Over the last two days I covered “Part 1” and “Part 2” of the hierarchy of getting rich.
So to recap…
Part 1 was all about developing a money-making skill (i.e. copywriting, sales, media buying etc…).
This skill is the foundation of making a lot of money.
And if you don’t have a money-making skill that should be your first priority.
But once you have that down…
Part 2 of getting rich is all about keeping your expenses in check as your income goes up (this is easy to understand in principle, but 90% of people don’t do it)
As your income goes up, and you start to make $100k, $200k and more…
You want to be able to invest your extra money into other assets (like real estate, index funds or starting a business).
That way your net worth keeps growing…
And eventually you hit the point where you’re financially free (AKA you don’t have to work anymore).
So that’s what we covered in the first two parts of the hierarchy of getting rich.
And today we’re gonna dive into Part 3.
Part 3 is all about leverage.
Let’s say you’re a copywriter and you’re making $150k a year.
You have all your bills paid…
You have a nice 3-bedroom house with a yard…
And you’re able to sock away $20k a year into your investments.
So life is good.
And if you like that lifestyle, you can 100% continue on this path and wind-up with a multi-million dollar net worth by the time you’re in your 60’s.
However…
If you want to get to the next level…
And make a LOT more money…
Then you need to understand leverage.
What do I mean by leverage?
I mean you need to use the skills you have, and parlay them into something bigger.
For example…
The most common form of leverage is to start your own business.
Why?
Cause owning a piece of a business allows you to make a LOT more money than if you’re simply getting paid by the hour or by the project.
A good example of this is with copywriters and offer owners in the DR space.
I know maybe 5 or 10 copywriters that make a million dollars a year strictly from writing copy…
But I know 100+ business owners who make over a million dollars a year.
So owning a business can be way more lucrative.
And if your goal is to get rich…
Having your own business is a smart idea.
Obviously there’s a lot more responsibility that comes with running a business.
You gotta know how to make sales…
And how to hire people…
And how to develop processes for your team…
So there’s a lot going on…
But if you feel driven to do your own thing…
Owning a business can be very lucrative.
And furthermore, there’s numerous ways to run your own business.
You can do the solo, 1-person biz where you have one product (or course) and you put all your focus on selling that.
You could partner with someone who’s really good at operations and you simply focus on the copy and the marketing.
Or you could even build something with the goal that you want to sell it someday (in certain niches you can get 8-10x your yearly profit in a buyout)…
So there’s lots of options…
But the key here is leverage.
Writing copy or being a media buyer is a great way to start and work your way up to $200k or $300k a year…
But you don’t have much leverage beyond that.
You kind of hit a ceiling…
Which is why most of the star copywriters and media buyers transition to starting their own business.
I did it…
Craig Clemens did it…
Alex Cattoni did it…
The list goes on.
So if your goal is to get rich…
Having your own business is a great way to do that.
Now, I don’t really have room in a single email to explain all the steps it takes to start a successful business…
But I will say…
Once you hit the point that you’re making good money (multiple 6-figures).
It’s time to start thinking about how you can leverage the skills you have.
This is exactly what I did when I started Copy Accelerator back in 2019.
At the time I could have written copy for clients and pulled in $200k or $300k a year.
But I knew there was a ceiling on that.
I knew I wasn’t gonna make a million dollars a year writing copy.
However…
I realized that if I leveraged my copy skills…
And started a business teaching copywriting…
Then I could scale that business to a couple million dolalrs a year.
Which is exactly what we did.
Point being…
Once you have your money-making skill…
And you’re making good money…
You want to start thinking of ways to leverage that skill into bigger paydays.
That’s the key.
Stop focusing on getting paid per project…
Or worse…per hour.
And figure out how you can leverage your skills into something that will pay you better.
Cause if you can do that…
You’ll make a lot more moolah in the end.
Make sense?
I hope so.
Cause that’s all I got for ya today.
Hope you enjoyed this series and got some nuggets of wisdom from it.
Enjoy your Thursday,
– Justin
If you want to hear more from Justin, he has a private email list for top marketers, copywriters and business owners. To apply to be on the email list simply click the button below that says “apply now”.
