In the peak age of consumerism, within the realm of social media and AI, there are hundreds of ways of making money.
You are probably bombarded by gurus on social media detailing their road to wealth and how easy it is for you to get there as well.
However, with so many easy ways to make money, and so many side hustle ideas that claim to earn you 6–7 digits a year, there appear a few questions:
- Why don’t more people do it?
- Why is not everyone going for this opportunity?
- Why doesn’t it work the same for everyone doing it?
- Should I go for it or not?
The doubt around new ways of making money and getting rich
People are not welcoming to change. They never were, and they never will be totally welcoming.
Isaac Newton, Galileo Galilei and many historical champions encountered this as well. People were afraid, did not understand and most importantly, did not want to give up their previous beliefs.
Why change something that’s workoing, right? Even if the new opportunity might be better.
It’s the same in our age, Amazon, Facebook, Twitter, Tesla, all encountered blocks because people did not believe it was going to work or they just did not want to buy books online instead of a bookshop, or drive electric cars instead of their old diesel one.
So naturally, after people have been used for centuries to go to school, study, go to college and university, get a job and work to get promoted in order to be rich, it’s scary and not trustworthy to hear that a 14 year-old is a millionaire from dropshipping, or that people live off writing blogs.
To put it in a single phrase:
People don’t trust making money with side hustles or businesses that were not considered a proper career and did not require to go to university for!
And more importantly:
People feel like they would not deserve that money if they didn’t study for that skill or go to university.
How to get rich while also feeling like you deserve it
First of all, business was and will always be the best and most effective way of building wealth. There are very few wealthy people that did it by being an employee.
And it doesn’t matter what that business does. And it certainly doesn’t matter when you start a business, if you study for it, or went to university. It doesn’t even matter if you have experience in the field.
But it certainly matter to guide yourself after some principles that will ensure you are successful on the long term.
Naval Ravikant is a very successful entrepreneur and angel investor and he described a few guideline for this in the book “The Almanack of Naval Ravikant”
Play long term game with long term people
Always, while on your way and doing your business, help whoever asks and you are able to help. They will be very glad to help you in return, in the future.
If you’ve done business / collaborated with someone, or they referenced you, or introduced you to someone, and all went great, keep doing business with them. This will build a relationship, and when they will think of doing business with someone, you will be the first to consider. And that might bring you massive results.
Build relationships! Keep in touch wiht collaborators, and always help when you can. These relationships will have a huge ROI.
Relationships are compound! You give them value, they will give value to you in return.
Find and build specific knowledge
Naval Ravikant is big on building specific knowledge.
What does that mean?
It means skills that cannot be necessarily taught with a course. Skills that come through practice and introspection. Skills that apply on multiple plans and domains.
- Good story telling
- Social cameleon
- Learning Quickly
I am not saying you shouldn’t learn a language or a specific technical skill. But specific knowledge that is useful in multiple occasions needs to be at the basis such that you go as far as using the technical skill or language.
You don’t get rich by renting your time. You must own equity
This is something that probably every one will agree on.
Let me give you my view of it in very simple terms.
A business needs to be profitable => Their costs need to be less than their revenue => Salary is a cost that needs to be capped. Otherwise, the costs become too big and the profit too small so the investors are not happy.
If you work for someone, you rent your time to them. They will make a profit.
You can’t get rich by having a salary because at one point or another, the salary will be capped. And not being directly proportional with the amount of work you perform.
So, if you want to be rich, you need to own equity.
- co-founder / founder / initial team of a company
- receiving equity for being in a senior management position in a bigger company
- buying equity
Don’t despise wealth
Naval Ravikant says this:
“ If you wanna do business with someone and you secretly despise them or how much they have, they will feel it.”
I would also add my more spiritual view, from the Law Of Attraction perspective:
If you despise someone for being wealthy, or wealthy people in general, or even wealth or money, you have a negative energy link with the idea of wealth and money. Your energy wants you to be happy and the universe will conspire so you will not be wealthy.
Jealousy is one of the lowest energetic vibrations possible. Stay away from it.
When I see someone very rich or successful, my first thought is “What do they do? Maybe that’s an idea that I can also do. Maybe they can give me some very valuable information.”
You need to have leverage
Naval Ravikant describes the leverage as being of 3 types:
- Labor (People)
- Capital (Money)
- Products with no cost of replication (code and media)
In order to be rich, you need leverage.
People — If you have a lot of people following you, or working for you, you will be able to do multiple tasks at the same time. You are scaling horizontally.
Capital — If you have a lot of money, than you can hire the right people to do a great job, you can afford failure, you can get the right resources, and you can market yourself aggressively.
Code and Media — This is the golden element of this century, maybe this millennium. Code can be done once, run and generate you money every day. Media is created once, and printed an infinite number of times.
In conclusion, evolution is an inevitable part of human nature and the world. It will happen whether you join it or not, even if you believe in it or not, even if you accept it or not.
So be open minded, try stuff out, but do it mindfully and with principles. This way you won’t feel unworthy of the money you make.
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