The Simplest Way to Get Rich
Hello. Tim here.
I hope you had a great week.
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This week's newsletter is sponsored by TGS Media. Click here for a free marketing and web audit.
1. The Simplest Way to Get Rich
This week, I want to tell you about a lesson I learned from Alex Hermozi.
This lesson is the easiest and most straight forward path to wealth generation.
The problem: Most people don't have the discipline or the concentration needed to be able to work on only one business for an extended period of time. As soon as you get even a little bit of success, you start thinking of how you can start new projects. This almost always leads to having two (or more) mediocre businesses as opposed to legit revenue and profits.
The solution: Better -> More -> New
Let me explain.
Better: Every business has areas that they can improve. It's almost never the case that your business will be operating at max capacity before shiny object syndrome takes over. But in almost every case, the easiest way to get rich is to focus all your effort and attention on one business. For instance ...
- is your SEO working?
- is your sales process perfect?
- have you created training manuals?
- is your hiring process running smoothly?
- have you found ways to increase your gross margins and your net margins?
No?
Then why would you bother starting a second business or side hustle?
More: If you feel confident in your current processes and you don't see more room to make things better, then you can move on to doing more.
- more employees
- more sales
- more marketing spend
- more stores and locations
- more of what you already have
Have you maxed out your capacity to grow? Why would you try to grow a second business when you haven't yet maxed out the capacity of your current business?
If you feel like you've grown as much as much as you're able, you can then move on to new.
New: Now you're ready to generate a second stream of income.
- build a new business from scratch
- use the "assembly line method"
- sell new products in a different space
Over the last 12 years of building digital income streams, I've spent the vast majority of my time focusing on better and more.
You should too.
2. 3 - ish Rules for Building Multi Million Dollar Communities
On this week’s episode, Ethan and I talk about the nitty-gritty of high-performance community building, including strategies, tactics, and specific tools.
Click here to learn about ...
- service first marketing
- the pie model
- the "all in" community method
Now that we are relaunching Copyblogger Academy, I am certainly going to put these methods into use.
Click here to listen to the episode and view the full show notes.
3. You're Looking for a Hack, Aren't You?
November 9th 2022
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Loved this tweet by my friend Noah.
I first discovered Noah's work when Brian Clark interviewed him years ago about App Sumo. I thought he was cool and knowledgeable. Since then, I got to interview him on my own podcast and we've become friendly.
What's great about Noah, is that his entire approach to business is the same as mine.
"Do the same exact thing, over and over again, for as long as it takes to be successful."
That's the only way I know how to do it.
Noah hasn't missed a single week of his podcast, and now his downloads are at an all time high.
There is no hack to success. The answer to every problem is repetitions.
Want muscles? - Lift weights every day.
Want more money? - Make sales calls every day for 5 years.
Want a successful podcast? - Upload an episode each week for 4 years.
The reason I'm always so confident in my ability to produce revenues for my companies is because I focus on the process.
Can you handle working without instant gratification?
Probably not.
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4. Stop Tying to Gain "Influence." Start Making Money.
TGS Media is my new media company where I am working with a handful of clients who are serious about growing their marketing and their sales.
I am giving away free web and marketing audits.
But I'm only working with people who are serious about growth. Please don't fill out the audit request unless you are committed.
>> Click here to sign up for a free business and marketing audit.
5. The Opportunity I See in Local Media
The opportunities in local media are abundant.
Anytime I get a DM question on Twitter from someone asking me what they should do, I tell them to start a local media site.
In this video, I explain why.
6. Today's Best Investment Is ... T-Bills?
Treasury Bills, also known as t-bills, are a conservative investment mechanism. A t-bill is an IOU from the government, and the government pays back the convertible debt note with interest. Typically, the government uses these funds for public works projects such as highway construction.
Since every tech stock in the country is plummeting right now, investors are looking for a safer and profitable alternative.
The rate of treasury bills is currently at 4.67%. This is higher than usual.
Below is the live chart of the rate of return in treasury bills.
Now, this is the part where I remind you that I AM NOT A PROFFESIONAL INVESTOR AND THAT THIS IS NOT INVESTING ADVICE AND YOU SHOULD DEFININTELY TALK TO SOMEONE SMARTER THAN ME BEFORE YOU INVEST YOUR MONEY.
My point is that even in down markets, there are reasonable options for you to earn a return on your money. Cash in the bank does nothing for you.
7. Copywriting Strategies that the Great Ones Know
Content marketing has been the new cool kid in advertising — the web lets us use content to accomplish so much with relatively limited resources.
But really smart content marketers know enough to steal from their more traditional copywriting brothers and sisters. Because when you learn how to be a copywriter, those old-school elements of persuasion will make everything in your content work better.
8. Elon's Antics Are Effecting Tesla
Elon can't stay out of the news. I'm reluctant to put this article in this week's newsletter because even I am so tired of reading about Elon.
It's hard to look away, because he is behaving radically .. isn't he?
You can't deny Musk's grit and determination to fulfil on his vision, but you have to wonder why he does what he does.
His latest antics have caused Tesla to be pulled from Dan Ives "best ideas" list.
9. Do Stuff
Words to live by.
Life advice from the amazing Rodney Norman.
10. Final Thought - "I Thought I Would Know What I Was Doing By Now."
I've been thinking a lot about mistakes I've made.
I'm not beating myself up about it, but rather thinking of it as a thought experiment. What would life be like if I always knew the lesson before I made the mistake?
Everything I know, I've learned from failure. I don't know any other way to do be. I constantly try things, fail, and learn.
But I can only know the lesson after I've made the mistake. So in a way, I'm never going into a new experiment with correct data from past lessons learned, because every mistake I make is applied to a lesson I've already learned, and not the one I'm about to learn.
It's an endless cycle of falling on my face.
But, somewhere along the line, I always end up with a smile on my face.
What a beautiful life to live. A life full of adventure and uncertainty. A life of experimentation and the constant feeling of awe when the voices in my head are saying "I wonder how this is going to turn out."
When I was younger, I generally thought that grown ups knew something that I didn't. In reality, grown ups know even less than young people.
The more answers I get, the more questions I have. The only difference between the younger me and the current me is experience. I've failed enough to know that I will fail much more.
And that's the beauty of it. That's why I love this game so much.
Because every failure brings me that much closer to my next failure. Somewhere along the way, I find fulfilment and joy and wealth.
I hope I never figure it out.
Love you guys. Talk to you next week.
Tim.