Sahil Bloom
Appearances
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Hi guys, it's Tony Robbins. You're listening to Habits & Hustle. Crush it!
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
into what I viewed as a successful life, like what I would look back on and say, these were the right things to measure my life around. And I needed to change that. I needed to redefine the scoreboard around the things that I truly believe lead to that feeling of fulfillment, happiness, and joy. And so we went on a journey to do that. We sold our house in California, moved across the country.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I left my job. I started leaning into the things I was getting a ton of energy from, the writing being the biggest one, and started trying to craft and build a life around those new things and that new definition of what wealth looked like to me.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
There's nothing in it that's going to, I mean, it doesn't have enough caffeine that you'd have an issue, right?
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah. I have so many thoughts on this. So first off, you're absolutely right. Some of the richest people in the world are some of the most miserable people in the world. I mean, we all know a bunch of rich yet miserable people. You look at the Forbes top 10 richest people in the world, they have 13 combined divorces among them. Really? The top 10 have 13 divorces. So-
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Maybe it's higher. Maybe someone at like number 11 or 12 needs to sneak in and bump the numbers up for everybody because there are like one or two that have none. Look at Elon Musk.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah. You know? It's defining what you want. If what you want is to amass the greatest amount of financial wealth possible, and you don't care about being happy, and you don't care about being lonely, and you're happy to try to leave a legacy, whatever that means financially, then go do that. But the point is that that's not for everyone.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah. I feel that when I'm like four cold brews deep on any given day. Oh, I love cold brew. I only drink cold brew. Me too. And I have like an affinity for a large Dunkin' Donuts cold brew. And I don't, I actually don't drink the entire thing, but I like having the large. I can
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And so falling into that as the cultural default is dangerous because I know too many people, myself included, that I was marching down that path. Like I understand and I could see where it was going to end up. And I know I was going to wake up in 50 years and wonder what the fuck just happened. What did I just do with my life?
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And I just, I mean, when I think about all of this, what I think about is it's about awareness and action. And this is like for anything that you are consuming, reading, learning about. So many people get their dopamine from the information or awareness. You're like, oh, I read a book. And so you feel good about reading the book, right? But if you didn't do anything, it doesn't matter.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
If you didn't go act on one of the ideas from the book or go and actually change your life, it doesn't matter. And similarly, if you do one tiny thing, that might be the start, the spark that actually changes your life. So I think about that constantly. It's like awareness is incredible.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And understanding this, learning that there are different types of wealth, learning to have those discussions, contemplate, wrestle with the questions that the book asks you to wrestle with, to start thinking about what truly matters to you, defining those priorities. That is a first step. But the next one is actually going and doing one tiny thing. to create some tiny change in your life.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And when you do that, that becomes the thing you're addicted to. It's no longer the information gathering. Because my biggest fear is like, you know, we all have, and we've heard these stories, right? You read like the regrets from the dying, or you read a story about some tragic loss or something, and you read it and you internalize it, you send it to a friend, you're like, how sad is this?
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
How incredible, we all need to cherish our time. And then you go back and start living the exact same damn way that you were the day before. And my call to action, like what I'm pleading with anyone that reads this book, is to just take one of the thing, one of the ideas in there. And the whole book is filled with actual actions that you can do today. Go and do one thing.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It doesn't matter what it is either. And it doesn't have to be enormous. It doesn't have to be that you quit your job on the West Coast and fly 3,000 miles, change your whole life, rip the bandaid off. Just text a friend that you've been thinking about. If you're trying to change your health, go for a 15-minute walk.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I was like, okay.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
If you're trying to like find more space in your life mentally, journal for five minutes before going to bed. It's like the tiny thing that creates the momentum that can change everything.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
just makes me feel right it feels like it's like a somatic yeah it feels good totally and so like during the course of a day i'll end up getting like three of those and i don't drink them all but i have three and so people will like dm me being like i'm gonna call an ambulance like you can't you know 800 milligrams of caffeine that's really funny because a couple things i saw you walk in but i thought you had it from 7-eleven or something i know no i'm staying at the one hotel and they have like a really nice cafe and oh is that from that okay yeah yeah
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Absolutely.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Oh, you're writing something down. I like that. The stop is in the start. Yeah. You better tag me. No, I'm joking.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
We are aligned.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
There's scientific evidence to support that, by the way, the walking thing.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Stanford researchers did a study on walkers versus non-walkers and found that people who walked had a 60% increase in their creative output and the quality of their creative output than the non-walkers. Similarly, there was a bunch of research done about people walking together and how much more connected those two people feel after walking together versus sitting still together.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
So like having hard conversations, one of the best things you can do actually is if you're going to have a hard conversation with someone, do it on a walk. Both people end up feeling better about the way that the conversation went.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, it's why I mean, physical wealth is one of the pillars. I know it's a huge catalyst. Let's talk about it. I mean, I this is like one of my hot takes on life that there's no such thing as a loser who wakes up at 5am and works out. And totally, I say that over and over again. And people always get outraged by it every time I say it.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And what I'm talking about is that it's not about the workout. It's not about it's it's about what it means. It's about the ability that you create when you go and do that is that you convince yourself that you are someone that can do a hard thing because it's very hard to wake up early and work out. It's very hard to convince yourself to do that.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
The first thing I say when a young person comes to me and they're feeling lost in life, feeling stuck, is for 30 straight days, wake up at 5 a.m. and work out. I guarantee you will rewire your brain. You will immediately start identifying as a winner if you can do that because you're doing something hard. You're doing something you don't want to do. You're
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
you will feel the impact of that action after 30 days. You will look different. You will feel different. You will be more confident. You'll carry yourself. And that has ripple effects into every other area of your life.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, it's a catalyst into everything else. I mean, I tell the story of a young man in the book Throughout the book, there's all these stories of real people that I've interacted with and tell their stories. And there's a young man who was on the path to killing himself. And he was given a month free pass to go to a gym and decided, like, what the hell? I'm going to use it.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, I've taken magic mind before.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And he went one day and felt like shit from going. He was like, all right, I'm going to go another day. And he went the second day. And then he went the third day. Then he kind of felt a little good. He felt a little sore from some of the workouts. So he went the fourth day. And he went for 30 straight days. And at the end of the 30 days, he noticed he was getting dressed for work that day.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And his belt had gone a notch in from where it was. And the way he described it was that in that moment, he recognized that he had power, that he had control over the outcomes in his life. And that was something that he hadn't felt. He had felt completely powerless in his life. That was that feeling of feeling lost, feeling stuck.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And the fitness was a catalyst because it proved to him that he actually did have that power to make an action, to create an outcome. And that had ripple effects into every other area of his life. And now today he's inspiring millions of people. He's creating content. He's doing all of these incredible things. And it all started with this 30 day window and that tiny notch in his belt.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah. I mean, I was drinking six, seven nights a week. I mean, we can put a picture in the show notes or we can put it up. I mean, I looked like a different person in a lot of ways. And
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
My awkward childhood years of going to Abercrombie and not fitting into the clothes, I feel very vindicated right now. But you were a baseball player. You were an athlete, so you had to have looked okay. I was very strong. No, I was very strong, but I was foot jacked, if you know what that means. Like fat jacked? Yeah, yeah, yeah.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, we always used to talk about the football guys at Stanford used to talk about having a shallow water body where like they had like big traps and shoulders and chest, but their abs were like disgusting. So you'd stand in shallow water and look really good. I always that always cracked me up. That's pretty good. That's a pretty good term. I like that. The shallow water body.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
You should write that down. Shallow. Water body.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It's like sloppy lower abs, but pretty good up top.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, fat jacked. That is so hilarious. Some good terms. Oh my God, I love it. Yeah, I'm just creating value. That's why I'm an author, you know, because I come up with these great ideas. That's so good. Yeah, no, I... Fitness was definitely a huge catalyst in my life. And refinding, A, like just the simple things of walking every single day.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I mean, I mentioned we were really struggling to conceive. And that's something, I don't know, there's probably some listeners out there that have experienced this. It's something that people don't talk about.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
you bottle it up and you internalize it because it's it feels like a stigma and for women in particular there's this assumption of fault and my wife carried that burden and unfortunately i was not there to either help or bear that burden myself and frankly in hindsight i would argue that it was probably mostly me because i was not in any sort of health or shape or stress levels or all of these things that we now know impact fertility
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
to be there for her in the way that I needed to. And the most beautiful thing in all of this was made this big change, sold her house, moved back to the East Coast. Within two weeks of getting home, my wife got pregnant naturally. And... Wow.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It was just this like... unbelievable example. Whatever you believe in, God, energy, whatever it is, it was this unbelievable example of when energy comes into alignment, everything falls into place as it should. And I remember so vividly Coming home from the hospital after my son was born, pulling onto our street, and we turned into our driveway.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And, like, both of our sets of parents who lived in the area were there, like, cheering in the driveway. And just that moment, like, I will never forget that moment of feeling like we were truly home. Like, that feeling of having arrived in that way. Oh, that's so sweet.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Very lucky.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
She's not here with me right now. She's back home with our son. With your son. What's your son's name, by the way? Roman.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
She's still a rock star. She's the CEO of a healthcare technology startup in the Boston area. She was a physics major at Yale and then went to Harvard Business School and now is a CEO. And, you know, it's interesting. She's a real loser, you're right.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
But my relationship with my sister is, I write about it, and it's one of the most beautiful things in all of this, frankly, has been the metamorphosis of that relationship because I spent 30 years of my life
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
resenting my sister and feeling competitive and creating this dynamic with her that was fundamentally one of tension and one where like I couldn't get over the fact that she was achieving the things that I was supposed to be and that I resented that. And after my son was born,
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
i so clearly remember this one moment they came down to see him when he came back from the hospital and she has a son who is 11 months older than mine it was her first and we were together and we took a picture of the two of us holding our little boys and i looked at her and i remember this sensation that after 30 years of living together it was like i was meeting my sister for the first time
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Because we were, for the first time in our lives, we were in the same stage. We were in the same place in our lives. It was no longer this competitive resentment, all these things. We were just in it together. And it was this beautiful reminder to me that sometimes relationships blossom and bloom in a new season of your life when they haven't been there.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
in the past yeah like that relationship and the way that it has bloomed and the way that it has grown and the joy that i i find in it and that i hope she finds in it is um is really an amazing thing it's like it is really a reminder that there are people that are going to love you deeply that you have not even met yet
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I wrote it down. Now it's there.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It's going to be in my second book. That's going to be the whole thing. That's right.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
So I had started writing on Twitter originally about a year before we made the big change in our life. And that was, I was stuck at home. Like COVID, you live in California, like I was living in the Bay Area, the lockdowns happened. I was stuck at home. I was no longer commuting every single day. I was no longer traveling four days a week.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I didn't have a social life because you weren't allowed to see anybody. And so I was like, I need something to do to fill the time. And I had always loved writing, but never had a public outlet for it. At the time, I started writing these like originally threads on Twitter that were about finance, like about business, about finance, about things I was working on.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And people had started sharing them. I'd started kind of growing, you know, 15, 20,000 followers, like from 500. And I I was like, oh, this is enjoyable. I'm liking this. But what I realized really early on was I didn't really care about business and finance. I cared about humans. Like I cared about life, the things that we talk about now.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And so I started sort of like slowly broadening, opening the aperture of what I was talking about. And by May of 2021, when that drink with a friend happened, my Twitter platform had grown to maybe like 100,000 followers. And there was like seeds of the fact that there might be businesses you could build around it. Like people were coming to me asking about how to build their platform.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Startups I'd invested in were asking about like wanting to do more storytelling around their businesses. And so I could see a path where there was something else to do other than investing. But frankly, when we left California and when we were moving back to the East Coast, my initial thought was I'm going to go work at another investment fund.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Because that was all I knew. And like I come from a very risk averse family. Right. you know, like my dad's a tenured professor, like as risk averse a track as you can have. What does he do? What kind of professor though? Economics and demography. Oh, wow. Okay. Yeah. So he was, he's been at Harvard for the last 20, 25 years. He was the chair of the economics department at Columbia before that.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I don't know how you even handle it. But you can see like how the expectations around academic orientation were. Totally. Yeah.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Thank you for having me.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I've seen the other side of this so many times, watching your show and seeing it all over social media over the years. So it's a thrill to be in the seat. It feels weird.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Thank you.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Thank you. Thank you. Thank you.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Thank you.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Thank you. Thank you.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
An old soul my whole life. An old soul, yeah. I feel like I am probably an old soul, like from a young age. Definitely in college, like people used to call me Grandpa on the baseball team. That was mostly because I had an affinity for waking up at, like, 4 or 5 a.m. my whole life. Oh, wow. And so that meant I would go to bed at, like, 9.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Thank you.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And in college, that's very weird if you're, like, not going out and partying. And so, like, my roommate would always call me Grandpa. Like, the team that was what I was known as was Grandpa Bloom. But that had nothing to do with wisdom. That was just I had a weird schedule and circadian rhythm. But I, I mean, I come from a family that... was very like storytelling oriented.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
They've tracked people. They've done studies tracking people's eyes. And it's like 95% of the time, people are just looking at themselves. It's really funny.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It's funny that that still works.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Can you imagine the impact that that is having on an entire generation?
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
My mom and my grandmother on my mom's side were incredible storytellers. I just had like an ability to captivate people. And I feel like I sort of got that gene from them to some extent. And what it meant for me most of my life was that I was always fascinated by like the human condition. I've always just been fascinated by people's stories.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, I mean, you're removing all... This is something I think about a lot, by the way, and so I can't wait to watch your talk. Thank you. Because I think one of the biggest challenges is that we have removed all friction from our lives.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
If you go over the last 30 years, it's just like everything, right? We've tried to make dating easier, so now you can just... You don't have to go up to a girl at a bar. Nope. You don't have to deal with the rejection. You can desensitize yourself to the rejection because it's all through your phone. Yeah. And so what happens when you do that is...
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Later, you realize that actually the hard things were what was necessary to achieve the great outcomes. It's like, I mean, I talk about this with relationships all the time that like to build a great relationship, it has nothing to do with the Instagram moments because falling in love is very easy, but growing in love is very, very hard.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And growing in love is all about sitting in the mud with people. It's like having the hard conversations. It's not avoiding those moments of struggle and challenge. And the moments of doing nothing are where great relationships are actually built. It's not the manicured pictures and the perfect moments and the filtered, all of that stuff. It's really in the mud that that growth is found.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
33.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, you have to go back to the basics. Right. And it's the same principle that I think I'll adopt with my son as he gets older, which is like, there's a reason that the old fashioned things still exist because they work. Yeah. And that, by the way, goes for relationships just as much as for your health, just as much as for your money. All of the like boring, basic things really work.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And grounding yourself in those is important. And so like when I talk to friends who have struggled to find meaningful relationships, especially in big cities, it's like, well, have you tried just like going to a place where you know people will be similar values to you and just going and talking to someone?
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
So like if you're a friend that's really into health, you don't need to go on Tinder or whatever app is the thing and try to like find some perfect manicured picture of some girl. Right. Go to a farmer's market and like go up, strike up a conversation with someone that's also buying whatever weird health product that you're buying because chances are they're going to have similar values to you.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And it had nothing to do with like, oh, famous people or like, oh, billionaires and wanting to only talk to them. Like I will sit and chat with an Uber driver just as much as like a billionaire CEO that I'm going to meet. Right. I'm just fascinated by how people wrestle with these like universal challenges that humans struggle with. And so my whole life I've sort of been doing that.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
They're going to care about some of the things. If you love dogs, go to an outdoor dog park with your dog and like go meet someone that way. It's like people have lost sight of the fact that there are, uh, real normal ways to go and do that. And it's, I mean, the biggest challenge of why you say it's like it's the real pandemic is we know that social connection is essential to our health.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
The Harvard study of adult development found that the single greatest predictor of health at age 80 was your relationship satisfaction at age 50. Like how you felt about your relationships actually impacted your health in your later years. And we have an entire generation of people that are losing sight of that. You're stuck behind a phone.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
You're interacting with people here, but not with the people that are right in front of you.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I think you have to be, you have to re-find the importance of delayed gratification. And that just needs to be hammered into people's brains. I mean, like, I think the whole thing of friction or any of this stuff is fundamentally that, like, you have lost sight of the fact that delayed gratification is the key to life in all of these areas.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
The ability to do something hard now to achieve a reward later, that is where all of life comes And that's where the best things in life happen is when you're willing to do that. And so like with relationships and friendships, that is what it is. You have to do the hard, you have to show up for the person during the hard time if you want them to be there for you later and during the good times.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
This is all the book, by the way. This is good.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
The energy calendar. The energy calendar. That's a great one. I love that one. Everyone should do that. That's a really good one. Give me a few more like that. Easy to do. Yeah. So with mental wealth, I'll give you a couple. The first one is what I call my 1-1-1 method. Okay. So mental wealth, by the way, as I write about it, is your purpose, your growth.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It's your ability to create space in your life. So Viktor Frankl talks about the fact that your power... exists in the space between stimulus and response. So when you're living a life that feels crazy, busy, running around, tons of stimulus, and you're immediately responding to all of it, you have no space in between. In that space is your ability to choose the best response.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It's to slow things down. And creating space is the most important thing there. You have to find rituals and things on a daily basis that create that space. Maybe it's going for a five-minute walk between meetings. Maybe it's meditating. Maybe it's a prayer practice, whatever. In the evenings, I do something called the 1-1-1 method.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It's just now I get to kind of do that for a job, quote unquote.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I always wanted to journal my whole life, but you're probably wired similar to me. I thought that journaling meant like sit down for 30 minutes with a notebook and like write all this beautiful stuff with a candle lit and like this whole environment that I was going to create. And so as a result, I never did it.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I would be like, January 1st would come and I'd be like, I'm going to journal this year. And I'd sit down and I'd like, you know, for one day. And then by day three, inevitably I'd stop.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Maybe, maybe. I might be giving myself too much credit. So the 1-1-1 method was my way of breaking that. And what I did was I said, every single evening, right before bed, I'm going to write down one win from the day, something that went well, one point of stress, tension, or anxiety, something that I'm feeling, and then one point of gratitude, something I felt grateful for during the day.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It takes two to five minutes max. And you feel this unbelievable sense of calm and energy to end the day because you're recognizing a win. You're like giving yourself credit for that thing you did well, which most of us are really bad at doing. You're getting the point of stress or tension off your mind and onto the piece of paper, which helps you go to sleep at night as well.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And then you're recognizing some tiny beauty, something that you didn't pause to appreciate on a normal basis that you're forcing yourself to stop and recognize. And if you do that, you'll A, have a great journaling practice that is now built two to five minutes every single evening. And you'll feel an immediate calm and peace that I have found has massively improved my mental health.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I did my undergrad and then I stayed and did a master's there.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
The other one, which is maybe like slightly more involved, is to do something called a think day on a either quarterly or monthly basis.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
This is derived from originally, I first read about it, Bill Gates would take like a week off when he was building Microsoft in the 1980s, go out to a cabin in the woods and just read for a week and just think about all these like big picture questions that were facing the business. And I knew that like, I don't have a week. I can't take a week off and go and do that.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It's just not what I'm able to do. But the idea of pausing to just think about bigger picture questions in your work, in your life, and the things that you're doing is really important. And we never take the time to do that. So I do it now once a month where I will just like go to an Airbnb or go to a coffee shop and spend a few hours just wrestling with like a few bigger picture questions in life.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
In public policy.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
A couple of the questions I find really helpful. Mark Twain has this quote, it ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so. And that idea is that there's something in your life right now that you know for sure that just ain't so.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Like for me in my prior life, I knew for sure that making a bunch of money was going to make me feel happy and successful, but it just wasn't so.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And asking yourself that more regularly, like what do I automatically assume is correct in my life and in my approach to life that may not be? What am I marching on the path of that might actually be the wrong path? Forcing yourself to ask that question is really important. The other big one that I've contemplated a lot on these think days is, what are the boat anchors in my life?
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And a boat anchor is something that is creating a drag on your progress. Like it's literally sitting down in the sea floor behind you. You're trying to drive the boat forward and it's just sitting there dragging in the mud. It won't let you go full speed. That could be people. In a lot of cases, it is.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It's someone that's telling you to be realistic, telling you to come back home, laughing at your ambitions. It could be actions that you're taking, habits, mindsets, things that you're doing on a daily basis that are not conducive to the life that you're trying to create. So the point of all of this is create more space in your life. Create space, even if it's quarterly or if it's once a year.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Sit down and spend some time just thinking about some of the bigger picture things in your life. And the book has a whole series of question prompts for doing one of those Think Days. But I think those two questions get people started.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
You think it will, though.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
No, no, I don't know. I'm Canadian and baseball is not a big deal in Canada. We know hockey. It's only hockey.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, habits and hustle. Come on. I know. What was I thinking? Yeah, I mean... I said this earlier, I'm a crazy morning person. I'm one of those annoying morning people that everyone gets mad at. I don't ever find it easy to wake up early. People are like, oh, you must just get up feeling excited. I'm like, no, I hate waking up early every morning, but I do it because I know how it makes me feel.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I wake up at about 4.15 in the morning. I do that.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It's only hockey. I, it's funny that you say that because, so Chris Pronger is one of my like dear friends. He's like, you know, what, probably the, one of the top few most famous hockey players of all time. And I was with him last week and he was saying the exact same thing that like no one played baseball. He was like, if you didn't play hockey, like no one, no one would even talk to you.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah. Every day? Yeah, every day. On purpose.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
on purpose yeah i mean i do that because it gives me several hours before the day really starts like before my son is up before all the emails start before texts are coming in i have like a few hours of peace for myself where i can really focus on those couple of things that really matter and so like when you talk about when life gets really busy when the day starts it's very hard to deploy actual energy into those couple of things that really matter i find that in the morning
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And so for the last two years, that morning block, that morning window of work has been working on the book. And it was the only way that I knew for sure I was going to have two hours of dedicated time every single day. So I get up at 4.15. First thing I do is I go and get in my cold plunge. I see yours outside there, which I appreciate.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I use mine every single morning and have for several years now. That has been a practice that I've done on and off since like 2012 when I was in college.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Way before it was trending. And I didn't know that it was a thing. I didn't know that it improved health. I knew that it had a huge impact on my mentality and my mindset. And I knew that it made me feel like a badass. And when you feel like a badass, you operate like a badass. It's like what we said earlier about confidence. If you feel superhuman, then you're going to do superhuman shit.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, there you go. Exactly. Exactly. It's like, you know, it's like an alter ego. Alter ego. That's the whole thing. It's all about alter ego. You're creating this version of yourself that can go and do those things. And so I get up every morning and I do that. And then I'm at my desk by about five.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Start working.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
No, no, no.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
No, no, no. I don't do like four hour morning routine. My morning routine is like I get up, I get in the cold plunge. And then depending on what time of year it is, I will take a hot shower after my cold plunge that I'm not shivering the rest of the day. Yeah. Especially in winter in Boston. But like the hardest part of the cold plunge routine is opening the door to go outside.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It's not like actually getting into the water or sitting in the water because once I'm in it, it's fine. And everyone always asks, does it get easier? Never once have I been like excited to go and do it. And I like wrestle with it mentally, like I don't really need to do it.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And so I started I film a video every single morning in it because I'm like, I was putting on I did 130 straight days of YouTube videos on it. But then I was doing I just do like an Instagram story every morning from it. And part of that is like it's accountability. It's like someone is going to know that I skipped it, skipped this morning. So I have to do it. But yeah, I do that.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Oh, I thought it was a shot.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And then I go to my desk. So I get my like Dunkin Donuts, a large cold brew, and I go and sit down at my desk to work. I work out later in the morning. I'll go. I do my running and working out from about like 930 to 1130.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I'm most creative first thing in the morning, right when I wake up. And this is another just like general principle for people to take. Your energy flows happen at different times of the day. And what I find is that I'm most creative first thing in the morning. And if I don't harness that creative energy for something creative, it's not there. Like it's not like I can be creative in the afternoon.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I'm useless in the afternoon. Like if you tried to get me to write in the afternoon, useless. And so what I know is that I need to match the energy I'm feeling to the activity that I'm actually doing. It would be a waste for me to like work out during the time when I'm really creative. And similarly, like I can work out and have a ton of energy mid-morning because then I'm
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
eating something and uh you know it's a light out it's like if i'm gonna go for a run it's less dangerous too it also just allows me to like make breakfast for my wife and son and be kind of present during that do i come over here and make breakfast yeah i'd be thrilled to have someone make me breakfast for once um okay and what do you eat are you like a animal person are you like don't tell me you're a vegan no i'm not a vegan no it'd be hard for me to be a vegan yeah uh no i uh i eat
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
pounds and pounds of red meat per week. I would be the worst vegan in the world. All respect to vegans, if you want to do that.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah. I mean, no, I am... And it comes across in the book too, but I am the biggest proponent of finding balance and doing the boring basics. And so with my nutrition, I make sure that I'm getting 200 plus grams of protein a day. That's a non-negotiable every single day. So what do you eat? What's your favorite thing?
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I eat every single morning for breakfast, I'll have four eggs, cottage cheese, raw honey. And if I'm working out and running, I'll have some carbs with that. Either... white rice or oatmeal.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah. I have a big breakfast, like 1,000 calories probably. But I probably eat about 4,000 calories a day.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
If I'm training for something, I ran a marathon from training for that. It was up to eight to 10 miles average per day during peak of training. Right now, four. Four miles.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, I do because I run six days a week. Yeah, me too. So I have to. So I run six days a week and lift six days a week for the most part.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Push, pull, legs, split on the weightlifting training is what I do.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I just realized.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, the running I find is like meditative. Me too, that's my meditation. Yeah, because you're just like alone in your thoughts and in your head for a long time. And I don't, like, I'm not listening to podcasts and doing stuff when I run. If anything, I listen to, like, a sci-fi audio, but, like, something totally, like, escape the normal. I'm not doing business podcasts or, you know, nonfiction.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
How can you run to a business podcast? A lot of people do that. I'm shocked, but I can't. Oh, my God. I just need to, like, be in my thoughts. Yeah, I would shoot myself. How can you listen to that?
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
i totally agree and like you're not going to take any interesting takeaways while you're running like you're going to take a note exactly i totally agree and i always run before i lift which is something that a lot of people ask about i just um what i find personally is that like i won't do it after i lift because i'm tired and so i won't have the motivation and i won't go do it in the same way or with the same intensity and so i always just run before get it done
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
But yeah, I have that for breakfast basically every single morning. And if I'm at home, I eat the exact same thing every single day. Yeah, 100% of the time. And I'm super boring. And I just view that like boredom of routine is the like cost of entry for building the life you want. Like everyone thinks that you need this like glamorous life and that that's what successful people do.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
But really what underlies all of that success is this like boring, basic drudgery of doing the same thing every single day.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It was a shot.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Me too. I love it. I love my routines. I don't like traveling and being out of my routines. Me too. I'm so rigid. I try my best to just stay in my routines. Even when I'm on the road, I do my absolute best to stay in them.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, I know, I know. We're going to be best friends. We're going to be BFFs. I know, I know. I mean, it's really funny.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And I struggle. I mean, it's actually, it's something that I think a lot of people struggle with where the perfectionism in you and the desire for that routine can actually be a negative because then when you get a little bit out of it, you start to feel the anxiety. Like if you're going to be up later than you'd like and you know that you're going to be tired in the morning. Yeah.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Or like you can't eat the way you want because there's oils in the food. No, I know that exact feeling. And I struggle with that a lot.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah. I mean, it's like the analogy I like for that is like when an explorer sets out on a voyage, they're not trusting in having like calm, perfect seas and the perfect plan. They're trusting in their ability to adapt when the chaos and storms inevitably come. And in your life, you are the explorer and life is your voyage and you need to trust in your adaptability and
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And your ability to navigate whatever storms come. Not that it's just going to be perfect and that your plan and course of action is going to be ideal.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
The one hotel here has the best. It's why I stay there. It has the best hotel breakfast. It does? It's so good, the cafe there. It's extraordinarily expensive. I think it was $96 for my breakfast today. By the way, I didn't want to say anything. Which is absurd.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Are you? I'd say I'm like a writer and entrepreneur is probably how I would define it. Although that's just like my cocktail party answer. I guess, you know, it's one of the challenges actually of like doing things a little bit differently is you don't have the like nice cookie cutter answer that everyone wants you to have. Someone asks like, what do you do?
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, it's offensive. The one in Miami I don't love because it's in Miami Beach, which is too touristy for me. Totally true. The one here is great because it's right next to the Equinox, so I can go to the Equinox and get my workouts in. Yeah, I saw you went to the West Hollywood one. Which is super crowded and crazy, but it's also like it's right there, so it's nice. I get it.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And then, yeah, the hotel breakfast there is amazing.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I had four eggs, a piece of sourdough toast, and a bowl of fruit.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
They include gratuity, though. Oh, how nice of them. And they don't tell you that, by the way, which pisses me off when places do this, when they hand you the check. So rude. The waiter doesn't tell you that the gratuity is already included. So it's just like you don't see it. Oh, I know. And then you're putting 20% on top of 20%. I'm like, come on, just at least say it. It's just a courtesy.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I think they made like $10 million of EBITDA on that one smoothie. They did. Which is just absolutely bonkers.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I'm in the wrong business, by the way. I went there once. I did this—
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
this podcast called girls gotta eat yeah they're awesome they're really funny and i went it was my first time at arowan and then i walked over to their podcast and i there's a clip somewhere of me uh talking about this on the podcast because i spent 30 getting a bottle of water and a cold brew like a small can and a bottle of water was 30 and i was like i feel like i just got like
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I just got assaulted.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
How did this happen?
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I'd say I'm a writer, first and foremost. It's what I enjoy doing most. It's what I get most of my energy from. But the journey to it, I mean, frankly, the journey to it, and this book is a manifestation of that journey. I would say for the first 30 years of my life, lived as a deeply insecure person.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
It would make some amazing social content, too. Wouldn't it, though? Great clips.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
If you go to Erewhon.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Well, thank you so much for having me. This has been a really fun time. And I'm looking forward to staying in touch now that I know that we're kindred spirits.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, I know. Next time. Next time.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
100%.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Well, I have a weird name, so it's easy to find me, fortunately. I'm at Sahil Bloom on every platform. And you can find the book anywhere books are sold now. And always go support your local bookstore if you can. So go find it there. And more info at thefivetypesofwealth.com.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I made most of the decisions that I made in my life trying to seek external affirmation that I thought would make me feel better about who I was. I was... constantly sort of unhappy internally and thinking that, you know, some amount of external affirmation, some amount of people telling me I was great would eventually make me feel great.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
You just did what my, so when I, um, I think this is like when I was maybe like 20 years old, I went to Mexico with my parents and, And I was with my wife, oh, I guess then girlfriend and my parents. And my mom was like, let's do tequila shots. Let's do tequila shots. And I was like, mom, have you like, what are you, you know, she's kind of going crazy in Mexico.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And obviously, you eventually come to realize that you can't fix an internal problem with external solutions. It has to come from the inside. But it took me way, way too long to learn that. I mean, I grew up really in a extremely loving household with a set of parents who had very high expectations. My mom is from India, Indian culture, very academically oriented.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And then my dad is a professor at Harvard. So academic...
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
excellence was sort of a standard and my older sister hit and exceeded that standard at every turn three and a half four years older than me and it was like it became a joke to me like i would get to the first day of school the professor would be like oh you're sonali's brother they'd be all excited like oh another star student and then inevitably within a week i would disappoint them
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Because I was a shithead. I liked playing sports and screwing around. And I wasn't living up to that standard. What kind of student were you? I was the type of student who didn't have to try to get B pluses. And that was like, might as well have been failing in my household.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I'm sure I would have. Okay. But what basically happened was from a young age, I created this story in my mind that I was not smart. And my sister was the smart one and I was the athletic one. And there's something about those stories that you tell yourself, those original stories, that are...
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
very, very powerful and can be really damning to how you live your life because every single thing you do is in an effort to align with that story you've told yourself about who you are. And so what happened to me was I would not give 100% effort on something Not because I didn't have the effort or the energy, but because I was afraid of what would happen if I did give 100% and still failed.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I was afraid of like the hit that my ego would take if that occurred. And so instead, I just conformed with this story that I wasn't smart, that I wasn't like what my parents wanted. And they could tell me the opposite over and over again, which they did, but I wouldn't hear it because that story I had told myself was so pervasive in my mind.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
so most of my life i just kind of marched down this path of like let me do everything i can do to try to like feel good to feel impressive so i like you know went to the big school so that i could like say oh i'm going d1 and like that would make me feel good or i took a job that was going to sound impressive on the outside even if it wasn't the one that i felt i was well suited for and that was the story of the first 30 years of my life i mean i like marched down this path that you know from the outside looking in you would have said
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
looked successful and things were going well and like from all intents and purposes you would have said i was winning the game but internally slowly and steadily everything in my life was falling apart and i hid that from the world and around the time when i turned 30 kovid was happening and i was at home and what i had started to see was that I was making more and more money.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And so they bring around a tequila shots over for us. And I'm like a freshman in college at the time. I'm good at taking shots. And so I like rip the shot back and I like look up and my mom is like, like she's taking like a tiny sip of the tequila shot. I was like, mom, you were the one that wanted to do this.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Things looked great. But everything else in my life was falling apart. My relationship with my wife was really suffering. We were struggling to conceive at the time, and she was carrying that burden on her back. And I was not there for her to help carry it or to be the supportive husband that I needed to be. My relationship with my parents was almost nonexistent.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I was seeing them once a year at the time. We were living 3,000 miles apart. My relationship with my sister had really suffered because I presented the fact that she was the smart one. My health was really suffering. I was overweight. Mentally, I was suffering. All of these other areas of my life had deteriorated while on the outside looking in, everything was going great.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And it all came to a head in May of 2021 when I went out for a drink with an old friend and he asked me how I was doing. And I said,
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
i'm good busy kind of looked at me and was like come on how are you doing and i said it was tough that i was living so far away from my parents i'd been so close to them my whole life and we weren't seeing them enough and he looked at me and he asked well how old are they i said 65. he said how often do you see them i said about once a year and he looked at me and said okay so you're going to see them 15 more times before they die and i just remember feeling like i had gotten punched in the gut
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I mean, the idea that the amount of time you have left with the people that you care about most is that finite, it's that countable, that you can count it on a couple, on a few hands, was so terrifying to me and so shocking that it ripped me back into the present. And I just had this sensation that I was winning the game. Like, it seemed like I was winning the game.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
And I remember thinking that if this was what winning the game felt like, I had to be playing the wrong game. Yeah.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Yeah, there's this idea from ancient Greece that they had two words for time. One was chronos, which is just linear time. It's like the idea that you have an amount of time. And then there's kairos, which is the idea that not all time is created equal. There are certain moments or windows that carry higher importance than others. And that is fundamentally true in your own life.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
I feel like you just did that to me. You like baited me into the shot. I did.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
There are specific windows of time when people occupy your world, and those moments are much more meaningful than others. And what you're referring to is one window in particular, which is with your children, that there is a 10-year window during which you are your child's favorite person in the world. And after that, they have other favorite people.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
They have best friends and boyfriends, girlfriends, partners, spouses, their own children. And you will never be in that same position as you are in that 10-year period. And yet, it is also the time window when we happen to be chasing whatever more we're looking for professionally. We're running around, we're traveling, we're hustling and doing all of these other things. And as we do that...
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
we're losing sight of the fact that those moments those very very dear moments that we have are passing by and one of the things that i you know try to contemplate in this book is like how do you navigate that tension that fundamental tension that exists between wanting to be present giving that energy the recognition that there's no such thing as later with your kids so many people say like your whole life is filled with these laters of saying
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Oh, I'll spend more time with my kids later or I'll work on my health later. And the reality is that later is just another word for never. You're never going to do those things because they're not going to be there later. Your kids are not going to be eight years old later.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
So the biggest thing in all of that was I fundamentally realized that my scoreboard was broken, meaning the way that I was measuring my life was just wrong. I was measuring success on the basis of one thing, which was money. Yeah. And the reason we do that is actually, you know, sort of logical one, which is just that money is so easy to measure.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
Peter Drucker is a famous management theorist says that like what gets measured gets managed.
Habits and Hustle
Episode 421: Sahil Bloom: How Boring and Basic Routines Can Build 5 Types of True Wealth
and it's because money is so easily measured it's a single number so as a result we focus on it's the way that we define our worth the way that we compare ourselves to others and the thing that i fundamentally came to realize in that moment when i was feeling as lost as i was and heard this thing about my parents was just that it really didn't actually relate to what i viewed as a wealthy life
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Happy New Year, man. Happy New Year. How did you spend it? Well, I have a two-and-a-half-year-old, so I'm guessing our New Years were a little bit different. I went to bed at 8.30 after a little dance party with my two-and-a-half-year-old little guy.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah, that's an important concept. It's one of those things that I think about a lot that... Once you've made it, once you've achieved success, everyone wants to call you lucky.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And if I can keep the earth in this tiny triangular window that's sitting here in front of me, it's going to allow us to enter at the proper angle. And that whole concept of like keeping the earth in the window is really what I'm talking about. It's having that one central point of focus that allows you to cut through all of the complexity and chaos that enters your life.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
How do people find that out? You have to know what matters to you. You have to know what you truly care about. Like what is your true north in life? And the question I often ask people is, what does your ideal day look like at age 80? Really think about that. Truly visualize and imagine what your ideal day looks like as an 80-year-old. And who are you with? What are you doing?
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
What are you thinking about? How do you feel? And then think, are you actually taking actions today to create that future? Because what happens is most people will say, my ideal day is sitting with people I love, feeling healthy of body and mind, thinking about things that I care about, friends coming over.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And then you ask them what they're doing on a daily basis and they're basically chasing bullshit, right? They're chasing money, they're drinking, they're, you know, partying, doing not like things that actually are not leading to that end that they say they want. It's like the adage of don't tell me your priorities, show me your calendar.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Like, are your actions actually creating the future that you are trying to create? Yes or no. Be honest with yourself, be able to look in the mirror. But those things that we want are remarkably similar. But our ability to take actions on them in the present is very different.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
All those people that were like in the dark, hating on you, all the people that were belittling you when you wanted to go and chase that dream, when you wanted to go do the thing, they're the first ones to call you lucky once you achieve it. And they didn't see all of the shit that you did in the dark. all of the struggles, all of the failures, all of the pains that you came back from.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah, your life has seasons. And... What you prioritize or focus on during any one season can and should change. And as a result, your life razor will change across these different seasons of your life. Obviously, while my son is young, my life razor can be this.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
As he gets older, when he moves on, when he's off and it's just my wife and I again, or when we have different priorities, that life razor will change just like your priorities and focus change. I mean, my 20s and 30s, early 30s were spent very much in a foundation building season of my life. I was trying to build a financial foundation, which is a great way to use your twenties.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Don't get me wrong. Like I am not anywhere in this book saying that money doesn't matter. Like that you should, Oh, go and move to the Himalayas and just like drink warm broth and meditate for 12 hours a day. Uh, I mean, if you want to do that, by all means, go do it. I just won't be joining you. I like money. Money isn't nothing. It simply can't be the only thing.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I think that the narrative around hard work has been lost, especially with the current generation. It sort of became a meme to say hard work is overrated and that you have to work smart. You cannot work smart before you work hard because you have no idea what to work smart on. You just have no clue. right?
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
But they're the first ones that are going to go around saying that you got lucky on the back end. So I think the call to action is wear that as a badge of honor. When people are calling you lucky, you've clearly done something right. Because you know what went in in the dark behind it. The other one is, I bet you had wealthy parents. Yeah, your privilege.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
You don't, it's like, um, the way that I think about it is when you're young, the only asset you have is time. It is the only asset you have. You don't have networks. You don't have money. You don't have knowledge. You don't have experience. You don't have wisdom. You don't have any of those things. You have time. So Then you can work smart because you have these things.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
You know where to deploy them for the highest potential ROI, for those extraordinary outcomes. But you can't do this before you have it. And so working hard is the investment of that time to acquire the experience, the wisdom, the knowledge, the networks, the money. And then once you have it, you can deploy it to work smart.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah, it takes a level of self-awareness to tune into that gut. I think of that gut as like your energy in a lot of ways. Our mutual friend George Mack has that thing of like treadmill or couch friends. And that's a perfect example of this exact thing of tuning into how you actually feel about something is a very good way to to make decisions in your life.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I mean, I think about the number of bad business and financial decisions I've made where I knew it didn't feel good, but I allowed myself to be talked into it by my head. The initial gut instinct, the energy was, oh, this doesn't make sense. This is not good. There's some signal. There's something that's off. I don't feel good about it.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I mean, that's been a meme over the last few years, right? It's like, well, that doesn't acknowledge the privilege. I do think that... Mm-hmm. It's mostly a byproduct of the motion that you're creating and the things that you're building, how you're actually going out and interacting with the world. Idea being, it's very hard to get lucky sitting on the couch doing nothing at home.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
But then you start the like, well, I could make this, I could do this, this could happen, what if this? And you talk yourself into it and inevitably those things go to shit and it ends up being bad. But you're allowing your head to outsmart your gut.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And so I think that just tuning into that more regularly, learning to just listen to that initial gut instinct on something, the energy and what it tells you is a great razor for life with people, with business deals, with financial decisions, with all of this.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Are you familiar with the concept of winner's game versus loser's game? No. This is one of my favorite ideas for life. So this originates from tennis, where... Amateur tennis is a loser's game, meaning you win by avoiding unforced errors. 80% of points are lost on unforced errors.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Professional tennis is a winner's game, meaning you win by hitting magnificent shots, by hitting perfect, elegant shots. It is extremely important in life to know what type of game you are playing. And the reality is that most games of life are losers games.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
You win by simply avoiding unforced errors, by showing up over and over and over again with reliability, by doing what you say you're going to do, by showing up and doing the boring basics. Mm-hmm. And so understanding when the game has changed in your own life is really important.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Like early in your life, saying yes to every single opportunity you get is a great game to play because it's what allows you to invest your time to gain the experience, to start building that gut instinct, to start building your understanding of it. But suddenly the game changes. And if you keep saying yes to everything, you burn yourself out. You take on dumb opportunities.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
You're wasting all of your time and energy on stupid 1x time for money trades when you should be focusing on the elegant, magnificent shots that are going to generate the 10x, 100x outcomes in your life.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
that the early investments in your networks and in your sort of opportunity sets are compounding. Like what you start to feel is more interesting opportunities are coming to you at an accelerating exponential rate. And when you see that start to happen, you need to take a pause in your life to recognize what you start
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
What you need to start saying no to, to open up the space to pursue those big ones. It's like ventilating your life. You need to breathe space into your life so that you actually have the bandwidth to take on those big opportunities. I often think that...
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
One of the greatest skills and one of the most common traits of the most successful people I've ever spent time around is that they have the highest tolerance for uncertainty. They are actually willing to tolerate uncertainty for long periods of time. They are willing to be static for long periods of time. Give me an example. Tim Cook when he left IBM to take a job at Compaq.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
People don't know this, don't think about his early part of his career all that much, but he spent the early part of his career rising through the ranks at IBM. He was in their executive management program, big company, rising through the ranks at this big company. But one of... Yeah, one of them. Unlimited number of fucking people. Exactly.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And Steve Jobs was recruiting for a role at Apple and saw Tim's resume and looked at it and was like, oh, big company guy, probably not a fit for Apple and their more startup culture. And so passed on it. Six months later, he was still recruiting for that role and saw the resume again.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And at that point, Tim had left IBM and the safe track he was on to take this job at Compaq, which was this small computer startup at the time. And at that point, Steve then had this pattern interrupt about the type of person that Tim was. All of a sudden, he was like this guy that had taken on something very uncertain. He had done something very different.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
So he decided to have a conversation with him. Obviously, now you fast forward 20 plus years and... trillions of dollars of value that Tim has created at Apple. And it's this enormous case study to me of someone who is willing to tolerate some uncertainty of doing something different. It didn't make sense.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
It was a pattern interrupt in his life that sparked this enormous chain of dots that were connected out into the future.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
It's much easier to get lucky if you're going out and doing something. Yeah.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I thought that was so cool. Super cool. And completely consistent with my own experience. I mean, I've been very lucky to spend a lot of time with Tim over the years. He's been sort of a mentor and friend to me for the last 10 years. I originally met him in 2014. He was the relatively new CEO at the time. And...
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
The way that I met him was because he was working out at the gym at 4.45 every single morning before going into the office. He would wake up at 3.45 and send off emails, be working, doing things, get to the gym at 4.45, work out. He was probably getting into the office by 6.15 before any of his employees were probably even awake.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And you think about that and think about the fact that you are the CEO of one of the largest companies in the world. And you are still doing that. You are literally on a daily basis, like meat and potatoes, behavior and actions. And then it becomes no surprise that someone like that has been able to do and achieve the things that he's done.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I mean, a laser intensity and focus on the things that matter.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah, there's levels to this shit. I always think that. Like sometimes you just encounter someone and you just realize there's levels to these games. And I have always thought that like if you were working for someone like that, you just have to know from the get-go that you are never going to outwork your boss. Mm-hmm. Thank you. Thank you. Thank you.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
But you were in New York, so we were actually like a few miles apart, but we were having a very different experience. I could have been your toilet. Yeah, it could have been my toilet. Oh, we would have been asleep, so you would have to run.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Thank you. Thank you. Thank you.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
No. Diamond pricing is a perfect example of this. A 1.99 carat diamond versus a 2.00 carat diamond. It doesn't just go up by that tiny percentage. It's a huge leap because the human mind has this like ego attached to the two versus the one. No one wants to give their girlfriend a 1.99 carat. You want to give her the 2.01. So the price goes up like 20% on the slight jump. It's that exact thing.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
,,,,,,, that it was starting to get tough living as far away as we were from our parents. I was super close with my parents and they're getting older. They're starting to see chinks in the armor with their health. And he asked, how old are they? And I said, they're in their mid-60s. And he said, how often do you see them? I said, about once a year.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And he looked at me and said, so you're going to see your parents 15 more times before they die. And I just remember feeling like I had been punched in the gut. I mean, the idea that the amount of time you have left with these people that you love most in the world is that countable, that you can place it on a few hands, was terrifying and jarring.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And it sparked real change because I was determined to not be one of those people that hears it, nods my head, and then does nothing about it. And so the next morning I told my wife that I thought we needed to make a change in our life. And within 45 days, I had left my job. We had sold our house in California and we had moved across the country to be closer to our parents.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And the most beautiful part in all of it was after two years of struggling to conceive, within two weeks of making that change and being back on the East Coast, my wife got pregnant with our son. And it was one of those moments, I'm not a particularly religious person, but it was one of those moments in life where you just feel like God winked at you.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Like things came into alignment and your whole life fell into place as it should. And the story of my life and of this book and of everything that I'm putting out into the world is really a ripple of that one decision to make that change, to prioritize the things that I knew we valued most that had been sitting in the backseat for so long.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah, and I think a big part of it for us, I have to give my wife credit because it is... very difficult to be brave on your own. And she, when I came to her and said that I thought we should make this change, was the first one to say, we can do this. Yes, let's go do it. Easily, she could have resisted. She could have said like, what are you talking about? We have a good life. We have a house.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
You're making good money. All of the reasons to stay on the path. And I often say that the worst thing in the world is not being on a bad path. Being on a bad path, it screams at you every single day to change, right? Like you're on a bad path. You have to make a change. It's so abundantly obvious. The worst thing in the world is being on a good path that isn't yours.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And that was very much where we were. It was a good path from a societal definition, but it was not the one that was leading to the place where I wanted to go. It was like that Japanese proverb that says, if you get on the wrong train, get off as soon as possible, because if you don't, the trip back is going to be a lot longer. That was where we were.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And my wife was the one that sort of infused me with the courage that we could actually go and do that.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
yeah trying to trying to conceive and not being able to do it is this weird silent social epidemic that no one really ever wants to talk about all that much especially men I mean it is weird I went on you know Dr. Rangan Chatterjee in the UK and I had a conversation with him and I shared those struggles to conceive and he said that in 10 years of doing his podcast I was the first man to ever talk about that on his show and
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah, and you take the time to zoom out at the end of the year, no matter what, like no matter who you are. And part of that's because you have the space to do it, right? Like because of whatever you're doing for work, it slows down. Whether you're an entrepreneur or whether you work for someone nine to five, you actually have space in your life to zoom out and think at the end of the year.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I think about it a lot because infertility is something that immediately gets placed on the woman. When you're struggling to conceive, the assumption that everyone has is that there's something wrong with the woman. And that is just not the case scientifically. Nearly 50% of the cases, it's the man. Exactly. And stress is a contributor. Your body will not want to
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
conceive if they're really high stress levels. There's a variety of internal factors that contribute to fertility. Drinking seven nights a week does not help. Not sleeping a whole lot because you're stressed or because you're anxious doesn't help. So when I think about my own life and the actions I was taking, I think it's a totally fair assumption to say that I was a major part of it.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I'm the problem, right? And obviously like also the back end of that, of like making this change, me feeling this enormous weight lifted, reprioritize my, all of these things that shifted. Yeah. All of a sudden I'm like, man, we could have pen kids really quick. Just start going out and spread the seed. Everyone around me all of a sudden got pregnant.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Uh, no, but it is, um, I just think that there's a lot of people out there and probably some people listening who are struggling with this right now. And, uh, I held it in silence. We did. And it placed an enormous burden on our relationship as a result because you're just suffering with something alone.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And if you two aren't talking about it a lot, which tends to happen, it becomes this weight that you're just carrying. Did you go to see urology, fertility? We had not. My wife had. I had not gone and seen anyone. I had resisted it. And this is, you know, me being in a bad place in my life and the way that I was approaching everything in life, frankly, was, no, we're young. This is stupid.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
We have plenty of time. At the time, frankly, I was like, I was so narrowly focused on making money as the end, as the, you know, means to me feeling successful and feeling good that I was like, I don't want kids. That's just, that seems like a distraction. Yeah.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
It seems like it's not going to help me get to this end that I'm trying to chase of making all this money and being this success story in my life. And now I think about it and it's the only thing I care about. Everything that I do is in service of being an incredible father and wanting to teach my son these lessons that I think are so important in life. Can I ask a difficult question?
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
We will definitely try. I mean, frankly, like, are now going to start trying for more. I think that... You know what I mean?
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And so people do it then, it's natural. And as a result, you have a comparison point that is very natural from year to year because you were able to zoom out. on an annual basis. I mean, I think about that all the time of just how much can change in a year. It's very easy to say that things take 10 years.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
You know, I would say almost in the opposite direction that... My wife and I feel such extraordinary gratitude for the fact that we were able to have our son and knock on wood that he is healthy and happy. And to me, I'm like, if we have any more kids, I'm like, it's a cherry on top of this incredible blessing that we have. If it were up to me, we'd go have five. I mean, I love kids.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I'm like, this is the best thing in the world. It's hard to imagine.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah. I mean, it's hard to imagine after you have one that your heart can expand enough to love another thing as much as you love your kid. I cannot... I had been selfish my entire life. And I think that we are all, even when you get married, you are fundamentally, until you have a child, you are a selfish being. You might love your spouse, but you don't love them more than yourself.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
You would not, in most cases, like truly, you know, Shoot yourself in the head, press the button and kill yourself to save your spouse. In a lot of cases, I really think like that would be more of a question that people would ask with your kid. If you had a button that you could press and save their life and immediately exterminate yourself, you would press it without thinking about it.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
That is a great question. I've never thought about it. And yes, 100%. I think about it now. If I could press that button and save my wife and my son, I would press that in a heartbeat. Because I see the two of them and I know... And that's... I think as a father and as a husband, the single best feeling in the world is knowing that my son would be great if I died.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Like knowing that if I am flying home tonight and my plane crashes and I die, my son is going to have an amazing life because he has the most incredible mom that loves him so much. And he's surrounded by love and support.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I think Bill Gates was the one that said that most people overestimate what they can do in a day and underestimate what they can do in 10 years. And I've often thought that that same exact quote applies to a year. I mean, it will blow your mind. If you actually sit down and are focused every single day for a year, your entire life can change.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah, I had that feeling when my son was born, the first time I held him. And again, this comes from someone who was not a kid guy. It wasn't like I spent my whole life being like, I want kids. And when my son was born, I held him for the first time and he looked up at me.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And I remember just having this sensation that I had spent the first 30 years of my life trying to understand the meaning and purpose of all of this. And then it was staring right back at me. I had this experience actually shortly after he was born where I took him out for a walk.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
You know, kids like sleeping obviously is a shit show and he wouldn't sleep other than basically when I walked him around in his stroller. And so I was walking him early one Saturday morning and I was standing on the sidewalk and this old man walked up to me and he came over and he said, I remember standing here with my newborn daughter. She's 45 years old now. It goes by fast. Cherish it.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And I took him back home and I brought him into bed. My wife was still asleep and the sun was kind of coming through the blinds. And he had this like little perfect smile on his face. And I had this sensation that for the first time in my life, I had arrived. but there was nothing more that I wanted. Like my whole life had been spent chasing some more.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
There was something like I needed more money or more promotions or more status or more whatever the thing was. And for the first time in my life, I was just content. Like I truly felt like I had enough. And it was this idea that we can never let the quest for more distract from the beauty of enough. Finding those moments where you truly feel like you have enough.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
That is what a wealthy life looks like.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah, if your expectations rise faster than your assets, than the things you have, you will never feel wealthy. You will constantly be on this chase for whatever more you're looking for. There's that famous story of... Kurt Vonnegut and Joseph Heller. Have you heard that story?
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
So Kurt Vonnegut, famous American author, Joseph Heller, another famous American author, author of Catch-22, the satirical work. And the two of them Vonnegut and Heller were at the house of this billionaire in the Hamptons. And Vonnegut asks Heller, how does it feel that just yesterday, the owner of this house made more money than your book, Catch-22, made in the entirety of its lifetime?
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And Heller replies, I've got something that he'll never have. And Vonnegut says, yeah, what's that? And Heller says, the knowledge that I've got enough. And it's that exact lesson that that is true wealth, the knowledge that you have enough, that you don't need to chase more, and that if you do chase more, it needs to be grounded in something more meaningful than just chasing money.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
If you are chasing ambition because you're grounded in your purpose, because you want to go and create something meaningful for the world. You want to go create a more meaningful life for your family because you feel like you can spread ideas that will positively impact people. That's a great reason to go and chase something bigger. But chasing more money is just a road to nowhere.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Peter Drucker, famous management theorist you might know, once said, what gets measured gets managed. And it's this idea that the thing that you can measure becomes the thing that you optimize around, the thing that you very narrowly focus on, myopically focus on. And for us in our own lives, that thing that we can measure is money. It's so easy.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
That was this viral Reddit post that...
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And the challenge with all of this is a simple fact, which is for 10 years, you are your child's favorite person in the entire world. And after that 10-year window, they have other favorite people. They have best friends. They have boyfriends. They have girlfriends. They have partners of their own. They have children of their own. Sports team coaches. Sports team coaches.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
you will never occupy that same place in their world. But for that 10-year window, you are literally everything to them. And yet, we live in a culture where that 10 years also coincides with the time when you are supposed to chase every more that is out there, chase all of your professional ambitions.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
So navigating that tension, figuring out how to balance your pursuit of your fullest potential with the desire to be present with your kids during that magic window that you have, that is the fundamental tension of being a parent in the modern era. It's finding your unique balance of those two.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I think that it is a couple of things. I think one, I'm sort of of two minds on this. One, I think that being present during that window of time with your kids is the most important thing. But two, I think it is extraordinarily important for your children to see you work hard on things you care about. That's interesting.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I think that is the most important lesson I learned from my father was that growing up, I saw him work so hard on things that lit him up intellectually. And the important point there is that you have to be included in the why. Meaning, I always knew why my dad was working hard on things.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
He always took the time to explain to me what he was working on, why he cared about it, why he felt it was important, why I was part of that mission with him. And that always meant that I knew when he was traveling, when he was gone, when he was working, when he was doing things, I knew why. And it wasn't that he'd abandoned you. It wasn't that he didn't care.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And that's the important point is if you don't fill the why with the correct reason, your kids will fill it with the worst reason. Your kids will fill it with the abandoned. They'll fill it with the dad doesn't want to be around. Dad's never around. But you can fill that with the correct reason. But you have to actually think about it. You have to be aware enough to say those things to your kid.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Even when my son's two and a half, is he really understanding it? Maybe not, but he's understanding it enough that when I'm going somewhere, he's saying, dad, I work. He's like looking at me. He's helping me with things. He's helping me pack. He goes and sits at my desk. He like tries to type things. He understands when I'm writing stuff.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
So they absorb a lot more than you think, but it requires being intentional about creating that understanding in them.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
You can put a single number and apply it to your entire life. So you know your worth, so you can compare yourself to others. And money's measurability is a feature, not necessarily a bug. It's really useful. And as a result, it's perpetuated through society. But because it's so measurable, it becomes the entire focus of our lives.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And they see it, right? Like you can teach. This is something I've changed my mind on for sure in my own life with my son, which is you can't really teach your kids anything. You just have to embody the things and they learn from seeing you do it. Don't tell them, show them. And it's true for all things in life, right?
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Like it goes back to the Tim Cook and all those stories of what we were talking about. Like you're not talking about the morning routine. You're just showing the output. Show me the output. And I think about my own experience with my dad, like some of the most formative learning moments I had with him of what it meant to work hard, what it meant to have discipline. We're just observing him do that.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I got to go when I was a kid on this trip with him as like his plus one. My dad's a professor at Harvard and he was giving a talk at this conference in Asia and And my mom couldn't go. So I got to be the plus one. And it was my first time ever flying business class because I was his plus one for this thing. So I have like movies and food and all this stuff. It's like 15 hour flight.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
It's the only thing that we think about when we try to progress on the life scoreboard, right? When we try to win the game, it's the thing that we focus on. But unfortunately, it is not particularly well aligned with trying to build a meaningful, happy, successful life. It is up to a point very useful as a tool to reduce fundamental burdens and stresses. I know you've had Arthur Brooks on here.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And my dad sat there and worked for the entire 15 hour flight. And when we landed, I turned to him and I was like, dad. you didn't watch a single movie on that whole flight. And he kind of just laughed and, you know, we moved on from it. But I remember that moment so clearly that for 15 hours he worked.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And that was what was required for him to be the type of person that would get invited to give a talk at a conference, for him to be able to bring his son to something like that. That was the work that he had to put in. And so now when I think about my own experience and the things that I want to work hard on, that I want to put my head down, like, I'm in a season of unbalance in my life, right?
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Like you have these periods where you have to be willing to embrace the idea that you are in a season of unbalance. You are in a season where shit is just crazy and chaotic and you have to lean into it because worrying about, oh, I don't have perfect balance in my day is lose a sight of the bigger picture, which is this season of unbalance is required for me to have the season of balance later.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Have you ever seen the Family Guy episode where Peter gets the pajama pants that have the like trap door in the back? Yeah, you should have just worn one of those.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I think of my years in quarters. I like to view my life as like a public company. It's like, I'm going to live Q1, Q2, Q3, Q4. And if I am in a crazy quarter of focus and head down on something that matters, that's okay. I don't need to stress about that. As long as I have the knowledge that I'm going to be able to pull back and have a quarter where things are
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
a little bit more balanced where I'm able to reset. And that is an important point because that whole idea of balance has been hijacked, right? Like balance has been hijacked by the day optimizers of saying like, you have to have the perfect balance of rest, family, workout, work, deep work, all of these things, right? Every single day. And when you don't have that, you start getting stressed.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
If that's what you think balance looks like, you start freaking out when you don't have that or when you're traveling a lot or when your head's down on things, right? And viewing balance on a seasonal basis, on a quarterly basis, is a much healthier way to look at it. Because then you give yourself the freedom to actually focus on something.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
We all know that the most incredible outputs in history have all been created by these extraordinary bouts of focused attention. Sir Isaac Newton had the year where he was locked down because of the plague in Europe. He had to leave school at Cambridge and go home and live in his little town for a full year. He was just completely locked down.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
He's done a bunch of research around this. At the lower levels of your life, we know you can reduce a bunch of stress by having money. You can take care of the people around you. You can pay for food, shelter, all those basic things. But once you get past that point, the science is pretty clear that it's not going to be money that drives incremental fulfillment and happiness.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And during that year, he formulated all of the laws of gravitation. He invented calculus. He like did a lifetime's worth of work because he had a focused year of attention on a single set of problems that he was trying to solve. And that's great. Like that is how extraordinary outcomes are created. So we have to give ourselves the freedom to do that.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
So luck surface area is the idea that at any point in time in your life, you have a physical literal surface area on which lucky events can strike. The best, uh, sort of visual for this that I have is from the movie interstellar. Uh, yeah, it's one of my favorite movies. Uh, you know, and they go to that planet that is right on the edge of the black hole and it has the perfect conditions for life.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
They're like, Oh, this, this planet should have life. And they're trying to figure out why it didn't. And what they talk about is the fact that it sits right next to the black hole. So all of the lucky events that could have struck the planet, all of the little asteroids that might have contained life, got sucked into the black hole.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
So there was something that was making the luck surface area of that planet zero. It was minuscule. You and your own life are kind of that same idea. You need to think about how can you expand your luck surface area to be as big as possible so that when the lucky events come, they are striking your life and you're able to capitalize on them. The perfect example is what I said earlier.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
It's very hard to get lucky sitting on the couch watching TV at home. how can you possibly get lucky versus going out, meeting people, having conversations, working on things, contributing value to other people. Now, all of a sudden I'm expanding my luck surface area because there's all of this motion that's been created. There's all this action that's created.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
The lucky events actually have an opportunity to strike. I no longer have a black hole of Netflix sitting next to my entire life.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Isn't there that quote, fortune favors the bold? Sort of that idea, right? Of like when you are bold, when you are leaning into things. I think it's C.S. Lewis that talks about the fact that Courage is like the highest form of every virtue. It is like when the virtue is tested, that is what courage truly is. Because it's very easy to express a virtue when there's nothing on the line.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah, when times are good, it's very easy to be loyal when, you know, nothing's happening. Is that like wind momentum, do you think? It's very similar. Yeah. It's very easy in your whole life to continue to do the thing when it's working and when the rewards are certain.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I often think that the most dangerous man in the world is the one who can remain disciplined, show up and do the work, even when the rewards are uncertain. The person who can tolerate the most uncertainty is the person who will ultimately win.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah. It's a funny thing too. Have you ever... Uh, do you know anything about, uh, like aviation planes? Um, so like a plane, when it starts stalling out, it starts falling out of the sky, right? Like you have moments in your life where you, you've hit stall speed and you start just stalling and you're falling out of the sky. And there's this insane, just like collapse towards the earth.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And the funny thing about a plane stalling is that your bias when your plane is stalling is to pull back. You're like, Oh, I'm going to pull back. Cause I'm, I'm falling out of the sky. I when actually how you save a plane from a stall is that you lean into it. You actually have to go nose down to generate the speed through the air to get back to using the wings for lift.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And so it's this funny paradox of life that in the moments when you are collapsing, when things aren't going well, that's actually when you need to lean into things. What does that mean? When you need to lean into the risky thing, when you need to do the challenging thing, to have the courage in those moments when it's most challenging to do it.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Um, it's like the, you know, the startup that's collapsing that cuts everyone from their team in order to make their runway four weeks longer when in reality they probably should have like invested more heavily to try to get the sufficient speed to get out of it. You're just prolonging the inevitable if you pull back. I think about that a lot in life.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah. Basically, all of the research is summarized around three points. At lower levels, money does buy happiness. At the lower levels of, let's say, annual income, money directly buys happiness. And it's very clear that it does that because it reduces those fundamental burdens and stresses. above a baseline level, which you can argue over what that baseline level is.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Like at those moments, we need to have the courage to lean into the thing and see our way to the other side.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah, this goes back to the courage point that so many of us get trapped in this self-created prison of, not being willing to step out of our zone of comfort in our world. We just sit in the confines of what feels natural and what feels real and what feels normal. And we hide behind our talent or intelligence. We say like, well, yeah, but I'm, you know, I'm really talented. I'm really intelligent.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I could go do this and that. But if you're not doing the thing, it doesn't matter. If you don't actually take the step to confront the fear and go and do it. And Abraham Maslow has this quote that our greatest fear is in our highest possibility. And I think that that's such an interesting idea that there are actually two types of fear.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
There's the fear of failure, which is the fear that we all know. That's the fear that we are going to go after something and it's not going to work out, that everyone's going to see us fail, that we fell off. But then there's the fear of success. There's the fear that we go and do the thing and it works out greater than we ever expected.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And we're never able to live up to that highest possibility again, that we're going to achieve the thing and never be able to experience that high high again in our lives. Sometimes it is our light that we most fear. I think about that all the time. Do you hold yourself back because you were afraid of what will happen if you actually succeed beyond your wildest expectations?
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Thank you. Thank you. Thank you.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
The first and most formative study was Daniel Kahneman. He said $75,000 a year. Then everyone went nuts and said, no, it's not 75. Then there was one that said $200,000 a year.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
The number is sort of beside the point because if you live in New York City with two kids, that number is going to be significantly higher than someone living in Omaha, Nebraska or Mississippi or a random place somewhere in the world. But the point is that at that baseline level, Once you get above it, if you are unhappy and you're at that baseline level, more money doesn't make you happier.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And if you're happy at that baseline level, more money is not going to make you happier. So your natural disposition at that level is more important. And the other things in your life are what are going to be driving incremental happiness. It's going to be free time. It's going to be people. It's going to be purpose. It's going to be health.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
It's these other things in life that drive the incremental gains above it. I think Arthur Brooks does an incredible job summarizing this well when he says, we are sort of like rats. We're sort of like mice with cheese, where early in our life...
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
you ring this money bell and you experience this happiness because you're on that early part of the curve and because it is actually improving your life in a meaningful way. But we create this pattern in our mind that that natural linear relationship between money and happiness is going to continue forever.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And we hit the point where it is no longer doing it, but we think it's going to continue to. So we go our entire lives continuing to try to ring the money bell, thinking it's going to bring us those same gains from early, even though it doesn't.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Yeah. Michael Norton is a Harvard Business School professor, and he did this study with high net worth individuals. So anyone worth $10 million up through hundreds of millions of dollars. And he asked them on a scale of one to 10, how happy they are. And they all answered. And then he asked, how much money would you need in order to be at a 10?
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And across the board, whether they were worth 10 million, 100 million, a billion, they all said somewhere from two to five X as much money as they currently have. So no matter what, it didn't matter if they were worth 10 or worth 100, they all said two to five X. And I've gone and anecdotally asked successful people in my own life. I did it in our group chat. I asked everyone.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I went and asked hundreds of people this question. And across the board, you find this. Like someone worth 10 million says they need 30 because then they could fly private more. Someone worth 100 says they need 500 because then they would get invited to the cooler yacht parties. Whatever the thing is, we just naturally reset to three to five X.
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#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
I mean, that's exactly what I'm trying to do with this book. You know, the whole idea of... creating a measurable tool for these other areas of life that we know are the ones that create meaning and fulfillment. We know what they are. I'm not giving you a new answer here. I'm helping you actually ask the question so that you can figure out how to build your life around those things. We know...
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
That having meaningful relationships makes you happier and more fulfilled, right? Actually, the science on this is abundantly clear. The Harvard study of adult development was this study conducted over 85 plus years, 2000 plus participants, and they found that the single greatest predictor of living a good life was the strength of your relationships.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And actually, the single greatest predictor of their physical health at age 80 was relationship satisfaction at age 50. It was more impactful than whether they smoked or drank, whether they had high blood pressure, cholesterol, any of those things. It was your relationships that actually impacted it. But we don't have a way to measure that.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
how we feel about our relationships or where they are in the same way that we do money. Or we don't have a way to measure how we feel about our purpose and whether we're pursuing things with curiosity and growth. We don't have a way to measure whether we feel good about our health in the same way, although that's getting a bit better.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
But all of these things we need to factor into like an overall life wealth score so that you can have them alongside money on that journey. What's the life raiser? This is one of my favorite concepts from the book. So for anyone that doesn't understand what a razor is, a razor is a rule of thumb to simplify decision-making. The most famous razor that people talk about is Occam's razor.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
It's the idea that the simplest possible explanation is often the best one. Basically, simple is beautiful. And in the book, I propose this idea of Having a life razor, a single decision making heuristic that allows you to cut through the noise in your own life, something that allows you to navigate whatever chaos ensues to just have a simple way to make a decision in those moments.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Was it one of those bathrooms that had like a person that would hand you a towel after you washed your hands?
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And the best example of that that I've come across was Mark Randolph, the CEO of Netflix, posted this tweet. tweet several years ago where he said, my definition of success. And it was all about the fact that every single Tuesday throughout his entire career, he had founded some of the most transformative technology companies in the world.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
He had a hard rule that at 5 PM on Tuesday evening, he would take his wife out for a date. No matter what. Started one of the biggest companies in the technology world. He would leave at 5pm to take his wife out on a date. And when I spoke to him, the one thing that became very clear to me was it didn't have that much to do with the date or any one particular evening with his wife.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Okay, good. Because that would have been rough.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
It had everything to do with what it implied about who he was as a person.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
what it meant for his identity as a human being, that he was the type of person who left at 5 p.m. to take his wife out for a date, that he had these clear priorities in mind. And it implied things to the people around him. It was ripple creating in his life. We all need a similar idea to that in our own world, something that defines who we are as a person.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
So my life razor would be that I will coach my son's sports teams. For me, that is in some ways about the type of father that I am to him, that I have to be the type of person that my son wants to be around. It also means that I'm the type of person that will never sacrifice my integrity or character for the pursuit of... some new thing, some more.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
Because if I do that, my son won't want to have me around. He won't be proud to have me coaching his teams. My wife won't be proud to have me out in the community. The community won't want me around. So in a moment when I have a decision to make, I can ask myself, what does the type of person who coaches his son's sports teams do in this moment? And
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
That helps a lot. Yeah. I mean, the space example is a good one. The Elon example, because the example I give in the book of where I started to think about this was from Apollo 13. You know that movie? So in the like climactic scene of Apollo 13. They're trying to reenter the atmosphere and they're having to do a manual burn of the engines because the computers are all shut down.
Modern Wisdom
#899 - Sahil Bloom - The Harsh Truth About Money & Happiness
And if they come in too steep, they're going to like blow up. If they come in too shallow, they're going to skip off into space and they don't have a way to figure out the perfect angle. And Tom Hanks has this heroic moment where he's like, well, I just have to keep a fixed point in space.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
The idea is you take a piece of paper, and at the end of your day, right before bed, you write down one win from the day. That's something that you felt good about, something that went well. One point of stress, tension, or anxiety, something that you want to get off your brain and onto the paper. And then one point of gratitude, something that you felt grateful for during the day.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
It takes three to five minutes, and it truly does provide a calming sensation in the evening before going to bed. And it forces the highly ambitious go-getter to actually acknowledge the things that are going well in their life, which for very ambitious people is something that tends to be difficult to do.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
And then finally, in the world of physical wealth, an investment you could make is to take yourself for a 30-minute walk without technology. If you just go out and get a little bit of movement in that you previously weren't going to do, that will stack a positive win in your life that compounds into the future.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
there was this investor named Graham Duncan, who several years ago raised this idea of the time billionaire. And when I spoke to him recently, I asked how he came up with that concept. And what he said was that he interviews hundreds of young people to join his firm, and that he noticed that all of them have this common goal of wanting to become billionaires.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
They all want to become dollar billionaires. And what he noticed was that They are all billionaires in one very important way, which is they are time billionaires. They are literally rich with time. But until you start relating to yourself that way, you don't understand just how much that is your most valuable asset that you have.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
Because when you're young, especially, time is quite literally the only asset that you have. You don't have the networks, you don't have the money, you don't have the resources, the experience, the wisdom, any of those things. And so you actually need to take your time and trade it for those things so that you can live well in those other areas as you progress in your life.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
But starting to relate to yourself in that way is a really powerful thing for how you live. And frankly, you're a time billionaire up through, you know, on a technical basis, 50 plus. I think a billion seconds is about 30 years, if I'm correct. And, you know, so at 20, you maybe have 2 billion seconds-ish left, depending on life expectancy. And at 50, you have maybe a billion seconds left.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
So we are all time billionaires. We're doing quite well in that one regard.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
time has become this funny thing particularly in western culture where uh being busy uh is like this interesting almost pseudo-dystopian status flex you go to a you go to a cocktail party and people ask how you're doing and you say i'm busy and you say it with this you know intense pride as if being more stressed and more strained is something to be proud of because it's an indication for a lot of people
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You're saying it because it means that you are working on a lot of things like you must be doing well. And, you know, oftentimes in a more toxic workplace culture to being busy as a protection mechanism, because it shows to your superiors and the people around you that you are working on things that you are doing a whole bunch of stuff.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
And unfortunately, that busyness treadmill, if you will, is actually not conducive to making a whole lot of progress. Because what you find is that you are working on a whole lot of the things that are sort of the one for one trades that are not actually moving you forward. You sort of become like a rocking horse, if you will. You're moving a whole lot, but you're not really getting anywhere.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
I mean, a shocking, shocking statistic. And when you overlay that with the robust body of scientific research that supports the fact that relationships are the key to living a healthy, happy life, it's even more terrifying. The Harvard Study of Adult Development was this incredible study done over the course of 85 plus years.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
They tracked the lives of 1,300 original participants plus their 700 plus descendants. And they found that the single greatest predictor of physical health at age 80 was relationship satisfaction at age 50. It wasn't blood pressure. It wasn't cholesterol. It wasn't smoking or drinking habits. It was how they felt about their relationships that determined their long-term health outcomes.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
I think it is stuff that we all know in the back of our minds, but that has never been brought to the front. That's at least how I've thought about it historically. It's like you already have these answers within you, but you just haven't asked the right questions yet to reveal them in your own life.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
and that is really what i want to do it's i want to encourage people to ask these questions identify what truly matters to you and then start taking tiny actions to build your life around those things and i say tiny actions i really mean it it doesn't take a lot to start building your social wealth it is as simple as sending the one text to the friend that you haven't caught up with in a while it's being the catalyst to get that group of friends together for the annual trip so that it doesn't just fall by the wayside
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
I mean, I think about that one all the time. How often do you get together with your group of friends from your college years? It was very easy in the years during college. It was very easy in the years right after when people were getting married and there were bachelor or bachelorette parties. But it starts to become harder and harder.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
It is the idea of understanding your definition of enough, that your expectations are actually your greatest financial liability, because if you allow them to grow faster than your assets, you will never feel rich.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
And unless one person is the catalyst for bringing that group together, it just stops happening. and you start to lose that social wealth because of the natural decay during your life. But you can be that catalyst. You can take that one tiny action today that, again, compounds positively into the future.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
People know what you find is there are two types of priorities in life. There are the priorities people say they have, and then there are the priorities that people's actions show they have. And for most of us, There is a large gap between those two. So you sit people down and you ask them for the priorities and they say all the right things. They say these five types of wealth.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
They'll talk about the fact that their relationships and the people and their freedom and their health and all of these things they'll talk about as being priorities. And then when you ask what they do during a week or you go look at their calendar, there is a big, big gap in what their actions are actually showing their priorities are.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
And so the whole idea here is to start closing that gap, to take the priorities that your ideal self has in mind and start aligning your actions with building toward that set of priorities.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
Thank you, Mike.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
Thank you so much for having me.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
I think it's best framed through a quote, which is one of my favorite quotes from the management theorist, Peter Drucker, who said, what gets measured gets managed. And I've always loved that quote because what it implies is that the things that you measure end up being the things that you focus on, the things that you optimize around. And money has been the sole way that we measure our lives.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
It has been our focus and the way that we establish our worth as individuals and as people and as professionals. But unfortunately, money is just one piece of a more complete picture that contributes to a healthy, happy, fulfilling, wealthy life.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
The five types of wealth are time wealth, which is the idea of the freedom to choose how you spend your time, who you spend it with, where you spend it, and when you trade it for other things. Social wealth, which is the idea of your human connection, your relationships, the people with whom you are going to go on these journeys with.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
Mental wealth, which is your purpose, your pursuit of growth, and your ability to create space to wrestle with bigger questions in your life. Physical wealth, which is all about your health and vitality, your ability to control the controllables, as it were, in your own life, in your pursuit of health. And then finally, financial wealth, which we all know.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
But in the context of financial wealth in particular, it is the idea of understanding your definition of enough. The idea that your expectations are actually your greatest financial liability, because if you allow them to accelerate and grow faster than your assets, you will never feel rich.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
I think of Rich as really about living your version of enough, which is funny to say, but there's a famous story that I love that really brings this to light. Kurt Vonnegut and Joseph Heller, two very famous American authors, were at the home of this billionaire in the Hamptons. And Vonnegut says to Heller, Joe, how does it feel that just yesterday,
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How to Create Real Wealth & The Ways Technology Ruins Relationships
The owner of this home made more money than your most famous book, Catch-22, made in its entire lifetime. And Heller replies and says, yes, but I've got something that he'll never have. And Vonnegut says, what's that? And Heller says, the knowledge that I've got enough. So really, that is at the heart of all of this.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
It's the idea that you need to define what your version of your enough life looks like. What does enough truly mean to you?
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
Because when you get to that version of your life, when you've achieved the things that you view as enough, you will no longer find yourself on that incessant treadmill, that hedonic treadmill, the Sisyphean quest of continuing to push the boulder up the hill that so many people find themselves on.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
you will never feel successful until you create your own definition of success. That is just a reality. As long as you allow yourself to default into the definition of success or the definition of wealth or the definition of richness that the world and that culture and that society hands you, you will never feel successful because
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
We live in a consumerist world where you'll just be bombarded by exactly what you said, which is more and more information on the next thing that you need to truly achieve the lasting happiness that's just on the horizon. It's just that mirage that you keep getting to. And unfortunately, most people allow themselves to accept that default definition.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
We accept those things blindly that are handed to us and we don't take the time to stop and ask ourselves the question of what do we truly want in life and how can we take actions to build around that? And part of this also just comes down to clearly defining the actual life that is around that definition of enough. It's not about the number.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
The thing that people do is they say, oh, it's once I make a million dollars, then I'm going to be happy, then everything's going to be good. And then they get to a million and then they say it's three million and then they get to three and it's 10. There's actually studies around this.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
Michael Norton, a famous professor at Harvard Business School, did a study where he went and talked to high net worth individuals worth anywhere from a million on through 100 million plus. And he asked them, how happy are you on a scale of one to 10? And then he asked, how much more money would you need to be at a 10?
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How to Create Real Wealth & The Ways Technology Ruins Relationships
And across the board, whether they were worth a million or 100 million plus, everyone said two to three times as much money. So because we attach it to a number, it becomes this very easy thing to naturally inflate.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
When you attach it to an actual life, to an actual vision of the lifestyle that you are going to be living, what it does is it makes it a much more conscious and rational upward movement rather than a subconscious irrational one.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
Usually what happens is that people focus on financial wealth at the expense of the other ones, that they have this early in life patterning or conditioning that convinces them that incremental unit of money is going to equal and incremental unit of happiness. And that patterning actually gets cemented quite legitimately early in your life.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
Early on the curve, money is a great driver of happiness because it reduces fundamental burdens and stresses. We can start to afford things. We can take care of the people around us. We can have two vacations a year. Those things really do drive it. Beyond that, what you find is that the incremental unit of money does not drive that same incremental unit of happiness.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
But because of the patterning that we've now reached, we continue to think it will. And as you continue to more and more narrowly pursue money as the means to your happy end, you start to see these other areas deteriorate. You see that people start to sacrifice their relationships or that they start to sacrifice their physical health or they start to sacrifice their mental clarity.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
All of these other areas start to deteriorate along that pursuit. Part of that is because we don't think to invest in these other areas in the same way that we think to invest in financial wealth. When it comes to financial wealth, we know that investing $100 today will compound into our future.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
We know that investing $100 today is better than investing zero today because of that compounding, that anything above zero compounds. But we don't think of that. We don't actually have that mindset around these other areas when, in fact, an investment in your relationships, I would argue, is the single best investment that you can make.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
Investments pay dividends just like financial investments throughout the entirety of your life. So that simple mental reframe to tell people that investments in these other areas are just as powerful and just as important is a really simple and oddly effective way of getting people to understand this.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
Absolutely. So time wealth, we can start there. An investment in time wealth, the first step would be simply developing an awareness of the finite, impermanent nature of your time, understanding that time is your most precious asset. I say that that is an investment in time wealth because that awareness is what allows you to then use your time more effectively.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
If you don't develop an awareness of just how valuable your time is, you will never treat it accordingly. And so the question that I love to ask people to start this investment cycle is, would you trade lives with Warren Buffett? He's worth $130 billion. He has access to anyone in the world. He flies around on private jets and has mansions all over the place. He reads and learns for a living.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
It sounds pretty good, but you would not trade lives with him simply because he's 95 years old. There is no way you would agree to trade the amount of time you have left for $130 billion. So you acknowledge and understand that your time has quite literally incalculable value. And understanding that, developing that awareness is the first investment you can make in your time wealth.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
Now you have an unlock. You have a mindset shift to recognize that your time is truly your most valuable asset.
Something You Should Know
How to Create Real Wealth & The Ways Technology Ruins Relationships
social wealth the idea of investing is as simple as sending a text to a friend that you haven't talked to in a while or getting together for a cup of coffee with that person that you've been wanting to see but have been neglecting it could be a 15-minute truly present moment with your partner or spouse social wealth investments are as simple as recognizing that
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How to Create Real Wealth & The Ways Technology Ruins Relationships
Being present in a single moment is something that is going to compound positively into your future. And it's an important concept to internalize just that these investments don't have to be dramatic actions. They can be very, very simple and anyone can do them. We all have time to send that text to the friend or make that phone call when we think about them.
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How to Create Real Wealth & The Ways Technology Ruins Relationships
Mental wealth and an investment that you could make in mental wealth, I would argue, is as simple as taking three to five minutes to do a very, very simple journaling exercise in the evening to create a bit of clarity and help yourself with winding down and going to sleep at night. You could do what I call my 1-1-1 method.
The Ramsey Show
Discipline Is the Key to Building Wealth
Yeah. Something permanent about a book versus anything else that you do, social media, writing, et cetera, just does feel different. Something very analog in a digital world, for sure.
The Ramsey Show
Discipline Is the Key to Building Wealth
So the five types of wealth that I talk about in the book, time wealth, all about freedom. Social wealth, it's about your relationships. Mental wealth is about purpose and growth. Physical wealth is about your health. And then financial wealth is about money, what we all know and love.
The Ramsey Show
Discipline Is the Key to Building Wealth
Yeah, the whole idea- As well, anyway. Exactly. The whole idea is that our default scoreboard, the way we have traditionally measured our lives, has been incomplete. And that has been entirely based around money. And that is part of building a wealthy, a fulfilling life, but it's not the only part.
The Ramsey Show
Discipline Is the Key to Building Wealth
And for a lot of people, the chase and the obsessive quest to do the one thing comes at the expense of everything else. You get the Pyrrhic victory. You win the battle, but you lose the much bigger picture war.
The Ramsey Show
Discipline Is the Key to Building Wealth
And so focusing on a more comprehensive scoreboard, a way to measure your life across all of these areas, that's how you go and build the comprehensively wealthy life that we all really want.
The Ramsey Show
Discipline Is the Key to Building Wealth
No, I totally agree with you. The whole idea of even saying work-life balance fundamentally places the two things in tension, and that tension is made up. The reality is that the two can actually be part of a harmony, right? I mean, your family... is on the mission with you that you are on when it comes to your work.
The Ramsey Show
Discipline Is the Key to Building Wealth
And they should feel that way because it's part of building a life together that you're on that journey. Your wife did the cover of the book. My wife did the cover of the book. Exactly right. We're all on this mission together. I do think that the... The mindset of on-off switches in life is one of the most dangerous mindsets we all have. We say, oh, I'm going to be focusing on making money.
The Ramsey Show
Discipline Is the Key to Building Wealth
So too bad, you know, health, too bad, family, friends, all those things get shut off. The reality is that you can just have them on dimmer switches. Just because you're prioritizing making money and getting out of the paycheck to paycheck cycle doesn't mean you shut off these other areas.
The Ramsey Show
Discipline Is the Key to Building Wealth
Anything above zero compounds in all of these areas of life just as much as it does with your financial future.
The Ramsey Show
Discipline Is the Key to Building Wealth
Over and over again, we find that physical wealth, your health and vitality is a catalyst for every single other area of your life. When you take care of yourself, fundamentally what you're doing is taking back agency over your life. You believe that you have the ability to take an action, do something for your physical health and create a desired outcome.
The Ramsey Show
Discipline Is the Key to Building Wealth
That belief that you have instilled in yourself through the physical pursuits applies to everything else that you do. You now believe that you can take an action at work and create a desired outcome, that you can take an action financially, create a desired outcome, that you can do that in your relationships. All of that is about reassuming agency.
The Ramsey Show
Discipline Is the Key to Building Wealth
Yeah, absolutely. And you become a different person by taking these actions. So as a result, you were doing one thing, but it has those ripple effects into every other area of your life.
The Ramsey Show
Discipline Is the Key to Building Wealth
I think that for a lot of people out there, success has become something that they don't feel they have access to. And that is fundamentally giving up your agency, right? You are saying that other people have the opportunity to do things and create success, but I do not. And so I'm going to be moan that success because I don't feel I have access to that.
The Ramsey Show
Discipline Is the Key to Building Wealth
If you change one thing about your life, you create that one tiny piece of momentum, reassume that agency, you will no longer believe that. You will recognize that you have the capacity to take an action and change your life.
The Ramsey Show
Discipline Is the Key to Building Wealth
It is all about taking deliberate daily actions to actually go and build the life that you want. The tiny action that you do today is going to be the thing that creates the momentum for tomorrow. The problem is that when you stare at this big wall, you're trying to go create this enormous change in your life. It's too intimidating.
The Ramsey Show
Discipline Is the Key to Building Wealth
You look at it and you say, like, I can't possibly get to the other side of this thing. You don't have to do that. It's just about creating a little bit of awareness and then taking a tiny bit of action. Because again, that tiny action is what creates the momentum for you to get a little bit better tomorrow, a little bit better the day after that.
The Ramsey Show
Discipline Is the Key to Building Wealth
Absolutely. And again, anything above zero compounds the 10 words that you write today, the 10 minutes. But successful, ambitious people are the worst about allowing optimal to get in the way of beneficial. They say, I don't have an hour to work out today, so I'm just not going to work out. I don't have two hours to write, so I'm just not going to write.
The Ramsey Show
Discipline Is the Key to Building Wealth
I don't have an hour to call my mom, so I'm not going to call her. The reality is that a five-minute call is better than nothing. A 10-minute walk is better than nothing. Five minutes of writing is better than nothing in all areas of your life.
The Ramsey Show
Discipline Is the Key to Building Wealth
No podcast right now, but maybe one to come soon. Okay, very cool.
The Ramsey Show
Discipline Is the Key to Building Wealth
Newsletter several times a week, and you can get the book anywhere books are sold. How do we get the newsletter? Newsletter is at sawhillbloom.com.
The Ramsey Show
Discipline Is the Key to Building Wealth
I love the whole idea of enough because fundamentally enough is where you build your best life. The chase for more is a plague. More is the most dangerous word. The minimalists would love you.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So speaking of regrets and getting started, one of the things that I hear you say pretty often is that it's never too late to start. And you often kick yourself for not starting certain things early enough. So talk to us about that. And to all the young people out there listening, what do you want to tell them?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
We're going to discuss his business ecosystem and how he makes his money. And then we're going to go on to discuss the five dimensions of wealth besides financial wealth. You guys are going to want to hear this, especially all my entrepreneurs out there. So without further delay, here's my awesome conversation with Sahil Bloom. Sahil, welcome to Young and Profiting Podcast.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I totally agree. I remember when I started my podcast almost eight years ago now, I think seven years ago now, everybody told me I was too old to start a podcast. I don't even know what that means.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I was like 28. It was like, you're too old to start a podcast. I was like, okay. And it turned out I was super early. So, you know, it's all in your head. To your point, you got to put in the energy. Let's stick on energy for a bit. Why is energy so important as an entrepreneur and how can we protect our energy?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And for the entrepreneurs out there, we've got control over it. And if you're still working a nine to five, what do you suggest?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I'm so excited for this conversation. I love doing in-person interviews and I feel like we have so much to talk about. So the first thing I want to ask you, I'm just going to jump right into it. When I was reading your book, I learned about your life razor and you've got a personal life razor. So first I wanted to ask you, what is a life razor and tell us what your personal life razor is.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah, I love that. Energy calendar is such a great hack. Okay, so let's talk about your entrepreneurship experience. You have a media business, and I want to stick there for a little bit. Started off with this newsletter. Talk to us about how you first became an entrepreneur. What was the first thing you did as an entrepreneur?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah, so it goes back to following your energy. You followed your energy, you found the evidence, you tried to replicate what was working, and then you felt more comfortable. You probably got more motivated because you saw some success and it gave you some more motivation to keep going and going.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So you mentioned that you're not naturally an entrepreneur. We're opposites. I'm the type of person who is creating businesses at four years old. I'm jealous. I'm jealous. I've always been an entrepreneur. So not being naturally an entrepreneur, and I'm sure there's plenty of people listening in that want to be entrepreneurs, but feel like I just have always worked a regular job.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I've never even thought about being an entrepreneur, but I want the freedom. What do you think the hardest obstacles are going to be for them? And how did you overcome your hardest obstacles?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Once you have your business idea, it's all about focus and consistency, putting in the reps, getting the work done. When you work a nine to five, you've got a boss telling you, these are the priorities, spend your time this way. You kind of know what to do. You might even be taking over a job from somebody else who tells you exactly what you need to do.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
As an entrepreneur, you need to create your day job. How do you recommend that people go about that when they're used to so much structure?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I feel like time blocking on your calendar is just such a life hack. I've now scaled this to my team. So you're probably familiar with Layla Hermosi. She's got this thing called Monday Hour and Chill. Monday Hour, One Hour and Chill or something like this. And they have like an SOP online if you guys want to find it.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And basically, it's like for one hour a week, you sit down with your team and everybody time blocks their calendar, color codes it based on the activity, and then shares it with their manager. And it helps me see, okay, why are you working on this for three hours? You shouldn't do this or you need to take a break. You have no breaks in your day or you've got too many calls.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And it kind of just helps you see what everybody is working on. Because to your point, you can have to-do lists and project management tools. But if what's not on your calendar doesn't reflect that, you're not getting what you need to do done. So I feel like it's like such a great hack that you brought that up.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Starting a small business means you're wearing a lot of hats. Your personal phone becomes your business phone and before you know it, you're juggling calls day and night. And when I started Yap, I made the mistake of using my personal cell phone to handle all business inquiries. I had my business and personal mixed up and it wasn't good for my mental health. That's where Open Phone comes in.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Open Phone is the number one business phone system. They'll help you separate your personal life from your growing business. For just 15 bucks a month, the cost of a few coffees, you'll get complete visibility into everything happening with your business phone number. Open Phone works through an app on your phone or your computer, and it can integrate with HubSpot and hundreds of other systems.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
They use AI-powered call transcripts and summaries. So basically what that means is you get a summary of your phone call with action items as soon as you hang up. And if you miss a call, automated messages are sent to your customer directly. Open Phone is awesome.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It's affordable, it's easy to use, and whether you're a solopreneur, one-person operation, or you need help managing a team with better tools for efficient collaboration, Open Phone is the solution for you. And right now, Open Phone is offering 20% off your first six months when you go to openphone.com slash profiting. That's O-P-E-N-P-H-O-N-E dot com slash profiting for 20% off six months.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And if you have an existing phone number with another service, Open Phone will port them over at no extra charge. That's openphone.com slash profiting. Hey, App Fam. Do you guys know that feeling when you're juggling a dozen sales leads with your team, you're trying to close all these deals, and then suddenly you realize, wait, did we forget to follow up with so-and-so? Shoot, nobody did.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And now we lost the deal because we weren't organized. Yeah, fam, you've got to get the right system in place for your pipeline management if you want to scale your business. And my favorite CRM and sales tracking tool is Pipedrive. They're the first CRM made by salespeople for salespeople.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Pipedrive visualizes your sales process, and it's really all you need to track your sales, communications, contacts, and run your team meetings. Pipedrive has a powerful pipeline management. You can see exactly where every lead stands at a glance. They've got automated reminders and follow-ups to increase your productivity, and it eliminates repetitive, time-consuming tasks.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Pipedrive CRM features were developed around the principle of activity-based selling.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And Pipedrive is always innovating. In fact, they're gearing up to launch a whole new suite of AI tools. With Pipedrive, you're not just managing your sales, you're supercharging them. So if you're ready to take your sales game to the next level, head over to youngandprofiting.co slash sales and start your free 14-day trial today.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
That's youngandprofiting.co slash sales for your free 14-day trial on Pipedrive. Hey, Young Improfiters. These days, I find myself with no time. I'm juggling work, dating, everything else that life throws in my way. And honestly, healthy eating has fallen to the wayside. There's just never enough time to plan, shop, cook, clean up after cooking.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And what happens is that I end up ordering all these groceries, being optimistic because I want to eat healthy, but all the food goes bad before I get a chance to cook it. So I knew that I had to make a change and I recently discovered Factor. It's been amazing because they've got chef-made gourmet meals that make eating well so easy. All the meals are dietitian approved.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
They're ready to heat in just two minutes. And so I can feel right and feel great no matter how much time that I have. And Factor arrives fresh to your doorstep. They've got 40 different options to choose from across all different types of dietary preferences. And so I personally like to have Protein Plus. I work out every single day, so I like to have protein with every meal.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
But if that's not for you, you can try Calorie Smart or Keto. Factor helps you feel good all day. They've got breakfast options, snacks, wholesome smoothies, and I love the smoothie variety pack. It is perfect for me. So why not keep it simple and reach your nutrition goals this year with ingredients you can trust and convenience that can't be beat. We all need to save time.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
We all need to eat smart. And you can do that with Factor. Get started at factormeals.com slash factorpodcast and use code factorpodcast to get 50% off your first box plus free shipping. That's factorpodcast at factormeals.com slash factorpodcast to get 50% off plus free shipping on your first box.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
If you want all the links quick and easy, just head to our show notes or youngandprofiting.com slash deals. So it's the start of the year right now. This is going to come out in February, but we're talking now in January. And I learned that you have this annual tradition of asking people for advice. So talk to us about this tradition.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
How did you get started with it and how has it evolved over time?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And how did it end up influencing you to write this book?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I want to stick on one of the types of wealth, time wealth, because I feel like that's one that I haven't really heard of. And so I'd love for you to break that down. And how do we build it?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I love that. Is there any sort of activity that you recommend to figure out what our priorities are?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I love that because it just goes to show that there's things that you might want to do that seem really exciting that you would love to do if you had the time, but you've got to be able to say no, even if it's something that you kind of want to do.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Social wealth is another one of your elements when it comes to the new scoreboard that you're putting out in your book. And as entrepreneurs, we can really suffer with our relationships. I remember when I first started my company, Yap Media, I worked for four years straight. I lost a lot of close friendships. We're friends again, but I wasn't talking to my best friends.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I was with somebody for 10 years and we broke up and like... just a lot of relationship shambles that I had to take a lot of time to like proactively rebuild in the last two years, right? And I had to basically start from scratch. So talk to us about relationships and in the context of entrepreneurship, what we need to keep in mind.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
One of the things that really impresses me about you is your huge network, right? We were talking offline before this interview, you just had dinner with Cody Sanchez yesterday, and you always meet all these awesome people. What is your idea around mentorship and community with other entrepreneurs?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah. And like you said, people can feel that, right?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Totally. So Jordan Harbinger was my early podcast mentor. And when I first started podcasting, he was like top of the food chain. He knew everything about growing pot. He knew so much more than me. And I really wanted him to be my mentor. And so I remember I would just, every once in a while, message him on Instagram. He came on my podcast. We kind of stayed in touch.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And I would just give him growth strategies. Like, hey, I just tested this new platform and I got paid this much per subscriber and it retained this much. And I would just give him all this little information. And then finally, he was just like... You really know what you're talking about. And you keep giving me really good advice. Let's hop on a call.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And then one day he was like, Hala, my script writer bailed on me. I think you're really good at this stuff. Can you write me my ad? And I was like, sure, I'll write you your ad. I didn't say, oh, it's going to cost this much. I need this or that. I just did it, you know? Sent it to him before I knew it. We were taking calls. He was my mentor.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And that was that, you know, we're like the closest industry friends. So you really do, like you said, have to try to provide some value and try to actually connect with people.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah, but then when you do secure the mentor, it can help you speed along so far. Because then once you trusted me and was like, okay, you help me, I'm going to start giving you some insights of how to rank your podcast, how to do this, how to do that, really helped me. So you talk about something called a brain trust. What's that?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And razor comes from shaving off time, right? And saving time with decisions is so important. And do you have multiple life razors? Because I feel like I heard you once say that you like to wake up and do hard things. And that's another life razor of yours.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
If somebody wants to learn more about how to buy companies, what do you suggest?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And you know what's funny? Psychologically, people love to give advice. And so if you don't overstep this, if you're not asking somebody a question every day, but it's somebody that you respect, that you want to have in your life, and you're asking them some advice, you connect with them.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And that actually probably strengthens your bond over time and makes sure that your network is warm and all the people that you want to keep warm stay warm.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Let's move on to financial wealth. So we talked about your business ecosystem a little bit. You've got a media business. You've got a holding company. You've got a fund, right? So talk to us about the different elements of your business and how you prioritize them.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You're working your nine to five and then your five to midnight building out that side hustle dream. And that's how I started Yap Media. And now we are on track to hit eight figures this year. If you're a side hustler, you know that it can be hard to find the right tools without breaking the bank. And that's where Microsoft Teams Free comes in.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
With Teams, you get pro-level collaboration tools without the hefty price tag. For example, you can host free video meetings for up to 60 minutes. That is so professional for your client calls. You can also get unlimited chat for real-time collaboration with your team, no matter where you are. It replaces so many apps. So for example, file storage.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
If you wanna keep your client documents, invoices, and brand assets organized, Microsoft Teams Free has you covered. You can have everything you need to access in one place. You can also create community spaces to organize your teams, volunteers, or creative collaborators, making it easy to track your business or projects. Microsoft Teams seems like a dream come true for small businesses.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It's secure, professional, reliable, and it is amazing to have all your tools in one place. Stop paying for your tools. Get everything you need for free with Microsoft Teams. It's a no-brainer. Try Microsoft Teams today and start growing your side hustle without extra cost. Head to aka.ms slash profiting today to sign up for free.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
That's aka.ms slash profiting to sign up for free to Microsoft Teams today. Yeah, fam, when I first started this podcast, believe it or not, I had an all-volunteer team to help me out. But as my business took off, I needed to hire a lot of new people and fast.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It soon became pretty overwhelming because I had to sort through piles and piles of resumes, conduct countless interviews, and you know how it goes, hiring is a pain. But then I discovered the easiest way to hire the right people quickly. I found Indeed. When it comes to hiring, Indeed is all you need. Stop struggling to get your job posts seen on other job sites.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
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Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Plus, with Indeed's sponsored jobs, there's no monthly subscriptions, no long-term contracts, and you only pay for results. How fast is Indeed, you ask? In the minute I've been talking to you, 23 hires were made on Indeed according to Indeed data worldwide. There's no need to wait any longer. Speed up your hiring right now with Indeed.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And listeners of this show will get a $75 sponsored job credit to get your jobs more visibility at indeed.com slash profiting. Just go to indeed.com slash profiting right now and support our show by saying you heard about Indeed on this podcast. Indeed.com slash profiting. Terms and conditions apply. Hiring Indeed is all you need. Yep, bam, it's 2025, and a new year means new opportunities.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
For a lot of you out there, I know you've been thinking about one thing over the holidays, and that's starting your own business or side hustle. But of course, you've got so many questions. How do I get started? How do I come up with a brand? How am I actually going to sell things to people? Well, yeah, fam, I want you to take a deep breath because Shopify's got you. How do I know?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Because I had the same questions when I first started selling online. But the best time to start your new business is right now because Shopify makes it simple to create your brand, open for business, and get your first sale. Get your store up and running easily with thousands of customizable templates. No coding or design skills required.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Their powerful social media tools will let you connect all your channels and help you sell everywhere that people scroll. Shopify makes it easy to manage your growing business. They help with details like shipping, taxes, and payments from one single dashboard, allowing you to focus on the important stuff like growing your business and inventing new products.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Don't kick yourself a year from now because you didn't take action now. It's the small actions that add up in a big way. Start small with a trial of Shopify, and I promise it's so easy to use that anything that felt scary about starting your online business will just melt away. With Shopify, your first sale is closer than you think. Established in 2025 has a nice ring to it, doesn't it?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Sign up for your $1 per month trial period at shopify.com slash profiting. That's all lowercase. Go to shopify.com slash profiting to start selling on Shopify today. Shopify.com slash profiting. I really want to dig deep on the holding company. It's really interesting to me. Something that I learned that you do is you tend to use vendors that you actually use that you might like actually pay.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You try to turn those cost centers into profit centers. And I just thought that was so smart. So walk us through how you actually invest in these companies. Do they exist already? Are you creating these companies? What's the structure typically look like?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
What is your idea around mentorship and community with other entrepreneurs?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah. I feel like entrepreneurs that come from the private equity space, like you and Cody Sanchez, you've got such an advantage over everyone because you really know how to buy companies. So just walk us through the process of... How you're actually doing this, are you just investing in these companies or just buying these companies? Are you creating some of these companies?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So now you wake up at 4.30 a.m. You take cold plunges. You are a big self-improvement influencer. You help people improve their lives. But I learned that when you were younger, you were actually quite insecure as a kid. And so first I want to ask you, where do you think those insecurities came from when you were growing up? And what were you like?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
If somebody wants to learn more about how to buy companies, what do you suggest?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah, and I love that you take the approach of being a customer first, so you really can see how well the company performs, if they're really good, and then you invest. So I just think that's so smart. It opened my eyes of like, oh, maybe I can invest in XYZ vendors.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So speaking of investments, you've got this barbell strategy when it comes to your investments. Can you tell us about that?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So let's go back to your five types of wealth. There's a lot of balancing that needs to go on. And I learned that you used to drink a lot. You decided to cut back on your drinking, but you're not totally cutting drinking off. You still actually drink in some social situations. So you are basically balancing your physical wealth with your social wealth and doing trade-offs sometimes.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So maybe talk to us about some examples of trade-offs between the different types and how we can think about balance.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I love this conversation. The last thing I want to touch on on your book is mental wealth. I know that a lot of entrepreneurs struggle with their mental health. Actually, on average, we're more likely to suffer from depression, loneliness, ADHD. There's a lot of mental health issues in entrepreneurship. It's just an uncertain, risky thing to do. And it's very stressful.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So what advice do you have for entrepreneurs in terms of building their mental wealth?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
How do you do that? What's your schedule like?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And I find when I step back and do a strategy day, you call it a think day, I call it a strategy day, my stress and anxiety as an entrepreneur just like melts away. Because like suddenly it's like all these open loops, all these things, should I do this? Should I do that? You make decisions, you have your roadmap and you could just action on it instead of worrying about things so much.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
This is a perfect way to close out. We can bring it up right from the beginning. We were talking about waking up and doing hard things. Talk to us about your morning routine and how it structures your day.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Amazing. It's working really well for you.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Okay, so I end my show with two questions I ask all my guests. It doesn't have to be related to what we talked about today. What is one actionable thing our young and profiters can do today to become more profitable tomorrow?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I love that. And what would you say your secret to profiting in life is? And it doesn't have to be financial.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Awesome. Sahil, it was such a pleasure. Thank you so much for joining us on Young and Profiting Podcast.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Wow, so many thoughtful insights from Sahil. And I especially enjoyed how he thinks about time. Time is truly your most precious asset. But when you're young, it's also your only real asset. It can take years and years to accumulate money, connections, and knowledge. And there's no good shortcuts to acquiring those things.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
But when you have time in your back pocket, and if you hustle and you work hard, you can trade time for all those things. and more. You also have the freedom to choose how you will deploy your time. And if you want to make the most out of that freedom, then lean into what energizes you. Like Sahil put it, motivation is a byproduct of movement.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
In other words, you need to act first and then you will become motivated. And the energy you put into the world now is what will fuel your future efforts. Even if you're rich in time and filled with energy, the entrepreneur's path can still be an extremely lonely one. You may lose friendships, squander relationships, burn bridges, and more bad things may happen for a while.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Believe me, I've been there. But in the big picture, over time, you're building a foundation for your business and for the rest of your life. Just be aware of the trade-offs and what you're compromising along the way. And remember, hustle is just for a season. Don't put off spending time with your parents, your loved ones, or friends for too long.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Part of what makes time so precious is an understanding of its limits. Thanks for listening to this episode of Young and Profiting Podcast. If you listened, learned, and profited from this conversation with Sahil and consider it time well spent, then please share the wealth and this episode with somebody who'll find value in it too.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And if you did enjoy this show and you learned something, then why not drop us a five-star review on Apple Podcasts I love to read your reviews. I read reviews every single day and nothing helps us reach more people than a good review from you. And if you're a new listener of Young and Profiting, make sure that you subscribe to the podcast so you never miss an episode.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
If you want to watch us on video, you can find all of our episodes up on there. I've been doing a lot more in-person interviews with Mel Robbins. This interview with Sahil was in person. So go check out all of our awesome videos on YouTube. You can also find me on Instagram at Yap with Hala or LinkedIn by searching my name. It's Hala Taha. And of course, I got to shout out my Yap team.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I've got rock stars at Yap Media. Everybody is hustling and working so hard. You guys are the best. This is your host, Hala Taha, aka the podcast princess, signing off.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Mm-hmm. So you ended up becoming a collegiate baseball player. I think you went to Stanford, is that right? And you went into finance afterwards. So talk to us about your early career and what led you to end up making a big change.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
When did you start your newsletter? Was that a side hustle while you were in corporate?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Young Improfiters, welcome back to the show. And today we've got an exciting live interview in store for you. And before we get started, I want to ask you a question. What if building a wealthy life had nothing to do with the amount of money that you have in your bank account?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah. And your newsletter is huge now. So how many subscribers do you have?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Which is such a huge newsletter. So it's such an awesome business that you created doing that. So then you ended up wanting to make a big change. I learned that you wanted to move closer to your parents and you ended up pivoting your career at the same time. So talk to us about that.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So true.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Well, today, Sahil Bloom is going to tell us exactly why that's true, and he's on a mission to define what it means to exactly have a wealthy life. Sahil is an entrepreneur, investor, and the author of the Curiosity Chronicles newsletter, as well as the author of the new book, The Five Types of Wealth. In today's conversation, we're going to uncover Sahil's entrepreneurship journey.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I have to say, when I was studying you, that was one of the most impactful stories that I read about. And it really made me think about my decisions because I'm thinking about moving to Austin or Miami to save on taxes. My whole family's in New Jersey, New York. And at the end of the day, do I care about saving $100,000 a year or do I want to spend time with my family?
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And just hearing that from you, you know, 15 times left to see your parents, when you think about it that way, it's really... eye-opening, and it also reminded me of the fact that my father died during COVID. It's okay. But I was really happy that when I was 28, I made the decision to go get my MBA, and it was in New Jersey, my MBA school. And so I decided that I was going to live with my parents.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And I remember my boyfriend, my friends, they were all like, why are you going to live with your parents? That's so lame. And honestly, I'm so thankful I spent two years living at my parents' house because I got to reconnect with them at 28 years old. And in your book, you were saying how in your 20s, you end up not seeing your parents.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I was like a stranger to my parents by the time I was 28 because from... 18 to whatever, I was just never home. And then I got to reconnect with them. And then it just made me always want to come home because I felt closer to them. And then my father passed away like two years later, you know? And so it was definitely the right move. I don't regret it one bit.
Young and Profiting (YAP) with Hala Taha
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And I encourage everybody who's young out there right now, if you have an opportunity to go spend more time with your parents, go live closer to them, even live with them if they want you to, to save money and grind and do whatever you need to, I would say go for it.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Your parents are going to be dead later. Your health won't be there later. You won't just magically find your passions or purpose later. So unless you build those things into your life now, design them into your life now, you're just going to regret it later.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Every single time I thought I was too late, it was still early. Every single time, over and over and over again, I convinced myself that I wasn't gonna do something because it's too late. Oh, you can't start a YouTube channel now. Oh, you can't start on Twitter now. All these things, it's too late. Every single time, it was still early.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And all it took was for me to actually lean into the thing and just do it consistently every single day. You are the only one that determines that it's too late, and it's made up in your own mind. The reality is if you have energy for something and you are willing to put energy towards it on a consistent basis to get better at it over time, you're never too late. There's no such thing.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You can reinvent your story at any point in your life if you decide to. But what you do need to do is put the energy into it every single day. It can't be like, oh, yeah, I'm half in, half out. You have to go all in on these things. And if you do, it's never too late.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
How old were you at the time?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I think the difference between time and energy is one of the most important distinctions to understand as an entrepreneur or just as a human. And the insight here is that we think about time and how we're allocating time, but really the way that you allocate your energy is what matters.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Energy is the finite resource that we need to be aware of because you may have 24 hours in a day, or you may have 16 hours while you're awake. The reality is that you don't have that much energy. You're not just even energy throughout the day.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And the things that you deploy your energy into, especially the things that create energy for you, where you feel really drawn to them, those are the things that create the incredible 10x, 100x, 1000x outcomes in your life. We all know this in our own experience. The times when we have generated incredible outputs and incredible results, it has always been when we felt pulled towards something.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
When we were able to like put our head down and not even realize, like time was just disappearing. You lost yourself in the thing you were doing. We need to tune into that more because when you lean into things that are creating energy in your life in that way, relationships or business endeavors, that is what creates the most incredible outcomes in your life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And so in the book, actually, I have an exercise that I love people to walk through to actually identify the things that are creating energy in your life. I call it the energy calendar. And all you have to do is at the end of a weekday, take a Monday, at the end of a Monday, Color code your calendar according to whether the activity created energy, meaning you felt lifted up by it, mark it green.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It was neutral, mark it yellow. And if it was draining, if you felt physically drained by it, mark it red. At the end of a week, if you do that every day, you have a very clear picture of the types of activities and the types of people who are creating energy in your life versus draining energy in your life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
After you have that insight, you can slowly reposition your calendar to be focused more on energy creators than energy drainers. That will change your entire life because you'll be spending more of your time on things that are lifting you up, on things you are pulled towards, and less on things that are killing you. That will lead to better outcomes. It'll lead to better relationships.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It'll lead to an improved business. All of the outcomes we want in life will follow as a result of leaning into those energy creators.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You have more control than you think, even in a nine to five. I'll give you an example. I did that exercise for the first time when I was still working my 80 to 100 hour a week finance job. The biggest energy drainer I found on my calendar was phone calls and Zoom meetings.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And while I could not just start saying no to those, I was an associate at the time, like I was still pretty junior, I could slightly tweak the way that I was doing them in order to make them more energy creating by doing some of them while out on a walk. So what I noticed about myself was that sitting at my desk doing a phone call or a Zoom is about as energy draining as I can get.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
But doing that same phone call or Zoom while walking was very energy creating for me. I love being outside. I'm more present because you can't multitask when you're on a phone call on a walk. And so as a result, I actually show up better on those calls. Like if you and I were doing one, you would notice I felt more present. And I feel much better after doing them.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So I took half of my calls, the ones that I was able to, and put them into walking calls. Now, suddenly at the end of a week, I feel way, way different. I feel way more uplifted by the entire week. I show up better on those calls. The outcomes are better. That compounds in your life. The insight there is that's one example of a way where you would say, oh, I have no control.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I'm working a nine to five, a normal job. But you have more control than you think. You just have to be willing to scrutinize a little bit some of the activities and ask, can I do these a little bit differently than I currently am?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I laugh about this a lot because my most entrepreneurial friends, and I'm lucky to have some incredible friends out there, when you go ask them what their journey with entrepreneurship was, most of them will be like, well, when I was eight years old, I started this lemonade stand, and then it was a lemonade enterprise across multiple towns. I just dicked around when I was a kid. I played baseball.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Thank you so much for having me. I'm thrilled to do it.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I was just screwing around. I didn't have an entrepreneurial bone in my body. My dad is a professor, the least entrepreneurial track you can follow. And so we didn't have it in our blood in any way. So when I was thinking about leaving my old job to pursue this entrepreneurial path, that was weird. I didn't have like a supportive family around that telling me, oh, you should definitely do that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
What is our life razor? What is our identity defining rule for our life? A razor is a rule of thumb that allows you to cut through the noise. During the course of your life, the things that you prioritize or focus on will change. You can reinvent your story at any point in your life. You can't plan entrepreneurship. The whole idea of creating a business plan is a joke. You have to go do the thing.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
My wife was very supportive, but to be honest, I didn't know if I could do it. I didn't even know what entrepreneurship really meant. And if I can do it, anyone can do it because I was not wired for this. It wasn't like I was a great risk taker. I'm very risk averse. The insight I have around this is you can't plan entrepreneurship.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The whole idea in business school, you went to business school, the whole idea of creating a business plan is sort of a joke. Like you don't need to create a business plan to go launch your first thing. You need to create evidence. You need to create evidence that you can do it, which is just done by taking a little bit of action. You have to go and do the thing.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You can't talk about the thing or brainstorm the thing. You have to go do the thing. And that was all I did. I started writing the newsletter in May of 2021 and there was no monetization plan. There was no strategy to it. I just started writing it. And by the end of that month, I had 15,000 or so subscribers.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And I sent a text to a founder of a startup that I knew and asked if he would want to sponsor one. And he said, sure. And I think he gave me $500 to put out the first sponsorship. And that was this little bit of evidence that I created that I was like, oh man, Okay, so I'm sending one a week and it's making me $500. What if I send two a week? Now it's gonna be $1,000 a week, $4,000 a month.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I was like, man, if I scale it, if I grow the new, like I started to see a path. And I don't know if you know the ancient poet Rumi once said, as you start to walk on the way, the way appears. As you start to walk on the way, the way appears. And I love that because what it reminds you, especially as an entrepreneur, is that you cannot figure it out standing still.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You start to walk and then the path becomes clear. And so that was really the story for me with anything that I've done. It's been I start moving. I start doing something, whatever bad version of it looks like. And then the answers start to become clear to me.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
motivation is a byproduct of movement.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Your energy that you put out into the world literally creates it. So the whole idea of you need to be motivated to act is actually the inverse. You need to act and then you become motivated.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The single greatest obstacle I have faced and that I think most people face when they dive into the entrepreneurial journey is they overcomplicate what it means to be an entrepreneur. All it means is that you are going to solve problems for people. You are going to create value for people via solving their problems. And you will get paid. You will receive value in return.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
This concept, I came upon originally via the founder and first CEO of Netflix, a man named Mark Randolph, you may be familiar with.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And overcomplicating that, thinking about all of these things around structure and business plans and all of these big questions that you can get bombarded by on social media is actually losing sight of the most important thing. And the most important thing is just figure out how to create value for other people. And if you do that, you'll receive value in return. All it comes down to is that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It is identify a problem, create a solution, and then scale that solution. The more scalable the solution, the more money you will make. And if you distill it down to that and deconstruct it down to that, it actually feels quite simple because then it's one of those three things that you need to be thinking about.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
When you're starting and you're trying to find your journey and what you might be interested in, all you need to focus on is identifying problems. literally take out a notepad, walk around for a week, and just write down every problem you perceive of the people around you that you're interacting with.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
That's literally the first place I would start if I wanted to go create a new business and I didn't know what to do. Just identify problems. Then once you've done that, Start to think about solutions. How might you be able to solve that problem for that person, whether it's with a service or a product or something you can put out? And then think about how you would scale that solution.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
How would you reach more people? How would you make the solution more scalable through the internet, through social, through whatever it is, whatever means? But that's what it all comes down to. And that is what stalls a lot of people is they overcomplicate it. So then they do nothing.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
you have to create your own structure. I think what you've hit on there is actually the biggest challenge for most people when they actually do start, when they do take the leap and they're diving into it is you've known historically exactly what you had to do at all times of the day.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And Mark posted this really interesting thing, I think this is probably about two years ago now, where he talked about the fact that throughout his entire technology career, extraordinarily successful technology career, made oodles and oodles of money, built these amazing businesses.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You knew what meetings, what work you had to do, what emails you had to send, and now no one is telling you what to do. I think the first activity I would go through is to actually create a clear routine and structure to your day. And I do that straight into the calendar because I think that your energy will really flow with what you put onto your calendar.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Your priorities are really just an outflow from your calendar. Keith Raboy, the famous investor, said, don't tell me your priorities, show me your calendar. And I love that quote because it's true. It's like, you can't say your priorities are building a business and then your calendar is a whole bunch of busy work meetings.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You need to have time on there structured to actually work on the things that matter. So structure your day. Become a disciplined routine person for a period of time where you really break down your day according to the type of activity that you're going to be doing during that window. It's called time blocking. It works really well.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It doesn't need to be down to the minute, but have windows of time. So if you know, for example, that you are very creative early in the morning, wake up and have a block of time for creative work. So if part of your business is going to be creating content to drive the top of funnel like it is for us, and you're most creative in the morning.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You should probably have a window of time in the morning when you are focused on creating content, creating things that are going to drive that top of funnel. Have a window of time when you're gonna be processing emails and doing basic management tasks like invoices or meetings, whatever those might be.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
But have real structure on a daily basis, and then you won't feel that anxiety and aimlessness that naturally happens. I've written this before that stress and anxiety feed on idleness. When you take action, when you have movement, you literally starve them of the oxygen they need to breathe. So when in doubt, you just have to act.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You have to have that clear structure so that you know you are doing something throughout the day.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The thing that he was most proud about was that he had this rule that every single Tuesday at 5 p.m., he would leave work and go out on a date with his wife.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah, that works well.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And he says that what he's most proud about from his career is not that he founded these incredible companies or made all this money, but that he managed to do that while having an incredible marriage and having kids who love him and like spending time with him. And it struck me when I first read that that the idea of leaving at 5 p.m.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
to have dinner with his wife was not really about any one date or about the dinner itself. It was about what it implied about who he was as a person, about the boundaries that he was creating, about what his priorities were in life, and about the ripple effects that that idea created into other areas of his life. And that was where I came to this term in talking to Mark about a life razor.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I have always been someone that is rather reflective. I try to accumulate insights and wisdom from people who I feel have a lot of it. I've been very fortunate to have a number of mentors and people in my life, many of whom are significantly older, some of whom are just a little bit older, but who have unique experiences and have taken the plunge in different ways in their life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I like to, on an annual basis, create a reflection exercise where I go and ask them what advice would they give to their younger self at whatever age I'm at. I kind of started when I was around 30, and I asked a whole bunch of people what advice they would give to their 30-year-old self. What do they wish they knew then that they know now?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And it ends up creating this incredible map of how to live younger. a life and a beautiful life and so i share some of it in the book in this upfront section of especially from this one year on my 30th birthday when i did it with all people that were 80 and 90 years old actually 100 year old and it created this incredible clear vision in my mind of what matters and what doesn't.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The things that I was stressing over and how I need to just be able to look through those and see the bigger picture, see the real true north of what we are all trying to drive towards.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It was a huge part of creating this idea of the five types of wealth, of thinking about the fact that money was an enabler to a lot of the ends, but it was not an end in and of itself. In other words, money is a tool, but not the goal. And it brought to light the fact that there were really four things that kept coming up for everyone. It was time, people, purpose, and health.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Those were the four things that everyone really focused on. And again, money was an enabler to some of those, but it wasn't really an end in and of itself. And that ended up creating and being the early structure and skeleton of this idea of the five types of wealth. Financial wealth is one of the five types of wealth. It is very important.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
But these other four of time wealth, of social wealth, and of mental wealth and physical wealth are how that all got rounded out into this new scoreboard for your life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
A razor, if you're not familiar with it, is the idea of a single point of focus, a rule of thumb that allows you to cut through the noise when you're making a decision. So for Mark Randolph, He was the type of person who left work to have a 5 p.m. dinner with his wife. That was his life raiser. It was a single point of focus that no matter what allowed him to cut through the noise in his life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Time wealth is the freedom to choose. It is all about having the freedom to choose how you spend your time, who you spend it with, where you spend it, when you trade it for other things. And it all starts with what we were talking about earlier, which is an awareness of time as your most precious asset. I often ask young people, would you trade lives with Warren Buffett? Think about it.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Would you trade lives with Warren Buffett? He's worth $130 billion. He has access to anyone in the world. He flies around on Boeing business jets. He has houses all over the place. He reads and learns for a living. But you wouldn't trade lives with him because he's 95 years old. You would never trade the time you have left for $130 billion. So you know your time has incalculable value.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And yet, on a daily basis, how much time are you really wasting? Scrolling on TikTok, flipping around on your phone, comparing yourself to other people, worrying about little busy work tasks, urgent things that don't really matter, that aren't driving you forward. We all do that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And so creating an awareness of just how important your time is, just how precious it is, is what allows you to then say, okay, I'm going to take this really seriously. I'm going to deploy my precious attention and energy into the few things and into the few relationships that really matter, that are really creating those outcomes in my life that I want. That is what time wealth is all about.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It's about deploying your attention and energy into the few things that really move you forward that really matter.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah, there's a few. And a few are shared in the book. The energy calendar is a great start for figuring out where am I getting my energy from so that I can focus in. There's another one that actually comes from Warren Buffett where he asks you to create a list of your 25 priorities in life. Go write down all of your priorities. And then he says, okay, now you have to circle only five of them.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And you have to go and try to figure out on this long list of things you've just written down, what are the five things that actually matter? So now you have a list of five things circled and 20 things that you didn't circle. And what he says is the five things you circled are your true priorities. Those are the things that you need to put energy towards.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The other 20 things are your avoid at all costs list. Because every single ounce or energy that you put towards those is just a distraction. All of those things are just a distraction pulling you away from the things that are really going to drive the outcomes, the things that really matter.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And so it's a critical exercise for thinking about that exact thing of what does really matter and where do I need to avoid the distraction in life? Because that's where we really get lost on these journeys is we get pulled by the little shiny object that's floating over here when the thing right in front of us is the thing we need to hammer in on.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And as entrepreneurs and as ambitious people in particular, we have a bad, bad tendency to take on too much, right? And when you take on too much, you aren't actually getting more done. You are getting less done because you're pulling yourself away from the thing that's really going to create the incredible outcomes.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And so there's a moment in every entrepreneur's life, anyone who has achieved extraordinary success, when they realized that actually they figured out what the one thing was that really mattered and they were going to put all their energy into that one thing. and just keep chipping away at it over a long period of time.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And anytime something came up, he could identify himself as that type of person. You know, if an interesting career opportunity came up, he could say, no, I'm the type of person who leaves work at 5 p.m. to have dinner with my wife. That is an important part of who he is as a human being. And that is something that we all need to think about in our own lives. What is our life raiser?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The whole idea of like, I'm going to have 15 income streams is a little bit of a farce because every single one of those is like, you're going to have a little bit of attention on each one of those rather than, okay, I'm going to have a lot of attention on two or three things that could be the really big one.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
There are going to be long periods of loneliness on your entrepreneurial journey, and that's okay. That is a necessary cost of entry to the personal transformation that you are trying to create in your life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Because literally what happens is you start changing and growing as you were with the things you were building, the things you were focusing on, and your environment that you previously existed in has not changed. And so there comes to a moment when it feels like you are actually speaking a different language than the people that you used to be close to.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And they will not understand the way you were living and the things you were doing. And they may belittle you. They may tell you to be realistic. They may laugh at your ambitions. Taylor Swift once said, the worst people in the world are the ones who make you feel bad for being excited about something. I think about that all the time. There are people that have done that on your journey.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
We know who they are. So that period of loneliness before you have attracted new people, because you haven't quite gotten to the place where you're going, you haven't attracted your new environment yet, is long and sometimes really painful. But understanding that it is the cost of entry for building the life you want allows you to feel empowered on that journey. Understand this is normal.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
This loneliness is actually a normal part of my entrepreneurial journey. That's an important mindset shift that I have had to have and that I've shared with people along this path. All of that being said, the understanding that your life has seasons is critical here.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You actually articulated it really well in describing your own journey, which is you went through this really focused part, this focused season as you were building the foundation for the rest of your life, building the foundation with your business, which you've now done. And you are now in a season where you can rekindle these new relationships and build this incredible social wealth.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
That is exactly how life works. your 20s, early 30s, maybe into your 40s are really spent building this foundation. And that's okay for social wealth to exist on the back burner during those times. It doesn't mean you want it to completely shut off.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It would still be great for you to be able to cultivate family relationships or one or two close friends during those periods, still send the text, still do the one annual trip, do the little thing, the tiny little investment that compounds, but you don't need it to be the primary focus of your life at all times.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The important realization there is that the exact same way we know that investing a little bit in financial wealth compounds into the future, the exact same principle holds for social wealth. You can invest a little bit in social wealth and still have it compound into the future.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The little texts that you send, the one coffee that you get with the old friend, the birthday with the parents, all of those things are tiny little time investments that really do keep those relationships flowing in a healthy way into the future. You don't need to be the social butterfly life of the party during those years when you're head down. It's just true. And that's okay.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
What is our identity-defining rule for our life? Mine is, I will coach my son's sports teams. And it's a similar concept to Mark Randolph's in that I define myself as the type of person who is a husband, a father, a community member, a leader in all of these ways.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You can feel liberated by that idea of these seasons coming and going.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I think networking is dead. The concept of networking implies a transaction that is not conducive to building genuine relationships. What you are really seeking to do is build genuine connection with people.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
If you go into a new interaction with someone trying to get something out of it, you will never build a real relationship with that person, especially if that person is ahead of you, if it's someone that has achieved the things that you're looking to achieve, because everyone can pick up on that. It is very blindingly obvious when you interact with someone that just has their hand out.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
They just want something from you. Now you experience that on the other end of it. We've been that way in our own lives. It is such an important idea to say, as you go into an interaction with someone for the first time, how would I interact with this person if I assumed that I was going to know them for the next 50 years? Think about that in your mind. How would I interact with them?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I would not be transactional with that person because I'm going to have to spend time with them for the next 50 years. I will probably really start to listen. I will really lean into understanding who they are as a person, creating a map in my mind of the type of things they're excited about, the values that they hold. Those would be the things I would focus on.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I would try to create value for them so that they felt connected to me in some way. Approaching relationships in that way, where you are really genuinely seeking to give with no expectation of return, that is when you end up getting the best returns, which is the funny paradox of relationships. When you give with no expectation of return, you get the best returns in life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And I have found that time and time again. Some of my mentors that have provided extraordinary value in my life are people that I didn't even know they were impressive when we first met. I just wanted to be friends with different people. I was trying to learn from the people that were around me. And it ended up sparking these incredible relationships because there was no networking in mind.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It had nothing to do with a transaction. It was just, I genuinely want to get to know people.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Immediately, especially people who are very successful. Because again, it's very lonely at the top. They are used to just having people come with a handout. And so if you want to stand out to those people and if you want to build those connections, you have to be the opposite. You have to be the person that comes with the thing. You're providing the value.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It's the same as when people are trying to do cold outreach to get a job or to connect with someone. Come with some value. And it's not that hard to figure out how to create value.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I could probably spend, if I was trying to meet you, I could probably spend an hour doing some research about you and identifying a couple of areas that I know from you talking about it on podcasts are trying to focus on and build in your business.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I could do a little bit of research, figure that out, and then I could try to work on some sort of proposal or solution to that problem that you were facing. Maybe you're saying, like, you're trying to build your podcast network and you're trying to reach new potential podcasters.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And being able to say I'm the type of person who coaches my son's sports teams means certain things about who I am and how I interact with the world around me. It means that I'll prioritize family ahead of certain financial opportunities. It means I'll be willing to make sacrifices to prioritize those in my life. And so I encourage other people to think about that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I could reach out to some of them, create some sort of connection there, recognize that I could make an intro, and now I would come to you with some level of value. You would take me so much more seriously than if I just came being like, hey, I'd love to meet you. Pick your brain. Right?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah. And that is something that in hindsight, people will call you lucky. Like, oh, you're so lucky for having Jordan Harbinger be your mentor and be a connection that you have. There's no luck involved in that. You were hustling for a year. And I say this, I'm like, you are one year of focus away from people calling you lucky.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You putting in focused daily effort for a year led to the luck that other people see on the surface. It's just the truth. So you continue to put forward the effort. You continue to put forward the hustle, the energy, the motion. And now the lucky thing happens.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Similar idea. Basically, the idea is that mentorship is... a fading or dying concept. And it's funny, we just talk about mentorship. I would argue what we're really talking about is more the brain trust. So mentor, in the traditional sense of the word, is the idea that you would identify a single person who was going to be your mentor.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And they were going to help you navigate all of the challenges in your professional career that you were going to face, and maybe your personal life as well. That is a crazy concept because it implies that there is a single person out there who has all of the answers that can help you navigate the terrain that you are facing, that their map will match your terrain.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And it implies a really high level of commitment on that person's part to be willing to do that. It sounds like a big burden. If you go ask someone, will you be my mentor? Oh, that sounds like a lot of work, especially if it's someone high up that has a demanding job or demanding path. I think of the concept of the brain trust as the 21st century alternative to the 20th century idea of mentorship.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I walk through an exercise in the book to identify your own, how to come to your own life razor. It's a really important way to cut through the noise and make decisions in your life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
A brain trust is a group of people from different backgrounds and experience sets that you can call upon for advice or guidance about different areas of your life. They are people that have, ideally, domain expertise in these different areas that you can turn to at different inflection points in your own life and journey. The origin of the concept is from Pixar.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
They do a brain trust for every movie that they're creating. It's a bunch of people that aren't involved in the creation of the movie that pressure test and help make the movie better along the way. They make sure that the storyline is good and that they're tugging on hard strings the right way, all of those things. You can develop a brain trust for your own life. It doesn't need to be formal.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
No one needs to know they're even a part of your brain trust. But there are people that you go and call upon whenever you're facing whatever challenge who have that unique set of insights, who have that perspective, and who are willing to tell you the truth, give you the hard feedback along the way.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It also is just, it's an easy way to naturally stay in touch with people that you want to stay in touch with. Like someone that you have connected with once or twice and you want to continue to foster the connection, the relationship, the same way you did with Jordan. It's an easy way to say like, hey, this thing came up. Have you ever faced anything like this?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And you create a natural touch point and it could end up being like once a quarter or once every six months. It doesn't need to be so often because they're not your only person. It's So you can turn to other people along the way. But it's been a great practice for me. And the people that I would consider to be on my brain trust, I've just gotten so much value from them over the years.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So the media business I think of as existing sort of over the top of everything. It's a little bit of a halo in that it provides value to all the other businesses. It is a self-sustaining business that is profitable. And as we all know, media businesses can be very profitable and very high margin. The media business functionally today is newsletter and book.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
There are a few other things that exist in there and there will be more things that get out of there post the book, but it's really just been those to date. The holding company is a number of partially owned businesses that have CEOs that are running them. And these are businesses that I am involved in at a board or strategic level, but not on an operational level on a day to day basis.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The entire idea there was to create businesses around things that I could naturally drive value to via my media platform. Things that I have a unique set of experiences in that I can naturally drive leads towards. It would be like newsletter businesses or design development businesses, other things within those spaces. Those all have profitable, financial profiles.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So none of them have been like, you know, money losing venture like investments. They're all profitable from day one, largely bootstrapped. A couple of them have been things that we've seeded, but generally speaking, bootstrapped.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And they shoot off distributions every single month and their cash flow straight up back to the holding company, which is great because then you can reinvest across different things. And then the venture fund, I raised that in 2022. I had worked in the world of investing for the first seven years of my career, mostly later stage private equity stuff. This is all early stage technology companies.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So I raised a $10 million venture fund from a whole bunch of LPs and investors and have been investing out of that, have made 50 or so investments and will likely raise a second fund here in the next year or so.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The idea of your own life, of having like these different seasons of your life is a really important concept to me. And that concept says that basically during the course of your life, the things that you prioritize or focus on will change. During your 20s and 30s, that is a great time for you to focus on building a financial foundation for the rest of your life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Every single time I thought I was too late, it was still early. And all it took was for me to actually lean into the thing and just do it consistently every single day.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
As I talk about some of the concepts of the book of building a life of wealth across all these different areas, that doesn't mean that your life is going to be perfectly in balance across these five areas throughout your life. What it means is that you need to think about all of them as you consider building.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I remember coming across the case study of Amazon Web Services in maybe like 2018, 2019. And for those who aren't familiar with that story, basically, Bezos, as they were building Amazon, the bookstore and the e-commerce platform, had to build an extraordinarily large platform of compute power, basically, on the back end to power the entire e-commerce business that they were doing.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So they built this whole back-end thing that was a huge cost center for the business. What they realized was that there were a lot of people as the technology ecosystem grew that needed that type of enormous compute power. So they started renting it out effectively, charging people to use this extraordinary compute power that they had created.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
But what you're prioritizing, what you are really focusing on during any one season will change. What that means is that your life razor may change across these different periods of your life because when you are 20 or when you're in your early 30s and you're really honing in on
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
That became an enormous profit center for Amazon, now in the hundreds of billions of dollars. That is a separate company called Amazon Web Services.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
That idea sparked in me whether there was a micro, micro, micro version of that same thing that I could adopt in my own world, where things I was spending money on, on an ongoing monthly basis, as a creator and as a business person, could be things that I could turn into profit centers for my business. So turn my cost centers into profit centers.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And that has been an overarching mental model of how we've approached our different businesses that we've launched. The first example of that was a newsletter business where I was paying a team to manage the back end of my newsletter. So I decided all I want to do is write the newsletter. I don't want to deal with lead magnets. I don't want to deal with paid ads.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I don't want to deal with segmentation funnels, any of those things. I'm just not good at that and I don't really care. So I'm going to pay someone to do it. That team turned out to be really good at doing that. And so I went and partnered with them and a friend of mine who is a founder of a business called Kit, which is a newsletter sending platform. Yeah, ConvertKit.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And we partnered to launch this as a business. I continue to pay them every single month to do the back end of my newsletter. And now it is also a massively profitable business. I shouldn't say massively. It is a very profitable business where we serve the back end of newsletters for some of the largest newsletter writers out there in the world.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
turning a cost center for me into a profit center for me. Similar versions of that across different areas of my business have materialized over the last two or three years. Content agency business, design development business, video businesses, embedded talent business that if you need to hire offshore talent into your business will do that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And it has become a really cool way of coming up with the ideas for the things because I can see them on my own P&L. Looking at my P&L, I can see what I'm spending money on and thinking, okay, is there a way where I can actually own the business rather than just having this be a cash outflow every month?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It could be any of those. So it depends where you catch them in the life cycle. In the case of the newsletter one, that was a brand new business. That was a guy I was friends with who was just doing this on the back end for me as a consultant. And he was just an independent freelance consultant doing it. And I said, we should productize this and make it into a service and a real business.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
doing hard things, building a business, building a financial foundation for your life, it might be something like waking up and doing hard things. That's your life razor. Then as you have kids and as you're prioritizing family, it may become something more like Mark Randolph's that you leave to have dinner. That's so interesting.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And so we founded that from the ground up. There are examples now of businesses like the design development business where you can make an investment both in cash and then also in the form of your platform. So when I say that, what I mean is I can drive a lot of leads to these businesses via my platform. That is a form of investment in this person's business that they've already started.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And so you can do a combination kind of structure of cash plus my energy, my platform, audience, distribution, if you will, that you can kind of invest in it. The third way that you could do it is just go buy a business. Yeah. Cody obviously does that. I will do more of that in the years to come at the holding company level that will use holding company cash flows to go buy bigger businesses.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
We can raise quite easily probably anything up to like $50 million to go and buy a bigger business if we saw something that was really exciting where we felt like we could really bring unique value add to the table.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
There's a lot of resources out there now for learning about buying businesses. I would definitely go and read a bunch of the books that exist about private equity on like the more traditional versions of private equity.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
There's a great book called King of Capital about Steve Schwartzman, who was kind of the first person within private equity world that really built Blackstone, which is a huge private equity fund. Cody obviously has a new book out about buying smaller businesses and sort of main street businesses, which is a great resource.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
But there's plenty of free online resources that you can go and look at and find about investing in buying businesses. And again, the thing to think about is, are there creative ways that you can do it?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And if you have a platform or if you have built some unique distribution or some unique strategic perspective, or if you have a unique SEO capability or unique paid marketing capability, there's a way where you can actually invest via your energy rather than cash.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So the art of the deal, if you will, is really about identifying what is that unique edge that you might have to make this business bigger than it is today, where you can invest that into the business in addition to or instead of any upfront capital.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah, I mean, you probably have, I bet there are 10 businesses that you'll think of over the next month now that you have this in mind that you'll see and say, oh, I could probably actually like invest in this or be a part of it and drive business into it. That as just an idea comes from Peter Lynch is this very famous Wall Street legend who wrote this book.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I think it's called One Up on Wall Street. One of the best investing books of all time. It's sort of a legendary one. And one of his best investments of his career was he invested in Hanes, the underwear company. He invested in it because his wife came home from CVS or something, and she had picked up a pair of Cane's pantyhose, and she was raving about it to him.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So he was like, I'm going to go pick up some shares of that company. She was raving about this tiny little company, and he ended up making a 100x return on this public market investment. So the idea there was like invest in things you love. If you uniquely love an experience or a product, it's probably going to be something that ends up being profitable.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The barbell strategy as a model says that on a risk spectrum, if you think about the most risky things on one end and the least risky things on the other end, that you want to be weighted on both of those ends. So I basically want to have a handful of things that are highly risky. And for me, the highly risky things are investments in myself and in my own businesses.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And then on the other end, it's going to be super boring, basic stuff. For me, stock market index funds. I don't want things in between that I don't really understand. My whole goal is I really only want to invest in things that I can really touch and feel and understand. And so the riskiest stuff is always going to be creating your own businesses.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And the fun thing about that as risky is that you actually control it to an extent versus me investing in, let's take another really risky thing like crypto. I don't control the price of Bitcoin or Ethereum or whatever. I don't control. And so, yes, it might be a great investment, but I have no ability to influence the outcomes.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I have a high degree of ability to influence the outcomes of my own businesses, things that I am actually driving. would prefer to invest my time and energy into things that I have some degree of control over. And if I don't have a degree of control over them, I want them to be super safe and basic and boring. And so that's why, for me, the best plan is that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It's the personal things that I do that I have control over on the riskier end, and then I'm putting money into the Vanguard S&P 500 index fund on the other side.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
All of life is about deciding the price you are willing to pay for the things that you want. And what I would argue is that to perfectly optimize any one area of this, you would need to completely shut off every other area. And some people do that. And most people that do that do it to perfectly optimize financial wealth at the expense of every other area of their life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I think a lot about the fact that the stories we tell ourselves about who we are are so important to how we interact with the world. And especially those original stories that you tell yourself about the type of person you are, and your capabilities and your competencies, those stories are very hard to break.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
They lose all their relationships. Their health goes to hell. They have no clarity of mind. They're stressed all the time. They have no time, freedom. to these other areas.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
What I try to find is what is the place where I'm able to build across all of these things, where I am able to build great big businesses, but not at the expense of not being able to spend time with my wife and son, not at the expense of not having time to work on my body or take care of myself or have the freedom to take my son in the pool at 1 p.m. on a Wednesday.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I've written that before, that the wealthiest I ever feel is when I'm able to take my son swimming at 1 p.m. on a Wednesday because it implies that I have the freedom to do that, that I have a business that's big enough that's working where I'm able to have free time. I don't have calls all of a sudden in the middle of the day. I can go do that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You are always going to face these tradeoffs, and what you need to decide is what tradeoffs are you willing to make. Not the ones that people tell you you should make, not the ones that the normal path says are the ones that matter, but what you truly care about. If all you care about is building an enormous business, that's great. I'm happy for you and you should build your life around that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
But the point in the book and the point that I'm trying to get across with everything that I do is you get to decide. You get to define what matters to you in your own life. And you have to ask these questions and then take action to build your life around those things. It's no one else's job to tell you what matters to you. You get to decide.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And that, I think, is the really important critical message in all of this. It's just I want people to identify and really think about what matters to them and then go build their life around those things.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Create more space in your life. Create deliberate practices around space. The idea of space comes from Viktor Frankl, who is the famous Holocaust survivor, the author of Man's Search for Meaning. And he has a quote where he says that our power exists in the space that we can create between stimulus and response.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Entrepreneurs in particular live in this constant loop where stimulus is coming in and they're immediately responding to it at all hours of the day, at all times. That is a very dangerous place to be because it makes you reactive. Everything in your life becomes a reaction. There's just things coming in and you're immediately shooting things out.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You find incredible power and presence if you can just create a little bit of space between the two. That can be found through a five minute walk in between meetings, or a 15 minute walk after lunch, or taking one day per month to just zoom out and go journal for a few hours at a coffee shop, or just making sure you give yourself one evening a week where you're not gonna work.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Creating a little bit of space in your life has dramatic, dramatic effects. But you have to be deliberate in how you structure it into your life. It can't be something that's floating in the back of your mind. To the point earlier on time blocking and structuring, put it on your calendar. Actually have a window where you're going to create space.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And so if it is a negative story that you are starting to tell yourself, you will look around the world and you'll find all of the information that confirms that story. And if there's things that refute that story, you won't see it. You'll reject it. It's called the narrative fallacy. Humans are storytelling creatures. So we look to confirm the stories that we understand.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You cannot be on your phone scrolling during that time. It needs to be truly shut off and just give yourself that freedom to just turn off for a short window of time and you'll experience incredible benefits.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Five minute walks in between meetings. So if you have a bunch of 30 minute meetings on your calendar, make them all 25 minutes. This is actually scientifically proven. So Microsoft did a study where they put EEGs on people's heads and had them go through a set of back-to-back meetings or a set of meetings where they had a five minute break in between each.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The people that went through back-to-back meetings saw stress build up steadily across the meetings and performance deteriorated across the meetings. The people that had a five-minute break, zero stress buildup and consistent performance. It makes an enormous difference with a tiny intervention.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So 25-minute meetings instead of 30, honestly, all that happens is you remove the banter about the weather that meetings start with, you just can get rid of that. You'll be more efficient, you'll get it done. Then the second practice which I walk through in the book is once a month or once a quarter at a minimum, do what I call a think day.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
where you give yourself like a four to eight hour window to step out of your normal ecosystem, go into a new environment, whether it's at a coffee shop or rent an Airbnb or go to a hotel or go to a spa, do something.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Bring a journal, bring a pen and walk through, I have eight question prompts in the book, walk through some of those question prompts that force you to zoom out and just look at the bigger picture of the things you're doing, professionally and personally. That will naturally create this incredible ritual for space in your life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So if you do the micro level of the five-minute breaks, and if you do the macro level of a think day once a month or once a quarter, you'll get a ton of benefit.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I've always thought that you have stress when there's a gap between your present reality and your expectations, but in particular, when you don't have a plan to bridge that gap. And that strategy day or that think day allows you to create that plan for bridging the gap. And then it just becomes about execution. And you're an entrepreneur. You know you can execute.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You know you can show up and be disciplined and do the thing every day, do the hard thing. So it just allows you to create enough space to create that plan. And the stress, as you said, melts away.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah, I'm an early riser. I have like a 90-year-old man schedule. So I go to bed at about 8.15, 8.30, and I wake up at 4.00. I love the early morning hours partially because it's the only time of day I get when there's no stimulus. There's nothing coming in. My kid's not awake yet. I have a two and a half year old. He's not up. You're not getting emails.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
No one's texting you at four in the morning. And so I get this two or three hour block just to myself. I, first thing out of bed, get into the cold plunge. I have no idea if it has any health benefits, but it definitely has cognitive benefits for me. I get an incredible energy boost from it and definitely a mood improvement from it. The dopamine, I think, really does impact me.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I had told myself from a young age a story that I wasn't smart. I have an older sister who was extraordinarily high achieving academically. And at the first sign of me not being able to easily do that same thing that she was doing, I started telling myself, I'm not the smart one. I need to find a different thing. I need to be athletic or something else, but I'm not smart.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I get out of the cold plunge and I'm usually at my desk by about 4.45 or so. I always do a writing block to start the day. That's when I feel most creative. So this book got written from about 5 a.m. to 8 a.m. over the course of two or three years. And after that, my son is awake. I would do breakfast with the whole family.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And then I sort of go into my workouts from somewhere between 9.30 and 11.30.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
We'll see.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I would create an evening three to five minute journaling ritual. This reflection, I think, really helps you make more money, allowing yourself to just pause and reflect a bit. And the thing I do is I call it my one, one, one method. So you write down one win from the day. That's something that you feel good about that went well.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
One point of stress, tension, or anxiety, something that was bugging you that you need to get off your brain and onto the paper. And then one point of gratitude, something you felt grateful for during the day. It takes three to five minutes max, and it forces you to recognize a win and just feel better before going to bed at the end of the day.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
My relationship with my wife and son, for sure. I get more joy out of seeing him grow and the relationship that he and my wife have than just about anything else in the world.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Well, you can find the book anywhere books are sold and more information at thefivetypesofwealth.com. And then I'm at Sahil Bloom on every major platform.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Thank you.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
That bred within me an insecurity that was very, very hard to crack. And no matter how much my parents told me that it wasn't true, no matter how much my sister told me it wasn't true or teachers, it was the story I told myself and I was not willing to break it.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I would definitely go in.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And it took, frankly, like 30 years for me to finally reject those original stories and truly create the space for introspection to actually break some of those original stories I had told myself.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
The early years of my career were very much spent head down, focused on building a financial and sort of experience and knowledge foundation for the rest of my life. I loved my early years in finance. I went and worked at a private equity fund, which for those that aren't familiar, it's a fund that raises a pool of capital and you go and buy and sell companies and you make money along the way.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
It was an extraordinary learning experience. And when I give advice to young people, what I say is, when you are young, time is the only thing that you have. It is your only asset. You don't have networks. You don't have money. You don't have experience. You don't have knowledge. You don't have any of those things.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I think networking is dead. What you are really seeking to do is that is when you end up getting the best returns.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And so as a result, you need to take the time that you do have and trade it for all of those things. Once you've done that, then the whole world is open up to you because now you have networks and money and experience, and you can deploy those into the most interesting, asymmetric, high upside opportunities. But until you do that trade, you wouldn't know how to work smart.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
When young people say, oh, I'm going to work smart, not hard, you can't really do that until you work hard because you don't have the assets to work smart.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So my early career years, I was just working 80 to 100 hours a week. And that was very much the trading time for all of these other things phase of my life. And it was fantastic for three or four years. And what happened to me was I started to make money. I started to convince myself that my happiness and fulfillment was on the other side of some arbitrary financial milestone.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Basically, I started marching down the path of, I'll be really happy when I make my first million dollars. And then I did that. And then it was, I'll be really happy when I make $3 million. And then I did that. And I was not happy. None of the things that I thought were going to magically appear in my life had materialized. It was just this feeling of disappear and reappear into the horizon.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And along that journey, a lot of areas of my life that are more important had started to crumble. And that was my relationships had started to really be strained with my parents, with my sister. My wife and I were struggling to conceive at the time. My health, I was drinking seven nights a week, unfortunately. Mental and physical health were really suffering.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
So all of these other areas of my life were starting to deteriorate while on the surface, you would have said I was winning the game. I was getting promoted. I was making money. Things were going well from the outside looking in. And I just started to think as I approached turning 30 that if that was what winning the game felt like, I had to be playing the wrong game.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And I knew I needed to make a change. And so it was just figuring out what was that change.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
No, I started that the month I left my job. That was in May of 2021. I launched my newsletter. Originally, I launched it just as a way to send the things I was writing on Twitter, which I'd been writing for about a year at that time. From May of 2020, I started on Twitter because I was stuck at home like a lot of people. I was like during lockdowns, I was stuck there.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And I started writing on Twitter and then I started sending those out to people via emails in May of 2021. And that was really the spark of, OK, maybe there are businesses that you can build off of this stuff, which I'm sure we'll start talking about entrepreneurship. But that was really the first lever of all of that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Now it reaches a little over 800,000 people twice a week.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I had a single conversation in May of 2021 that really changed the course of my life. I went out for a drink with an old friend. This was at the time in my life when I had started to question whether I was playing the wrong game. And he asked how I was doing. And I said, it had started to get difficult being so far away from my parents who were on the East Coast.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Started to see them getting older and being so far away. And he asked how old they were. And I said, mid-60s. And he asked... how many times do you see them? And I said, maybe once a year. And he just looked at me and said, okay, so you're going to see your parents 15 more times before they die. And I just remember feeling like I had been punched in the gut.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
I mean, the idea that the amount of time you have left with the people you love most in the world is so finite and countable that you can put it onto a few hands is just terrifying. And so the next day I told my wife that I thought we needed to make a change. And within 45 days, I had left my job.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
We had sold our house in California and moved across the country to be closer to both of our sets of parents. And in hindsight, that was really the spark that sent me on this entire journey that has culminated in even being here and talking about this in the book, because there was a key realization there that a wealthy life may involve money, but really it is built around these other things.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
And no job will ever pay you enough to be far away from people you love.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
That was the single greatest change that we ever made was picking up and moving across the country to live closer to them. And now that number 15 times before they die is in the hundreds. Like I see my parents multiple times a month now. They're a huge part of my son's life, all of these things. And so that was the spark that really ended up snowballing into all of these things that have happened.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
Yeah, and look, it all starts with awareness. The fact that you are aware enough to make that change is a huge thing. We don't think about time. Like when you're young, time is not a thing that ever crosses your mind. You don't think about the fact that time is your most precious asset. It is literally the only thing that matters. And when you're young, you are literally a time billionaire.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You have billions of seconds left in your life. That is the only thing that you truly have. And we don't relate to ourselves that way. We don't actually treat time as that precious asset. And so then we don't think about it at all until it's the only thing that we think about. But then it's too late. Then you're dead. And what happens is that life ends up being filled with laters.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Sahil Bloom: The 5 Types of Wealth You Need to Design Your Dream Life | Entrepreneurship | E335
You spend time saying, oh, I'll spend more time with my kids later. I'll spend more time with my parents later. I'll spend more time on my health later. I'll find my purpose later. I'll pursue my passions later. And the sad thing is that later just becomes another word for never. Because those things are not going to exist in the same way later. Your kids are not going to be five years old later.