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- ⏳ I'm back — Time Billionaires #001
⏳ I'm back — Time Billionaires #001
Hey Time Billionaire — Aadit here.
To long-time readers, thank you for being there. To first-time readers, thank you for joining the journey.
I took a break from the newsletter. But I’m back.
Every Tuesday, I’ll send you the best tips, tactics, and content. It’s a quick read. Starting today.
Today’s issue covers:
What is a Time Billionaire?
Understand Accounting Fundamentals
Mental Models 101
Now, let’s jump in ↓
A Time Billionaire — What is it?
Graham Duncan coined the concept of a Time Billionaire on the Tim Ferris Show:
People don’t really understand the difference between billionaires and millionaires.
A million seconds is like 11 days. A billion seconds is 31 years.
That’s the difference between a Time millionaire and a Time Billionaire. It’s a huge difference.
Let me guess — you value your time tremendously. You recognize that time is the most important asset and optimizing for it is one of the most important things you can do for your life and loved ones.
For that very reason, I made this newsletter. I scavenge the Internet for the best tips, tactics, and content so you don’t have to.
Sound fair? Reply “Hell yes!” to this email.
Understand Accounting Fundamentals
Revenue and income are NOT the same thing
Costs and expenses are NOT the same thing
Net income and free cash flow are NOT the same thing
Confused? Here's a quick breakdown:— Brian Feroldi (🧠,📈) (@BrianFeroldi)
1:37 PM • Jun 9, 2022
This thread has simple visuals and explanations about topics that I previously found complicated: gross profits, operating income, non-operating income/expenses.
Even if you have a solid background in accounting, I think it’s worth checking out.
Mental Models 101
The podcast includes George Mack and Chris Williamson (host).
George shares some of his favorite mental models that he has picked up through the years.
One of my favorite quotes shared in this podcast:
“Don’t strive for success, avoid stupidity” — Charlie Munger
This is when Charlie Munger (Net worth: $2.3B) shares his success story and attributes it largely to the fact that he avoided making stupid decisions.
Another great reminder from George when he asks:
“Aren’t we optimizing for time? That’s all we have anyway.”
Sometimes we optimize for money, fame, sales, friends — whatever.
The question is a reminder for what’s important and what we’re aiming to optimize for.
See you next Tuesday — Aadit