The Golden Path & The 6 Resources

Golden Path

Have you ever wanted to 10x your income?

When I owned a recruiting company I used to have people who would come to me and jokingly say “can you get me a job that pays $300k/yr?”

There was a big gap in their thinking preventing them from getting there because the truth is almost anyone can make that kind of money.

When I was in high school I made $50/hr. when my friends made $5/hr. Today when I actually bill out hourly it’s typically at $1000+/hr. I don’t do it often but being able to do so affords me an incredible amount of freedom.

At my peak I’ve made $25,200 for a day of work.

I’m going to show you high level how this works and at the end when you continue on with us you’ll explore the little nuances to make the jump possible for yourself.

Imagine waking up a year from now…

Last evening was amazing relaxing, laughing, having a good time with friends …

You’re refreshed and to start a day working on a project you really enjoy with people you enjoy and respect the work is energizing to you…

And today you’re making $1000/hr.

You’re working a partial day, 6 hours and then spending the rest of the day taking care of yourself working on your personal goals and hobbies and being with friends or family.

You’re making enough in a day to pay for a vacation each and every day allowing you to work from anywhere on your own schedule to pick and choose who you work with and what projects you work on…

It took you time and discipline to get here but it was worth it…

Breaking the Time Money Myth

There’s an old expression that says “time is money” but it’s only partially true and where it’s not true it gets millions of people into trouble.

Years ago my uncle an investment banker corrected it by saying, “time is only worth money if you’ve got someone willing to pay you for it”.

Adding to it, your time is only worth what someone is willing to pay you for it.

Unfortunately, most people aim to increase their income primarily by working more.

This is a valid method but doesn’t scale very far because we’ve only got 24 hours in a day and can only reasonably work around 70-80 hours per week, which even then tends to be hard on our lifestyle and our families.

What’s far more important is increasing how much you make per unit of time or separating the two altogether.

The question is how do you do that consistently?

And how do you avoid the ceilings most people encounter keeping their income low?

The first most useful answer, the one we’ll explore here today is what we at Richucation call The Golden Path.

Keep in mind Richucation is all about stripping concepts down to their most basic forms so they are easy to understand and apply and so we know they work every time they aren’t based on some trend or technology that might change in the future.

The Golden Path is the universal path everyone walks in increasing their income or more importantly multiplying the value of their time.

The great news is this is something you can do fairly quickly.

I was able to go from relatively minimal earnings to my first experience making $10,000 in a day within 2 years.

You won’t do that every day but even once in a while is a great start.

Knowing what I know now I could do it quicker and I’m going to show you how to do the same.

The Two Resources Myth Keeping People Broke

It was an icy winter when I was at my most broke I literally had nothing, not a penny in my account or my change jar, all spent, no income I could count on just a mound of debt and I was mostly tapped out in that regard.

Pacing back and forth in the house where I rented a room a mentor shared thoughts with me so many of which didn’t apply in this low situation.

It was at this moment I wish I’d understood how useless a very common expression in the world of financial development is:

“Poor people trade their time for money, rich people trade their money for time”.

Why is this so useless?

Because whether true or not it offers no path to get from not having money to having it.

Here’s why you’re trapped…

Initially your time isn’t worth much so if you sell it you’ll probably barely get by (we can reasonably state your time is only worth about minimum wage in and of itself, maybe slightly higher if you can sell it abroad).

For easy numbers let’s say your time was worth $15/hr. tops.

In order to buy your time back you have to be able to hire someone else to do something for you that you would normally do.

But if it costs you as much to hire them as you’d make in the time saved you aren’t net ahead. In fact you’re behind because it takes time and energy to hire and manage that person.

The solution is to increase the value of your time so you’ve got a differential to work with but how?

The 6 Resources

Years later I discovered the paradigm of the 6 resources and have learned it’s so universal in its application that it affects all aspects of business, wealth building, and creating an incredible life.

It is one of the most fundamental principles in Richucation.

The idea is essentially this.

Most people view a very binary (meaning two) relationship between time and money.

They view the resources as time and money.

But this is incomplete.

There are actually 6 resources you have available to you.

All those years ago talking with the mentor I said “we trade what we have for what we don’t have”.

At the time I had time and I didn’t have money.

This is true, but there’s a procession of trades you should make to magnify what you get at the other end.

Have you ever heard of the paperclip game (I believe it’s originally a game Mormons used to do during their missionary training called Bigger and Better)?

It’s the very famous story of the man who traded a paperclip for a house seemingly impossible right?

But the point is he didn’t just trade a paperclip for a house no one would have done that.

Instead following the name of the Mormon game he traded the paperclip for something that was “bigger & better”.

At first this might have simply been a little bigger and better say a pencil.

It’s easy enough to see how someone might casually trade a pencil for a paperclip after all you don’t care much for the pencil since its value is low.

But now he could trade the pencil for something bigger and better and so on.

Over a series of trades, he eventually worked his way up to a house.

In the Mormon game as I’ve heard it people start with a basic item and go door to door asking for trades to grow what they’ve got eventually coming back at the end of the day to compare and see who ended up with the largest win.

This sometimes results in people coming back with TVs, bicycles, etc. in only a few hours.

In a sense it really exemplifies the phrase “one man’s trash is another man’s treasure”.

What I learned is there are 6 resources always present in our lives and by trading not directly time for money but rather trading in a specific order starting with your time you can progressively build to very large amounts of money.

This sequence (remembering what we’ve discovered in Richucation is one of the most common cornerstones missing in people’s financial and business progression is an understanding of the correct sequence, which is why we spend so much time teaching about it to accelerate your learning) is what we call The Golden Path.

The First Trade to Increase the Value of Your Time

There are 6 resources or types of resources and we know two are time and money.

The basic paradigm is you have time you want to get money but you want larger amounts of money so you’re able to get ahead and buy yourself freedom.

Everything we’ll discuss can easily be understood by the concept of “storing time”.

What does this mean?

Well no one is actually paying for your time or at least very rarely, they are paying for what they get from your time.

For example, if someone hired you to dig a hole they might pay you per hour but really they are paying for a hole.

Once you realize this if you could give them a hole much faster you could in theory still charge the same amount and make more per hour.

If you’re troubleshooting someone’s computer what they are really paying for is for you to make the computer work.

Let’s put it into a different context.

We all have the same amount of time, 24 hours in a day. This is the ultimate scarcity.

No matter how abundant we become in other areas of life we can only be in one place at one time doing one thing. How we spend our time is literally our life.

At least in theory any of us could do more or less anything given a sufficient period of time.

You could dig the hole.

You could figure out how to troubleshoot your own computer.

You could build your own house.

You could design your own car.

The problem is it would take you massive amounts of time so we as a society have advanced by relying on each other.

If I wanted to design my own car I’d have to learn a lot of different things and these could collectively take me a lifetime.

So, when I pay someone for a car what I’m really doing is buying myself that time savings so I can use it for something else.

Generally speaking the longer it would take me to learn to do it myself the more valuable it is and consequently the higher the amount I should expect to pay for it (there’s a few other variables but this is a starting point).

This brings us to the first trade – expertise.

When we learn something we invest our time once but once we’ve learned it we can reuse the learning over and over again thereby saving someone else time again and again.

Imagine if you took a week to learn to do something and once you’ve learned to do it you do what’s necessary in an hour.

If someone pays you to do that thing for them they are basically buying a week of extra life by not having to learn it themselves.

The thing is you invested that week of learning but you can do this for dozens or hundreds of people making the learning well worthwhile.

In a sense every time you hire yourself out you’re saving a week.

Learning = stored reusable time!

You want to increase the value of your time and thereby boost your income?

Don’t trade your time for money trade your time for expertise, then sell the expertise since expertise is much more valuable than time on its own.

When I do international corporate structuring for our clients to learn this would take them months, perhaps up to a year or two and in their businesses they are making hundreds of thousands of dollars per month so it’s not worth the loss in income elsewhere to go learn.

Because it saves them a lot of time and because their time is worth a lot it’s worth it to pay a lot to my company.

When you pay Richucation for lessons, advisory, etc. you’re capable of figuring it out on your own but it would take a tremendous amount of time since we’ve worked at this for 10+ years and can provide you with the answers in minutes.

What we’re doing is saving you massive amounts of time, so you can live more of the life you desire.

To recap.

You have time (the 1st resource) and want money (the 6th resource).

Don’t trade money directly for time except for just enough to cover your basic expenses, which is required while you’re getting started. Instead focus on investing your time into valuable specialized expertise (the 2nd resource).

This explains exactly why people go to colleges and universities to increase their income. They are investing a few years in order to make more per year every year afterwards.

The gap is most people don’t focus on really valuable learning and slow down their learning after college or university.

The Fastest Investment to Boost the Value of Your Time & How I Made $25,200 In A Day

We’ve established the fundamental premise that your objective is to find ways to trade your time now that will save you or others as much time as possible in the future.

One of the first things you can trade your time for is expertise.

The other is perhaps even more powerful…

If we need to get something done what are our options?

We can do it ourselves or we can get someone else to do it.

If it’s something we need to learn to do then we’ve got to find someone who has the expertise (or sometimes other resources) necessary to get it done.

As anyone who has hired someone before knows hiring the wrong person can be more costly than hiring no one at all.

In other words it’s not just about finding someone who has the resources (time, expertise, money, etc.) to get it done but making sure they are the RIGHT person.

This can be incredibly time consuming and the time is a major opportunity cost.

This gives us insights into the next trade or resource.

Instead of trading your time for money invest your time into building relationships!

When you’ve got relationships you know what value those people have to offer in the world and what others are setting out to accomplish, need or desire.

By having access to two sets of relationships you can get paid simply by making a connection.

This is probably the easiest way to make a large amount of money fast.

This is both how I made $10,000 in a day for the first time and how I made $25,200 in a day for the first time.

I had access to someone who had the expertise (in the second situation) or resource (in the first situation) someone else was looking for and connected them. I was paid a fee based on them moving forward together.

Of course the quality of the relationships matters. How much you know them, how much they like and trust you.

It’s also more valuable to have relationships with people who have greater expertise or more resources such as money or relationships of their own.

Please note relationships go beyond contacts and even beyond connections since you’ve got to know these people so you have an understanding of what they have to offer and what they desire as well as possessing influence with them.

Bottom line, if you’re working on building your income invest at least a portion of your time into developing new strategic relationships then trade those for money rather than trading time directly for money.

Obviously, the recommendations and hand offs need to be good so there’s an entire process to building the network and then benefiting from it in a way that builds rather than risking your reputation, which brings us to our next resource.

Doubling Your Income With Delegation

Note, at this stage you could start growing your income further and buying some of your time back by hiring others to do minimum wage or low dollar tasks for you because with your expertise and relationships your time is now worth more than unskilled time.

When you are the one earning your income (we’ll get away from this eventually but for now this is where we’re at) your income is calculated pretty easily:

Rate per unit of work multiplied by volume of work

For example if you’re getting paid $50/hr (rate per unit of work) and working 40 hours (volume of work) you earn $2000.

You can sometimes increase your volume of work by changing how you charge from hourly (limited) to by job then get really good at completing jobs quicker.

However, you’ll still have a limitation on your time.

If the average person has say 60 hours per week they can work they are capped.

They can increase this by hiring someone to do activities such as:

  • Grocery shopping & errands
  • Cooking
  • Cleaning
  • Etc.

In my own house I will hire a chef to prepare meals, hire someone to do my yard work, have my assistant run errands for me.

Not only does this free up mental space it also frees up my time.

I sincerely believe everyone should do this to better the world.

We live in a world where it’s harder and harder for low skill people to find work and if you could be doing something more valuable you’re not only denying the world your talents by being occupied with these low value activities but you’re also depriving someone else who could do those tasks but couldn’t do the more sophisticated tasks you’re doing. It’s a win – win for you, them, and society.

Make the most of your higher income by spending less time on low value tasks either to spend more time on higher value tasks or to get more out of life by living and pouring energy into your hobbies, passions, relationships, etc.

As your time becomes more valuable you’ll have more and more opportunities to do this so let’s get back to boosting the value of your time.

Compound Time Without Investing Time

The powerful thing about this next resource is expertise and relationships both involved investing time.

This next resource doesn’t require you to invest time.

This also happens to be where your income really starts to grow dramatically.

Remember we said before there was a sequence?

The sequence thus far is trade your time for expertise and relationships. Those are your two immediate action steps.

Now it’s time to focus less on trading relationships and expertise for money and instead leverage them against one another to build something more valuable to grow your income AND start buying your time back.

This next resource is reputation/celebrity

This is where other people are spreading the word about you and what you’ve got to offer.

It saves you time because you don’t need to sell yourself so much, people will come to you and they will come ready to hire you.

It increases your income because with a great relationship and more demand than you can handle you’re able to charge premium prices.

Reputation comes from those you have relationships with knowing you’re the expert and then magnifying your message and your identity in the public.

Granted, although we said it doesn’t require time (you can develop it organically by being a genuinely helpful expert) you can magnify it by investing time, money, expertise and relationships into marketing & PR.

This is the stage where you’re really able to make big money if you haven’t already.

More importantly this is where you can make that big money CONSISTENTLY!

Guard your reputation zealously over time it will pay you massive dividends.

It might be tempting at times to compromise your reputation short term maybe to make an extra buck or save a bit of time or whatever. Don’t give in to the temptation.

Fostering a great reputation is worth every bit of what it costs.

The Final Resource Will Bring You Freedom

This last resource you can start building even before you get reputation but with reputation you’re really able to supercharge it.

To understand how it’s valuable consider the path of an ordinary person.

They are making minimum wage, their time isn’t worth much so they decide to pursue expertise in the form of a trade, they become a welder.

As a welder they’re able to earn about 3 times as much as they did without the expertise so it was a great investment of their time.

They build relationships to help them get jobs faster so they have less time off and maybe even do some deals on the side.

But their career path, like most, is limited they are at a ceiling on their hourly wage so how do they increase it?

They go buy a truck and a welding rig and become a contractor.

With this new equipment they’re able to charge 3 times as much as they did as a normal welder.

True, they have some added expenses in the form of the truck and the rig but these are more than made up for by the extra income so in real terms they might be making double what they were before.

This equipment is what we call “assets” because you can pay for them once and then reuse them over and over again.

Assets come in all different shapes, sizes and qualities. Not all assets are equal in fact we have an entire training on assets and ownership, which is the cornerstone of wealth.

Assets (the final resource) multiply your income and buy you freedom.

This is true because assets can work when you don’t.

You can use assets to multiply the value of other people’s time not just your own and by having them work you can profit without having to work yourself.

Assets might include computers or software, equipment or land, systems or lists, etc.

If you think about Selena Gomez she’s a huge celebrity who can obviously get paid a fair amount simply for her celebrity (it’s her celebrity not her singing that make her a lot). But she also has the largest Instagram following in the world and as a result can get paid HALF A MILLION DOLLARS per post!

The Instagram following is an asset.

When you’ve got a reputation rather than being paid directly you can be paid partially in the form of an asset such as ownership in a company.

This multiplies your income because as the value of the company grows or pays dividends over and over it changes what you were getting paid from a fixed amount to a compounded multiple of that amount.

You don’t need to be paid in an asset either you can take the money you earn and invest it in assets, which then pay you returns and buy your freedom back.

You can further hire others to work those assets to multiply your income without having to put in time the way authors do when they write a book once and then others sell it for them.

Completing the Path

At this stage you’ve built a great income now what?

Now you can use the income to pay for the expertise of others so you don’t have to learn as much yourself buying your time back.

You can pay others for their relationships saving you time in building them yourself.

You can hire others for their reputation to build bigger and better projects.

Now you’ve reached the stage where time is money for you, where you make money work instead of you working and you’re truly able to buy your freedom.

Wealth Scales Map

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