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In The Media

How a Jedi Treasure Manages Their Money and Time Treasure

by Larry Chiang on August 4, 2014

Larry Chiang keynotes at Stanford, MIT and Harvard University. In the post event coverage, Havard Business School’s Harbus wrote: “What They Don’t Teach You at Stanford Business School“. Now, he writes at Harbus and activates entrepreneurship knowledge by helping you execute a Jedi in Business Administration.

Larry ChiangPALO ALTO, Calif.

by Larry Chiang

Treasure management is a concept that I curate. I tag it #Ch2. Its all my content under Treasure Management.

The idea is to engineer up treasure so that we are never under-the-gun to meet debt and expense obligations. The underlying thesis for this is that debt makes people dumb. A person is pretty smart. Layer on debt and they take a hit to their IQ.

What short term expenses are you currently worrying about.

What short term and long term debt are you currently worrying about.

The Jedi method is to examine the 70-20-10 rule of treasure.
70% for basic expenses.
20% invested.
10% donated.

The same with time and the “treausre of time”.

Its where you allocate
70% for basic life tasks.
20% invested in yourself via reading, studying, learning.
10% donated.

Lets examine the 70-20-10 rule and set a goal to be at 30-50-20. You might be saying, I am at 90-5-5. Or 90-10-0. How am I going to even get to 70-20-10!!? First baby step is to Moonlight.

Moonlighting is where you get an income stream where you supplement your primary income. This is where you practice promoting or selling something that already exists. Later, we change it and improve it. The ‘it’ is a baby business. The it is also called a ‘mini company concept’.

Money In.

The collection of treasure grows when you have money out be less than money in. The counter-intuitve points, I will bullet point:

  • Few people focus on a looking for opportunity. They’re wayyyyy too busy with busy work.
  • I don’t know that everyone should start any business. Its rough. But practicing a baby business with ONLY UPSIDE is the method to build business muscles. Working a mini company concept helps you gain confidence.
  • Most smart people stay safe in a very unsafe method. What I mean is that smart Ivy kids are not street smart.
  • Creativity is an energy that debt snuffs out. Creativity is honed in the exercise of executing what you read. And then doing a li’l.
  • The majority of startup people force a forcing function to leg out a business. Reality is that a business takes a form, energy and pace of its own.
  • Email me the seemingly intimidating accomplishments and I will reveal their first baby step.

Remember, Steve Jobs had Edwin Land to mentor him.

You have me to mentor you. Jk, you have my mentor to mentor you. But since he’s passed away. I will have to read Mark McCormack’s stuff and regurgitate his teachings to you. That’s how I lecture and do seemingly Jedi thiings. Being my mentor’s mentee allowed me to hack treasure, hack credit, hack FICO scores and build treasure from seemingly nothing.

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