Today we dive into step one of the seven-step strategy to build wealth, and in my opinion, the most important one: Why you must increase your income.
About Indestructible Wealth: I’m Jack Gibson. I’m your wealth strategist and I’m here to help you make some money. The Indestructible Wealth Podcast is for young entrepreneurs who want to make, keep and grow wealth to enjoy now, and for years to come.
Episode #3 – Why You Should Consider Income Expansion Thinking
Podcast Episode Transcripts:
Disclaimer: Transcripts were generated automatically and may contain inaccuracies and errors.
Welcome to the Indestructible Wealth Podcast. This is the place where we help young entrepreneurs to make keep and grow wealth that you can enjoy now and for years to come. I’m your host Jack Gibson, a senior entrepreneur, founder of multiple 7 and 8 figure of businesses, and wealth building strategies. Each week I’m gonna share you my tips, resources and secrets, to help you create a plan and build the life you’ve dreamed of.
Today we’re going to dive into the 1st step of my 7 steps strategy to make, keep, and grow Indestructible Wealth. This is by far the most important step, in my humble opinion, of how to build wealth. I’m referring to the simple fact that you must increase your income. If you follow the traditional financial gurus many of them focus on reducing your expenses, cutting back debts, or they talk about why you should invest into real estate without really telling you how to do it, or why you should buy stocks and what stocks maybe to buy and that you should hold for decades. All of that is fine, but it’s often neglected to focus on generating more revenue. By increasing your income and widening the gap between your inflow and your outflow, you’ll create an ever increasing supply of investable dollars. Compound that overtime spread out across several different assets and you have a sure fire plan to create a lifestyle you’ve always dreamed of. So let’s dive in and figure out how you’re going to make this happen.
Alright, welcome back everybody, I’m super excited maybe a little bit surprised that you’re back, when you put on a new platform or new content, there’s always this fear like, oh man people will gonna listen to the first episode, and like oh men, this dude sucks and boring, this is, this is the worst , fears that we all could have and I have it, so I’m just grateful that you’re back. I got out from having to go to church today, I was thought I had to go tonight and miss the high stakes poker game that I get to play occasionally on Friday nights. I was a little bit bummed, but my wife said, it’s all good, you’re going sunday, go have some fun and play. So essentially I’m skipping church to go play in an illegal underground poker game. Ok so it’s not illegal but it makes the story better so go with it! But anyways I’m going Sunday so don’t judge me.
So, alright so listen, today’s episode is on my favorite subject, it’s called make more money. Now, step 1 actually reads, focus on increasing your ability to earn more money by improving your work ethic and skills, so let me translate that for you: increase your fucking income. : ) Ok, if you wanna create some wealth, this isn’t rocket science right here, so step 1 is the most important out of all 7 steps, because if I can accelerate my income and create a wider gap between my current expenses, what’s normally taking us to run our family live our lifestyle, if I can get the gap between what I’m making or what I’m spending ever wider, I am going to have that much more investable cash. So, how I want to increase my investable cash as fast as I possibly can, and, 1 way that the gurus tell you to do it, like Dave Ramsey tells you to do it, is to get rid of your debt, got to get rid of debt, debt is bad. I’m not a debt coach, self admittedly I’m a wealth building strategical coach. So, I believe in debt, in fact I love debt, we’re gonna talk about debt on the next show, we’re gonna dive in into all different types of debt, which types of debt I think really really suck, which type of debt is really good for you. And we’ll start changing your mindset how to utilize your debt to accelerate your overall wealth building process. But before we get to that we really gotta focus on show me the money right, let’s make more money. The wealth process is gonna be very very painful and very slow if your primary focus is on just cutting back spending. Now, I definitely agree if your spending is out of control and you’re spending as much as you earn every month then you definitely need to address the underlying issues and why you feel such an intense desire to spend everything that you earn or more, like you have the right to do that. Now, I’m not judging, this is very common in America, and if you’re, if you have any shot in building wealth then well obviously we gotta figure this out.
Here’s what I don’t subscribe to, I don’t think that cutting out the daily 5 dollar latte if that what makes you happy and you enjoy it then, I think you go ahead and do that, ok. What I think you need to look at are the big 3, this is your house, your auto and your taxes, those are your 3 biggest expenses in your lifetime by far. Most Americans are just not patient and you buy more than you should and somehow justify in your mind that you deserve it. I’m not talking about you I’m talking about people you know. So people buy things with emotion and then justify with logic, personally I drove a used car with a 135,000 miles on it and that was worth maybe $6,000 when I went to sell it, when I could’ve easily have been driving on a $100,000 car. Ow, why did I do that, I mean I certainly had earned the right based on my income to drive a $100,000 car, I did that because I want the income from my investments to pay for my luxury car, not, not pillage my investment to buy luxuries. But in all reality guys we’re gonna tackle debt in the next podcast. Keeping your spending in check , but your primary focus should be on increasing your income, you wanna play some defense with your expenses, then get on the offense and aggressively think about what you can do to provide more value to the marketplace.
This is Productionist thinking instead of Reductionist thinking. My coach use to always say in a basketball back in my basketball high school glory days, defense wins championships, ok, but I’m like thinking to myself the whole time dude, we still gotta outscore our opponents. I mean, we gotta score some points, we’ve got to put some offense on the board; so I’m an offensive thinker I love scoring. In every sport that I play I’m always an offensive minded player. So, in your primary business or your job how are you going to play offense? How are you gonna provide more value and greater levels of service and quality to other human beings?
You first need to provide more value than you ask in return. Chasing money for the sake of money is a short term house of cards type of plan. So I’m not asking you to just go on and make money for money’s sake, I want it to be you providing value to other humans first before you ask anything in return. If you own a business, then you are probably just a few courses or mentors or coaches away from new ideas and new mindset so you can increase revenue and profitability. Friends, the government has been cranking the printing process, pumping huge amount of money into our economy, trillions of dollars of money is being printed. There’s plenty of money out there for you to get a piece of. There’s a lot of cash in America’s bank accounts. Savings rates last year in 2020 went to all time highs like multi-decade highs so there’s plenty of cash sitting on the sidelines, that you’re gonna go and get a piece of. If you’re an employee then, as I’ve said you could potentially be a couple years away of your next promotion. Do you wanna wait for something that may or may not happen?
Waiting for someone else to determine my value and put income in their fickle hands is not a program that I ever wanna sign up for, and I don’t believe you do either, you probably wouldn’t be listening on this platform. You’ve gotta figure how to produce a profitable side hustle that you enjoy and doesn’t feel like a drag. So questions, what do you research, what do you read books about, what do you listen to podcasts about, what do you read blogs about, what do you love to talk about, what are you passion about, it’s highly likely that you will excel in that arena.
When I was in the beginning stages of building my own personal brand platform I knew I had a message inside of me that I wanted to share, but when I really look at when I researched and I love, it was personal finance. I can talk about this shit all day long, so it’s natural that I can create an additional income stream and accelerate my wealth building process by Productionist thinking, instead of figuring out how to reduce my lifestyle which is definitely not what I want to do at all. So of course, you can go do the easy thing, 21 bartend or deliver pizza, create some extra income to invest and I’m not down on those, those are viable options, I respect the hustle, but those are competitive spaces and your value propositions is low there, so your income is going to be kept down and you’re trading hours to dollars doing that. And, besides you maybe in a small town where none of that is even viable. But offering your knowledge and expertise in specific area would be much more valuable over the course of time.
And do you know what the highest pay profession on planet is? Sales. I think your best bet is to find an existing product that you can get behind and believe in. There’s a lot, the time and effort, and energy, and stress and all kinds of things that going to create a new product from scratch to take to the market, or you develop a course to take a new idea a new business to the marketplace, but there’s plenty of great direct sales companies that have great products that have already been designed and built out that has proven market demand.
When I was in 19 and in college I loved nutrition and fitness, I love sports and athletics, I was always trying new muscle building shakes. Most of them tasted awful, had to choke them down, so I was always looking for athletic performance products that boost my gains to build a better physique. And when I was presented a direct sales opportunity in nutrition at first I said no, because I need to get past my own ego and preconceived notions about sales people. Even to this day I don’t know that I really love direct sales but I love helping and working with people, I love commerce, I love entrepreneurialism and I knew that sales is the necessary part to get in to the parts of the business that I truly really love. I was able to promote a product line I believe in on how people lose weight and get results, gaining muscle, more energy and I created some nice supplemental income throughout college. I hustled and I worked hard and from 1997 to 2000 I graduated with $50,000 saved up, which probably would be like $100,000 in today’s dollars if I have to guess. and by the way I’m not that old, ok, I’m 43, but the value of money has definitely declined in the last 2 decades and of course.
I don’t have all the answers on your specific situation and what’s gonna work for you. I know some people are stayed home moms or stayed home dads that are really juggling a lot of things. Maybe you’ve got a full time job, your kids are in a bunch of sports, and it’s tough to get a side hustle. I get it but if you’re really serious about the wealth building process and you wanna accelerate and get there now – now as in within a few years instead of 40 years then start focusing on ways you can make more money, get around people that stimulate your thinking that are going to help you that you become better and get you new ideas I belong to an entrepreneurial’s group that meets once a month before covid, and can’t wait to meet up again because I just love getting around other entrepreneur’s that are getting after their dreams and their goals and the energy it’s just contagious.
So here’s 1 thing we know about leaders, they make up their minds quickly and they change them very slowly. Unsuccessful people take a long time to decide and then they change their mind quickly especially when things don’t go their way right away. So let’s talk about debt on the next episode, let’s talk about good debts and bad debts, and we’re going to talk about dark plague type debt as you want to avoid like the coronavirus. Hope that wasn’t too soon. Here we go guys thanks for listening to indestructible wealth. I’m out.
That’s a wrap for this episode in the indestructible wealth podcast. Before we part ways , I wanna help you to take advantage of 2 incredible tax saving strategies that could help you save a lot of money all you have to do is leave me a 5 star review if I’ve earned it and comment in iTunes teacher Or wherever you tune in. after you done that simple steps just email me a screenshot of reviews at my indestructiblewealth.com and I’ll send you everything you need to save money on your taxes for years to come. If you’d like to dive deeper into your own wealth building strategy, check us out at my indestructiblewealth.com and follow log on my social media. Also, please share this podcast with anyone who’s looking for guidance on their own wealth building journey. Until next time, remember our mission here is to help you make, keep, and grow wealth you can enjoy now and for years come to.