Episode
#183 - William Leith - Why Some People Become Ridiculously Rich
1:14:17
Published: Sat Jun 13 2020
Description
William Leith is a journalist & an author. Acquiring an incredible fortune is the goal of many, but what is the true cost of being stupendously rich? Expect to learn how to make money from The Real Wolf Of Wall Street Jordan Belfort, the downside of wealth from a Russian half-billionaire who lives alone in a British mansion with his butler, how to avoid risk by the hottest thinker on the planet Nassim Taleb and much more... Sponsor: Shop Tailored Athlete’s full range at https://link.tailoredathlete.co.uk/modernwisdom (FREE shipping automatically applied at checkout) Extra Stuff: Buy The Trick - https://amzn.to/2BJK959 Take a break from alcohol and upgrade your life - https://6monthssober.com/podcast Check out everything I recommend from books to products - https://www.amazon.co.uk/shop/modernwisdom - Get in touch. Join the discussion with me and other like minded listeners in the episode comments on the MW YouTube Channel or message me... Instagram: https://www.instagram.com/chriswillx Twitter: https://www.twitter.com/chriswillx YouTube: https://www.youtube.com/ModernWisdomPodcast Email: https://www.chriswillx.com/contact
Chapters
William Green discusses the true cost of wealth through his new book, The Trick, and interviews with the real wolf of Wall Street, Jordan Belfort, a Russian half-billionaire, and Nassim Taleb.
00:00 - 09:40 (09:40)
Summary
William Green discusses the true cost of wealth through his new book, The Trick, and interviews with the real wolf of Wall Street, Jordan Belfort, a Russian half-billionaire, and Nassim Taleb. He explores how being rich might not make you happy, but being poor can make you miserable.
Episode#183 - William Leith - Why Some People Become Ridiculously Rich
PodcastModern Wisdom
The process of getting rich quick is not easy and requires a lot of learning, like translating a new language.
09:41 - 22:59 (13:18)
Summary
The process of getting rich quick is not easy and requires a lot of learning, like translating a new language. These methods are shared by successful people such as Nassim Taleb to help others make money.
Episode#183 - William Leith - Why Some People Become Ridiculously Rich
PodcastModern Wisdom
The key to becoming an overnight success is to grind away at something effectively with a feedback mechanism, making sure you're doing deliberate practice for a long time, and pushing yourself towards the tails of the bell distribution.
23:01 - 28:23 (05:22)
Summary
The key to becoming an overnight success is to grind away at something effectively with a feedback mechanism, making sure you're doing deliberate practice for a long time, and pushing yourself towards the tails of the bell distribution.
Episode#183 - William Leith - Why Some People Become Ridiculously Rich
PodcastModern Wisdom
A discussion about Ingvar Kamprad's calculated and mathematical mindset in conducting business decisions for IKEA.
28:23 - 34:47 (06:24)
Summary
A discussion about Ingvar Kamprad's calculated and mathematical mindset in conducting business decisions for IKEA.
Episode#183 - William Leith - Why Some People Become Ridiculously Rich
PodcastModern Wisdom
The late Paul Bogaert's pursuit of wealth drove him to insanity, addiction, and ultimately lung cancer.
34:47 - 46:49 (12:01)
Summary
The late Paul Bogaert's pursuit of wealth drove him to insanity, addiction, and ultimately lung cancer. Despite his success, he seemed to find solace in his luxurious estate adorned with statues and a converted barn for contemplation and writing poetry.
Episode#183 - William Leith - Why Some People Become Ridiculously Rich
PodcastModern Wisdom
The exchange of money and financial products in the industry of banking can be confusing when compared to trading goods or simple currency exchange.
46:49 - 53:36 (06:46)
Summary
The exchange of money and financial products in the industry of banking can be confusing when compared to trading goods or simple currency exchange. The intricate web of dependencies and bets can lead to confusion, and even rogue traders like Nick Leeson, who brought down a bank, have shown the risk in this industry.
Episode#183 - William Leith - Why Some People Become Ridiculously Rich
PodcastModern Wisdom
Taleb explains that people prefer to invest in things that are going up rather than those going down, leading to a bias in investing.
53:36 - 59:41 (06:05)
Summary
Taleb explains that people prefer to invest in things that are going up rather than those going down, leading to a bias in investing.
Episode#183 - William Leith - Why Some People Become Ridiculously Rich
PodcastModern Wisdom
This podcast discusses the effects of optimism bias and how we tend to overlook the negative impacts of events occurring due to our predisposition for positivity.
59:41 - 1:05:45 (06:04)
Summary
This podcast discusses the effects of optimism bias and how we tend to overlook the negative impacts of events occurring due to our predisposition for positivity.
Episode#183 - William Leith - Why Some People Become Ridiculously Rich
PodcastModern Wisdom
The pursuit of money doesn't necessarily lead to happiness beyond a certain point.
1:05:45 - 1:12:56 (07:10)
Summary
The pursuit of money doesn't necessarily lead to happiness beyond a certain point. While money does provide comfort and time to do the things one enjoys, spending all one's time making money can leave an individual feeling unfulfilled.
Episode#183 - William Leith - Why Some People Become Ridiculously Rich
PodcastModern Wisdom
The speaker recommends a book that can be obtained for free as an audiobook, with a great narration by Jack Dee and a beautiful cover.
1:12:56 - 1:14:10 (01:14)
Summary
The speaker recommends a book that can be obtained for free as an audiobook, with a great narration by Jack Dee and a beautiful cover.