How to automate your wealth

(Long email) Wealth automation Strap yourselves in, folks. I’m basically going to outline how to automate your wealth. First, let's define wealth. Wealth is the amount of time you can spend not working, and still have more money in the bank than when you started. Wealth is measured in time, not money. For example if you save $40,000 and take a year off, and it costs you $40,000 to live for the year without earning anything more, you’ve got 1 year's worth of wealth. If you save up $40,000 and you take 2 years off, spending $20,000 a year to live without working, you have 2 years worth of wealth. Wealth has nothing to do with how much money you have. It’s a formula between income, expenses and time. You could have $1,000,000 in the bank, but if your expenses are $1M a month, then you have 1 month's worth of wealth. Or you could have a business that does $10,000 a month, your expenses are $8000 a month leaving you with $2000 profit. But if you’re working 60 hours a week, 52 weeks a year, you have ZERO time freedom, which means your wealth is zero. Wealth is about balance. It’s a relationship between income, expenses and time. The way I see it, there are 7 levels of wealth. - You’re not earning anything and you have no time. You work for free. No wealth. - You have an income, but you work all the time. Your income is directly connected to your working time and if you stopped working, you’d stop earning. You might be paying expenses, but you have no time away from work. No wealth. - You have an income and you have set hours. You do have time off but if you stopped working, you’d lose your income. Your income only increases if you work longer/more hours. This is typical of most jobs and people who charge high enough for their services/time. Limited wealth (think holidays). - You have a main income and a side income which supplements your main income. Your side income earns without you working more hours. Perhaps through interest, passive income or dividends. You still have to work to cover most of your expenses. Set wealth. - Your entire expenses are taken care of with passive or scalable income. You can work when you want, for however long you want, but your expenses are always covered even if you never worked again. Scalable wealth. - Your income is totally passive and if you stopped work today, your expenses would be taken care of. And more importantly, your income grows even if you don’t work on it. Wealthy. - Finally, your income more than covers expenses and a better lifestyle. Plus your income grows even if you don’t work, and better still, the RATE at which your income grows, grows. Think of compound interest. Financially free wealth. You are AT one of these levels. You’d like to REACH one of these levels and ONE of these levels would be like nirvana to you. The problem is that most people are stuck at level 2 or 3. Chances are you’re in one of those levels. The idea that you could stop working, but still have an income that pays your expenses (and even grows!) might seem like a fantasy to you. But the key is understanding that these are LEVELS. In order to get to level 5, you MUST go through level 4,3,2 and 1. It’s a progression. Each level has its own characteristics and challenges. Each level has its own requirements to break through to the next level. The mistake people make is trying to skip a stage. Or head straight to the end stage. It doesn’t work like that. So first you need to identify which level you’re at now, which level you’re trying to get to next, and which is your goal level. There’s a few key principles that you need to know about wealth automation. 1. You can’t save your way to wealth While you WILL need to cut expenses and keep them in check, you can nickel and dime your way to wealth. Lifetime deals and discounts don’t build wealth by themselves 2. There’s always an excuse - work past them and ignore them Like dieting, exercise, giving up alcohol or any other habit, building wealth requires fundamental changes in how you behave and your habits. There’s always an excuse or reason to stray from the path and buy something. 3. There is no “secret” investment strategy The best investment strategy is one that helps you sleep at night. Cash gets a bad rap, but when I need cash it’s good to have it. Ignore what everyone else tells you about “this market” or “this opportunity” - you need to stick true to your values and have a financial strategy that works for you 4. No one gets rich quick As we talked about, you can’t skip a step or get to the final stage without the stages that come before it. You WILL be sold products, courses and training that will show you how to skip a stage. But there is no fast track. If you’re still reading this, you deserve some credit. Thank you for reading - you’re doing all the right things. So let’s cover off the final part about how to actually automate your wealth. - Start earning - Pay off debt - Reduce expenses - Increase prices - 10% aside saved/invested - Find an audience - Build WGI - Scale WGI Start earning is pretty simple - start making money. Get a job, start a business, doesn’t really matter. There is no gold mine, there is no amazing opportunity. All businesses are hard work. All jobs are hard work. Do not worry about missing out on opportunities, you will have thousands of them approach you. Just get started, getting some money in. Second - pay off debt. Immediately, most of you will stop reading here. Why? Because you’re probably hoping that I’ll give you some explosive killer money making tips that help you pay off your debt faster! It doesn’t work like that. Principles 3 and 4. There is no secret. There is no fast track. Cut back expenses, tighten your belt, pay off what you can, as often as you can. Removing debt should be your #1 priority. Holidays? New car? Nice food? Meals out? Do you want that stuff now, or in the future (when you can just buy it outright?) Principle 2 - there’s always an excuse. Don’t follow the crowd, pay off your debt. Third - cut back expenses. “Again Mike!?” Well yes and no. Yes if you still aren’t “in real profit”. If you don’t have money left at the end of each month - you can probably cut back on a few things. If you literally have nothing left, then we need to work on the next piece - raising prices. Chances are you’re not charging what you need and what you’re worth. By my estimate, most people could raise their price by about 10 fold. That means multiply your current price by about 10 (10x. Yes I’ve written it three different ways so there is no confusion). Most of you are currently DELIVERING $25,000 worth of value, you’re just not charging for it. Your prices are your prices. Do what you want with them, but I can tell you now without looking at your business, you probably need to raise your prices. Raising your prices is the closest thing to a golden ticket, silver bullet, magic trick. Once you start charging 10x what you were, your problems become 10x smaller. Imagine knowing that whatever you’re doing now, you could be earning 10x more. Almost every person reading this will be fearful of raising their prices. Don’t worry, stick with me and I’ll show you how to do that. Or email me and ask me how (and [watch this free YouTube video](). “Can I raise my prices before I pay off debt/cut expenses?” Yes - 100%. Do it as soon as you can. Next we want to live on 90% of what we earn. There are HUNDREDS of formulas for saving, investing and putting money aside. But let’s keep it simple and for the time being, just put 10% of whatever you earn, aside. Put it in another account, don’t worry about interest rates or bank account types just yet. Do that for a year. Build up a little buffer of cash AND get used to living on less (see why we cut our expenses now?) After that, you can start thinking about investing. That’s where you take your 10% (your savings) and start to put 90% of those into stocks, funds and other places that over years and years, will grow. “But Mike! I need money NOW!” Yes dummy, we all need money now. If you think you’re desperate for it now, just you wait until next year. And the year after. True passive, scalable income that builds wealth - builds over time. “But Mike! I’m 60/70!” Ok, so you’re probably going to live another 20-30 years. Do you know how much money you could earn and save in that time? First, have you done the things I’ve told you to do, above? Paid of debt, raised your prices, cut expenses? Yes, it’d have been better if you started younger. But you’re not - so let's do what we can, now. You probably thought the exact same thing 10 years ago too, by the way. And look how fast that’s gone by. Next is to find an audience. This is hard work, takes time AND is uncomfortable. That’s the good news. Because 99.9% of people will give up. True wealth, with passive, scalable income, comes from making an audience of people, buy stuff. The first billionaires were made with oil. The next set of billionaires are NOT made with software, bitcoin or AI. They’re being made with ATTENTION. The attention of an audience IS where wealth is being made. Ever asked yourself “Well if Mark Cuban/Kylie Jenner/Richard Branson are so wealthy, why are they creating content?” It’s because they know that they can 10x their current wealth, by building attention. There are a lot of ways to grow an audience. The “easiest” is YouTube. They have the audience already. You just need to capture their attention. Too old? Female? Inexperienced? [Shirley Curry has 1.04M]( subscribers on YouTube. She plays Skyrim (a video game) online and gets thousands of views. She’s also 85 years old. Fucken siiick. Notice how she’s still working, though. This is SCALABLE income which can turn into passive income IF you know how to do it. Shirley still needs to create content in order to generate ad revenue. In theory, she could stop now and probably pull in enough revenue from ads for views on her older videos. But she also has merch. T-shirts, bobble-heads, that kind of thing. And she has a Patreon. “So Mike, are you basically telling me to start a gaming channel on YouTube?” No. What I’m saying is that you need revenue that scales and you need to find an audience. You need to capture attention from an audience. Facebook groups TikTok Instagram YouTube Email list Blog readers Podcasts Streaming Twitch Twitter Snapchat There are tons of places that have audience, your job is to get attention. Once you have attention, you can build serious wealth. Next is build WGI - Wealth Generating Income. As we’ve seen and explored already, not all income is created equal. Personally, I’d rather have $100 a week deposited into my account with zero work and effort, than working 10 hours for $10,000. It is slow. It is painful. It will seem like you’re not making any progress. But WGI is how you’re going to build wealth. This is where you use your audience to generate income. You want products that you can sell over and over to the same people with zero/very little effort and work on your behalf. Advertising, affiliate sales, digital products, courses, software, print on demand. The list of ways to turn audience attention into income is ENDLESS! “So if it’s so simple, why do so many people try and fail?” It’s simple - they try to skip a step. Principle 4 - they try to get rich quick. Compare 2 different scenarios. 1) I earn $50,000 a year doing consulting and coaching for 20 clients. I charge $2500 per client. I work 4-5 hours a day on their business. 2) I earn $250,000 (because I’ve raised my prices) working with 10 clients who I charge $25,000 a year to work with. I work 4-5 hours a week on their business and the rest of the time on mine. Which of these sounds easier to find the resources, time and revenue to start a scalable wealth generating income system? Yes, you absolutely CAN (and probably should) start some kind of audience collection sooner rather than later. It requires consistency, input, time, thought, and effort. It doesn’t come just because you’ve got some money coming in. Imagine how much easier it would be to start generating wealth through scalable passive income, when all your bills are being paid, your debts are cleared and you’re already saving 10%? It often fails for people because they think there is a faster, get rich quick process that can magic all their problems away. There isn’t. Finally, scaling WGI is where you get your money to earn money. Compound interest is the best example. Another example would be to make enough money to hire a VA to run the operations of the business. This part is probably a ways away from a lot of you. If not, awesome - but it’s an art in itself and some internet wanker telling you in an email isn’t going to solve this problem. In summary: In order to get money to work for you, you must first work on your money. None of it is easy, and there are no shortcuts. Debt first, then expenses, then multiply your money. Wealth isn’t measured in money, it’s measured in time. Reducing expenses and increasing income is exactly how you find that leverage to wealth. Hope this made sense, email me with any questions. Copyright © 2022 Sell Your Service, All rights reserved. Our mailing address is: michael@sellyourservice.co.uk Want to change how you receive these emails? You can [unsubscribe from this list](.