$10 Million, 10 Years, Zero Excuses
147: The only reading you will ever need to get rich. Seriously.
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The line between gambling and investing is artificial and thin. The soundest investment has the defining trait of a bet (you losing all of your money in hopes of making a bit more), and the wildest speculation has the salient characteristic of an investment (you might get your money back with interest). Maybe the best definition of “investing” is “gambling with the odds in your favor. - Michael Lewis
This is not a post about investing. It is neither a post that claims you will be guaranteed to make millions. This is a proven framework. One to help you make millions without any excuses. One around jobs, careers, and business. Something that works and has proven itself many times. Will it be easy? Nothing worth doing ever is easy. Does it work? You bet it does.
CONTENTS OUTLINE:
You are starting from $0. No connections. No skills. No idea where to go… You are at zero.
Jobs, careers, and everything you need to know about them
Picking and building transferable skills
Setting up a foundation (career edition)
Getting your first money
The difference between making money and building wealth
Doing the math and reverse-engineering where you are now
Making your first sale
The traps you want to avoid (at this stage)
Running large(er) scale operations
Quitting your employer (when and how)
Service business limitations
Resisting temptations and lifestyle inflation
Building out the system (everyone should do it)
Accelerating (the multiplier phase)
Spending money to make more money
Focusing on what is already working
Equity (ownership)
Exit
Retirement
New start
What nobody warns YOU about
Money addiction
Health over everything
How success changes people
Levers for each stage of your journey
Making it easier for yourself
You need to be able to tell the difference and understand the underlying logic.
Job: Something where you are trading your time for money.
Career: Trading your performance for money. This is all about the results. Your goal is to always be in a position where you can earn uncapped income and get paid for your performance.
Uncapped income: A position where your earnings are not tied to time.
Performance-based pay: No commission > no performance > no pay > no real career.
PE: Private equity.
HF: Hedge fund.
Business: Something that allows you to make money while you are sleeping.
Conversion: % of the people who buy. If 1,000 people see your ads and 20 decide to buy your product, you are looking at a 2% conversion rate.
Margin: What it costs you and what you sell it for. The difference between the two is the margin.
Convert: Make a sale. Convert a prospect (visitor) into a buyer.
MVP: Minimum viable product.
SOP: Standard operating procedure.
VA: Virtual assistant.
SMB: Small to medium business.
3PL: Third-party logistics. Services that handle your e-commerce fulfillment.
Equity: Ownership. If done right, equity becomes something you look at in multiples.
Multiple: What the buyer pays. Imagine a business making $50k in profit per year, sold at a 4x multiple. You are looking at a $200k exit.
Multiples vary by business model.
Event: Liquidity moment. Selling a business.
NW: Your net worth (total value of everything you own)
Transferable skills: Unique to you. Something that can't be outsourced (easily) and takes time + effort.
The system we will be covering
Years 1-3
Building the foundation (career, transferable skill set, and safety net).
Years 4-5
Reality check (transition from employee to owner).
Years 6-8
The compounding effect and early effort. Something that becomes visible across all areas of your life (income, assets…) + building out the system.
Years 8-10
What it takes to accelerate and take it to another level.
Years 10+
Retirement, life after exit, and everything else.
We recommend that you read the post in chronological order. The quality of your reading experience is up to you. This is a long, dense read that will take at least an hour of your time (more like an hour and a half). Our advice is to take your time with this.