You Only Have To Get Rich Once…

Summary

• You only need to get rich once. Don't risk what you have and need for something you don't have and don't need.
• One of my biggest mistakes was entering a partnership for faster gains. This often increases risk.
• Partnerships can significantly reduce your earning power since you share equity, which is your most valuable asset.
• People often fret over small percentages later on, but initially agree to split profits significantly without much happening. Be careful with that mindset.

Video

How To Take Action

I would suggest focusing on protecting what you have and need before chasing what you don't need. It's crucial to weigh risks wisely and avoid betting your resources on unnecessary ventures. For small businesses or entrepreneurs, this could mean investing in steady growth rather than risking everything for faster, uncertain gains.

A good way of ensuring controlled growth is avoiding unnecessary partnerships just to speed things up. Partnerships might seem like a quick way to double your progress, but they can also double your risk and reduce your earning power since you'll have to share your valuable equity. Instead, lean on building strong systems and processes first, which can magnify your efforts without giving away equity.

Another thing to consider is being cautious with how you split future earnings or profits. Early on, it's tempting to make quick agreements, like dividing profits equally, but remember the long-term implications. Before any money is made, ensure you're not setting yourself up to give more than necessary in the long run.

Lastly, it's vital to be patient. Growing a business or progressing in personal development takes time. Avoid rushing into arrangements or decisions that sound good now but might not benefit you down the road. Keep a clear focus on sustainable success rather than quick wins.

Full Transcript

you should only have to get rich once in other words don't bet what you have and need for something you don't have and don't need and some of the gravest mistakes I made manifested in for example me getting into a partnership that I shouldn't have gotten into because I wanted even more faster now when you get into a partnership which is usually the time where you put the most risk on the table one is you guarantee the largest decrease in your earning power you pay what the most expensive thing you have which is equity to somebody else and so people get obsessive about what they're they're you know 5% 10% later when we're making money but day one they're like all right we cut the pie in half oh we cut the pie into thirds right up front before anything's really happen