# Timothy Ferriss - The 4-Hour Workweek (Highlights)  ## Metadata **Review**:: [readwise.io](https://readwise.io/bookreview/38439143) **Source**:: #from/readwise #from/kindle **Zettel**:: #zettel/fleeting **Status**:: #x **Authors**:: [[Timothy Ferriss]] **Full Title**:: The 4-Hour Workweek **Category**:: #books #readwise/books **Category Icon**:: 📚 **Highlighted**:: [[2024-03-20]] **Created**:: [[2024-03-21]] ## Highlights - Second, this book is not about saving and will not recommend you abandon your daily glass of red wine for a million dollars 50 years from now. I’d rather have the wine. ([Location 286](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=286)) ^689102114 - Third, this book is not about finding your “dream job.” ([Location 288](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=288)) ^689102115 - D for Definition turns misguided common sense upside down and introduces the rules and objectives of the new game. ([Location 298](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=298)) ^689102116 - E for Elimination kills the obsolete notion of time management once and for all. ([Location 301](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=301)) ^689102117 - A for Automation puts cash flow on autopilot using geographic arbitrage, outsourcing, and rules of nondecision. ([Location 305](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=305)) ^689102118 - L for Liberation is the mobile manifesto for the globally inclined. The concept of mini-retirements is introduced, as are the means for flawless remote control and escaping the boss. ([Location 307](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=307)) ^689102119 - Does your life have a purpose? Are you contributing anything useful to this world, or just shuffling papers, banging on a keyboard, and coming home to a drunken existence on the weekends? ([Location 438](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=438)) ^689102120 - If you can free your time and location, your money is automatically worth 3–10 times as much. ([Location 452](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=452)) ^689102121 - Money is multiplied in practical value depending on the number of W’s you control in your life: what you do, when you do it, where you do it, and with whom you do it. I call this the “freedom multiplier.” ([Location 454](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=454)) ^689102122 - I can’t give you a surefire formula for success, but I can give you a formula for failure: try to please everybody all the time. ([Location 529](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=529)) ^689102123 - Different is better when it is more effective or more fun. ([Location 563](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=563)) ^690355880 Dont be different just because it is different. - By working only when you are most effective, life is both more productive and more enjoyable. ([Location 594](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=594)) ^690355881 - For all of the most important things, the timing always sucks. ([Location 609](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=609)) ^690355882 - Conditions are never perfect. “Someday” is a disease that will take your dreams to the grave with you. Pro and con lists are just as bad. If it’s important to you and you want to do it “eventually,” just do it and correct course along the way. ([Location 611](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=611)) ^690355883 - If the potential damage is moderate or in any way reversible, don’t give people the chance to say no. Most people are fast to stop you before you get started but hesitant to get in the way if you’re moving. Get good at being a troublemaker and saying sorry when you really screw up. ([Location 616](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=616)) ^690355884 - It is far more lucrative and fun to leverage your strengths instead of attempting to fix all the chinks in your armor. The choice is between multiplication of results using strengths or incremental improvement fixing weaknesses that will, at best, become mediocre. Focus on better use of your best weapons instead of constant repair. ([Location 623](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=623)) ^691167822 - Eustress, on the other hand, is a word most of you have probably never heard. Eu-, a Greek prefix for “healthy,” is used in the same sense in the word “euphoria.” Role models who push us to exceed our limits, physical training that removes our spare tires, and risks that expand our sphere of comfortable action are all examples of eustress—stress that is healthful and the stimulus for growth. ([Location 664](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=664)) ^691167823 - Define your nightmare, the absolute worst that could happen if you did what you are considering. ([Location 803](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=803)) ^691167824 - “Would you tell me, please, which way I ought to go from here?” “That depends a good deal on where you want to get to,” said the Cat. “I don’t much care where …” said Alice. “Then it doesn’t matter which way you go,” said the Cat. —LEWIS CARROLL, Alice in Wonderland ([Location 833](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=833)) ^691167825 - The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. ([Location 838](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=838)) ^691167826 - Ninety-nine percent of people in the world are convinced they are incapable of achieving great things, so they aim for the mediocre. ([Location 863](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=863)) ^691167827 - If the potential payoff is mediocre or average, so is your effort. ([Location 870](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=870)) ^691167828 - The fishing is best where the fewest go, and the collective insecurity of the world makes it easy for people to hit home runs while everyone else is aiming for base hits. There is just less competition for bigger goals. ([Location 875](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=875)) ^691167829 - Excitement is the more practical synonym for happiness, and it is precisely what you should strive to chase. It is the cure-all. When people suggest you follow your “passion” or your “bliss,” I propose that they are, in fact, referring to the same singular concept: excitement. ([Location 887](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=887)) ^691167830 - This is how most people work until death: “I’ll just work until I have X dollars and then do what I want.” If you don’t define the “what I want” alternate activities, the X figure will increase indefinitely to avoid the fear-inducing uncertainty of this void. ([Location 901](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=901)) ^691167831 - The worst that could happen wasn’t crashing and burning, it was accepting terminal boredom as a tolerable status quo. ([Location 913](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=913)) ^691167832 - My maxim comes from Samuel Beckett, a personal hero of mine: ‘Ever tried. Ever failed. No matter. Try again. Fail again. Fail better.’ You won’t believe what you can accomplish by attempting the impossible with the courage to repeatedly fail better.” ([Location 960](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=960)) ^691167833 - To save time, I recommend using the automatic calculators and forms at www.fourhourblog.com. Refer to the model worksheet on this page as you complete the following steps: ([Location 973](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=973)) ^691167834 #actionable - one place to visit one thing to do before you die (a memory of a lifetime) one thing to do daily one thing to do weekly one thing you’ve always wanted to learn ([Location 992](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=992)) ^691167835 - Determine three steps for each of the four dreams in just the 6-month timeline and take the first step now. ([Location 1032](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1032)) ^691167836 - The most important actions are never comfortable. ([Location 1049](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1049)) ^691167837 - Just a few words on time management: Forget all about it. ([Location 1077](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1077)) ^691603364 - Being busy is most often used as a guise for avoiding the few critically important but uncomfortable actions. ([Location 1080](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1080)) ^691603365 - Here are two truisms to keep in mind: 1. Doing something unimportant well does not make it important. 2. Requiring a lot of time does not make a task important. ([Location 1113](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1113)) ^691603366 - Make no mistake, maximum income from minimal necessary effort (including minimum number of customers) is the primary goal. ([Location 1177](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1177)) ^691603367 - It’s easy to get caught in a flood of minutiae, and the key to not feeling rushed is remembering that lack of time is actually lack of priorities. Take time to stop and smell the roses, or—in this case—to count the pea pods. ([Location 1196](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1196)) ^691603368 - Before I left the classroom the previous day, Ed had given me some parting advice: Parkinson’s Law. Parkinson’s Law dictates that a task will swell in (perceived) importance and complexity in relation to the time allotted for its completion. It is the magic of the imminent deadline. ([Location 1225](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1225)) ^691603369 - The best solution is to use both together: Identify the few critical tasks that contribute most to income and schedule them with very short and clear deadlines. ([Location 1233](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1233)) ^691603370 - The key to having more time is doing less, and there are two paths to getting there, both of which should be used together: (1) Define a to-do list and (2) define a not-to-do list. ([Location 1272](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1272)) ^691603371 - Learn to ask, “If this is the only thing I accomplish today, will I be satisfied with my day?” ([Location 1312](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1312)) ^691603372 - Put a Post-it on your computer screen or set an Outlook reminder to alert you at least three times daily with the question: Are you inventing things to do to avoid the important? ([Location 1323](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1323)) ^691603373 - On a weekly and daily macro level, attempt to take Monday and/or Friday off, as well as leave work at 4 P.M. ([Location 1335](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1335)) ^691603374 - On a micro task level, limit the number of items on your to-do list and use impossibly short deadlines to force immediate action while ignoring minutiae. ([Location 1337](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1337)) ^691603375 - If doing work online or near an online computer, http://e.ggtimer.com/ is a convenient countdown timer. ([Location 1338](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1338)) ^691603376 - Offer a solution. Stop the back-and-forth and make a decision. ([Location 1349](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1349)) ^691603377 - Problems, as a rule, solve themselves or disappear if you remove yourself as an information bottleneck and empower others. ([Location 1383](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1383)) ^692014010 - I only read the sections of the book that were relevant to immediate next steps, which took less than two hours. ([Location 1413](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1413)) ^692014011 - 1. Two Minutes: Use a pen or finger to trace under each line as you read as fast as possible. ([Location 1420](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1420)) ^692014012 - 2. Three Minutes: Begin each line focusing on the third word in from the first word, and end each line focusing on the third word in from the last word. ([Location 1422](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1422)) ^692014013 - Develop the habit of asking yourself, “Will I definitely use this information for something immediate and important?” ([Location 1465](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1465)) ^692014014 - Starting something doesn’t automatically justify finishing it. ([Location 1473](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1473)) ^692014015 - Learn to be difficult when it counts. In school as in life, having a reputation for being assertive will help you receive preferential treatment without having to beg or fight for it every time. ([Location 1513](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1513)) ^692014016 - For an extreme example of a personal autoresponder that has never prompted a complaint and allowed me to check e-mail once per week, visit www.fourhourworkweek.com/autoresponse. It has been revised over three years and works like a charm. ([Location 1560](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1560)) ^692014017 - Hi, John. I’m right in the middle of something. How can I help you out? ([Location 1584](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1584)) ^692014018 - Don’t encourage people to chitchat and don’t let them chitchat. Get them to the point immediately. If they meander or try to postpone for a later undefined call, reel them in and get them to come to the point. ([Location 1588](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1588)) ^692014019 - Similar to our opening greeting on the phone, e-mail communication should be streamlined to prevent needless back-and-forth. Thus, an e-mail with “Can you meet at 4:00 P.M.?” would become “Can you meet at 4:00 P.M.? If so.… If not, please advise three other times that work for you.” ([Location 1613](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1613)) ^692014020 - Get into the habit of considering what “if … then” actions can be proposed in any e-mail where you ask a question. ([Location 1624](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1624)) ^692014021 - That sounds doable. So I can best prepare, can you please send me an e-mail with an agenda? That is, the topics and questions we’ll need to address? That would be great. Thanks in advance. ([Location 1628](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1628)) ^692014022 - I wouldn’t let them “get back to me” but rather force the person to give me a five-second summary and then send me an e-mail if necessary. ([Location 1644](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1644)) ^692014023 - If someone likes a puppy but is hesitant to make the life-altering purchase, just offer to let them take the pup home and bring it back if they change their minds. Of course, the return seldom happens. ([Location 1652](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1652)) ^692014024 - It’s amazing how someone’s IQ seems to double as soon as you give them responsibility and indicate that you trust them. ([Location 1743](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1743)) ^692481551 - Set or request autonomous rules and guidelines with occasional review of results. ([Location 1788](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1788)) ^692481552 - Doodle (www.doodle.com) The best free tool I’ve found for herding cats (multiple people) for scheduling without excessive e-mail. ([Location 1834](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=1834)) ^692481553 - The second is that automation applied to an inefficient operation will magnify the inefficiency. ([Location 2029](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2029)) ^692481554 - Never automate something that can be eliminated, and never delegate something that can be automated or streamlined. ([Location 2035](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2035)) ^692481555 - Principle number one is to refine rules and processes before adding people. Using people to leverage a refined process multiplies production; using people as a solution to a poor process multiplies problems. ([Location 2043](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2043)) ^692481556 - Golden Rule #1: Each delegated task must be both time-consuming and well-defined. ([Location 2052](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2052)) ^692481557 - Golden Rule #2: On a lighter note, have some fun with it. ([Location 2054](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2054)) ^692481558 - First, per-hour cost is not the ultimate determinant of cost. Look at per-task cost. If you need to spend time restating the task and otherwise managing the VA, determine the time required of you and add this (using your per-hour rate from earlier chapters) to the end sticker price of the task. It can be surprising. ([Location 2167](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2167)) ^692481559 - Never use debit cards for online transactions or with remote assistants. Reversing unauthorized credit card charges, particularly with American Express, is painless and near instantaneous. ([Location 2216](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2216)) ^692481560 - Note that I asked him to respond if he didn’t understand or had questions. This is the wrong approach. Ask foreign VAs to rephrase tasks to confirm understanding before getting started. ([Location 2251](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2251)) ^692481561 - Request a status update after a few hours of work on a task to ensure that the task is both understood and achievable. Some tasks are, after initial attempts, impossible. ([Location 2254](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2254)) ^692481562 - Our goal is simple: to create an automated vehicle for generating cash without consuming time. ([Location 2443](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2443)) ^692481563 - Creating demand is hard. Filling demand is much easier. Don’t create a product, then seek someone to sell it to. Find a market—define your customers—then find or develop a product for them. ([Location 2496](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2496)) ^692941511 - The main benefit of your product should be explainable in one sentence or phrase. How is it different and why should I buy it? ([Location 2540](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2540)) ^692941512 - I personally aim for an 8–10 × markup, which means a $100 product can’t cost me more than $10–12.50. ([Location 2551](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2551)) ^692941513 - I have found that a price range of $50–200 per sale provides the most profit for the least customer service hassle. Price high and then justify. ([Location 2556](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2556)) ^692941514 - It Should Take No More Than 3 to 4 Weeks to Manufacture. ([Location 2558](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2558)) ^692941515 - It Should Be Fully Explainable in a Good Online FAQ. ([Location 2568](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2568)) ^692941516 - First, “expert” in the context of selling product means that you know more about the topic than the purchaser. No more. It is not necessary to be the best—just better than a small target number of your prospective customers. ([Location 2637](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2637)) ^692941517 - The moral is that intuition and experience are poor predictors of which products and businesses will be profitable. ([Location 2874](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2874)) ^692941518 - To get an accurate indicator of commercial viability, don’t ask people if they would buy—ask them to buy. The response to the second is the only one that matters. ([Location 2877](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=2877)) ^692941519 - •PBwiki.com [inactive] - Wiki site that helps me keep on top of the notes and ideas that I collect as I go through life. ([Location 3192](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=3192)) ^692941520 - Our goal isn’t to create a business that is as large as possible, but rather a business that bothers us as little as possible. ([Location 3277](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=3277)) ^692941521 - Don’t assemble an architecture of strangers—there will be programming costs and mistakes, both of which are expensive. ([Location 3365](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=3365)) ^692941522 - Customer service is providing an excellent product at an acceptable price and solving legitimate problems (lost packages, replacements, refunds, etc.) in the fastest manner possible. That’s it. ([Location 3388](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=3388)) ^692941523 - The more options you offer the customer, the more indecision you create and the fewer orders you receive—it is a disservice all around. Furthermore, the more options you offer the customer, the more manufacturing and customer service burden you create for yourself. ([Location 3390](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=3390)) ^692941524 - If you offer an excellent product at an acceptable price, it is an equal trade and not a begging session between subordinate (you) and superior (customer). Be professional but never kowtow to unreasonable people. ([Location 3408](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=3408)) ^692941525 - By working faithfully eight hours a day, you may eventually get to be a boss and work twelve hours a day. —ROBERT FROST, American poet and winner of four Pulitzer Prizes ([Location 3644](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=3644)) ^692941526 - Here are just a few of my favorite starting points. Feel free to choose other locations. The most lifestyle for the dollar is underlined: Argentina (Buenos Aires, Córdoba), China (Shanghai, Hong Kong, Taipei), Japan (Tokyo, Osaka), England (London), Ireland (Galway), Thailand (Bangkok, Chiang Mai), Germany (Berlin, Munich), Norway (Oslo), Australia (Sydney), New Zealand (Queenstown), Italy (Rome, Milan, Florence), Spain (Madrid, Valencia, Sevilla), and Holland (Amsterdam). ([Location 4326](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4326)) ^694289017 - What is the 20% of my belongings that I use 80% of the time? Eliminate the other 80% in clothing, magazines, books, and all else. Be ruthless—you can always repurchase things you can’t live without. ([Location 4339](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4339)) ^694289018 - Find and book an apartment for one month. Don’t commit to more than one month until you’ve slept there. ([Location 4406](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4406)) ^694289019 - Virtual Tourist (www.virtualtourist.com) The single largest source of unbiased, user-generated travel content in the world. ([Location 4413](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4413)) ^694289020 - Family Travel Forum (www.familytravelforum.com) A comprehensive forum on, you guessed it, family travel. ([Location 4432](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4432)) ^694289021 - Too much free time is no more than fertilizer for self-doubt and assorted mental tail-chasing. Subtracting the bad does not create the good. It leaves a vacuum. ([Location 4674](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4674)) ^695244055 - Decreasing income-driven work isn’t the end goal. Living more—and becoming more—is. ([Location 4675](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4675)) ^695244056 - If you can’t define it or act upon it, forget it. ([Location 4733](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4733)) ^695244057 - It’s being smart and putting your effort where it can make the biggest difference for yourself and others. ([Location 4736](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4736)) ^695244058 - “If today were the last day of my life, would I want to do what I am about to do today?” ([Location 4933](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4933)) ^695674964 - You better slow down. Don’t dance so fast. ([Location 4952](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4952)) ^695674965 - When you run so fast to get somewhere You miss half the fun of getting there. ([Location 4971](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4971)) ^695674966 - Oftentimes, in order to do the big things, you have to let the small bad things happen. ([Location 4993](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=4993)) ^695674967 - Favorite reads of 2008: Zorba the Greek and Seneca: Letters from a Stoic. ([Location 5029](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=5029)) ^695674968 #further-reading - Don’t accept large or costly favors from strangers. This karmic debt will come back to haunt you. ([Location 5032](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=5032)) ^695674969 - You don’t have to make money back the same way you lose it. If you lose $1,000 at the blackjack table, should you try and recoup it there? Of course not. ([Location 5037](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=5037)) ^695674970 - One of the most universal causes of self-doubt and depression: trying to impress people you don’t like. ([Location 5040](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=5040)) ^695674971 - Money doesn’t change you; it reveals who you are when you no longer have to be nice. ([Location 5047](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=5047)) ^695674972 - I dislike losing money about 50 × more than I like making it. ([Location 5058](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=5058)) ^695674973 - I moved all of my investments into fixed-income and cashlike instruments in July 2008 for this reason, setting aside 10% of pretax income for angel investments where I can contribute significant UI/design, PR, and corporate partnership help. ([Location 5063](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=5063)) ^695674974 - Opportunities abound in bad times as well as good times. In fact, the opportunities are often greater when the conventional wisdom is that everything is going into the toilet. ([Location 5077](https://readwise.io/to_kindle?action=open&asin=B002WE46UW&location=5077)) ^695674975