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Hello once again guys welcome back to the channel hope you’re having a great day so far so what we’re going to be talking about in this video today is the secret out there to getting rich now this is the closest thing out there that i have come across if you’re looking for some kind of get-rich-quick secret and the fact that you’re looking for that alone is kind
Of just an issue in and of itself because there is no such thing as a free lunch out there or anything that’s going to make you rich overnight but this right here is the number one lesson that i learned that had a substantial impact on the amount of money that i was making and that is understanding the concept of leverage and what i mean by that is the ability
To leverage both the skills and the talents of other people to make you money that is the number one thing that you can do or the number one skill that you can learn that can allow you to become rich and i was trying to think of the best way to demonstrate this and i thought of a perfect example here using a barber shop so let’s say in scenario number one you are
Not leveraging the skills or the talents of other people you are leveraging your own skills and you are a barber how much money could you potentially make while starting out let’s say you leave barber school and you’re just getting started and you’re making about $15 per haircut if you’re doing twelve cuts a day you could make about $180 per day as a barber then
You get a little bit better and you’re making $20 per cut and you’re making you know 240 per day you get a little bit better and then you’re making $25 per cut and you’re making $300 per day certainly not going to become a millionaire looking at numbers like that but let’s say after years and years of being a barber you become a master barber you’re the best in
The area and you’re charging $50 per haircut even so you’re going to be making just six hundred dollars per day so looking at scenario number one here of leveraging your own skills it’s gonna be damn near impossible to become a millionaire or to get rich because there is a cap on how much someone is going to pay for a haircut there’s nobody out there that’s going
To pay $1,000 for a haircut or at least not in most cases and so there’s a ceiling to the amount of money that you can earn when you’re simply leveraging your own skills and talents this is where most people go wrong when they’re looking to get rich they either focus on a high income profession like being a lawyer or a doctor or they’re looking at a high income
Skill that may be copywriting or sales or maybe even being a barber or whatever it may be the problem is it’s all based on your own effort and your own energy and there’s going to be a cap on how much people are willing to pay for whatever service you are providing so that is what most people do in the world they follow scenario one and they simply leverage their
Own skills and their own efforts and that is not the way to get rich scenario number two is slightly better and that is instead of being a barber owning a barbershop so the way it works in most barber shops is that if you are a barber there you pay to rent a chair there and that goes towards the upkeep the electricity and the advertising everything associated with
That barber shop or they may be getting a cut or percentage of the haircuts you are doing however that is structured but let’s say for example this is a barber shop where if you’re going to be a barber there it’s going to cost you $50 per day well let’s say that that barber shop has 10 chairs meaning if there were 10 barbers in there they would each pay $50 per day
To cut hair meaning the owner of that barber shop would be making $500 per day but the difference being here is that the barbers themselves are doing all of the work and the owner of that barber shop simply provided the chairs the equipment the building for them to do their work and he is leveraging these skills and talents of other people and each of these barbers
Working there are totally okay with this deal because they’re making 180 or 240 or 300 dollars per day cutting hair meaning that they would happily pay $50 a day to rent a chair at this barber shop now most of these barbers are not going to want to go out there and open up their own barber shop they would rather just cut hair somewhere else and pay this fee to rent
That chair so that is scenario number two of leveraging these skills and talents of other people and now i want to show you something that is called scale or scaling this business now some businesses are going to scale better than others i have no experience with barber shops at all i stick to online businesses but scaling is basically taking something that works
On a smaller level and blowing it up to a much larger level so let’s say somebody scaled this barbershop and replicated at four times over and opened four barber shops in the area if each of those were fully rented at 10 chairs per day that’s $500 per day per shop or $2,000 across those four shops that is what is known as scaling when you take a business model that
Works and scale it at a larger level that is the only secret i have come across to getting rich is the ability to leverage the skills and talents of other people and creating a scalable business and this can all be summarized with one quote here from john d rockefeller he said i would rather have 1% of the efforts of 100 men than 100% of my own efforts that is the
Secret to getting rich is leveraging 1% or a small portion of the efforts of many people rather than what it is that you can do directly because there’s only 24 hours in a day and so if you’re only deriving income from your own efforts there’s always going to be a ceiling to the amount of money that you can earn anyways guys that’s gonna wrap up this video let me
Know what you think down in the comment section below and if this is your first time learning this lesson and you think other people might find it to be valuable please share this with friends and family but i hope to see you guys in the next video make sure you subscribe if you are new and thank you so much for watching
Transcribed from video
here's the secret to getting rich… By Ryan Scribner
