The Ladders of Wealth Creation

[Image source: Nathan Barry]

Takeaways

• “…Making money is a skill—like playing the drums or piano—that you can get better at over time. I wouldn’t expect to be able to sit down at a piano for the first time and immediately play a concerto.” — Nathan Barry

• Your time for money: the only skills you need are showing up consistently, being reliable, and learning new skills on the job. Nathan goes on to say, “Then in order to take the next step up the ladder you will need to specialize in certain skills (design, copywriting, legal, becoming a nurse, etc) to gain a salaried position.” 

• Your own service business: This next rung on the ladder requires skills such as setting up a company, finding clients, creating proposals, pricing services, hiring employees, establishing an online presence, accounting, finance, business ops, etc. 

• • However, these two are probably the most important: follow up with customers and doing what you said you were going to do. 

• Productized services: Nathan mentions, “…To truly reach new levels of income you need to learn a different lesson: how to sell without ever talking to the customer.” This rung of the ladder requires you to learn how to write quality sales copy, design a sales page, process online payments, and create systems to deliver repeatable quality with each service. 

• Selling products: Nathan continues, “A product takes far more work to create upfront, but then each individual sale and the fulfillment of that sale happens without much (or any) additional effort from the business owner.” 

• “All across society extra money—whether from a raise or working extra—disappears into lifestyle inflation or temporary purchases, when it could be put to work so much more effectively.” — Nathan Barry
• You should always trade your time for money if:
  • You’re early in your career and just starting out
  • You’re getting paid to learn a new skill while growing your earning potential
  • It’s a step in getting to a higher rung or on to the next ladder
  • You’re building relationships or finding mentors
  • The work is rewarding and meaningful in its own right

There’s no secret formula for building wealth. It takes a ton of hard work and time. At the end of the day, it boils down to how much of your time you’re willing to give up to make more money. If you’re able to learn how to make more money while giving up less of your time, you’re learning how to build wealth. There are no shortcuts. 

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