Joe Wells is a writer, real estate investor and self-development junkie.
He grew up in Moravia, New York, population 1,220. Following a three-month internship his senior year of college, he accepted a job to work as a Consultant in New York City. Six years later, he’s still in NYC.
Joe is taking a unique path to financial independence because he needs time-freedom before the 4% rule. He is aggressively saving & investing, and keeping his expenses low—not an easy thing to do working in Manhattan.
Having discussions with young men like Joe, a voracious learner who lives with intention and purpose, is one of my joys in life. I hope you enjoy our chat as much as I did. If you do, please let us know in the Comments.
Our discussion includes:
- How writing helps Joe to formulate his thoughts better
- How Joe & roommate, Pat Dunden, got interested in getting better
- The value of good roommates
- Brainstorming different business ideas
- Self-improvement through reading books and listening to podcasts
- Co-authoring a 50-page book for high school seniors
- Teaching what he and Pat wish they knew in college and first job
Joe’s One-Click System (at 8:37):
- One-Click is a framework for self-improvement
- Everybody in the world can be plotted on his Engagement Continuum
- Most people fall between 4 & 5 on Engagement Continuum
- Those in 4-5 range have a job, but frequent more bars and watch more Netflix than the average person
- If you’re in the 4-5 range and not improving, you’re getting worse
- Those who fall below 4-5 range are in the Complacency Vortex
- The goal of One-Click is to get to the next click
- Good habits keep you from sliding backwards
- Positive habits compound until you experience exponential growth
- Compare yourself to others only for reference
- Why intellectual humility is so important
- Formulate your opinions based on others’ experience and your own
- Approach every situation as if you have something to learn
- The value of anti-role models
Joe’s Unique View of Financial Independence (at 19:17)
- How & why he’s purchasing real estate to become financially free
- Achieving financial independence before the 4% rule
- Needing time-freedom before he gets $1.5 million
- Joe has listened to every Bigger Pockets show, including ep. 305 twice!
- Investing more in real estate than the stock market
- Doing a comparison of Vanguard funds: VTSAX vs. VTI
- Focusing on funds that are easy to liquidate
- The best time to max-out your 401K
- Joe’s article on leveraging your 401K to invest in real estate was published on ThinkSaveRetire.com
- Practicing Tim Ferriss’ fear-setting exercise
- How to be frugal while working in one of the most expensive cities in the world
On Character-Building (at 33:20):
- The importance of not caring what other people think
- When someone talks sh*t to you, it builds character to “give it back”
- Preparing meals in advance to save money
- Joe’s chili story
- “The opinions of others have no impact on you, unless you let them”
Our Discussion on Meditation (at 40:47)
- Exercise as a form of meditation
- How to reduce “the racing mind”
- How to organize your thoughts
- How to observe what’s going on in your own mind
- Developing mental models and heuristics
- Cultivating an inner-life
- Learning to better direct your thoughts
Miscellaneous Questions (at 46:00):
- Joe reads 18.5 books/year on average
- Reading books by and about successful people
- Tennis players’ mental dynamic from solitary practice
- My review of The 48 Laws of Power
- A book Joe has read more than twice
- Leadership skills apply to everyone
- How to effectively manage your boss
- Career progress by inducing honest feedback from your boss
- How to prioritize and execute
- Our feelings-focused culture
- Don’t prefer the compliment that might deceive you, to the criticism that might do you good
- Self-employed people make up ~20% of population, but >60% of millionaires
- How much millionaires pay for their suits
- Joe’s favorite podcast episode: Stanley McCrystal on Tim Ferriss Podcast
- How to Invest with Clear Thinking Howard Marks with Tim Ferriss
- Living in New York City is like traveling the world everyday
Connect with Joe:
- Twitter: @josephcwells
- Instagram: @jcwells12
- Email: wellsjosephc@gmail.com
Listen Here:
Inaction is extremely dangerous. – Joseph C. Wells
Books mentioned:
