The Ladders of Wealth Creation: A Step-By-Step Roadmap to Building Wealth With Nathan Barry
Summary
TLDREn este podcast, Nathan Berry, creador de ConvertKit, comparte su enfoque sobre la creación de riqueza a través de un marco de cuatro escalones: tiempo por dinero, negocio de servicios propio, servicios productizados y venta de productos. Expone la importancia de adquirir habilidades y aplicar el principio de la ganancia a medida que se escala. Además, discute ocho principios para aumentar la riqueza y los ingresos a largo plazo, enfocándose en la reinvestización de tiempo y dinero, la validación a través de etapas y la acumulación de audiencia para facilitar el crecimiento. Berry también destaca la capacidad de la riqueza para generar impacto y libertad, compartiendo su experiencia personal y la de otros exitosos en el ámbito de la creación de negocios y la inversión.
Takeaways
- 📈 La creación de riqueza es una habilidad que se puede adquirir y perfeccionar a través de la práctica y la adquisición de habilidades específicas.
- 🔑 Se describen cuatro escalones principales en la creación de riqueza: tiempo por dinero, negocio de servicios propio, servicios productivados y venta de productos.
- 🕒 El primer escalón, 'tiempo por dinero', implica trabajos por horas o salarios, y requiere habilidades básicas como la puntualidad y la confiabilidad.
- 👨💼 El segundo escalón es el negocio de servicios propio, donde se asume más responsabilidad y se adquieren habilidades como encontrar clientes y contratar empleados.
- 🔑 El tercer escalón, servicios productivados, es una forma de vender servicios de manera más sistemática y con menos interacción directa, introduciendo así el concepto de venta y cumplimiento sin la necesidad de la presencia del vendedor.
- 🛍️ El cuarto escalón es la venta de productos, que puede escalar significativamente y crear ingresos pasivos, pero requiere habilidades avanzadas en marketing, posicionamiento y venta.
- 💡 La importancia de la acumulación de habilidades y el uso de herramientas y tecnologías adecuadas para potenciar el negocio y aumentar la eficiencia.
- 💰 La reinvestigación de tiempo y dinero en la mejora continua del negocio y la adquisición de nuevas habilidades es fundamental para el crecimiento.
- 🔄 La creación de riqueza implica no solo ganar dinero, sino también construir activos y equidad que generen flujo de caja y valor a largo plazo.
- 👪 La riqueza también se mide en términos de impacto en la vida de las personas, como asegurar la estabilidad financiera de los seres queridos y la capacidad de hacer una diferencia positiva en la sociedad.
- 🌐 El uso de la tecnología y soluciones en línea, como ConvertKit, para automatizar y gestionar eficientemente las listas de correo y las comunicaciones con los clientes.
Q & A
¿Qué es el objetivo principal del podcast de finanzas personales en este episodio?
-El objetivo principal del podcast es discutir y explicar los cuatro escalones de creación de riqueza presentados por Nathan en su entrada del blog, que es una guía paso a paso para construir riqueza a través de negocios o incluso comenzar un side hustle.
¿Cuáles son los cuatro escalones de creación de riqueza que Nathan describe en su publicación del blog?
-Los cuatro escalones son: 1) Tiempo por dinero, 2) Tu propio negocio de servicios, 3) Servicios productivados y 4) Venta de productos.
¿Qué importancia tiene el concepto de 'hacer dinero es una habilidad' en el proceso de creación de riqueza según Nathan?
-La idea de que 'hacer dinero es una habilidad' es fundamental porque sugiere que se puede aprender y mejorar con la práctica y la acumulación de miles de pequeñas habilidades, al igual que cualquier otra habilidad en la vida.
¿Por qué es importante aprender las habilidades básicas en la primera escalera antes de ascender a las siguientes?
-Aprender las habilidades básicas en la primera escalera, como la puntualidad y la confiabilidad, es crucial porque estas habilidades son transferibles y serán valiosas en todas las etapas del negocio y la vida profesional.
¿Cómo describe Nathan el proceso de transición de una escalera a otra en términos de riesgos y validación?
-Nathan enfatiza que el proceso de transición de una escalera a otra debe ser cuidadoso y calculado. Saltarse etapas puede resultar en una falta de validación y un aumento de riesgos, lo que puede conducir a fracasos si no se han aprendido las lecciones pertinentes de cada escalera.
¿Qué es una 'empresa de servicios productivados' y cómo se relaciona con la creación de riqueza?
-Una 'empresa de servicios productivados' es un negocio donde los servicios se ofrecen de manera más sistemática y con menos interacción cara a cara. Esto permite una mayor escala y la introducción de la ventaja, lo que puede ser increíble para la creación de riqueza.
¿Cómo define Nathan la ventaja y cómo puede ser utilizada en la creación de riqueza?
-Nathan define la ventaja como un elemento neutral que amplifica las cosas, y puede ser increíble para la construcción de riqueza cuando se utiliza correctamente en diferentes etapas del negocio.
¿Por qué es recomendable reinvertir el tiempo y el dinero en lugar de gastarlo todo?
-Reinvertir el tiempo y el dinero proporciona un respaldo y flexibilidad financiera que permite a las personas moverse entre las escaleras de manera más segura y con menos estrés, facilitando así el crecimiento y la expansión del negocio.
¿Qué es la diferencia entre trabajar por un mejor salario y construir verdadera riqueza según lo explica Nathan?
-La diferencia radica en la creación de activos y flujo de caja continuo. Trabajar por un mejor salario es intercambiar tiempo por dinero, mientras que construir riqueza implica crear o adquirir activos que produzcan ingresos de forma periódica y sostenida.
¿Cómo describe Nathan el impacto que tuvo vender una pequeña porción de su compañía y cómo refleja su definición de riqueza?
-Nathan describe el impacto como significativo, ya que vendiendo un porcentaje pequeño de su compañía, logró asegurar la jubilación financiera de sus padres y la de su esposa, lo que refleja su definición de riqueza como la capacidad de tener un impacto positivo en las vidas de las personas cercanas.
¿Cómo sugiere Nathan que las personas pueden construir una audiencia y por qué es importante para el negocio?
-Nathan sugiere que las personas pueden construir una audiencia compartiendo su viaje e intereses, enseñando lo que aprenden y trabajando en público. Es importante para el negocio porque una audiencia te apoya y te sigue en tu camino, lo que puede ser una gran ventaja en el mundo empresarial.
¿Qué lecciones aprendió Nathan de su experiencia con ConvertKit y cómo aplicó esas lecciones a su vida personal y empresarial?
-Nathan aprendió que construir un negocio exitoso toma tiempo y que el proceso puede ser más largo de lo esperado, pero los resultados pueden ser increíbles. Aplica estas lecciones mejorando constantemente su producto, atendiendo a su audiencia y asegurando que su equipo esté bien financiado y apoyado.
Outlines
😀 Bienvenida a un podcast sobre finanzas personales
El podcast comienza con una introducción de Nathan, quien es el invitado especial. Se menciona un blog post que él escribió llamado 'las escaleras de la creación de riqueza', que fue una fuente de inspiración para el host. El post es una guía paso a paso para construir riqueza, especialmente para aquellos interesados en negocios o en iniciar un side hustle. Se destaca la importancia de entender que hacer dinero es una habilidad que se puede adquirir y desarrollar.
🤔 Las cuatro escaleras de la creación de riqueza
Nathan explica las cuatro escaleras que representa su modelo para construir riqueza. La primera escalera es el intercambio de tiempo por dinero, como trabajos por hora o salarios. La segunda escalera implica tener tu propio negocio de servicios. La tercera escalera se refiere a servicios productivados y la cuarta a la venta de productos. Cada escalera requiere habilidades específicas y un nivel de compromiso y responsabilidad creciente.
💼 La importancia de aprender habilidades básicas y la transición a un negocio propio
Se discute la importancia de adquirir habilidades básicas como la puntualidad y la confiabilidad al comienzo de la carrera, ya sea en trabajos por hora o posiciones salariadas. Con el tiempo, y al adquirir más habilidades, se puede avanzar a trabajos mejor remunerados o a la creación de un negocio propio. Se resalta la idea de que el crecimiento profesional y la acumulación de riqueza requieren la adquisición de una variedad de habilidades y la superación de retos incrementales.
🚀 Crear un negocio de servicios y aprovechar las oportunidades de productización
Nathan habla sobre la transición de un trabajo salarial a tener un negocio propio, destacando la diferencia entre un negocio de servicios y la productización de servicios. Menciona la necesidad de aprender habilidades adicionales, como encontrar clientes y contratar empleados, y cómo la productización de servicios puede ser una forma de vender proyectos o paquetes de servicios de manera más sistemática y con menos interacción directa con los clientes.
🛍️ La venta de productos y la introducción de la ventaja
El cuarto escalón se enfoca en la venta de productos, donde se alcanza una verdadera ventaja al separar el tiempo de la monetización. Se discuten diferentes tipos de productos, desde productos digitales hasta software como servicio (SaaS) y marketplaces. Se señala la importancia de no saltarse etapas y de aprender las lecciones adecuadas en cada escalón para tener éxito en la creación de riqueza.
💹 Pricipios para aumentar la riqueza y los ingresos a lo largo del tiempo
Se introducen ocho principios para el crecimiento de la riqueza y los ingresos. El primero enfatiza la necesidad de reinvertir tiempo y dinero adquiridos. Se sugiere que el ahorro y la reinvestigación de capital pueden proporcionar la flexibilidad y el amortiguamiento necesarios para enfrentar los desafíos de cambiar de una escalera a otra en el proceso de construcción de riqueza.
🔄 La validación y las lecciones clave al omitir etapas en la construcción de riqueza
Nathan discute cómo omitir etapas en el proceso de construcción de riqueza puede llevar a la falta de validación y a la acumulación de un conjunto más grande de habilidades en un solo proyecto. Se argumenta que, aunque es posible saltarse etapas, es importante comprender que esto puede prolongar el tiempo hasta ver resultados y que las lecciones de cada escalón son fundamentales para el éxito.
🏗️ Aplicar habilidades existentes de una forma innovadora para construir riqueza
Se explora la idea de cómo se pueden aplicar habilidades existentes de nuevas maneras para generar ingresos y riqueza. Se mencionan ejemplos de personas que han utilizado habilidades específicas, como la construcción o la creación de contenido, para desarrollar negocios adicionales y fuentes de ingresos pasivos.
📈 Diferencia entre ganar un mejor salario y construir verdadera riqueza
Nathan destaca la diferencia fundamental entre trabajar por un salario más alto y la construcción de riqueza a largo plazo. Se enfatiza que la riqueza se construye a través de la creación de activos y la inversión en cosas que generan flujo de caja y valor a lo largo del tiempo, como la propiedad de bienes raíces o la creación de negocios con valor duradero.
🤑 Utilizando una escalera anterior para financiar la siguiente en la construcción de riqueza
Se discute la importancia de utilizar el éxito en una etapa para financiar el paso a la siguiente en el proceso de construcción de riqueza. Se argumenta que esto puede proporcionar una medida de seguridad financiera y flexibilidad para abordar los desafíos y riesgos asociados con el crecimiento y la expansión de un negocio.
👥 La importancia del público y la atención en el crecimiento del negocio
Nathan habla sobre cómo cada etapa del proceso de construcción de riqueza se vuelve más fácil con una audiencia. Se sugiere que atraer y mantener la atención de otras personas es fundamental para el crecimiento del negocio y se discuten estrategias para construir una audiencia loable.
🏘️ La historia de éxito de ConvertKit y la lección de paciencia en la construcción de riqueza
Nathan comparte su experiencia con ConvertKit, una plataforma de correo electrónico y automatización de marketing. Se describe cómo la empresa experimentó un crecimiento inicial lento, pero luego se impulsó a niveles mucho más altos después de un periodo de dos años. Se destaca la importancia de la paciencia y la persistencia en la construcción de riqueza, y cómo los resultados a largo plazo pueden ser increíblemente satisfactorios.
🎉 La emoción de ver a los creadores ganar dinero y el impacto de ConvertKit
Nathan expresa su entusiasmo por ver a los creadores de contenido utilizar ConvertKit para ganar dinero y mejorar su vida financiera. Se celebra el hito de haber pagado 10 millones de dólares a creadores a través de Convert Market Commerce, y se destaca la satisfacción de ayudar a otros a alcanzar la independencia financiera.
💡 Consejos sobre dinero y la comprensión de que hacer dinero es una habilidad
Nathan reflexiona sobre los consejos financieros que ha recibido y destaca la importancia de entender que hacer dinero es una habilidad que se puede aprender y mejorar. Se argumenta que esta comprensión cambia la mentalidad y permite a las personas tomar control de sus resultados financieros y de riqueza.
🌟 La riqueza como una herramienta para el impacto y la libertad financiera
Nathan define la riqueza no solo en términos de acumulación de activos, sino como una capacidad para tener un impacto positivo en la vida de las personas que le rodean. Se describe cómo la riqueza ha permitido a él y su familia asegurar un futuro financiero estable y cómo la venta de una pequeña porción de su empresa ha tenido un efecto dominó en la vida de su familia.
📚 Recursos de Nathan para aquellos interesados en construir audiencia y negocios
Nathan proporciona información sobre cómo seguir su trabajo, desde sus cuentas de Twitter hasta su blog y su boletín informativo. También promueve ConvertKit como una herramienta para ayudar a los creadores de contenido a construir y gestionar su audiencia y negocios.
Mindmap
Keywords
💡Laderas de la creación de riqueza
💡Tiempo por dinero
💡Negocio de servicios propios
💡Servicios productivados
💡Venta de productos
💡Habilidades
💡Escalado
💡Leverage
💡Validación
💡Ahorro
💡Inversión
💡Pasión
💡Audience
💡Innovación
💡Estrategia
💡Fortaleza financiera
Highlights
Nathan Berry's blog post 'The Ladders of Wealth Creation' offers a step-by-step roadmap for building wealth through businesses or side hustles.
The framework consists of four ladders: Time for Money, Own Service Business, Productized Services, and Selling Products.
Making money is a skill that can be developed through deliberate practice and learning thousands of small skills.
Ladder one, Time for Money, involves trading hours for dollars, starting with basic jobs and progressing to higher salary positions.
Skills like consistency, reliability, and growing expertise in a field are essential for moving up the wealth creation ladders.
Ladder two, Own Service Business, is about starting your own business, such as a freelance or lawn mowing company.
Ladder three, Productized Services, involves selling services in a package or subscription model, reducing the need for one-to-one interaction.
Ladder four, Selling Products, allows for true leverage where products can be sold and delivered without the creator's constant involvement.
Reinvesting time and money is crucial for acquiring new skills and tools necessary for moving up the ladders.
Skipping steps in the wealth creation process can lead to missing validation and learning opportunities.
Applying existing skills in new ways can help build wealth, such as using construction skills to remodel properties for rental income.
The difference between working for a better wage and truly building wealth lies in the equity and long-term value created.
Using an earlier rung of the ladder to fund the next one is a smart strategy to protect finances when transitioning between business stages.
Building an audience makes each step of the wealth creation ladder easier by providing a support base and attention for your offerings.
Wealth creation takes longer than expected, but the results can be incredible, as seen in Nathan's journey with ConvertKit.
Nathan Berry's personal experience with ConvertKit demonstrates the power of perseverance and the long-term growth of a business.
Wealth, to Nathan, means having a positive impact on everyone around you and ensuring they are taken care of.
Transcripts
so Nathan welcome to the personal
finance podcast thanks for having me on
so we are so excited to have you here
because you wrote this blog post called
the ladders of wealth creation that is
something that I read years ago and it
absolutely was a light bulb moment for
me especially for people who truly want
to build wealth through businesses or
maybe they even just want to start a
side hustle I think this is such a cool
way and it's such a great framework to
actually think through this process
um so it is a step-by-step roadmap to
Building Wealth and it is one of the
coolest things that I have read in a
while so there are four ladders of
wealth creation that you describe in the
post can you kind of explain these four
ladders
um and what they are yeah so I was
looking for a way to
I guess break down all all these
patterns that we're seeing in the world
and they're things that I knew to be
true and I I wanted a way to represent
it systematically and so
I wrote it down in four letters
[Music]
um
basically As you move through in your
entrepreneurial Journey the first one is
time for money uh second is your own
service business third is productized
services and fourth is selling products
and it's a you know it's a giant
framework trying to fit in all kinds of
things so there's something it works
well for another you know other things
not not quite as well for
um but the biggest idea behind it is
that making money is a skill which is
something that I first heard from uh
Jason fried maybe back in like 2009 I
don't know a long time ago and he's like
look making money is a skill like
playing the drums or something else you
wouldn't expect to like sit down on a
piano and be able to play this amazing
like piano solo without like deliberate
practice of building up these like
thousand little skills and
um
so I was thinking about that and it's
basically like making money is the same
thing where it's a combination of a
thousand little skills and so this is
trying to map it out of how how do you
do you best develop those skills over
time and then how do you introduce
leverage right of Leverage is this thing
that
is both wonderful and horrible you know
I guess it it is in itself neutral and
just magnifies
um
things in other ways and and uh it can
be incredible for Building Wealth and so
the whole post is just trying to
navigate those Concepts and I love that
part about it because it actually breaks
it down into these simple steps and what
we talk about this podcast all the time
Nathan is that it is a skill to build
wealth and it is skills that you can
acquire and once you acquire all these
skills put them together that is where
you can really start to accelerate that
path and like you said once you
introduce leverage then it really gets
even faster so that is one of the
coolest things about this post that you
introduced as well so on ladder one it's
some of the basic skills that we have to
master is on ladder one and it's one of
the the earliest things that most people
do and most people enter latter one they
don't even know that they're there so
can you walk us through
um what ladder one is and some of the
basic skills that you have to have when
you when you get on ladder one yeah so
latter one is time for money and you can
think about this uh in the simplest way
of you know hey I will mow your lawn for
20 an hour you know
um or like those first jobs that you
might have in high school or you know
any any hourly job working for a company
and then it could go up right a salary
job working for a company my last job
before I worked for myself forever I was
working as a designer for 63 000 a year
at a software company you know and that
was like that is trading time for money
uh some of the skills that you need
um early on right showing up
consistently being reliable uh and then
as you move up that ladder and there's a
huge income range in that ladder right I
could go from 15 an hour to you know
people with salary positions that are
500 000 a year potentially
um you know it's it's really growing in
your area of work whether it's as a
software designer or a landscaper or
whatever else right as you acquire more
skills you become more more valuable
through the company and you tend to get
paid more or you jump and switch to
another company that will pay you more
exactly that is the cool thing too like
when I worked in the corporate world one
of the biggest things that I remember
doing was I would look for people above
me in the corporate world and say what
skills do they have and then I would go
try to acquire all those skills you're
kind of building up your Baseline of
skill set when you're doing this but it
could be anything along the lines of
even your basic
um High School job like you said I
remember I think I read that yours was
Wendy's in that post yes um where you
were working at Wendy's very early on
and then look where you've come now
today which is absolutely amazing so
it's one of those things where all of us
have those entry level jobs but it could
be any type of range there
um which is you know where we all learn
where we all grow some of these basic
skills so now that you've mastered the
basic skills of ladder one then you can
jump to ladder two where this is your
own service based business and I think
this is where a lot of people can really
start to build out a side hustle even
when they're still on ladder one they
can have this service based business and
then maybe transition into it full time
because so can you walk us through a
service based business and some examples
of this ladder as well yeah so that
could be as simple you know using my own
examples it's like hey I'll design this
website for you for fifty dollars an
hour you know like we're just we're
starting out in that that that's uh
pretty basic uh it could be instead of
working for the lawn mowing company I
have my own lawn mowing company
um anything in there now in this there's
a whole bunch of skills that you have to
learn
and if you try to jump into this without
mastering some of the skills previously
right imagine starting your own service
based business but you're terrible at
showing up consistently you don't have
these basic skills that's why when
people
uh who are not reliable or like oh I
don't like working for someone else I'm
going to start I'm gonna be a freelancer
instead it's like you're gonna find that
it's even harder without accountability
from a job you know so that's why it's
often best to start with is basic you
know start on ladder one learn these
skills move the latter two of the
service business
you gotta you imagine there are some of
these things like
you know how do you find clients how do
you
um hire employees as you go further on
how do you establish an online presence
I remember
when I filed for my first LLC it's like
oh man how how do you even do that what
and now like someone asked me how like
that same question on like a month ago
and I was like it is the easiest thing
there's a form you fill out on the
website you you submit it you pay your
100 bucks or whatever like but if you've
never done that before it feels like
this big obstacle uh or like getting an
EIN someone's like what what even is
that and you're like oh well you fill
out a form with the IRS or you call them
and they'll give it to you and whatever
you know these things are that seem hard
uh then become
really really easy and there's some
other really important
um skills that you have to build like
following up with customers
that is a no one is like inherent with
the skill of oh if I want something done
I will will follow up consistently
it's like no you gotta learn that and so
you want to learn it when the stakes are
low
um because if you're trying to learn
these things as we'll get into it with
products or all that then oh man it's
gonna be rough and I could not agree
more it's one of those things where it's
kind of like developing a muscle the
same thing with Fitness where it's just
something where you do it over and over
again and once you get comfortable with
it then it just becomes very easy you
can even think of it as if you started
your first job you know when you start
that job for the first six months maybe
you're thinking through everything seems
a little bit difficult you're trying to
figure out the systems of that company
and then later on it just becomes easy
it becomes second nature after you've
been there for a couple years well these
are the same things but some of these
skills is that the more that you do them
the better you'll get at them and but
you need to have these skills especially
as you get deeper into some of these
businesses and later on in some of these
ladders as well so the third one is uh
product product size services so this is
one um that I've seen a number of people
skip so you go into having a service
based business and a lot of people try
to jump to ladder four which we talked
about was
um selling a product so this could lead
to disappointment in business like
you're saying unless you develop some of
those skills so what is
um can you explain some examples of
ladder three and how people can actually
go about doing that yeah so productized
services are really where you're trying
to bridge this gap between
peer services and it might be selling by
the project or something like that right
so I've gone from all I'll do logo
design for you for 100 an hour or two
for twenty five hundred dollars I will
do a brand design package for you
right a lot of that happens in the
services like a more sophisticated
version of a Services business
that's pretty normal productized
services
is where you're trying to make it so
that the sale can happen without you
and as much of the Fulfillment can
happen in a systematic way it might
still involve you a lot
so a difference would be so I will edit
your Vlog you know you give me the Vlog
footage I will edit it for you for fifty
dollars an hour that's one thing
another version is you sign up for a
thousand dollars a month you have access
to this service where you drop into the
footage and we'll turn it into four
Vlogs every month so one a week like
clockwork so a couple things in this
it's a recurring purchase
someone's buying an outcome more than
they're hiring
um an individual
uh the payments are processed usually
not by like sending an invoice and then
getting paid or this back and forth
um it's you know processed through
stripe or converted Commerce there's you
know an automated tool it's starting to
seem a lot more like a product
and then the other one that's really
important is the sale is usually made
without a one-to-one touch if I'm
running a web design business and I'm
trying to convince you to become a
client we're going to sit down we're
going to talk on Zoom I'm going to you
know write a proposal we're going to
talk through this a bunch it's a
high-touch sales process
so the product I service we want to do
it where it turns into a low touch sales
process so it might be I do a lot of
Consulting on search engine optimization
well that's like a bespoke thing what
does it cost I don't know you know I
gotta know your project instead it could
be I will do for a thousand dollars I
will do an SEO audit for your site and
you're like oh sweet I've been reading
your blog you seem good at this bye and
you made a purchase without me having to
sell you individually because instead I
sold you through copywriting sales page
design which are hard skills to be clear
like you got to learn all of those
um and so in that now we're starting to
introduce Leverage
right because time and money as removing
these ladders time and money are
starting to drift apart they're not
like ladder one they are locked up
together ladder two it can kind of be
like I'm charging for
uh you know maybe first is hourly but
then I might be charging for a project
ten thousand dollar website and
you know if I if it takes me forever
I might lose some money or I might like
make less but if I get it done really
fast I might make a crazy hourly rate
like 400 an hour or something
um
and so really we're just providing
opportunity for leverage of things
including part both in sales process and
in the Fulfillment of the product and
that's what I love about it is once the
leverage comes into play and you stop
trading that time for money and once you
start doing this if you've never felt
this feeling before anybody listening it
is something where you're like I cannot
believe for so long I was trading time
for money because once you start to do
this and and systematize it all is
absolutely amazing so
um I love that ladder as well and I
think it's one where you really do learn
a lot of skills in between there and
when people skip it they really miss out
on some of those skills and maybe the
fourth ladder becomes much more
difficult if they skip that one because
you have to at least understand those
skills before you go to the next one so
the fourth ladder is to sell a product
and this is kind of the level where
convertkit is now
um and it's one where a lot of people
want to get to but they try to
accelerate their path there so this is
where it's really possible to scale
obviously and create some passive income
as well so can you explain this ladder
in some products that maybe you'd be
able to sell yeah so this ladder is
selling products so now we have true
Leverage both in the sale of the product
right it's purchased without a
one-to-one touch and the delivery
and so now we can have full leverage
convertkit Works basically the same
whether it has one customer or a
thousand customers or five thousand
customers
um
like if you take an ebook for example
this is a a great example it's a huge
amount of work to write an ebook
and let's say I spend
um
six months writing that ebook
that effort is the same
whether I sell one copy and make twenty
dollars or a thousand copies and make
twenty thousand dollars
and so this is the curse and benefit of
Leverage right and the reason that I
think
people jump too soon to selling products
is the bar the bar for what you create
is much higher
right we gotta write a full book
whereas if I did a Consulting package on
that topic
I can learn how to sell it how to
package it all of that it has a
productized service without doing all of
this work to
you know spend 500 hours or whatever
writing the book and so now what we've
got is
we're avoiding a lot of risk because I
think what most people do is they say I
want to sell a product and so I need to
then first make it and to be like okay
it's a book I'm going to spend all of
this time writing and creating this
thing and then they go to market with it
and no one buys it because they don't
actually know all of the skills of
packaging positioning pricing driving
traffic uh how how and where to sell it
and everything else so there's tons of
things in the product ladder like it
takes you know I have digital products
that's kind of the easiest
and then you can get into like products
sold in an existing ecosystem so this
could range from like iOS apps or
WordPress uh plug-in to even like
um
you know an Airbnb house
right you're not you don't have to
generate demand uh for yourself you're
making something you're packaging it up
and you're putting it inside of an
existing ecosystem so that's a bit
easier
I've got physical products e-commerce
um is is challenging
um
uh you can do subscription software
especially if you package it with
consulting services that can help you
get you in the door sooner and then SAS
is very challenging I would not start
there and then ultimately like the top
of the ladder
uh where you have both the highest
difficulty and the absolute highest
wealth creation ability is in things
like marketplaces and social networks so
if you look at the companies that have
like the highest revenue per employee
Facebook Amazon
you know Apple uh right these companies
very very hard to do
and part of what I'm trying to explain
in this is why when someone says like
hey I'm gonna make the next Uber for
whatever
it's like just so you know you have none
of the skills necessary and you're
saying Hey I want to select the very
hardest thing and start there
and like oh but the earning potential of
this works is so high and it's like you
are absolutely right if this works maybe
not the Uber for whatever idea right but
if they're like Marketplace idea or
social network if it takes off you know
if you build the next tick tock sure to
potentially build something worth 50
billion dollars 100 billion dollars or
more is incredible
but the likelihood of success because so
many things have to go right and so many
skills have to be learned
um is is very low exactly it's taking us
at phases and kind of getting those
skills acquiring those skills then you
can kind of level up into some of these
products even like you said just a
digital product which is the basic level
on there if you don't understand if
there's a want or need for this if you
don't understand how to sell it or put
it all together or have the skills to
Market it with something like convertkit
or something like that then you are
really going to struggle and a lot of
people I've seen put out courses or they
put out ebooks like that they've spent
so much time creating it without kind of
figuring out how to actually sell this
stuff and then it absolutely flops so
it's one of those things where just the
basic levels building up those skills is
absolutely imperative so I love how you
phase these out I love how you think
through this and the framework so I
encourage everybody we'll link it up
down in the show notes below so you can
check it out but we want to go to kind
of the second level on this because you
have eight principles to grow your
wealth and income over time and it kind
of tie in hand in hand here
um on how these how these go through the
process and the first one is extra time
and money need to be reinvested so what
are some of the best ways you have found
to reinvest money and time
yeah it depends on what what you're
trying to do
um one example
um
you know there's some of these these
skills that we want to learn that that
require software or tools you know if
you want to become a video editor and
you're using like that Chromebook that
you had from high school like it's not
going to cut it you know and so as
you're
whatever job you have as you're making
money from it you you better be setting
that aside to uh to get like a MacBook
Pro or something like that right
um
you get that side of things really
anytime you have this money
um I think it's one of the later
principles but
it can be time consuming or expensive to
jump between ladders and so the more you
save and reinvest money
um the more
you can
um
the more cushion and flexibility you
give yourself to jump between ladders
what a lot of people do is they jump you
know from ladder one to two or two to
three
and they do it with no cushion or buffer
and it fails
and so because they're like oh I did
this and so it's gonna be easy to get to
the next ladder or they try to skip
multiple ladders at a time which to be
clear it can be done it's just really
hard and will take a long time and so if
you're in this position of spending
everything that you make it's going to
be really really hard to move up the
ladders whereas if you're in a position
where you're constantly saving you're
like hey I need to take this course to
learn this next skill I'm going to hire
this coach I'm going to invest in the
software you know whatever else or just
build up a savings account when I went
from a full-time job to freelancing from
ladder one to ladder two
uh I'm I had a huge overlap between them
I think that's the later principle too
but not only did I have an overlap there
was doing both at the same time but I
used the capital from uh my very first
products
um as I was going freelancing and all
that you know I had twenty thousand
dollars saved up and so I'm like I've
got I think at the time that was like
five months of living expenses for me
and so it really de-risked moving
between ladders exactly it's amazing how
those principles kind of fall into
personal finance as well as long as you
have something it's the same thing like
per if you have an emergency fund or
something along those lines it's having
that in place but the same thing goes
for business and I actually even do this
like on our P LS and stuff for some of
our businesses I have something called
growth where we just actually put cash
towards that
um so that we can move on to the next
steps that we need to move towards and
have that cash reserves there so it's
really cool to have those buffers
because it reduces obviously the stress
and anxiety and the pressure but in
addition it just helps you get to that
next level and then reinvesting that
money I remember like even when early on
in some of my businesses when I was
really Frugal because when I started off
I was I was extremely Frugal and still
am but
um even early on when I wouldn't
reinvest some of the cash I noticed some
some areas would struggle and then once
I started to reinvest some of that money
then you would start to see that growth
as well so it's definitely worth it to
be able to start to put some of that
cash to work now the second one we
already talked about a little bit here
but
um it's talking about that you can skip
ahead but you still have to learn the
lessons from each step so we talked
through some of that as well but how
does the Journey get more difficult if
you skip ahead and how do a lot of
people fail when they skip ahead
yeah
you're missing signs of validation
we like to learn
um
let's think about different skills right
there are some skills that give you
feedback really early on right they're
easy they're fun to learn I've played
pickleball a tiny bit and I think the
reason that it's so wildly popular
is it makes you it's a very approachable
game to play because the ball is moving
slowly it makes you feel like you're
better at it than you are
versus maybe if you played volleyball
for the very first time and like you
can't even make a basic pass or receive
a ball right it's harder or or like
tennis is much harder right you get
these things that are
uh if you're trying to skip ahead it's a
lot harder and it's gonna be frustrating
and you're not gonna see results so in
the same way if I'm
trying to sell a product and I don't yet
know how to make a landing page I'm
trying to cram a bunch of learning into
one step
and I'm not getting the validation and
feedback that oh this is going well
whereas I could learn how to make a
landing page to sell my service business
or my productized service and someone
buys that quickly and you know I didn't
have to spend 500 hours making a product
to learn that
so just as humans we want to feel
progress and momentum and so if you're
doing this in smaller steps you're going
to feel that as you go and if you choose
to skip steps which is totally fair I've
skipped plenty of steps I have examples
in the article of people who have been
very uh successful skipping steps
if you choose to do that just know that
you're compressing that learning
into a single project and it might make
the project take a lot longer until you
see success for sure and I think that's
one of the things early on in business
as well where I was trying to learn how
to trying to accelerate my path and try
to move really fast and what I realized
was if I just went a little bit slower
on some of these steps then I could
actually accelerate my path later on
um by just going slower learning some of
those skills and the third one kind of
ties into those skills which because you
can apply your existing skills
um in a new way to build wealth and I
love your example you have the friend
who was in construction and they they
bought a house with a an additional unit
as well and a lot of people who listen
to this podcast are Real Estate
Investors so they're gonna love this and
with that additional unit you know
they're in construction so they were
able to remodel that unit and then be
able to rent it out for an additional
eighteen hundred dollars a month or
whatever it was of cash flow
um and that was just one great example
of how you can use your skills to create
more cash flow within your life are
there any other examples that you can
think of or any anybody that you've seen
that has done something like this where
they've used their skills and acquired
new ways to build wealth yeah I mean I
think you see it with a lot of service
providers who then move into the course
business or like teaching you know so
I'm a designer I've learned figma really
well and then on the side I start
teaching people how to design in figma
um right or uh maybe I'm a video creator
and I've got my perfect Zoom set up
right
for my my studio and all that people are
like wow that's really good how do you
do that it's the same skill to know how
to set up a studio but then you apply it
in a new way of like saying hey I will
do it for you
right that's one thing now we're into a
service business
you know yeah pay me 100 bucks an hour I
will set up your studio for you uh for a
thousand dollars it could be a
productized service and you're just like
hit buy and I'm gonna you know tell you
exactly what to do or maybe the product
version of that there's two versions
one product version could be
um a course
you know so you're not even getting any
of my time I've done it once and now you
know everyone can take it to get the
studio how does the the course of how to
set up the perfect Studio
um or you know it could be something
where you click buy and like you get a
box in the mail with all of the lights
cameras everything and the course and
all of that right
um and so like knowing how to set up
a good webcam Zoom setup is a skill and
then you can apply it in a lot of
different ways I like to build wealth my
favorite example is still the you know
the construction skill
um like reapplied to being something
that generates like persistent cash flow
absolutely and I think
um even on that studio example for the
zoom calls there's one Creator I'm
thinking of that has like a similar
product to that where they they do that
and they create courses I think it's
called like dream Studio Tour or
something like that yep
um and they they create courses on how
to do that it looks really cool they
have like one of the best landing pages
I've seen in a long time
um and then when they go through that
process they can also do something where
they offer Consulting as well and he has
a team that does it so he doesn't even
have to to do it fully but he has a team
that does that that will look at your
Zoom setup for like three thousand bucks
or the course is 500 bucks so there's
different levels to it as well which I
absolutely love that so he's using
skills in different ways to create
additional income
um and real estate is probably the
easiest way like you said to kind of go
through that process and understand that
as well so
um and then number four is a cool one as
well because there's a difference
between working for a better wage and
truly Building Wealth so what is the
difference between the two
yeah it's what do you
the difference is what do you end up
with what do you have equity in
afterwards and so the example that I use
is again my friend Patrick who is doing
construction
we built that he built the studio
um he helped me build the tiny house
office that I'm in right now I'd call
him up whenever I get stuck on something
like hey how do you do the roof overhang
on this and he's like oh come over and
show you you know and and so he built
another tiny house and he's like okay
what if we what if we made a business
building tiny houses and you get that
it's kind of even a productized surface
you could say like hey for 50 Grand
here's what you get and
um
all of that and what was interesting is
in that case what you get at the end is
cash
you really just traded time for cash
and so it's like what do you do with
that cash afterwards
versus the Airbnb example that he had
where before where he has something that
he owns he's building equity in and it's
giving him cash flow ongoing
so if we think of different examples
here if I'm an
um I'm a content creator I've got my
newsletter with 10 000 subscribers on it
all of that I can I can be an affiliate
for other products
and that's giving me cash flow that's
fantastic
super low bar uh to enter
but I'm not building equity in something
else if we take this to the extreme
example
uh and go to Ryan Reynolds right Ryan uh
shows up her movie
gets paid great cash to do it you know
or or better yet right he's a um he gets
paid to do a commercial somebody and
they're like hey we'll pay you two
million dollars you just gotta show up
for this one day film this commercial
and here's your two million bucks
step function and wealth and and he's
probably going to invest that in um the
stock market or whatever else
right but then he has this realization
where he's like wait a second
I think I'm providing more value through
this ad than the two million dollars
you're paying me
like more value to the company and so he
goes what if I own the company
and so then he goes about and I have
another blog post on this called uh the
billion dollar creator
but
um he realizes the best way to build
wealth not just cash but wealth is for
him to buy companies he buys Aviation
gin and mint mobile and to be the
spokesperson from them and he's like
okay same thing showing up to shoot a
commercial no one's paying me anything
upfront because it's my company
but then he's getting this crazy
increase in value and I think he sold
Aviation gin uh for I don't remember
what it was five or six hundred million
or something crazy like that
um and I don't think he even sold all of
it I think it was still just a portion
for it
um but the important thing is that he
was making sure that his time his cash
all of that went into something that
could build long-term wealth
um rather than just cash there's nothing
wrong with just cash so long as you then
take it and use it to buy like Shopify
stock or S P 500 you know like
um it's got to go into something that
has real assets and value exactly that
is one of my favorite stories as well in
business and if you look at some of the
best athletes some of the best
um people who are in that industry some
of the best people in music they all
want to acquire ownership of some of
this stuff and uh mint mobile is
actually one of the sponsors of this
podcast as well so
um
exactly it's perfect it's perfect drop
the ad right now but uh that's one of
the uh the perfect spots for that too
because I think it's one of those things
that
um you know it's one of my favorite
things to study is when we're actually
working on an episode where we're going
to go through some of those examples and
that is one of them that's on there so I
think that is one of the coolest
examples as well because he took that
equity and how much more net worth he
had instead of just taking the cash on
that side so I think it's really really
cool one quick thing on that to my
knowledge there is not a single
billionaire in music
who made their money who became a
billionaire through music
but there are a lot of billionaire
musicians
and they all you know uh I don't know if
they're quiet all there right but
Rihanna
um Jay-Z uh Dr Dre you know like as you
get into these people and they all use
the attention from their music and a lot
of cash right the music made cat like it
takes money to move up these ladders and
then they all did something like
launched another product
um same way Kylie Jenner you know is is
uh I think one of if not the wealthiest
of her siblings right and all of that
and it's because she you know it's not
like hey let me make money from my
um endorsement deals or sponsored
Instagram posts or whatever she's like
no no I'm gonna build a billion dollar
Cosmetics company and I'll make my money
through that exactly it's incredible
there's even you know the athlete
examples of like Michael Jordan for
example he's one of the the first ones
to actually do that you can even look at
people like LeBron James or Floyd
Mayweather all these guys wanted like
ownership pieces
um and it's one of the most incredible
incredible ways to study these types of
people I think even there's there's a
bunch of examples but I think um there's
a select few even on the athletes side I
think there's like five or six of them
that are billionaires now
um and all of them the reasons why is
because they took equity in some of
these businesses which I think is one of
the the coolest things and it's one of
my favorite things to watch through as
well so
one of my favorite examples I think you
have the perfect example for the next
one is using an earlier rung of the
ladder to fund the next one so why is it
poor why is it important to do this in
order to protect your finances as an
entrepreneur
jumping between ladders can we'll
combine this one and the next one uh
because it can often mean that the next
one is that maybe between ladders can
you know decrease in income like it
often means that like the number of
people that I know who maybe had a job
making a hundred thousand dollars a year
in their salary and then they're they're
like hey I'm gonna do this freelancer
I'm gonna start an agency
and maybe they get a bunch of contracts
so they're bringing in more Revenue but
then they need to hire employees and
everything else so they're actually
taking home less and that's pretty
normal you know when I think about
um uh in my own career going from a
salaried position to
um
freelancing that was probably an even
Financial move and then I started
selling like Built My audience and sold
digital products and all that got up to
about 250 000 a year uh from digital
products that I was making and you know
it's just wildly more than my salary
and then I was like okay now I'm gonna
move I'm already on the products ladder
but removed from ebooks and digital
products up to SAS you know jumped like
five rungs at once or something
um and it took me I think five years
to get back to the same level of income
of like now convertkit was making
millions of dollars a year but my
personal take home
I think was five years until it like
again exceeded that 250 000 a year
and so this is why
um and to be clear convertk has worked
out very well like my my net worth and
all of that has gone Way Beyond it but
there's this Valley that you don't
expect and you can actually see it in if
I were to show you a graph of my
retirement accounts in wealthfront you
would see it like climb and then take
this steady decline as I like cash out
to like fun lifestyle as I did uh you
know lifestyle makes it sound inflated
fund a basic mortgage and you know
groceries
uh and then like like it takes off and
climbs again as uh and being able to
invest a lot and so really
you know like uh actually the example
of saving up money you know what I did I
I tried to overlap two steps when I went
free to a freelancer you know I was
taking freelance work on the side and
making sure I had this going uh my
friend Patrick who I reference you know
he had to have building materials it is
not cheap to build out a studio to rent
on Airbnb he did so much himself and he
like did it very very cost efficiently
and it was still like 10 or 15 000 you
know out of pocket for this little
studio and so he picked up extra shifts
as a bartender and did all of that so
that he can get the money uh to fund uh
this next rung and so people who are
like oh I want to
um
I want to move up the ladder but I can't
afford it you know or I can't do that or
they say something like oh it takes
money to make money and you can debate
how much that's true or not but
um it's like yeah that's why you have to
live below your means and you have to
build up this cushion so that you can
move between liners otherwise you're
going to be stuck somewhere that you
don't want to be and not have the
ability to uh make a jump
absolutely and I'm sure during that time
frame where you were taking the
reduction Pace sometimes it's difficult
for people to go through that and that's
where
um a lot of people for entrepreneurship
is kind of surprising when they have to
go through that process in terms of
taking that reduction pay for those five
years even though convertkit was doing
very well and now convertkit is
obviously doing amazing and Nathan's
being modest that it that it's doing
well it's worth hundreds of millions of
dollars now so it's one of those things
that's absolutely amazing and it's one
of the coolest stores it's what we use
for our email list as well so I
absolutely love it
um now the next one is is one that is
very cool and I'm seeing a lot more
people talking about this openly now as
well but each step gets easier with an
audience so you see people talking about
um attention and how important attention
is especially when you're trying to
build a business and you can see all
these people who are are big in business
starting podcasts or they're starting
all these different things YouTube
channels
um all across the board or newsletters
as well and I'm seeing that really take
off as of late so what are some ways
people can build an audience um in your
opinion what are some of the best ways
that people can build an audience right
now yeah I think the in the most basic
sense
um you should do interesting things and
talk about it or maybe phrase
differently you should go on an
interesting Journey
so if you're saying I am
working my salary position right now and
we can make up whatever you know
whatever job uh it is and I'm going to
get into investing real estate
and my goal is that 10 years from now I
have
I'm just totally making things up but 10
single-family homes that I own and my
full-time income is coming from that
right
that's kind of an interesting story like
how are you going to do that and so you
clearly articulate your goal and then
you blog about what you're learning
along the way
my example of this is when I started to
convertkit I said hey I'm going to build
a Sasa application
I'm going to do it in six months and I'm
going to get to five thousand dollars a
month in monthly return Revenue yeah oh
and it's going to be customer funded and
I I live blog that and people were like
I don't know they could do it but sure
I'll subscribe and see if people are
like oh this is amazing what are you
learning so I have blog posts about how
I hired a developer how I chose the name
how I you know when it's not written
from the place of like I'm the expert
who's done all of this before like let
me tell you I have you know I've come
down from my Ivory Tower and I'm letting
you know the best way to do this
instead it's like here's what I did last
week here's the progress that I made and
people love following a journey
and then I also think that
you know like when I was learning
software development and often read
articles written by experts that
it just felt like there was something
missing
and I realized what it was is it had
maybe been five years or more since
they'd been a beginner or 10 years since
they've been a beginner like me
and so they're like oh just do this in
the same way that right if I might start
a business just like uh you know file
for an LLC grab an EIN blah blah blah
blah and you're like hold on
I totally stuck on grabbing Ein you know
um
but someone who just went through it is
going to have to be like oh here is how
you do the steps I just went through
this I got stuck on this part so you
might too
and so I think if you take that
um if you if you have a specific Journey
you like you know you're going you share
that story uh in a way lets people
follow along
um
and then take that beginner mindset and
there's two principles
um that uh I don't have them they used
to be posters on my wall uh they're not
in this office but they are teach
everything you know
so not like oh I'm only going to teach
the things that I'm an expert in
but like just teach whatever you learn
this week teach that
um and do it from the place of a
beginner intermediate whatever your
skill set is and then the other one is
work in public
like don't disappear for
months or years and work off on your own
instead like hey I made stuff today
what did I make teach it share it you
know put it on the internet here's what
the problem I ran into
it's interesting we love following
people's Journeys and then what happens
is you end up with this group of 50
people 100 people 10 000 people who are
following you and when you go like hey
I'm gonna move from writing ebooks to
building a SAS company people are like
oh sweet tell us about that that sounds
interesting you know and then you get
this like how do I say it like what if
you had
for whatever you're doing in life what
if you had like 500 people who are in
your corner cheering for you and me like
oh man like Andrew I can't wait for that
to succeed
like whatever you do and that sounds
ridiculous and too good to be true and
that is exactly what it means to like go
about business uh with an audience and I
think it's the biggest cheat code uh you
could ever have I could not agree more
and I think one of the coolest things
about it too is once you start to to
learn some things and you're starting to
build out some of these skills and you
start teaching these skills those skills
are going to be so much better because
you're doing it with a teaching mindset
so you're just gonna gonna acquire those
skills but when you teach it it's even
easier I even notice this like even when
I read a book for example I read books
with the assumption that I'm going to
have to teach it at some point
um and it's one of those things where I
just I regurgitate that information so
much more with that kind of mindset
because you really think deeply about it
and think through all the processes so
it's one of the coolest ways to be able
to do that as well it actually helps you
with in business and all of your skill
sets
um so I could not agree more with that
one and it was one of my favorite things
so
now the last one is it takes longer than
you think but the results can be
incredible and this is absolutely true
um and it's probably true within your
journey it took longer than you think to
get back to that 250 000 a year even
when you went through that process but
how is this true in your own Journey
um when you went throughout this process
of getting to convertkit and where it is
now yeah so I thought when I launched
convertkit I'd be at uh well I mean I
wrote in the blog post I thought I'd be
at 5 000 a month in recurring Revenue
within six months
instead I hit 2 000 a month and it's
like okay
you thought this trend you're a little
behind Pace like
sure we'll catch up give it time in
reality what happened is for the 18
months after that we basically bounced
around that number or and shrunk
and so at the two-year Mark after
starting convertkit we were at 2000 a
month uh sorry we're at like 1500 a
month in recurrent turns out churn on
recurring Revenue business is pretty
painful
and so if someone had told me that two
years
after starting
I'd get 1500 a month in Revenue I don't
think I would have done it
now around that time
I had a friend uh named Heaton Shaw who
really encouraged me to
he like either shut down convertkit and
do something else or like double down on
it and really give it everything that I
had and that's what I chose to do
um and that was in it was two years in
so January 2015.
and in that moment it's like okay I'm
gonna double down on it and you know it
took one month to go from 1500 to 2000
and then
um like three months later four months
later we're at five thousand a month in
Revenue I could start to take off and
then ten thousand if like
six months after doubling down over ten
thousand a month in Revenue a year after
doubling down over 100 000 a month in
Revenue
um you know two years after doubling
down we're 500 000 a month in Revenue
you know and today it's like two and a
half million a month in revenue and so
I think it's just this idea
we think that all this is gonna happen
faster
I think there's a I don't know who's a
quote for But like everyone
overestimates what they can do in a year
and underestimates what they can do in
five years or a decade or something like
that right
um and it's just so much the case and
one of my favorite stories in this is uh
I have in the article but
is my friend's a friend in high school
is grandma or his grandfather passed
away
um when his grandma was about 60 and
um
you know so his grandma's like you know
not sure what to do now with her time
and and they had a little bit of money
they had two small houses
um that were paid off because they lived
really conservatively and
uh and she's like well I like buying
real estate so let me buy another house
and fix it up and rent it out
and so she does that and then a couple
years later she buys another one and
then like a year later she buys I guess
now a fourth that maybe you know like
and it keeps going and she just gets in
this habit where like every bit of cash
flow she just keeps rolling It Forward
um and he gets the point that she's
buying like multiple houses a year
and uh when I met her she was 80. and so
she'd been doing this for 20 years and
she had well over 25 homes that she had
Acquired and she has this real estate
Empire
and this is before like uh you know it's
real estate Empires were now worth like
well when I met her with worth probably
like two and a half three million
dollars maybe more
um and then over the next 10 years that
like more than doubled because the Boise
area of real estate has just gotten
insane
um you know so what's interesting is at
no point it was she like I'm going to
acquire this massive real estate
portfolio she's like I'm gonna just keep
doing this and keep rolling It Forward I
mean it's like the the Idaho Grandma
version of Warren Buffett's snowball and
it's just like the most amazing thing
what I think what she passed on to
um
her kids and grandkids is worth like 10
million dollars worth of real estate wow
because of the ridiculous appreciation
and even if you ignore the appreciation
it got to the point where the cash flow
off of it was was ridiculous
that's absolutely amazing that's a great
example too of like it's never too late
to start and start to to start Building
Wealth along the process
um and and the Warren Buffett example is
one of our favorite ones because I think
he built the majority of his wealth
after the age of like 57 or 58 it's
something like 99 of his wealth which is
really cool
um so that that's an amazing story as
well and I think you know going along
that Journey you're right it's the first
year you may think you can get there
faster that you once you realize it's
hard to build the skills and say oh
these skills may take a little bit
longer for us to actually acquire and go
through this process then you kind of
realize yeah it's going to take a little
longer than I thought but then once you
get to that five-year mark it starts to
accelerate even more which is which is
some of the the coolest part as well so
um I want to shift to some of these
questions that we ask a lot of our
guests and we get really interesting
answers so I think
um I think you're the perfect person for
some of these questions as well so what
part of your work life work or life
makes you come alive oh
um I like so today actually we hit 10
million dollars uh that convertkit has
paid out through convert Market Commerce
to creators it was a fun Milestone we
actually like got to look and see like
who's the creator that had the 10 you
know not 10 millionth payment like who
processed the 10 millionth dollar uh and
there's actually this designer out of
New Zealand named Holly who uh
um sells design coaching services oh
perfect example
uh she has gone from time for money I've
just designed stuff to her own service
business providing design and then
through converted Commerce she's like
hey I will Coach you on leveling up your
design career for 350 you can book a
session which is a product I deserve us
um so what makes me come alive is like
seeing creators make money uh it's all
of these things are skills and habits
that you can learn and I love teaching
it and then I love providing the
software and Tech to make it easier and
then I love when like people do that to
create
like major changes in their life and
their family and everything else so yeah
and I love that it shows through the
work that you guys do it's like the
Creator Hub basically of all the the
features the tools that you have there
is one of the best ways to if you're a
Creator it's one of the best ways um to
grow your not only your email but
there's so many other features and
things that are there as well so the
second one is what is the best advice
about money that you have ever received
um
oh there's so many things like money is
basically my favorite topic ever
um it's pretty you know I like it a lot
when it beats out like design and
audience building of things I want to
talk about exactly I think that
you know this idea that making money is
a skill
sounds it sounds simple on the surface
but it changes
your entire mindset changes everything
and the reason is
I used to think that who had money
what you earned what you kept the wealth
that you built came down to like a few
choices who you knew you know I had an
uncle growing up who was a doctor right
I knew that he made more than our family
did right it's like oh that's because he
chose to be a doctor
uh random side note most of the
wealthiest people I know highest earning
uh are content creators and they make
way more than any of the doctors that
I've ever met it is wild to see that
because there's a lot I know they're all
it's crazy
yeah who would someone's like hey go to
school become a doctor you can make a
quarter million dollars a year maybe
specialize you make half a million
dollars a year and we're like go be a
content creator you can make a million
dollars a year it's like exactly five
years ago that's a ridiculous idea and
now it's like oh yeah now the math
checks out
it's the power of Leverage
um
so I think
if you really internalize making money
and Building Wealth or skills
um or the combination of many thousands
of skills then you start start thinking
about it of like okay
what do I have control over what do I
need to learn how do I need to apply
this rather than this idea of
um
even like wealth as a zero-sum
game you hear a lot of people I I don't
think someone listening to this podcast
is going to come from this mindset but
if you pay attention to the news at all
people are like really having this idea
that oh if Warren Buffett makes another
billion dollars that means that someone
else doesn't have that building right he
took that from someone else and you're
like it's not a zero-sum game that's not
at all how it works and when when you
start thinking about things in terms of
skills
then it's like oh this is within my
control yes luck is a factor luck is
always the factor did you you know were
you born uh in the United States in the
year 2000 or
you know were you born in Europe in 1915
like you're gonna have very different
different experiences based on that so
luck is always a factor I think it's
also uh maybe a Warren Buffett quote
where he talks about winning the ovarian
Lottery of like where you were born
um
but you just if you internalize that
that is a skill then
um you're really going to take ownership
of the outcomes and decide how what
skills do you want to learn how do you
want to apply that and then what can you
turn it into I absolutely love that and
I think it really does go deep like you
said there's so many different levels to
to the skills that you can have to build
wealth and once you start to acquire
some of those skills you're really going
to see a major difference as time goes
on I remember just starting off like my
entry level job and thinking the same
thing like I should have went to school
be a doctor or something along those
lines but then once you start to acquire
these skills it really starts to
accelerate
um and you can really see that happen so
my the last one is my very favorite one
and it's one that we get a different
answer every single time so
um it's really interesting to to see how
people kind of think about this but what
does wealth mean to you
okay so it's a it's yeah it's a broad
term that can go a lot of different
directions
um man the first thing that comes to
mind is is like impact
um I want everyone
I
like everyone in my family everyone I
know
um
uh everyone who reads my work uh all of
that to like be better off in some way
uh because like we cross paths
and so I think about like how can I do
that whether it's
uh the wealth that we're building in
convertkit
um that you know how do I help everyone
who works for uh for convert to become
financially independent how do we build
something that's wildly valuable
um how do I spend my time on things that
I want to
I'm not so much of of like oh wealth is
being able to spend my time on anything
and so you know I achieved a certain
amount of of income and now I'm just
going to go uh do woodworking or
something which I love but you know
um
all that
wealth to me is
it's like the compounding and leverage
over time I think the most ridiculous
example to me
is
last year we we did a small secondary
sale for convertkit to help team members
sell shares and equity and all of that I
sold one percent of the company or one
and a quarter percent of the company for
two and a half million
uh and retired my parents and my wife's
parents with that money and it was just
wild to be able to sell one percent of
like to create something so valuable
that one percent of it
is like
enough to push
actually six people because my parents
are divorced to remarried so six people
into retirement you know and uh
we talked a lot my wife and I talked a
lot about it because we're like oh
should we sell some Equity we don't need
the cash you know
it's not gonna make a difference uh for
us we don't live an extravagant life I
mean I live on a farm in Boise Idaho
right like you know my lifestyle
expenses are not not that High
um
but then what we came to is realize like
time is a big difference
right more an extra two million dollars
today isn't really going to make a huge
difference for us we don't need that
but for our parents who are you know
still three four five years away from
retirement or it's a bit of an unstable
retirement they're not quite sure
like that when they're 62 64 years old
like that time that money now makes a
huge difference for them
um
and so being able to do that last summer
they all left their jobs they all you
know somewhere a year away from
retirement some were five
um but they all moved into retirement
um
and actually my stepdad passed away five
months after we did that
wow and so he had a whole bunch of
health issues so it wasn't a it wasn't a
huge surprise you know we knew
oh I think we thought he'd lived for
another three or four years
um
but he passed away knowing
that his wife my mom was 100 financially
taken care of
and so like wealth to me is being able
to do that like being able to make sure
that everyone's taken care of everybody
um
uh it's a positive impact on everyone
around you and
um right again it's wild to me right
that one percent of something could
create such a amazing change so yeah I
think that is one of my favorite answers
that we've had because I think it's it
comes down to a lot of things we talk
about on this podcast is generational
wealth as well but a lot of people just
think of generational wealth as handing
it down to maybe their kids or their
grandkids that type of thing but it is
all generations within your family and
what you did was create freedom for so
many people within your family which is
absolutely amazing and just that one
percent changed so many people's lives
um and that is so cool that that it went
through that process so that that is
absolutely amazing so Nathan this was an
amazing conversation I think there's
going to be so much value that people
can take out of this episode so where
can people learn more about you talk
about your Twitter your blog everything
else convertkit everything you have
going on yeah let's see a couple things
uh if you want to follow me on Twitter
uh just at Nathan Berry uh berries
b-a-r-r-y and try to drop threads on you
know life experience things that I'm
learning all of that the blogs at
nathanberry.com the biggest thing we get
on on the email newsletter there's a lot
of stuff that I send out to the
newsletter because I don't polish it up
enough for the blog it's not like a mass
like an epic essay
um and but it's still like my thoughts
and musings
um there's also if you subscribe to that
for long enough you'll you'll see a link
I have a private newsletter just about
money like I only share with people who
like really follow my stuff quite a bit
uh but if you follow the newsletter
you'll you'll end up with a link to that
um and the last thing if you're thinking
about building an audience you know or
you know someone who is uh go to
convertkit it's like everything I know
all the best practices that I know and
that's like built into a software
product uh it's my life's work and it'd
mean the world if you checked it out
absolutely it convertkits absolutely
amazing it's what I use and Nathan's
blog uh or Nathan's blog and Nathan's
email list I read your email every
single week when it comes out it's like
the one I have like always bookmark and
stuff so I think it's one of my it's one
of my favorite newsletters to subscribe
to as well so Nathan thank you so much
this has been absolutely amazing we
truly appreciate you coming on today
yeah thanks for having me
Посмотреть больше похожих видео
Así Organiza su Tiempo una Persona del TOP 1% (Isra Bravo)
Cómo ser millonario con un salario bajo
PASO A PASO PARA GENERAR 10 K USD AL MES - GANAR DINERO POR INTERNET 2024
Mastering the Stock Market: Insights for Generational Wealth | Parang Mehta | TEDxChristUniversity
✅5 PASOS para una PODEROSA INTELIGENCIA FINANCIERA🤑y tener DINERO – Robert Kiyosaki (IQ Financiero)
Historia de un emprendedor | Carlos Bremer | TEDxYouth@ASFM
5.0 / 5 (0 votes)