The Biggest Secret To Success That Most Millennials Don’t Know About
Compared to our parents, our generation has all the tools to be successful and wealthy.
“Give me a lever long enough and a fulcrum on which to place it, and I shall move the world”— Archimedes
To be successful, forget chasing after money, status or a prestigious role.
What should you focus on instead?
Building permissionless leverage.
Don’t get me wrong, capital and labor are forms of leverage too. But they are old-school forms of leverage. They require you to have large amounts of money or have lots of people work for you.
Old school forms of leverage were all the rage in the 20th century. They made people fabulously wealthy. Warren Buffett made his fortune by leveraging large amounts of capital to invest in businesses.
Your parents are most familiar with capital and labor as a form of leverage.
This is why when you get a promotion your parents will ask you:
- How much are you getting paid?
- How many people are reporting to you?
Your parents lived in an economic reality that was hierarchical and fixed.
Many probably worked for one organization their entire careers.
They didn’t have the ability to monetize their passions. There were many gatekeepers and few opportunities to work for themselves. The platform economy we take for granted today didn’t exist for them.
Your parent’s best bet was biting their tongue, laugh at a lot of crappy jokes and try to climb the greasy ladder to the top. And that’s the problem with capital and labor as a form of leverage:
They require permission.
With capital as leverage, you either need to accumulate capital or someone to give you lots of money. You are unlikely to have access to this form of leverage when you’re young.
Labor leverage means you have to actively manage lots of people, which is difficult. People are emotional and unpredictable. You always run the risk of people rebelling or overthrowing you.