TOPICS AND TIMESTAMPS:
Why Prepare? 0:00
My Story 2:16
Why Is My Story Important? 5:12
Making It Big 8:00
Inflation Hammering Us 11:00
💵 HOW TO MAKE MONEY ON AMAZON: 💵
👉 http://TheAmazonGPS.com 👈
LOOK THROUGH MY BOOKS! http://books.themoneygps.com
MY FAVORITE BOOKS: https://youtu.be/Y_mwbfp1ULU
SUPPORT MY WORK: https://www.patreon.com/themoneygps
How I Prepare
First I’ll tell you why you must prepare immediately.
Then I’ll tell you my story.
And I’ll tell you what you need to do.
If we rely on one source of income, we will be in big trouble.
If the economy does poorly in our area.
If jobs become more scarce.
We need to have skills to not only withstand a downturn, but to end up better off on the other side.
We need to create a secondary source of income, not to improve our lifestyle but as a survival mechanism. Inflation is going wild and even if incomes rise, they generally don’t catch up to the inflation rate.
My (Quick) Story
I became an entrepreneur in 2011, and had side jobs years before that. I knew I had to create more income if I wanted to be able to live a decent standard of living, as costs were rising.
I had absolutely nobody around me that was successful, nobody to be mentored by.
I read as many books as I could find, and listened to audiobooks every free second I had on various subjects. I asked anybody I could questions about everything. A voracious appetite for knowledge on all subjects.
The income I produced was saved, and invested into assets. I saved almost the entirety of my income being frugal, and working 3 jobs/businesses.
After a failed attempt at a business (And many more stumbles along the way) I wrote my first book and started my YouTube channel in 2011.
In 2017 I began learning about selling on Amazon and launched my first successful product in 2018. That Amazon business runs quite passively and as a result gave me more time to spend on other things.
Why This Is Important
What’s important about my personal story and the factors here is that these businesses run independent of my location. Independent of my customers location. They operate 24 hours a day.
No matter how good your skills are, there’s a ceiling on your income. You can get a great raise every year and it can even beat inflation. But there’s a limit to every profession.
If you invest your earnings into traditional assets, and those assets perform well, you can increase your net worth.
If you invest your time, energy, and income into scalable businesses, you do not have a cap on what you can make. And you can be location independent.
To give you an idea of the difference between traditional assets and scalable businesses and the accumulation of capital, take this. If the stock market were to increase 7% per year, every year (Not factoring in any down years) it would take a few years to double your money.
In a scalable business like Amazon, Shopify, or others, a typical ROI (Return on Investment) would be 100% in 45 days.
The reason this is possible is that you as an individual can only sell so many products in one day. How many calls, emails, door knocks can you do in a single day, and how much profit per sale?
This is why you need a scalable system that enables you to sell your product globally, 24 hours a day. It’s infinitely more efficient.
You need to have self sufficiency skills. Preferably ones that can be monetized. People will pay for the skills they don’t have. If you are an electrician, this is a skill that can be useful in any city or country.
This allows you to potentially earn income as a 9-5 job or your own business. The limiting factor is that it isn’t scalable.
Handy skills are important but need to be doubled up with a business model that works when you don’t.
With inflation being so high and likely to be an issue for the foreseeable future, we need to earn much more money not to live a lavish life, but just to live comfortably. Those who do not will be highly reliant on social assistance programs.
If you can get your situation in order, do your best to learn new skills, improve existing skills, you can thrive in this brave new world.
Sources Used in This Video:
The Money GPS is the most active, most informative channel in the financial world. Day after day, breaking down the data and making it easy to understand. This channel is not here to help build a portfolio, give stock picks, or financial advice. It’s simply data that is generally not found through conventional means.
#money #inflation #investing
Music Provided by Skip Fearless