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Forum Post: Life Lessons From A 1 Percenter

Posted 3 years ago on Dec. 23, 2011, 1:44 p.m. EST by elpinio (213)
This content is user submitted and not an official statement

  1. Study hard instead of working hard - Effort pays off differently at different times of your life. When you are 60 years old, no matter how hard you work, you won't be paid much more. If you are a janitor, no matter how hard you work, you won't get paid much more. So, the lesson is that study hard in school. That's when it'll make the most difference in your life. 1 hour of studying = 100 hours of working. That's what my parents taught me, and it has been true.

  2. Study hard means really study hard - Don't go by the American definition of studying hard. That is a joke. This is a global economy. Go by the global definition. Look to Asia and set that as your standard. As a kid, even on summer holiday, I was forced to study starting from 5am. I got the afternoon off. My average in highschool was 95+%. As Edison said, genius is 99% perspiration.

  3. Study the right subjects - Don't study or major in subjects that are easy or will give you no competitive advantage, i.e. most liberal arts degrees, unless you get into a Harvard or Stanford. Because those subjects are easy and natural to learn (easily related to normal human experience), everyone can do it and hard work doesn't pay off as much in those subjects. In contrast, math, physics, chemistry, etc.. don't come naturally. It takes a lot of practice and isn't fun. Therefore, if you have the determination to work hard at those subjects, you will be at a competitive advantage because others avoid it. This is why liberal arts majors have a hard time getting jobs. While those with science and engineering backgrounds have a relatively easy time, even today.

  4. Don't leverage up - That means, don't buy a house until you can put 40% down, at least. Leverage got all these people buying McMansions into trouble. And it's what got the banks into trouble too.