This one and "The Millionaire Fastlane" are probably the most influential books I have ever read. These two books are paradigm shifting, they will blow your mind. In fact, I liked Unscripted even more than TMF. There is so much to learn from here. Some content is repeated from TMF but it is more concise and accurate.
The main idea of the book is that in modern society "slavery still exists" but it has a different form than in the past. Now it is called the SCRIPT: have a nice school, get good marks, go to a right college, find a good job, work for 50 years climbing corporate ladder, get your 4%/year pay raise, invest 10% of your income into a retirement plan, retire at the age of 65, and have no time left to enjoy your freedom.
M.J. offers a new philosophy, a better way of thinking about your life strategy through the Pursuit of Entrepreneurship. He explores hyper realities that society lives in: named days, a college degree, entertainment, money.
You don't build wealth through compound interest, you build wealth by investing your money into automated business system. In order to create it, the author explains his Unscripted path:
1) Fuck this event - moment when you say "No more", moment when your "unscription" begins
2) Believes, biases and bullshit
3) Meaning and purpose
4) Fastlane Entrepreneurship
5) Kinetic Execution
6) The Four Disciplines
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(2) Main takeaways:
- "Trust the Process" - don't seek events, establish the process to achieve your goal
- Consumption - be debt free, don't increase your spending in regards to increasing your income
- Luck - I really liked how M.J. substituted word "luck" with "probability". The more you are taking action, the higher chance you will succeed
- Controllable Unlimited Leverage (CUL) - your business VS Uncontrollable Limited Leverage - your job
-The compound interest scam - use compound interest to get income, not to create wealth
(3) Good explanation how motivation, passion and drive works. He calls it Feedback "Value" Loop. Provide value to other people through your actions. If the response is positive, it will reinforce you, and you are most likely gonna continue to do it, otherwise if the result is negative, your motivation through time will slowly decrease.
Another great idea, which I have partially experienced by myself: If you are paid for thing "that you love", eventually you will start to hate it.
(4) Create business system that serves market needs, not your ego. The ideal system should follow CENTS commandments, they are:
C-control - you must fully control your business, don't "hitchhike" with other businesses
E-entry - the higher barrier to get into the business, the better reward
N-need - don't follow "do what you love", instead find what are other people's problems and provide solutions (value)
T-time - don't trade your time for money, make your money create you more money
S-scale - get a high mass or magnitude of your products
(5) Make your idea a reality. Follow the path of creating your own product, while constantly taking feedback from the market.
Main takeaway:
- "Be faithfully monogamous" - don't launch a new business every 3 months, create something valuable and have a long term thinking
(6) Save all the money that your business is generating and invest it into money system. Diversify your portfolio to reduce risks. The more critical mass you have, the more monthly income it will provide. Reach the point where you don't need to work again.
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This is an amazing book, if you are considering to read or not, I HIGHLY recommend it. The younger you are, the greater impact of this book will be. I'm glad I read this book in my early 20s. Now I see why my previous "dream" to become a software developer at Google/Microsoft is a dead end destination and why I will never have any freedom by following this path. Thank you M.J. for eye opening!
Favourite quotes:
"Well-dressed slaves are still slaves"
"To get millions, you have to impact millions"