When it comes to building wealth fast and making money, the words of Ricky Bobby sum it up pretty well…
“I wanna go fast”. It’s one of those truths that nobody wants to admit but an idea runs deep in the marketplace none the less.
We want to be able to get to a place of prosperity quickly.
Realistically, you probably also want to know how to create wealth on your current income or without money.
The best secrets to building wealth fast aren’t really secrets, it’s just a matter of looking at how others have done it already, and reverse engineering the results.
Maybe we feel greedy for putting words to it or perhaps it just feels wrong saying out loud. But the truth remains that if you’re an entrepreneur or business leader, wanting to make money fast is not just a feeling, but an internal drive.
This isn’t necessarily a bad thing and certainly isn’t something to be ashamed of.
Wanting speed when building your fortune doesn’t make you a bad person and doesn’t technically even make you greedy.
By contrast, it makes you wise.
It was Jim Rohn who said something like ‘the main purpose of working forty hours a week is to create income. Therefore, you should use those forty hours to create as much income as possible in the dedicated time frame’.
Why do I bring this up? Because the purpose of building a business or company is to generate abundance and passive income. The goal should absolutely and unapologetically be to obtain your riches as fast as possible. That being said, I’ve been thinking a lot about this and keep asking myself this question “How can massive wealth can be produced extremely rapidly?”
The answer can only be found by using others who have done it before as a guide.
By studying others who have already done it, I continue to come up with the same answer to that question. The very best way for a person to build massive wealth rapidly is by creating a colossal platform and then monetizing it.
This isn’t done by accident and requires massive forethought, massive action, and a strategy that is set up for success from the beginning.
So let’s take a look at the key elements you must have in your strategic plan if you want to build wealth fast and some of the best wealth building strategies you can use.
1) Clearly Define the Speed you want to go – Examine Your R.O.T. (Return on Time)
First, you must clearly define speed and what is fast wealth building versus slow. Let’s take a moment defining “fast”.
Fast is a relative term. To define this we are going to keep things basic. No discussion about assets and other investments. Just liquid wealth.
At the basic level, going from zero dollars in the bank to a million dollars in the bank within a ten year time frame may be fast wealth building for the person who thought it would take them a lifetime to get that much wealth accumulated.
However, for the person who wants to be worth hundreds of millions of dollars, a million dollars in ten years is way below the return they need on their time. I call this R.O.T. (Return on Time).
To increase your R.O.T. on your R.O.I (return on investment), you must plan with the end in mind. Sometimes it may be worth spending money delegating tasks if it speeds up the overall process.
The business world calls this scaling up and your business must be scalable from the outset.
Keep the end game in mind when making decisions or you may make a decision that sets you back in both time and money.
Sometimes, what you think is wrong is right- right is wrong and wrong is right.
Take a moment to digest that.
Building a website is a great example. Let’s use this website/blog as a case study. Learning how to code and write html is a great skill. But I don’t have the time.
The next best thing I read was to use WordPress.
After fiddling around with WordPress in the beginning, I got frustrated and decided to go with a web based service. Websites out of the box. I chose Weebly.
As I began learning more about SEO, traffic, SERP’s, Google rankings, website authority, (and much more), I realized I had made a grave mistake. I should have taken the time to learn WordPress from the beginning.
In fact, this article was originally written in Weebly and this entire section discussed how smart it was to save time by using something easy.
Hmmmm…. lesson learned.
I kinda feel like I’ve learned that lesson in other areas of my life as well (easiest is rarely the best), but hey, what can ya’ do?
So I’m updating this content as I manually transfer my articles over to WordPress.
This is time lost by not starting with the end in mind.
2) Know Exactly What you Want (FAST strategies for wealth)
This is a huge problem for most people. Fuzzy goals give people fuzzy results. You want a good job? Then define “good”. You want to be rich? Define rich. You want to lose weight? How much… is it just weight or do you really want to lose body fat?
Check out this example…
Hard to tell, right? You see where I’m going with this? If you don’t know exactly what you want, you’ll never know when you arrive or if you arrive.
You certainly won’t develop a clear course of action to get you there. Without a clear plan of attack, you definitely won’t put in the work and effort required.
This is why people who can’t lose weight and are obese sometimes melt fat and get shredded after a divorce. Something is triggered by the separation, they decide exactly what they want, and then they consistently take action to arrive.
Going back to our example. The picture to the left is the same as the picture from above. With a clear image comes better clarity in your decisions.
In this particular example, there is no clear winner.
If this was your life and you just picked one based on a fuzzy image you would have realized later you should have just walked away to begin with.
You’ve got to take a serious look at exactly what it is you want out of life.
It can be scary if you’ve never done it before.
More than likely you’ll conclude that the job you’re currently in (almost any job) won’t allow you to achieve the deepest desires of your heart.
You may also realize your job certainly will not allow you to begin building wealth fast.
I know it sounds a little foo-foo, but we all have dreams that stay dormant because we accept that they can’t be a reality. Don’t sell yourself short. I know a very wealthy man who likes to say “I put my pants on the same way as you… one leg at a time”.
Take a moment to examine exactly what you want financially. It could be a number in the bank, it could be in terms of passive income, it could be total assets or net worth. We are each different and motivated by different things.
Maybe it’s a house in a certain neighborhood or freedom from all debt, whatever it is, you’ve got to clearly define it.
I like to think in terms of monthly passive income. I don’t care about the total number I have in the bank. I don’t care if I had 5 or 10 million dollars.
In fact, if I did, I would convert it to real estate or some other asset that could be managed by somebody else. Then I would pick up my checks in the mail.
My driving force is time freedom. It’s my time and I want to own it.
3) Focus on Creating a Massive Platform
The wealthiest individuals in the world have gotten that way by building platforms for the masses. As the world shrinks because of technology, those platforms become more scalable than they were decades ago and because of this, young billionaires are emerging.
So what is a platform?
Think of a platform as a pyramid (I know it’s a dirty word in some circles). It’s you… then it’s everybody else, growing exponentially the further you get from the top.
You can make money per person (client or customer) or you can make money off your platform (advertising & sales) or you can make money off of both.
The larger the number of people your platform reaches, the more money you can potentially make. Wal-Mart and Amazon are distribution platforms.
Wal-mart all but killed K-mart and now Amazon is doing the same to Wal-mart. It seems to me that it’s because Jeff Bezos created a larger reaching, more efficient, more profitable, and more scalable platform.
Let’s look at some examples of strategies that can create incredible reach and discuss what that means for the average wealthanizer or entrepreneur.
4) Apply the principles of network marketing & scalability.
This heading is not to suggest you must be in network marketing (although it’s a great training ground for business and leadership skills).
However, it is a business model that can teach us a lot when we take the time to unpack it. Traditionally, the people who make the most money in this field build the biggest platforms, otherwise knows as downlines or organizations.
Network marketers talk about leaders in their chosen company and how much money they are making. While it is true that they do make money from their downlines (platforms) from both sales volume, product sales, and training sales, an even more massive amount of money is made by the actual company (or individual who created the company).
These companies create a platform that serves people a product and fiscal opportunity which makes exponential growth possible. These companies have leveraged the power of people to build the platform for them.
The most efficient and largest reaching platforms are basically infrastructures that allow users to create the content (Facebook, Twitter, Instagram, the web, etc.).
In network marketing, the infrastructure is the products, the executive team, the legal junk, the shipping of product, etc. In network marketing companies, the various leaders are creating the platform by moving massive amounts of high quality product.
In this model, the money from the platform moves from the consumer to the creator of the platform (the company) and then back to the sales leaders in the company (who have effectively built mini-platforms that they get paid on). It’s almost like a franchise without the headaches of a brick and mortar business.
Even though this model takes a lot of heat, it is a proven and profitable methodology. Once a company reaches a certain point, society typically stops thinking of them as network marketing companies and they shift in our mind to legitimate companies, even though nothing has changed except the size of their platform and reach – their model is still the same.
For example, Mary Kay, Avon, and Pampered Chef are often times thought of simply as successful companies, without much thought given to the fact that they are network marketing or direct sales companies. In fact, you may have just learned something you didn’t know.
5) Reverse Engineer what works for building wealth fast
If your goal is to create massive wealth and by this I mean an astronomical number, then you’ve got to look at what others have done and reverse engineer it.
If you study what those have done before you, you’ll realize one lifetime is not enough to do it by yourself.
You’ve got to structure what you’re doing to allow others the opportunity to gain value from helping to build your brand.
It could be shared monetary value (network marketing, affiliate marketing, commission based sales, partnerships, etc.) or non-monetary value (social media, software as a service, a popular search engine, a chain of brand name stores, etc.).
You must leverage technology and people to build a massive platform. Notice I said leverage and not use. There is a wide chasm between using a person and leveraging them.
A person knows when they’ve been used. They can feel it and they aren’t happy about it. A leveraged person is getting something in return.
The coupon giant Groupon is a great example of leveraging people. The company leverages businesses and customers by providing a platform in which both parties gain something of value. The customer gets a great deal and the company potentially gets a new client.
The drawback here is that some small business owners feel they are being used but don’t feel there is a better option. If you create a platform that solves this problem (connecting new customers to businesses) you may put Groupon out of business and I’ll have to update this post.
The larger the platform (as long as there is a decent profit margin), the larger the amount of wealth that is generated. Bill Gates and Microsoft would be a prime example of this. He created a product, then built a platform around it that allowed other builders of computers to pay him a licensing fee for using his product (that also has elements of the example above).
Companies selling computers basically built his platform for him by embedding the software on the computers and passing the cost on to the consumer. Massive platforms equate to massive wealth. The same can be said for Apple, though their model is completely different. Both models work and both companies have effectively monetized their platforms.
Facebook, which I mentioned earlier, is another great case study in the technology sector. It’s creator took a different approach. Instead of making money off customers, the initial goal from the beginning seems to have been to create a ridiculously massive platform. The more users that signed up, the more valuable the company and platform became.
The more end users that the companies reach, the wider their span… the larger their platform. At some point, the platform itself becomes an easy channel for advertisers to cheaply reach clients and that is where the value comes in.
Think about it, there are people who have created such a massive number of followers on Twitter (again…. a platform) that they have created a unique stage or mini-platform that can be monetized within the grand platform of Twitter.
They can charge fees for sending out tweets to their end users because they have so many followers that advertisers know if they tweet something it will reach X number of people.
6) It Isn’t Simply About the Sales
If you’re a business owner, you are probably constantly looking at how you can get more sales. The inherent problem with that approach is that if you aren’t building a scalable platform, more sales just means you’re working harder.
Yes, you’re making more money, but you’re working harder to do it and there is only so much of you to go around. That becomes your income ceiling.
Who has the greatest potential to build wealth fast in the following scenario:
- A personal trainer who focuses time, money, and resources on getting more clients
- A personal trainer who creates a scalable product such as P90X (go Tony Horton & Jon Congdon) and scales it into multiple products (utilizing other trainers), then into a massive direct sales community.
If you guessed the second one, you’re correct.
BeachBody (another MLM) as a company or even a coach has way more potential in terms of scaling than the local personal trainer at the gym. After all, if you are a typical personal trainer, you only have so many hours in a week that you can trade somebody in exchange for your personal training fee.
Even if you have a class you can’t compete with somebody building a national or international organization. But again, it depends on what you want and you’ve got to clearly define that to know if you’re on the right path.
Another reason it isn’t always about the sales is that it depends on your business model as well. If you launched a free app such as angry birds, it would eventually be about sales and licensing, but initially it is only about building a massive platform. Then it can be monetized successfully.
7) Pick Something That Fits Your Goals and Start Taking Baby Steps
As a reader of this blog and somebody who made it to the end of this article, you’re obviously interested in how you yourself can create massive wealth. We can’t all write exceptional programming code, so the next Facebook may not come from you.
If you’re like me, you can’t write a single line of programming code either. So what can you do? There are multiple answers to this.
One is that you can leverage the skills you do have or learn some new ones. Just start moving in the right direction and be willing to pivot when necessary.
For example, maybe you can create a unique website and start drawing in tons of traffic. Yes, you’ll have to take a risk in creating it and it will take time or money or both to get it off the ground.
But if you don’t do something NOW, will your job give you what you want out of life? I mean what you really want in the core of who you are?
Dollar for dollar, a website is one investment that has a great chance of paying a hefty return on both on your monetary investment and your time investment.
Pick something you love and add value to people by offering up great content. Then eventually you can monetize it. Websites and blogs are scalable and have incredible reach so they are always a good option.
As of right now, this site is small and pulls in a little traffic.
Maybe in the future I’ll offer a paid course or program. As time goes on and the site gets more and more traction, I’ll have the option of selling ad space, affiliate products, my own products, or selling the site outright.
Most likely I will hang on to it as long as possible and continue adding value to those I come in contact with, meanwhile I can experiment with monetizing strategies as I go.
Wikipedia and Craigslist are great examples of high value sites that are still ad free. But at some point, they could flip the switch and turn their sites into cash generating monsters or even sell them for a huge pile of cash.
Don’t be too quick to dismiss network marketing and direct sales. Those multi-level companies I mentioned that you probably didn’t realize were multi-level businesses are pulling in some serious cash.
Additionally, times have changed and the now that the model has been proven, companies are offering much more aggressive compensation and reward plans. Technological advances like Facebook, YouTube, and web based blogging means network marketing is a great option for many people (myself included).
If that’s an avenue you are open to investigating, reach out to me and we can discuss if it’s a good fit for you.
We love working with people who have never been involved in the industry & helping them grow their income.
However, a word of caution.
We only work with those who are serious and have a good work ethic. If you got to the end of this post though, I would venture to say you’re pretty serious about taking some action when you find something that resonates with you.
If you’re not ready for that step but have an idea of what you might want to do… then take some time and think about a platform that would interest a large number of people. Something that you have a background or interest in and are willing to learn about.
Then take massive action to bring it to fruition. I’d love to hear about your successes- past, present, or future.
If you found value in this post, please share it on social media.
Remember, if nothing changes… nothing changes.
In the words of Zig Ziglar, we’ll see you at the top”.
Jason & Daniele