Wealth on Autopilot: Success Secrets Without the Hustle | Elon Musk | Big Money Investing Review
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my most important asset is to follow my dream and make others believe that it is achievable we’re very fortunate to have the opportunity to observe the genius of our time Elon Musk his success in wealth may be envied by all but not all are willing to heed his advice this tendency is quite detrimental because musk has developed very unusual tips that will allow you to effectively improve your financial situation in a short period want to know what it’s about then watch the video Until the End because each of elon’s tis is literally worth its weight in gold you are on the money Channel want to get more financial advice then go ahead and hit the Subscribe button number one start the day with the most important task focus on signal over noise don’t waste time on stuff that doesn’t actually make things better musk advises the CEO of three of the world’s largest companies Tesla SpaceX and neuralink always has a lot to do so he starts his morning with the most important task in his case it’s going through emails first he pays attention to those emails where lack of a response could stall the entire company’s operations how to apply this advice identify the most important task for today and start with it it should be something where completing it will have a Maximum Impact number two use feedback constantly think about how you could be doing things better and keep questioning yourself musk doesn’t rely solely on his own opinion but also listens to those around him and encourages others striving having to achieve something in life to do the same yes at first it may seem unpleasant especially criticism but the benefit will outweigh it all he also tries in any field to hire people who are willing and able to speak their minds directly how to apply this advice gather your team and ask each of them what they think about a specific product some feature management style or business process you can do the same exercise with friends this way you can understand your weaknesses in order to work on them also you can share this video with friends after all such practical tips from The Genius of our time are useful for everyone to know number three rely on first principles I tend to approach things from a physics framework physics teaches you to reason from first principles rather than by analogy a first principle is a basic assumption that cannot be deduced any further and thus is something to rely on when considering a complex issue here’s an example from musk himself what is a rocket made of Aerospace great aluminum Alloys plus some titanium copper and carbon fiber and what is the value of those materials on the commodity Market it turned out that the materials cost of a rocket was around 2% of the typical price so instead of buying a finished rocket for tens of millions musk decided to purchase the raw materials for cheap and build the Rockets himself that’s how SpaceX was born how to apply this advice every problem should be distilled into basic statements when faced with a problem identify and write down your current assumptions about a possible solution break the situation down into into its fundamental principles breaking it into elements and determining which ones are undoubtedly true create a new solution if you have deconstructed the problem in the first two steps you can now create new solutions from scratch number four set stretch goals the first step is to establish that something is possible musk advises as is well known musk often sets overly ambitious deadlines for his projects the concept of stretch goals is a way to change the perception of this issue we ow great electric cars and reusable Rockets to musks stretch goals when Henry Ford made cheap reliable cars people said nah what’s wrong with the horse that was a huge bet he made and it worked if you set realistic goals there will be no reusable Rockets how to apply this advice first it’s hard to gauge upfront how ambitious the goal should be gradually through trial and error you’ll find your way but the main thing is to try first and then course correct as you go next time you’re planning work spend a few minutes envisioning a forecast and then try to do the work 50% better and faster than usual raise the bar and you’ll be amazed at the result perhaps this will be your first step towards achievements that previously seemed Out Of Reach For example 100 years ago the Advent of airplanes and even cars seemed inconceivable but thanks to one product oil Humanity has quite literally everything oil allowed John Rockefeller to become the richest man on the planet oil causes modern Wars and is an instrument of power you can find out why on our Fringe Channel where they clearly explain in simple terms about the world’s most powerful weapon the video link is in the description number five keep growing you should take the approach that you’re wrong your goal is to be less wrong Elon Musk is never satisfied with himself despite his immense achievements he knows he has room for growth in various areas any problem always has a better faster or cheaper solution musk says failure is an option here if things are not failing you are not innovating enough how to apply this advice it’s simple yet complex keep learning persist Embrace difficulties learn from mistakes value feedback and recognize others accomplishments number six plan meticulously I don’t spend my time pontificating about high concept things I spend my time solving engineering and Manufacturing problems managing three companies isn’t easy and obviously requires extremely careful planning it’s known that musk breaks his work calendar into 5minute increments making it very difficult to find free time first and foremost musk focuses on creating designing new products as well as production taking up about 80% of his time how to apply this advice use a calendar not just a to-do list that way you can plan out exactly how much time each project needs number seven never stop learning according to his brother in his youth musk would typically read two books a day literally absorbing knowledge as a result he is well versed in many Sciences physics mathematics engineering and in computer science over many years musk has deepened his expertise in his core field while also gaining an understanding of many other disciplines an approach to education called t-shaped ultimately while being an outstanding specialist in business he also draws from his broad knowledge base which allows him to devise new Solutions and effectively collaborate with experts across different fields how to apply this advice draw a large letter T on a sheet of paper and list the core skills secondary skills and foundational knowledge related to your field if it helps describe what an ideal specialist looks like in those terms now assess where you stand in each of those areas deepen your knowledge through books courses articles and interactions with others constantly re-evaluate yourself in the areas of interest and adjust your learning plan accordingly Elon Musk is no ordinary billionaire unlike most of his colleagues Elon has made billions of dollars several times doing completely different types of business musk made his first Fortune at a digital media company called zip 2 Elon designed it entirely and sold it to compact for $37 million in 1999 when musk was only 27 years old shortly after selling zip 2 Elon founded x.com which later merged with PayPal in October 2002 PayPal merged with eBay for $1.5 million he has since founded SpaceX co-founded Tesla Motors and chaired the board of Solar City and now I will tell you how he managed to do it acquire new skills Elon Musk wasn’t a rocket scientist or a professional car manufacturer when he founded SpaceX and Tesla he mastered new skills in a crazy amount of time Elon explains that you should never let what you don’t know stop you from pursuing your passion investing in new skills is not a waste of money this will definitely pay off in the future besides there are various online resources and books that are available for you to use and learn new things original ideas and solutions come from learning new skills and expanding your knowledge through books in 2022 you need to hone a new set of skills to be successful Elon Musk adheres to this concept find the good in what you do you don’t have to completely change the world to do good but you should always try to provide real value as musk one said if you’re doing something that has a high value for people and frankly even if it’s something if it’s just a little game or a photo sharing enhancement or whatever if it does a little good for a lot of people I think it is great things don’t have to change the world as long as they’re good look for positive reasons in the work you do no matter how small it is it will help you keep more motivated single Focus musk has mastered the art of staying focused there was a time during Tesla’s formative years when a particular problem needed to be solved and so musk slept under his desk and worked 75 hours a week until that problem was solved he couldn’t think about anything else he was not distracted by other tedious tasks all he concentrated on was the task he had to complete now look at Tesla it’s a thriving giant that is changing the automotive world of course it wouldn’t be like this if musk wasn’t in the foreground this concentration allowed musk to master the art of entering the state of flow a mental state in which a person performing an activity is completely immersed in a feeling of energetic Focus full involvement and pleasure in the process of the activity this flow state is achieved only when a person can work without being distracted by other less significant tasks think about your job and how you complete your daily tasks how often do you get distracted how often does something irrelevant distract your attention making you less productive and less efficient how can you plan your day to complete one task and then move on to the next efficiently enthusiastically and purposefully time is money it is an undeniable fact that Elon Musk considers time to be one of the most expensive resources because money comes and goes each of us can become a millionaire today and a beggar tomorrow and time is constantly running out and wasting it in vain would be a huge mistake this is the essential rule in elon’s life the sense of time is one of the main principles of wealth which we have not touched today you need to understand that your delay costs you money because while you are standing still someone else is moving to toward their wealth therefore the faster you start to act the more you will have time to achieve you can start by changing your lifestyle try to adjust your everyday life to the rhythm of Elon Musk adhering to the rules we highlighted today perhaps you will have millions of fresh ideas that will make you one of the wealthiest people on earth look around you and ask yourself what surrounds you it could be your apartments appliances furniture or a bustling City with cars and intertwining roads but in reality what surrounds you are someone’s wellth thought out and skillfully implemented ideas the easiest way to make a million dollars is to come up with one brilliant idea Elon Musk once said in an interview the essence of those words is clear you’re separated from wealth by just one idea how to create a million-dollar idea is exactly the question you’ll get answered by continuing to watch the video nothing new improve the old billionaires are creators first and foremost because they create their own wealth themselves they devise ways and methods to achieve big money but not all their ideas are Innovative because making money can come not only from a new idea but also from a wellth thought out old one the brilliant Henry Ford is often credited with inventing the assembly line in reality assembly lines existed before him and Ford didn’t even invent the first car his contribution was combining these Concepts and creating mass production of automobiles if you think everything interesting and useful has already been implemented by someone you’re mistaken stay on Trend if everyone starts buzzing about something it’s not for no reason there’s a chance that now is the time to strike while the iron is hot when those around you are fervently discussing virtual reality Games it’s a subtle hint that you might try launching a VR Quest business while the audience is hot on the topic it has every chance to take off subscribe to all the major publication and leading experts in the industry that interests you this way you’ll stay up to dat on the latest news and can be among the first to capitalize on promising trends Edison’s quota set a quota aim for a certain number of new ideas related to your work each day for example five ideas per day for one week you’ll see that the hardest part is coming up with the first five then they’ll start flowing on their own the more ideas you generate the greater your chances of success try to meet the quota even if the ideas that come to you initially seem ridiculous or farfetched Thomas Edison patented 1,093 inventions he firmly believed in exercise your own mind and those of your employees and felt that without a set idea quota he would not have achieved so much his personal quota was one small invention every 10 days and one major one every 6 months find a problem yet to be solved if something in your daily life is inconvenient that could be an idea for a successful business once developer Gareth Williams was going to France and wanted to find cheaper flights to easily compare prices he made a spreadsheet in Excel entered all the available options and chose a suitable one it turned out this problem plagued more than just Gareth that’s how the travel Fair aggregator Skyscanner was born try solving problems that aggravate people so much that they’d pay any amount to avoid dealing with them for example moving is always a headache you have to pack belongings find movers and a Truck to transport your possessions from one apartment to another a service that takes care of all that could make life much easier for many does such a service exist in your city if not seize the opportunity idea Journal an idea Journal is a great tool but you need to know how to use it effectively usually people plan to just write down ideas but that’s not very effective the main task is to constantly revisit the journal and find connections between the recorded ideas and pressing problems here’s how it works imagine your chewing gum to calm your nerves and suddenly a brilliant idea hits you why not create a gum that measures stress levels you write down this thought in your journal and come back to it from time to time a few months later you read that the body’s pH level is very important for human health and then it clicks what if you develop a chewing gum that serves as an indicator showing your health based on pH levels let’s say you chew this gum for 3 minutes if it turns red you’re healthy if it turns green it’s time to head home and rest fear destroys opportunities the first barrier to achieving wealth isn’t typically lack of talent but rather the fear of failure sadly many people don’t even attempt to pursue wealth because they’re afraid of failing beforehand it’s easy for others to say that Elon Musk a genius and billionaire simply possesses inherent qualities that guarantee success but that’s not true Elon Musk was convinced that Tesla and SpaceX would fail yet he invested all his money in these companies despite anticipating failure the key isn’t how to become Fearless but how to feel fear and still take action musk puts it this way no matter what I do it’s always scary big money deals Investments they all affect my wallet so they’re crucial to me thinking about such things helps me conquer my fears it sounds great in history but how do you apply it in practice everyone has faced something important in life that they considered but lack the courage to pursue take hobbies for example they seem significant and were willing to invest time in them yet not everyone dares to turn a hobby into a source of income it all comes down to specifics and motivation musk’s trick is to create a very clear picture of the future that energizes you to achieve it notice how musk describes his plan to colle I Mars I think we should initially send a small Greenhouse there with seeds and dehydrated gel and upon Landing moisten the gel to grow the plants this way the public will see that life can Thrive even at such a distance from Earth when your goal is vague it feels unattainable if you simply dream of quitting your job and starting a business fear can seem insurmountable instead create a concrete vision of the future for example I’ll wake up every morning without an alarm go for a run or to the gym then I’ll have business meetings or dedicated time to developing my business afterward I’ll make sure to spend time on myself or with my family the more specific your plans the more energy and motivation you’ll have to achieve them many people strive for wealth by dedicating themselves to work or pushing their limits sometimes compromising their values but in reality achieving wealth can be as simple as generating and effectively implementing one profitable idea that leads you to your desired financial success of course not everyone needs to launch cars into face build Rockets or dream of colonizing Mars let alone do it all at once but by following musk’s advice you’ll have the chance to change your life and Achieve not just success in all your endeavors but also the wealth you desire don’t forget to watch the video about oil as it’s currently shaping the world and by the way enabling wealth the video will now appear on your screen this is the money Channel you’ll get richerWelcome to Big Money Investing – Your Ultimate Destination for In The Money 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