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How are attitudes around wealth different in SV?
In this episode, Chad and Steph discuss money and wealth in Silicon Valley. Most of us like to think we have a healthy relationship with money, but the truth is that it is a rare few who do. This discussion will arm you with the financial habits that will transform your personal and business wealth.
[1:15] Creating A Healthy Relationship With Money
- Steph on how to build smart money habits in children.
- Steph’s Dad started a “dad bank” where he matched funds saved.
- The importance of having a good relationship with money.
- Buy time and invest in others, thereby making a big impact on your community.
- How much is your time worth and what can you outsource?
- “The more you can buy time, the better. The more that you choose to hold back your money and not buy more time for yourself, the more difficult and confusing wealth is gonna be.” -Chad
[7:36] How Is Wealth Different In Silicon Valley?
- In Silicon Valley, people are willing to give each other money more quickly for services. people are very willing to bet early and often on new ideas.
- Many positive relationships start as a business relationship.
- Wealth is not seen as threatening in Silicon Valley, it’s looked at as a challenge.
- Buy more leisure time for yourself. Outsource and delegate.
- Give yourself permission to experiment with your own ideas and other’s ideas.
- You can be a great capital allocator.
- Read: The Outsiders
- Learn from your own investments