Seven Simple Steps You Can Take to Get Rich
Derek Sivers founded CD Baby in 1998. CD Baby became the world’s largest online seller of independent music. In his Do This – Directives article, he sums up the process of “How to Get Rich”
How to Get Rich
1. Live where luck strikes Live where everything is happening, where the money is flowing, where careers are being made, where your role models live. Once there, be as in the game as anyone can be. Be right in the middle of everything.
2. Say yes to everything Meet everyone. Pursue every opportunity. Nothing is too small. Do it all. Like lottery tickets. You never know which one will win. So the more, the better. Follow-up and keep in touch with everyone.
3. Learn the multiplying skills Speaking, writing, psychology, design, conversation, 2nd language, persuasion, programming, meditation/focus. Not pursued on their own, they’re skills that multiply the success of your main pursuit. (A pilot who’s also a great writer and public speaker.) (A chef with a mastery of psychology, persuasion, and design.) These skills multiply the results of your efforts, and give you an edge over others in your field.
4. Pursue market value not personal value Do what pays well. Do not be the starving artist, working on things that have great personal value to you, but little market value. Follow the money. It tells you where you’re most valuable. Don’t try to make a career out of everything you love. For example, sex.
5. Shamelessly imitate success Imitate the best strategies of your competitors. The market doesn’t care about your personal need to be unique. It’s selfless and humble to use the best ideas regardless of source, to create the best service or product for your clients. Get great at executing other people’s ideas as well as your own.
6. Be the owner, not just inventor It’s tempting to try to be the ideas person, having someone else do the dirty work of making those ideas happen. Ideas don’t make you rich. Great execution of ideas does. A rule of capitalism: whoever takes the most financial risk gets the rewards. The biggest rewards will always go to those that fund it and own it. To get rich, be the owner. Own as close to 100% as possible.
7. Benefit from human nature Instead of complaining about the downside of human nature, find ways to benefit from it. Instead of complaining about the rules, just learn the game, then play it.
Money is neutral proof you’re adding value to people’s lives. So, by getting rich, you’re being useful as a side-effect. Once rich, spend the money in ways that are even more useful to others. Then getting rich is double-useful.