The Step By Step Framework to Making 6-Figures per Year

Transcript:

On this episode of the Personal Finance Podcast, we're going to give you the step by step framework to making six figures per year.

What's the everybody and welcome to the personal Finance podcast. I'm your host, Andrew, founder of Master Money dot Cohen. Today on the Personal Finance podcast, we are going to give you the step by step framework to making six figures per year.

If you guys haven't already, make sure that you sign up for the Master Money newsletter. We have it linked up down in the show notes below. We are releasing a ton of content on that Master Money newsletter. And in addition, if you guys have any questions, the way that we are doing it now is we want you to reply to the Mastermind newsletter and ask the questions there. And if you ask questions, we're going to be doing some more money Q and as coming up soon.

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So if you leave that review, you can always screenshot that later and make sure that you can enter those giveaways for free. one-on-one coaching with me and some other things that we have going on and coming up. But make sure you check out the Master Money newsletter. That is the place where we are going to be doing a lot more things and giving you freebies and announcements and all sorts of things there as well.

But in addition, the newsletter is going to do some deep dives on a bunch of different subjects. So today, as you know, we're going to be talking about that step by step framework to making six figures a year. And I'm talking through this because a lot of people who want to go out and make more money just don't have a framework to be able to do it.

And if you can follow the step by step framework and make sure that you are actually going through this process, you can be unstoppable when it comes to earning more money. And you've heard me talk about this before, earning more money is going to solve a ton of your money problems because you can only save so much money. You can only cut back so much, but you can earn infinitely.

And that is the amazing thing about earning money is that it will solve a bunch of problems in terms of the more money that you earn, the more dollars you can invest and the more dollars that you can invest. What happens there is that how you're creating freedom for your life because the more dollars that are working for you every single day, the closer you are to financial freedom, the closer you are to freedom from that job that you hate or the cubicle that you are tired of sitting in every single day.

And that is what increasing your income does. So here at the Personal Finance Podcast, we always talk about this. Your savings rate matters and the way to increase that savings rate is to increase your income. Sure, you can do that cutback, but when you do that cutback, it only goes so far.

We don't want you to cut out things that you love. If you love going to get your morning coffee every single morning, we don't want you to cut that out. So making sure that you are pursuing the things that you want, using your money in a way that you want is incredibly powerful. So one of my favorite things to do is when we talk about making more money is to break these things down into much smaller and simple numbers.

Because if you think through this and you can think about small, simple daily goals that you can achieve, it makes it seem much more attainable because it is. It's a much more easier thing if you kind of think about it this way. So first of all, let's think about $100,000 a year here. Now maybe $100,000 isn't worth what it's used to, but if you are not making 100 grand yet, this is a great goal to achieve.

Then once you get there and once you have the skills and mastered to get to that first 100 grand, you can accelerate it so much faster. Once you get to that point, sometimes it feels like the mountain to get to that first 100 grand is tough, but once you hit that point, you don't understand how much more you can make. And you can get to that 203 hundred grand a year just by doing and learning the skills at a it takes to get to 100 grand.

That's why I love that goal so much is because it is absolutely life changing. So if you break this down into simple goals, that means it is $8333 per month and $0.33. That's what you need to earn every single month in order to make 100 grand a year.

Now, Grocer Net, you can talk about however you want with that, but to make 100 grand a year, you need to earn $8333 or weekly, it's $2083 per week. Or if you want to break it down daily for each work day, it's $416.66.

If you want to work five days a week, you make $416.66 per day to make 100 grand a year. Or if you work seven days a week, if you want to earn that money passively every single day, you make 278 dollars a day when the money comes in on the weekends or $52 per hour.

And that $52.00 an hour is for a 40 hour work week. So what we are going to do is we're going to talk through a step by step plan on how you can achieve this. Because those goals are achievable now $52.00 an hour. Your job pays what it pays. But what you can do is after work you can start building side hustles and side businesses that are going to make it to where you get to that point and you are able to get those dollars there.

And that's the cool thing that we talk about. One of my favorite things to talk about is not all of your income has to come from your day job. In fact, I would prefer it if you had more than one source of income. Reason being is if you only have one source of income, especially if you're a single household family, only having one source of income is extremely risky.

It is extremely risky. And if you have dependence and only having one source of income, you have no diversified income. If that income goes away, you have no income coming in. So making sure that you diversify your income is one of the best things that you can do, which is why we love side hustles that turn into businesses.

Now you've heard us talk about this a number of times. The side hustles can really accelerate your path. It accelerated my path to building wealth is actually the way that I was able to accelerate my path because when I started off making money, I made 30 grand a year at my first job. And when I made that 30 grand a year, I very quickly realized this is enough to cover my expenses and that's about it.

And my expenses were very low at the time. So learning how to make more money and learning how to earn more cash on hand is going to be something that you definitely want to do. So if you want to get to that next level and you want to really start to accelerate your path to wealth, get to your first 100K, start building wealth so that you can retire early and achieve financial independence, side hustles and other sources of income are going to help you get there.

We're going to talk about that in a second. We're going to talk about the frameworks and how to do this and how to build those out so that you have the opportunity to be able to do that now. I'm so excited to jump into this stuff. So without further ado, let's get into the framework. So the first thing you want to do is when you start to build out this framework is you want to build out a wealth protection plan and a wealth protection plan.

You've heard us talk about this on the last episode. The wealth protection plan is something that must be done in order for you to protect your earning power. So some of these you've heard us talk about on a bunch of different episodes and some of them are not everything we've talked about. The first thing is the cash buffer.

You want to make sure you have that cash buffer in place up to your deductibles. Now what is a cash buffer? It is a place where you have saved up cash so that you can at least cover your highest deductible, whatever that deductible is. So a lot of times you have your health insurance, you have your car insurance and you have your home insurance.

Whichever of those 3 has the highest deductible, you want to make sure that you at least have that much in cash. So if that something major happens in your life and you have to actually pay upfront on that deductible, you at least have that cash available to take care of that issue. That is the first way to save up. Your second step is your emergency fund.

Now, a lot of people are familiar with emergency funds. If you're not, it's where you save up three to six months expenses when life happens. If you lose your job, you have a three to six month runway to be able to go find another job. If your car breaks down, you have at least have enough money to go and have a down payment to buy another car so you have transportation.

If your house has a major issue, you have the cash just there so you don't have to stress out about your house and you don't have to dip into your savings when you're trying to build wealthier. That's what your emergency one is there for. It's for protection against life. And we all know that something is going to happen. It's just we don't know when it's going to happen.

So making sure that you're protected there is incredibly powerful. Now, the other things that we talked about here are going to be some bonuses, but I want to make sure that you have these in place because you want to protect this income as much as possible. If you worked your butt off to get to that 6 figure income and then we're going to talk about getting to multi 6 figure incomes, you want to protect that.

So your third line of defense, you got your cash buffer as your first line, You've got your emergency fund as your second line. Your third line of defense is just having access to some lines of credit. If you have a business, if you have a house, if you own a home, you can get a he locker, a home equity line of credit.

We have an episode coming out soon. We have a guest coming on and he is going to be talking about some very powerful things that you can do with a HELOC. So I'm really excited to make sure you subscribe to this podcast because Helocs are way more powerful than even most people understand. We're going to talk about that on that episode, but making sure that you have access to some line of credit in case all else fails.

Now, you don't really want to have to use this unless you're using it for wealth building activities. What I mean by wealth building activities is buying things like assets over time, but you want to have some sort of access to a line of credit. Now if you have a business, you can get a standard line of credit within your business as well.

And then the next line of defense is you can have access to securities based credit. Now this is one reason why I love M1 Finance is because M1 Finance actually gives you access where you can borrow against your account, 50% against your account. So if you have $100,000 investment account at M1 Finance, you can borrow $50,000 against that money.

And the cool thing is it's just an extra emergency fund that you can utilize if you want to go buy a rental property, you can use it for that as well. Now, as you approach retirement age, I want that emergency fund to grow a little bit because I like to have some extra cash. As you approach retirement age, whether you're trying to retire early in your 30s or 40s or you're approaching traditional retirement age, you want to have that emergency fund beefed up a little more.

The reason why is it just allows you options. Cash is flexibility. Now, I am the person that does not like to have a lot of cash on hand, especially if you're in your true wealth building years. If you're in your 20s and your 30s and you're trying to aggressively build wealth, I want the minimum amount of cash on hand because I want to invest those dollars so they can work for me.

But as I approach that retirement age, I want to pull back and have more cash on hand because cash is flexibility. That's what cash is. It allows you to flexibility. It's security, it's safety. Now, sure, it's going to lose value, value in inflation every single year, absolutely. But at the same time, we know during our wealth building years, we want to be putting it to work to combat against that.

But once we start to retire and we do not have that income coming anymore, you want to have that extra cash on hand and building it up over time. That is why I like to slowly build up my emergency fund over time just because A, if I have to use it, then I have the extra funds there. I'm already at the six month mark, but B, so that once I reach retirement age, it's a lot easier to build up that cash.

It is not easy to build up one to two years of expenses in cash, so making sure you do it slowly over time is something that I love to do. In addition, make sure that your family or your dependents are covered as well. So you want to have that term life insurance in place now. Term life insurance is very cheap. I just got a policy for 30 bucks a month for half, $1,000,000 a year.

And when you have that term life insurance policy in place, it is going to be something that just protects your family, your dependence, anybody who depends on you if you passed away. So that is the next one to have. And then obviously identity protection as well. Now, if you didn't hear the last episode, we deep dive into a lot of this in terms of also having a bunch of additional things so you can have your wealth protection plan in place.

But I wanted to touch on these briefly here because this is what protects your income. This is what protects you. This is your shield against life. And so having layers in this shield means that you never have to go bankrupt. A lot of millionaires out there who are high risk, high leverage go bankrupt.

This allows you to protect against that because you have so many layers that you can utilize that are going to protect you against doing that. Now that you've got that wealth protection plan in place, let's jump in to the steps so you can earn more money. So the next step, the next thing we are going to be doing is you need to earn more money at work.

Now, the way to do this is we have a very specific system on how you need to earn more money at work. And the first thing I want to talk about here is I want you to think through exactly how you would do this if you wanted to get to the next level. What are the people above you doing that allows them to get that level?

Maybe they are really good at corporate politics. Sure, corporate politics are absolutely awful for most people. Most people hate corporate politics. But guess what? A lot of times when you're in the corporate world, it is required to move up to the next level. I absolutely hated it, but I had to master it because it is required to get to the next level.

You have to be well liked within the company. You have to be well liked with people around you. In addition, you want to see what skills do those people above me have? What are the skills that got him to that point? Are they really good at Excel? Are they really good at marketing? Are they saving the company a ton of money?

Are they really good in meetings and presentations? How are they getting to that level? How are they getting to that point to be able to get to the next level? This is incredibly important to understand because earning more at your day job is the fastest way to earn more money right away. And learning how to negotiate this is going to be something that's powerful.

Now guess what? You don't have to have a ton of negotiation skills to be able to do this. Sure, the more you practice it, the better you're going to get because negotiation is a skill. And if you're looking for a book on negotiation, there's a great one called Never Split the Difference, which is one of my favorite ones out there. And that book will help you a lot when it comes to negotiation.

But when you're trying to negotiate your salary at your job, our system is going to show you how you and your boss can work together on exactly how to do this. We have a free ebook that it's a link down in the show notes below that you can check out. But I'm also going to go through the framework here. So the first thing you want to do is identify your yearly review, the date of your yearly review.

When is that going to be? Then what you want to do is as early as possible. And we talked about doing this over the course of six months, but as early as possible before your yearly review, you want to go in your boss's office and set up a time where you guys can meet one-on-one. So when you meet with he or she, what you're going to do is make sure that you have ample time to discuss this before your yearly review.

Your yearly review is a week away. You can try to do this. It may be a little more difficult, but you can try to do this step. If it is a couple months away, you can definitely do what we're going to be talking about here. Because when you meet with him and her on Step 3. So step one is identify a date for your yearly review.

Step 2 is to meet with your boss six months before for your yearly review. And then Step 3, when you meet with your boss, you want to identify the areas that you want to approve, what they want you to approve on, and what you need to improve on. So you want to come to this meeting with a plan in mind on areas you want to grow and improve.

And then you want to identify what you want to improve on and how it's going to help the company grow or how it's going to make the company more productive. You want to either be earning the company more money or making the company more productive so that you can get more money and get that either pay bump or get that promotion.

You want to know what you want to do before you go in. Then what you're going to do is you want to ask your boss, what do I need to accomplish to get to the next level or to get paid more? And you're going to say, you know, I don't want to get paid the standard 3% inflation is higher than 3%. I'm losing money every year if I get paid the standard 3% raise every single year.

What I want to do is get to the next level. I want to be able to get to the next level with my salary and I want to be able to get to the next level when it comes to advancing within this company. I want to be here at this company. I want to improve this company. I want to improve the bottom line. How can we work together to do that?

You're going to ask them open-ended questions so that they tell you what it would take for you to get to the next level. So after you have this conversation and you've identified the key areas and you want to make sure that you pinpoint exactly the key areas that you need to improve on or the projects you need to take on or whatever it is so that you can set a time to have another meeting with your boss.

Because when you're in that meeting, you want to set the next meeting so that you can follow up. The reason why we're doing this over the course of six months, and you're going to see how often we follow up here in a second. But the reason why we do this is because you want to be top of mind with your boss. You want your boss to understand what you are doing here so that when you get to that yearly review, there are no surprises.

They know they need to be paying you more because you have accomplished what they asked you to do, and they know what you want out of this situation. So you want to request the follow up meeting within three months at least of when this meeting was. So you're going to send your boss a calendar invite so that they will book the time when it's fresh in their mind because everyone's calendars begin to pile up.

So you want to do this as early as possible. So immediately after the meeting, when you get to your desk, you're going to talk about this a little bit. Then you're going to send them the calendar invite where you can follow up. Likely your boss is extremely busy and they may delay your follow up meeting. But if the meeting is already scheduled because you schedule it right after the initial meeting, then you're going to be good to go.

So in this three month meeting, so it's three months from your yearly review, you're going to prepare the numbers that you were asking for. Why do you want to prepare this early? Because you want to know what you want and there's three numbers that you want to have in that three month meeting. Your want number, your wish number and your dream number. And you need to have some data for this to fall back on as well.

You can't just walk in and say I want 100 grand per year and everybody in that same position makes 60 grand per year. You need some data to fall back on this. So now you're going to go into that three month meeting and this meeting is extremely key because you want to check in and make sure you're on track to making that next jump. You're going to say, hey, we talked about this three months ago.

I want to make sure I am doing the things that we talked about. In addition, I want to make sure that I am taking on the responsibility that you want me to so that we are on track so I can get to the next level and earn more money. So this just reiterates your goals to your boss and that you are delivering on your goals and make sure you are both on the same page that you are delivering on these goals.

So for over the last three months, they know that you're delivering. You know that you're delivering. They're going to forget that you had that conversation if you wait any longer than three months. So you want to make sure that you have this set up so that you can go through this process. And then during this meeting, in addition, you're going to lay out those salary increases that you're looking for.

You want to talk through this and say, hey, here's what I'm looking for and you're going to give them a range. Now here is a really cool thing that I love to do. Make sure the lowest number in that range is actually the highest number that you actually want. What do I mean by that? Say for example, you want to make $85,000 per year.

What you're going to say is instead of saying I want to make 75 to $85,000 per year, you're going to say I want to make $85,000 per year to $95,000 per year within your expected salary range within the next 12 months. And the key phrase here is 12 months because if they cannot deliver the full raise in three months, it allows you to put that time frame on it when they will need to give you that pay bump.

So that is the cool thing about having this salary range into play, $85,000 a year to $95,000 per year within the next 12 months. So maybe if you're making 60 right now, they'll bump you up to 75 and then within that year they'll bump you back up to 80. And this is especially helpful if your yearly review is coming up really fast.

If you only have three months to do this, this is a great way to position it so that they know and all expectations are clear. Now, one month from your yearly review on step 7, you want to check in with your boss. Make sure you're on track because the big yearly review is next month. You want to have another meeting with them.

Make sure you're on track so that there is no surprises and forget about what you're talking about here when you get into that yearly review. Then once you walk into that yearly review, your boss is not caught off guard. What a lot of people do is they just walk into that yearly review meeting and say I want more money. Your boss has no idea. You're about to ask that.

They can't ask their superiors to get you more money right on the spot like that. So this allows them to have time to go talk to their superiors, say. Listen, this person is stepping it up. This person is doing exactly what I asked them to do. They asked for more money and they're doing everything they should be to be getting to the next level.

How can we make this happen? You want that person to be going up to bat for you. You want your boss going up to bat for you so that you can be able to earn more money. So picking up the extra things and doing them and then getting paid afterwards is the best way to increase your income and your salary and communicating with your boss so that nobody is caught off guard and everybody is on the same page.

This is how you do it. This is how you earn more money. And the crazy thing is we had a podcast episode all about this and a lot of people have read the ebook. I have tons of people who send me DMS on how much more money they have earned by following this system. So I know I went through that pretty quickly there because that is not the all-encompassing of this episode.

But I want to make sure, if you want to check that out, make sure you get the free ebook. Or in addition, you can listen to that episode where we talk about how to increase your income at your job. And it is one of our earliest episodes out there. So you can go check that out. I think it's episode 4, four or five, so you can go back and check that out and see how you can increase your income.

Now, your action step after hearing this is I want you to set a calendar time up with your boss right now and make sure that you have a time set up so that you can go and negotiate that. I want you to take the action step now. I got your back. I got your back. Don't worry about it. So making sure that you're setting up that calendar time right now is your next action step.

Now let's get into how we can create more income. All right, so Step 3 is we are going to create active and passive sources of income. So there's a difference between active income and passive income. So active income is how you're going to earn more money short term. You could think of things like dog walking, house sitting, flipping items, renting your car on Turo, those types of things.

This is not your long term plan, but you are doing the side hustle short term so that you can earn more money, so that you can invest those dollars and start to create freedom for your life. And some of these can be turned into long term businesses if you do it right. Now, I'm not a huge fan of utilizing third party apps to become a business.

For example, if you're an Uber driver, it's very hard to scale that because you're getting a large portion of your income to Uber as well when you're an Uber driver. But if you start doing it on your own, then that's a very different story because you can scale that business. You can have a whole fleet of cars, all those different things.

So for example, there's a woman I met recently who makes $200,000 a year picking up dog poop in people's backyards. So she uses her own website and the way she did it was she started to pass out Flyers and she did this as a side hustle. Now this is a side hustle that a lot of people maybe would not want to do, but this side hustle for $200,000 a year, she started doing this and she was getting so many clients that she couldn't handle it.

Now she has an employee doing this as well and she is just working on the sales side. So this is one thing where it starts as active income where you're working really hard on trying to build up your little business. But if you use this through a third party site like Rover for example, and all your clients were based on Rover, well Rover owns your client base.

So you wouldn't be able to really scale and build a business through Rover. The way you would have to do it is pull those clients off a Rover, have your own website, e-mail list, all those types of things. So active income is stuff that you're using through third party apps or stuff that you're really hustling and having to work everyday. Passive income is income.

We're either investing your dollars and earning money by investing your dollars or you're doing something that you could scale into a business later. And then there's also skill based income. So this is my favorite way for people to earn more money right away, especially if you have a special skill. So people like web developers or video editors or writers or graphic designers or podcast editors, or if you want to be a virtual assistant or you could be a social media manager.

There are so many options here, but having skill based income, meaning you serve clients with your skills can also also turn into a full time thing. In fact, a lot of people that we talk through and teach how to do this because at Master Money we hire everybody as skill based as 1099 contractors.

And a lot of people that we coach through this process learn exactly how to make more money with their skills. And they usually make more per hour than they do with their J job. For example, copywriters that we talked to all the time, they work for a company and they do copywriting and maybe they make $3040.00 an hour. And when they do copywriting outside of their job, they're making $100 per hour.

Same thing with web developers. We've talked to web developers who make $25.00 an hour at their day job and then when they do it on the side on Upwork, they're making $5075.00 an hour. You can earn a lot more money with your skills if you do it on the side with companies like Upwork.

Now, sure, there is international competition that has lower prices, but what you can do is when you work through that, and there's a lot of people that we hire that are US based and they charge a lot more than the international competition. But guess what, as long as you are doing a great job, you are communicating, you have great reviews, you are making your customers happy, you will excel by doing this.

So you can look at websites like Upwork, you can look at websites like Fiber. There are so many different options and you can look at the skills that are offered on there. You can do this for any skill out there. So think through what skills that you have and then search on Upwork and see what type of jobs are out there that are related to that skill.

And then just some examples of the passive income are, you know, investing in real estate where you still have to do some work. It's not completely passive. And let's talk about passive income for a second, because no income is completely passive unless you're like investing in the stock market. Outside of that, there's not really much passive income out there.

Even real estate, you have to do some work. You could do stuff like building niche sites, which we have Doug Cunnington coming on very soon to be talking about how he goes to that process and how he builds niche sites. You can sell on Amazon FBA, for example. So a lot of online businesses are semi passive income where you can set them up and you have to do a lot of work out front, but you can set them up to earn money where you don't have to be working on them all the time.

And that's what I'm talking about by semi passive income there. So your next action step, I want you to figure out which of these are you going to do or if you're going to do all three, which active income thing are you going to do is start earning money now? Maybe it's flipping items on Craigslist, maybe it's flipping items on Facebook Marketplace, maybe it's walking dogs, maybe it's starting your own active income business.

Then what are you going to do as a skill based income to earn more money? Secondly, what are you going to do as a skill based income to earn more money? What do you do with your J job? How could you use those skills to help other business owners on up worker fiber or wherever else? And then thirdly, what is your passive income plan?

How are you going to build up passive income so that you don't have to be doing this active income forever and eventually you can live off that passive income and only have to invest limited amount of hours so that you can keep that thing running. So think of those three things and then I want you to map this out and then take action on one of those.

Whichever 1 entices you the most, I want you to take action on one of those things that you can earn more income. Say for example, you earn $70,000 a year at your day job after taxes. Well, if you're going to earn additional $30,000 on the side side, then you're at $100,000. But that $30,000 on the side you can grow over time.

That is the really cool thing about having that passive income. That side income is that it grows over time and if it grows large enough, it becomes your full time thing and you don't have to be working at the job anymore. You can set your own hours. You become an entrepreneur and build out your own business. So as we talked about this, your action step is to kind of map this out on the Step 4.

The next thing we're going to talk about is how to get your first client and make your first dollar online. We want your passive income to go is from that active income to the semi passive income or to the skill based income that we were talking about. All right, so the next thing we're going to talk about is how to get your first client.

This is specifically for the skill based income because I know that this is the fastest way to actually grow your income overtime, especially with a side hustle. So a couple of questions to ask yourself is who is my client? Who do I need to go find so that I can provide my skills and my skill based income outside of my day job?

And then where do they go to look for the solution for their problems? For example, here at Master Money and at the Personal Finance Podcast, we go to Upwork to find a solution to our problems. And a lot of times we use that just because it's the fastest and easiest way to find talent, really talented people out there that we can use to help us grow everything that we are trying to do to serve you guys.

And then where are they looking for solutions to their problem? And then the last thing is how do you connect them to yourself or your services? So a number of different ways to think about this. Are there very job specific places that you can post your services outside of Upwork and Fiver?

Say for example, you're a developer, there's a bunch of different websites as a developer where you can say, hey, I am a freelance developer who was willing to work with you guys, here's what I can do, here's the code that I know, let's work together. Or are you in a service? Maybe you're a massage therapist, for example, we can get started on something like Yelp and you can set your own hours or if you want to do pet sitting or dog grooming, where do those people go where you can find out how to utilize those skills.

You got to think through all of this. If you want to jump start that research, you can ask questions like how old are the people that you're trying to serve? Where do they live? What are their interests? How much do they make? What do they do? What do they read those types of things? Because knowing those things will tell you where to advertise your skills and how to find those clients.

But the easiest and best way to do this obviously is online. Now, one thing that you can do, say for example, you're a video editor. One thing that you can do as a video editor is you can start cold emailing clients. And what I would do is build up some skills on it, learning how to cold e-mail, but you can cold e-mail clients.

We have hired multiple people from just cold emailing us. And this is something where if you start doing this and you do it the right way, you can definitely get clients. Now this is a volume game, meaning every time you e-mail 100 people, maybe 5 to 10 people will respond. But once you get those 5 to 10 responses, then you can work on your sales skills to sell yourself to show them how you can help them out.

Maybe it's offering them a couple hours for free so they can see how you work. Maybe it is giving him a discount for the first month. There's a number of different things that you can do so that you can actually get them into your wheelhouse and start to develop those clients. Then after that you can start to earn more money on the side as you go throughout that process.

So cold emailing is a great way to do this as well. But Step 4 is getting your first client, figuring out where they are. So taking that first step to finding that client so that if you have skill based work that you want to do, you can start earning money right away and Step 5 to earn more.

So this is the last step we're going to talk about today is you want to invest in yourself. If you listen to people like Alex Hormozi, for example, he talks about this all the time, meaning that when you want to earn more money, the biggest thing that you want to do upfront, especially if you're young, you're in your 20s, is you want to invest in yourself, Invest in your education.

That means courses, that means coaching, that means reading as many books as you possibly can on developing these skills. Why? Because once you develop these skills, you can use them forever to earn more. And skills matter. And I learned that very early on in the corporate world. I looked at the people above me.

What skills did they have? I was in the financial world, so a lot of people had tremendous Excel skills where they could produce reports that nobody else could produce. If the CEO asked for a specific report, the people above me could produce reports that actually showed them exactly what they wanted to see. And not everybody could do that.

Not everybody was able to do that. So I would work on my Excel skills. I would work to Polish those skills. I would take Excel classes to learn how to get as good as I possibly could so that I could produce those reports. In addition, what are people above you doing? What skills are they utilizing or what are the best in your field doing when you want to offer your skills outside five, your 9:00 to 5:00.

What are the best people doing? What are the best web designers doing or the best video editors doing? Always be learning and utilizing your personal development is going to take you to that next level. So it's incredibly important to be doing that so that you can earn more. Listen, if you guys have any questions, make sure you reach out to us via the Master Money newsletter and don't forget to leave a five star rating and review on this podcast.

If you got value out of this and share it with a friend or family member. We truly appreciate each and everyone of you doing that. Thank you. Thank you guys enough for listening to this episode. Again, if you guys have any questions, make sure you reach out and we will see you on the next episode.