Akira The Don You're Not Going To Get Rich Renting Out Your Time
Akira he's got clout
The first point was about how you're not going to get rich
You're not going to get rich renting of your time
You must own equity a piece of a business to gain your financial freedom
This is probably one of the absolute most experienced points
People seem to think that you can create wealth and make money through work It's probably not going to work there are many reasons for that
But the most basic is just that your inputs are very closely tied to your output In almost any salaried job
Even the one that's paying a lot for our like lawyers or a doctor
You're still putting in the hours and every hour you get paid
So, what that means when you're sleeping you're not earning
When you're retired you're not earning
When you're on vacation you're not earning
And you can't earn nonlinearly
You're not going to get rich renting out your time Renting out your time
Renting out your time
You're not going to get rich renting out your time You must own equity piece of the business
You're not going to get rich renting out your time Renting out your time
Renting out your time
You're not going to get rich renting out your time You must own equity to gain your financial freedom Your financial freedom
If you look at you in doctors and get rich
Like really rich
It's because they open a business they open like a private practice
And that practice fills a brand
Especially you're working for somebody else
And that person is taking on the risk and have the accountability and the intellectual property and the brand So they're just not gonna pay you enough
They're gonna pay you the bare minimum that they have to get you do to the job
And there can be a high bare minimum
But it's still not gonna be true wealth for when your retired
You're not creating new things for society You're just doing things over and over You're essentially replaceable
Because you're now doing a set role
Most set roles can be taught
If they can be taught like in a school
Then eventually you'll be competing with someone
Who's got more recent knowledge who've been taught the things coming in to replace
You are much more likely to be doing a job that can be eventually replaced by a robot or by AI
You're not going to get rich renting out your time Renting out your time
Renting out your time
You're not going to get rich renting out your time You must own equity piece of the business
You're not going to get rich renting out your time Renting out your time
Renting out your time
You're not going to get rich renting out your time You must own equity to gain your financial freedom Your financial freedom
You really just want a job or career or profession where your inputs don't match your outputs Businesses that have high creativity and higher leverage
Tends to be ones where you'd can do an hour of work and it can have a huge effect
Or you can do a thousand hours of working and have no effect
One great engineer can for example can create Bitcoin and create billions of dollars' worth of value An engineer who's working on the wrong thing or not quite as good
Or just not as creative thoughtful or whatever
Can work for the entire year and every piece of code they ship ends up not getting used
You're not going to get rich renting out your time Renting out your time
Renting out your time
You're not going to get rich renting out your time You must own equity piece of the business
You're not going to get rich renting out your time Renting out your time
Renting out your time
You're not going to get rich renting out your time You must own equity to gain your financial freedom Your financial freedom
But you want to look for things that are leveraged
And by leverage I don't mean financial leverage alone like Wall Street uses and that has a bad name
I'm just talking about tools
We're using tools
Computer is a tool that software engineers used
If I'm a lumberjack with bulldozers and automatic robot axes and saws
I'm gonna be using tools and have more leverage
Than someone who's just using his bare hands and try to rip the trees out by their roots
Tools and leverage are what create this disconnection between inputs outputs
Creativity so the higher the creativity component of a profession the more likely it is to have disconnected inputs and outputs
So, I think that if you're looking at professions where your inputs and your outputs are highly connected It's gonna be very-very-very hard to create wealth and make wealth for yourself in that process