15 Steps to GET RICH (Ultimate Guide)

you are watching the sunday motivational video 15 steps to get rich welcome to a luxe calm the place where future billionaires come to get inspired if you're not subscribed yet you're missing out hello Alex Aires we are glad to have you here with us today as we are finally releasing this ultimate guide to building wealth and getting rich this is the exact framework millionaires and billionaires have used to get rich themselves after studying hundreds of businesses and business models thousands of self-made individuals many of whom we've analyzed right here on this channel we broke it down to this exact framework this guide you're getting right now could have easily been sold to you as a $30 book or a $500 course and it would have been worth every penny yet because you've been a loyal subscriber of our channel and keep coming back for these Sunday videos we've decided to simply give it away for free our goal is to give you so much value you guys feel like you owe us back to be blunt if you follow this framework you will get rich those in our community who have already built wealth for themselves can confirm in the comments that this is more or less the same way they did it from billionaires to small business owners they all follow this exact path that we're about to share with you all we ask in return is to subscribe to our channel if you haven't already and activate those damn notifications we strongly advise you to take notes as we progress through today's guide in the top comment you should find a link to our article with everything in written format with that said buckle up a Luxor's it's gonna be a long video today and before we get to the framework there are some things you should know do not skip these they're incredibly important and you'll fail if you don't take them into account we are not all created equal we live in different countries with different infrastructures and you're not all beginning this race at the same starting line yet this game plan works for everyone your environment and current situation can accelerate or have things move a bit slower but the result is the same if you follow the game plan valuable to know no debts if you're in debt find a job or a secure source of income don't take on any more debt work your butt off and pay off the debt you have so you can start with a clean slate low dependencies this is going to involve an element of risk in the first years you'll not see much traction but it will require you to keep going at it if you have kids or family members who rely on you to provide for them you can still get rich but be a lot more conservative start building it as a part-time project alongside your current job until the revenue from the new business can sustain you and your family income or savings realistically you'll need resources if you already have a job or some savings these will come in handy even if you're bootstrapping it there'll be some costs you might need a car you'll need to pay for some services even if you do try to do most of it yourself five to seven years the average business takes seven years to be successful if you can build something that lasts for seven years you will get rich if you're really smart and agile you might do it in five if you're slow it could take you ten but you will get there if you were hoping for some secret formula or wishful thinking where the universe would drop a million dollars into your lap this isn't it we broke down the framework into three parts hard to want start making money part two building wealth part three getting rich with that said here are the 15 steps millionaires and billionaires have used to get rich step one establish the goal the goal isn't for you to be rich because what does being rich even mean when you set a goal it should elicit urgency within you when you're reminded of the goal it should motivate your lazy self to turn off Netflix and get back to work every successful person out there writes down their goals and not any kind of goals but SMART goals smart stands for specific measurable achievable realistic and timely if a goal doesn't have all five criteria it's not a SMART goal instead of wishing for becoming a billionaire and knowing this will not happen for you why don't you actually start closing that gap a SMART goal would be make $1000 a month from this new project by the end of December if you're starting out going from zero to $1,000 a month is a big deal you wouldn't previously be making any money from this idea and now you're closing in once you do hit it raise that ceiling five thousand ten thousand fifty thousand we know people who are bringing in over a million dollars every month and they all started with smaller goals crushed them and then a move the ceiling up step to break it down and do the math for the first time ever you actually have a goal and you're serious about it it's time to see what needs to happen for you to hit that goal this is called reverse engineering yes you'll have to do the math if you want to get rich money is a numbers game the beauty of math is it works the same for every one example in order to make $1,000 per month you need to get $100 from 10 people or $50 from 20 people or $10 from 100 people do the math for your number okay now that you have your math it's time to break down how to actually make it happen in order to get $50 from someone you need to have a product or service that is worth at least $50 to that person it'll need to be accessible to that person and have a way to transact with him or her let's keep it simple in order to hit this goal you need a product a website and a bank account see how we're breaking it down into smaller pieces then you break these down into smaller pieces what kind of product can you offer is it physical is it digital is it a service what will it look like what does it consist of break it down what do I need for a website I need a domain name I need hosting I need a logo I need to process payments to get the money pay close attention to the type of engineered thinking we're sharing for this is the difference between success and failure this needs to happen for this other thing to happen if you're unable to break down goals into smaller pieces you'll never achieve them every rich person knows this and now so do you why because now you finally have something you can actually do creating a website is something you can learn how to do everything in the smaller tiers is actionable step 3 educate yourself and build skills the thing about actionable goals is that somebody else has done it before you there's already existing knowledge of how this type of problem is solved it's time to stop being ignorant and start learning yes getting rich actually requires you to educate yourself learning about the space you're in learning how things get done what are the best practices what are the things to avoid in this part of your journey you are actually absorbing value out of the ecosystem in the same way you've chosen to consume this piece of content right now most of us hated school because you were forced to learn about things which you weren't interested in but you'll see that this is different successful people genuinely enjoy learning new things about the industry they're in because it helps them to be more successful do better things and make the journey more enjoyable with every session your growing in knowledge but this isn't enough theory is never enough in order for you to cross onto the other side from wishful thinking to do er you need to practice you don't learn how to score a three-pointer from a book yes the theory definitely helps but you have to get on the court and test it the more you test it the better you'll understand how to apply it repeat this enough times and you're building skills for yourself and skills have a value because skills can be converted into money when you mix them with time a skill means you know how to do something successfully it's time you use those skills for personal gain step 4 work every single day welcome to what is most commonly called the grind this goal of yours is like an incredible statue waiting within a massive block of marble once you learn how to carve the marble it'll take a long time until the end result is finished the rule is simple the more work you put in the quicker you'll see the result this is the first test in your journey how badly do you really want it if this is what you're meant to do if this is what you chose for your life are you going to quit after three months after a year or two the magic word is discipline you need to discipline your mind and your actions always remember that if this project of yours succeeds the rest of your life will be amazing that's what's going to drive you to get back to work every single day it'll be really slow in the beginning but in a couple of months you'll start to get your first wins cherish them and then get back to work step 5 get [ __ ] done here we're going to introduce you to a concept that's been the biggest differentiator in our own journey it's called moving the needle and it's exactly what you think it is it means getting [ __ ] done so you're actually making progress you say you're gonna launch a website then buy the damn domain buy the hosting go live with it this step relies on you hitting those smaller goals you broke the big goal into these move the needle for you set specific dates for them and then focus specifically on finalizing these chapters you won't believe how many people are constantly working on their project or startup but never really move the needle they're busy being busy not making any progress if instead you focus on big decisions that will close the gap between you and these smaller goals if you discipline yourself to work on them you will win at this point you are making money you understand how the business works what needs to happen for it to grow and you should feel overwhelmed by all the day-to-day activities these first five steps are that initial momentum you have to generate for yourself and to get that initial money coming in the problem is you're now employed by the business you don't own a business the business owns you and for now that's okay but it's not sustainable instead you need to focus on growth that's where this next step comes in step 6 outsource repetitive tasks to others we all have our strengths and our weaknesses every successful person out there went to 90 to 100% on their strengths anything else will guarantee your mediocrity in order to do so you need to find people who can free up time for you so you can focus on what you do best something to remember here you'll never find anyone to work as hard as you do for your business if you search for a clone of yourself you'll keep on searching forever instead find people who are willing to learn and are great at following instructions have them take care of repetitive tasks which you can systemize break each task down for them and have them do it over and over again this part is called autumn ization it streamlines your production process either through people or technology your goal should be to systemize and automate 80% of your entire business with the remaining 20% the creative part being the strategy part falling on your shoulders if you're unable to bring in people to automate the process you'll never grow you'll always be trapped in a small rat wheel running until exhaustion just to keep the lights on don't be afraid to pay these people well take it out of your pay you're not interested in it pay yourself enough to cover your living expenses if you want to succeed everything else must go toward making the business better step 7 analyze and improve with the day-to-day activities taken care of and the business moving it's time for you to take the wheel and decide where it needs to go and how you're going to get there this part falls on your shoulders nobody knows your business better than you do the more you understand and measure the higher your chance of success that's why you always hear investors talk about know your numbers study your business to the smallest detail figure out what's working and what isn't study other businesses the same way you study yours and figure out what's working for them with these two knowledge sets you can have the ability to make changes that will benefit the business allowing it to grow your job is to manage the resources you have on hand revenue the people that work in the business and yourself the better you are at managing these three the better the business will do at this point everyone around you will consider you semi successful you've basically solved the business equation and you're doing well the money is coming in and so are the temptations this is where the next step comes into play step 8 live like you're poor this is the wall that keeps the majority of people from actually becoming rich it's something only rich people have figured out everybody else is stuck in the middle class never understanding why they didn't make the leap into the wealthy class here's the secret to getting rich the longer you live like you're poor when you don't have to the richer you'll become take a moment and go through that again the longer you live like you're poor when you don't have to the richer you become self-control is what differentiates the real from the pretenders once you see that money coming in you're tempted to start spending it to indulge yourself and the rewards of your work it makes sense doesn't it you worked hard for the past five years and now you can finally afford a nicer house a better car better clothes a better lifestyle as a whole but this is what we call the middle-of-the-road trap you're halfway into the race you've come a long way but unless you run the entire thing you won't get the Medal you have to cross the finish line to get your award this is how the middle class gets stuck in the middle class and usually drops down in time they think they're safe they're no longer hungry they splurge you see them flexing be very very careful of this trap for if you fall into it you risk losing the majority of the things you've built self-control and discipline at this step will allow you to actually become rich instead of just looking like you're rich and here is how you do it step 9 save to invest you take all the excess money that you're tempted to spend on liabilities and put it away you don't touch it you don't alter your lifestyle simply pretend it isn't there work the same you've done up until this point just for a little bit longer this is where wealth building fundamentals kick in the money saved needs to go into assets not liabilities basically instead of buying yourself something you want save that money with the purpose of an to get into something that will generate you more money there are two types of thinking most people think that you work hard to get the money so you can buy things you want this is not what rich people do we think differently and so should you rich people work hard to make money so they can buy themselves money-making machines get enough money making machines and you can buy yourself anything you want without having to work at all the first type of thinking requires you to work more as you want more stuff but with the second type of thinking the more you work the less you have to work in the future that's what you have to do with the money coming in from the business you have to secure the future step 10 invest at this point you're finally building wealth this wealth is here to stay no matter what will happen to your business in the following years you can still rely on this wealth to make your life easier we could do an entire 30 minute video on different types of investments that you could make once you're at this point in your journey but in order to keep it simple there are mainly two types of investments you should make once you get here one cash flow investments and two appreciation investments or capital gains cash flow investments generate you monthly sums of money while appreciation investments go up in value over time here are the top five most popular cash flow investments one rental income from real estate two certificates of deposit or CDs three bonds for dividends and five peer-to-peer lending appreciation investments focus on buying something and selling it in the future for a higher price here are the top five most popular appreciation investments one stocks to real estate 3 gold and silver for art and collectibles and 5 crypto currencies there are situations where you can achieve both the state is a great example for this although it generates a monthly rental income in time the price of the property will also go up so if you decide to sell you'll make a profit later on unless you're educated enough to make semi calculated speculative investments we recommend you go with a real estate to be honest we've been reading a likes of Robert Kiyosaki and Grant Cardone which are phenomenal for general knowledge but the most practical advice we found outside our own personal mentors comes from a podcast called bigger pockets hundreds of real estate investors openly share their stories and strategies it's one of the gold mines of the internet and we're happy to give them a shout out they took all the knowledge from their interviews and distilled it into two great books the first one is called how to invest in real estate the ultimate beginner's guide to getting started and the second is called the book on rental property investing but this one might be getting a refresher soon both by Brandon Turner if this is the first time you're picking up a book on real estate start with Rich Dad Poor Dad by Robert Kiyosaki if you're looking to take action get the beginner's guide even better go to a locs calm slash free book and sign up once you do you'll get to pick one of these books we mentioned here and download it for free as an audiobook thanks to our partnership with audible now once you begin investing you'll have to keep the main business going for long enough until your wealth gets to the desired outcome and that brings us to step number 11 reinvest in the main business by this point you're already building wealth the main business is running okay you have some side investments that are making you richer and you're feeling amazing the temptation here will be at an all-time high with shiny objects all around you all these opportunities just waiting for you to grab them this is the second trap you'll find on your journey to becoming rich it's called neglecting the cash cow all the wealth you've managed to get up to this point is because of your main business you got this far because of the first two parts of your journey you obsessed with it this is usually when most businesses see a dip why because you're distracted you're no longer going after it the same way you used to and the market is changing the customer is changing your competitors have caught up and you're swimming in dangerous waters because of your investments you're no longer going to be poor but unless you elevate the main business you are never going to be rich this is where the consolidation of the business begins a great rule of thumb in this situation would be allow half of the money the business is generating to go into investments and use the other half to solidify and improve the business itself there are two ways to scale a business one vertically you get better at what you're already doing you increase production you improve the quality of production and you're able to charge more per sale to horizontally you introduce a new product you create add-ons thus satisfying adjacent needs by this point you've been at the business for around six to seven years times have changed since you began and there are new tools available to you and you need to start learning how to leverage them to keep your business afloat your competitors are already using them and coming after your market share if you're both equally educated the win will go to the one who's hungrier and wants it more this reinvestment in both yourself and the business is the beginning of the third and final chapter of your journey to becoming rich here is how to make sure you don't screw it up step 12 find a successful mentor think of how horrible navigation was before the GPS was invented you had to figure out where you were which roads go where what they were called horrible then GPS became a thing and suddenly things became a lot smoother what would life be like without Google Maps or ways the road to riches doesn't come with a complete GPS but the next best thing is having someone who's been on this road before to guide your step that's why mentors are such an incredible resource to have in your arsenal if you've gotten to this step it's clear to everyone you're committed to this project that you've got the skills and are willing to put in the work to make it successful statistically speaking there is at least one person who's done something similar to what you're doing now and came out victorious there might be a handful of people like this in your country and for sure there are hundreds of them internationally connect with these people be honest about your intentions and they will gladly help you successful people love to help other people become successful as long as they prove themselves worthy prove that you're not wasting his or her time and build some relation having a regular checking with your mentor about what you're doing and how your business is evolving will not only save your business from failure but it will accelerate your success and with this mentor in place it's time to solidify your network step 13 build your network because of the fortunate position you now find yourself in you'll gain access to all kinds of different circles your job is now to connect rich and successful people tend to stick together why because it's a lot harder to relate to your long-forgotten cousin than with someone who's been through more or less the same journey as you to get to where you are today trust us at the top it isn't lonely it's just people like you who've made it looking to make friends everybody shared similar struggles and everybody is sharing advice on how to not screw it up this is the chance where you get to build a safety net to help you never be poor again you've heard it before on this channel but we'll say it one more time your network is your net worth these successful people you connect with that you trust and whom trust you are willing to help each other in case anything goes wrong it's more like a pact we help one another so we all never go broke they provide access to funding resources contacts and more never underestimate the power of building a powerful network around not only will they help you protect what you already have you will make each other even richer step 14 leverage your contacts to diversify your portfolio at this late stage you have the business that's going phenomenally well you have several investments that are doing okay and found a new group of friends you're all looking for the same thing new opportunities because of the size of the group you together open doors to opportunities that are beyond each individual's reach but not out of reach of the group as a whole that's when you pool resources and start doing mega deals if by yourself you are buying single-family properties with the group you're buying entire buildings you're developing projects and at a much larger scale because of your network you have access to the opportunities they all identify allowing you to diversify your portfolio all you have to do now is cash in step 15 sell the business and do it all over again but bigger every business should have an exit plan you start you build you grow you exit this is pretty much the path every person who's made a lot of money has followed there is always bigger fish in the market and because you've been performing so well you've probably caught their attention between year 7 and year 11 you'll be faced with a period of transition in your life you've been doing this for a decade and you might be interested in doing something else it's also a prime moment for exiting the business because the market is doing so well the business is solid thanks to the investments you've made at step 11 and your life has changed this is the time where you officially let go and cash in it'll feel weird because you invested so much time emotion and energy into building this but at one point you'll have to let it go that is in exchange for a ridiculous sum of money otherwise just keep milking the cow and do business as usual this exit allows you to completely recalibrate your life and pursue new in the past decade you evolved as a human being alongside your business and your priorities have shifted what you needed ten years ago it's no longer what you need now or what you'll need in 10 years so you've got to make the change your family's needs will always be taken care of everything you care about is protected you can now do whatever you want but here's the interesting part everybody thinks that if they sold their business for 10 50 100 million dollars or more they would never work a day in their lives again the image of the retired person drinking mojitos on the beach is an illusion after six or twelve months you'll go insane if you've made it to this step you're a real entrepreneur it runs in your veins only now you have a completely different start you have resources connections a premium skillset and desire to change the world this brings together the final stage of your journey to getting rich most people never make it out of the first stage and do not get to enjoy the fruits of this decade-long commitment which brings us to you the person consuming this piece of content right now if you were to go through the list of steps where would you be in your journey right now we're really interested in knowing what you're struggling with so we can maybe provide you with some guidance in the future please share the step you're currently at in the comments believe it or not our CEO reads every comment on the sunday video because these scripts are put together by the man himself he'll be personally replying to your comments we know this has been a long video this type of content is incredibly valuable and we wish we had this type of guidance when we were starting out if our free content is this good imagine the value we're offering next Sunday when we go live with our meditation course in your journey to getting rich you'll have to maintain focus and control your emotions the best tool for this is meditation we created the mind mastery course for entrepreneurs and high achievers we specifically designed it with the a Luxor in mind if you want to learn how to deal with stress anxiety discipline your mind and your actions while building a skill that will stick with you for the rest of your life go to a locks calm slash mind mastery and join the waiting list every person who's on that list before next Sunday will get a one hundred dollar discount code as a thank you for being a true a lecturer and of course as a thanks for watching with us until the end of this already really long video here is your bonus step do not quit when it gets hard this journey is going to be a lot like a roller coaster you're either having the best day of your life thinking you're conquering the world or it's the worst day ever things will go wrong like really wrong at least once every year there will be so many moments where you'll feel exhausted drained ready to throw in the towel because things got incredibly difficult that's when you need to breathe in meditate on the issue and then figure out what it takes to keep moving forward every time you want to quit the marketplace is testing you to see if you actually have what it takes nobody owes you anything you'll have to earn everything you're going to receive in life hard times are there to rid the market of the pretenders and there will always be a reward for those who can overcome them if this resonates with you and you found it valuable please write the word truth in the comments and don't forget about a Lex comm slash mind mastery we'll see you guys on the inside it's time to make a decision how badly do you really want it thank you for spending some time with us a Lexus make sure to subscribe so you never miss another video we also hand-picked these videos for you to watch next as always the conversation continues on social media thanks again and we can't wait to have you back tomorrow

Channel: Alux.com

Views: 1,403,685

Keywords: Alux, Alux.com, Alux Youtube, sunday motivation, get rich, get rich guide, how to, how to get rich, wealth, money, step by step, rich young, alux rich, make money, start a business, startup, rich people, get rich plan, blueprint, casestudy, invest, real estate, property, get rich book, millionaire, billionaire, become a millionaire, without money, from zero, ideas, best way to get rich

Id: zEP2hvuabuY

Length: 31min 54sec (1914 seconds)

Published: Sun Jul 28 2019