In order for any person to grow and prosper over a long period of time,
A capitalist forms a business, finds suppliers and vendors, hires workers, and sells products and services on a large scale in order to become rich and prosperous.
This is how wealth is acquired and passed down through generations.
If the capitalist is doing well for himself, he can continue to run the business through his family and venture off into more profitable ventures over the course of generations as his family's wealth and assets accumulate. This is how powerful, wealthy families are created.
In order for any economic system to function, you need more workers than you do owners.
Owners rely on workers to generate profit and workers rely on owners for rent, food, and a few shiny gizmos. If the worker is a doctor, they may be allowed more toys and luxuries than a cook, but thats because their owners are providing higher valued services that bring in far more profit per worker. But is the doctor really any more free than the cook?
Can he retire for 5 or 10 years and live in comfort without going broke? Can he work 6 months out of the year? Can he leverage other people to make money for him on their time? No.
Whether you're a doctor, a cook, a janitor, or a nuclear scientist at the end of the day a worker is a worker spends most of their time producing a good for their master. An especially talented worker may get to choose his master, have more flexibility with his schedule, and be able to afford nicer things for his kids, but he's still a worker.
The key to winning the game of capitalism is by creating external systems that make you money irrespective of how you spend your time. A surefire way to lose the game of capitalism is to rely 100% on selling your time for a finite sum of money day in and day out on a regular basis (a.k.a a job)
Why the World Hasn't Changed much Since the Middle Ages
In the Middle Ages in Europe, there was a wealthy noble class and there were serfs. Since the economy mainly relied on agricultural goods and services, you could get away with treating the workers like shit because they didn't have any other options. The noble class owned the land, and physical resources and "employed" serfs to produce goods and services for a pittance. Some of them also sold large quantities of merchandise from Asia at a marked up price to native Europeans.
Gradually over time, technology improved and opened the doors to new sources of money that weren't available before. But in order to use technology to your advantage and maximize profit from a new industry, you need competent skilled workers who are literate. Stupid serfs that couldn't read and write just weren't going to cut it.
Suppose a capitalist wanted to form a mining corporation. He would need trained workers to operate the heavy machinery, engineers to coordinate projects, and managers to oversee large groups of people. All the people involved in this endeavor require a vast amount of knowledge and industry related skill.
New technology means potential for much more money. But in order to operate and manage this technology, you need a competent, educated middle class. They have to be educated enough to do skilled labor and they require more freedom and comfort in order to stay productive. But at the end of the day, they're still workers and in the long run they work to make the capitalist who hired them wealthy.
So what does this mean for you and me?
The essence of capitalism hasn't changed much since medieval Europe. The way it operates has changed drastically, but the end result has always been the same.
Workers (employees) rely on their masters (employers) to meet their living expenses. No job = no money to pay living expenses. Doesn't matter whether you're a doctor or a babysitter.
Everybody has expenses and everyone needs money.
The doctor indentures his time for $200 an hour and spends accordingly to what he earns.
The cook earns $15 an hour and also spends accordingly to what he earns.
Both the doctor and the cook are equally prone to going broke in a year or two if they stop clocking in 5 days a week.
That may seem "normal" to most people. That's because they aren't capitalists. They're workers.
The only way to explode your net worth over time, even through generations, is to be a capitalist.
Successful owners work to acquire long term wealth. Successful workers work to acquire a better quality of temporary comfort.
1. Realize that you will never ever be wealthy and free off your job, regardless of your position, or whether or not you get promoted.
Even if you're making $200,000 a year off a job, its ultimately not worth it because it robs you of your most valuable asset - your time. I would much rather make $60,000 a year off passive online income streams than $200,000 working 50 hours a week for someone else. If you factor in commute time and loss of energy, its more like losing 60 to 70 hours a week slaving away doing some work you don't feel like doing because you have bills to pay.
Joel, are you saying I should go out and quit my job today?
No I'm not telling you to to broke and starve if you have no other income source. But every free moment you get, you should be learning as much as possible and making moves towards creating new income streams - preferably online since online is the easiest and most convenient way to succeed.
2. Read The Millionaire Fastlane by MJ Demarco
If you have no prior business experience or don't really have a clear idea of the principles what makes a business successful, this is the only business book you'll ever need to read.
It has drastically affected my life and it is worth its weight in gold. Personally, I'm not a big fan of physical books. If I want to read something I always get the pdf version and read it on my computer. After reading and reviewing the pdf dozens of times over the course of 2 years, I finally bought the hard copy. To this day, its the only business book I keep on my shelf.
What makes it so great?
Unlike typical "here's how you make a lot of money" type books written by mainstream authors that give stupid generic advice like "Think positive" or "Invest in the stock market" or "Maximize your 401k potential", this book dives right into the true nuts and bolts of what is required to create an extremely profitable business entity in a relatively short period of time.
No feel good hype, no unnecessary mental zen exercises, just the cold hard reality of the game.
You can get it here on Amazon.
3. Realize that starting a business - especially an online one - is a lot simpler than you might think it is.
People mistakenly believe that online business is hard because its something they've never done before. No one they know has ever done it before. Their friends, family, pop culture, and schooling have never mentioned it. Even if the idea was introduced to them, they would likely never start because they don't know how to get started.
"I don't know how" is the stupidest excuse you could make in the age of the Internet.
If you have an internet connection, which you obviously do if you're reading this website, there's no reason "I don't know how" should be an issue. Anything you want to know is available for free out on the deep blue web. It's all out there and its free (unless you have to pay for it. Even then, its usually cheap).
To this day it blows my mind how people can spend years teaching themselves how to become middle class engineers and claim to lack the talent or ability to teach themselves how to make money online.
Learning how to make money online is way way WAY the fuck easier than learning any hard science or math at a university. And the knowledge pays off infinitely better than anything they ever teach you in school. If you have a desire to learn and you show up consistently every single day trying to learn or improve, you can catch up to speed pretty damn fast.
If you've never made a buck online and you're intimidated, don't feel like you have to learn everything there is to know overnight. Put in an hour or two a day and learn at your own pace. When you get started, don't get upset if you don't clear $50,000 in your first year. The best part about the money is that it follows an upwards exponential graph.
When you first come to the blogging scene, you have no content, no audience, and nobody even knows who you are. But if you keep releasing useful content, people will find you and search for you.
I care a lot about appearances and I make the effort to make ModafinilExpert as visually appealing as possible, but to be honest, the aesthetics of a website aren't nearly as important as the content and the substance.
There are quite a few shitty wordpress.com websites out there with no paid theme, who don't even have their own domain name, that are generating tens of thousands of dollars a month because people come to read their content.
If you produce good content and you present it well (presentation and aesthetics never hurt), people will find you, you will grow, and you will be able to make a livable income online.
Think back to when you first learned how to ride a bike. Where you expecting to do it perfect the first time?
If you've never played baseball, is it reasonable to assume you'd hit a home run every time you step up to the plate?
Of course not!!
This making money online thing isn't a whole lot different than becoming good at any sport or learning how to do anything else in life.
Learn from trustworthy sources (the more personal access you have, the better), show up every day, and put in a little bit more work in every single day.
Which brings me to my next point...
4. Show up everyday and do the work
If you treat your blog or your website like a hobby and show up once a week, you can expect to get paid like a hobby.
If you want to get paid like a business, you need to treat your site like a business. That means you show up and you do the work every single day.
If you have a full time job and you have to take care of a family, start slow. Start putting in 30 minutes a day learning, filling your mind with knowledge, getting an understand of how everything ties together.
Then up it to 45 minutes a day. Eventually bump it up to an hour a day. Then two hours a day. Find ways to show up and put in the work before you leave in the morning, or after you come in the evening, or while you're on break.
Don't fall for the hype that you must absolutely start off working 16 hours a day if you wish to see even a glimmer of success.
I started of slow by posting pretty much whenever I wanted to post. I wasn't pouring in 8 solid hours a day into blogging. Looking back on it, if I had been pouring in 8 to 10 hours a day on blogging, I would have made significantly more money from it. I worked a few hours a day several days a week and within a year and a half time, I'm already making enough that I could live off it. Now that I have more free time, you're going to be seeing A LOT more content from ModafinilExpert.
Show up every single day and always strive to do a little bit more today than you did yesterday. It may not seem like much in the short term, but in the long run it does add up to a whole lot.
If you don't show up everyday and you don't do the work then thats a day wasted.
Keep that up and make a habit out of it and those days add up to weeks, months, and years of wasted time.
If you're 20 years old today you'll never get your teenage years back.
If you're 30 years old today you'll never get your 20's back.
If you're 50 years old, you'll never get those years back.
The great thing about it is that when you finally do break through and taste success, the only negative feeling you'll have is regretting you didn't make it sooner.
If you're 24, you could have had it by 20 if you started earlier.
If you're 30, you could have had it by 25.
If you're 40, you could have had it by 30.
If you're already 50 years old and you start now, you could have it by 52 or 53.
No matter how old you are, there's no point in waiting. Do the work now so you get to enjoy your money and your freedom sooner.
I was 19 when I started doing the work. And I've already made it before I've hit the age of 21. The only regret I have is not starting sooner and not putting in more hours. Oh well, I'll make do with what I have to work with - the rest of my life.
The rest of your life is all you have to work with, so use it wisely.
4. Ignore All Mainstream Advice Regarding Wealth or "How To Get Rich"
Mainstream advice regarding money is targeted toward the middle class. If you do follow it to the letter, you'll most likely end up average middle class. It isn't advice that's designed for people that are willing to hustle and do whatever needs to get done in order to make millions of dollars.
The idea that you can clip coupons and stash enough pre-tax income into your 401k at a job for most of your adult life and one day wake up rich is a fairytale for naive people.
They talk about all the stuff that is relevant to you - your job, the stock market, 401ks, and retirement plans.
But they never ever talk about what a person would need to do to actually get wealthy - brand creation, marketing, leveraging technology to reach out to a big audience, entrepreneurship. Which makes sense. Because if you're rich... guess what? That means you won't be slaving away to make some other capitalist rich. That means other people indirectly lose money if you were to crack the code and actually succeed. So why on earth would the upper echelon of society - the top level capitalists - want their working class to go AWOL on them?
5. The Internet Has Changed The Game FOREVER
I've said it a million times now. The Internet has changed the money making game for all eternity. It isn't nearly as hard to get rich in the current year as it was 20 years ago. A lot of people have taken advantage of it - "professional gamers" on Twitch, YouTube celebrities that talk about makeup and random bullshit, anyone that runs a store online, and even kids who talk about modafinil on the Internet.
Don't be the sucker that comes around when the gold rush is coming to an end. Be the guy that takes full advantage of it when its kicking in full swing. Any newbie entrepreneur that is thinking about opening up a small time brick and mortar type business is flat out DUMB because of the alternative thats available. The brick and mortar business is going the way of the dodo bird. Amazon is the #4 most used website in the world. It is the #3 most used search engine in the world (right after Google and YouTube). In recent news, its predicted to eventually take over FedEx and UPS and dominate the shipping game. 20 years from now, grocery stores could very well be obselete in every major city. Even today, you can order your groceries online through services like Giant's Peapod and they'll deliver it to your door for FREE (or a very low charge).
Point, click, get your food. Just like that supermarkets would become way less popular.
The blogging game is still in the stage where the market is not super saturated just yet. Relative to the number of people alive, there's not a whole bunch of bloggers running around who run their websites like a business. People are slow to catch on, and one day I'm sure it will suffer the same fate as the personal training service.
As of right NOW, blogging is still good as gold for money making because of the extremely high profit margins to low cost. There's no rent, there's no utilities, there's no employees stealing your money, there's no shoplifters, there aren't 100 million different regulations to follow. You don't have to show up to a building Monday through Friday.
You have the option to show up in your highrise apartment, the beach, or an airport 24 hours a day, 7 days a week. And unlike a brick and mortar store which is limited to the number of people in the region, your potential blog audience is anyone with an Internet connection.
I'm writing this right now from a hotel room in Dubai and in a few days I'll be out of here. Whether I'm awake or asleep, in a hotel or on the beach, ModafinilExpert makes money for me around the clock. That's the beauty of the Internet.
You no longer have to go into debt or seek out investors or take risky loans to start a profitable business from the ground up.
You know how much it cost me to start this website? About $200 total.
How much does it cost to run per month?
It cost me $17.84 in total to pay for my hosting last month. Last month I raked in over $4,000 in profit.
That's an over 22,000% profit margin!!! Be my guest and find me a brick and mortar mom and pop business that has a 22,000% profit margin. Hell find me ANY brick and mortar business that has a margin that big.
If you're just starting off, you're hosting fee is more likely going to be in the ballpark of $5.
$5 a month is the grand total of the liabilities you'll incur in an online business venture.
All you have is today.
The clock is ticking and your life is bleeding away.