How to get rich is probably one of the best-performing clickbait. Why? Because we care. So, let me show you M.J. DeMarco's ideas for wealth creation in his book The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime. (I recommend.) The key is DeMarco's equations for wealth.
Wealth = *Net Profit + *Asset Value
*Net Profit = Units Sold x Unit Profit
*Asset Value = Net Profit x Industry Multiplier
Here's a breakdown: DiMarco's primary suggestion is that you have to own something, and that should either be assets or business system(s). According to Investopedia, an asset is a resource (current or fixed, tangible or intangible) with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. A business system is just an organised structure of tools, people and technologies for value creation and value capture for economic benefit. It's that simple. And you want to participate in this to build wealth. If you don't, here's your other plan.
According to DiMarco, join the Sidewalk: Living paycheck to paycheck, no financial control. Join the Slowlane: Traditional path: work 40 years, save and invest. (My mom once told me I should get ready for marriage by age 35. My reply was I understand your concern, but I'm planning for 28. My Bible says, "wife of your youth..." Let's just be literal, no interpretation required. I hate the idea of being 50 and your child is 10. For me, it's the wrong plan.) Or, join the Fastlane: Build a scalable business system that solves real problems and can generate wealth quickly.
If you care about the Fastlane, here are the key principles (CENTS):
Control – You must have control over your time and income, which typically means owning your business or investment rather than just being an employee
Entry – The enterprise should be accessible enough for you to start, but have barriers to entry to reduce competition. You want to avoid competition, as easy entry roads carry more traffic, and weaken competition
High Barrier = High Potential
(don’t chase easy stuff everyone can do, unless you have a startegy to differentiate yourself).
Need – You must solve a real problem or fulfil a genuine market demand. Focus on market needs, not passions, unless they intersect.
Time – The system should be scalable and able to generate wealth independently of your direct time input, allowing for passive income. Detach income from time through systems, automation, etc. If you have the leverage of people to work for you, robots to churn out products or automate processes for you, and capital, on demand, you have power.
Scale – The ability to leverage your efforts to reach a large audience or customer base, thereby multiplying wealth potential. You want to implement strategies using the internet, software, machine learning and AI to gain leverage to scale how many people can interact with what you do. You can't help but be rich if you have 10 million customers, even if what you sell costs 5 naira –and your shop is open every second of the day. That's incredible!
Now, according to DiMarco, to implement these ideas, you'd need a few components.
Your Roadmap: Your financial beliefs and mindset
Your Vehicle: You, the entrepreneur or business owner who drives the process
Your Roads: The financial pathways or business models you choose
Your Speed: Your execution ability to turn ideas into income rapidly
Execution is king. You don't want head knowledge. (Because of school, we know how to do that with mastery.) You want to execute. I'd feel embarrassed if I share these ideas and I don't implement on them. So, just try it. If you can write, we're building a system with Notes to help you monetise your writing skills -just give us some time. Medium is difficult to break, I know. I think I have something for you. Expect nothing, but expect something. If you can code, build something. If you can sing, make something. If you can draw, create art. If you can do anything, the next skill to build is learn how to productise it. It's a skill. Make friends with people who are on that path. These things are basic.
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Horight Peters.Information !!!