How To Get Stupidly Rich As A Teenager

Summary

In 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

00:00

💡 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.

05:02

📚 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.

10:03

🚀 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.

Keywords

💡Passion

Passion in the video refers to a strong interest or enthusiasm for a particular subject or activity. The speaker argues against the conventional advice of focusing on one's passion when starting a business, suggesting that young people might not yet know what they are truly passionate about. Instead, he advocates for creating optionality to explore various interests. For instance, the speaker's first business was not out of passion for clothing but rather for making money, which he later suggests can lead to discovering more profound passions.

💡Optionality

Optionality in this context means the ability to choose between different options or paths. The speaker emphasizes the importance of creating optionality for young entrepreneurs so they can explore various interests and passions without being locked into a single career path. This concept is central to the video's theme of encouraging flexibility and exploration in one's early entrepreneurial endeavors.

💡E-commerce

E-commerce is the process of buying and selling goods or services using the internet, and it's a significant theme in the video. The speaker, DAV foggy, mentions his success in e-commerce, having made $600 million in 6 years. This keyword is used to illustrate the practical application of the concepts discussed, such as creating optionality and focusing on making money as a primary objective before secondary passions.

💡First Win

The 'first win' concept in the video signifies the importance of achieving an initial success, which can create a positive feedback loop that motivates further action. The speaker suggests that getting the first win is crucial because it reinforces the desire to continue pursuing a venture. This idea is used to encourage viewers to take action and aim for early successes to build momentum.

💡Skill Stack

A 'skill stack' refers to a collection of skills that are necessary to achieve a particular goal or to excel in a specific field. The video emphasizes the importance of identifying and developing the skill stack required for success in one's chosen venture. The speaker provides examples such as content creation, social media marketing, and media buying, which are essential for beginners to learn and master.

💡PTO Principle

The PTO Principle mentioned in the video is a reference to the Pareto Principle, also known as the 80/20 rule. It suggests that 20% of actions produce 80% of results. The speaker uses this principle to advise against spending large sums on courses, arguing that the essential information needed for success can often be found for free or at a much lower cost.

💡Test and Learn Framework

A 'test and learn framework' is an approach to learning and improvement through experimentation and analysis of outcomes. The speaker contrasts this with traditional methods, using Elon Musk's approach to space exploration as an example. This framework is advocated as a way to learn from failures and to improve through practical experience, which is more effective than passive learning.

💡Procrastination

Procrastination is the act of delaying or postponing tasks. In the video, the speaker warns against the habit of endlessly watching educational content without taking action. The video encourages viewers to stop procrastinating and start applying what they learn through practical steps towards their goals.

💡Mental Health

Mental health in the video is discussed as a potential obstacle that successful individuals, including the speaker, may face. It's presented as a 'mountain' that needs to be climbed, emphasizing that challenges are a part of the journey and that overcoming them is essential for personal and professional growth.

💡Obstacles

Obstacles in the video are depicted as challenges or barriers that one encounters on the path to success. The speaker uses the metaphor of mountains to illustrate that everyone faces obstacles, but these should be seen as opportunities for growth rather than insurmountable cliffs. This concept ties into the video's overall message of perseverance and learning from challenges.

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