Know what ideas are wealthy and healthy from “The Choose Yourself Guide to Wealth” by James Altucher
James Altucher has suffered depression, failed building 17 companies and lost his family. In spite of this, he has risen above the tides and brings us his wisdom with a never say die attitude. James’ work isn’t for the faint-hearted. Play by the old rules and get left behind, or use these new ideas as a guide to become wealthy.
LESSON 1: The 1% Rule
If you improve one aspect of your life by 1% each day, then in 1 year you will be 38 times better than you initially were. This is because of exponential growth. If you want to become a better reader you could start reading 10 pages a day and increase the amount you read by 1% every day. It can be a challenge to quantify what 1% is for certain things. For example if I wanted to improve my emotional health how would I measure a 1% improvement? Perhaps the number of times I smile throughout the day or the number of times I control my anger. Regardless of the metric you use, let’s just appreciate the concept. This rule is actually what inspired me to name this channel 1% better.
LESSON 2: Be an Idea Machine
Altucher is well known for praising the power of ideas. Becoming an idea machine has enabled him to earn money and has changed his life. Awesome experiences and devoting considerable time enable one to develop good ideas. He treats developing new ideas like training a muscle. To train your idea muscle, he instructs us to write down ten ideas every day on a writer’s pad. Don’t worry if they’re good or bad. If they are bad you can combine two ideas to come up with a better idea. It can be difficult to come up with 10 ideas everyday but the motive is to think of new ideas. Initially it is difficult but in the long run this practice is sure to bear fruit.
LESSON 3: 4 Unorthodox Things You Can Do to Change Your Life
1. Used two dollar bills: Altucher has thousands of two dollar bills. Whenever he tips with them people say “well I’ve never had one of those” James says “people will remember me and it’s a quick way to make new friends” This has also been very good on dates. Nobody ever forgets a guy with a roll of $2 bills.
2. Wear a doctor’s coat: Altucher wears one because it’s comfortable. It has big pockets. People actually treat him like a doctor. People move out of the way for him.
3. Use writer pads instead of an iPad: It’s because the iPad screen messes with your dopamine levels. Also a writer pad has a limited number of lines so it forces you to be concise. It’s also a great conversation piece in meetings.
4. Watch stand-up comedy: Comedians are the best public speakers in the world. Altucher watches comedy before meetings, dinner dates and media appearances. He’s scared and somewhat introverted but this gives him a boost of energy.
LESSON 4: How to Convince Anyone of Anything in 60 Seconds
Selling requires you to have many conversations and attempt to convince people of things. Here are the six things to think about when communicating.
1. Urgency: How do you create a sense of urgency for your solution?
2. Unique: Why is your product idea or solution unique?
3. Useful: Why is your solution useful?
4. Ultra: Specific people give specific details about what your solution does.
5. User-friendly: Make it as easy as possible for someone to say yes. Give them a money-back guarantee or a free giveaway.
6. Unquestionable: Show proof, statistics or testimonials to give your solution credibility
LESSON 5: How to Get an MBA From Eminem
Eminem is a genius at sales and competition and he demonstrates this in the movie “8-mile”. This movie is based in Detroit before the year 2000. In the first scene he’s having a rap battle and fails miserably but in the final battle he’s the only white guy and the entire audience is black. He goes up against a reigning champion that the audience loves. Amazingly Eminem absolutely dominates the final battle. How did Eminem win so easily, while Altucher analyzed the human biases that takes advantage of with his lyrical prowess. The rest of the movie explains how to be successful and of course the MBA from Eminem. His skills show the importance in depth.
The content is grasped from here.
Image credits- Google Images
Originally published at The Insider Tales.
