Rich Friends, Poor Friends: Season 3 (Episode 2)
Before the festivities begin, I want to remind you that Engineered Truth Premium is out.
I'll teach you how to own one profitable online business after another without ever having to start one.
Welcome to Rich Friends, Poor Friends: Season 3 (Episode 2),
In the last episode, we learned that there are six steps to career enlightenment.
If you didn't catch the first episode, you can click here to watch it: Watch Episode 1
Here are some key takeaways:
- If you define success as being the CEO of a billion-dollar company, you're going to be unhappy for a long time.
- Many people think that their road to success is so different and unique, but really most people follow the same 6 steps.
- Each step along the path the career enlightenment has serious trade-offs.
- The point is to find the step that makes you the happiest. Most of you will not be comfortable being the CEO of a company, it's too stressful.
Quick Update: Right now, I'm writing this email to you from Kerry Sports, a luxury gym here in the Philippines.
The staff here are in Step 1 (Menial Job) and are happy with where they're at.
A big source of unhappiness for many is wanting to be someone they're not.
It's wanting to be the CEO, but not understanding the trade-offs one has to make to be the CEO.
Let be explain.
2 years ago, my cousin had just graduated from college.
He asked me what he needed to do to get a job in video production because he has a passion for it.
I told him that needs to make at least one video a week.
The videos could be about anything.
College, acting, pokemon… anything.
And that everything he needs to know about video production is taught on YouTube.
Fast forward 2 years later, he messaged asking if I knew of any video production bootcamp.
He hadn't made a single video in the past 2 years.
This is the response I sent to him. It's going to sound harsh:
You may think it's rude that I'm judging my cousin's potential.
But I'm going to flip it and say that it would be rude to keep lying to him.
The hard thing to do is to be straightforward.
Someone needs to cut the bullshit and tell him how it is.
The reality is that for 2-years he's been lying to himself saying that he wants to be in video production when he doesn't.
(Note: Video production industry is competitive, and unless you're able to make kickass videos, there's no chance you'll make it.)
Wanting to be someone he's not is causing him unhappiness.
And it could be causing you unhappiness as well.
I often get asked:
‘I don't wanna be stuck in a cubicle, how can I be self-employed?'
The honest answer is that being self-employed doesn't suit most people.
And staying at their high-salary job is a better deal for them than being self-employed.
Many only look at the benefits of being self-employed.
While not looking at the cons of being self-employed.
Here are the trade-offs that you have to make if you want to be self-employed:
- You have to learn a new skill that is freelance-friendly. This could take thousands of hours of training and involves getting paid a low amount for a couple of years.
- You have to market your skills. When you become self-employed, you'll be doing two jobs: marketing yourself, and fulfilling orders. You'll have to build a portfolio, build a reputation, send cold messages, etc. You do all of this just for a chance of being paid.
- You have to compete on price on a global level. Some of you might judge me for this, but it brings up a good point. I was looking for copywriters to write the homepage for Engineered Truth Premium. I got quotes from American copywriters. Many of them wanted to charge between $1,000 – $2,000 to have it done. In the end, I paid a copywriter in the Philippines $250 to write the homepage. Her invoice price was $200, but she did such a good job I tipped her $50. I did have to correct a few grammatical errors, but her copy was better than the American copywriters' copy.
Everyone always points at the benefits of being self-employed, few ever talk about the reality of it.
It's funny when people with 6-figure salaries say they're not being paid enough…
When there's no way they could earn 6-figures on their own.
(Otherwise, they would already be doing it).
Because earning 6-figures on your own is much more complicated than earning 6-figures at a job.
My spot in career enlightenment is Step 4: ‘I don't wanna work' phase.
I usually work between 20 – 40 hours per week, and I'm 100% happy with that.
I don't want to grow a big organization because I don't want the stress of having to make enough to pay everyone's salary each month.
Each step of career enlightenment has serious trade-offs, and the trade-offs to go to the next step may not be worth it for you.
The important part is to discover which step of career enlightenment is meant for you and to stop expecting to reach a level that is not intended for you.
If you want to see which step is right for you then check out RFPF: Episode 2.