The #1 Reason Young People Stay Poor | Spotify Video Exclusive
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Why should young people prioritize learning over earning?
20-year-olds stay poor because they start trying to earn rather than trying to learn. They did a survey of high school seniors. 52% believe that they will be a millionaire by 25. It's delusion. You can try and roll the dice and have a one in a thousand shot of being a millionaire in 90 days.
What examples illustrate the importance of mentorship in career growth?
Or I can guarantee that you'll be a millionaire in a decade. Which would you prefer? So I want to give you a quick example of two guys about the same age that took two very different directions in life. One of them went to another guy who was a little bit older, tried to learn the basics of editing video, used the buddy to get a job interview, and he'd learned enough that he could get a job offer. This particular company had a huge suite of other people who were significantly more advanced.
How does the Dunning-Kruger effect relate to early career choices?
Creative director who's done multiple big brands that he had the ability to learn from. He gets a $60,000 offer, which is a solid amount of money for editing with basically no experience, who then, rather than accept the job, he asked for $3,000 more because what he thought he had to do was earn rather than learn. The business is obviously not going to do that. What this guy does is he starts trying to negotiate back and forth, wheels and deals, and then eventually gets a job to be the lead head honcho of video editing at some small business that has no other mentors, there's no other people ahead of him.
What strategies can young people use to gain respect in their careers?
He took the right hook in his career, 12 weeks after getting into it, and now they're the ones who are trying to extract as much from him, rather than coming into a business where he's the small man on the totem pole, and he can learn from everyone else, which would maximize for his long-term net worth. When you're early on, you learn this much, and you think you know everything. And it's something called the Dunning-Kruger effect. The more you learn in a specific skill, the more you realize you don't know. Other guy, same idea, wanted to make money, but had zero skills because he's 17 years old.
Why is hustling respected across different demographics?
Of course, you would have no skills. He decided because he talked to a mentor who was older than him and said, hey, I think you have a proclivity for sales. I think you'd be good at. He said, whatever the minimum quota is that they tell you to do an activity, double it. This was a sales role.
How can skills compound for greater long-term success?
And so he was required to do 100 calls a day. He did 200 calls a day. Why? Because he's not as skilled. So he has to do twice the work in order to get the same output as somebody who's more experienced.
What lessons can be learned from Warren Buffett's early career?
The mentor also said, go and spend as much time as you possibly can with the number one guy. Listen to everything he does and watch what he does. So that's what he did. And then he proved himself as number one on that bottom team. Then he got promoted.
How can young professionals navigate the balance between earning and learning?
He's the youngest guy there. Worked his way up. What he realized was that no one was going to give him respect based on his age. He stacked his way up, stacked his way up, then became one of the top closers in the company where many people were experts at sales. He was able to learn from them because he was hungry and he did extra hours. Now, at this point in his career, he could right now probably start a million dollar a year business or he could reinvest. And so he got another opportunity to work at a much more prestigious company where he'll get even bigger and better experience. And guess what? He's going to get paid less than he was making in his current job. Why would he do it? Because he's smart, not thinking short.
If you go for the earning early, you stop the learning. And the moment you stop the learning is when you decide and you tell the universe that I have made enough. This is enough for me. Start at the bottom and learn every skill along the way. Kobe Bryant was famous for doing this, where he would do two practices a day.
My name is Kobe Bryant. I'm 17 years old. Fridays and Saturdays, I would go in my rec room with my basketball and basically dribble myself to sleep. I think that that was the best thing that could have ever happened to me, because during those lonely hours in the rec room, I discovered the hunger, the motivation, and the desire to be the best possible basketball player that I could be.
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Chapters
8 chapters
1
Why should young people prioritize learning over earning?
0:00–0:18
2
What examples illustrate the importance of mentorship in career growth?
0:18–0:42
3
How does the Dunning-Kruger effect relate to early career choices?
0:42–1:17
4
What strategies can young people use to gain respect in their careers?
1:17–1:47
5
Why is hustling respected across different demographics?
1:47–1:59
6
How can skills compound for greater long-term success?
1:59–2:07
7
What lessons can be learned from Warren Buffett's early career?
2:07–2:17
8
How can young professionals navigate the balance between earning and learning?
2:17–9:39