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I'm a 30 year old millennial.
Our parents' generation taught us to trade time for money.
Here are 4 ways to use leverage to get wealthy without working 24/7: 🧵
Our parents' generation taught us to trade time for money.
Here are 4 ways to use leverage to get wealthy without working 24/7: 🧵
Millennials and their parents view the world differently.
Mainly because during our childhood/their prime working years (80s - 2000s) the world experienced rapid tech innovation.
The internet created financial opportunities that seemed foreign to our parents.
Mainly because during our childhood/their prime working years (80s - 2000s) the world experienced rapid tech innovation.
The internet created financial opportunities that seemed foreign to our parents.
In 2019 tech entrepreneur Naval Ravikant recorded a podcast about leverage.
He says there are 4 ways to increase output beyond our own effort:
1. Labor
2. Capital
3. Code (Technology)
4. Media (Audience)
While reflecting on his ideas, something hit me…
He says there are 4 ways to increase output beyond our own effort:
1. Labor
2. Capital
3. Code (Technology)
4. Media (Audience)
While reflecting on his ideas, something hit me…
While our parents were choosing their careers and life's work...
They basically had NO leverage.
They were limited by localized labor, capital was scarce, code wasn't democratized, and media was controlled by a few.
The most accessible way to make money was to trade time.
They basically had NO leverage.
They were limited by localized labor, capital was scarce, code wasn't democratized, and media was controlled by a few.
The most accessible way to make money was to trade time.
As millennials, we're the first generation to grow up with unlimited leverage.
At scale, we can generate income uncorrelated with our time.
Only very few in our parents generation had that opportunity.
Here's how to take advantage:
At scale, we can generate income uncorrelated with our time.
Only very few in our parents generation had that opportunity.
Here's how to take advantage:
LABOR:
There are 3 ways the labor market has changed.
- Remote work
- Access to global talent
- Freelance economy
Your company can lower overhead on office space, utilize advantageous exchange rates, and reduce costs associated with full-time teams.
There are 3 ways the labor market has changed.
- Remote work
- Access to global talent
- Freelance economy
Your company can lower overhead on office space, utilize advantageous exchange rates, and reduce costs associated with full-time teams.
The great part? Both parties benefit...
Bad employers lose great workers to better opportunities while companies have a larger pool of potential candidates.
Technology is making scaling teams frictionless compared to the past.
Add great people to grow!
Bad employers lose great workers to better opportunities while companies have a larger pool of potential candidates.
Technology is making scaling teams frictionless compared to the past.
Add great people to grow!
I've seen some people criticize the use of overseas talent.
But it's a symbiotic relationship that provides lucrative opportunity for both companies and contractors.
If you're looking for top tier global talent, I HIGHLY recommend:
www.supportshepherd.com/
But it's a symbiotic relationship that provides lucrative opportunity for both companies and contractors.
If you're looking for top tier global talent, I HIGHLY recommend:
www.supportshepherd.com/
Capital:
In 2021 there was $300B in venture capital invested into startups.
That's up from $29B in 2006.
With email, LinkedIn, and Twitter it's easier than ever to get in front of capital allocators.
Money can EASILY find great ideas and worthy founders.
In 2021 there was $300B in venture capital invested into startups.
That's up from $29B in 2006.
With email, LinkedIn, and Twitter it's easier than ever to get in front of capital allocators.
Money can EASILY find great ideas and worthy founders.
In addition to VC, traditional banks have lost their vice grip on lending.
Tech companies are offering new debt financing products daily (Stripe, Pipe, etc.).
These options remove the arduous approval process.
Financial leverage is more accessible with each passing day.
Tech companies are offering new debt financing products daily (Stripe, Pipe, etc.).
These options remove the arduous approval process.
Financial leverage is more accessible with each passing day.
Code:
Computers and software used to work for the richest companies on earth.
But the rise of SaaS and affordable development allow small companies to participate.
Code leverage is unimaginably beneficial to small businesses.
I can attest firsthand...
Computers and software used to work for the richest companies on earth.
But the rise of SaaS and affordable development allow small companies to participate.
Code leverage is unimaginably beneficial to small businesses.
I can attest firsthand...
My SMB (10 employees) saves $300K per year in admin costs from our custom software that cost $30K to develop.
This allows us to reinvest into growing the business and improving quality of life for owners and employees.
Without low-cost code, this wouldn't be possible!
This allows us to reinvest into growing the business and improving quality of life for owners and employees.
Without low-cost code, this wouldn't be possible!
Audience:
Before social media, receiving widespread media attention was cost prohibitive.
But now anybody can build an audience bigger than traditional TV networks for free.
Audience helps to dramatically lower customer acquisition cost and marketing expenses.
Before social media, receiving widespread media attention was cost prohibitive.
But now anybody can build an audience bigger than traditional TV networks for free.
Audience helps to dramatically lower customer acquisition cost and marketing expenses.
A great example is Elon Musk and Tesla, which has a $0 ad budget per car.
(Ford spends $468/car).
Musk's 80M+ Twitter followers help drive awareness and interest in the company.
His audience is the difference between disrupting an industry and being out of business.
(Ford spends $468/car).
Musk's 80M+ Twitter followers help drive awareness and interest in the company.
His audience is the difference between disrupting an industry and being out of business.
With Twitter, YouTube, Instagram, etc. small businesses can create awareness and earn trust with their fans for FREE.
(If they're interesting).
An audience is the highest leverage asset a company/individual can own...
And is only going to become more valuable.
(If they're interesting).
An audience is the highest leverage asset a company/individual can own...
And is only going to become more valuable.
We have access to leverage our parents would've only dreamed of.
Labor is global, capital is abundant, code is democratized, and audience can be earned.
Use these advantages to get wealthy without trading your time for money.
Labor is global, capital is abundant, code is democratized, and audience can be earned.
Use these advantages to get wealthy without trading your time for money.
I believe this is an important message that will help people capitalize on the incredible opportunity that exists today.
If you agree...
Follow me @barrettjoneill for content on business and growth.
Please RT the 1st tweet so others can use leverage to chase their dreams.
If you agree...
Follow me @barrettjoneill for content on business and growth.
Please RT the 1st tweet so others can use leverage to chase their dreams.
A shining example is Twitch.
People make millions playing video games because they build an audience — think about this:
1. Doing something they love
2. Doing it from their home
3. Earning .01% income
🤯🤯🤯
People make millions playing video games because they build an audience — think about this:
1. Doing something they love
2. Doing it from their home
3. Earning .01% income
🤯🤯🤯
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Sahil Bloom @SahilBloom
·
Apr 24, 2022
I needed to read this.