel makes in this book.
Just be aware of how they think, so then you can choose whether
or not to listen to them andunderstand that they didn't make
their wealth in 2025.
Therefore, they're not likelyto be able to encourage you to
use those methods which workextremely well.
I'm referring to the fast lane,of course, and all those other
methods we talked about in thosebooks just a minute ago which
(12:19):
help somebody grow a business.
What's clear at this point isthat if you want to become
wealthy, fundamentally you needto employ leverage, as Neville
described it earlier, and thenthe second thing to understand
the second huge takeaway for meis that you need to move some of
your wealth from the left handside of the cash flow quadrant
over to the right.
It really is just aboutapplying these methods.
(12:40):
Anybody on the history ofplanet earth who has obtained
wealth has used these methods,whether you're conscious of them
or not.
At least if you know what theyare, you can be intentional
about it.
Part of becoming wealthy ispassive income, and that's why
I've made a video on the coolestways that I've ever found to
obtain passive income, whichyou'll find just here.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.