15 Steps to Get Rich in 1 Year

Summary

This video outlines a 15-step plan to get rich in one year, focusing on prioritizing wealth-building, developing a high-paying skill, and committing to consistent, focused work. The key steps include setting clear financial goals, immersing yourself in educational resources, building a network of mentors, creating simple offers for paying clients, and reinvesting profits to scale your business. It emphasizes the importance of action, overcoming embarrassment, and leveraging proven strategies from successful entrepreneurs. The plan encourages daily discipline, reinvestment, and learning from industry leaders to ensure long-term success and growth.

Takeaways

• 😀 Lock in a primary goal of making $10,000 per month by the end of the year and cut out distractions. Focus on building, not just being busy.
• 😀 Invest in yourself through education. Read books like 'The Almanack of Naval Ravikant,' 'Atomic Habits,' and others to learn the fundamentals of wealth-building.
• 😀 Identify your core money-making skill, such as sales, copywriting, or video editing, and practice it daily. Mastery comes through consistent effort.
• 😀 Don't share your plans with others who aren't where you want to be. Move in silence and protect your fragile growth stage.
• 😀 Surround yourself with money and success. Attend events, find mentors, and pay for feedback to accelerate learning.
• 😀 Pick customers who already have money to spend. Focus on providing a simple, clear offer to a specific market for 90 days.
• 😀 Race to prove your ability by making your first sale. It doesn’t matter if you lose money in the process; the experience is invaluable.
• 😀 Document your successful formulas and repeat them. Create templates for proposals, agreements, and follow-up actions to make your process scalable.
• 😀 Choose one distribution channel and promote consistently every day. Promote first, then work. The key to getting rich fast is getting attention.
• 😀 When overwhelmed with clients, hire help to take over repetitive tasks. Your job is to sell and ensure quality, not to do everything yourself.

Q & A

What are the three phases of growth mentioned in the video?

The three phases of growth are: 1) The Start, where you figure out what you're going to do; 2) Shaky Growth, where you figure out how to do it; and 3) Takeoff, where you get good at doing it.

What is the primary goal during the first 12 months according to the script?

The primary goal is to lock in and make building your business your primary focus, cutting out distractions. For 12 months, you focus solely on work that makes money, builds a skill, or protects health.

Why is 'embarrassment tolerance' considered a cheat code?

'Embarrassment tolerance' is considered a cheat code because it allows you to endure the discomfort of feeling stupid or rejected while building your business, a necessary step to escape your current life and achieve long-term success.

What are the key books recommended to read during the first year?

The key books recommended are: 1) 'The Almanack of Naval Ravikant', 2) 'The 10X Rule', 3) 'The E-Myth Revisited', 4) '100 Million Offers & 100 Million Leads', and 5) 'Atomic Habits'.

What is the difference between a 'money skill' and a passion, and why should you focus on the former?

A 'money skill' is a skill that gets paid for regularly, such as sales or copywriting, while a passion may not always be monetizable. The focus should be on money skills that are in high demand to ensure financial success.

Why is it important not to tell anyone what you're doing in the first year?

It's important to move in silence because people close to you may not understand your vision or support your goals. They are often limited by their perception of who you are right now, and can inadvertently discourage you.

What is the role of daily education and exposure to money during the first year?

Daily education and exposure to money help you understand how wealth is built. Surrounding yourself with people who are financially successful gives you the mindset and practical knowledge needed to achieve your own wealth.

What does 'proof of ability' mean, and why is it essential?

'Proof of ability' means showing tangible results of your work, like before-and-after photos or testimonials. This helps build trust with potential clients, making it easier to attract more business and establish credibility.

What are the five major categories for reinvesting profits in a business?

The five categories are: 1) Tools that increase output (software, automation); 2) Gear that increases quality (lighting, camera equipment); 3) People that increase capacity (hires or contractors); 4) Education that increases certainty (training to fix bottlenecks); and 5) Legal (contracts, trademarks).

What is the expected timeline for seeing results in building wealth as described in the video?

You will start making money by the end of the first year, feel like you're on to something after 3 years, experience an 'overnight success' after 7 years, and build something solid in over 10 years.