How To Get Stupidly Rich As A Teenager
Summary
TLDRIn the video, DAV 'Foggy' Young, the youngest Shark on Shark Tank Australia, challenges conventional advice for young entrepreneurs. He argues against focusing solely on passion and instead advocates for creating optionality to explore various interests. Foggy emphasizes the importance of developing a passion for hard work, learning, and making money, which can lead to financial freedom and the ability to pursue true passions. He warns against buying expensive courses and suggests using free resources to learn and grow. Foggy also stresses the value of failing forward, learning from mistakes, and overcoming obstacles as essential steps towards success.
Takeaways
- 💡 The notion that one should 'follow their passion' is often misleading for young people who are still discovering their interests.
- 💼 Early success in business or wealth creation often comes from focusing on developing skills and generating income rather than solely pursuing a passion.
- 📈 DAV foggy, the speaker, emphasizes the importance of creating optionality in one's early career to explore various interests and opportunities.
- 💰 A primary passion for money can be a driving force that allows individuals to later pursue secondary passions with financial freedom.
- 🛒 DAV's first business involved importing and selling NBA merchandise, which taught him the value of entrepreneurship without a pre-existing passion for the product.
- 🔄 The concept of 'honic reversal' is introduced, where individuals find pleasure in overcoming challenges that others avoid, leading to success.
- 🚀 The script advises against buying expensive courses as a beginner, suggesting that free resources and self-directed learning can be more effective.
- 🛠️ Identifying and mastering key skills, such as content creation, social media marketing, and media buying, are recommended as foundational for starting a business.
- 📊 The 'PTO principle' is mentioned, suggesting that 20% of actions lead to 80% of results, implying that beginners can achieve significant outcomes without extensive investment in courses.
- 🏆 The importance of achieving a 'first win' early is highlighted as it creates a positive feedback loop that motivates continued effort and learning.
- 🏋️♂️ The necessity of action over endless learning is stressed, with the idea that practical experience and failure lead to more profound learning and success.
Q & A
What is the main issue DAV foggy identifies with content aimed at young people trying to get rich?
-DAV foggy identifies that most content is not written for young people but for already successful individuals, often providing outdated or irrelevant advice.
According to DAV foggy, why is it misguided for young people to focus on their passion when starting a business?
-DAV foggy argues that young people have not yet explored enough to know their true passions, and they should instead create optionality to explore various interests.
What was DAV foggy's first successful business, and was it related to his passion?
-DAV foggy's first successful business involved buying NBA singlets and snapbacks from China and selling them on Facebook. It was not related to his passion but was driven by his interest in making money.
Why does DAV foggy suggest that beginners should avoid buying courses immediately?
-DAV foggy suggests beginners should avoid courses because they often prey on the desire for quick success and can be expensive, when much of the necessary information is available for free or at a lower cost.
What is the PTO principle mentioned by DAV foggy, and how does it relate to learning and success?
-The PTO principle refers to the 80/20 rule, where 20% of actions produce 80% of the results. DAV foggy uses this to argue that beginners don't need to spend a lot on courses to achieve initial success.
What three skills does DAV foggy recommend beginners focus on to start their entrepreneurial journey?
-DAV foggy recommends beginners focus on content creation, social media marketing, and Facebook ad media buying as starting skills for their entrepreneurial journey.
Why is it important for beginners to get their first win according to DAV foggy?
-DAV foggy emphasizes that getting the first win is crucial as it creates a positive feedback loop, motivating individuals to continue pursuing their entrepreneurial goals.
How does DAV foggy suggest using free resources to learn necessary skills for starting a business?
-DAV foggy suggests using long, detailed YouTube tutorials for theoretical knowledge and then following step-by-step guides for practical application to learn necessary skills without spending money on courses.
What does DAV foggy mean by 'fail forward' and why is it important?
-DAV foggy means that it's important to fail often and early in the process, but to ensure that each failure leads to learning and progress, which is referred to as 'failing forward.'
What advice does DAV foggy give regarding overcoming obstacles and excuses in the pursuit of entrepreneurial success?
-DAV foggy advises that every obstacle and excuse is a mountain to climb and an opportunity to improve. He encourages pushing through challenges and not being harmed by them, as these are part of the journey to success.
Outlines
💡 The Myth of Getting Rich Quick
The speaker, DAV 'Foggy', challenges the common advice given to young people to focus on their passions to get rich. He argues that most content creators are out of touch and advise based on outdated experiences. DAV shares his journey from selling NBA merchandise to becoming a successful entrepreneur, emphasizing that passion for making money can lead to discovering multiple passions later. He suggests that young people should create optionality and explore various interests rather than focusing on a single passion too early. DAV also warns against buying expensive courses as a beginner, advocating for free resources and learning from failures to build a strong foundation.
📚 The PTO Principle and Skill Stacking
DAV explains the PTO principle, which is akin to the 80/20 rule, suggesting that 20% of actions yield 80% of results. He advises against spending large sums on courses when free resources can provide necessary knowledge. The speaker emphasizes the importance of being time-rich and using that advantage to sort through information and learn. He suggests three skill areas for beginners: content creation, social media marketing, and media buying. DAV outlines the process of learning through long tutorials on YouTube, practical step-by-step guides, and building connections within communities. He also discusses the value of different skill sets required for various business models and the importance of hands-on learning and teaching to reinforce knowledge.
🚀 Overcoming Obstacles and the Power of Action
In the final paragraph, DAV addresses the common excuses that prevent people from taking action towards their financial goals. He uses Elon Musk's approach to space exploration as an example of learning through action and failure. DAV encourages viewers to embrace a test-and-learn framework, to fail often but forward, and to view challenges as opportunities for growth. He emphasizes that everyone faces mountains, but it's the act of climbing them that builds valuable skills. The speaker concludes by reminding viewers that every obstacle is a chance to improve and that success involves pushing through difficulties, regardless of their nature.
Mindmap
Keywords
💡Passion
💡Optionality
💡E-commerce
💡First Win
💡Skill Stack
💡PTO Principle
💡Test and Learn Framework
💡Procrastination
💡Mental Health
💡Obstacles
Highlights
The truth is, as a young teenager trying to get rich, you're likely being misled by outdated advice.
Content creators often target already successful individuals, not beginners.
Focus on creating optionality to explore various passions at a young age.
DAVID FOGGY started with a business importing NBA singlets and snapbacks from China.
Develop a passion for primary objectives like hard work, learning, and making money.
Secondary passions can be pursued once financial stability is achieved.
The first win in business is crucial for creating a positive feedback loop.
Some people find pleasure in the mundane, which can lead to success.
Work can become play when you're passionate about it, leading to prosperity.
Avoid buying courses as a beginner; instead, use your time to sort through free information.
Identify the skill stack needed to achieve your goals in business.
Content creation, social media marketing, and media buying are valuable skills for beginners.
Learn through long, dry tutorials on YouTube to build a strong theoretical foundation.
Once theory is in place, follow step-by-step tutorials to achieve practical results.
Building emotional connections through community engagement can provide valuable support.
If you must buy a course, consider affordable options like paid Discord servers for support.
Procrastination is a barrier; commit to action and learn through doing.
Every obstacle is an opportunity to improve and should be approached positively.
Challenges are inevitable, but they are mountains to climb, not cliffs to fall off.
Transcripts
the truth is as a young teenager trying
to get rich chances are all of the books
most of the podcasts are rock you're
just being lied to and it's coming from
even the most well-intentioned coaches
and this is because they're not writing
content for you they've been out of the
game for 20 years and they're writing
business for already successful people
they're telling you to do things like
Focus work on your passion invest money
into your learning in today's video I'm
going to cover the four main things that
I believe if you can achieve these
things and focus on these things you can
get stupidly Rich for those that don't
know me I'm DAV foggy I started the L
been $600 million in 6 years on
e-commerce I'm also the youngest ever
shark on Shark Tank Australia in this
video I'm not going to sell you anything
absolutely nothing I have nothing to
sell beginners I don't sell to beginners
I only help experts in Shopify already
the first thing I see people get wrong
is they tell people to focus on their
passion kids that had just been in
school 9 to 8 till whatever 3:00 for the
past 10 12 years they don't know what
they're passionate about they have a
suspicion then they're told to pick a
career that they're going to focus the
next 10 years of their life on this is
insane you need to at a young age create
optionality for what you can be working
on so you can explore as many passions
as possible one of my first ever
successful businesses was I was buying
singlets NBA singlets and NBA snapbacks
like these caps from China and I would
post them on Facebook and then I would
jump in my rap 4 take them get the cash
it was the first time I've ever actually
made a little bit of money and was I
passionate about the clothing industry
back then absolutely not was I
passionate about NBA I could barely name
two teams one thing I was passionate
about is money if you can focus on
developing passion for these primary
objectives which is hard work learning
making money that is going to allow you
to expose so many more passions at a
later dat for example you love painting
in school this is what I'd like to refer
to as a secondary passion because you
let's say you want to just all you want
to do is paint every single day for the
rest of your life you're going to have
to get a job you're going to have to buy
the paint somewhere you're going to have
to pay for your family you're going to
have to pay for your red and suddenly
you're not going to be out of paint all
the time sometimes what you've got to do
is you've got to set yourself up with
the skills to make money first so that
you have freedom in your 9 to5 so that
you can paint as much as you want if you
can yet as side house are working then
you're less relied on the rat race so
you can focus on your passion more or
better yet you can entwine the skills
that you've learned from making money to
paintings selling the paintings online
and then suddenly you can focus on that
passion even more you don't even need to
use that painting passion initially to
make money you want to get really really
good results early you want to get that
first win the first win is so important
because if you can get the first win
it'll create what's called a positive
feedback blue that first Shopify kachin
will just hit the brain to the point
where that's all you want to do and you
got to find new learnings failure is
great but you also really need to get
these positive wins to reinforce your
desire to continually do that one thing
that might happen there is you might
start to really feel passionate about
the mundane I think Alex OSI talks about
this all on he talks about when things
get hard he loves it because he knows
that people aren't going to follow him
in that direction it's called honic
reversal they feel pleasure in terms of
being like miserable Elon Musk is like
this he doesn't me to work Warren
Buffett still at 92 years old reachs 500
pages a day he was the richest person in
like 2009 or whatever 60 billion net
worth and he still finds huge passion in
that mundane eventually the work will
become play and that's when things can
be really exciting and you can create
prosperity for the rest of your life
that being said you do need to make sure
that you you are passionate about it
otherwise you can because just
constantly chasing money that's when
mental health issues can happen which is
my final point then I'll cover in a sec
once you've kind of got this plan around
passion and how you're going to make
your first dollars you're going to be
very tempted to buy a course as a
beginner you should not do that let me
explain how this course structure works
they prey on your thoughts that oh maybe
this is the last secret that I need
maybe I'm stupid but this can get me
over the and make me my$ dolls the way
courses work is someone will do
something remarkable they do L State
setting up the abbs they'll set up five
airbnbs and they make good amounts of
money because they can't just keep doing
that because it's very expensive the
cost of production is expensive what
they can do is they can create a course
and sell that using their credentials
and they're zero cost of reproduction so
they end up making more money from this
which I have no problem like if they're
going to make more money from their
course but they're still providing value
that's great the problem is when someone
sees that the course is making a lot of
money they will launch a similar course
someone that has the similar knowledge
and they'll charge less eventually you
will keep going down this stack and
someone will watch a free F video on
YouTube because they can make AdSense
revenue and they also can build up their
brand to one day sell another something
and what's the truth is is that there's
something called the PTO principle which
is an 8020 rule that 20% of your actions
produce 80% of the result
the truth is that YouTube video has the
20% of actions that you need to do to
get the 80% of the results you don't
need to spend $3,000 $4,000 on a course
to get those initial results as a
beginner you are time rich and cash poor
eventually you will become cash rich and
time poor but you need to use that time
to actually sort through the actual
information out there because the truth
is sorting through the information and
getting bad information and proving it's
bad is part of the journey it's a skill
in itself the next step is you need to
identify the skill that you're going
after and then identify the skill stack
that you need to get results in them so
there's three main things that I love
for beginners to start with I started
with them obviously our bias but you've
got content creation you got social
media marketing agencies and you got
Facebook ad media buying in general can
be Google whatever is provide a lot of
value to the end's customer and as a war
the more value you creay for people the
more value you are going to be the more
cash you can generate these rich people
that clearly show that the more you can
get paid so let's say for example you're
going to do Facebook media buying or
you're going to start an agency sorry
there's a bunch of skills there the
first one is the actual subject matter
expertise so you've got to learn how to
buy the ads or run the pages then you've
actually got to learn Cod Outreach you
might also need a little bit of sales
training let's take Ecom for example
there's so many skill sets that you need
to learn to St your set which is product
selection media buying customer service
operations but you really need to
identify these core pillars because what
I want you to do initially is go through
YouTube and find very long dry tutorials
it's not always the top viewed tutorial
that is going to be the best year it's
sometimes it's going to be the person
that you can understand the best and I
think that once you get a lot of the
theory in place then suddenly you can
Google the actual stepbystep tutorials
so we've got our Theory based level of
knowledge and then we go to the
step-by-step tutorials and follow it
step by step and just get the actual
result for it get that first sale and
remember if you can get in the same room
as these people and build emotional
connections through maybe free events or
just reaching out to these people that
are slightly ahead of you or joining
free community is that's what's really
going to break down the barriers cuz
suddenly you have this oneon-one support
Deon ask if you insist on buying a
course now I don't have a paid Discord
but I have seen some discords out there
that are really good because they're
like $30 a week it's not one big $4,000
outl Blan payment and you can go into it
and you can ask the community when you
get stuck and then chances that that's
going to unlock the course so you can
just watch all the course in one week
for $30 get a little bit of help going
from there and then you can just cancel
the membership but this all needs to be
relative to your net worth because
chances are you're going to need a use a
little bit of that money to actually get
a product or start running some ads and
the next thing is I want to send a
warning out for the procrastinator the
person that keeps watching these YouTube
videos and does not start something you
need to stop doing this when Elon was
about to go into space exploration so
just sold his payment company he
actually already had somewhat of a
Playbook to do it he could have copied
NASA that been around for what 60 years
or something like then and they have a
lot of bureaucracy a lot of it just
takes a long time to get anything done
and naturally it makes sense for rocker
crashes costs a lot of money Elon went
in a different direction he decided to
do a test and learn framework he could
only afford three rockets initially when
he launched them launched them and with
each launch they would crash and he
would learn things about design
capability about single points of
failure about efficiencies and now he's
at a point run to the different
different kind of missions but like the
NASA's the space shuttle programs $450
million Elon can launch rockets for $62
million and that is constantly going
down simply because he's committed to
figuring out what doesn't work through
action and through data and you need to
do that as well you're going to fail
you're going to fail 3 to 10 times at
least there's a famous saying that
reading you get 10% retention hearing
you get 20% retention seeing you get 30%
retention seeing and hearing 50%
retention discussing 70% retention doing
SL practicing which is what I'm talking
about 80% retention and then teaching is
95% to attention now this isn't proven
but I do agree that as soon as you could
teach something or you actually do it
you retain so much more information you
can't just keep watching YouTube videos
for me I launched a personal training
business I just learned how to show up
every day didn't make much money then I
launched a seasoning business I learned
how to build a website then I launched a
cafe and I learned how to hire staff or
manage cost of goods none of these
businesses made me money but then my
sick business I launched carbing work we
need $10 million in its first year and
did over a million doll in profit you
need to fail often you need to fail
early but make sure you fail forward the
final thing I say is that every every
body has excuses everybody has problems
and the main excuses and problems that I
see kids made is they don't have enough
money to St parents are too broke
they're not smart enough the truth is
these feel like Cliffs but they're not
they're just mountains and they're just
mountains that you need to climb and one
thing you'll realize eventually is that
the actual climbing of these mountains
getting over that hurdle is the the
whole point that is the skill set that
you're acquiring so let's say you don't
have a lamp you don't even have a
computer you're watching this on a phone
and you're like I can't even run out
without a laptop you need to figure out
how to get two jobs and save money to
buy that laptop that's the whole point
now you've figured that skill set out
and that's going to be applied to every
other business do you launch for the
rest of your life as Ryan holiday says
every single obstacle in the path comes
the path every single challenge is an
opportunity to improve your condition as
Marcus aelia says choose not to be
harmed and you won't feel harmed don't
feel harmed and you have it been the
other thing is that these mountains they
always exist even someone successful
just make it money my Mountain at the
moment isn't can I get a laptop to run
ads my mountain is my mental health my
mountain is can I be positive about what
I'm doing so that I can do more of it
rather than getting panic attacks these
things shift I've never had mental issu
health issues prior like for 6 years I
was running a successful business this
there a thing you're always going to
come up to these and it's always going
to feel radicalism that you can't get
over it that you just want to give up
everyone has these you've just got to
push through don't forget to like And
subscribe peace
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