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The Best Book I've Ever Read about Making Money - YouTube
Channel: Ali Abdaal
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all right so in this video i'm going to
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summarize some of the insights from this
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book the millionaire fast lane i thought
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that this was going to be really bad
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when a friend recommended it to me and
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then this friend said no trust me ignore
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the clickbaity title the millionaire
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fast lane and read the book because it's
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genuinely really good and it is
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genuinely really good this is probably
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the single best book i have ever read on
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how to build a business that makes money
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and so in this episode of book club
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which is the series where we distill and
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discuss highlights from some of my
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favorite books we're going to be
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breaking down five key lessons from the
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book and also the five commandments of
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building a business that mjd marker
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talks about how to get rich quick now
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the first important lesson in the book
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is that we want to avoid the slow lane
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and the point that our friend mj makes
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in the book is that get rich quick
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is like
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is often seen as like a scammy thing oh
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it's a get-rich-quick scheme but
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actually it's not get-rich-quick that's
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a problem it is get rich easy like it is
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very possible to get rich quick and that
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is why we're talking about the
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millionaire fast lane it's very possible
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to get rich quick but it's not at all
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possible to get rich easy and so if
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someone is trying to sell you that it is
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easy to get rich that is a scam and you
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should avoid it and one of the
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interesting things that he talks about
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in the book is the idea that there are
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three paths through life there's path
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number one which is the sidewalk there's
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path two the slow lane and path number
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three the fast lane the sidewalk is
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basically where people who are living
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paycheck to paycheck live people who
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don't have a lot of money i'm not going
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to talk about it too much it's a bit
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disparaging it's a very like american
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style of
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sort of very brash way of describing it
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that he does like you know if you're
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living on the sidewalk then you're
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living paycheck to paycheck and like
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your life is crude because you believe
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that like you know the government is
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screwing you over all that kind of stuff
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we're not going to talk about that too
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much there are a little a few a few bits
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like that in the book where you have to
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kind of
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read or listen to it with a little bit
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little pinch of salt but i think the
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second part through life the slow lane
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is interesting because
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if you follow the slow lane you can
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still get rich and the slow lane is
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generally if you're watching this
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probably your parents generation stood
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by the slow lane the idea of the slow
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lane is that you know you go to school
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you get good grades you get a decent job
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you work your way up the ladder in your
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job whatever your job is you save some
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percentage of your paycheck you put that
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into investments maybe in the stock
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market if you're particularly rogue but
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probably you know you should invest in
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property and real estate because
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property is a good investment and over
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time eventually you will have enough of
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a nest egg such that when you retire
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then you will be rich and you can enjoy
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your retirement at the age of 65 when
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you have osteoarthritis in both of your
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knees that is basically the idea of the
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slow lane and he talks about how there
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are three traps that we can fall into
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which will end up keeping us on the slow
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lane the first trap is that life in the
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slow lane looks like it's pretty safe
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like you could think that okay once i
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get this job then my life is pretty safe
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and i'm pretty sorted but if the
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pandemic has taught us anything and if
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you know the way the world is at the
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moment a it's actually not that safe you
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actually could lose your job if you're
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fine if you're a doctor or something
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like like that where you're unlikely to
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lose your job that's
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that's still pretty safe but even so
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what he says is that there are a ton of
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other unexpected events that happen in
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life like if there's a market crash like
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there was in 2008 or if you have kids or
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if you get divorced or if you have an
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elf if you have a health problem and you
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live in a stupid country like america
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where that could potentially bankrupt
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you there are all of these fairly common
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unexpected events that can happen in
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life that make life in the slow lane not
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actually as safe an option as it might
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have been for our parents generation the
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second trap that slow laners can fall
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into is this idea that if we build our
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intrinsic market value enough then we
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will get rich so for example these are
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the people who think okay i've worked my
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job for two years now i'm gonna go and
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get an mba and pay like however many
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tens of thousands of dollars to get an
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mba because then once i have that degree
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then i will be worth more to my future
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employer but the problem with that start
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of thinking is that it's not really the
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fast lane approach to building wealth it
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is still ultimately trading your time
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for money and yes fine if you get that
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extra degree if you get the extra
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qualification your time will be worth
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more a little bit more maybe even
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significantly more but ultimately you're
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still just trading your time for money
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and that is a very like slow laney a way
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to approach building wealth and the
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third trap that slow dangers can fall
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into is just not even believing it's
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possible to get rich quick unless you're
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super lucky or super talented but as mj
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says even if you can't get rich easy
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which is not a thing you can get rich
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relatively quick
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if quick is 10 years 10 years is the
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definition of quick which to be honest
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is pretty quick but a lot of us when we
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think edward get rich quick we think in
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a few weeks like that is not a thing
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what he's arguing for is a process that
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will take
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probably around 10 years to get rich
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quick and that is actually quick in his
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book and that brings us on to lesson
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number two which is to work the process
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now in the book he talks a lot about how
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wealth is not an event like getting rich
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is not this sort of binary thing where
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one day you're living paycheck to
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paycheck and the next day suddenly
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you've got millions in the bank it is a
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long drawn-out process that takes
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usually many years to do but the problem
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is that the media often reports wealth
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as being an event and those are the
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stories we latch on to one of the
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stories he talks about is this guy john
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darius bickoff who founded glacio
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vitamin water in 1996 and 11 years later
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he sold the company to coca-cola for 4.1
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billion and in that 11 year long story
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the thing that people remember is the
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event but what they forget is the
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process of 11 years that took so long to
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get to that point therefore wealth
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building is not an event it's a process
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and it's exactly the same thing with
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like building a creative business being
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building a youtube channel like
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you know it's it's easy to see creators
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and their overnight successes and all
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that jazz but you don't see the five
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years they spent making videos that no
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one was watching to get to the point
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where they could then have the event of
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the overnight success all right so
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lesson number three is to build money
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trees now we've all heard that phrase
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that money doesn't grow on trees but
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what he says in the book is money does
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actually grow on trees provided you
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build a tree that grows money so what
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does this mean well he says in the book
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that money trees are business systems
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that survive on their own they require
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periodic support and nurturing but they
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survive on their own creating a
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surrogate for your time for money trade
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basically what we're doing is we're
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building a business we're building this
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money tree where the amount of wealth we
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can generate is not directly tied to the
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amount of time that we're putting into
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it this brings us to the next question
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which is how do we actually build a
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money tree and he talks about there's
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like four or five different types of
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money trees that we could potentially
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build the first one is that we could
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build a rental system and a rental
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system is basically anything that
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involves renting out something that you
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already own so if you have a bunch of
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real estate like properties and you rent
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them out that is a rental system the
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problem is it's very hard to get to the
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point where you have a bunch of
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properties to rent out because you're
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already probably rich at that point the
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other way of building a rental system is
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by licensing for example if you're a
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musician and you want to license your
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audio that other people can use in a way
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they're paying you rent for this thing
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that you own secondly what you could do
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is you could build a distribution system
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and this is basically a system that
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connects people who want something with
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the people who are supplying that thing
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so for example amazon is a distribution
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system it connects buyers with sellers
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and amazon is the middleman and
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therefore if you build the middleman if
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you build a distribution system you can
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get really really really really rich now
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interestingly one really great
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distribution system is a company like
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appsumo who are completely
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coincidentally sponsoring this video
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appsumo is run by my friend noah kagan
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it's a ridiculously great company and
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what they do is that they give you the
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best deals in software and their model
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connects people who want software people
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like me and you probably if you're
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watching this you're interested in
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software just as much as i am with the
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people that want to sell software that
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have software software they want to sell
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and they give you that software in a way
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that's either free or just like
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amazingly well priced every week there's
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new deals added to the website and it's
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not just software it's also online
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courses it's also education and so if
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you want to learn anything in this how
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to build a business fear appsumo
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probably has it covered and the whole
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vibe of appsumo is that it's very like
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indie hacker startup kind of vibes like
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they do have a couple of tools that are
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suited for enterprises mostly it's aimed
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at individuals and small businesses
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which is probably the type of business
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you want to make if you want to get rich
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quick using the millionaire fastlane and
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i'm even recording this to you from the
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future to tell you all about their black
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friday giveaway so last year on black
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friday they gave away a tesla which was
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pretty cool but this year they're giving
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away a million dollars worth of stuff to
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entrepreneurs not who buy their products
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but who list their own products on the
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appsumo marketplace so if you have a
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product that you want to sell on the
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appsumo marketplace and you list it
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somewhere between now and november 17th
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2021 then the first 400 people just to
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list a product will will get a thousand
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dollars of free money from the app
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server team and the next 2 000 people to
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list a product are going to get 250
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completely for free you don't even have
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to make any sales for your product you
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will just get that free money in return
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for just listing your product on the
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marketplace that's pretty cool and then
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everyone who enters of those 10 people
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will be lucky dipped to get 10 000 which
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is also pretty sick so if you've got any
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kind of digital product and you want to
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stick it on appsumo you can check out
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the marketplace to see what things you
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want to buy because they're all
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discounted but you can also sell your
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thing on appsumo and it's pretty easy
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you just submit your product you go live
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with it and then you get paid so again
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if you list your product on appsumo
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marketplace up until november the 17th
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2021 then you can grab your share of the
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one million dollar giveaway fund and you
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might be one of 10 people lucky enough
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to win a check for ten thousand dollars
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if that sums up your street hit the link
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in the video description you can check
[490]
out all the products and you can
[492]
potentially sell your own thing so thank
[493]
you absuma for sponsoring this video all
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right thirdly when it comes to building
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a money tree we have a software system
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but it is five o'clock and have a zoom
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call to attend so i will be right back
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all right we're back we've got a slight
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change to the lighting but the third
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type of system that you can make to make
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this money tree i'm so glad i'm so glad
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that worked i i really hope this is
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going to work in in the edit anyway the
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third type of money tree we want to
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create is a software system now that's
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pretty standard you make the software
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once and then you can charge people for
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the software or for the digital product
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and then you can make money multiple
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times because the cost of distribution
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and the cost of replication is
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effectively zero i've made a bunch of
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software products in my time when i was
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in med school i built something called
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bmat and ucat ninja which was like a
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software platform that helped people get
[532]
into med school by helping them prepare
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for the immense school admissions exams
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one of my youtuber friends olio managed
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to make nine thousand dollars in a
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single week by selling icons that he
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designed so that's a digital asset he
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puts the work into creating it once and
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it's sort of like a software system
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whereby other people can just buy the
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thing because it is ultimately software
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and the fourth system that our friend
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mda talks about is my favorite kind and
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that is the content money tree the
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content system where basically the idea
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is you create content so if you write a
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book or make a youtube video or write a
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blog post or make an online course that
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you can sell ultimately this is all
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content it takes a investment of time
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and effort to write the book or create
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the content once but then you can sell
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it to multiple people further down the
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line and similar to the digital stuff it
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has a basically zero cost of replication
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and distribution assuming it's on on the
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internet and if it's a book well then
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there's some cost associated with it but
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it's still broadly a way of making money
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that's
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not tied to your own time for example
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like two years ago now a year ago or
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something i made a skillshare class
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about how to study for exams and that
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class brings in about ten thousand
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dollars every single month in pure
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passive income and i don't do it i
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basically do nothing to promote it by
[594]
the way if you have exams coming up
[596]
check out my skillshare class it'll be
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linked for free in the video description
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if you want to check it out but it's
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it's amazing how you can just do the
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work to make something once although in
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fairness i was creating study themed
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content on youtube for two years before
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i made that class so again it wasn't a
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get rich quick scheme it wasn't a get
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rich easy scheme but it was like a money
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tree that built up over time and has now
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helped pay the mortgage on my house so
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we've talked about the four different
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types of money tree but what mj says in
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the book is that and what's obviously
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true is that it's not that easy to build
[622]
one of these you don't just like
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magically have the abilities to do that
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and one of the ways that you can is
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lesson number four which is switch from
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being a consumer to being a producer now
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from a young age society broadly teaches
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us that we should be consumers and we
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should be thinking about what to buy you
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know our parents like you know johnny
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what do you want for your birthday what
[637]
are you going to buy when you get that
[639]
oh you know what would you buy if you
[641]
had a million dollars if you won the
[642]
lottery it's all very much based on
[644]
being a consumer but as mj tells us in
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the book this consumer mindset is never
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going to help us to actually build
[649]
wealth instead we need to think to a
[651]
producer mindset and this genuinely
[652]
changes the way that you approach the
[654]
world like if you think in the eyes of a
[655]
consumer and you see like some cool
[657]
product i was in samsung store earlier
[658]
today it's fairly close to where i live
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it's really cool i'm thinking as a
[662]
consumer like bloody hell there's all
[663]
these phones and watches and gadgets and
[665]
fridges and microwaves and all this cool
[666]
stuff and the store is really nice and i
[667]
want a fancy new sofa because that's a
[669]
fancy new sofa but if you have more of a
[671]
producer mindset then you start thinking
[673]
you can you kind of ignore the fact that
[674]
there's all this stuff out there you can
[676]
buy instead you start thinking oh this
[677]
is an interesting interesting marketing
[679]
play that they're doing i wonder how
[680]
much it cost to put the store together
[681]
oh i wonder if i could make a video
[682]
where i switch from iphone to samsung
[684]
because there's so many samsung phones
[685]
here so i can make a video where i talk
[686]
about it and switch and then teach
[687]
people what it's like to switch from an
[688]
iphone to android all that kind of jazz
[690]
and so the way i'm thinking there is
[691]
hopefully as a producer rather than a
[693]
consumer and if you want a practical tip
[694]
for how this works like i think really
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the key is to just think about what's
[698]
going on on the business side of stuff
[701]
when you are out and about for example
[703]
the next time you're in mcdonald's
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instead of thinking how tasty your
[705]
fellow fish burger is think huh i wonder
[707]
how it is that mcdonald's created a
[709]
system whereby every single fish burger
[710]
and every single mcdonald's basically
[712]
tastes the same how do they do that
[713]
that's pretty incredible and then you
[714]
can read a book like the e-myth
[716]
revisited which is again one of my
[717]
favorite business books of all time that
[718]
talks about exactly how mcdonald's built
[720]
this sort of franchise system and lesson
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number five show commitment don't just
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show interest and this is a message that
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mj talks about throughout the book
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basically you know there's a difference
[727]
between interest and commitment and if
[729]
you want to
[730]
get rich quick but not easy if you want
[732]
to get rich quick you have to do things
[734]
that other people are not willing to do
[735]
or are not able to do and usually that
[737]
shows commitment rather than just
[739]
interest and there's a nice quote from
[740]
the book where he says that interest
[741]
works in your business one hour a day
[743]
monday through friday commitment works
[744]
in your business seven days a week
[746]
whenever time permits now when i was
[747]
first growing this youtube channel and
[748]
the personal brand in the business and
[749]
everything i would spend basically every
[752]
waking moment where i wasn't at work or
[753]
at university or in lectures and stuff
[755]
thinking and planning videos and
[756]
planning content and figuring out the
[757]
business strategy and like doing a lot
[759]
of stuff
[760]
and
[761]
yes
[762]
someone might look at that and think oh
[763]
my god toxic productivity hustle culture
[766]
and all that jazz
[767]
but like you know
[770]
you don't
[771]
get to a point where you build a
[773]
successful business or a successful
[775]
youtube channel all this kind of stuff
[777]
you don't get to that point without
[778]
putting in the hard hard work and my
[780]
point is that the hard work does not
[781]
have to be suffering it's hard but it
[784]
but it doesn't have to it doesn't have
[785]
to be painful it can be fun and i find
[787]
ways to make it fun and that's like the
[788]
subject of the book that i'm writing how
[790]
to make things fun but it does take work
[791]
and it is hard it's it's not like an
[793]
easy process and i think a lot of the
[794]
kind of anti-productivity toxic hustle
[797]
culture kind of zealots are
[801]
they're sort of campaigning for like an
[802]
easy chilled out life and that's totally
[804]
fine if you want an easy chill out life
[806]
100 i'm not like i'm not gonna argue
[808]
with you you do what you want but what
[810]
mj says and what like you know
[813]
these sorts of people like like if you
[814]
care about building wealth in a short
[816]
amount of time you can't take the easy
[818]
route and have like a chilled out life
[819]
you do have to start being committed to
[821]
the stuff that you're doing rather than
[822]
just interested in it and there's so
[824]
many people i know who've started
[825]
youtube channels or businesses that are
[826]
like oh you know i just want to do it
[827]
for half an hour a day but okay that's
[829]
fine you can do it for half an hour a
[830]
day as a hobby but if you just do it for
[832]
half an hour a day you are very unlikely
[833]
to be successful which gets me in
[836]
fairness it kind of depends on what your
[837]
goals are if you don't want to become a
[838]
millionaire through this business
[839]
whatever that's totally fine be chilled
[841]
out about it but if you do if you want
[842]
to follow the millionaire fastlane
[843]
approach you have to be committed rather
[845]
than just interested okay so we've
[846]
talked about five of the different
[847]
lessons and in fact like there's tons
[848]
more like this is a very very dense book
[850]
it looks i i actually read this on
[852]
listen to this on audible so i didn't
[853]
know how dense it was but actually it
[854]
reads more like a sort of textbook
[857]
rather than like a storybook uh which is
[859]
kind of nice like it's really really
[860]
good would recommend amazon link in the
[861]
video description but so we talked about
[863]
five of the key lessons that i learned
[864]
from this there's so many more but i
[865]
want to talk about his five commandments
[868]
for building a business now and his
[869]
overall point on the book is that if you
[870]
want to be on the millionaire fast lane
[872]
you have to follow all five of these
[873]
commandments you don't have to follow
[875]
all five like dropping one or two could
[877]
still make you rich but it's just so
[878]
much more likely for you to become a
[880]
millionaire quickly i.e in under 10
[882]
years which is isn't that quick but
[884]
quickly um if you follow all five of
[885]
these commandments the first one is the
[887]
commandment of need and he says that 90
[889]
of businesses fail within the first five
[891]
years because they don't satisfy the
[892]
commandment of need and the commandment
[893]
of need is that people actually need to
[896]
your the thing that you are offering
[897]
like we have to create a business that
[899]
provides value or solves people's needs
[901]
or wants in some way and if we're not
[903]
it's really really hard to build a
[905]
business based on something that tries
[906]
to solve a problem that people don't
[908]
actually have secondly we have the
[909]
commandment of entry and the idea here
[911]
is that you ideally want to build a
[912]
business in a zone where the barrier for
[915]
entry is high rather than low and the
[917]
reason you want this is because a high
[919]
barrier to entry means that it's very
[920]
difficult for someone else to copy your
[922]
business like for example if you or me
[924]
decided we wanted to start the next
[925]
amazon that's really freaking hard there
[927]
is a very high barrier to entry to
[929]
starting the next amazon but if there's
[930]
a business that looks easy to other
[932]
people to start and there is a low
[933]
barrier to entry like for example
[935]
starting a youtube channel where the
[936]
barrier to entry is low or starting a
[938]
podcast where it's even lower starting a
[939]
blog where it's even lower than that or
[941]
starting a tick tock where it's even
[942]
lower than that the lower the barriers
[943]
to entry the more competitive the
[945]
landscape becomes and actually one of
[946]
the nice things i like about youtube is
[948]
that in this creator sphere youtube is
[949]
still the thing that has the highest
[950]
barrier to entry there is now like every
[953]
year the bar for production value and
[954]
quality and all this stuff rises and so
[957]
for a newcomer to get into the youtube
[959]
sphere
[961]
they kind of need to have decent gear
[962]
and decent equipment that's like oh and
[964]
this takes us into a whole like
[965]
controversial territory which i talk a
[966]
lot about in my course the part-time
[967]
youtuber academy so i'm not going to go
[968]
into it here but basically i like
[970]
youtube because it has a higher barrier
[971]
to entry than starting a tick tock or
[973]
starting an instagram page for example
[974]
the third one is the commandment of
[976]
control and that's the idea that at
[977]
every step of the process we want to be
[979]
in control of the thing that we're
[980]
trying to sell and if we don't control
[981]
things like the price or the way it's
[982]
managed or the way that's being sold
[984]
then it's hard to build a business on
[985]
that this is partly why building a
[987]
business of just a youtube channel is
[989]
very scary because it does not fulfill
[991]
the commandment of control because
[993]
ultimately
[994]
my business lives and dies by this
[995]
youtube channel that's really scary
[997]
that's really bad i am not fulfilling
[998]
the commandment of control in in this
[1000]
business that i've got around the
[1001]
youtube channel and that's why when i
[1002]
make courses like my part-time youtube
[1004]
academy i try and fulfill the
[1006]
commandment of control by being in
[1007]
control of as much of that process as
[1009]
possible this is also why mlm
[1011]
multi-level marketing schemes don't work
[1012]
because like you if you're selling
[1013]
someone else's product who's also trying
[1015]
to get you to sell someone else's
[1016]
product you ultimately don't really have
[1018]
the control over that process and
[1019]
therefore if stuff goes wrong or stuff
[1021]
is bad you personally can't really
[1023]
influence it and that's a very scary way
[1024]
to build a business commandment number
[1025]
four is the commandment of scale and
[1027]
that's the idea that we ideally if you
[1028]
want to grow rich quick the idea is you
[1030]
want to build a business that has the
[1031]
potential to scale up for example
[1033]
starting a barber shop and cutting
[1035]
people's hair for 10 pounds a pop is not
[1037]
a business that has very much potential
[1039]
to scale unless you try and build up
[1041]
more and more and more barbershops and a
[1042]
change of barbershops but then that
[1043]
costs loads of money whereas a software
[1045]
business or a content business really
[1046]
does have the potential to scale so
[1048]
ideally you want to build a business
[1049]
that satisfies the common scale and
[1051]
there's another thing that he he talks
[1052]
about in the book that we haven't talked
[1053]
about in this video which is the law of
[1055]
affection
[1056]
basically the the law is that to make
[1058]
millions you have to impact millions
[1061]
uh and it's pretty simple like if you
[1062]
want to make millions of youtube channel
[1064]
you have to be impacting millions of
[1065]
people if you want to make millions of
[1066]
business you have to be impacting
[1067]
millions of people or impacting fewer
[1069]
people but like with a very large amount
[1070]
of impact and so the commandment of
[1072]
scale kind of relates to that you can't
[1074]
get rich quick off of selling lemonade
[1076]
in your local neighborhood you have to
[1077]
build a business that has the potential
[1079]
at least for scale and finally we have
[1081]
the commandment of time now the idea
[1082]
here as we talked about before is that
[1084]
you want to build a business where the
[1085]
value of the business is disconnected
[1087]
from your personal time input like if
[1088]
you have to show up every single day
[1090]
nine to five or whatever many hours to
[1092]
make your money then that's not really
[1094]
true wealth and that is actually one of
[1095]
the problems with this youtube business
[1098]
as much as great as the content business
[1099]
in i have to keep showing up time and
[1101]
time again to record videos like this
[1103]
one it's kind of fun i'm having a great
[1105]
time and i would like to build a sort of
[1106]
business in the future one where i
[1108]
really don't have to show up at all to
[1109]
continue to do the work this is why
[1111]
writing a book is great because once
[1112]
you've written the book people just buy
[1113]
it assuming it's marketed well and
[1115]
assuming it's a good book of course all
[1116]
that all that fun stuff so that was a
[1118]
very very long summary of some of the
[1120]
lessons in this enormous really really
[1121]
good book millionaire fast lane would
[1123]
recommend if you're interested in more
[1124]
ideas on how to build how to make money
[1125]
how to build passive income check out
[1126]
this video over here which is nine
[1128]
passive income ideas and it talks about
[1130]
how at the time i was making twenty
[1131]
seven thousand dollars a week from these
[1133]
passive income sources thank you so much
[1134]
for watching do hit the subscribe button
[1136]
if you aren't already and i'll see you
[1136]
in the next video bye
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