MBA1982 The Most Reliable Way To Become Wealthy + Free Ride Friday

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Hey O welcome to The Hundred Dollar LearnBA show your daily inspiration and education to help you build a better business every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started with my co founder back in 2014 and today's episode is Free Ride Friday. On Free Ride Fridays, we give away a lifetime membership to one of our programs. If you want to win a free ride, just leave us an Apple Podcast rating and review and you enter our weekly random draw. Just listen on Friday to see if you won. We announce this week's winner a little bit later in the episode. In today's episode you will learn the most reliable way to become wealthy. This is one of the most important episodes that I have planned to record. I've done a bunch of research and I've prepared this lesson for some time and I can't wait to share it with you. Why is this so important? It's because for a very long time I was chasing the wrong thing in life. I had a misunderstanding of how to become wealthy or how to accumulate wealth. In fact, I didn't grow up around wealth. My parents were very middle class, we had very little money to go around or spare. Never really felt that I can ask for things because hey, I knew money was tight and I never understood how people got rich. So I had to unlearn a lot of things to understand what wealth creation is all about. Now today's episode is about the most reliable way to become wealthy. Not the fastest, not the easiest. I want to explain how you can do the right things where if you work hard and you dedicate yourself to it, you can build real wealth for you and your family. This is an episode. You may want to take some notes, so grab a pen and paper or pull over the car or promise yourself that you'll re listen to this episode when you're not driving. So let's get into it. Let's get down to business.

Gas, snacks, tolls. This trip is draining my wallet.

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You're in a good mood.

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What's my deal? I saved at Metro with no activation fees and I got one line of 5G for just $25 per month. Kept the phone I love and a 5 year price guarantee on my top.

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If you listen to this podcast, there is a good chance that you're trying to build a business. And that's good news because building a business is probably the most reliable way to become wealthy. But let me explain why and how. One of my favorite podcasters, Naval, I highly recommend you check out the Naval podcast. He's like a modern day philosopher and entrepreneur with a lot of good business sense. He says seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth status is your place in the social hierarchy. This is incredibly important to understand the difference between wealth and money. We all should be seeking out a way that allows us to earn all the time. Meaning if we spend our money, it gets replenished. We have assets that work for us. Why? Because a prime example of why money is not wealth is there are so many stories of people that win the lottery and then go broke 10 years later because they have a bunch of cash in the bank. They didn't really use that cash, that money to build an asset, to build their wealth. They just spent it and it never got replenished. The same thing goes with the majority of professional athletes. If you want to go down a YouTube rabbit hol, you can check out endless videos on how many professional athletes get injured or just simply retire because they got old, can't play their sport anymore, and literally go broke because they were getting a paycheck for being a professional athlete. They never built wealth. They never built any assets that generate wealth. Their spending habits never changed and the money dried out. So we're not chasing money here. In order for us to be wealthy, we need to build wealth. And the only way to build real wealth is to build an asset that allows to earn money, earn and replenish our earnings day after day, month after month, year after year. If you want to build your wealth, you want to build your fortune. Naval says you need leverage. Business leverage comes in different forms. Capital, people and products with no marginal cost of replication. This is like code or media, meaning like if you have a software, once you write the software to distribute the software, there's minimal or marginal costs to sell it over and over and over. Once you create it once, same thing if you write a book, same thing if you publish a podcast or create video courses, you do it once and then you can distribute it at marginal costs over and over. This is the type of product you should be creating to create leverage so you can build wealth. So again, three forms of leverage, capital. That's like having a bunch of money that you can invest. If you don't have capital, no problem, okay? There's other ways, people having people that you can work with to build what you need to build. And a lot of startups start with that. They start with just a bunch of founders that build the first version of the product and. Or you can build products like I mentioned, like online courses, like live webinars, like software, like books, that once you create it, once, you can distribute it and sell it over and over. The cost of creating it is pretty minimal to be able to distribute to other people. Now, it's important to know that this type of asset, okay, this type of business that you're building is going to be able to generate wealth so you can fund the business and fund your lifestyle. But that's not really where the fortune comes. The fortune comes in the actual asset. When I say asset, I'm talking about the business you built. This is a tremendous asset. Businesses are hard to build, but they're one of the most valuable assets you can own to build your wealth. Think about it for a moment. Think about all the assets you can own. A classic car, a rolex watch, a house, right? How much can these items actually be worth if you wanted to sell it? Well, a Rolex watch could be like $100,000. A classic car, maybe a few hundred thousand dollars. A house, a mansion, what, 20, $30 million? Say you own a skyscraper, you're going to sell it for maybe $120 million, something like that if it's in a prime location. Businesses, on the other hand, sell for billions. The ceiling for what a business can be worth is so high. Apple Computers is worth a trillion dollars. What an incredible asset right now. You don't have to be the next Apple and sell your company for a trillion dollars one day. But we're talking about the most reliable way to build wealth. Building a business that funds your lifestyle and then one day, if you decide to sell it is a really doable thing. In fact, just last week, two of my friends sold their businesses. Laura Roeder, who is the founder of Meet Edgar, just sold her software company. The figure is not public, but I'm pretty sure it's life changing money given the fact that her business was doing millions in revenue every year. Same thing with my other friend, Brian Dean. He had a different business. It wasn't software, it was actually content. His site, backlinko.com the best site I know when it comes to SEO. Semrush bought his business. He spent years, seven or eight years I believe, building Backlinko, creating content, creating great blog posts, creating an incredible YouTube channel, Courses, and then sold it to Semrush. This is a real thing, guys. You can build an incredible asset with your business that allows you to fund your life now. But one day you can sell this business for a pretty good price. Now you're going to have a chunk of change that you can definitely use to guess what, build or buy a whole new asset, a new wealth creating asset like a business or a bunch of real estate or whatever. The point here is that this is how you become wealthy, okay? This is the most reliable way you can become very wealthy. Now there are other ways to become wealthy. You can save your money. You can invest in the stock market. You can play a long game for 30, 40 years and retire on a pretty good savings. But with the two examples I gave you, they built their businesses in under a decade and sold them for life changing money. That is pretty incredible. And you can do it too.

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Podcast to wrap up today's lesson. In the early days of building your business, of trying to be profitable to make enough money to pay off your expenses, it may not feel like you're building this incredible wealth. Factory may feel that you're just trying to get by, trying to survive. I know, I totally understand. And that's okay. This is why people don't build a business. It's tough. There's sacrifice, there's a lot of grit that is required, a lot of dedication and motivation, self motivation. But you will get over that hump and then you'll be able to start hiring some people and start being more profitable. You'll learn from your mistakes. You'll pivot, you'll change. You'll offer more products and services. You'll invest your profits into growing your business with marketing. And as your revenue increases, so does the actual valuation of your business. When people buy businesses, the first thing they look at is how much revenue you're making. They look at the costs of running your business, your burn rate, all that kind of stuff. But at the end of the day, if another business wants to acquire you, they're like, wow, they have X amount of customers and they're making this much money a month. We already have all the different resources we need, the employees and the technology. We can just buy this business, take on the customers, take on the revenue. And the cost of running it is pretty minimal for them because they already have those assets or resources in many cases. So selling your business at some point after getting it to a certain level is totally doable. And I know many people actually do this on a regular basis. There are businesses around this, like flipit.com and empireflippers.com where people build a business and sell it at a certain point and they do this over and over again. Some people do it when the business gets to a certain level where they can sell the business for millions. Some people do it when it's maybe worth half a million and then take that money, reinvest, start a new business. Don't believe me? Check them out. Go to the website, empireflippers.com you can see all the businesses that are for sale and see actually how much revenue they make and how much they're selling it for so you can get an understanding of how much maybe your business is worth and how much it can be worth if you reach certain milestones. Thank you so much for listening to the $100 NBA show, but today's episode's not over. It's time to announce this week's Free Ride Friday winner. And the winner is Ty Karan. Ty Karen says Tremendous podcast. Five stars. I love this show. Omar brings solid insights and business advice every day. I highly recommend it for entrepreneurs looking for a daily lesson to move their business forward. Thanks so much Ty Karen for that great review. Your mission is to email me over at omar00mba net so I can hook you up with the lifetime access to the automated webinar course. Our full course 30 days, 30 videos, materials, standard operating procedures for you to be able to build an automated system to sell your products, your services with automated webinars. If you want to win a free ride, just leave us an Apple Podcast rating and review and you enter our weekly random draw. Listen out on Friday just like today to see if you won. It's that simple. Thanks so much in advance for showing us love on Apple Podcasts. Before I go, I want to leave you with this. If you're hustling, working hard building your business, you should be incredibly proud of yourself. You are one of few, meaning you have taken on the challenge. It takes a special person to bet on themselves, bet on their idea, figure it out, try to solve a problem for people and build a solution. Not only can business build your wealth, it can also improve who you are as a person every single day. Thank you so much for listening and I'll check you in Monday's episode. I'll see you then. Take care.

Of.

Gas, snacks, tolls. This trip is draining my wallet.

Yeah, but we'll be with family.

You're in a good mood.

What's your deal?

What's my deal? I saved at Metro with no activation fees and I got one line of 5G for just $25 per month. Kept the phone I love and a 5 year price guarantee on my top.

Text and data detour to Metro.

Get that more for your money feeling only at Metro by T Mobile.

Just bring your number $30 first month at 25 after with autopay not available. If with Metro or T Mobile in the past 180 days.