In the past, business founders pass away before their company is worth a billion dollar. Today, billion dollar companies are built in less than two years. The paying field has flipped. Many laws of money like “just keep working hard and your reward will come” is no longer accurate. Technology is the new wealth catalyst; it has changed how we do business and make money. This piece can change your life if you pay close attention. I’ll be sharing with you 9 new money rules that are making everyday people like you super rich. If you keep an open mind to adapt these new money rules, you too will be on your way to creating enormous wealth.
- Fast is more important than big
How could online publishing overtake traditional publishing? How did news blogs out-perform newspapers? In the past, the game was about the big fish swallowing the small fish. But the business landscape today is about the fast fish swallowing the slow fish. Let me explain with some examples; LindaIkeji is among the most successful bloggers in Africa today, not because she is the smartest or most business-minded blogger out there; rather she was simply among the fast movers with the idea of blogging in this part of the world. Her media platform is today more popular than established traditional media. In the era of fast-paced technological change, it is those who move fast to adopt new opportunities and remain consistent that wins. And usually, the winner almost takes it all.
- System is better than profit
You probably know someone in their 60s who have traded their time for money all their working life only to retire almost to nothing. Meaning that all those years of work only provided momentary benefit; it did not compound to something worthwhile. In comparison, you’ve probably heard of someone in their 40s, even 30s whose past years of work continues to generate income.
You may have heard this saying by Robert Kiyosaki, “Work to learn, don’t work for money”. Most people will agree with this but don’t necessarily believe it. Relying on System is about leveraging existing resources that can function independently of you. If you want to get rich, don’t rely on immediate profit; do not work for money. Rather focus on building or being a part of a system. This could be in the form of investing in a business, assets, technology or building a brand. Relying on profit brings active income. Building a system to creates passive income. The richest people today don’t rely on active income but passive income. They don’t rely on profit; they rely on systems.
- One is a dangerous number
In the business of making money, one is a dangerous number; here is why. If you have one source of income, one client for your business, one skill or one marketing channel, you are just one step away from going broke. It will only take a little change and you’ll have to start all over again. The solution is not necessary to have streams of income from different sources. You can have multiple streams of income, from the same source. I’ll like to explain this using WWE – World Wrestling Entertainment. Instead of relying solely on its wrestling shows, WWE is one company offering different products to its fan base; from its pay-per-view wrestling shows, live shows, TV shows, Movies, Gears, video games and a lot more. These different streams of income have grown to a multi-billion dollar company.
If you are in a job, ask if you can get paid commission for doing some extra work. The world moves so fast. So you have to find a way to adapt what you have to meet different needs to the same or different people.
- Lean is better is than all in
In the past, you had to invest a lot of money to run an ad in the newspaper, radio or TV, without a guarantee of how the ad was going to perform. There is no chance for trial, you just go all in. Today, thanks to digital technology tools, you can start your marketing campaign with as little as $5, measure the result, tweak it and keep testing until you identify what works for you before investing more money.
Also, when starting a business, you don’t have to go all out to invest in a befitting physical office, with the associated costs of operation. You can start from your living room to prove your business idea using existing digital tools and platforms. Be smart with money when starting out, and leverage on the available digital tools to prove your concept before going all out.
- Passive income is unbelievably easy
The highest-paid YouTube channel in 2019 is by 8 year old Ryan Kaji; earning $26 million in a year. His channel Ryan’s World started in 2015. This income was generated independently of the owner’s presence. Many online businesses work with a similar model, you invest a significant amount of time and resources to build a content-based platform, and it grows to the point that you can generate consistent revenue without much effort. A lot of people do not understand what is possible today because of internet technologies. One of the easiest ways to generate consistent passive income today is to build a digital platform.
- Money is just a click away
Today, your customer is everywhere and very much within your reach. Regardless of what you sell, you have Whatsapp, Twitter, Facebook, Instagram and other media platforms to reach your customers. It’s an outdated business practice to set up shop and wait for people to work into your premise. If you want to grow fast and make a lot of money consistently, you have to meet your customers where they are and help them to find you. Breakaway from that old pattern of sitting and waiting for the business to come. Be out there and help your prospects find you.
- You don’t have to sell anything
In the past, you have to directly sell something to make money as a business. Today, technology has made it easy to make money without selling anything directly. Most online content creators do not sell any tangible product on their platforms. They just focus on creating content their audience wants, while an advertising network takes care of dealing with advertisers. There are many advertising networks, so content creators have options of who to work with. This is a new rule of money anyone can take advantage of.
- You don’t have to be an expert
In the past, you had to spend several years in isolation studying a subject matter before you are qualified to help people around that subject. But in today’s world, by the time you are done schooling, about 80% of what you learned would be outdated.
There has been a rise of perceived experts over the internet the past decade. These are everyday people who consistently share content online around a particular field of interest and gained a huge following. By the share volume of their audience engagement and consistency, they are perceived as an expert in that subject. These people turn their interest into a career before becoming an expert. So the new money rule is that you don’t have to be an expert to start building a career or business in a field.
- Value is subjective
Have you noticed the rise of comedy skits on YouTube? If you check the top trending videos on YouTube, it’s likely that over 80% are usually entertainment related. I used to complain about how a lot of young people have misplaced priority because of their preference of media to consume. But I’ve come to accept that value is subjective. What you consider value may not be worth another person’s time. A lot of young people are making a living and building career creating prank videos, comedy skits and the likes because they are meeting the need of many people. The smart thing to do is to focus on the people you want to serve and create the type of product they want to consume. The field is large enough.
Have an open mind and adopt these new money rules and be on your way to creating wealth.