Asking A Billionaire How To Make $1,000,000

Hitchhiking on a Private Jet

• Noah set out on a mission to hitchhike on a private jet.
• After getting rejected multiple times, he met a self-made millionaire, James, who agreed to take him on a flight.
• Noah’s persistence paid off when James agreed to let them fly to Boston on his $34 million private jet.

“We’re going to Boston, so this is the full interview I recorded with the self-made millionaire who was a former nuclear engineer in the Navy and made his fortune trading energy commodities.”

How James Made His Money

• James made a ton of money last year through trading.
• He was in the Navy as a nuclear engineer and later got into finance.
• James earned his MBA and focused on the power marketing industry, trading in the most volatile markets like crypto and electricity.

“Find a niche and crush it. Deliver more value than anybody else.”

Valuing Happiness over Money

• James realized the value of his happiness and decided to leave the Navy.
• He put a dollar value on his happiness, which influenced his decision-making.
• James prioritizes his happiness and believes that it has a significant role in his success.

“You have to pay me a billion dollars to be out of here. I’m gonna take six years of my time, and it’s worth more than a billion dollars.”

Operating Costs of a Private Jet

• Noah asked James about the cost of running a private jet for a year.
• James mentioned that the break-even cost is around a million dollars, excluding usage.
• The direct operating costs for a flight from Los Angeles to Boston would be approximately $17,000.

“What does that cost? It’s probably going to be about $17,000.”

James’ Approach to Investing

• James views the economy in phases and believes that they are currently entering a winter phase.
• He thinks that the strongest individuals prosper during winter by being patient, doing thorough research, and having cash on hand to seize good deals.
• James avoids letting fear guide his thinking and maintains an abundant mindset.

“I think that the people who do the best homework and are the most patient and are the most prepared … are the ones that always succeed the most.”

Not being focused on testing one thing

• The speaker mentions that they don’t have the opportunity to test one thing extensively.
• They prefer to focus on where they’re going and what they’re doing.

“I’m more about where I’m going and what I’m doing… My experience is not… It doesn’t change my life at all.”

Being cheap and outraged by extreme prices

• The speaker shares an example of buying something at an outrageously high price, which feels insulting.
• They mention that in their past, they worked at Subway and earned a low wage, so extreme prices seem absurd to them.

“There’s sometimes I buy something and they charge you a price… It’s so extreme and outrageous, you’re like, it’s insulting… Like somebody slapped you across the face.”

Being frugal and cooking at home

• The speaker mentions that they become frugal when they start feeling cheated by expensive meals.
• They prefer to cook at home instead and surround themselves with healthy people.

“That’s when I start getting cheap… I’ll cook it at home… I still want to hang around healthy people, young healthy vibrant Minds that know how to solve real problems… People that are helpful.”

Taking leaps of faith and spontaneous decisions

• The speaker talks about joining the Navy as a leap of faith and a spontaneous decision.
• They suggest that some of the best decisions they’ve made were based on spontaneous “hell yeah” moments.

“Doing a U-turn and after working the night shift… I was like not happy with life… I was going nowhere quick… But I knew I was very smart… I knew I was very driven… And I knew I could do anything I wanted to do… It was a leap of faith… It was such a fucking yes.”

Pierce the veil of invincibility

• The speaker shares their realization that big companies and wealthy individuals are just normal people facing similar problems.
• They believe that anyone can achieve what successful people have done.

“I guess they’re just normal people doing normal shit… They have the same problems that we got… Realize why not me… I’m pretty sure I could do exactly what you’re doing, 10 times better.”

Using private planes as a business expense

• The speaker explains that there are tax laws in the United States that allow entrepreneurs to take advantage of purchasing private jets as a business expense.
• They mention that it involves writing off the cost of the plane, saving on taxes, and getting a loan effectively from the government.

“So if you look at okay well I’m tax flow positive the first year… I just got a loan from the government… You can build a business with these planes and it happens all the time.”

Expense rules for business trips

• The speaker mentions that the IRS has changed expense rules for business trips.
• They emphasize the need to keep good records of expenses, especially given the differences in tax laws between Puerto Rico and the United States.

“The IRS changed the expense rules… You have to keep really good records of that.”

The value of a private jet for a billionaire

• Having a private jet allows the billionaire to travel for both work and personal trips.
• It allows for more flexibility in scheduling and eliminates the need to waste time in airports.
• The aviation management aspect of owning a private jet ensures efficient travel and enables the billionaire to attend meetings and meet people easily.

“I never thought I’d fly a jet before… and then you have always… you know and I came from very humble means… so I was like lower middle class income family… I did… I had two paper routes when I was 12 years old… gonna be more inspired to travel”

Perks of owning a private jet for a billionaire

• The private jet provides a sense of relaxation and allows the billionaire to solve any problems that may arise.
• It gives the billionaire the ability to overcome obstacles and face challenges head-on.
• The flexibility and resources offered by owning a private jet allow the billionaire to take breaks and enjoy life, visit family and friends, and socialize.

“Being able to relax is knowing that you can solve any problems… knowing that you always grow to overcome any obstacle… I can also take breaks and I can live my life and be happy doing it… my ability really connects socially is probably the biggest benefit of all that”

Building relationships as a key to success

• The billionaire emphasizes the importance of building relationships in achieving success.
• While the billionaire may have a sharp mind for perfecting things himself, he recognizes the significance of collaborating with others.
• Building meaningful relationships and having a goal in mind are crucial elements in the billionaire’s journey towards success.

“I think that you’re building something meaningful and you have a goal in mind… it’s down to your ability to build relationships… it’s my training and some other things too”

Adaptation to different financial situations

• The billionaire believes that people can adapt to different financial situations, regardless of their starting point.
• Whether earning $40,000 or $100,000 a year, individuals tend to adjust their standard of living over time.
• The focus should be on making progress on a daily basis rather than the specific income level.

“You can be happy in any one of the stages… as long as you’re making progress on a daily basis… you kind of just get accustomed to that standard of living”

Balancing time and maintaining happiness

• The billionaire stresses the importance of being defensive with one’s time and being selective about how it is spent.
• Prioritizing personal happiness and taking breaks is crucial for overall well-being and success.
• Achieving balance is challenging, but it is necessary to protect one’s time and attend to various aspects of life.

“Treat everything as a different entity… you gotta please yourself first if you’re not happy nobody’s been happy… take care of yourself, help yourself”

Teaching kids to be grounded

• Monitor their language and behavior to ensure they don’t brag about their wealth.
• Being humble and not flaunting their privileges can help them maintain healthy relationships.
• Noah shares an example of his daughter bragging about their private jet, and warns against such behavior.

“If you want to learn how to be really unpopular in school, just keep saying that. Nobody likes to hear that kind of stuff.”

Regrets of working too much

• Noah asks the billionaire if he ever regrets working so much.
• The billionaire admits that the heavy toll on his family life caused his first marriage to fall apart.
• He values his time and family more than money, and regrets the lack of balance in his life.

“I regret not having the right balance. That balance really was lacking because I didn’t help myself and take care of myself physically at some points.”

Dealing with the pressure of risking it all

• Noah asks how the billionaire handles the stress and pressure of potentially losing everything.
• The billionaire explains that constantly thinking about the risks and staying vigilant causes stress.
• He constantly evaluates his actions and scans for blind spots and potential mistakes.

“Always thinking about what could mess up, that’s what causes the stress.”

Importance of pushing boundaries and taking risks

• The more risks one takes, the greater the potential for rewards.
• Pushing through comfort zones is essential for growth and success.
• The billionaire emphasizes the need to be willing to take risks and step out of one’s comfort zone in order to achieve more.

“You can’t do it safely, you’ve got to punch through your comfort zones. So, a lot of people are very comfortable below their glass ceilings, and that’s fine. But we’re starting to realize that our glass ceilings are in different areas of our lives, not just money or jobs.”

Focus on the big picture and holistic success

• The billionaire believes that people are starting to realize that success goes beyond just money and career.
• He highlights the importance of focusing on holistic well-being, including health, relationships, and personal growth.
• Instead of constantly searching for things beyond our control, he encourages individuals to invest in their immediate surroundings and connections.

“We’re starting to look more at the bigger holistic picture after the last few years. We need to fix things we have 100% control over, which is within us.”

Overcoming limitations and trauma

• The billionaire believes that people often limit themselves due to various reasons, including personal trauma or generational trauma.
• Traumatic experiences can hinder one’s ability to navigate the world and achieve success.
• He acknowledges the prevalence of trauma in today’s world and its impact on people’s odds of success.

“When you accumulate stress and trauma, you have a more difficult way of living or balancing.”

“If you think about somebody who’s trying to make it in this world, they start off as a young pup trying to avoid all the collateral damage. It’s slim odds for people.”

“There’s a lot of trauma in the world these days.”

Shifting to an Interpersonal Economy

• The economy is moving away from a materialistic focus in the United States.
• The shift is towards an interpersonal economy where people serve each other’s needs.
• It’s important to help each other in unanticipated ways and fill each other’s blind spots.
• This shift creates a win-win situation for everyone involved.

“The economy is going to start shifting from a materialistic economy in the United States to more of an interpersonal economy where people are filling each other’s needs.”

Importance of Self-Care and Reflection

• The speaker turned 50 and went through a period of reflection and self-care.
• They engaged in housekeeping for their mind and soul to achieve an organized mental state.
• Self-care allows for a clear mind and a feeling of resolution, although not everything may be resolved.

“I just turned 50 and I was having some revelations and going through some housekeeping in my mind and my soul. I’m trying to get to an organized state where I feel like I’ve cleaned my desk and I feel really good about wherever I’ve stored everything.”

Practicing Empathy for Ourselves

• The speaker emphasizes the importance of having empathy for oneself.
• They realized the need to be kind to themselves and appreciate their own achievements and well-being.
• Society often places unnecessary pressure on individuals, and it’s important to remember it’s okay to make mistakes and bounce back.

“I’m just shocked in general how mean I am to myself on the regular and then how much everyone else is doing that too… For you, for me, all the people… just be a little nicer. Like it’s okay, you can get back. It’s not over.”

The Benefits of Stretching

• Stretching has helped the speaker in various aspects of their life, including physical and mental well-being.
• It has made them more patient, less stressed, and improved their breathing.
• Regular stretching has also positively impacted their posture and overall body movement.

“I have found the path to my physical and psychological development has been stretching directly… It’s helped me become more patient, less stressed, way more relaxed, able to breathe better. I’m an inch taller than I was three years ago.”

Investing in Self

• The speaker believes in investing in themselves, both physically and financially.
• By prioritizing their physical health, they experience emotional well-being and an easier life.
• They see investing in their physical health as a worthwhile use of their money.

“I like to look at physically how my body’s holding up, and I can see no better place to invest my money than right back into my physical health.”

Internal Conflict and Physical Tension

• The speaker suggests that stretching can help alleviate both physical and mental tension.
• They refer to the concept in the book “The Body Keeps the Score,” which discusses the connection between trauma, stress, and physical injury.

“If you’ve ever read the book ‘The Body Keeps…,’ it talks about different vectors that trauma, stress, any kind of toxic emotions, relationships, and a physical injury can…”

Trauma and its Effects

• Trauma can become locked in the body, affecting mental and physical health.
• Understanding the effects of trauma on the body is an emerging field of study.
• Mapping trauma in the body can help identify downstream effects.
• The next phase of business in the United States may involve examining what went wrong during the pandemic and how to fix it.
• Open and transparent repositories of data are needed for this analysis.

“Take to get into your body, infest itself as locked in trauma you… so we’re starting to learn more about that kind of stuff now.”

Government and Self-Investigation

• The government should not be involved in investigating itself.
• An independent and transparent approach is necessary to improve the nation’s health.
• The focus should be on making the country healthier through initiatives like the Presidential Fitness Awards.

“The government should have nothing to do with investigating itself and how it’s conducting itself to make our nation a healthier country.”

Strengthening Connections and Helping Others

• Building connections and helping others can create value in society.
• These contributions are often overlooked since economic activity is primarily measured by GDP.
• Taking care of each other and addressing societal needs should be a priority.

“The more that we take care of each other, the more we can help each other… that’s what’s truly going to create more value in our society.”

Mindset of the Wealthy

• The mindset of the wealthy should focus on problem-solving rather than solely acquiring and preserving wealth.
• Making a positive impact with one’s resources is key.
• With a mindset geared towards problem-solving, many issues could be resolved.

“If rich people who fly these [__] planes actually did something with their money… we’d have less problems.”

Entrepreneurship as a Spiritual Endeavor

• Entrepreneurship can be a fulfilling and spiritual endeavor when it involves problem-solving.
• It becomes easy when it aligns with personal fulfillment rather than being just a job.
• Fulfillment comes from creating solutions and making a positive impact.

“That’s when business can become easy… it’s fulfilling, you know.”

Combining Work and Lifestyle

• Creating a work-life balance that merges work with lifestyle is powerful.
• Living a fulfilling life while enjoying a comfortable lifestyle with great people is a desirable combination.
• Making this happen can lead to a tremendous positive impact.

“If you can create your work to be your lifestyle… and you also want to live a nice lifestyle with great people, that’s a pretty powerful combination.”