Chapter 1: The Foundation of Wealth Building

Wealth creation is akin to mastering a new skill; it’s a process that involves initial struggle and discomfort. Just like learning to walk, you may falter at first but eventually find your footing. The toughest phase is the beginning, but the rewards are significant.

Here’s my strategy for doubling my net worth over the next year. Every dollar I earn beyond my essential expenses will be reinvested into:

• Self-education (books, courses).
• Personal development (therapy, coaching).
• Exploration (travel, unique experiences).
• Convenience (hiring a virtual assistant).

These investments yield tangible returns; they either enhance my knowledge, personal growth, or save me time, all of which are crucial for wealth generation.

To make money, one must have the right skills, mindset, and perspective, as well as leverage time effectively. Initially, these endeavors may appear as expenses, but they will ultimately generate returns that exceed the initial outlay.

The most gratifying aspect? The benefits of these investments are perpetual. Skills and knowledge cannot be taken away from you.

I am vigilant in eliminating unnecessary expenses and focus on what truly contributes to my growth. My spending on material goods is minimal; I steer clear of alcohol and drugs, and rarely dine out.

Why do many struggle to accumulate wealth? Most fail to channel their increased earnings into wealth-building activities.

Investing > spending.

I’m equally stringent about how I allocate my time. I decline most unproductive social gatherings and speaking engagements, as well as interactions that drain my energy. I’ve even stepped back from several board and committee roles that have fulfilled their purpose.

It's essential to create space for a new identity to emerge. Time is my most prized asset, and I scrutinize each commitment and meeting. I’m willing to invest financially to gain more time.

Any free time I have is reinvested into:

• Nurturing my vital relationships with friends and family.
• Prioritizing my health and mental well-being.
• Enjoying nature and engaging in creative pursuits.

I prefer my weekends to be free from obligations.

Time compounds whatever you invest in it; garbage in, garbage out. I’ve come to realize that entrepreneurship is the most effective way to build substantial wealth and create meaningful impact.

88% of millionaires are entrepreneurs, and most have built their wealth from the ground up.

You have three choices:

1. Complain and procrastinate.
2. Be a victim of circumstances.
3. Start your own business or own a piece of one.

The first two options will keep you in financial struggle, while entrepreneurship can pave the way to wealth.

Starting or owning a business has never been more accessible. Here’s my approach:

I maintain a 9-to-5 job with a significant equity stake and an annual salary exceeding $180k. I invest a small fraction of my after-tax income (around 10%) into stocks, shares, and funds. Additionally, I’m developing a part-time online business that blends a recurring service (ghostwriting), content creation, and digital products, generating approximately $6–7k AUD monthly.

Do I put in long hours? Absolutely. Building wealth isn’t easy.

However, I leverage my time and resources to avoid burnout.

Here are my targets for the next year:

• 50,000 Medium Followers.
• 10,000 Email Subscribers.
• 1,000 Twitter Followers.
• $10,000 monthly average from my one-person business.

To achieve these goals, I will:

1. Define my customer avatar: I want to help part-time entrepreneurs, side hustlers, and creators with traditional 9-to-5 jobs who aspire to start their own businesses.
2. Create a suite of free lead magnets that address their challenges, such as:
   • Starting a one-person business.
   • Establishing a one-person business.
   • Earning your first $1,000, $5,000, $10,000, or even $20,000 month.
3. Utilize economies of scale: Repurpose my Medium articles for my email newsletter, break down the newsletter into Twitter threads, and compile everything into a digital product based on validated feedback.

Building an audience equates to establishing a distribution channel.

Social media = rented distribution

Email lists = owned distribution

Affiliates = borrowed distribution

All are essential. Cultivating an audience allows you to create whatever you envision.

Wealth building is straightforward, yet it requires effort.

2024 is poised to be a transformative year, and I feel a mix of excitement and apprehension. If your goals don’t induce a bit of anxiety, they may not be ambitious enough.

Here’s my action plan:

• Invest in my skills, mindset, and experiences.
• Be relentless about how I allocate my time.
• Learn how to build, manage, and grow a business.
• Cultivate a loyal community of fans and followers.

It’s a simple plan, yet one that can yield significant results.

Grab your FREE copy of my short e-book (and mini-course) — How To Start Your Next Six-Figure One-Person Business In Six Easy Questions?

Chapter 2: Financial Insights and Updates

In this video, I discuss my August 2024 financial update, detailing how I tapped into my emergency fund while still witnessing growth in my net worth.

This video provides an overview of my 2024 money milestones, including updates on my net worth, emergency fund, investments, and income.