The Solopreneur Wealth Pyramid
Quick Exercise: A simple fill-in-the-blank…
“If I just had more ______, I would be set.”
What did your mind scribble in there?
Money? Time? Help?
Similar to assessing personal strengths and weaknesses, to be successful you must understand the concept of wealth which goes wayyy beyond money…
Those that have made it to the top of their ‘success mountain’ all know that it takes more than hard work and dollar signs to get there.
The fast track up your mountain lies in assets you already have.
Let’s discuss all of the not-so-popular assets that you can leverage immediately to accelerate you toward your ultimate dream outcome.
Your Dream Life = Finish Line
Your One-Person Biz = Vehicle
Your Assets = Engine
Your Effort/Offer = Fuel
“Being broke doesn’t mean you're poor.”
What Does it Mean to be Wealthy?
To understand wealth, we must look at what things have value ascribed to them. Things that are considered valuable to more than one person could then be referred to as a currency because two people can initiate a transactional exchange based upon it.
For example, I want a candy bar that costs $1. So I hand the cashier $1 and I have now bought the rights to this candy bar. I can then either eat, save, trade, or sell this candy bar. It’s officially mine - At the cost of giving away my right of ownership to the $1 bill I originally pulled from my wallet.
In this light, wealth is referring to an accumulation of dollars.
or in other words, monetary purchasing power.
But what about the things you simply cannot buy? (more-or-less…)
⌚️ Time
❤️ Relationships
🧠 Skills
👀 Attention
These are all incredibly valuable and worth a lot especially if you’re low on cash…
Let’s break them down to see how we can leverage these assets you may already have an abundance of.
⌚️ Time
“In all my years, I just wish I would’ve wasted less time on things that didn’t enhance my life.”
You can buy someone else’s time - ex: biz coaches, consultants, doctors, therapists
You can buy your own time back to not spend future time on certain tasks or waiting around - ex: priority boarding on airlines, amazon prime subscriptions
But you cannot buy back time already spent.
When will you die? Who knows… But it’s coming.
But the younger you are, the more time you generally have.
Most elderly would give away everything to have their time back.
This is the asset is... your total time left.
How do you spend your hours every day?
Like the cash in your wallet, you spend your moments each day doing or not doing things.
I’m a dad with young boys so I’ll use the parenting example here. Children take time from you - I’m not saying this is bad obviously… (they’re my greatest joy).
Yet, whether it’s people, youtube, hobbies, etc...
It all requires time in order to enjoy.
We can associate value to the asset of time due to the limited and unkown total supply of it.
Patience & Persistance is a tool that you already have on your belt, it just may need sharpened.
Time is your ally until it becomes your enemy.
Use it while you got it.
Tick tick....
❤️ Relationships
“The gift of one life is precious, while the harmony among two is pure magic.”
I love this concept, which I spoke about on an episode of my podcast,
Which Way Now!? **This pod is on hold for now - I’ve got some cool plans for it eventually.
1+1=>2
Relationships defy math.
When two or more people come together, the result can often be larger than the input. What do I mean?
When you’re holding the hand of a person you love, you feel more than just the physical connection. It usually stirs feelings of happiness, understanding, security, unity, and so on.
Also, those moments in work-related brainstorming sessions, or coaching calls (shoutout to my biz coach Joel) when thoughts that were disjointed and complex moments ago fall into alignment and become clear… It’s electric.
When the drums and bass lock in with each other, the groove is created. Which neither instrument could’ve possibly done on its own.
A huge asset that most of us solo-biz people tend to overlook or shy away from entirely is relationships - professional, casual, intimate, or any of the in-between.
You could be broke in all other categories but if you’re rich in relationships you’ll have a life that rivals the best of the best.
When talking about human connections…
One + One, often = greater than Two.
🧠 Skills
"Skills are the asset that bridges the gap between knowledge and results."
Skills take time to develop, but as you continue to sharpen them you can:
🤑 Sell Your Skills
🔁 Trade Your Skills
👨🏫 Teach it Your Skills
If you’re feeling financially broke like I was back in 2019, this is the best asset to leverage if you’re looking to pad that wallet or open up new opportunities for yourself.
If it were not for remote-based freelancing, I would probably still be in college for a marketing degree that would be nearly useless compared to the real-world skills, portfolio, and confidence I've developed.
By taking the leap (too early according to some..) into remote-based marketing gigs, my bank of skills rapidly grew. And when the depth/width of your skills increases, so too does your hourly rate, new connections, and the likelihood of new opportunities.
I will always tell you to start earlier than you feel comfortable with so you can begin building.
Remember our little chat about time earlier?
Don’t waste it on complacent, wishy-washy BS...
Ask yourself, what’s the worst that could happen?
You screw up and give them their money back?
So what?! Take it on the chin and move on.
That lesson will teach you life and career skills that no university could ever do for you. Still sounds like a win to me. 🤷♂️
And on to the last one for today!…
👀 Attention
"Attention is more powerful than money."
Oh boy, where do I even begin?!
Let’s just say… This is the top of the asset food chain. 🦁
Attention is the foundation of brand.
Attention is the bedrock of status.
Attention is the raw material that can be forged into your greatest success.
Money follows attention.
Allow me the chance to sound contradictory for a moment…
Not every form of attention is good.
Think Will Smith slapping Chris Rock. 🤭😆
While, sometimes negative attention can still be ROI positive.
Think Kanye West, Connor McGregor, or Logan Paul…
Their brands continue to explode even after a lot of bad press.
The point is…
Money, opportunities, status, and brand all stem from attention.
Attention is the raw, unrefined material that often facilitates most of the assets mentioned today. Other than time… That one’s at a god-level status for now.
In summary,
the solopreneur asset pyramid for us to consider today is…
I hope you found some value out of this entry.
If so, please consider sharing this entry with someone who would appreciate it.
Thanks for sharing. It means a lot.
Til Next Time ✌️🙂
Ev
