I listen to a lot of podcasts. When I am driving, when I am walking, when I am sitting around… I just like podcasts! I tend to go toward self-improvement, business leaders, and inspirational type podcasts for the most part. I have mentioned before how much I enjoy the Jim Rome Reinvention Podcast. Another one I really enjoy is the Ed Mylett Show. Ed is a content creator/influencer who, seem to be, highly successful financially speaking. Beyond that I think he does a nice job of weaving financial and life together. Anyway, a recent podcast I found really enjoyable so I thought I would provide a summary for all of you to check out. Here’s a link to the pod and here’s my summary of his 15 Life-Changing Tips that he wishes he had given his younger self.
The exact title of the ep is “15 Life-Changing Tips I Would Give My Younger Self”. Here they are as summarized by me:
#1 – If you are going to win in life… OUT WORK EVERYONE! As Ed says there are a lot of really smart people at the top of every industry… so what separates you is hard work. I know I can second this. I know I am not the smartest probate attorney in California but I also know I built up one of the largest probate practices in the state and that was due to hard work!
#2 – Be willing to work for nothing to be right next to a mentor. As he reminds the listener, there is an ancient Chinese proverb, “if you want to know the road ahead ask those coming back.”
#3 – Do something entrepreneurial when you are young. He explains you learn about marketing, sales, talking to people, and the like. I sold baseball cards, among other things, as a child. I ran small ads in the baseball card magazines as this was long before the internet. I still remember the first time a buyer bounced a check to me… and I had already mailed the cards out. Good lesson!
#4 – Constantly work on and study the art of communication. As Ed says this is a lost art with so many of us on our electronic devices all the time. He suggests reading books on communication, listening to good communicators, watching videos, etc. He suggests being a great communicator is a separator in life.
#5 – Build a brand or a network or both. This is the #1 thing, and it’s not close, what I owe my business success to. In my opinion this does not only apply to business owners or professionals like attorneys. You could be a state worker but your network and your brand are still vital! Yes, REALLY! Thank me later!
#6 – Leave below your means for a long time. This is why we were able to move to Las Vegas and for me to start working less. It can be hard! Most of us want to keep up with the Jones’ but try to not keep up! Pay attention to lifestyle creep! I’ll do a whole blog on this one for sure!
#7 – Have an emergency fund. Ed says you should have three months saved up and ready for an emergency. I like to have a little more than three months… but in any event have an emergency fund because STUFF HAPPENS!
#8 – Learn and study money and the stock market. Understand how money work, interest rates, inflation, stock market, and the list goes on. As Ed says you don’t have to be a stock market guru but at least have a basic understanding. Amen to that! Preach brother Ed!
#9 – In life try and pick something that takes advantage of some gift you have. Try and figure out what you are gifted at and use it! If you aren’t sure what your gift is try a lot of things!
#10 – Become an expert as soon as you can be on real estate. He goes on to say that he also suggests as early in life as possible find a way to get your first deal done. I have dabbled in real estate during my lifetime and echo his sentiments. Remember that beyond properties increasing in value or paying rent there also can be significant tax advantages that end up putting money in your pocket!
#11 – Acquire cash flow producing assets. This includes real estate but can be other things also. He says find assets not liabilities!
#12 – Reduce all distractions. Become great at life by not being distracted! Geez… I am guilty here. I think I have developed ADD at this point in my life!
#13 – Be a business athlete. He suggests physical training is closely correlated with business success. As he says when you enter a room and you’re in good shape it tells people to take you seriously. It tells people you are disciplined!
#14 – Tithe and or be charitable now. Regardless of your income find a way of giving to others. Ed says it’ll come back to you ten-fold! I agree!
#15 – Be careful who you let get close to you. Make people earn your loyalty and your trust. Who you’re around will determine your future! So true!
I would say every one of these is great! Every one of these will help you in the future. These aren’t overnight fixes. These are long-term lifestyle goals! Make them part of how you live each day.
Here’s the link to that ep and here’s the link to Ed’s homepage. Ed provides a lot of great content so check him out! I recommend it!
