Tim Luong
@timothyluong
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I build/invest in cashflow businesses (8-figs+/yr)
Joined September 2021
Forcing yourself to spend more money is one of the best ways to break free from scarcity mindset and scale your business. I remember signing a fat $10k/mo house in LA when my business was only doing ~$70K/mo in rev. and the amount of motivation + productivity I had working in that place allowed us to 4x our business that year. You can continuously do this at different phases of scale to constantly break free out of scarcity to remove any emotional connection to money. The moment you're able to treat money as monopoly money in which you use it to play the game of business vs. as a means to live - you make FU money.
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The biggest mistake you can make in your 20s and 30s is being ‘busy’ thinking you’re being productive, when in reality you’re wasting time. You go to college to take 4-years to figure out what you want to do next, just to end up deciding on the same career path as your peers. Or you go get your MBA and spend 2-years ‘studying’ when in fact what you really want is to start your own business. Or you spend 2 years in grad school so you can make a career change, when in reality you just need to make the career change. Spend more time thinking about what you want to do and then go do it. This will get you much further then occupying your time to feel productive, just to end up not doing what you wanted in the first place.
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The video games of life: health, money, status, relationships. Like in any game - you get to decide what your priorities are - as long as you accept the tradeoffs. The character that is maxed out on their ‘attack’ stat is probably weak on ‘defense’. Same goes for life - most people can really only pursue 1 stat at a high level at the expense of others. Now if you’re good at the game you get to pursue 2, and if you’re elite you get 3. But even the very best don’t get all 4. Which just means you have to decide what priorities matter most for you and play that game. Spend the most time thinking about what game you truly want to play because too many people later realize they were playing the wrong game all along.
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For the 18-35 year old man: there’s never been a time where society has created such an extreme winner takes all environment. The top 10% guy may make top 10% money and attract 90% of women, etc. but the top 1% guy will get 99% of women, including the 90% of women interested in the 10% guy, hence making today’s environment tougher for the top 10% guy (due to accessibility on social media and false expectations). The same goes for business - a top 10% business in your niche is only good for a short period until it’s not. More competition will join over time, tech innovation creates lower barriers to entry, and the only businesses that sustain good profits and survive in the long term are the top 1%. Now more than ever is when you need to buckle down and lock in.
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