• From age 25-45 “shit gets real - work, stress, building a life takes a toll”. Then in your 50s things you begin to register the wonderful blessings around you.
• Lack of balance in twenties and thirties, sweat and work translates into balance later. Young —> get busy (work)
• Career advice: less sexy job = more professional fulfillment. Sexy job = less fulfilled. Boring company = good investment. Exciting company = bad investment.
• In 50s married couples have 3x the assets of their single peers. Why? Sharing expenses, streamlining decisions, buying assets that increase in value instead of things that rust, rot or depreciate.
• Drink less, think long term (compound interest) and spend money on social and experiences.
• Happiness = family. Expect to reverse roles with your parents.
• Give somebody a good death. Spending time with a somebody that is terminal.
• Get the easy stuff right: show up early, have good manners and follow up.
Assume you are not M Zuckerberg or Bill Gates. Ask 4 questions: can you sign the front, not the back of checks? Are you comfortable with public failure? Do you like to sell? How risk aggressive are you?
Quotes:
Idolizing risk-takers: “The truth about 90% of entrepreneurs is that we start companies not because we’re so skilled, but because we don’t have the skills to be an effective employee. On a risk-adjusted basis, being an employee of a good or great firm is more rewarding than being an entrepreneur.” 97
“Studies show that marriage is advantageous economically. Having a partnership, sharing expenses and responsibilities, being able to focus on your careers, and utilizing the wisdom of crowds (couples) generally leads to better decisions (“No, were not buying a boat). There is a streamlining or choices , which lets you allocate your attention capital to things that grow, instead of decline, in value (your career vs your attractiveness to others or being seen at the right places).
Once, married, your household worth grows at an average of 14% a year. Married couples, by their fifties, on average have 3x the assets of their single peers. The key? Taking the whole ‘till death do us part’ seriously, as divorce seriously eats into the 3x.” 118-119