The 5 Types of Wealth: A Transformative Guide to Design Your Dream Life by Sahil Bloom (EP033)

Wow.

That is the beginning of a book, The 5 Types of Wealth, and it is a banger of a book.

I've probably reread this book, I don't know, 30, 40 times.

If I had to say one line about it is, after selling a business, I wandered for five, six years making mistakes, learning, reading books, trying to think about the purpose of life.

And then after doing all this work, I found this book, and I go, "Gosh, I wish I had this five years ago," because he found most of the nuggets of wisdom that I had found myself and put it in one book, and it would've saved me five or six years of my life just reading it.

Okay.

You, you got me hooked.

Let's go.

[laughs] I love it.

So it really does fire me up.

So this book really hits on a perfect example, banger number one, right out the gate.

So this banger says, "In 2018, a paper published by Harvard Business School professor Michael Norton, researchers asked a group of millionaires, number one, 'How happy are you on a scale of one to 10?' And number two, 'How much more money would need to get you to a 10 on happiness scale?'" Commenting on the results, Norton said, "All the way up the income spectrum, basically everyone said they'd need the same thing." Pablo, guess what they said.

More money?

Yes.

How much?

One more zero?

Two to three times their current wealth.

And he goes on to explain, that's whether it's a guy with, a girl with one, 10, $100 million.

So how do you remember this banger fact? The Norton virus is how I do it, right? There's some software called Norton Antivirus.

Professor Michael Norton from Harvard Business School came up with the Norton virus.

Do you agree with that one? What do you think?

I think that it's very common to fall into the fallacy that once we have XYZ, we're gonna be happy, and that applies to a lot of different things, not just money.

I think that money is very clear, very obvious, because we live, at least in the West, a very money-driven society.

Yeah.

So of course, the tendency is like, well, if I get more money, if I get two times, three times, 10 times more money, then I w- I'm gonna be happy.

Wow.

That is the beginning of a book, The 5 Types of Wealth, and it is a banger of a book.

I've probably reread this book, I don't know, 30, 40 times.

If I had to say one line about it is, after selling a business, I wandered for five, six years making mistakes, learning, reading books, trying to think about the purpose of life.

And then after doing all this work, I found this book, and I go, "Gosh, I wish I had this five years ago," because he found most of the nuggets of wisdom that I had found myself and put it in one book, and it would've saved me five or six years of my life just reading it.

Okay.

You, you got me hooked.

Let's go.

[laughs] I love it.

So it really does fire me up.

So this book really hits on a perfect example, banger number one, right out the gate.

So this banger says, "In 2018, a paper published by Harvard Business School professor Michael Norton, researchers asked a group of millionaires, number one, 'How happy are you on a scale of one to 10?' And number two, 'How much more money would need to get you to a 10 on happiness scale?'" Commenting on the results, Norton said, "All the way up the income spectrum, basically everyone said they'd need the same thing." Pablo, guess what they said.

More money?

Yes.

How much?

One more zero?

Two to three times their current wealth.

And he goes on to explain, that's whether it's a guy with, a girl with one, 10, $100 million.

So how do you remember this banger fact? The Norton virus is how I do it, right? There's some software called Norton Antivirus.

Professor Michael Norton from Harvard Business School came up with the Norton virus.

Do you agree with that one? What do you think?

I think that it's very common to fall into the fallacy that once we have XYZ, we're gonna be happy, and that applies to a lot of different things, not just money.

I think that money is very clear, very obvious, because we live, at least in the West, a very money-driven society.

Yeah.

So of course, the tendency is like, well, if I get more money, if I get two times, three times, 10 times more money, then I w- I'm gonna be happy.