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Here's what billionaire Peter Thiel wishes he'd known in his 20s

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Peter Thiel wishes he could give his younger self this advice

If PayPal co-founder Peter Thiel could do it all over, he would start thinking big sooner.

"If you go back 20 or 25 years, I wish I would have known that there was no need to wait," the billionaire investor tells author Tim Ferriss in "Tools of Titans. "

"I went to college. I went to law school. I worked in law and banking, though not for terribly long. But not until I started PayPal did I fully realize that you don't have to wait to start something."

Peter Thiel, co-founder of PayPal Inc.
VCG | Getty Images

The self-made billionaire says you should take your 10-year life plan and ask, Why can't I do this in six months?

Of course, no single path works for everyone, and "sometimes, you have to actually go through the complex, 10-year trajectory," he tells Ferriss. "But it's at least worth asking whether that's the story you're telling yourself, or whether that's the reality?"

After all, thinking big is a quality that sets the ultra-successful apart from the rest.

After studying rich people for several decades, author and self-made millionaire Steve Siebold found that rich people set their expectations high. As he writes in "How Rich People Think, " "No one would ever strike it rich and live their dreams without huge expectations."

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