You Don’t Need Money to Make Money (at first)
Summary
- I see many young people trying to invest small sums of money, like $1,000, to get rich.
- They often use compounding calculators to project becoming billionaires with high returns over decades.
- In reality, they might invest in something volatile, like Dogecoin, and lose their money quickly.
- Instead, I advise using that $1,000 to learn how to make more money by improving your skills.
- If you increase your skill set by 50%, you can increase your annual earnings by 50%.
- Focus on active efforts and actions to make more money rather than speculative investments when you're just starting.
- Learning how to add value to your work and grow your skills has a more reliable payoff in the long run.
Video
How To Take Action
A good way of doing it is to stop thinking about investing small sums of money to get rich quickly. Instead, use that money to build up your skills. If you have $1,000, put it towards something that will make you more money in the long run.
Here's how you can do it:
Invest in Learning: Spend that money on courses, books, or workshops that teach you better skills in your field. For example, if you're in sales, take a course on advanced sales techniques. The new skills you learn can help you earn more money.
Network: Use a part of that money to meet successful people in your industry. This could be through attending events, or simply taking someone experienced out for coffee. Building strong relationships can open up new opportunities and insights.
Upskill: Focus on improving what you already do. Identify the top skill in your field that has the most impact on your income. Take specific actions to get better at this skill. Practice, get feedback, and keep improving.
Read and Apply: Get books or online resources that teach practical skills. Don’t just read—apply what you learn immediately to your work or personal projects. Action is what makes learning valuable.
Small Experiments: Instead of putting all your money in risky investments, use a small portion to test different ways of making money. Start a small side hustle and learn from it. If it fails, you’ve only lost a little, but gained valuable lessons.
By focusing on actively improving yourself, you'll see a much greater return on your $1,000 than by risking it all on volatile investments. Skill growth will reliably increase your earnings over time.
Full Transcript
learn how to make money before you start trying to learn how to make money make money I see so many guys especially young guys who are like I've got 1,000 bucks how do I invest $1,000 they're trying to figure out a way to get that $1,000 to compound they put it into a compounding calculator and they're like man if I get 50% returns for the next 40 years I'm going to be a billionaire but the thing is is that it's most likely that you're going to buy a Dogecoin and then it's going to tank and then you're just going to lose your $1,000 and be like wow I just worked for 2 weeks or one month to save that ,000 and I lost it in seconds alternatively if you take that $1,000 and you put it into how do I make more money how do I actively improve the actions and skills that I have I promise you if you learn how to add 50% to your skill set it'll take whatever your annual earning is up by 50%
