The Untold Truth About Money , Building Wealth From Nothing
According to a lot of financial giants, becoming wealthy starts in your mind — not in your wallet. To get rich, you have to believe something so incredibly far from your reach, with a little hard work and dedication, is actually possible to grab.
Jeff Bezos has a net worth of around $117 billion dollars. How about you? You are probably working a job right now, the one that you got a degree from a university.
You might not have much in savings, your living expenses are significantly high. You feel as though you’re not paid enough.
You have credit card debt that needs taken care of, maybe you’re a student studying for a degree with a hope to bring some good amount of money. Instead, a huge student loan is hanging above your head.
Well, getting rich is like a distant dream. How did they do it? you ask yourself as seeing all those millionaires, billionaires, especially the ones who got there at such a young age.
It baffles you, it makes you angry. You think they got lucky, they were born into wealth, they cheated their way to that money.
Worst, you think you are not smart and worthless.
Those dreams you had of buying a mansion, your favorite sports car, paying off your mortgage, traveling around the world will forever remain in your dreams
Nothing more, nothing less. You come to the harsh realization that it’s a tough game from the start and you’re on the losing side.
But what if I told you that you were wrong. There was a way of getting there, an actual equation to wealth, the science behind the way money works.
However, the journey is tough, filling with struggle, ups and downs. You will need swallowing some difficulty that the school system and society haven’t told you yet.
Most of you will not make it to the end of this road. However, at the end of this road lies wealth beyond what you thought you could attain. It’s the freedom of never having to worry about money again.
Part 1: Uncover The Truth- The Lies You’ve Been Fed
What do you really think about money? Is this something you work for, is it earned or inherited? Is it the root cause of all evils?
Are you desperate to have more of it? Have you been chasing it most of your life? The truth is most of what you think about money has been influenced by your family and environment.
If you were born into a family that didn’t have much money, you’re more inclined to believe that you too growing up end up like that. Perhaps, you went on the complete opposite end and decided to make as much money as you could so that you would never be in that position again.
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In fact, our school system didn’t teach you much about this topic. That’s why most of you have false beliefs about money that won’t help you on this journey.
Hollywood has always depicted the rich as evil or corrupt individuals. Have you bought into that stereotype? A recent report released by Wealth X showed that the world’s super-rich consists of 68% self-made billionaires such as Warren Buffett, Howard Schultz, Oprah Winfrey, Jeff Bezos, Elon Musk, etc.
Your equation is wrong. Here is the two-dimensional equation that you’ve been taught money equal salary earned from a job. The prospect of getting a job becomes the sole purpose of education.
What’s wrong with that?
If you want to have lots of money in a short amount of time then this equation will never get you there.
The most precious resource is time, there’s no way to get it back when it’s gone.
The salary you earned depends on the amount of time you put into that job. If you earned $20/hr and worked 40h/week, it will take you nearly 25 years to reach a total of 1 million dollars without any taxes or expenses.
You can only really be a millionaire at an old age by living frugally and most of that precious time slipped through your fingers. You traded time for money and it wasn’t even a substantial amount either.
Again, you ask yourself: How they become self-made millionaires at that such young age? What made them so different?
The answer is they have a much better equation than you, they have a way of understanding money that you haven’t known.
Part II: The Secret Behind Money & Wealth
Stop chasing money in a capitalist society. You’re paid according to the value that you bring and the people that perceive your value. They are the market, the consumers of the economy.
The market is your friends, your family, your nation. It’s not about how hard you work.
The cleaner that sweating and tiring himself out every day is paid far less than the accountant sitting behind the computer.
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’s easy to learn how to do his job, so the market will not pay him more than the accountant who spent years studying numbers, saving his clients thousands on their taxes.
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How can we increase the perceived value? How about people like Elon Musk and Jeff Bezos that made their value so high?
The first step to this equation of wealth is quite simple if you want money -solve problems. You realized that all money runs from this basic premise. If you can solve a problem, the money will be thrown at you. If it’s a million-dollar problem, then the solution will make you millions of dollars.
Think about the problem that Amazon solved. The hassle for going to a store, waiting in line, cheaper prices, etc. Not to mention all other companies that Amazon owns and the problem that those companies solved.
It isn’t money that you should be looking for, you should be looking for problems and more importantly the solution. Once you found the solution, try to build your business around that.
Listen to the market around you. What do people say they don’t like? What do people say they wish existed? What frustrated them? What people think is inconvenient? Is that a problem that you can solve or a problem that is worth solving?
Part III: Scale-up Your Solution-A Problem Worth Solving
The final step of this equation to wealth is finding a scalable solution to the problem your solution needs to affect a huge amount of people. Starting a restaurant can’t make you rich. That’s not scalable as you’re constrained to the local area. How about a franchise, that’s much more scalable.
Is your solution a piece of software? Once that software has been built, you can scale it tremendously online without worrying about shipping costs or production.
But be careful! Does your solution require your time to make money? Don’t get lost on this point, automation plays an important role. The system and process 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 at a reasonable price?
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 the solution can be accessed by everyone in the market. The market doesn’t care about your passions.
When 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.
Part IV: The Reward
There are two likely paths you’re going to face at this point, you either continue your business or sell it. This is the acquisition the moment someone buys the solution that you spent years building a business around.
For example, Instagram was acquired by Facebook for 1 billion, Paypal was acquired by eBay for 1.5 billion.
If you choose to continue running your business, well, there’s a multitude of reasons for you to do so. Maybe you love the company that you built, you stick with it or you can add more value to the company and sell it down the line for more than it’s currently worth.
Part V: Your Money or Your Life
Paying off the mortgage, buying your dream car, traveling around the world, never having to worry about your financial situation. Your destination wasn’t anything monetary related. It’s the freedom that you’ve been looking for.