The Rich Employee by James Altucher (Part 1)

Who is This Book For? Learn to choose yourself. Always tell yourself that as it very crucial. Ask yourself how can you change the world? Have a ‘rich employee’ mindset. Choose themselves. Apply that vantage point. You can apply the lessons even if you are not an entrepreneur. Make the most of every situation and get the most of every job and learning opportunity. Learn to be a rich employee.

The Rich Employee Mentality. The world was changing fast but I was feeling lost. However, we cannot fight the change. If you are the rich employee, you can survive in any economy. Learn to practise ‘The Daily Practice’ every day. Eat better, move better. Do not spend time with people who will bring you down. Learn to become an idea muscle. Practise a little more gratitude each day. Learn to recognize who are the gatekeepers in your life. Knowledge as a whole can be outsourced. However, ideas can never be outsourced. Income inequality is increasing. Being an entrepreneur, there is an 85% risk of failure. Participate in the idea economy. Learn to participate in the Idea Economy. Learn to enjoy the best of both worlds. Keep getting better everyday.

Everything that can be outsourced will be outsourced. Anything that can be replaced with technology will be replaced with technology. – James Altucher

Don’t forget that entrepreneurship is just like having a job with an 85% rate of failure. There is no way to predict or avoid that failure rate. Once you jump into that poo, it’s too dark to see if a shark is waiting to eat you. But there’s an 85% chance that a shark is there. – James Altucher

Start the Road Towards Becoming a Rich Employee Exactly Where You Are

10 Things a Rich Employee Does if She or He has Just Been Fired. Try your best not to panic, instead learn to take action. If someone bribes you to do something, and you do it, you have become a prisoner.

10 Things a Rich Employee Will Do if She is Hired Today. Follow your boss if your boss is good. Rule #1: Love your product. You must love your company and use your product. Read every book on your company’s history. The author worked for HBO and watched a lot of HBO shows. Rule #2: Know the history of the company. Rule #3: Know the history of the executives. Rule #4: Make your boss look good. Give your boss all the credit. You depend on your boss to climb up. You must know his goals etc. Wake up 2 hours earlier to go to work. Thank him for the opportunities he has given you. Rule #5: Know all the secretaries. Take them out for lunch. Pay attention to ‘Human Resources’. Rule#6: Test Your Value. Do not be inbred. Hence, do not stay at one place for too long. Have fun with other people from top companies. Every time you get an offer, you might get a raise. Introverts are good at listening. It is a powerful skill. Rule#7: Study the marketing campaigns. Rule#8: Study the Industry. Rule#9: Become the Company. Make sure you know how to execute the idea in detail. Rule#10: Leave. Think like an entrepreneur when you are working for a company.

Know all of your colleagues and what their dreams and ambitions are. Get to work 2 hours before they get to work. If they need favors, do them. You have a whole 2 hours extra a day. You can do anything. – James Altucher

10 Reasons a Rich Employee Will Stay at Her or His Job: For Now. You should quit your job, but maybe not today. Not everything is black and white. Reason 1: You get a steady paycheck. Reason 2: Friendship. Reason 3: Chance of Promotion. Reason 4: Fake Money. Reason 5: Respect. You get to build connections with prominent people. The trick to do well is to over-promise and over-deliver. Reason 6: You can Afford to Have an Evil Plan. It took me 18 months to get going. Learn to eliminate your risk. You must have your job to get risk of the risks. Be an entre-ployee. Learn to eliminate the risks. Summers are off. When you are entrepreneur, you will worry about everything and anything. You get to switch jobs. Consult and help people and learn new things. Don’t jump over the cliff. Have ropes and safety gear. Try to generate as many passive sources of income as possible. Income has not been rising steadily in relation to inflation. Try to do consulting and get more skills whenever possible. Have an evil plan and keep working on it in your free time.

In a regular job you can probably get by (maybe unhappily but still get by) forever. But an entrepreneur has a very high chance of failure. Which would you rather take? I don’t want people to stay at a job. – James Altucher

Just being an entrepreneur, without having multiple sources of income, without first taking care of the risks, is suicide. – James Altucher

As an employee, you can link your financial success to the success of the larger company. If you can figure out how to do this, then you can stay at your job forever and watch it grow. – James Altucher

Why Be a Rich Employee?

Why You Must Urgently Become a Rich Employee, Right Now. Most people in the workplace are angry with you. Try not to let people control you and try not to control others. Always remember that no one remembers how you helped them. You cannot save anyone. You never really ‘own’ anything. That thing will own you. For example, you need to pay a bank loan etc. Do not let money control who you associate with. ‘Luck equals 1. Persistence, plus 2. Diversification.’ Come up with many ideas but only implement one. When you are angry in response to someone, you are letting anger control you. Do not let anger control you, or you will sacrifice your health. It is better to be healthy than to be ‘right’. Learn to ignore the chatter in your head. Don’t be the slave, be the master.

If someone does something I don’t like, I can’t control what they may think or do. It’s useless and it’s a waste of my time. I try to change my circumstances so I don’t have to deal with those people. – James Altucher

How to be a ‘Master’ or at least: The Smartest ‘Rich Employee’ in the Room. To seem the smartest, always assume you are the least intelligent person in the room. This is because you will learn to listen more. Learn from everyone you can. People never finish talking. Listen to the silence. Ask them questions after they are doing talking. Intelligence compounds exponentially. It’s called the network effect. Be a spy when you go for an event and absorb as much as possible. Learn to be humble. The problem is even if you are confidence and exude charm, people will forget you. If you are humble, they will remember you.

The Rich Employee vs The Poor Employee Mentality

How a Rich Employee Thinks. Leaders walk the talk. That is why the CEO of the company, Disney, picked litter from Disneyland and threw it away himself personally. He nurtured a culture of excellence. The CEO is the lowest employee who has the most bosses. Excellence ripples throughout an organization. Thinking about money reduces your performance level on the job. Finding meaning in your work is the key. When you are discouraged, learn to encourage others. A great CEO just needs to be right 50% of the time. The key is that a rich employee ties his financial success to the financial success of the company. As an entrepreneur, there is little way of predicting the future. However, you can control your mindset, habits etc. When a company is too big, learn to create ‘grouplets’ or small projects to motivate employees. Craig Silverstein worked for Google but later created Khan Academy. It is now a billion dollar company. A rich employee over promises and over delivers. I always hire people who deliver extra solutions. Always go to work early. The brain is relaxed in the day and sleep is important. Lack of sleep is related to health problems. You are most productive in the mornings. It is difficult to work immediately after lunch as you will be sleepy. You are the most productive 2 to 5 hours after you wake up. Do administrative tasks later in the evenings. A rich employee does not gossip. Gossip arose since the caveman days. It helps to instil trust in others whom you don’t know. However, once secrets leak, things are not pleasant anymore. If you know someone has been gossiping behind your back, you will not treat the person the same again. If your boss finds out that you are gossiping about him, you are screwed for life. Spend less time gossiping and more time working. Ask at the end of each day: Who did I help today? Relationships can’t be outsourced. Spend time during your way to help your co-workers. It is hard not to help someone when you have receive something from them. Always adopt a mindset of ‘who can I help?’ It could be someone from another dept. If you have a stable salary, it could work against you, as you will want to work less since you will get the same amount of pay. A rich employee gives credit to his bosses and employers. Always choose yourself. Judge your success by the success of your employees/students. Help your manager to shine. Focus on your mission and long range profits. Focus on a pain point in the world. Always ask that question first. You must ask yourself questions. What do you want out of work? Write down what your long term goals are. Constantly learn about your competitors, the industry, the history etc. You can always add more value. You must know all the nuances of your competitor in order to succeed. You should new ideas every day and also know how to execute them. Write down 10 easy execution steps for your idea. A rich employee builds deeper bonds with employees throughout the company. You can’t push change through if you don’t know anyone. You should work for a company that allows all of the above. Help your employees succeed. You need to be a leader. Write many leadership articles. Good leadership is very rare. A bad leader does not understand the 30/150 rule. If you have less than 30 people, give each person one thing to do. Do not give people many things. Learn to assign responsibility clearly. Make your employees leaders. Bad leaders are jealous when others are smarter than them. Understand your 30 employees well. If your organization has more than 30 but less than 150, set projects and create small teams. Start a vision if you have more than 150 employees. This is when you must lead by example. Unify people with a story. Having a bad vision equals to failure. Some companies expand by keep buying competitors and not grow organically. Bad leaders talk bad about their clients. Bad leaders don’t want you to pass them. Always attribute your success to your mentors. Bad leaders don’t know their numbers. Bad leaders don’t get rid of the bad people. A bad leader often has enormous charisma. It was charisma that got them there, to where they are. They can charm their bosses. Bad leaders smoke crack. They will not admit their faults. Do due diligence on your own organization. Come up with correct metrics for success. Improve 1% every day. A rich employee has an evil plan. The poor employee does not have an evil plan.

A bad leader will not change his behaviour no matter how many people he or she leads. – James Altucher

Title doesn’t matter. Salary doesn’t matter. It’s how you deliver value and create excellence around you that matters. Title and salary work themselves out over time. – James Altucher

I know that if I can deliver a message that actually helps people in this chaotic world, than money will be a by-product of that in the long run. – James Altucher

The smartest people alive who have brilliant business ideas, who never executed, are never heard of again. Only action makes a hero. Superman never sat around in his living room and said, “Hmmm, should I help Lois?’ No. Execution saved Lois’s life. – James Altucher

There are many ways to tie your success to the success of your company: you can be paid in money, of course, which is good. But also in freedom, in well-being, in better opportunities for your future, and so on. – James Altucher

Bad corporate leaders will do this: buy all the companies, fire all the waste, report good numbers to the stock market, and then sell their stock, the stock goes down, the company falls apart. I’ve seen that happen a lot. – James Altucher

At any point in your career, you are either a thermostat or a thermometer. You either define the temperature of the people around you and help them achieve their goals and dreams, or you simply do as you’re told and be a follower and never inspire. How do you become the thermostat? – James Altucher

How a Poor Employee Thinks. Jobs can be either outsourced to other countries or be replaced. Education might not protect you from it. Do not look for employers who will outsource people at the first opportunity. Use time to learn to be innovative. Learning from online courses is a great idea. Avoid the poor employee mindset. A poor employee gossips, under promises, doesn’t understand company vision. He never invests in himself. He spends on showing off instead of learning new things. He never comes up with great ideas. Does only what is required to get a salary. He surfs the net a lot for personal interests. He hates the job.

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