A no-nonsense guide to learn how to live the lifestyle you really want without having to work or rely on anyone else for money.
Videos by OnePercenterBetter & The Swedish Investor
Key Takeaways
FU Money: Any amount of money allowing the infinite perpetuation of wealth necessary to maintain a DESIRED lifestyle, without needing employment or assistance from anyone.
1. Allow yourself to dream: What's your Hollywood lifestyle like?
You can’t hit a targets, which you cannot see. It’s that simple. You should make your own so-called F.U.M.T. list. It’s the F.U. money targets list. Allow yourself to drift off into the future, where you have true F.U. money.
- What would your ultimate lifestyle look like?
- How much would it cost you to live that lifestyle yearly?
What’s important to notice here is that you probably don’t need as much as you think to live your ultimate lifestyle.
Hit Yea DIG (Daily Income Goal) have weekly, monthly and annual income goals, but focus on hitting your DIG. Why wait until the end of the month to see if you are on track? If you focus on hitting your DIG, then that ensures you are hitting your weekly, monthly, and annual goals.
2. The slow way to F.U. verses the fast way to F.U.
There are two proven ways to achieve your F.U. status. There’s the slow way. And there’s the fast way.
The slow way is the traditional way: Build a nest egg slowly by saving as much as possible of your monthly salary and putting that money away in a mutual fund. Hopefully, when you’ve retired in, say, 30 to 40 years, you’ve got enough money in this nest egg so that it can support your lifestyle for the remaining years of your life.
The problem with the slow way comes in two forms:
1. It’s slow
2. You lack control
First and foremost, the source of your income will always be dependent on an employer. Secondly, you are dependent on a money manager to grow that money for you. Now, HOPEFULLY you won’t get laid off. And HOPEFULLY that money manager doesn’t suck, but why take your chances?
The fast way is to build your own automated income vehicle. This vehicle should generate money for you without consuming your time. When it generates the same amount of money as your lifestyle from takeaway number 1 costs, you officially have F.U. money.
There are multiple vehicles that you can use:
- Become a savvy investor/trader in the stock market
- Flip houses and do real estate investments
- Create your own business
3. Focus
The number one reason why people don’t make their F.U. money is because they get sucked into the latest money-making schemes, and because they can’t maintain focus.
- If last month was selling MLM products from Amway, this month is learning a bit about cryptocurrencies, and you’re already thinking about starting a drop shipping business next month, you know what I mean!
Getting rich is simple. If you choose creating a business as your vehicle, the secret formula is: Having a great vision, Deliver a ton of value to people, and solve a lot of problems. It’s that simple.
The problem is that people don’t like simple! They want the magic pill that will do all the work for them. Therefore, they become opportunity seekers – jumping from one hot money-making scheme to the next.
Only you can make yourself rich. No one else will. So when you hear things like: “It’s the opportunity of a lifetime” “This CAN’T fail” “Don’t miss the boat” “I’ll take care of everything for you. Don’t worry!” Avoid it like the plague! You’ll never make a F.U. money jumping from one thing to another. Not even close. Therefore, stay focused.
4. The nine characteristics of an ideal business.
Before you start to spend your focused energy, make sure you choose an endeavor where the chances of making a few money are as high as possible. Such a business should fulfill the following 9:
1. Do what you love. Doing something only for the money is okay, but it’s short-sighted. Pick a business where you have at least some interest. You’ll be much more competitive that way.
2. Stable, growing long-term demand Pioneers often end up with arrows in their backs. Competition is good. It gives you the best clue you can get – that there’s money to earn in that market.
3. Be portable This allows you to say F.U. to the leech which keeps you tied to a certain location. How does working from the beaches in Bahamas sounds to you?
4. High profit margin Low profit margin means no room for error. You need room for error.
5. Scalability If there is essentially no difference in effort on your side to sell 100, instead of 10 units of your product, you have a scalable business. Since you strive for an AUTOMATED income vehicle, this is a prerequisite. It allows for you to decouple time spent, and income.
6. Low startup costs If there’s need for co-investors already from the get-go, it just makes the whole startup process much more complicated than necessary. Avoid this, especially as a beginner.
7. Requires little or no staff Contractors over employees, because they cause less hassle.
8. Low overhead Avoid costs that aren’t directly tied to income. Use affiliates and contractors as much as possible.
9. Money coming in while you sleep If you ever want to be able to achieve freedom you must decouple time spent and income. As mentioned before, most scalable businesses fulfill this. YouTube (and other internet-based businesses) typically fulfills all nine of these.
Extra Rule 10. Most of your customers suck generally speaking, 80% of your revenue comes from 20% of your customers. The other 80% are not the right fit for you. Remember- clients are replaceable, your time is not.
5. The seven golden rules to internet riches
An internet based business often fulfills all the characteristics of an ideal business. Naturally, the next step will be to look at what you should prioritize. So here follow the seven golden rules to internet riches.
1. The market comes first If you want to find out where money is being made, look no further than where money is being spent. The market you sell to is more important than the products or services you sell.
2. Create a simple, easy-to-navigate website that sells Your website is not a brochure. It’s a 24/7 virtual salesperson.
3. Build a business, not a moneymaker Don’t focus on quick money deals. Focus on assets – such as customer lists, products and brands.
4. Create multiple income streams in one business, not diversified businesses Serve the needs of one group of people to the greatest extent possible. Avoid jumping from market to market.
5. Leverage the time and resources of others Outsourcing is one of the most powerful tools there is. Think about it. You only have 24 hours a day. But through outsourcing, you can make that seemingly static variable a scalable one.
6. Use your personality to sell People do business with people they know, like and trust.
7. Position your business for automatic growth Automate as much as possible. There’s a lot of inexpensive technology available for running your business, such as automated emails and chat-bots.
6. Condition your mind
Condition your mind to be comfortable being successful. This can give you clarity on what you want and what you don’t want. Put yourself in uncomfortable situations so you can become comfortable with the opportunities that your FU money will bring you. You will be more likely to get it when your mind is conditioned this way.