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GOLD! How to create monetary wealth in just 5 years. (Or less!)

Discussion in 'The Unscripted Entrepreneurial Mind' started by MJ DeMarco, Apr 4, 2018.

  1. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Asked on Quora which I answered...

    https://www.quora.com/How-can-I-create-massive-monetary-success-in-five-years/answer/MJ-DeMarco-1

    Create yourself a mathematical equation that scales, then work that equation to death while acting, assessing, and adjusting along the way.

    Few people understand that all of our actions and career decisions implicitly tie us into an equation.

    This equation can be relatively simple or extremely complex.

    At the end of the day, it will be your self-directed EQUATION that determines how much wealth you can (or cannot) accumulate.
    • Equations that scale make their owners rich.
    • Equations that do not, make their owners slaves to the system of “trading time for money.”
    The beauty of this equation is that you can control its basic variable parameters. But most people DO NOT because most people don’t even know this equation exists!

    If you decide to get a job at McDonalds and are paid $12/hour — congratulations, you just created yourself an equation to which you are now bound to:

    Monetary Wealth = (rate of pay) x (hours worked)

    If you work 30 hours, your equation is 12 X 30, which equals $360.

    If you go to college and accumulate $140K in debt so you can have the privilege of earning $40K/year, congratulations, that’s your new equation.

    Monetary Wealth = (hourly salary) X (years worked)

    To complicate the mix, you are then suggested to save your money and give it to Wall Street.

    There you get another equation:

    Monetary Wealth = Market investments X annual ROI

    This mainstream advice is the standard prescription for mediocrity.

    And it’s clearly not a method to create monetary success in less than 10 years, much less 5.

    As you can see, the problem with “trading your time for money” or “Wall-Street” as a conduit to wealth is that the variables are extremely limited and uncontrollable. You cannot work 3,000 hours at McDonalds in one week. You cannot force McDonalds to pay you $1,000 per hour. You cannot ask Wall Street to give you a 4000% return.

    There are only so many hours in a day, and years in a life.

    And herein lies the lie behind college: Young people are told to go to college so they can increase their PER HOUR rate from $12 to, say, $25 or $30. Or if they go into more technical fields (STEM stuff) they get away from hourly to annual pay. Now instead of making $50/hour, they make $50,000/year.

    The problem remains.

    TIME CANNOT BE SCALED.

    You cannot work 1000 hours in day.

    You cannot live to be 500 years old.

    You cannot ask Wall Street to give you a 4000% return in one year.

    You cannot ask your employer to give you a raise from 50K/year, to $500K.

    Your hands are tied because the equation you’ve given yourself SUCKS.

    Instead of trying to scale time (more debt to earn a better education to earn a better paying job under an annual salary regime) start scaling units— units separate from your time.

    This means you become a creator of relative value.

    Creators produce products, services, books, information, inventions, it doesn’t matter so as long as:
    • A) Your creation can eventually become separate from your time.
    • B) You can scale your creation to a level that can change your life.
    The other metric is relative value.

    Sure your blog full of fitness tips my be valuable— but it isn’t relatively valuable because the web is filled with ‘em.

    Whatever you create, it must be relatively valuable in the global pool of options. This doesn’t mean you have to be the next Steve Jobs — it just means to skew value on one or two attributes; faster shipping, improved operation, better logistics, better service, better UI, better this, better that.

    Entrepreneurship is about improving, more so than inventing the next hot thing.

    So let’s assume you invent a cool new widget that appeals to women who are mothers.

    Your equation now becomes:

    Wealth = Widget Profit X Widgets Sold.

    This is where things change.

    Now you can SCALE a part of your equation. There are billions of mothers on the planet. Additionally, you control your widget operations and can fiddle with pricing, sourcing, and other operations integral to your widget.

    So if you sell 100,000 widgets at $5 profit each, you just earned $500,000.

    If a IG influencer raves about your product in IG and you get a rush of traffic for 1 week, selling 4,000 units, you make $20K in week.

    Your ceiling for wealth can be influenced by your execution, marketing, and decision-making. You cannot do this under a “time trade” regime.

    This is how you create wealth beyond the BS preached in the mainstream (get a job, save your money, invest with Wall Street for 50 years blah blah)

    Of course I’m not suggesting this is easy.

    The key is to change the equation, change the probability, and change your potential outcomes. Nothing is easy, but neither is getting up at 6AM, fighting traffic for 50 years, and retiring with a gold watch on 50% of your income.

    Just to give you an example, how this works in real life, I’ve been “off the clock” for over 20 years. That means I earn money 24 hours a day, 7 days a week because my income and net worth is tied to UNITS, not HOURS or TIME. This is how can effectively call myself “semi-retired”.

    I’m a best selling author [The Millionaire Fastlane] and [Unscripted] (published in over 15+ countries/languages) so part of my “equation” is how many books that sell worldwide.

    And when you move to a “unit” metric, your markets expand beyond your local city — so what not appeal locally, might appeal globally. For instance, my second book Unscripted is a the #1 best-selling business book in South Korea (at least that’s why my publisher is telling me) but barely known in the states.

    I also run a global community on entrepreneurship [The Fastlane Entrepreneur Forum] which operates 24 hours a day. A 24 hour operation means I earn 24 hours a day. I could go on and on with the other ventures but hopefully you get the point…

    So are you ready?

    Here’s my SIMPLIFIED equation for wealth currently. (Actually it’s much larger but I think you get the picture.)

    (bup)(bs1)(bc1) + (bup)(bs1)(bc2) + (bup)(bs1)(bc3) + (bup)(bs1)(bc1) +(bup)(bs1)(bc4) + (bup)(bs1)(bc5) + (bup)(bs1)(bc6) + (bup)(bs1)(bc7) +(bup)(bs1)(bc8) + (bup)(bs1)(bc9) + (bup)(bs1)(bc10) + (bup)(bs1)(bc11) +(roy1)(bs1) + (roy2)(bs1) + (roy3)(bs1) + (roy5)(bs1) + (roy6)(bs1) + (roy7)(bs1) + (roy8)(bs1) + (roy9)(bs1) + (roy10)(bs1) + (roy11)(bs1) + (roy12)(bs1) + (roy2)(bs2) + (roy2)(bs2) + (roy2)(bs2) + (bup)(bs2)(bc1) + (bup)(bs2)(bc3) + (bup)(bs4)(bc2) + (bup)(bs5)(bc2) + (bup)(bs2)(bc6) + (bup)(bs2)(bc2) + (bup)(bs2)(bc2) + (bup)(bs2)(bc10) + (bup)(bs2)(bc2) + (wt)(webconv)(ad1) + (wt)(webconv)(ad2) + (wt)(webconv)(ad3) + (webtraffic)(insconv)(insfee) + (inv1)(roi1) + (inv2)(roi2) + (inv3)(roi3)+(inv4)(roi4) +(inv4)(roi5) + (inv5)(roi4) + (inv5)(roi5) + (inv5)(roi5) + (inv6)(roi6) + (res)(avg-app) + val(biz1)(pe) + val(biz2)(pe) + val(biz3)(pe) + altcoins(value) + altcoins(value) + altcoins(value) + altcoins(value) + btc(value) + eth(value) + …​

    Most of those variables listed above I can CONTROL and SCALE.

    1) Create relative value.

    2) Recognize your equation.

    3) Work the equation.

    4) Act — Assess — Adjust

    5) Repeat​

    That my friend is how you create monetary wealth within 5 years.
     
  2. Paolo Rizzo
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    Paolo Rizzo Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Man...
    This is such an incredible post.
    It's crazy to think so many people in this world will never read it and never understand that they are stuck in the script, by the time most realize, it will be too late.
     
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  3. jasoncuellar123
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    jasoncuellar123 Wow! Wow! Wow! Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Some days I wish I could’ve started sooner, instead of wasting so much time in public school. Lol
     
  4. c4n
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    c4n Full throttle Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Thanks for a nice summary of your summit presentation :clap::
     
  5. banjoa
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    banjoa Contributor

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    @mjdemarco thanks you for this. Incredible stuff.

    MJ, is this the same concept espoused in TMF under the topic of scale and magnitude?
     
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  6. Ocelot
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    Ocelot Contributor

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    That's a crazy amount of value for a Quora post.

    Hopefully they are ready to actually let that advice filter in and start to provide the right mindset. Too many people bounce around from one scheme to another until they ultimately realise that this is only true way.

    You've probably just saved them years.
     
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  7. Galaxy16
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    Galaxy16 Contributor Read Millionaire Fastlane

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    What is "bup"?
     
  8. PureA
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    PureA Winners never quit Speedway Pass

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    Ok MJ, one question... where is the GOLD tag?
     
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  9. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Stands for unit profit on one book.

    Done!
     
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  10. Limitless4Life
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    Limitless4Life Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    But...where are the exact steps?
     
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  11. Smuggo
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    Smuggo New Contributor Read Millionaire Fastlane

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    I don't understand this equation. I mean the shortcuts. Could someone explain it for me please ?
     
  12. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    The word shortcut is not mentioned once in the article. Not sure what you're referring to.
     
  13. ZF Lee
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    ZF Lee Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Must be the abbreviations of your wealth equation.

    I think I made out some of them as crypto, forum traffic ads, paper assets and books sales. You've got a lot of thumbs in many pies, I see.:)
     
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  14. Smuggo
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    Smuggo New Contributor Read Millionaire Fastlane

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    That's what I meant. Thanks :smile:
     
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  15. HackVenture
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    HackVenture Digital Marketer, Crypto Guy Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    +1 also interested to see a "legend" of the abbreviations you used, would be cool to see a real-life demonstration of the term "multiple streams of income" lol.

    Great post!
     
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