Skip the Line

Do you really need 10,000 hours to become an expert?

On this episode of the Making Bank podcast, James Altucher discusses his many successes and failures as an entrepreneur, writer, comedian and more.
As someone who got rich quick then lost it all in investments, James knows a thing or two about going big and falling hard. In his tumultuous journey as an entrepreneur, he was moved by the power of writing and his own podcast, absorbing information from hundreds of experts. Now, he highly values a balance in the four bodies of his life: physical, emotional, mental, and spiritual. He has taken his lessons learned to help him conquer new fields and rising to the top.

Listen to the episode to hear about how you can better generate ideas, well-being and a better life.

Listen to Josh and James discuss innovation:

James’ Past and Present (5:13)
James talks about his long and challenging relationship with entrepreneurship—from his many business failures to successes. He chats about the difference between making money and keeping it, as well as where he is in his life now.

Loud Opinions (9:33)
James chats about his New Yorker article that received a lot of love—and hate, and how in lockdown, certain topics are sensitive.

James’ Journey (12:38)
James reflects on his journey as a writer and entrepreneur. He talks about his investments and losses during the dot com era, as well as how writing and his podcast changed his life.

The Four Bodies (18:41)
James believes in taking care of and maintaining the four bodies: physical, emotional, mental and spiritual. When one of these areas is neglected, it can cause problems in the other areas, and in your life as a whole.

The Three Sources of Well-Being (24:33)
Calling on multiple studies, James talks about how the three sources of well-being are community, a sense of mastery, and a sense of freedom. Family, friends and other groups help contribute to a sense of community, and therefore well-being and even life longevity.

Capitalism vs. Innovationism (25:25)
James breaks down the roots of the word capitalism and compares it to innovationism. He is a true innovationist and believes countries that support innovation prosper. He discusses how this may look and relate to entrepreneurship.

Exercise Your Idea Muscle (28:36)
James stresses the importance of exercising the idea muscle. Like how your muscles atrophy without exercise, so can your mind without practice. Every day, he writes down 10 new ideas, and over time, he finds the best ones and acts upon them. Overall, this helps exercise creativity, commitment and originality.

Skip the Line (36:06)
As someone who has changed interests, passions and careers so many times, James encourages listeners to go after new things. He gives his opinion on the 10,000-hour rule and what an alternative could be.

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