Listen to the full episode on iTunes (and please leave a rating to help the podcast reach more people): E38: Q&A with Listeners from our Newsletter
1) How can I change careers and become a real estate copywriter?
LUDVIG: Copywriting is like any other consulting business.
- Do copywriting work for the company you work at.
- Graduate to do free work for a bigger company.
- Collect testimonials.
- Use testimonials to pitch companies for paid work.
MIKAEL: Send in your contrasting piece of work.
- Find a company that has lacklustre copywriting.
- Improve on the work.
- Send in your contrasting piece of work.
2) Is biotech about to become the biggest industry? Will we live perfect lives in a virtual reality?
Biotech will be one of the biggest sectors because humans are biotech machines.
An increasing amount of industries will convert into making us live longer and happier lives.
Any driving technologies can get big: AI, nanotechnology.
They will all converge around the human body and mind.
3) What do you think of working in finance?
We just had 4 decades of increased financialization therefore we’re about to reach a time of a decline.
As a result, there will be more big players competing for a smaller pie.
Avoid working in finance unless you believe you can become part of the top 1%.
4) How to study better?
LUDVIG university routine:
- Wake up 2 hours before class.
- Read for 30-60 min to warm up the brain.
- Meditate 10 min to increase focus and prime your brain for what it’s going to learn.
- Drink coffee to increase alertness.
- Within 10-15 min of arriving in class, ask a question to increase adrenaline, attention and retention of information. (The class was big with several hundred people in one room).
MIKAEL study routine: Look up every word you don’t understand to increase your understanding of the material.
5) How to become knowledgeable in many areas?
You must have a bigger purpose that gives you the motivation to become knowledgable in many areas.
When you work on your bigger purpose, make sure to aim low, celebrate successes and have a feedback system in place so you can keep improving.
6) If you were starting over from age 18, what are the 3 things you recommend to do in business life?
- Find a way to systematize your knowledge. The best way is through a commonplace.
- Read books sooner without asking for permission in university.
- Learn about creating websites.
7) How do you develop an international career? What country is best for developing an international career?
- Find a way to work online.
- Start mapping employers and clients in the countries you like.
- Then find different patterns so you can develop the right skills.
LUDVIG: Work as a consultant for a strategy firm. Requires a lot of travel.
9) How to start a commonplace?
- Get Ludvig’s commonplace system.
- Start one note in the commonplace called “commonplace” then take notes of the instructions in Ludvig’s book.
- Follow through with the instructions.
10) How much do you attribute luck to your finance career, Mikael?
MIKAEL: I cannot say how much was luck, however I worked hard to prepare for the big opportunities that arose throughout my career.
You want to work hard when there are no opportunities present, because once the opportunities occur you can take advantage of them and thereby increase your chances of luck.
11) What would you have done differently since age 18?
LUDVIG: Would not have attended university.
MIKAEL: If you don’t know what to do, just studying something may be the best choice because you will be surrounded by people who are also searching.
Start an intellectually hard program like computer science or law school so you can learn more about yourself and then decide after what’s best for you.
Think about what your talent is.
Are you a numbers person? If you have the talent, go for a program that can get you into Quantum computing or biotech career.
Are you a people’s and networking person? Sales.
12) When it comes to investing gold, people say it has intrinsic value? What does that mean?
Food has intrinsic value. You can eat it.
Buildings have intrinsic value. They provide shelter.
Gold doesn’t really have intrinsic value like food and buildings. It’s rare, doesn’t rust and you can’t make more of it. So it’s our best choice but in reality what can you do with gold?
Fiat money has no intrinsic value. However if the currency is backed by gold its said the gold has intrinsic value.
13) How do you set your goals? Do you tell others? Or do you have systems and processes?
LUDVIG: I used to have goals in various areas and talked about them a lot however now I mostly keep my goals to myself and occasionally I share them with a few select people.
MIKAEL: I don’t have goals however I have processes that I want to happen everyday. Things I want to work on and improve on.
We are right now creating the Future Skills Program which will be an online video course covering decision-making and risk management with weekly homework and evaluations.
* Why decision making and risk management? Because better decisions equal better finances, better relationships and an overall better life.
* Decisions are the foundation of everything you do and the outcome you eventually get.