Four Lessons from Choose Yourself Guide to Wealth by James Altucher

19 Jan 2025 #books

Ideas are the new currency of the 21st century.

If you’re familiar with James Altucher’s work, you know about becoming an Idea Machine by writing 10 bad ideas a day.

But “Choose Yourself Guide to Wealth” takes the Idea Machine concept further, covering how to turn your ideas into reality.

Here are four lessons I learned from reading “Choose Yourself Guide to Wealth”:

1. Don’t do to-do lists

To-do lists are stressful.

Anything on a to-do list is something you haven’t done and probably never will do. In the meantime, it’s only causing stress.

I have items in one of my multiple to-do lists from years ago. I haven’t done anything about them yet. Oops!

Instead of to-do lists and goals, live by themes.

If you need inspiration to choose your own theme, follow the Daily Practice: Do something for your physical, emotional, spiritual, and mental well-being every day.

That’s the only rule I’ve followed since I read this book.

2. Become an idea machine

You don’t need chains to feel like a slave.

When you work on somebody else’s ideas, you’re a slave. Being an employee means working on somebody else’s ideas. Therefore, being an employee is being an idea slave, even if those ideas are good.

To be free and successful, come up with ideas every day. If any of your projects fail, come up with a list of ideas to improve it.

“I think of ideas for other companies who call me, and my ‘business’ is to help them implement those ideas on their own and become massive successes”

3. Be a good salesman and negotiator

To make others follow your ideas, you need to be a good salesman and negotiator.

But sales and negotiation aren’t about closing tactics or Jedi mind tricks.

We do business with people we like and trust. So you need to be friends with your buyers. You need to care about the same things they do. You need to sell and negotiate with people you love because a bad client can make you and the people around you miserable.

“One of the best ways of making friends and customers for life is to direct them to a better service or product than yours”

When in doubt, outsource your negotiation to the other side. “Hey, I’m new to this negotiation thing. I need your advice. What would you do if you were in my shoes?”

After a good sale, everybody should be happy.

4. Invest in yourself and in experiences

Don’t day trade or invest in mutual funds.

Have enough cash to sleep well at night. Don’t invest all your money in one place and only invest with people smarter than you.

Start your own business and invest in experiences and books.

Parting Thought

Ideas can change your life.

If you don’t know where to start to change it, work on your health. Start by writing ideas to improve your health.

In 2024, after burnout and a layoff, to get my life back on track I focused on my health by waking up early, working out, writing 200 words, and removing negativity from my life. I remember 2024 as the year when I was the healthiest.

Adopt your own Daily Practice. Ask yourself, “What I can do to keep my physical, emotional, spiritual, and mental bodies healthy?” and see how your life changes.