There are rules to this money game. Once you know them, you can snowball your income in just three to five years. Tom shares an Elon Musk quote about trying to accomplish your ten year plan in six months.
Stop being patient. You may not hit your goal, but you’ll be much farther ahead. Tom agrees. Why wait till fifty or sixty to be rich? Why not collapse time and do it in three years? So you can enjoy it while you’re young and healthy and active?
Tom challenges you to have a paradigm shift in the way you think. Then you can begin executing. The steps are actually pretty straightforward. Step one, Tom says, is you must own some sort of an asset that can generate income for you even when you are sleeping. Again, this is a must.
Tom’s main asset is his Amazon FBA business. After enjoying the cash flow for a few years, he sold his first FBA business for multiple seven figures.
FBA is a great option for anyone. Amazon has the infrastructure the little guy could never create; and the little guy can partner with them to achieve passive income.
One time Tom was on a seven hour flight to London and by the time the plane touched down, half of his vacation had already been paid for thanks to Amazon FBA running in the background. Yes, there’s lots of up front work you have to put in. But then the machine operates without you.
This is why Tom’s not big on day trading stocks. Unless you have employees, you’re still trading time for money looking at charts and alerts all day. So that’s step one. Step two, which Tom already alluded to, is that your asset needs to be sellable.
A real business. Something other investors and entrepreneurs would be willing to pay you a two to six X multiple on (depending on the space). This is one of the biggest shortcuts to wealth.
What would have taken you two to six years to earn winds up hitting your bank account in one lump sum the day you sell. Now what? That brings us to step three. Now you need to invest that money into more assets that produce cash flow.
For example, Tom bought some rental properties. Also, some multifamily homes, Airbnb listings, stocks that he’s holding for the long-term, even some crypto. Ideally, your returns cover your entire lifestyle, and then some.
The fourth, final, and most important step? Tom says it’s investing your time to help others. “I believe helping others is the true key to happiness and fulfillment. It’s really hard to explain unless you experience it yourself. Helping others to reach their goals, their vision. It’s what I’m doing now with this YouTube channel. There are others out there, like me.
This is my way of giving back.” Each video Tom uploads to his YouTube channel is created with his younger self in mind. He sells an Amazon course called FBA Masterclass.
