Advice I’d Give To 20 Year Old Me
Have you ever wished you could go back in time to change some of the decisions you’ve made? Maybe correct some mistakes, try something different, or be a better person?
The #1 advice for younger Tim
If I can go back in time to when I was 20 years old, knowing what I know now, here’s the best advice I would give to myself:
Don’t go at a snail’s pace like everyone else. Do whatever it takes to cut the learning curve!
I believe it was Hippocrates, the ancient Greek physician, who once said, “Art is long, but life is short.”
The average American will become a millionaire if they can reach 150 years old
Can you believe this? It’s ridiculous. Most people on average would be a millionaire at the ripe old age of 150 going at their current learning curve rate. Last I checked, the average American retires with only $60,000 at 70.
If you do the math, they’ll be a millionaire at about 150 or so if they get 6-7% return on their money.
That’s too slow of a learning curve and the reason we go so slow is we forget the great saying, that says it’s true we only learn from mistakes, but they don’t have to be ours.
Learn from the mistakes of others
If I could give my 20-year-old self advice, I would say to become very good at analyzing other people’s mistakes. You can do that with books. Mentors is another way, courses, programs, and masterminds are other ways.
Here’s the formula for success that one of my mentors gave me:
Knowledge, Strategy, and Execution.
Most people do it out of order. Many of you who’re reading this, and even myself, have at times done things out of order, or have done only Strategy, without ever doing the Execution or vice versa. You have to have a large knowledge base, it’s not enough to just believe in yourself.
Are you just optimistic? Without ever putting in the work?
Alan Greenspan, the former head of the U.S. Federal Reserve, after running the banking system, said he learned that the average person is overly optimistic.
We’re overly optimistic because we forget what billionaire Warren Buffet said, “To get what you want, you have to deserve what you want. The world’s not yet a crazy enough place to reward a whole bunch of undeserving people.”
For instance, let’s say you’re looking for a heart surgeon to perform surgery on you. You’d want to work with a doctor who’s done 10,000 surgeries. Nobody wants to go to a surgeon and they’re all like, “Which side is it on again?”.
He might believe in himself and his mom told him he’ll always succeed, but you don’t wanna believe in him. That’s the Knowledge step. The Strategy part is the step a lot of people in this room and myself might do wrong. You know you do it wrong when you become an over analyzer, you build a huge logical base of knowledge. But that’s all you do. You stop there.
Everyone has a plan until they get punched in the mouth
Once at my previous work where I was a VP of a department, a guy brought this spreadsheet to my office, it was insanity. Where’d he’d spend countless hours analyzing every little data dumped from the system, but it was an excel sheet with like 1000+ rows. I asked him, but have you strategized on executing on the fly on any of this? Because this won’t work in real life situations.
It’s like what Mike Tyson said, “Everybody has a plan, until I punch him in the mouth”.
A plan is what most people have. They’re all like, “Well, Warren Buffet made money doing this,” but they never personalize it to themselves. It’s easy to win a chess game when the other person can’t move, but we live in the world, where other people are moving too.
You have your little plan, but Mike Tyson’s coming for you too and we all have forces that are working against us. Like Freud said, there’s “death and dissolution of the body”, you have the forces of physics, and you have other people in this world who don’t always have your best interest at heart.
You have to know how to strategize the knowledge and personalize.
It’s all about the execution; you need to actually DO!
The last one is this: you must execute on your experiments. You can’t just think and analyze.
The richest man in the world, people don’t realize, was Thomas Edison at one point, who started GE. It took him about 1100 experiments to come up with the light bulb. Kentucky Fried Chicken was the second biggest restaurant in the world. Colonel Sanders asked about 980 people before the first person gave him cash.
Most people are not willing to go through the execution curve of trying out a lot of experiments. Most people stop after 3. That’s not enough.
Right now I feel like my average ratio is 20 to one, so every 20 experiments I run, I get one win. And even that’s too tough for most people, but it’s not that hard.
If you just knew you had to go through 20 to get to 1 success, and you’re working off of that mindset framework, you’ll continue to execute experiments wouldn’t you?
Don’t be the type of person who’s always praying and asking God for the breakthrough but you’re not putting any work in. You need to also play your part as well because it’s a two-way street! Or maybe you’re putting the work in, but you’re doing nothing different than what everyone else is doing. The average person is broke though, and therein lies the problem. Don’t be like everyone else! Experiment until you get a success; like Edison, even if it takes you 1100 tries, the win is inevitable if you keep trying.
You’ve heard the saying: you only truly fail if you give up.
I spend $150,000+ a year on being mentored by deca and hecta millionaires, coached by the best marketers and business people in the world, being part of high-level mastermind groups and attending conferences.
In turn, I’ve made my own online private mentorship groups where I personally mentor a group of people.
I’m doing this to bring high-level mentoring to people who can’t afford $150,000+ a year. So let me pay the six figures, and you pay just enough to be committed.
If you want my help to change your life, join either of these mentorship and mastermind groups:
Elite Investors Guild (as low as $7 a month)