Chris Johnson had a fire thread recently about money and wealth creation on Twitter its exactly what we’re hoping to teach–it’s a wealth of understanding. To help unpack it I’ve created some simple graphics to help us understand these concepts more easily.
Take a look:
1. If you woke up this morning and didn’t make a single dollar while you were sleep, time to re-evaluate your money game
— Chris Johnson 17th ⌚️x💰 (@CJ_Johnson17th) August 28, 2020
We begin to unlock wealth when our income isn’t tied to our waking and working hours.
2. Your sources of income can’t only be related to the amount of hours worked
— Chris Johnson 17th ⌚️x💰 (@CJ_Johnson17th) August 28, 2020
“If you don’t find a way to make money while you sleep, you will work until you die”
– Warren Buffet
You should own an instrument that makes money without your man hours then you’ll wake up to money
Your job pays you based on hours worked. Even if you don’t punch a clock, most salaried positions assume you’ll work 9-5. But an asset produces long after you’ve stopped working.
3. For your grandpa that meant, starting a business growing it large enough to hire a manager and he could make money without working
— Chris Johnson 17th ⌚️x💰 (@CJ_Johnson17th) August 28, 2020
For you, build a website, get traffic to your website and collect orders
What are you going to sell?
Either a Product, service or information
Use the skills you have (including access to the internet) to flip a product, offer a service, or sell information (training).
4. You only need to make $11.50 per hour to make $100,000 in a year if you make money 24 hours per day
— Chris Johnson 17th ⌚️x💰 (@CJ_Johnson17th) August 28, 2020
Obviously you can’t work 24 hours a day but you can damm sure have a website that collects orders all day long
When your asset (business, website, ebook, etc.) is working around the clock, it doesn’t take a lot ($11.50) per hour to create a nice annual income.
I don’t know what happened to #5
6. if you are a hourly employee
— Chris Johnson 17th ⌚️x💰 (@CJ_Johnson17th) August 28, 2020
You get two days off per week, you aren’t paid for those days
That’s 104 days per year that you don’t earn money
You spend money 365 days and only earn 261 days
If you spend money everyday you have to make money everyday
Most people earn money Monday-Friday, but we spend money everyday. You can get ahead by creating an asset that works the days that you don’t.
7. Don’t get this confused with working everyday
— Chris Johnson 17th ⌚️x💰 (@CJ_Johnson17th) August 28, 2020
To break the cycles of the paycheck to paycheck life you have to first understand that earning money everyday and working everyday are not the same thing
You don’t have to work everyday but your website can get sales everyday
You don’t have to work harder–you need to work smarter. Use your hard/smart work to build something that doesn’t sleep so it can work 24/7 for you.
8. There are two ways to make money
— Chris Johnson 17th ⌚️x💰 (@CJ_Johnson17th) August 28, 2020
1) Sell something
2) Work for someone who sells something
Think about it, you work for T Mobile
What do they sell? Phones + Service
What do you sell?
Your time to then
Moving from number 2 to 1 is how you will go from rags to riches
It’s hard to make the switch overnight, but in order to build wealth you need to move from selling your time, to selling a thing (product, service, info, etc.).
9. Business is the fastest way to grow your income
— Chris Johnson 17th ⌚️x💰 (@CJ_Johnson17th) August 28, 2020
Leverage the money you get from your 9-5 to create something to sell
It could be a book, it could be a home cleaning service, it could be resume writing, tax filing service, it could be a baby monitor or a skateboard
Instead of getting upset that you’re selling your time, capitalize on it. Use that job you have, and the paycheck you get to become your own Venture Capitalist / Angel Investor and invest in yourself!
Step 1: Use your paycheck to buy the domain name, or the e-course, or make that first product purchase.
Step 2: Flip it, sell it, or monetize and profit.
10. Use money to make money
— Chris Johnson 17th ⌚️x💰 (@CJ_Johnson17th) August 28, 2020
If you don’t have money then you use your time to make money, then use that money to make money
Where most people go wrong
They don’t have money to make money with, so they use their time to make money
Then use that money to buy material things
Just like the flowchart above, you work your job (exchanging time for money), then you take that money and you either buy income (by investing) and create wealth; or you spend the money and live paycheck to paycheck.
You’ve got the blueprint.
Go and make your wealth.
-Wealth of Understanding