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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Lean In by Sheryl Sandberg

Women, Work, And the Will to Lead

Women now have more rights than ever and life is much better. However, many of them are still in the sex trade. The vision to bring men and women to equal status is still in the works. Women still don’t hold many of the top positions in government and in the private sector. Our voices are not fully heard. Compensation has not been on par with the men. Revolution has stalled along the way. Once more women are in power, others will be helped as well. We often pull back instead of leaning in. We are often hindered by barriers of society. Attacking the institutional barriers is like a chicken and egg problem. This book is sort of like a female manifesto. It is important to lean in and be ambitious in your pursuits.

Not all women want careers. Not all women want children. Not all women want both. I would never advocate that we should all have the same objectives. Many people are not interested in acquiring power, not because they lack ambition, but because they are living their lives as they desire. Some of the most important contributions to our world are made by caring for one person at a time. We each have to chart our own unique course and define which goals fit our lives, values and dreams. – Sheryl Sandberg

My grandmother was addressed as girlie in the past. She was taken out of school because of work. Her business took off as she was extremely determined and motivated. Later when she had kids, she understood the importance of education. My mum taught me to believe that all careers are open to me and that I should dream. Two generations after my grandma, the playing field seemed to have levelled. Integrating personal and professional aspirations was always difficult. Most of the time, women had to give up their careers in favour of the family. Although women are very capable academically, often, this does not translate in workplace success. Men aspire for the more senior positions in the work place. The leadership ambition gap is still present. I married a guy at 24. However I divorced him at 25. Women in the past liked to prioritize marriage over career. Ambition is still seen as something ‘dirty’. We are all brought up differently. When a female tries to lead, she is often labelled bossy. Men are encouraged to ask more questions. It seems wrong to go for both family and career for women. The US is the only developed country without a paid maternity leave policy.

There is far more to life than climbing a corporate ladder, including raising children, seeking personal fulfillment, contributing to society, and improving the lives of others. And there are many people who are deeply committed to their jobs but do not – and should not have to – aspire to run their organizations. Leadership roles are not the only way to have profound impact. – Sheryl Sandberg

We invited Tim Geithner from Facebook over. Women in that meeting seemed like spectators. Internal barriers can alter your behavior. Women sometimes hold themselves back. Being praised for their achievements doesn’t seem right. Capable people plagued by self-doubt suffer the impostor syndrome. Sometimes, we underestimate ourselves. Men then to overestimate their abilities. Men credit their success to internal factors while females credit theirs to external factors. I was also insecure in high school. I was admitted to Harvard for my personality, not my academic potential. My brother has always been more confident. Sometimes, you need to make an intellectual and an emotional adjustment. Self-belief is very important. A lack of confidence can become a self-fulfilling prophecy. One can learn to fake confidence levels. Force yourself to smile and you will feel cheerful. ‘Fake it until you feel it’ strategy. Opportunities are seized, not offered. Men were offered more because they wanted it more. Usually, taking initiatives help a lot. Learn to take calculated risks. Women have to learn to keep their hands up. Learn to express gratitude for those who have helped you succeed. No one accomplishes anything alone. Keep your hand up!

It’s your ability to learn quickly and contribute quickly that matters. One of the things I tell people these days is that there is no perfect fit when you’re looking for the next big thing to do. You have to take opportunities and make an opportunity fit for you, rather than the other way around. The ability to learn is the most important quality a leader can have. – Sheryl Sandberg

There were gender stereotypes on likeability for top professionals. We evaluate people based on stereotypes. This form of biases are holding us back. Successful women are deemed as very aggressive. For females, boasting about your achievements won’t do you much good. Women are expected to play a nurturing role first, before everything else. Intelligence and success are not clear paths to popularity. Being liked is a key factor for success. For women, claiming too much credit for success may not be a smart move to take. Some may pay a penalty for being helpful. Women who negotiate for their own benefits can be seen as more self-serving. I negotiated with Mark Zuckerberg on my salary package. To negotiate well, women need to come across as being nice. Think global, act local. Women also need to present a reason for negotiation. Every negotiation is unique and women must adjust their approach accordingly. Combine niceness with insistence for negotiation of pay. Ignore attacks and do your job. Learning to withstand criticism is very important. Feel the negative emotions and move on quickly. Females can also learn to help one another out.

Lori jumped in to Facebook with me. She ran our recruitment campaign to much success. People do not stay in one job as long as before. My dad was a physician and my mum also liked helping others. My dad decided to be a physician because he experienced a traumatic surgery. Having a meaningful life is important. I wanted to change the world. A long term goal can be to work in a particular field or to travel throughout the world. A vague goal can provide some direction. I flew to India for a mission trip. I headed to Cambridge business school. My first job was a consultant with McKinsey and Company. Later, I worked in the Treasury Department with the government. I was there for 4 years. It took me a year to find a good job at the Valley. I interviewed with Google and got the job. As a result, I joined Google. Board the rocket ship first. Learn to concentrate with results and impact. It was my first business deal and I said too much. I worked a total of 6.5 years at Google. Then it was time to continue. I do not like uncertainty but in life, you have to accept uncertainty and even embrace it. Later I joined Facebook as a COO. Follow your path even if it might take you back a few years. Women in general need to be more risk taking in their careers. In business, risk aversion may not be a good thing. Sometimes, women avoid stretch assignments and new challenges. Women believe that if they do their jobs well, they will get promoted. Taking risks, choosing growth, challenging ourselves are all important elements of managing a career.

We all want a job or role that truly excites and engages us. This search requires both focus and flexibility, so I recommend adopting two concurrent goals: a long-term dream and an eighteen-month plan. – Sheryl Sandberg

If you ask the question ‘Are you my mentor?’; the person probably isn’t yours. Many women have requested me to be their mentor. The search for a mentor is like waiting for a Prince Charming. Mentorship and sponsorship is important for career progression. There needs to be a real connection between the mentor and mentee. I get joy out of mentoring others as well. ‘Excel and you will get a mentor’. Start off with a well-thought-out inquiry instead of asking someone to be a mentor. Preparation is key when looking for a job. Mentoring is a reciprocal arrangement. Both parties actually flourish. If someone invests a lot of time in your development, he probably is a mentor. Both parties should have strong common interests. Senior men can mentor women as well. Be careful if you a senior man and you mentor a female face-to-face at a bar.

Children always speak with authenticity. It isn’t easy to communicate that way. Don’t hide stuff from others. Being honest in the workplace is difficult. In Facebook, it is nonhierarchical. Facebook encourages open communication. People in low power positions tend not to share their views completely. There is a fear of being criticized or drawing attention to ourselves. Opinions are not brutally honest but delicately honest. Speak honestly, but no not hurt others. You need to understand your point of view and the other person’s point of view. Truth should be expressed in simple language. Learn to solicit input from others. I set a rule: no more PowerPoint in my meetings. Feedback is not absolute. Any judgment you pass on others can hurt. Always try and see how you can help other people’s goals. Be open about your weaknesses too. Learn to praise people publicly. Humor can be a good tool for a message delivery. I cried in front of Mark when someone accused me of something. Sharing emotions builds deeper relationships. Emotion drives both men and women. There is no need to put on a fake work persona. Sometimes, your personal decisions outside will affect your professional life. Shedding tears might be a sign of authentic emotion. Continue to speak the truth.

Girls are more likely to choose marriage over careers. There is no need for premature marriage planning. Women leave before they leave. This means the woman stops reaching for opportunities. ‘The more satisfied a person is with her position, the less likely she is to leave.’ The aim is to take on more responsibility and do not scale back before you have a kid. The aim is to return to a challenging job after you have a kid. There is no need to lean in under all circumstances. The birth of a child changes your priorities in fundamental ways. There is no one way to raise a kid. The woman still does majority of the child care. Cost of raising a child has gone up considerably. The perception that the female should raise the child has not changed over time. Women sometimes are encouraged to drop out of the workforce. Women who take time out from the workforce might take a career penalty. Institutions need to do better to support these women. Child care is a huge expense. You should accelerate as much as possible until the birth of a child.

I hated the experience in labor pain. Dave, my husband, was the primary caregiver. We should have prepared more before we had a kid. We were not ready for the change in our lives. Research has shown that the mum does more of the housework than the husband. Mothers are still the designated parents. Learn to chip in. Men must be more empowered at home. Do not keep dictating how the husband should do this and that. Treat him like an equal partner and use the collaborative instead of gatekeeping behavior. Let the partner take responsibility. The majority of successful female business leaders have partners. Your partner can give you support. If men do their bit, women can climb up the corporate ladder. My husband and often have to discuss who will do what. I have a wonderful brother and husband. Children benefit greatly from paternal involvement and have better well-being etc. We need to encourage men to lean in to their families. Facebook offers equal time for maternity and paternity leave. Men taking leave for family care can be viewed negatively. If the woman is more successful than the man, it is perceived that the marriage is threatened. It is normal for females to out-earn the males. Find someone who wants an equal partner. Someone who values fairness. Discuss upfront what the commitment of the other party should be. Couples who share domestic responsibilities have more sex. Raising children is a demanding job.

No one can have it all. There will always be trade-offs. It is just a myth. Don’t be like Icarus. Everyone has our limits. Sacrifice and hardship are almost a necessity in this modern age. We all have to deal with different responsibilities. Perfection is the enemy. You can’t do it all. Know where to focus your attention on. Sometimes, all the planning to do can’t prepare you for parenting. Some variables can’t be controlled. ‘Done is better than perfect’. Do not set unattainable standards. Learn to embrace the mess. Exert more control over your careers. If you announce your goals to others, it can create greater accountability. Do not be too insecure. I did not spend 12 hour days in the office anymore. I focused on what truly mattered. Sometimes, people feel that working shorter hours will affect their career prospects. Sometimes, one can be more productive working from home. People are working hours than ever before. If you sacrifice sleep to free up more time for yourself, it doesn’t work. One can’t sleep 4 to 5 hours a night. Learn to take control of the situation. I still struggle with the trade-offs between work and home. Thankfully I have a good husband and a good sister who will chip in sometimes. Nowadays, children receive even more supervision than in the past. Research has shown that children who were cared for by their parents and others had no difference in development abilities. Therefore, there is no problem if mothers go to work. I love my job and the people I work with. I also love the time I spend with my kids. Setting obtainable goals is the key to happiness. Success is about making the right decisions, and then accepting them. Do the best with what you’ve got.

Very few people like the term feminism. Women are worried about sticking out too much. Employees were judged by how well they fit in. I also did not want to be known as a feminist. In 2005, I started to speak out. I invited Gloria Steinem to give a speech. We needed to be more open about gender talk. Now, I didn’t want to blend in and be quiet about it. Some men were receptive to the talk I gave as well. Discussion is important to keep things moving. Women can consider questioning whether there is any gender bias in the workplace. Sometimes, if you claim to be objective, it might be counter intuitive and biases may set in. Another bias is one where we want to work with people who are like us. Men and women were more likely to choose a colleague of the same gender. Research has shown that diverse teams do work better. Don’t be afraid to ask. Learn to avoid unavoidable sacrifice. Flexible time is always a touchy issue and will be unless we keep talking about it. Learn to create a more equal environment. Social gains must be seized. Now, I admit I am a feminist. Do not pretend that gender biases do not exist.

True equality still eludes us. Now, women have the right to work. We need to encourage female leadership. Women need to look out for women too. Often, successful women are unlikeable. Sometimes, other women in power are the problem as they only view that one woman should lead in one company. This is known as queen bee discrimination. Women can also be perpetrators of discrimination. Sometimes, they don’t help people of the same gender. We should expect professional behavior and kindness from everyone, not just females. Men can start seeking out capable females for promotion opportunities. Feminism isn’t supposed to make us feel guilty. Start validating those females who work without a salary. With more women in power, policies will change. Lean in…all the way.

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