The Last Safe Investment | Bryan Franklin

Summary of: The Last Safe Investment: Spending Now to Increase Your True Wealth Forever
By: Bryan Franklin


Do you find yourself seeking financial security through savings, investments, or high-paying jobs? What if there is a more reliable and rewarding path to true wealth? In ‘The Last Safe Investment: Spending Now to Increase Your True Wealth Forever,’ authors Bryan Franklin and Michael Ellsberg challenge conventional financial advice by introducing the SAFE (Self-Amplifying Financial Ecosystem) plan. This innovative system focuses on enhancing personal happiness, nurturing super skills, and forming meaningful connections to increase both personal and financial wealth. This summary will guide you through the key themes of the SAFE plan, offering a fresh perspective on how to achieve greater financial security and happiness.

Invest in Yourself

Financial security comes from focusing on your earning potential and investing in yourself, rather than relying solely on external factors like investments or job security. The SAFE financial plan, which stands for self-amplifying financial ecosystem, prioritizes your savings, equity, and tribe. By developing super skills and focusing on personal growth and happiness, you can achieve true wealth and financial security that goes beyond a savings target.

Invest in Happiness

Investing in your happiness leads to a fulfilling, cost-effective life. Identifying your Happiness Exchange Rate can help save money and direct spending towards meaningful experiences, leading to lasting joy.

Have you ever thought that spending more money would lead to happiness? The reality is that emotional purchases usually bring fleeting joy, costing you more in the long run. It’s important to understand that investing in your happiness is the key to a fulfilling life. In the book, the author highlights the importance of exploring what’s currently undermining your happiness to increase your wealth.

To start, it’s necessary to understand your Happiness Exchange Rate (HER). HER is derived from the quotient of the joy you derive from your purchases and the amount you spend. It’s essential to identify purchases that bring lasting happiness to your life and avoid excessively expensive purchases that don’t bring any joy. A pricey dinner date may seem like a luxurious experience, but if you’re stressed about work the entire time, it ultimately doesn’t bring any lasting happiness.

Therefore, it’s crucial to consider the benefits of a planned purchase before committing to it. If you purchase something that contributes meaningfully to your life, such as an investment in a yoga class, it will bring long-lasting benefits. Paying attention to what motivates your spending can direct you towards investing in processes and procedures that need your attention, such as fitness, therapy, and other healing processes.

Ultimately by saving money that would have otherwise gone into emotional purchases, you can grow your savings account, which leads to more possibilities for happiness. In conclusion, adopting the SAFE disciplines will support you in both earning more and breaking free from costly spending cycles. Invest in happiness, identify your HER, and plan purchases meaningfully.

The Power of Interpersonal Skills

Raj, a software engineer who dreams of becoming a data scientist, finds that connecting with industry leaders is the key to achieving his goals. He creates his own networking event and becomes known in the industry, ultimately getting headhunted for a top position. The lesson is clear: investing in interpersonal skills is crucial for success. Interpersonal skills, including networking, public speaking, and influencing others, are essential leadership abilities that increase your value in the workplace. Empathy is a key element of influence, and anyone can develop these skills with practice. To achieve success, connect with people emotionally and engage their hearts and minds. With mastery of interpersonal skills, you can rise to the top of your field and increase your earning potential.

Creativity as a Sustainable Career Skill

Marcel Duchamp’s The Fountain represents the birth of conceptual art, redefining the relationship between a work’s merit and an artist’s labor. The key message is that developing creativity is critical for a sustainable career. Creativity is a skill you can develop, and it is highly valued in business since it’s something machines can’t do. Creativity can help protect your long-term prospects in the age of artificial intelligence and cheap, offshore labor. Businesses often refer to creativity as innovation, which involves exploring atypical ideas to achieve better outcomes. To think innovatively, you need to expose yourself to new ways of thinking and open yourself up to different perspectives. By embracing every new idea that comes to you and nurturing it, you’ll cultivate a habit of creativity, making yourself a valuable workplace asset that cannot be quickly replaced.

Mental Models for Technical Projects

Explore how mental models can bridge the gap between technical and non-technical people, and how they can boost your job opportunities and earning potential.

Lee Franklin, a non-technical president of a construction company, was unexpectedly assigned to build 28 cell sites for a phone company in only six months. He had no technical knowledge about cell sites construction, except for his exceptional ability to create mental models, which became his secret weapon.

What are mental models? They are diagrams that show how processes, inputs, and outputs interact to achieve a specific outcome. They provide an overview of technical knowledge without focusing on small details. In Franklin’s case, his mental model helped him work effectively on technical projects, collaborating with seasoned experts without having in-depth technical knowledge of his own.

This story highlights the fact that high-level technical skills are not always necessary to add value to a tech-based company. Mentally modeling how processes work in your job can bridge the gap between technical and non-technical people in the workplace, opening up job opportunities and increasing earning potential for everyone involved.

Creating a mental model is simple. In essence, it involves defining processes that are always represented as verbs (e.g., shopping, assembling, and eating), identifying inputs and outputs, and linking them using arrows to show the flow. Mental models can serve as a bridge between technical and non-technical people, and they are essential tools for a tech-based company.

In conclusion, mental models are not only valuable for high-tech workers but everyone in tech-based companies who want to effectively collaborate, improve their technical knowledge, and boost their earning potential.

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