Whats up player?
So you read through TMF real quick and you have more questions than my high school biology final
Cool, cool
Well let me give you some tips that'll help you REALLY make your decisions
No bullshit, no fluff, I'm not selling anything,
I'm not some old dude telling you what you should or shouldn't be doing,
I'm not some keyboard ranger telling you that you can't make it big.
I'm just like you, young guy (20) lots of options & I know it can be overwhelming if you don’t know what you are doing.
Some of you will want lots of cool toys. Some of you will want to build something great. Some of you just want freedom.
Make a list of what you want & how much it would cost. Maybe you want to make an extra $2000 a month to be able to move out, live anywhere or travel the world. Maybe you want a big house with a pool and a couple fast cars. Fantasize here and determine how much that life would cost.
Got it? Cool
You have a few different options for getting to that level, but it will be one of these (or a combination of two)
Pretty simple right?
You can make a living in any of those quadrants & depending on what your goals were you should be able to easily pick one (or two) of the quadrants as your vehicle. Not all sides are equal, though notice the following:
Employees and Self employed folks both trade time for money, if they don’t work, they don’t get paid
Business owners spend a lot of time in the beginning of their business to get it going, towards the end of a business the owner’s involvement diminishes.
Yes some are faster than others, but they are also harder than the rest. Business isn’t for everyone: there’s a ton of work, every day is different, you can’t “fake” business. Some people love their job! I’m not going to diminish anyone here, some people genuinely like their job. Maybe they’re a teacher or architect & their job provides a “satisfaction” that isn’t monetary.
Love to learn. Just because you aren’t going to after a Bachelors degree doesn’t mean you shouldn’t always be learning. Read, listen, pay attention. Take a couple minutes of your day to read good blogs, forums, books etc. If you don’t like books check out Audible or podcast. There’s a HUGE variety of topics to learn about & you’ll never get bored. The BEST investment you can make is in yourself.
Think about the most effective way of reaching your goals. Build your habits around those goals. If you want to be ripped by next summer, wake up every day at 5 and go for a quick run. Want to run a successful business? Try being organized & proactive. Want to be an author? Write something every day. Once you get into the right habits, your goals stop seeming like they are a million miles away.
3 easy ways of adding value-Fill a Need
Ever look for a solution that doesn't exist? Chances are someone else has the same problem! If you can find a way to fill that need your idea/invention could be worth millions!
-Improve a Solution
So what if there's already a solution but its just not good enough. Improve on it!
SalesForce founder Mar Benioff thought the CRM's that existed didn't give business owners the solutions they needed. So he decided to make his own, and created SalesForce, now valued at a couple billion dollars, in less than a few years
-Combine Solutions
Another way to add value is to combine solutions. People get hungry/thirsty at sporting events, so arena owners make MILLIONS every year since they are combining solutions. Movie theaters sell popcorn, candy, sodas all to make your viewing more pleasurable. People will pay money to be better suited.
If you own a hot dog stand for example, you can increase revenue by offering water bottles since people get thirsty after eating.
Picking a fieldThis can be tricky. Most people here will tell you NOT to do what you love & there is good reason why. I LOVE Monopoly. But that chances of me making a living as an affiliate for Monopoly is slim.
If you are going the route of self employed, you should pick something you like to learn about. Maybe real estate or stocks. Remember self employed trade time for money, so you should feel comfortable investing a ton of time learning your craft. If you choose correctly this wont feel like actual work. Steve Jobs worked countless hours but he loved his product & for him it was time well spent.
So what’s the FASTEST way to your goals?All things equal...going the route of business owner & becoming an investor is the fastest way to achieve your goals. HOWEVER, this is the hardest road & all things are never equal. It is possible to be a high paid employee like a doctor and fill your investment vehicle quickly. It is also possible to be self-employed, make a living playing poker, trading stocks or FOREX, own a small biz etc and use that to fund your investment vehicle. This takes a little more time but it might be the way to go for some of you.
This chart is a simplified version of what all this means. Income comes in, pays for your liabilities and expenses. Once your assets provide enough income to pay for your liabilities and expenses, congratulations! Goal accomplished
Let me know if any of this helped you guys out
So you read through TMF real quick and you have more questions than my high school biology final
Cool, cool
Well let me give you some tips that'll help you REALLY make your decisions
No bullshit, no fluff, I'm not selling anything,
I'm not some old dude telling you what you should or shouldn't be doing,
I'm not some keyboard ranger telling you that you can't make it big.
I'm just like you, young guy (20) lots of options & I know it can be overwhelming if you don’t know what you are doing.
Define Your Goals
What do you want? What do you REALLY want?Some of you will want lots of cool toys. Some of you will want to build something great. Some of you just want freedom.
Make a list of what you want & how much it would cost. Maybe you want to make an extra $2000 a month to be able to move out, live anywhere or travel the world. Maybe you want a big house with a pool and a couple fast cars. Fantasize here and determine how much that life would cost.
Got it? Cool
You have a few different options for getting to that level, but it will be one of these (or a combination of two)
Pretty simple right?
You can make a living in any of those quadrants & depending on what your goals were you should be able to easily pick one (or two) of the quadrants as your vehicle. Not all sides are equal, though notice the following:
Employees and Self employed folks both trade time for money, if they don’t work, they don’t get paid
Business owners spend a lot of time in the beginning of their business to get it going, towards the end of a business the owner’s involvement diminishes.
There is no right/wrong path
Yes some are faster than others, but they are also harder than the rest. Business isn’t for everyone: there’s a ton of work, every day is different, you can’t “fake” business. Some people love their job! I’m not going to diminish anyone here, some people genuinely like their job. Maybe they’re a teacher or architect & their job provides a “satisfaction” that isn’t monetary.
You are either going forward or backwards
Love to learn. Just because you aren’t going to after a Bachelors degree doesn’t mean you shouldn’t always be learning. Read, listen, pay attention. Take a couple minutes of your day to read good blogs, forums, books etc. If you don’t like books check out Audible or podcast. There’s a HUGE variety of topics to learn about & you’ll never get bored. The BEST investment you can make is in yourself.
Create good habits
Think about the most effective way of reaching your goals. Build your habits around those goals. If you want to be ripped by next summer, wake up every day at 5 and go for a quick run. Want to run a successful business? Try being organized & proactive. Want to be an author? Write something every day. Once you get into the right habits, your goals stop seeming like they are a million miles away.
3 easy ways of adding value
Ever look for a solution that doesn't exist? Chances are someone else has the same problem! If you can find a way to fill that need your idea/invention could be worth millions!
-Improve a Solution
So what if there's already a solution but its just not good enough. Improve on it!
SalesForce founder Mar Benioff thought the CRM's that existed didn't give business owners the solutions they needed. So he decided to make his own, and created SalesForce, now valued at a couple billion dollars, in less than a few years
-Combine Solutions
Another way to add value is to combine solutions. People get hungry/thirsty at sporting events, so arena owners make MILLIONS every year since they are combining solutions. Movie theaters sell popcorn, candy, sodas all to make your viewing more pleasurable. People will pay money to be better suited.
If you own a hot dog stand for example, you can increase revenue by offering water bottles since people get thirsty after eating.
Picking a field
So what’s the FASTEST way to your goals?
What this all means
This chart is a simplified version of what all this means. Income comes in, pays for your liabilities and expenses. Once your assets provide enough income to pay for your liabilities and expenses, congratulations! Goal accomplished
Let me know if any of this helped you guys out
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