You’ve all probably heard of Elon Musk. He’s a business magnate, entrepreneur, and investor. The Tesla and SpaceX CEO has a whopping net worth of $ 264.6 billion.
Then, there’s you. You’re probably one of the millions who’s working a job that you’ve studied for years at a university. Perhaps, you’re one of those who don’t have any savings, have high living expenses, have a massive credit card or student debt and feel as though you’re not earning enough.
You probably think that becoming a billionaire is nothing but a distant dream. Then you start to wonder how do these people make money, especially those who have achieved financial success and independence at a very young age?
Did they cheat their way to the top? Are you not smart enough to become successful? Or are you just one of those unlucky ones who can’t do anything else but a dream?
What if there’s a way to help you become successful? What if there’s something you can do to build wealth from the ground up? What if you can travel the world, have enough cash in your savings account, pay off your parent’s mortgage, and live a financially independent life?
But be warned that the road you’re about to travel isn’t easy and many people won’t be able to make it through the end. But if you do, you’ll get to achieve the wealth that you once thought was impossible to achieve. Are you ready?
What is money? What you think about it is greatly influenced by how you were brought up and by your environment. Hopefully, by the end of this blog, you’ll change how you look at money.
A report by Wealth X showed that 68% of those who had a net worth of at least $30 million were self-made millionaires. Some excellent examples are Warren Buffett, Howard Schultz, Oprah Winfrey, Elon Musk, and Sarah Blakely.
Money Is Salary From Your Job
Admit it or not but you believe that money equals the salary that you earned from your job. You studied because you wanted to get a job. What’s wrong with that?
Let’s say, you want to make money fast. If that’s your goal, then the idea that money equals salary from your job will never help you achieve your goal.
Time is an essential resource. How much time you put into your job will determine how much you’ll earn. But you also have to consider the taxes you need to pay and the expenses you have to cover. You probably can become a millionaire when you’re old, not to mention you also have to live frugally.
Time flies fast. You’ll eventually realize that you’ve traded your time through the years for money that’s not even that substantial. So how do these people become millionaires or billionaires at such a young age?
Don’t Chase Money
Stop chasing money because it won’t do you any good. You are paid according to the value that people give you. It doesn’t matter how hard you work. If the market perceives the value of what you’re doing to be less then you can expect to earn less.
How Do You Improve Your Perceived Value?
You can make millions if the problem you’re solving is also worth as much. Look for problems and their solutions. Once you’ve discovered that solution then you can build a business around it.
How do you start? Ask yourself, what are the things that people don’t like? What are the things they wish they had? What are the things that they consider inconvenient and what are the things that frustrate them? After listing all these problems down, you should ask yourself if you can solve any of these problems and if it’s worth solving.
Find A Scalable Solution
The final step to achieving financial success is to find a scalable solution to the identified problem. Take for example a yoga class. If you’re giving yoga classes by the hour for $100, then that’s still a job that is disguised as a business. Your income remains time-bound which means it’s not scalable.
However, if you create yoga lessons once and incorporate them all in one online yoga class that can run 24/7, then that’s scalable. Automation is also important. If there are tasks that you can outsource so that you’ll have more free time to do more important things then, by all means, go for it. You also need to have passion. It’s very important when you’re building a business.
Now that you’ve built your company, you can choose to continue running your business, have a trustworthy team to run your business for you while you pursue another business venture, or sell it to someone for a significant price.
Aside from the money that you’ll earn, your reward is financial freedom. You will have the ability to do whatever you want whenever you like without having to worry about whether you can afford it or not. It also lets you spend your time wisely by doing things that you love the most instead of spending it on a job that’s not worth it.
That’s it for today. Thank you for staying with me until the end. Don’t forget to hit the like and share button. Signup to our newsletter also, so you’re updated whenever we post new content to our platform. You can check out also out the previous posts such as “9 Golden Rules for Financial Success“. Till next time. Take care.
Recommended books for further reading: