It’s no different with information – we’re bombarded with tweets, images, articles and podcasts.īut when you spend all your time consuming, when are you going to start creating? Watch ads on TV, buy toys, buy food, buy clothes. We’re all conditioned to consume from an early age. Stop consuming, and start creating!ĭeMarco says the only way to build a business is to think like a producer. Lesson 3: Start producing, stop consuming. You have to build a great product or company that starts to produce passive income, even when you’re sleeping.Įxit or not, that’s the way to become rich and retire young. The fastlane might be fast, but it’s not a shortcut. The truth is, even the most miraculous exits, where 15-year olds sell their app to Yahoo for millions, require years of work and very often the company owners have already become rich in the process. Rowling put in years of time before publishing even the first Harry Potter book, but with each new book she continued to receive royalties, increasing her income without her having to put in more time, since that book was finished. This doesn’t have to happen in one go where you become an “overnight success”, but can be a gradual process.įor example J.K. To make your income independent from your time, you have to unlink it from the hours you put into work. Okay, but how do you stop trading your time for money? Lesson 2: Your income eventually can’t depend on your time any more. Since you don’t have to trade your time for money any longer, you can now spend it as you wish and that’s really what wealth is all about. The freedom to live where you want, eat what you want, travel where and when you want and follow all of your hobbies with a passion, even if they’re really expensive. While money can only help you so much in building better relationships with your loved ones or transforming your body from unhealthy to top shape, money can buy you unlimited amounts of freedom. Meaningful relationships with friends and family.However, DeMarco came up with his own definition of wealth, which isn’t really about money. When you hear the word wealth you probably imagine Scrooge McDuck swimming around in his vast sea of gold coins. If you want to save this summary for later, download the free PDF and read it whenever you want.ĭownload PDF Lesson 1: Wealth stands for 3 things, none of which is money.
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December 2022
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