Hearted Youtube comments on James Jani (@JamesJani) channel.

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  39. If this channel was a stock, I'd put a lot of money in it. Wait, I'm still at wealth level = nothing. :-( Also, here's my summary (I always summarize the videos I consider most useful): • Check your beliefs about money. ○ Money is not bad, don't buy into that stereotype. ○ Studies: Most millionaires are self-made. • Your equation ("money = salary from a job") is wrong: ○ How much u earn from ur job depends on the time u put in - e. g. $20/h fulltime job -> 24 yrs to $1M (before expenses!) ○ Time = most precious resource -> that's a bad deal! • Rules of the game in a capitalist society: ○ You're paid in proportion to your perceived value (= equation to wealth) - The ppl that perceive ur value = the market (aka everyone) - It's about supply & demand (think: utility/value, price, efficiency, excess/scarcity etc.) - It's not about how hard u work, your passions etc.; the market doesn't give a fck □ That's why e. g. celebrities are paid more than cleaners - Pivotal question: How can I increase my (supply's) perceived value? ○ All money runs from this premise: If u want money, solve problems. - Million-dollar problems -> million-dollar solutions etc. - Always start w/ the problem: Listen to the market around u - What do ppl say they dislike/wish existed/is inconvenient/frustrating etc.? - Tip: Solving more/better problems @work = lever for a higher salary • A problem worth solving ○ Scalability: solution needs to affect a magnitude of people - e. g. physical yoga classes (job) -> online course (business) ○ Automation: systems/processes keep ur business running like a smooth machine ○ If it financially makes sense, outsource tasks or hire ppl to do it for you ○ Make sure your solution can be accessed by everyone in your market • The reward (two paths): ○ Continue the business for whatever reason (e. g. stick w/ ur baby; add more value to it; runs passively in the background) ○ Cash in, e.g. eBay's acquisition of PayPal for $1,5B (ca. 10% -> Elon's pockets) • What was it all for anyway? ○ It's not about the money itself (whose value is only backed up by our belief in it anyway) ○ It's about freedom -> ability to do what u want whenever u want w/o having to worry ("can I afford this?", "have I used up all my holidays this year?" etc.) ○ In the end, it's about the most valuable resource that we cannot rebuy: Time! • Conclusion: ○ Stop chasing money. Chase problems. Find solutions. Build a business around it. - Let solving problems be the meaningful struggle in your life! ○ Keep in mind: Most attempts will not succeed - Fail fast & move on to the next thing
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