How to Print Endless Money and Get Rich Forever | Spotify Video Exclusive
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What is the importance of recurring revenue in wealth building?
If you understand the steps that I'm about to share with you in this video, you will be able to step-by-step create a fortune. If you don't know who I am, I crossed $100 million in net worth when I was 32. We have a portfolio at acquisition.com that is $200 million a year. It took me way too long to learn how fortunes are built. If you imagine the amount of people that you have sold in your lifetime in whatever business you have, whatever it is, side hustles, gigs, anything, and you were to instead add up all of them together, And then they continued to pay you month over month over month at whatever price you sell stuff at. How much bigger would your business be? If it were mine, a lot bigger. My first big business was called Gym Launch.
Gym Launch to date has 5,000 brick and mortar gyms that have purchased the licensing from it. If I had 5,000 of those gyms still paying right now, that company would be worth over a billion dollars. That company is probably worth now close to about $100 million. So I've missed out on about $900 million during my career just from that one company alone because it took me so long to learn what I'm about to share with you. The big problem that most people have when they are starting their business is that they are in the selling business, not in the reorder business. They don't have recurring revenue.
How can understanding time contribute to wealth?
They have one-time sales. When you see these merch drops and these things where people are just selling crap and they get the one-time purchase and no one buys again, the reason they can't make money is because they have no compounding vehicle. What that means is that if I sell somebody today, I want to get credit for that person that I sold today in a year. Because what happens is if you don't have that, then you're always selling for tomorrow. You're always selling for the paycheck this month. You're always selling to pay rent rather than benefiting from a sale you made 10 years ago and having that person still pay you today. Because the thing is that You need to harness time. The people who understand wealth understand time.
If time is a liability against you, it means you were thinking like a poor person. For the wealthy, time becomes an asset because the longer you wait, the more you win. If you imagine a business as a wall of glue and you're blowing people at it, if you never even increase the amount of people you sell, Let's just say you sell one person a week. In 10 years, you'd have 500 customers every month who pay you. And if you have any price point that is reasonable, that is a lot of money.
What strategies can create valuable products that customers keep paying for?
That is a fortune. And the reason people don't have that happen is because they don't get it and they're only thinking about the short sale for tomorrow. The easiest question that I like to ask when we're analyzing one of the businesses that we're thinking about purchasing is, is there a way that we can get someone to buy this and never stop paying for it? Is there a way that we can make this so good? The moment their card changes or they get a new credit card, they call us ahead of time because they don't want to stop receiving value. If your phone gets changed, your phone carrier and your credit card goes out, what do you do? You call your phone carrier and you replace it because the value is there.
Credit card goes out, what do you call? Netflix. You're going to make sure that your car goes through. If your utilities go out because your car doesn't go through, you fucking pay it. If your rent doesn't go through, you make sure that it's paid on time because these are things you cannot live without. The goal is to figure out a way to make our value so high that people don't want to stop paying. You want to be in the reorder, not the order business. There are recurring revenue businesses and reoccurring revenue.
Why is the goal to get customers rather than just making sales?
So this applies whether you have a subscription business or you have a one-time purchase business. The point is that people come back. Facebook is a massive company. They do not have a recurring revenue model. They have a reoccurring revenue model.
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Chapters
8 chapters
1
What is the importance of recurring revenue in wealth building?
0:00–1:06
2
How can understanding time contribute to wealth?
1:06–2:09
3
What strategies can create valuable products that customers keep paying for?
2:09–3:05
4
Why is the goal to get customers rather than just making sales?
3:05–4:07
5
How can feedback improve product or service offerings?
4:07–4:57
6
What mistakes do businesses make when selling products?
4:57–6:01
7
How can businesses retain customers and control cash flow?
6:01–6:59
8
What are the steps to scale a business effectively?
6:59–9:26