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Multiply your age and your pretax income, then divide the total by 10.
Chan gave the example of a 35-year-old earning $150,000 annually.
According to the wealth triangle, their net worth should be around $525,000.
In fact, money expert Ramit Sethi also mentioned this book in hislistof 50 books he loves.
Most people make their financial decisions based on emotion instead of logic, Chan said.
But the key to getting rich is being logically consistent in your actions.
Chan shared the story of his friend Tom, one of the smartest investors he knew.
Tom followed the market meticulously reading charts and following the news.
Yet, when the market started to drop, fear drove him to sell everything and start hoarding cash.
When I told my friends and some co-workers about it, they would laugh but look whos laughing now.
Believing in yourself and removing self-sabotaging thoughts are crucial to achieving your goals.
Entrepreneur Revolution by Daniel Priestley
Rethinking time management and efficiency is at the core of Entrepreneur Revolution.
For Chan, this book helped reveal that success isnt just about working hard its about working smarter.
Unscripted by MJ DeMarco
Tired of the 9-to-5 grind?
Instead, according to Chan, Unscripted encourages looking beyond the confines of a traditional paycheck.
By honing specialized skills, you’ve got the option to become increasingly indispensable.
For Chan, the book helped him discover that his unfair advantage is his frugality.
And that mindset helped him save and invest enough money to eventually quit his 9-to-5 job.
McKeowns 90% rule encourages pursuing only opportunities that score 90% or higher on your personal success criteria.
When you first hear an opportunity and you dont think Hell yeah, Im down!
then it should be a firm no, Chan said.
For Chan, this book not only helped him set boundaries but also improved his mental health.
He gave the example of his alarm going off at 6:30 a.m.
The key is to act before your brain can talk you out of it, he said.
The golden circle consists of three concentric layers: what, how and why.
While important, these elements pale in comparison to understanding your why.
He gave the example of starting his entrepreneurship journey.
In the beginning, his workload was unbearable and he wanted to quit.
But then I would flash back … to my why.
And thats really what kept me going, he said.
The Winner Effect by Ian H. Robertson
Want to become addicted to success?
Chan recommended Ian H. Robertsons The Winner Effect as a must-read.
you’re able to apply this concept in your career or your business.
The momentum from these smaller wins and these successes push you to keep aiming higher.
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