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- How to Make Your First Million in a World of Distractions
How to Make Your First Million in a World of Distractions
Plus new book recommendations
Cashflow Chronicles
October 13, 2023
Quick Recommendation
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Here's a sneak peek of what we’ll cover in today’s edition
✔️ Learn how 10 lesser-known entrepreneurs made their first million
✔️ Read the inspiring story of Tom Jauncey, who quit his job in the U.K. to start a property business in Zanzibar
✔️ Discover the key insights from Naval Ravikant's book, "The Almanack of Naval Ravikant"
✔️ Check the key productivity hack you need to do to increase your chances of making your first million
✔️Hear about the latest and greatest A.I. tools and resources for entrepreneurs
✔️ One essential mindset we can all apply today if we want to make a change, even if it seems risky.
Hey Cashflowers,
The United States and Canada are home to the highest number of millionaires in the world, with over 22 million in the U.S. and over 2 million in Canada.
This week, we'll share the stories of 10 lesser-known entrepreneurs who made their first million.
These entrepreneurs come from all walks of life and have succeeded in various industries. Their stories are inspiring and provide ideas for achieving your financial goals 🥅.
Making your first million
How These Entrepreneurs Turned Their Passions Into Million-Dollar Businesses
(1) Sara Blakely, Spanx: Blakely started Spanx with a few thousand dollars and a lot of determination. She has built Spanx into a multi-billion dollar company and is one of the most successful female entrepreneurs in the world.
(2) Gary Vaynerchuk, VaynerMedia: Vaynerchuk is a social media influencer, entrepreneur, and author. He is known for his no-nonsense business approach and passion for helping others succeed. Vaynerchuk is a role model for entrepreneurs using social media to grow their businesses. VaynerMedia's revenue in 2022 was $177 million.
(3) Marie Forleo, B-School: Forleo is an online business educator and author. She is known for her energetic personality and her commitment to helping people achieve their business goals. B-School is an online business education platform that has helped over 50,000 students launch and grow their businesses.
(4) Seth Godin, Akimbo: Godin is an author and speaker known for his thought-provoking ideas on marketing and leadership. He is also the founder of Akimbo, a subscription-based learning platform. Akimbo has over 100,000 subscribers.
(5) Chris Guillebeau, Side Hustle School: Guillebeau is an author and podcaster known for his side hustle expertise. He is also the author of several books on this topic. Guillebeau's Side Hustle School podcast has over 2 million downloads.
(6) Noah Kagan, AppSumo: Kagan is an entrepreneur and investor known for his success in the digital marketing industry. He founded AppSumo, a website that offers daily deals on digital products and software. AppSumo has over 1 million members.
AppSumo is a great place to find non-subscription software.
(7) Pat Flynn, Smart Passive Income: Flynn is an author and podcaster known for his passive income expertise. He is also the author of several books on this topic. Flynn's Smart Passive Income podcast has over 70 million downloads.
(8) James Wedmore, Business By Design: Wedmore is an online business coach and trainer known for helping entrepreneurs scale their businesses. He founded Business By Design, a training program that helps entrepreneurs create a profitable online business. Business By Design has over 10,000 students.
(9) Amy Porterfield, Online Marketing Made Easy: Porterfield is an online marketing expert and podcaster known for helping entrepreneurs grow their businesses with online marketing. She founded Online Marketing Made Easy, a training program that helps entrepreneurs learn the best online marketing strategies. Online Marketing Made Easy has over 10,000 students.
(10) Michael Hyatt, Platform: Hyatt is a publisher, author, and speaker known for his expertise in helping authors build a platform and sell their books. He founded Full Focus, a coaching program that helps authors build a profitable platform. He has over 10,000 students.
Outside of businesses like these, one of the best things you can do to increase your chances of becoming a millionaire is to start investing early.
Even if you can only invest a small amount each month, it will add up over time.
Many different investment options are available, so be sure to research and choose investments that are appropriate for your risk tolerance and financial goals.
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Taking Risks
Brit ditched Britain's Covid lockdown madness - and created a property empire in Zanzibar.
Tom Jauncey had everything he could have ever wanted in the U.K.
A successful career in the estate industry, a high salary of $250k, and a comfortable life. But something was missing.
He craved something more profound, more genuine.
Enter Zanzibar 🏝️
Zanzibar is a picturesque island off the coast of Tanzania in East Africa known for its serene beaches, turquoise waters, and laid-back atmosphere.
Tom had felt its magic on his numerous prior visits, and in 2021, the charm proved too irresistible.
So, he made the bold decision to quit his job and start a property business in Zanzibar.
Tom's business quickly took off, thanks to his keen business acumen and the island's growing popularity with tourists and investors. He now has a team of 10 employees and a portfolio of properties ranging from the accessible to the luxurious.
His company Byshivo estimates that its revenues will grow to a staggering $24 million 😱.
But it's not just the financials that make Tom's story so inspiring. It's the life he rediscovered in Zanzibar.
Tom speaks of the warmth of the Zanzibar people, the boundless sun, and the pleasure of reconnecting with family and friends. He says there's a different beat to life in Zanzibar, which he finds resonates more deeply with his soul.
Tom's story is a reminder that success is not just about making a lot of money (although it’s a nice bonus in this case.) It's about the courage to pursue your dreams, redefine contentment, and live a happy life that is true to yourself.
Tom Jauncey's journey from successful U.K. estate agent to Zanzibar property mogul can inspire us all, even if we don't make such drastic changes.
It shows that it's never too late to follow your dreams and create the life you want.
If you're feeling unfulfilled in your current situation, Tom's story reminds you that it's possible to make a change. It may take courage and hard work, but living a life you love is worth it.
Book Spotlight
"The Almanack of Naval Ravikant" by Eric Jorgenson
Seeking a blend of wisdom and actionable insights for your entrepreneurial journey? Dive into "The Almanack of Naval Ravikant".
This is more than just a book—it's a deep dive into the mind of one of the sharpest entrepreneurial thinkers of our time. Two of our favorite sections are titled ‘Find work that feels like play’ and ‘Happiness is a choice’.
Ravikant's work delves into wealth creation, happiness, and life philosophy 🤩. But this isn’t a quick fix to riches. It's a masterclass on building sustainable wealth and genuine happiness. You'll learn:
The profound difference between passion and profession—and why they should align.
Frugality is a path to freedom, not mere penny-pinching.
The art of meaningful networking.
The resilience of a relentless work ethic.
This book isn't just about business. It's about transforming your entrepreneurial endeavors, emphasizing long-term vision over fleeting gains.
Embarking on an entrepreneurial journey is as much about mindset as the mechanics. With Ravikant's insights, reshape not just your business approach but your entire perspective on wealth and contentment. Grab your copy here.
Also check out:
"The Lean Startup" by Eric Ries: An essential for budding entrepreneurs, Ries presents a systematic, scientific approach for creating and managing successful startups in an age of uncertainty.
"Deep Work" by Cal Newport: A guide to achieving focus in a world filled with distractions. Newport equips you to navigate the noisy business world, ensuring you produce your best work.
Productivity Hack
The One Thing You Need to Do to Increase Your Chances of Making Your First Million
As you've seen in this newsletter and all across the internet, there are so many ways to make your first million now. But with so many options, it can be easy to get distracted and run from one idea to another 🤷🏼. If you feel like this and ever played pinball, you might imagine yourself as the ball in this scenario.
One of the most important things you can do to make your first million is stay focused. This means choosing one business idea and sticking with it until it's successful.
It also means avoiding all the other opportunities and ads that come your way, even if they seem tempting.
Here are a few ways to stay focused on your business:
Set clear goals. What do you want to achieve with your business? Once you know what you want, you can create a plan to reach your goals.
Track your progress. This will help you stay motivated and on track.
Invest in a mentorship program: Having skin in the game will make you more accountable.
Say no. It's okay to say no to new opportunities, especially if they will take away from your focus on your main business. Alex Hormozi talks about this a lot.
Focus on the most critical tasks. Do the things that are going to move the needle first. For example, reaching out to potential clients is more important than designing the perfect logo.
Celebrate your successes. When you reach a goal, take some time to celebrate your success. This will help you stay motivated and keep moving forward.
Staying focused is not always easy, but it's essential if you want to make your first million. Remember, everyone who has made a million in business had focus. They focused solely on one business until it was cash-flowing, and then they either grew it or moved on to the next.
Until next time,
Cashflow Chronicles
A.I. Update of the Week
A.I. blog Unite has updated its 12 best A.I. tools for businesses in October 2023. These tools can help businesses automate tasks, improve decision-making, and gain insights into their customers and markets ✅.
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