YouSaid · the spoken record

James Altucher

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87
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2014-07-11
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2014-07-11
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  1. “You know, Tim, if someone said to you, for instance, I have 10 ideas for how you could sell a billion more copies of the four-hour chef, you might say, okay, and then let's say he actually writes those ideas down for you. He gives them to you for free. You might say, oh. I'm going to at least write this person back and say thank you. And then let's say he writes 10 ideas for you for I've got 10 podcast guests lined up for you that I think You'd like to let me know. This person, then you might decide to yourself, okay, maybe I'm going to start this. This person might not waste my time. I'm going to start to say yes to their if they ask for a cup of coffee. So, okay, so that's the person you don't know.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  2. “Yeah. And you know, you mentioned it's someone you knew. So, like, obviously, if it's someone you don't know who wants to grab coffee with you, you just simply don't have to respond, particularly if, you know, what I encourage people to do, a lot of people say, well, how can I get a mentor? And what I encourage people to do is, you know, first provide a lot of value to people and don't just say, hey, can I buy you a cup of coffee? Because chances are he doesn't need a cup of coffee from you. But if someone said,”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  3. “I just want to be me. And when you start saying yes to other people that you don't want to, you start to resent yourself, you start to resent them, you get angry, it costs you a relationship. And most importantly, you lose time. So I always use the wedding as an example. Let's say you go to a wedding you didn't want to go to. I know now for a fact, if I lose $100, I'll always be able to make that $100 back. But if I lose five minutes or a weekend or a week, I'll never, ever get those five minutes back. Like people say time is money, time is not money. Time is much more valuable than money, an infinite time is more valuable than money, and no gets you time. So it's so important in life to know how to say no. And this is why I had to learn how to do it. And then that gave me the material to write the book, along with Claudia, my wife.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  4. “And then you have to get the nine to five job in order to be successful and happy. So how do you identify all these societal myths and say no to them? And then finally, there's things like we talked about saying no to all the messages that are thrown at you all day long, the 30 articles of news, the 10,000 marketing messages, and so on, you know, so that you can find, you know, saying no to these things so you can have a little piece of and quiet in your mind. Because ultimately what no does It's the same thing as the four hour work week it allows you to conserve your energy for the things you care about so if you could say no properly to the people who ask you things that you don't want to do then that will conserve your energy so you can do the thing so you have time to do the things and say yes to the things that you do want to do so I didn't want to be an actor in anybody else's story”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  5. “So it was affecting my relationships, like my inability to say no. So I had to really figure this out. And like you, I was taking notes. And Claudia also, my wife, we were both coming at it from different angles because we were very similar in this respect. And, you know, gradually we figured all these different ways. We kind of categorize all these different types of no that we were unable to say. And it was very interesting. So then we wrote the book according to those categories. Like, for instance, not saying no to things you don't want to do. That's kind of like the basic no, like not being assertive enough. But it reached all the way towards not being able to say no to the myths that our parents or society or colleagues put on us. I'm not a big believer that people should go to college. This is a big myth of society, like that you have to go to college.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  6. “Like it's like a blind man seeing the color red. He's not going to understand what I've been through. So for me also, it was very difficult all my life saying no, I was a people pleaser and I was always afraid and still afraid to disappoint people. Like I want to say yes and help people. And a lot of people are more giving rather than taking. And not that I'm such a nice person, but it's always been hard for me to disappoint people. So typically what I would do is if I didn't want to do something that someone asked me is I would disappear. I just would never contact them again and I would never talk to that person again. It might be like my best friend in the world. He literally has happened. My best friend asked me to his wedding and I just didn't know how to say no to him. I didn't want to go to it. And I have never talked to him since then. It's really horrible.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  7. “Well, it's interesting you said that you had a hard time saying no. And so then suddenly the next thing you said was, so then you were going to write a book about saying no. And it's the same thing like your four-hour work week. You mentioned in the book how you're working like 80 hours. And it was driving you insane. And so then you figure it out and you write the book, the four-hour work week. It's in the valley of failure that we sow our seeds of success. So if I was always good at saying no all my life, or if you had always worked a four-hour work week, you never would have thought to write a book about it because you wouldn't have understood any other way. It's like I tell people, I'm not going to buy a book on how to pick up girls from Brad Pitt because it's not going to apply to me.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  8. “Me ask you a question about that because, like, when people meet you and let's say you're working pretty hard that week, do they say, oh, you're working at a 60 hour week? You're not working four hours this week.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  9. “So it's giving me the full range of experiences. And fortunately, I'm like one of the only guys who's been totally honest about it. So people know I've got the full, I'm unique, I've got the full range of experiences. Most other people who, let's say, write about entrepreneurship, write about their successes like, oh, how I made a billion dollar company. And, okay, well, if I'm at a startup, I don't necessarily need the advice of someone who built a billion dollar company. I need to know from someone who's failed at building 20 other companies and how he overcame that to then build a successful company So, again, people related and became, they're like, oh, I feel like I know this guy so somebody comfortable they could talk to about their own problems.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  10. “And so That happened across the board, and everybody was like, How can you do this? No one's ever going to talk to you again. But I found since I started writing in this style, I've had more opportunities than I could have imagined. Like every day now, I have to say no to opportunities because it's too many. I just like to write. It's been great. Some of the opportunities that I've said yes to have helped me out a lot and I've been able to help others. And I always make sure you sure you want to do this like I've also messed up pretty badly in some cases and they say that's exactly why we want your advice or to bring you on the board or you as an investor or whatever. I've started a lot of different companies. You know, we've talked about some of the successes, but I failed at...”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  11. “I think it's awesome. Yeah, everybody thought it was going to destroy my career. How can you say that? They would say people would tweet, this is like watching a train wreck in slow motion. And then the exact same person would write to me and say, don't tell anybody that that happened to me also.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  12. “Stories inside myself that have been really difficult for me to deal with, like super difficult, like not just like, oh, it was very, you know, I didn't know how to play basketball, so I took lessons and then I got great at it. I try to find things that were super pain points for me that I still remember as painful because then I'm sure other people will remember their pain points. We all have like, let's say two or three dozen like massive pain points in our lives that everyone can relate to. And I tried to basically write about those. And then I tried to write about how I attempted to recover from it. So I never give advice, but I say what I did and what worked for me. And maybe that could work for others. And I find that over time for my readership, I can see it's worked for others. So that's made me happy.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  13. “The amounts or the type, but everybody's gone through a period where they've been on the floor, where they've been depressed, where they've been lonely, where they've been like, oh my gosh, this just didn't work out. I failed again. How am I going to be able to face everybody who expected that I would succeed? So I try to make the vulnerability. I try to really go a layer deeper, which is find these areas where I have been hurt where I'm pretty sure other people have been hurt in the same way, whether it's financial or emotional, like when you, you know, for instance, a common thing is we all have problems in relationships. So I have everybody's head. It's all right about that. Or family relationships, or how do you deal with a boss or colleagues that are just horrible to work with? So I always try to find.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  14. “I think about that a lot because I think the goal should be for any writing, yours, mine, anybody's, both a combination of entertainment. So this is how you keep the reader interested and educational. So you have to provide some value. First off, two things happen. One is everyone's interested from an entertainment perspective because when I'm vulnerable, it's not like I'm saying, oh, my kitchen sink didn't work today. This is such a drag. I'm saying I lost a lot of money and then my dad died and I couldn't help him. So I'm saying something that's really, you know, something that's been personally emotional and sad for me, but also something that a lot of people at some level can relate to, not necessarily.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  15. “Better as a writer, and now anti fragile is a very well written book. Same with Malcolm Gladwell. His latest books always, I really loved Outliers, for instance, is a very well-written book. So I focus on non-fiction where the writing itself also stands out. And then, you know, that's basically what I ingest. And usually at some point I'll start to get an idea for a post while I'm reading. I'll just get up and start writing when I have this kind of, I'll always get inspired at some point while I'm reading. And I take notes while I'm reading on things, on ideas that I have. And usually I write down like 10 to 15 ideas, and then I get up and start writing.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  16. “So I always start off with somebody I'm reading for the writing, and then I'll start reading interesting nonfiction. And there's a class of writers, let's say, Nassim Talab I mentioned earlier, Stephen Dubner, who was on your podcast, who wrote for economics, you hear four-hour books, Malcolm Gladwell. These are writers who have, it seems like they both studied writing and what they've done. Governor's written a bunch of very good books even before for economics, and then he teamed up with Stephen Levitt, who the economist, and they wrote these great books together. Nassim Talb, you could see, you know, his first book, Nobody's Read, it's called Dynamic Hedging. It's about options trading. Very, very technical, hard to read book, impossible to read book. But then you could see in fold by randomness and the black swab, he's like, oh, this writing thing is interesting. You can see his process how he got.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  17. “James Frays in that genre. So I always start off with really good fiction. The reason fiction also, as opposed to nonfiction, with nonfiction, you usually get a writer who is very good at what they did. So let's say someone was a very good physicist. So he's a great physicist, not necessarily the best writer. So you'll read his book for the physics, but not for the writing.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  18. “Yeah, nobody was convinced I was lying. Except for some people who were then make jihad threats against me, but most people were convinced I was lying, which I wasn't at all. And I've never lied in any post. But it's because I read these, you know, there's a certain class of authors who write largely either first-person or so close to nonfiction that you can't tell the difference. Classic example is like, and this is an older example, but it's like Ernest Hemingway writes in this sort of almost nonfiction style. And a more recent example, short story writers like Raymond Carver or Dennis Johnson or Amy Hempel, there's a lot of writers I read, or these books I'm reading right now. The Kite Runner is almost in that genre.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  19. “Because these are the best writers. So I make a distinction between, let's say, literary fiction and genre fiction. I like, and in literary fiction, I like good fiction that's so good you almost wonder to yourself, huh, is this non-fiction? Did this happen to the... The author because the style that I write, it tends to be non fiction, but people wonder whether it's fiction. Like it's so outrageous. They wonder whether it's fiction.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  20. “I like Seth Godin's blog, but just for his, he's gotten shorter and shorter in the post, but he's always a smart guy. You can see intelligence come through. I like the bloggers is funny. So I like humor type of writing. David Thorne used to blog, he doesn't blog as much since his books have come out. But he had a humorous blog. But mostly I don't even really read that much vlogs. I really like to read books that have been the heavily curated thoughts of good writers. Because as you know, a book is not just a blog post. It's like a blog post that's been rewritten a thousand times combined with a hundred other blog posts. This is even a poor description of a book, but a book is just heavily curated and edited and thought out. And I like to start off with”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  21. “Know there's a few bloggers I read who are good writers. I always go to your blog, for instance. I'm not just saying that, but you know, there's a If you're a blog, a few other blogs”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  22. “Well, you know, it's very interesting you use the word ingest because I really do think you are what you eat. And so a lot of people read the news, for instance. And so I think the news is the worst form of junk food you could possibly inject. It's commentary on events that are almost certainly not important and will have no effect on any decisions you make in your life. It's hastily put together by mediocre writers who are basically, you know, I've worked for newspapers, so I know what happens in the newsroom. You're basically told, find the thing that's going to scare people the most and write about it in as scary a fashion as possible. It's like every day is Halloween at the newspaper. And so I avoid newspapers. I avoid like web surfing.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  23. “I read, I don't know how to pronounce his name correctly, but Khaled Hassini, the kite runner. And a thousand splendid sons. These are excellent novels. I read a book called Brain Rules by John Medina, who is a kind of Discusses how to keep your brain healthy. I'm very into games, so I always read chess books or chess strategy just to keep fit with that. And I reread the power of no, actually preparing for this podcast because I wrote it a while ago. And so you ever have that feeling like when you wrote one of your books and then it's published and people are asking you questions about it and you're like, did I write that?”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  24. “Seems like a small amount, but if you do that, it results in enormous improvements over the course of a year. And I've really seen that by doing the strategy and keeping healthy in the way I described earlier. I feel like my life has changed 100% every six months since I've started this approach. And it's amazing the changes that have happened. I've been really grateful for these changes, but there hasn't been a six-month period where my life hasn't completely changed.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  25. “Sleep very well. I then read. So I love to, before I write, I love to read and get inspired by four or five different writers who I consider to be great writers. And I'm reading different writers all the time, but each day I'll diversify a little and read four or five different writers. And then I start writing. And then once I'm finished writing after two or three hours, then my day is more free. Like then I can feel like, okay, I did. Might do some business, I might have fun, but that's essentially the main routine of the day that I have. Then after that, I try to figure out other ways to be creative or improve or whatever. I sort of feel like I try to get this mindset. I want to improve 1% a week.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  26. “Well, it's interesting because routine is a way to mitigate risk. Like if every day you say to yourself, I'm going to do something totally wild and different today. And at the end of the day, I'm going to write about it. You might not do anything fun during the day or interesting. And then you might not be able to write it all because suddenly your mind is going in a million different directions. So if you're trying to get something done, of course you don't want to be boring and do the same thing every day. You don't want to be like me necessarily and not go to the beach today. But you do what I do is I always make sure I sleep at least eight hours a day. It's one third of your life. Sleep is so important for rejuvenating the brain, for rejuvenating your whole body, for releasing all these endorphins and oxytocin in the body so you're a generally happy person and able to make decisions correctly.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  27. “I'm not a good wrist taker. You would think an entrepreneur is a good risk taker, but the key to entrepreneurship and really the key to success is to reduce risks. Because life itself is risky. Every day we wake up, it's amazing. We made it through the night. Being born is like a drag. We went through that tunnel and we survived a bloody mess and we're hit by a doctor. And then we're alive. And then after that, everything is risk. So the key to success is mitigating that risk. So you can kind of rise above the competition and enjoy the fruits of not taking risks.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  28. “For gratitude and abundance, I realize, are the same thing. They seem like they're opposites almost. But when you're abundant in something, it's also good to be grateful for that same thing, or else there's a good chance you could take that abundance for granted and lose it. And so what would happen is I would take my abundance. I'm not even talking about just money or anything, but any sort of abundance like relationships or money or whatever. And I would take that abundance for granted. And I would start taking risks with it that I never would have taken before.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  29. “For what I had. I would automatically assume, oh, I made a little bit of money, so I must be a genius. Instead of being really grateful and respectful of this money I made and this luck that I've had and just letting it all go to hell. So the way I would reverse it, and this took kind of, I went broke enough that it's like statistically significant that I could analyze it. So I basically said, okay, I've got to get about this with people before, but I had to get physically healthy, emotionally healthy, be around people I love and respect. They say there's a saying you're the average of the five people around you. I had to make sure it was a good five people. I had to keep being creative and innovative. And so every day I try to create and I try to share, even in the smallest of ways. And every day I try to be grateful for what I have.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  30. “Think it's the same elements recurring, and I, you know, I write about this a little bit, but I think essentially I lose track of my health. And I don't necessarily mean like, oh, I stopped going to the gym and then I lose millions of dollars. I mean all types of health. So I start eating poorly. I start drinking or doing whatever. I start emotionally. I start not spending time with people who are necessarily good for me. I mean, I do everything that's like almost cliche bad behavior. And just also I give up on trying to come up with new ideas, give up on trying to innovate. So all the things that I did while I was successful, like it's almost like you're training for the Olympics and then you decide, okay, I'm just going to completely let everything go now. Like I'm just going to do this until I die just being a pig. And I was a pig in every way. So I would stop being creative and I'd stop being great.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  31. “I would think to myself, okay, that's it. I'm done as a human. My goal as a human is finished. Now I can do whatever I want. I'm finished being a good guy and I can do whatever I want. And always I would immediately go broke. Like totally after making millions of dollars, like enough money to save the planet, I would then immediately go so broke. It was like I could have easily checked into a homeless shelter and nobody would have questioned it. And fortunately, I've been able to kind of take some inventory, I guess you would call it, or that sounds a little 12-step-ish, but of course I've been able to kind of figure out what was going on with my life. And, you know, and get things together. And now for quite some time, things have been going very well. So I'm happy.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  32. “I sold that when I saw my little sister who was in junior high school at the time was studying how to make a website. And I figured that's the end of this industry. And it's true that entire industry died or transformed within a year or two after that. And then I was venture capitalist for a while. I started a hedge fund. I started a fund of hedge funds. Then I created another business called Stockpicker.com, which I sold that business to the street.com. Then I've been an angel investor for quite a bit. I'm investing in about 30 different companies. I'm on the boards of both private and public companies. I've written a bunch of books. But also along the way, I've been really, really stupid. I've been like a drunken rock star on steroids”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  33. “Sure, sure. And, you know, like you said, a lot of it's been sort of ups and downs, but I had a company in the 90s. It was a software slash web services company that I built up and sold. We did the websites for every entertainment company. And in particular, every gangster rap label. We did the websites for them. Because if anyone saw my picture right now, they could tell I'm totally gangster rap.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  34. “Yes, exactly. It's the go-karp diet. And then I write and I read while I'm here. So that's it. I went to the beach once and I'm 10 feet from the beach right now.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  35. “It's not good. I'll tell you, it's a big problem. I don't know, you're a traveler. So you're like the type of guy. If you go to Thailand, I'm sure you pick up on, I don't know, my Thai kickboxing or whatever it's called and become the world champion of it. I go to Thailand and if it's a degree over 90, I'm like, I gotta stay inside. I cannot go outside. And so I basically stay inside. It's like a chauffeur twice a day calls me for pad Thai where I just like stuff myself. I've given up the soul carb diet while I'm here because when in Thailand you have to eat pa thai. That's my one rule.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  36. “Yeah, basically, if you drilled a hole right now through the center of the earth, I'm like on the other side, so I'm in Thailand right now. And basically, Claudia, my wife, is doing kind of advanced yoga training, and there's a specific place here in Thailand that she likes to go to. And I just tag along and hang out.”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT

  37. “Tim, it's great to be here. Thanks for having me on the show. It's really exciting. You've been like a rocket ship that's blasted into this podcasting world. I just want to know first, when we start, are you having fun doing it? Do you like all these podcasts that you're doing?”

    2014-07-11 · The Tim Ferriss Show · Ep. 18: James Altucher on Saying No, Failing Better, Business Building, and More · IDENTIFIED FROM THE TRANSCRIPT