Richard C. Wilson on Billionaire Mental Models

Richard C. Wilson presents a talk on billionaire mental models, drawing on books he has read and ideas he says he uses in his business.

Richard C. Wilson explains why he studies billionaire mental models and how he connects those ideas to business and investing. He shares his takeaways from books and interviews, then describes how those ideas shape his thinking about focus, opportunity and the way he runs his company.

In this video: Richard C. Wilson (Founder of Family Office Club and Billionaires.com, presenter)

What they said

1. Richard on niche focus. Richard says most billionaires focus on dominating one or two niche areas and getting good at investing in them. He says his own operating business focuses on medical and dental practices. (at 2:19)
2. Richard on choosing a game. Richard says to decide what you enjoy, how much time you want to spend and whether you prefer income or equity growth. He says your goals should shape the game you choose to play. (at 6:04)
3. Richard on billionaire books. Richard says readers often choose books by people who are skilled at marketing rather than business. He says he has read over 60 books from billionaires and prefers their own words. (at 8:46)
4. Richard on testing ideas. Richard describes trying hundreds and hundreds of combinations, experiments and A/B tests to see what works. He says he doubles down on the approaches that resonate. (at 24:04)
5. Richard on strategic choke points. Richard says strategic choke points helped his business gain momentum and make later acquisitions easier. He says he chose points that mostly required elbow grease, learning and hard work. (at 18:01)

In their words

"You want to enjoy your day-to-day life, feel like there's alignment in what you're doing and where your life and your balance sheet is going."

"If you're not excited about what you're doing, then stop doing it and do something else."

Why it matters if you are building or preserving great wealth

Richard says Billionaires.com made no money when he began focusing on it, though he expected it to transform the company. His example puts a cost on the choice to build a choke point: time and effort can go toward an asset whose value depends on what it may help the company do next.