What do you really think about money? Is this something you work for, Is it the root cause of all evil? Are you desperate to have more of it? Have you been chasing it?
A recent report released by Wealth X showed that of the world's ultra wealthy those that had a net worth of 30 million or more 68 percent of them were self-made and it seems like every other study backs up this conclusion.
Warren Buffett self-made billionaire, Howard Schultz born in poverty, Oprah Winfrey born in poverty, Jeff Bezos self-made billionaire, Elon Musk self-made billionaire, Sara Blakely self-made billionaire.
What is it that these people know that you'd. The truth is your equation about how to make money is all wrong.
Here's the 2-dimensional equation that you've been taught.
Money = Salary Earned from a Job
Past a certain point the prospect of getting a job becomes the sole purpose of your education. So what's wrong with that you ask?
I'm gonna assume that if you're watching this you want to make a lot of money and in as short an amount of time as Possible if that is your goal.
Then this equation(Money = Salary Earned from a Job) for generating money will never get you there.
We all have a precious resource, the most important resource for Hall. And once it's gone. There's no way of getting it back that resource is Time⏰.
In a standard job the amount of money you burn is dependent on the amount of time you put into that job.
If you earned $20 an hour and worked 40 hours a week. It would take you nearly 24 years to reach a total of 1 million dollars.
But that is without subtracting any taxes or any expenses that you will incur over 24 years and let's not forget that Inflation would make your 1 million dollars less valuable in reality. Is that on a salary of $20 an hour?
You can only really be a millionaire at an old age by living frugally and most of that precious resource known as time has slipped through your fingers.
You traded all that time for money and it wasn't even a substantial amount either.
So again you ask yourself. How is it then that there are self-made millionaires and billionaires at such young ages? What makes them so different and the truth is.
They have a better equation than you. They have a way of understanding money that you haven't quite grasped.
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Pay very close attention now. Stop Chasing Money. In a capitalist society the rules of the game are as follows.
You are paid in proportion to the perceived value that you have and the people that perceive your value are the Consumers of the economy. The market is you, your friends, your family, your neighbors, your Country.
People complain that football players are overpaid, but for players to be paid millions. There has to be a market for the football industry in the first place.
People have to see the value in football in the first place for them to want to spend money on matches and merchandise and if the market is a high demand for football.
Guess what happens to the players who are at the top of their game? They are paid generously for it.
It's not about how hard you work, the cleaner who is sweating and tiring himself out every day is paid far less than the accountant sitting behind a desk. Why?
Because the market perceives the value of what the cleaner does to be far less than the accountant, as harsh as it may sound the cleaner can be replaced by anybody. It isn't difficult to learn how to do his job.
And therefore the market will not pay him more than the accountant. The guy who spent years studying numbers, the guy who has saved his clients thousands on their taxes.
But even so we just discussed how getting a job is in the right equation to amassing a great amount of wealth in a shorter period of time.
So then how can we increase our perceived value? What is it about people like Elon Musk or Jeff Bezos?
That makes their perceived value so high. The first step to this equation of wealth is quite simple.
If you want Money, Solve Problems.
If you take a second to digest this statement. You realize that just about all money runs from this basic premise.
If it solves a problem. Money will be thrown at it. If it's a million-dollar problem, then the solution will make you Millions. If it's a billion dollar problem. Then the solution will make you billions.
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Think about all the problems that our site like Amazon solves. The hassle of going to a store, the hassle of having to wait weeks for a delivery, cheaper prices, and so on.
Not to mention all the other companies that Amazon owns and the problems that those companies solve.
Jeff Bezos helped solve a billion-dollar problem and was also awarded favourably for doing so.
If you've been chasing money, then you've been doing it all wrong. It sounds almost paradoxical but if you want money.
It isn't money that you should be looking for you should be looking for problems and more importantly Solutions to those problems and once you found that solution make a business around it.
Listen to the market around you. What are people saying they don't like? What are people saying they wish existed? What are people saying that frustrates them? What do people think is incredibly inconvenient?
Is that a problem that you can solve and also is a problem that is worth solving.
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The final step of this equation to wealth is finding a scalable solution to the problem, your solution needs to affect a Magnitude of people.
Starring a restaurant that's not scalable. You're constrained to the local area and the footfall of that area but a franchise now, that's more scalable.
If your solution is a piece of Software, then that means once that software has been built you can scale it online without needing to worry about things like production or shipping costs as it's all done virtually.
Good luck finding infinite scale with a job, but be careful if your solution requires your time to generate money.
Let's say you were a yoga teacher that charged $100 per hour. Congratulations, you only made yourself another job disguised as a business.
There's only a certain amount of lessons that you can feasibly do in one day. And therefore your income is time-bound, but if you created an online yoga class that ran 24/7 with lessons you only had to create once now that is scalable. Scaling your solution is critical here.
So do not get lost on this point automation also plays an important role systems and processes will keep your business running like a smooth machine if Implemented properly.
if there is something in your business that you can outsource to somebody else or hire an employee to do it for you. Assuming it financially makes sense for you to do.
So then do it, tasking yourself with everything is a bad thing as much as you may think you're the best. There's someone out there that can do a better job than you once you've found a solution.
It's your job to make sure that solution can be accessed by everyone in your market.
It's not about your ego and it's not about what you're passionate about. The market doesn't care about your passions.
So now that you have your profitable business running with the right systems and processes in place. It's time to move on and reap what you sow.
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The Reward
There are two likely paths you're going to face at this point. You either continue your business or cash in and sell.
This is the acquisition the moment someone buys the solution that you spent years building a business around.
This is Instagram being acquired by Facebook for $1 billion. This is PayPal being sold to eBay for $1.5 billion of which $165 million went straight to Elon Musk's pocket and the countless other liquidation events that happen across the world.
This is where all the effort that you put into building. Your company comes to fruition.
And if you choose to continue running your business, well, there's a multitude of reasons for you wanting to do so.
Maybe you love the company that you built and will want to stick with your baby. Maybe you think you can add more value to the company and sell it down the line for more than it's currently worth.
Perhaps that business runs passively in the background so you don't have to do much to keep the wheels turning or maybe it's a combination of these three things.
Either way you did it You solved a problem that the market wanted solving and it was awarded you favorably for doing so and so now I ask you what? Was it all for anyway?
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For most of you it was never about the money. Money is just a piece of paper and a number on a screen.
Its value is only backed up by our belief in its value. From the very start this was never about the money.
Paying off the mortgage, buying your dream car, traveling around the world, never having to worry about your financial situation.
It's the freedom that you were looking for. Your destination wasn't anything monetary related.
It was a feeling. The ability to do what you want whenever you want without ever having to cast the thought towards can I afford this have I used?
Up all my holidays for the year. How am I going to pay the rent? Will I be able to live off my pension? What dreams will I have to sacrifice?
Because I can't afford to pursue them the most important lesson from this article was never about the nature of money.
It was about the one valuable resource that we all have. We will never be able to reclaim, Time!
Is giving up a large chunk of your time towards a job that you probably don't like worth it.
Is your life settled on working, coming home, and watching the telly? Sleeping, waking up the next day, and repeating the same cycle till you retire.
How many more hours of your life do you let slip through because of this pattern?
Or perhaps you're fine with that reality. Perhaps you have no other choice but to follow that path for the time being and if that's the case.
There's nothing to worry about, the most you got from this article was a little entertainment and maybe a change in perspective.
But there are those of you that understand the other side, those of you that have the desire to Never need to worry about money ever again. And so I feel the need to remind you.
Stop chasing money chasing problems and find the solution to those problems. This is the equation through which all money is found.If you desire Liberty through never needing to worry about money ever again. Then let's solving problems be the meaningful struggle in your life.
Does it mean you'll be happy at the end of the road doesn't mean you'll feel fulfilled only if you can answer that question.
But if your struggle is meaningful then perhaps it's worth pursuing. And there is your equation to wealth.
Of course I missed out on a lot of intricacies in this article. the topics of business, more about money, Entrepreneurship, are far too vast for me to cover in a single article like this.
But if you do want to get started on this journey. I do recommend you read the Books THE MILLIONAIRE FASTLANE & UNSCRIPTED of MJ DeMarco who heavily inspired me to create this article and it's also important to come back.
To an original point that I made at the start of this which is that most people will not succeed for various reasons.
But the most important part is failing. Failing fast and moving on to the next thing and if you're out there doing something that isn't strictly related to a business.
But if you want to make money then asking yourself the question of what problems am I solving?
Could lead you to find ways of better Monetizing whatever it is that you're doing and that also includes a job and a career.
If you can solve more problems and find more Solutions at your place of employment you have something that you can use to leverage a higher salary.
But I will end this all on the same message that I have repeated numerous times in this article.
Stop chasing money and start chasing solutions to problems.
Hey, you've arrived at the end of the article and thank you so much for reading, but don't click off just yet.
I do want to take the time to say thank you very much for reading to the end.
Final Words
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Thank you so much for your valuable TIME⏰
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