in this video I'm going to teach you four fundamental ways to increase the
value of your financial transactions also known as how to make more money now
this was an idea that I actually got from Douglas Krueger and you might not
know who he is because I didn't know who he was either until one of his videos
was recommended to me I watched it and I realized he had some gems to share with
us so the main topic of the video that I'm gonna be referring to is on the 8
epiphanies of growing your wealth and escaping poverty he talks about how most
people are just a cog in the system and they are working very hard but getting
paid in crumbs now most people don't want to be a cog in the system but what
are they doing they're doing the exact same thing that other poor people are
telling them to do they're playing it safe that means being a good student
getting a degree finding a safe job and then retiring in the same company after
40 years and that was good this method worked in the industrial age but we are
well into the information age is there an alternative to that though of course
there is we all know that there is now before Krueger starts explaining his 8
epiphanies he talks about an alternative way of thinking something called the
wheelbarrow way here's his short little explanation of
it and if you want to see the entire 45 minute video which is amazing by the way
you can check it out in the description below you are young and strong you must
go out into the world and earn coins here's how you do it
pick up your wheelbarrow load it full of bricks and for every hour that you push
your wheelbarrow you will get one coin if you want a second coin you have to
push your wheelbarrow for a second hour now we think like that we go the only
way to earn coins is to work for a set number of hours so let me go and get a
job and be dependent on a boss now you work your set number of hours every
day you push your wheelbarrow for your set number of hours and a horrible thing
starts to happen you start to realize that you can't quite afford the car
you're not quite breaking even with the kids and their education and the debit
orders and the bonds and so on so what do you do you go back to the thinking
that was handed down to you and you say if I'm not getting enough coins what do
I have to do I have to push a second wheelbarrow in the evenings to get more
coins that kind of thinking keeps fan in generational cycles of poverty if you
take nothing else away from today this is the one principle that is the most
important do not tie your earning to the number of hours you work you've got to
separate those two and I'll show you how today now to my understanding there are
four ways to get wealthy if we stick to this wheelbarrow example number one is
pretty obvious you push the wheelbarrow for more hours obviously this works but
there's a problem with it you only have 24 hours in a day so there's a limit and
if you're doing something physically difficult there is a risk of injury
which can prevent you from working in the following days weeks or even months
now what about option two you can put
something else in your wheelbarrow like Douglas said you can find gold or
something even better like printer ink or anti-venom something else instead of
bricks immediately you make more money per hour
of the work that you do in this analogy this would be like improving your skills
learning how to do a high-value skill like copywriting or becoming a
world-class painter or learning how to set up a sales funnel for a business you
immediately offer more value just like switching what you carry in the
wheelbarrow I'm gonna talk a little bit more about
learning new skills later but option number three is to hire someone else to
push a second where barrel and then you take a little bit of their profits if
they make any now this would be like owning a business you tell someone where
and how to move their wheelbarrow they earn some money and then you take just a
little bit off the top for essentially taking risk you promised them money even
if you don't make any for example a graphic design artist may not make too
much money on their own but if I hire them so that they can help me sell more
products I would be happy to give them twice their current rate they get a push
their wheelbarrow and I get a collective potential profits from it now let's move
on to the fourth way this is using something faster than a wheel barrel
using our analogy this would be like getting a horse and buggy or moving on
to a car we're trained to move our bricks this is called using technology
for example five hundred years ago if you wanted to sell something to people
even if it was a cure to a disease you would actually have to go out and talk
to them negotiate a price and then close the deal now this process could take an
hour all the way up - three whole days of your time just to
get one sale let's zoom up a little bit closer fifty years ago you had to write
an advertisement that may have taken you a few hours to write but you reached way
more people in your local newspaper and now in today's world you can literally
create one sales page that does all of your work for you you can create it once
and then you can serve it to literally millions of people instead of you having
to go out and talk to every single one of them so let's recap real quick the
four ways to make more money number one push your wheelbarrow for
longer hours most people have to do this in the beginning just to get started
number two put something else in your wheelbarrow this would be like learning
a new skill number three you can hire someone else to push a second wheel
barrel this would be like starting a business and number four use something
other than a wheel barrel leverage the technology that we have access to by
using technology and other people we aren't limited to our hours in fact
whenever you start using technology and you leverage other people effectively
you can literally make money while you sleep and this is the most important
principle from this video I'll say it once again in simpler words do not tie
your earnings to the number of hours that you are working but before you can
start leveraging technology and other people to work for you which usually
requires an upfront capital investment you need to start earning money on your
own and the best way to do that is to improve what is in your will barrel like
I said earlier with gold or anti-venom and one of the best ways to improve what
is in your wheel barrel is to learn a skill that's valuable in today's world
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hope you enjoy this video and most of all I hope you learned something