How to become rich and successful in less time ? - insights from UNLOCK IT - Being Motivational

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Friday, June 26, 2020

How to become rich and successful in less time ? - insights from UNLOCK IT


How to become rich and successful in less time- insights from UNLOCK IT

Most of you might have read “Rich Dad Poor Dad”, a book by Robert Kiyosaki in which he talks about active income and passive income. Robert states that it is necessary to build more and more assets to attain financial freedom. This can help you in generating a passive income. But youngsters, college graduates, and newcomers can’t go for this and this book misses out how passive income can be generated by newcomers.


To fill this gap I will tell you about some important takeaways from another book ‘Unlock It’ by Dan Lok. By the end of this post, your view towards earning money will change and you will get insights about how you can earn through some modern and innovative ways and become rich in less time.


1. Passive Income is a lie

You must have heard about passive income and you may also want to earn passively. It means when you are doing nothing or you are at a walk, you are at sleep, partying with your friends and family, at the back end you would be earning.


However, to be able to generate a passive income you have to build a system that can work for you when you don’t work. This requires planning, a lot of work, dedication, and time, which most of the people are not ready for.


Look for the most successful and rich people of the world like Jeff Bezos, Bill Gates, and Jack Ma, they have a very huge wealth. If these people wish they can take rest and live their entire life with luxury and ease. Even if they sit at one place and do no work they have developed such a great system and network across the world that can generate billions of dollars for them passively. But every morning they went to their office and look for new opportunities.


On the other side, ordinary people want to earn sufficient money so that they can spend the rest of their life without any work.


Passive income means to earn without doing anything. Do you think this can be possible anywhere in this world? You are intelligent enough to answer the question.


You are witness to the fact that everything you do requires some effort, it can’t happen by itself. Even Ali Baba needs to rub the Lamp to bring Jinni out of it!!


So what is the way out?


Here is the way!!


2. Replace Passive Income with Leverage Income

Before I start what is leverage income, answer this simple question. If you need to roll a heavy stone or you need to take a nail out of a piece of wood or need to go to someplace 10km far away from you, What and how will you do?


You thought it right. To roll a big stone you can easily use some rod and leverage it to roll big stone easily. You can easily take out the nail using a clipper tool and you can use a car or a bus to move to any place.


What have you done in these three different types of tasks? You have leveraged the use of tools, skills, and techniques to perform tasks that would have been very much difficult otherwise.


Similarly, leverage income means using the skill, tools, and techniques available in the market to gain maximum output out of a little input. For example, the Internet leveraged by Amazon and Facebook for their growth.


So the best way to earn money in today’s time is to leverage technology and resources rather than thinking passively of a passive income.


A. Understand the wealth Triangle

Dan Lok says that there are two ways to make money-slow way and fast way. The slow way is the traditional way of making money which you are taught at home and most of your relatives and friends follow. You are socialized to get good grades in school, take admission in top colleges, get a good job and from salary invest a part of in various schemes and savings accounts. With these savings, you can spend your old age easily and be financially independent.


Slow way of accumulating money has two issues;

  • It is slow.

  • It is dependent on others, that is, dependent on the employer and company in which you invest.

The other way of earning money is a fast way that can be followed using a wealth triangle. Wealth triangle has 3 dimensions:


a. High-income skill

A high-income skill can give you a very handsome salary package and this way your fortune changes quickly. If you notice today the large enterprises outsource their work instead of hiring full-time employees. These companies outsource their work through contracts because the market needs skill, not just high degrees and top certifications. Thus skill economy is gaining its momentum.


Therefore if you want financial stability or want to start your own business, it becomes important that you develop some high-income skills first. With your skill, you can achieve heights in your work.


As per the author, wealth is not created it is transferred and that is why the more values you deliver to the market the more money it provides to you.


For example, a consultant is paid a very huge amount of money for just a few hours of speaking, because he can deliver such values to the company that can earn it a big profit which a normal employee working in that company may provide in his lifetime. That is why the company pays him an amount greater than the annual income of an ordinary employee.


Suppose an online sales company has a conversion rate of 2% which earns it a profit of 20 crores. As a copywriter, you changed the headline and product description in such a way that conversion rate jumps to 4%. This implies that the company now earns a profit of 40 crores, which became possible only because of the influential way of writing by the copywriter. This is a skill, for which you will be given a huge amount.


High-income skills are not few, it can be anything. Identify the skill you want to pursue and master that skill.


Most people work for longer periods to increase their income, but they didn’t think that they can increase the value of their time, that is, to learn some skills, to maximize their earning.


b. Scalable business

It means a kind of business that needs a minimum amount of time and resources to grow and expand it globally. You can do this by bringing your skill on the internet so that it is accessible to billions of people all over the world. This way you are leveraging the internet to expand your business.


In the future, the internet-based business has a very bright scope where your social capital can turn into your financial capital.


Some people believe that only with an ample amount of assets you can grow rich, by assets they mean real estate assets.


In today’s world, the definition of assets has changed and you can have assets of various nature- intellectual property, customer database, and brand reputation are a kind of asset.


Just like you deposit your money in the bank to earn overtime similarly internet and the number of platforms over it like YouTube and Facebook are just like banks where you can deposit your talent, skill earns accordingly as per the value delivered.


c. High return investment

A kind of investment that has maximum returns than any other investment like the investment in gold, mutual funds, and crypto-currencies.


What is a thing that has maximum returns and 100% secure?


The answer is self- investment. Invest in yourself.


Many successful people also believe that before investing anywhere in the market like mutual funds and other such places you should invest in yourself to increase your worth. Money is like a cat if you run after it, it runs away from you, and if you have something that cat needs then the cat will come to you. So better to have that ‘something’ which will bring money towards you.


Your investments may fail, markets may crash but the skill you have acquired over time never becomes a zero.


Using this wealth triangle many people have succeeded in their respective fields.


3. Money amplifies your personality

Most people believe that rich people are mostly bad which has no connection with their richness, it is their personality that makes them bad. Just as some poor people are bad, some rich are also bad.


Money is like an amplifier that amplifies your personality and puts it before the people. If someone is bad and money comes to him then he gets involved in more bad activities. If someone is good and he becomes rich then he tries to do more good for the people.


Conclusion:-

Follow three rules to get maximum productivity;

  • Passive income is an illusion, turn yourself towards leverage income which is today the best way of creating money

  • Understand the wealth triangle - develop high-income skills, bring that over the net, and invest in yourself first.

  • Money is neither good nor bad, it just amplifies your personality. 

More curious!!! read Top 40 Motivational Blogs


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