7thLetter

The Theory of Getting Rich Online, in a Nutshell Thread

35 posts in this topic

Just want to bump this post.

And one theory I came up for myself is that there are 3 things that are important for success. People always talk about “Theory & Action” but rarely talk about the mindset, the psychology.

So I think that with the combination of theory and action, you will develop the mindset.

So the 3 things are: Theory, Action, and Psychology. All 3 are equally important.


"Intellectual growth should commence at birth and cease only at death." - Albert Einstein

 

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I think I came up with a pretty good theory on why people take action and why some don't.

Here's what I thought up and wrote on my phone:

"The amount of action someone takes is dependent on their level of seriousness about the project/endeavor. Usually a lack of something is related to that person's level of seriousness. For people to take unintelligent action is an issue of ignorance. For someone to sustain a good amount of consistency over a long period of time is a matter of passion or motivation."

I think the main point is the fact that action usually comes from a strong lack of SOMETHING. Obviously I can't speak for everyone but I think this is the main reason. Something is missing in that person's life and they try desperately to achieve a certain goal. Whether its acquiring more money, happiness, sex, etc. And whatever that person is lacking, they will take either intelligent action, or unintelligent action.

For example, someone in the hood lives in the worst conditions, has a lack of happiness and money. They're desperate to acquire those two things so they rob others, and sell drugs, which I would consider unintelligent action coming from a place of ignorance. Although, that still is action taking and that person wants to better his situation so he would of course be serious about it. Now if you take an average joe working a comfortable 9-5, watching TV and repeating that cycle, there's not a whole lot of external motivators that would really push him as much as the gangster living in the hood. In this case its really dependent on the individual's perspective if he thinks his situation is terrible and wants a way out. Sure maybe he has a lack of happiness, so he takes unintelligent action coming from a place of ignorance and drinks and parties his life away. Sure he works 9-5 and has a lack of desirable riches but takes unintelligent action and spends his money on lottery tickets, ignorance. Looks into starting a business but he's not really serious about it, doesn't care, doesn't think it will work, and thinks to himself that he's comfortable at his 9-5 anyway.

So what about the person who takes intelligent action? Just like the other two examples, they usually also have a lack of SOMETHING. They have a lack of happiness or money so they go for it. Maybe they come from a lower-class background, grinding away at a job to pay the bills and accumulate capital. This person works to build a strong foundation and accumulates knowledge in that specific area. That's already 50% of how serious that person is. The other 50% is taking intelligent action. Now that this person has a strong foundation, he can go ahead and take intelligent action. To sustain it over a long period of time, he will develop a love for the certain endeavor and then achieve success.

One more thing to add to the thread:

Developing a good sense of self-governance. Taken from Leo's business psychology episode. Really important to learn to deal with your inner demons and you doubting yourself, etc. in order to sustain whatever it is you are doing over a long period of time.

Edit:

Characteristics of Successful People +1

- Long-Term Thinker.

 

Edited by 7thLetter

"Intellectual growth should commence at birth and cease only at death." - Albert Einstein

 

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Life-long learners.

They're constantly learning as much as they can on what they're trying to master. Although too much information without any action can set you back.


"Intellectual growth should commence at birth and cease only at death." - Albert Einstein

 

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You need to find a unique and underserved need in the marketplace and invent a creative and effective solution for it, providing people with massive value.

That is the heart of business. Everything else is distraction. What you eat and when you wake up is irrelevant. Business is a very concrete thing. Try not to muddy that with a bunch of cute self-help ideas or philosophy.

"How can I add massive value to the world??" << that should be your top question when thinking about biz. If you're not adding real concrete massive value, you will not succeed.


"Be melting snow. Wash yourself of yourself." -- Rumi

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Posted (edited)

@Leo Gura 100% can agree. I definitely see that people succeed without all those extra habits.

Although, wouldn’t it help to implement them? Because isn’t success just habits and consistency after all? Personally I think those habits of waking early, gym, etc. would help build your discipline, in order to follow through with your consistency. Or would you say that its their vision and their passion that motivates them to do what they do? What about the people who don’t work on their life purpose, but instead works on what is the most lucrative?

 

Edited by 7thLetter

"Intellectual growth should commence at birth and cease only at death." - Albert Einstein

 

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@7thLetter You should be clear about what you want.

Success has specific requirements, and just being successful doesn't mean anything. You can be successful but more miserable than if you were poor.

Your work will not be satisfying without life purpose clarified.


"Be melting snow. Wash yourself of yourself." -- Rumi

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Posted (edited)

On 10/18/2018 at 11:19 AM, aurum said:

I'll also add networking with other successful people, often through things like masterminds.

Even better than a network is a tribe. A tribe is more authentic and more meaningful than a network.

If you think of your mastermind group members as your tribe members, your relationships will become more meaningful.

Edited by CreamCat

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@Leo Gura I honestly just want to be financially free. Being “rich” sounds nice but financial freedom is the goal.

$8K saved up right now, enough to live for a year or less, unemployed, and I really don’t feel like going back to a job at the moment.

Took your life purpose course 5 years ago at 18, probably will take it again soon. I just was a complete idiot and continued to dabble into the most lucrative business ideas for 5 years now with nothing to show for today. I just didn’t know the “how-to.”


"Intellectual growth should commence at birth and cease only at death." - Albert Einstein

 

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@7thLetter do you know the ‘how to’ now? 

Can you really take time off of work and survive, to find your life purpose? This is something I’ve been thinking about for a while now. I have money saved up and I could take time off work, but it’s the fear of no income that keeps me from not doing it.

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1 hour ago, RawJudah said:

@7thLetter do you know the ‘how to’ now? 

@RawJudah I don’t. I haven’t been re-visiting the life-purpose course notes or content lately but I plan to soon.

Currently just working on an e-Commerce business to generate some income which will allow me to survive on my own and buils capital.

1 hour ago, RawJudah said:

 

Can you really take time off of work and survive, to find your life purpose? This is something I’ve been thinking about for a while now. I have money saved up and I could take time off work, but it’s the fear of no income that keeps me from not doing it.

Really depends on you and your situation. Me personally, I live off less than or around $500 a month living with parents. I have enough saved up to survive for under a year. Its really a good idea to stay frugal and not upgrade your car, your place, or anything else.

In terms of finding your purpose, yes you can, it really depends on you. In my experience it can be easy to become lazy with a ton of free time. I found myself to be more productive while I was working at my 9-5, and working on my projects after 5 or on the weekends.

Well why do you have that fear? How much would you need saved up until you feel safe enough to take time off? I recommend you watch Leo’s video called “Money Psychology.” He goes in depth with understanding your beliefs and fears about money.


"Intellectual growth should commence at birth and cease only at death." - Albert Einstein

 

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On 6/11/2019 at 0:05 PM, 7thLetter said:

I just was a complete idiot and continued to dabble into the most lucrative business ideas for 5 years now with nothing to show for today. I just didn’t know the “how-to.”

There are many business courses and seminars which teach you the how-to.

But mostly the how-to of business is learned by simply doing it. You make it up as you go along and follow your vision. Business requires strong vision & lots of studying your target market. You need to develop deep expertise in whatever market you're trying to enter.


"Be melting snow. Wash yourself of yourself." -- Rumi

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Eben Pagan's new book is fantastic on business 

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Found a valuable video on Youtube about motivation and discipline. Really glad I watched the video.

 


"Intellectual growth should commence at birth and cease only at death." - Albert Einstein

 

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On 13/06/2019 at 8:26 AM, d0ornokey said:

Eben Pagan's new book is fantastic on business 

Will check it out! 

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On 10/17/2018 at 7:19 PM, aurum said:

Don't forget videography and photography

If you were going to learn videography from scratch, where would you start?

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