The Methods Used By The ‘New Rich’ To Get Wealthy
Wanna know the methods being used by the ‘new rich' to get wealthy at a relatively young age?
I will tell you right away!
The new rich are leveraging the internet to get rich i.e. through these 2 things i.e.
(i) Code
(ii) Media
WTF is that?
Don't worry, l will explain these things in just a minute.
But just to give you an insight, the internet is the best place to get rich in a relatively short space of time.
The reason being that, internet based businesses are easier to scale than traditional brick and mortar business i.e. the internet removes geographical barriers.
Imagine, if you want to scale a grocery store, you’ll need to build many outlets in many different locations – which takes time, effort & huge amounts of capital.
But if you have an internet based business, you can scale up much faster without too much hassle i.e. you can only create a website/software/app/YouTube channel one time – and automatically, you'll be exposed to the rest of the world.
Also, internet based businesses allows you to make money 24/7 e.g. a website is a sales machine which never sleeps, never eats, never closes, etc.
But if you're running a traditional brick and mortar business, you're only forced to operate during specific times of the day e.g. 8am to 7pm – thus, you might be losing a lot of potential revenues.
Now that I've cleared this out of the way, let me briefly explain about the concepts of code & media.
NB: l highly recommend you to read Naval Ravikant's book i.e. The Almanack Of Naval Ravikant – since he explained these things in great detail.
Thus, you definitely need to check out this book ASAP!
(i) Code
Think of people like Jeff Bezos, Bill Gates, Mark Zuckerberg, etc. – they all leveraged code to get wealthy.
Code simply refers to a website, an app, or a software which helps to serve a specific function – thus, allowing you to earn money from the app/website/software.
The reason why this is so powerful is that, you only need to create the app/website/software once – and it will serve multitudes of people without too much marginal costs of replication.
Thus, you only need to create the platform once – and it will continue to earn money for you passively.
But you don't need to create the next Amazon or Facebook or Microsoft in order to get rich.
Instead, you can create a simple website like this one – and you start publishing some content.
This allows you to earn money from Ads, affiliate marketing, sponsorships, etc.
Thus, you can create your own website without being a genius – and there's tools out there which helps to simplify the process.
You can also create a simple Shopify store & you start to dropship cheap products from China ASAP.
There's a lot of people out there who're changing their lives with this business model – and it's easier to scale through paid ads, influencer marketing, content marketing etc.
NB: You can also leverage Amazon's marketplace through a business model called Amazon FBA.
Thus, you can create your own website i.e. even if you're not a developer, put it on the internet, then you can start making some money from it.
(ii) Media
Another great strategy that's being used by the ‘new rich’ to get wealthy is leveraging media.
People like Kylie Jenner have become millionaires at a relatively young age i.e. just by leveraging social media.
The reason being that, if you have an audience, brands will continuously approach you in order to tap into your audience.
And you can earn a ton sh*t of money just from sponsorships alone – since most brands views it as an investment.
Not only that, but you can also leverage your audience to make money through selling your own products (preferably digital products).
And there's a lot of influencers out there who're making ‘big money' just from selling their own digital products – which proves that this staff is real.
You should know that social media is a currency which can be used to make money i.e. if you get attention, you can control eyebrows – and if you influence those eyebrows, you can influence those people's wallets (and your bank account goes up!)
Unfortunately, most people use social media just for consuming other people's lives – which makes it a huge liability to them.
But if you start using social media as a tool, you can build a great business on it.
NB: Though there's a debate on whether YouTube is a social media platform or not, it's still a great platform to make some money.
There’s a lot of people who've changed their lives on this platform i.e. buying cribs, nice cars, travelling, etc. – and most of them are very young.
Again, YouTube is a currency that helps you to monetize your content through Ads, sponsorships, affiliate links, patreon, selling merch, etc.
To sum up the point of social media, you should just know that if you post some valuable content on your platform, you'll attract some followers into your tribe.
And once those people are in your tribe, you can monetize them through various means as stated above.
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So these are the 2 main methods that are being used by the ‘new rich' to get wealthy in a short space of time.
Before the internet era, it was rare to see a millionaire rich kid who's still in his late teens or early twenties – because there was no leverage.
However, the internet has created a wealth creation pool even for average people like you & me – and the internet doesn't give an F about your race, gender, education, background, etc.
Instead, anyone can setup a business online without asking for anyone's permission – thus, the internet has helped to reduce some barriers which were present in the past.
Stats shows that, there's more millionaires who were created in the internet era than any other era in the history of evolution.
Why?
It all comes down to one word i.e. leverage.
Before l wrap up, let me share with you another great strategy that can help you to build wealth much faster – and that is; Outsourcing.
This is so important as it helps to get more things done in less time – whilst leveraging other people's time & efforts.
If you're doing everything on your own, you can only do a limited amount of things due to limited capacity.
But if you leverage other people's efforts, you can get more things done in less time.
And you can find some affordable freelancers on platforms like Fiverr – thus, allowing you to grow your business using ‘labour arbitrage’.
Of course, it might be difficult to outsource in the initial stages of your business i.e. when you're not yet making any money.
But as soon as you start making some decent amounts, it's so important to start delegating some tasks i.e. in order to grow your business much faster.
~~~~~
So these are the methods being used by the modern generation to get rich.
If you see a kid with incredible assets, don't just think that he/she inherited them – because most people are starting from nothing but they manage to build wealth through leveraging the internet.
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