how to get rich
PHASE 1: SERVICE DELIVERY ($0-50k/mo) - YOUR TIME FOR MONEY
it may have been the case before that $10k/mo can get you everything you ever wanted and you know what? it’s true, in certain parts of the world. you can live like a king for 10k/mo in Bali, Thailand, Vietnam, South America
but my home is here, in the US. my family is here, my friends are here, and I think my wife is probably here.
and $10k/mo in a tier 1 or tier 2 is poverty and tier 3 is a “maybe comfy”
so start you start here - you trade your time for money, but it’s on your terms. that’s step 1 to freedom
PHASE 2: SYSTEM CREATION (50k-$100k/mo) - YOUR MONEY FOR OTHER PEOPLE’S TIME
you still trade time for money, but now you start to add folks into the mix. you build systems, get VAs, have new hires, more clients, SOPs, things that make it so this thing runs in the background
but most importantly
you can start saving money. which means you can start investing money. your lifestyle doesn’t need to bloat much more past this if you don’t want it to.
a $6k-$10k/mo apartment is honestly within reach. you don’t need to look at the cost for uber eats. you can pay for a first class flight here or there - dude you could book a private jet with some amount of comfort
but this only comes from leverage. other people’s time for your money
PHASE 3: CAPITAL ALLOCATION ($250k+/mo) - YOUR MONEY FOR OTHER PEOPLE’S MONEY
you’re comfortably a millionaire. you now use money to make money. you can buy businesses, real estate, stocks
but a smarter move is buying or investing in INFRASTRUCTURE.
where you had a service that delivered XYZ, now you have infrastructure that services people who deliver XYZ
this is how a friend of mine is probably going to become a billionaire.
phase 1 - he started a clothing brand (not exactly service delivery, in fact it’s worse. it’s not just time but also YOUR MONEY to make money)
phase 2 - he scaled it to a few $M in revenue per year, brought on a bigger team (me actually), better designers, better team, etc
phase 3 - he identified a gap in how the marketing infrastructure of ads. he built a tool for it. now people pay him a part of what they pay on the platform
same thing for another friend - service business, scaled to larger operation, now building infrastructure for people that operate in that business
Iman Gadzhi - agency, scaled it up to a decent size, now sells info & tools on how to build businesses (information is infrastructure)
so wanna get rich?
your job is to scale service as quickly as possible so you can live, then scale to make a business, then leverage that capital to invest in your projects
trade your time, then other people’s time, then money
working IN the business vs working ON the business are 2 entirely different skill sets
but don’t trust motherfuckers who have never worked IN the business trying to skip a level and work ON your business
willingness to get your hands dirty is the most important thing