Today, right now, you have more leverage than you think. You have more opportunities to multiply your output from a single input. More chances to build wealth in the 21st century.
You have more options to design your future. You have more power to take control of your financial future.
Thanks to the creator economy, you no longer have to work at a job you hate. With a combination of tools, you can multiply your output all by yourself without a considerable investment of time or resources from others.
The growth of online media platforms means you can also work with people from different locations to build your passion projects. And you don’t need permission to pursue your creative work. It also means you have more tools to create real wealth that doesn’t involve renting out your time.
Real wealth is assets that keep making income without 100% investment of your time. Wealth is the money you make whilst you are busy investing in yourself. Wealth is the income you make without the daily hustle.
It’s money invested in tools, products and businesses that compound capital. Wealth is income that continues to works for you in your absence.
I started building my body of work ten years ago. Between then and now, I have built a self sustaining small business advice blog and written a book (published by a traditional publisher). I have also launched self-improvement courses, a personal growth newsletter, self-published over a dozen books and made hundreds of thousands of dollars from the Medium Partner Program between 2018 and 2020 alone.
Over the years, I have built many sources of income that make it possible for me to creatively express myself and pursue different passion projects without holding back. Th aim is to create progressive wealth that allows me to use my time to create meaningful experiences.
I have built many of my income sources out of curiosity. I experiment more and improve my offerings that deliver most of the results I want. I like learning, so the process is enjoyable. You want to get smarter throughout the process of building wealth too. It’s essential for your future self.
And freedom has also been a massive driving force. Freedom to control my time, manage it, and use it in a way that brings out the best in me.
“The purpose of wealth is freedom; it’s nothing more than that. It’s not to buy fur coats, or to drive Ferraris, or to sail yachts, or to jet around the world in a Gulf Stream. That stuff gets really boring and stupid, really fast. It’s about being your own sovereign individual,” writes Naval (How to Get Rich).
Figure out how NOT to rent your time
“Most people have figured out the vertical income but they haven’t created the horizontal income yet”, writes Codie Sanchez.
Conventional income is common — invest time in learning a skill, rent your time to make money from that skill for as long as possible. And then retire. No real creativity allowed or permitted.
That mindset can’t help you to build the kind of wealth you want. To build wealth, you have to figure out how to use what you already have to solve someone’s else’s problem.
Or better still, invest in creative ideas that require a single input (creative effort) but delivers multiple outputs (income) for as long as possible.
Create multiple lines of income from various sources
“Wealth is just consistency… I don’t want to be rich. I want to be wealthy.” — Quavo
It’s the golden rule of building wealth. No matter how many times you read this advice, don’t underestimate the value of diversification.
I have learned one crucial lesson over the years: don’t put all your income in one massive basket. Even if you are comfortable, diversify.
A single income source a risky way to live. There are no guarantees, so choose your income sources carefully.
If you work for someone else and don’t have the option to diversify at the moment, aim to take 100% percent responsibly for your wealth in a few years. It’s the best path to build wealth.
Aim to multiply your output from a single input
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver,” says the author of Atlas Shrugged, Ayn Rand.
Renting your time won’t make you rich. When you are replaceable, you don’t assume many risks, which means you are not in total control of your time. And time is what you need most to create wealth.
Plan to earn for decades, not years. Wealth is created by creating, building, designing, innovating and launching projects that have better leverage.
Building multiple incomes streams means you can continue to experiment with other projects and still reply on as many income pipes that possible.
And if, for some reason, you lose any of the sources, you can create another one whilst the rest continue to earn income.
There is no single rule to build wealth — get creative and give as much as you get
Jessica Jackley is right. “Future is about creating value. If we have tools to empower each other, more possibility is reality.”
In our 21st century world, the tools to build wealth are insane. It used to take an enormous amount of time to make money online. Today, it doesn’t. You can get paid to do authentic things or share real stories.
Many people have figured this out faster than others. Technological advancement has made it possible to build better safety nets.
The creator economy is changing the status quo. Independent coders, content creators, curators, designers, and builders use tools and finance tools to monetise their talent.
There are no gatekeepers. People are experimenting boldly on many sites. And it’s paying off for a lot of people. It takes time, but with the correct application of knowledge, you can build lots of sources of income.
Online platforms like Medium, Substack, Patreon, YouTube, Instagram, Snapchat, Twitch, Spotify, TikTok, Flippa, GLG, Shopify, Etsy, Amazon Affiliates, Gumroad, Podia, Udemy, Coursera, Teachable, Thinkific and dozens of others allow content creators to make money.
Many creators use these a combination of these income options to build wealth: paid subscriptions, ebooks, courses, sponsored content, product sales, merchandise, pop-up events, affiliate products, advertising, investment products, product launches, newsletters and brand sponsorships.
To build long-term wealth, figure out how to create value for others
“Strive not to be a success, but rather to be of value.” — Albert Einstein
In the creator economy, everyone has talent. All you need to do is figure out something you could do for free without getting paid and turn it into something people will be happy to pay for. Or find something you enjoy doing outside your regular work.
Once you know what you want, figure out how to create timeless value. “The more people you help and the more value you create, the more your business will fly — and the quicker you’ll win. “ Robin S. Sharma said.
Ask yourself: What information, skill, or art do I possess that can be packaged, repacked, reinvented and rebranded for others? Pick your area of expertise, find the perfect platform, package it and get creative.
There are more options than you can count if you are ready to invest time to lay the necessary foundation. Building wealth buys you more freedom to invest in experiences you deeply care about. It allows you to express yourself creatively.
You don’t need permission to do more creative work. “You have brains in your head. You have feet in your shoes. You can steer yourself in any direction you choose. You’re on your own, and you know what you know. And you are the guy who’ll decide where to go.” Dr. Seuss once said.
It’s time to rethink how to build wealth. Learn to create your ideal future proactively, on your own terms. And remember, wealth takes time. It won’t happen in a few months or years.
“My personal wealth has not been generated by one big year. It stacks up little bit, chips at a time. More options, more businesses, more investments, more things that I can do,” writes Naval.
But once the foundation has been laid, the process can accelerate faster at the tail end. What you should aim for in the future is the freedom to create meaningful experiences in life.
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