BiggerPockets Real Estate Podcast 254: Tim Ferriss on Real Estate, Becoming a Top Performer and His Tribe of Mentors
Nov 23, 2017
In this engaging discussion, Tim Ferriss, author of The 4-Hour Workweek and host of The Tim Ferriss Show, shares his unique perspectives on high achievement and effective investing. He delves into the power of meditation and self-awareness in personal growth, while revealing the patterns common among top performers. Tim also explores his innovative strategies for real estate, emphasizing the importance of turning off distractions and prioritizing impactful actions over mere busyness. Get ready to transform your approach to success!
02:08:57
Silent Meditation Retreat Experience
- Tim Ferriss attended a 10-day silent meditation retreat led by Jack Kornfield, which was extremely intense and difficult.
- He compares the experience to a slow-motion high dose psychedelic experience, involving deep psychological unlayering and pain.
Start Meditation with Headspace
- Begin meditation with Headspace's 10 minutes a day for 10 days program for clear benefits and easier practice.
- Use meditation to increase self-awareness and create a gap between stimulus and response to improve decision-making.
Mindfulness and Optimism in Top Performers
- Over 80% of high achievers have a mindfulness or meditation practice regardless of discipline.
- Top performers cultivate optimism and selectively consume news to sustain long-term high performance.
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Intro
00:00 • 2min
Updates and Insights in Real Estate
01:31 • 6min
Reflections on Growth and Mindfulness
07:41 • 16min
Navigating the Journey of Meditation: From Misconception to Practice
23:43 • 3min
Mindfulness and Financial Decision-Making
26:41 • 11min
The Transformative Power of Influential Literature
38:01 • 2min
The Power of Diverse Stories and Mindfulness
40:24 • 16min
Enhancing Productivity in a Digital World
55:54 • 7min
Mastering Time and Focus
01:02:50 • 6min
Maximizing Efficiency in Real Estate Investing
01:08:54 • 7min
Navigating Investment Advantages
01:15:49 • 25min
Balancing Hard Work and Self-Care
01:40:35 • 20min
Keys to Entrepreneurial Success
02:01:04 • 8min
Young Millionaires
Inspiring Stories to Ignite Your Entrepreneurial Dreams
Not explicitly mentioned in the search results
This book shares the stories of nearly 100 young entrepreneurs who became millionaires before the age of 40.
It provides insights into their strategies, challenges, and how they overcame obstacles such as competition and grueling work schedules.
The book aims to inspire readers to pursue their entrepreneurial dreams.
Warren Buffett speaks
Warren Buffett speaks
Warren Buffett
Janet Lowe
For me in real estate, Richest Man in Babylon was hands down the epic book.
It just, I don't know, it just changed the way I thought, not just in real estate, but how I deal with my kids and how we save and how we put money away and, you know, portfolio sizing all that we have and what we do.
The 4-Hour Chef
The Simple Path to Cooking Like a Pro, Learning Anything, and Living the Good Life
Tim Ferriss
In 'The 4-Hour Chef', Tim Ferriss uses cooking as a vehicle to teach 'meta-learning', a step-by-step process for mastering any skill quickly.
The book is divided into five sections: Meta-Learning, The Domestic, The Wild, The Scientist, and The Professional.
It includes tips and stories from world-class chefs, athletes, and other experts, and focuses on overcoming common obstacles in learning and cooking.
The book aims to make readers self-sufficient in the kitchen and in life, applying principles of failure points and margin of safety to ensure success.
Rich Dad Poor Dad
What the Rich Teach Their Kids about Money - That the Poor and the Middle Class Do Not
C.P.A. Sharon L. Lechter
Robert Kiyosaki
The book tells the story of Robert Kiyosaki's two fathers: his 'poor dad,' a highly educated but fiscally poor man, and his 'rich dad,' the father of his best friend who was a successful entrepreneur.
It emphasizes the importance of financial education, distinguishing between assets and liabilities, and building wealth through investing in assets such as real estate and businesses.
Kiyosaki argues that a good education and a secure job are not guarantees for financial success and provides practical lessons on how to make money work for you rather than working for money.
Berkshire Hathaway Letters to Shareholders
Warren Buffett
This book compiles the full, un-edited versions of 50 years of Warren Buffett's letters to the shareholders of Berkshire Hathaway.
It offers a comprehensive case study on Berkshire's success and provides a 'lesson plan' of Buffett's views on business and investing.
The letters cover topics such as selecting managers and investments, valuing businesses, and using financial information profitably.
The book includes charts on Berkshire's growth, insurance float, and the performance of its operating businesses, as well as indexes for easy navigation.
The better angels of our nature
Why Violence Has Declined
Steven Pinker
In this book, Steven Pinker presents a detailed argument that violence has significantly decreased over the course of human history.
He uses extensive data and statistical analysis to demonstrate this decline in various domains, including military conflict, homicide, genocide, torture, and the treatment of children, homosexuals, animals, and racial and ethnic minorities.
Pinker identifies four key human motivations – empathy, self-control, the moral sense, and reason – as the 'better angels' that have oriented humans away from violence and towards cooperation and altruism.
He also discusses historical forces such as the rise of the state (which he terms 'Leviathan'), the spread of commerce, the growth of feminist values, and the expansion of cosmopolitanism, which have contributed to this decline in violence.
Lifeonaire
An Uncommon Approach to Wealth, Success, and Prosperity
Steve Cook
Shaun McCloskey
Lifeonaire by Steve Cook and Shaun McCloskey offers a fresh perspective on wealth and success, encouraging readers to prioritize life experiences and personal fulfillment over financial accumulation.
The book provides a framework for achieving financial freedom while living a rich and meaningful life.
It emphasizes the importance of defining personal success and avoiding the pitfalls of excessive debt and overcommitment.
Poor Charlie's Almanack
The Essential Wit and Wisdom of Charles T. Munger
Charles T. Munger
Peter D. Kaufman
Originally published in 2005, Poor Charlie's Almanack is a collection of eleven talks delivered by Charles T. Munger between 1986 and 2007.
Edited by Peter D. Kaufman, this book draws on Munger's extensive knowledge across various fields to provide a framework for rational and rigorous approaches to life, learning, and decision-making.
It is renowned for its sharp wit and rhetorical flair, making it an essential read for investors, entrepreneurs, and anyone seeking to enhance their wisdom and critical thinking skills.
More money than God
Hedge Funds and the Making of a New Elite
Sebastian Mallaby
More Money Than God provides the first authoritative history of hedge funds.
The book tells the inside story of hedge funds, from their rebel beginnings to their current status as powerful financial entities.
It covers key figures and institutions, such as A.W.
Jones, George Soros, Julian Robertson, and Long-Term Capital Management, and explains how hedge funds have shaped the financial landscape.
Mallaby's work is based on extensive interviews and provides a balanced view of the industry's impact on finance and the global economy.
The 4-Hour Body
An Uncommon Guide to Rapid Fat-Loss, Incredible Sex, and Becoming Superhuman
Tim Ferriss
In 'The 4-Hour Body,' Tim Ferriss shares the results of over a decade of self-experimentation and research, involving hundreds of elite athletes, dozens of MDs, and thousands of hours of personal testing.
The book covers more than 50 topics, including how to lose weight quickly, gain muscle without steroids, sleep less and perform better, and improve sexual health.
Ferriss emphasizes the importance of finding the smallest changes that produce the biggest results, making it accessible for readers to achieve significant improvements in their physical health and performance.
Man's Search for Meaning
Viktor Frankl
The book is divided into two parts.
The first part recounts Frankl's harrowing experiences as a prisoner in Nazi concentration camps, including Auschwitz, between 1942 and 1945.
He describes the inhumane conditions and the psychological and emotional struggles of the prisoners.
The second part introduces Frankl's theory of logotherapy, which posits that the primary human drive is the search for meaning, rather than pleasure.
Frankl argues that meaning can be found through three main avenues: work (doing something significant), love (caring for another), and suffering (finding meaning in one's own suffering).
The book emphasizes the importance of finding purpose and meaning in life, even in the most adverse conditions, as a key factor in survival and personal growth.
Principles
Ray Dalio
In 'Principles: Life and Work', Ray Dalio shares the principles he has developed over his career that have helped him achieve success.
The book is divided into three sections: the first section explains how Dalio's principles were formed from his personal and professional experiences; the second section outlines life principles, such as embracing reality, being radically open-minded, and understanding the importance of pain and reflection in personal growth; and the third section focuses on work principles, including the use of radical truth and radical transparency to transform an organization.
Dalio advocates for systematizing decision-making into algorithms, learning from failures, and building a culture where it is okay to make mistakes but unacceptable not to learn from them.
Liar's poker
Michael Lewis
Liar's Poker is a non-fiction, semi-autobiographical book that details Michael Lewis's three-year tenure at Salomon Brothers, one of Wall Street's premier investment firms in the 1980s.
The book provides a behind-the-scenes look at the culture of bond traders, highlighting the frat-boy camaraderie, killer instincts, and high-stakes games of bluffing and deception.
Lewis describes the creation and use of mortgage bonds, the excessive bonuses, and the ruthless competition among traders.
The narrative also touches on the author's disillusionment with the industry, leading to his resignation and transition into financial journalism.
Radical acceptance
Embracing Your Life With the Heart of a Buddha
Tara Brach
Radical Acceptance by Tara Brach offers a transformative practice to help readers overcome habitual feelings of deficiency and better relate to their experiences and emotions.
The book emphasizes two key pillars: observing one's experience clearly and responding with compassion.
Through personal stories, case histories from her clinical psychology practice, and guided meditations, Brach provides practical guidance on mindfulness, compassion, and acceptance.
The book helps readers stop being at war with themselves and live fully in every moment, addressing issues such as self-judgments, conflicts, addictions, and perfectionism.
It also clarifies that Radical Acceptance does not mean self-indulgence or passivity but rather empowers genuine change and healing.
The Richest Man in Babylon
George Clason
This book, written by George S. Clason, uses a series of parables to convey fundamental principles of personal finance and wealth accumulation.
Published in 1926, it remains highly relevant today, offering practical advice on saving, investing, budgeting, and financial discipline.
The parables are engaging and easy to understand, making complex financial concepts accessible to readers of all backgrounds.
Key principles include paying yourself first, living within your means, and making money work for you through wise investments.
Despite its historical setting, the book's core lessons are adaptable to modern financial practices and have had a profound impact on countless readers worldwide.
Tools of Titans
The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers
Ryan Holiday
Mike Del Ponte
Therese Plummer
Ray Porter
Tim Ferriss
Kaleo Griffith
Kevin Rose
Jocko Willink
Tim Kreider
Tools of Titans is a comprehensive guide to achieving peak performance and personal transformation.
The book is divided into three main sections: Healthy, Wealthy, and Wise.
It features insights and strategies from over 200 interviews with successful individuals such as Arnold Schwarzenegger, Ariana Huffington, and many others.
Ferriss highlights common patterns among these high achievers, including daily meditation, disciplined routines, and the ability to turn weaknesses into strengths.
The book is designed to be a resource for continuous learning and improvement, providing actionable advice and tools for readers to enhance their health, wealth, and wisdom.
TRIBE OF MENTORS
Tim Ferriss
In 'Tribe of Mentors', Tim Ferriss collects and shares deep, meaningful, and life-changing tips and hacks from a diverse group of mentors.
These mentors include iconic entrepreneurs, elite athletes, artists, and billionaire investors.
The book is structured around a set of 11 questions that Ferriss asked these mentors, covering topics such as morning routines, overcoming failure, achieving work-life balance, and reassessing priorities.
It offers a rich tapestry of experiences and viewpoints, ensuring there is something valuable for readers from all walks of life.
four-hour work week
Tim Ferriss
Today’s guest needs no introduction, but this would look funny without one, so here we go! Today on The BiggerPockets Podcast, we sit down with Tim Ferriss, author of #1 New York Times Bestseller The Four Hour Work Week and his newest title, Tribe of Mentors and dive DEEP into the patterns that make high achievers accomplish so much. This show is unlike any other episode of our podcast, and we can’t guarantee you’ll be the same person when you finish. You’ll also discover Tim’s unique approach to real estate investing, as well as the books, apps, and routines that has made Tim one of the most influential thought leaders in our world today.
In This Episode We Cover:
- How the gang connected with Tim
- Whether his mom would be impressed by his accomplishments
- Why he walks to the beat of his own drum
- His recent “silent” retreat
- The value of meditation
- What you should know about self-awareness training
- The ins and outs of the book Tribe of Mentors
- Patterns that are common amongst high achievers
- The importance of turning off distractions
- Principles to live your life by
- How to be truly effective
- Tips for using money to buy time
- The 3 advantages that you can have in any type of investing
- How Tim Ferriss invests
- What a good investment entails
- Indicators of a solid property
- How Tim would analyze real estate
- The fundamental differences in real estate as an asset class
- The “worthlessness” of hard work
- How to balance ambition and being contented
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Bookstore
- Duolingo
- Alibaba
- BP Podcast 213: Investing in Real Estate Without Being a Landlord with Noah Kagan
- BP Podcast 245: Creating Wealth that Lasts Generations with Bestselling Author Ryan Holiday
- The Summit Conference
- Headspace
- Tim Ferriss Show: Jocko Willink’s Episode
- Tim Ferriss Show: Jamie Foxx Episode
- Nuzzel
- Moment App
- Rescue Time App
- Freedom Time App
- Fiverr
- Tim Ferriss: BJ Miller’s Episode
- 99Designs
- Duodie on Instagram
Books Mentioned in this Show
- Set for Life by Scott Trench
- The Book on Rental Property Investing by Brandon Turner
- The Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Han
- The Book on Flipping Houses by J. Scott
- Finding and Funding Great Deals by Anson Young
- The 4-Hour Work Week by Timothy Ferriss
- The 4 Hour Body by Timothy Ferriss
- The 4-Hour Chef by Timothy Ferriss
- Tools of Titans by Timothy Ferriss
- Tribe of Mentors by Timothy Ferriss
- Young Millionaires by Rieva Lesonsky
- Man’s Search for Meaning by Viktor Frankl
- Poor Charlie’s Almanack by Charles T. Munger
- The Better Angels of our Nature by Steven Pinker
- Principles by Ray Dalio
- Warren Buffett Speaks by Janet Lowe
- Richest Man in Babylon by
- The Radical Acceptance by Tara Brock
- Berkshire Hathaway Letters to Shareholders
- More Money Than God by Sebastian Mallaby
- Liar’s Poker by Michael Lewis
- Lifeonaire by Steve Cook
- Rich Dad Poor Dad by Robert Kiyosaki
Tweetable Topics:
- “I don’t like having my sanity depend on luck.” (Tweet This!)
- “When you’re not thinking of the past, you’re not thinking of the future.” (Tweet This!)
- “It’s not that you don’t have time, it’s you don’t have priorities.” (Tweet This!)
- “It’s not how you do things, it’s what you do.” (Tweet This!)
- “Effectiveness over efficiency on all things.” (Tweet This!)
- “Thinking is actually asking questions and answering them in your own head.” (Tweet This!)
- “There’s no problem with hard work, as long as it applies to the right things.” (Tweet This!)
- “In the end, success is sleeping well.” (Tweet This!)
- “Worrying is praying for what you don’t want.” (Tweet This!)
- “It’s very hard to fail completely.” (Tweet This!)
Connect with Tim
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