How to Spend Your Free Time Getting Rich

How to Spend Your Free Time Getting Rich

The key to becoming rich is you must own stuff.

In my experience, there are 2 things you should focus on owning:

1- Property (intellectual or physical)

2- A Money Machine: A scalable system that converts tech/labor into value

#1 can be intellectually and financially challenging (based on what type of property you wish to own).

You can buy rental properties, but you’ll have to save some money first.

You can create a patent for a widget that turns dog poop into salad dressing, but you’ll need to study a lot of books and do a lot of equations to get there!

With #2, you could easily own other people’s systems and take a portion of their profits. I would recommend investing in fixed rate perpetuities, stock indexes, and a Roth IRA and Roth 401(k).

However, what’s the fun in that?

Don’t you want to own your own money machine?

I think a better use of your spare time is figuring out what problems the market has that haven’t been solved, that you would enjoy solving.

Amazon, for example has a huge problem right now. Their delivered packages are being stolen night and day, and there hasn’t yet been a great solution for where to place them to prevent theft.

I recommend spending some time each day drafting problems that exist that no one else sees, and crazy ideas on how you would solve them.

Why do you think immigrants make the largest percentage of entrepreneurial money versus American-born entrepreneurs? Yes they work hard, but they also see things we don’t see.

In order to start seeing things other people don’t see, you need to train yourself to see every conceivable negative thing in the world as an opportunity.

-Neighbor complains about something? Opportunity!

-Dog poops on the lawn when you’re fresh out of salad dressing? Opportunity!

Spend your free time learning how you can convert these opportunities into cash.

Once you do that, create a system that leverages technology and labor to transmit this value to as many people as possible, for the lowest price possible.

The biggest mistake I made at the beginning of my career was thinking working was the way to get money.

It isn’t.

The key is to create something with your time that makes you money for the rest of your life. Something that you don’t have to constantly work on, like a 9–5 job.

My first mentor forced me to create a business that could run without me.

I thought that was insane, until I built it.

And it started with me spending my spare time finding a problem, how I would solve it, and building the system to transmit people’s work into tangible value.

Good luck!

Books to Read:

Blue Ocean Strategy

Rich Dad Poor Dad

Think and Grow Rich

Virtual Freedom

7 Habits of Highly Successful People

Is It Better to Find Yourself or Create Yourself

Is It Better to Find Yourself or Create Yourself

My foster sister was always an overachiever.

Her entire adulthood has been spent trying to find herself by running around the world, meditating on mountains, getting an Ivy League education, and studying every instrument, academic discipline, religious institution, and metaphysical topic that would make you want to blow your brains out.

Today she works at a Coffee shop and can barely pay her bills.

I always sucked at school, but one day decided I wanted to be a multimillionaire.

I figured that outcome was what I wanted to find, and not some bizzare thing inside of me that probably wouldn’t make any sense to me anyway.

Today I couldn’t be happier, and I think it’s because I focused on making money by creating value for people around me.

At the end of the day, ‘finding yourself’ is a selfish goal (probably the most selfish), and selfish lives lead to emptiness and sadness.

When you center your journey around creating meaning for yourself, and value for those around you, you’ll find yourself, and more!

3 Ways to Fail at Everything

3 Ways to Fail at Everything

1- Believe you’re a victim, and can’t control your future, or the people and circumstances that surround you.

2- Believe the past is the ultimate indicator of your potential, and you’ll never accomplish anything more than your worst critics have predicted.

3- Don’t work hard to accomplish anything because you could fail, look stupid and completely waste your time.