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10 Habits of Highly Effective Mediocre People

James Altucher

Posted January 23, 2023

James Altucher

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During the recent holidays at home, I learned two things:

1. My niece gets her investment advice from a 17 year-old “meme stock expert” on TikTok.

2. My nephew guzzles down 12 raw eggs a day.

They do those things for the same reason.

Here’s basic knowledge that will make you happy, healthy, and wealthy:

  • Sales
  • Fitness
  • Personal Finance
  • Nutrition & Health
  • Assets vs. liabilities
  • Deep work

Here’s the things I (and they) learned in school:

  • Sales
  • Fitness
  • Personal Finance
  • Nutrition & Health
  • Assets vs. liabilities
  • Deep work

All infinitely useful skills…


Few kids know anything about them while they’re being prepared for the real world.

In a moment, James is going to tackle the biggest one — personal finance — and dispel a few myths.

(Such as: “Salaries build wealth.”)

Look for that below.

First things first.

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And read on.

10 Things about Personal Finance

James Altucher

Personal finance is easy.

At least, it should be easy.

Bad habits make it hard. And lies.

And there are a lot of lies. (And bad habits.)

Take these to heart:

1. Salaries won't build wealth.

And they are not very stable. 55 million people were laid off in the pandemic.

2. Don't invest for wealth (in the stock market)

The best investors return about 10% per year. If you can do that consistently you can raise a hedge fund and make millions on the fees. That's how they all do it.

3. Come up with ten ideas a day. This doesn't seem like "personal finance" but it is.

Ten ideas a day saved my life.

4. Don't try to save money by not buying expensive coffee or taking subways instead of cabs.

That's a myth. The best way to save money is to make more.

5. Learn how to copywrite.

The smartest people I know can copyright their way out of prison.

6. Come up with ten ideas for how two people can help each other. Introduce them and stay out of the way.

This is real networking. Not fake networking where people hand business cards to strangers.

7. When you have wealth, never invest more than 2% of your wealth in any one idea.

8. Don't enter a business with a lot of competition. Enter a business with a monopoly. This means high profits, high perks, great education.

10. More:

I) Read a lot about things that have nothing to do with finance. Then combine them.

J) Sleeping 8 hours a day might be the most important personal finance rule.

K) Be around people who love you and who you love. Eliminate people who bring you down.

L) Gratitude = Abundance. You can only be grateful for what is abundant in your life or what will be abundant in your life. So practice gratitude / abundance all day long.

Personal finance is easy. It’s just filled with BS.

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