How To Make So Much Money It Looks Illegal

Summary

• If you want to become very wealthy, sell things that people continuously buy. This creates a stable income stream without constantly needing new customers.
• Products like insurance or services with high renewal rates, such as water treatment for businesses, are ideal because they have renewal rates above 97%.
• It's better to sell a product or service once and keep getting paid, rather than needing to constantly find new customers because of cancellations.
• The key is not just how well you solve a problem, but also the type of problem you are solving. Some problems, like cleaning services, have more consistent demand than others, like gym memberships.
• Consider the total addressable market (TAM). More people may need or desire certain services, such as cleaning, over others like gym memberships.
• Focus on selling products or services people already want, currently pay for, and are unlikely to stop purchasing. This approach is a wise lesson learned from experience.

Video

How To Take Action

I would suggest implementing a strategy where you focus on selling products or services that people buy repeatedly. Look for things with high renewal rates, like insurance or water treatment services. This ensures a steady income without the need to constantly find new customers.

A good way of doing this is by choosing to solve problems that have consistent demand. Think about services like cleaning, which people need more often than less frequent ones like gym memberships. These types of problems naturally attract more loyal customers.

Consider the total addressable market (TAM) when planning your business strategies. It’s important to target services that more people need or desire. For instance, more people might want their homes cleaned than they want to sign up for a gym. This broader appeal means a larger customer base.

Focus on what people already want and continue to pay for. Sell things that fit into their existing habits and needs. This can make your business a go-to choice for them and ensures they stick around longer.

If you choose the right product or service, you’ll spend less time chasing new customers and more time growing your business. Remember, it's not just about solving a problem well; it's about solving the right problem. This wisdom is something I wish I’d known earlier, and it can be invaluable for your growth strategy.

Full Transcript

if you want to become obscenely wealthy and have your parents like question like why it's ethical or if it's illegal what you're doing just sell stuff that people don't stop buying people buy insurance and they tend to not cancel it it's like a 97% inal renewal rate I was looking at a company that did some sort of water treatment for like corporate whatever they had like a 98% annual renewal like wouldn't it be nice to sell someone once and get paid forever like way better than having to reload every month because all your customers leave and a lot of that and this is this is me just giving you years of post experience a lot of it just actually has to do with the problem you solve sure there's how well you solve it but like the biggest order of difference is just what you're selling people buy and stay with a cleaner for the most part if they do a good job way longer than they stick with a gym like you have the most amazing gym in the world but sometimes like Cindy goes on vacation or she moves or she has a baby like there's just so many things that are pitted against you that causes cancellations right now if you look at Tam more people probably want their house clean than want to go to the gym right and I would say I try to lean more towards things people already want and that they already pay for and that they won't stop paying for and this took me a really long time to learn and so I'm sharing this with you like the one nugget in terms of what do I pick try and pick stuff that people pay for over and over and over again