Hello virtual enterpreneurs. Join me on this episode, as we talked about online businesses. Have you ever wondered why the rich get richer and the poor get poorer?
That is the old age question that a lot of people businessmen, businesswomen, and enterpreneurs like yourself have been asking how to make more money, so we can build a better world, so we can make use of our talents, and so we can, lead better lives by taking live life by the horns and by living life on our own terms. And so, today in this episode we are going to be discussing the scientifically proven formula to getting rich is right, we are taking these principles from the book, The Science of Getting Rich. By WD, Wallace, his book has been written over a century years ago.
And so it's free to access it. And if you're new to this episode we started on a previous episode we discussed about the book and we read the first chapter. And what we are doing is we are reading the book, chapter by chapter, and then at the end of every chapter, we are discussing the key points takeaway with my own edit notes, and we also have one thing that we must do that to accomplish our goal and the goal is that by doing something after we rarely applying the principles in our own lives, in our own lives. Now in our previous episodes, we learned that to fully make use of yourself, you know, you have your talents in body, mind and soul.
You need to use things you need to use tools, and our society is so organised that to use any particular tool you need to have money to buy. And so the Science of Getting Rich becomes so important that we need to understand how to get rich, right, and, quote, the book, it says the man who has nothing game cannot fulfil his place as a husband or father, as a citizen, whereas a man put it simply, to have more means that you can be useful to your fellow men to your society, to your family.
Right. and so this is why you're reading this, this is why we have we have ventured into building businesses. And so today what we're going to be doing is going to be reading chapter two, and then by the end of the chapter, we'll discuss what the lessons, it has to offer. So, without further ado let's jump in chapter two of the science of getting rich by w d Wallace.
2:52 Chapter Two, the easy Science of Getting Rich.
2:58 There is a science of getting rich and it is exact science like algebra or other three metric arithmetic.
3:08 There are certain laws which govern the process of acquiring riches. One of these low.
3:16 Once this low once these clothes are learned and obeyed by men who will get rich with mathematical certainty, the ownership of money and property comes as a result of doing things in a certain way. Those who do things in this in these certain ways. Whenever on purpose or accidentally get rich, while those who do not do things in this certain way, no matter how hard they work, how able they remain poor.
3:52 It is a low natural that like causes always produces, like effect, and therefore any man or woman who learns to do things in this certain way, will infallibly get rich, that the above statement is true is shown by the following fact getting rich is not a matter of environment for, if it were all the people in a certain neighbourhood, would become wealthy, that people have one city, Or get rich, while those of other towns will all remain poor.
4:37 Or the inhabitants of one stage will roll into wealth, while those in adjoining state will be in poverty.
4:49 But we're everywhere we see rich and poor living side by side in the same environment, and often engaging in the same vacation when two men are in the same localities in the same business, and one get rich, while the other remains poor. It shows that getting rich is not primarily a matter of environment. Some environments may be more favourable than others. But when two men in the same business are in the same neighbourhood and one get rich, while the other fails, it indicates that getting rich is a result of doing things in a certain way.
5:34 And further, the ability to do things in this way is not due solely to the position of talent for many people who have talent of great talent remain poor. While others who have very little talent, get a rich, studying the people who have gotten rich, we found that they are an average lot in all aspects have having no greater talent and ability than any than other men.
6:06 It is evident that they do not get rich because they possess talent and abilities that other men have not, but because they happen to do things in a certain way. Getting rich is not the result of saving or thrift.
6:24 Many very penurious people are poor.
6:29 While free spenders, often get rich, nor is it getting rich to you to do things which others fail to do for two men in the same business often do almost exactly the same things, one gets rich, or the other remains poor, or becomes bankrupt.
6:52 From all these things, we must come to a conclusion that getting rich is a result of doing things in a certain way.
7:00 If getting rich is the result of doing things in a certain way. And, if like causes always produce x effect, then any man or woman can do things in that way, can become rich.
7:18 And the whole matter is brought within the domain of exact science.
7:24 The question arises here, whether this certain way. May be so difficult that only a few may follow it.
7:35 This cannot be true. As we've seen so far as natural ability is concerned, talented people get rich and blockheads get rich, intellectually brilliant people getting rich and very stupid people can reach physically strong people get rich and weekly and sickly people can reach some degree of ability to think and understand is of course essential.
8:02 But insofar as natural ability is concerned, any man or woman who has sense enough to read and understand this words can certainly get rich. Also, we have seen that it is not a matter of environment. Occasion comes from something. One would not go to the art of the Sahara and expect to do successful business, getting rich involved in a search, the necessity of dealing with men end up being where there are people to deal with.
8:38 And if these people are inclined to deal with in the way you want to deal. So much the better. But that is about as far as environment goes.
8:51 If anybody else in your town can get rich, so can you. If anybody else in your state can get rich, so can you. Again, it is not a matter of choosing some particular business or profession. People get rich in every business and in every profession. While their next door neighbours in the same vacation remains in poverty.
9:17 It is true that you will do best in business which you like, and in which is congenial to you.
9:27 And if you have certain talent, which are well developed, you will do best in business, which calls for the exercise of those talents. Also, you will do best in a business, which is suited to your locality, an ice cream parlour will do better in a warm climate than in Greenland and the salmon fishery will succeed better in the northern worse than in Florida, where they're not Selma.
9:59 But, aside from these general reputation limitations. Getting rich is not dependent upon engaging in the same in some particular business, but upon learning to do things in a certain way.
10:15 If you are now in business, and anybody else in your locality is getting rich in the same business while you are not getting rich. It is because you are not doing things the same way the other person is doing them.
10:31 No one is prevented from getting reached by lack of capital.
10:36 True. As you get capital, the increase becomes more easy and rapid, but one who has capital is already rich, and does not need to consider how to come so no matter how poor you may be, if you begin to do things in a certain way, you will begin to get rich, and you will begin to have capital, the getting of capital is part of the process of getting rich, and it is part of the result, which inevitably follows from doing things in a certain way.
11:16 It may be the poorest man on the continent.
11:21 And the deeply in debt. You may be, he may have neither friends influence nor resources, but if you begin to do things. In this way, you must infallibly begin to get a rich, full life, causes must produce like effect. If you have not capital, You can get capital. If you're in the wrong business. You can get into the right business, if you're in the wrong location. You can get to the right location. You can do so by beginning in your present business, in your present location to do things in a certain way, which causes success, and of chapter two of the science of getting rich.
12:11 Now, I hope you enjoyed that chapter. Now, before we go any further, there, it's time for us to really discuss and put all what we've just learned into perspective of how we are doing businesses today in this century. Today we are talking about doing businesses online, and more importantly, we are looking at, you know, developing businesses not so different from how they were back then, if you really thinking about it.
12:42 So, from reading that, there's quite a lot of very good invaluable lessons over there, but I'm just going to take the three key lessons in I'm going to dig deep into those, so that we can look into those, and my goal is not to go too far overboard, but the first lesson that I quickly saw was the idea of doing something you're very passionate about. And this is been there for a while, while people. Some people will disagree with the idea of doing something with passion. One thing I'd like to point out is passion, make it easy for you to do something, Right. When you have passion, you're essentially leading out in terms of what you call is your glowing when you're talking about something that you're passionate, you inspire others right.
13:42 You become this bright light, that people just want to look. And the reason why that is because you talk from the heart you talk with inspiration you talk with passion. Right.
13:58 If you ever saw a friend and they're so excited about something and you notice, they always managed to convince you to do something because they're so passionate about it, and that is why passion is there is that it becomes a key motivator when things get hard. Now, we don't always have to do things from your own passion, and in previous chapters we talked about finding niches, right. So if you want to find a business that is already there. There is a tonne of businesses today you can choose. You don't have to be stuck with the same business you can choose this tonne of niches. We'll talk about three core markets and how to go and find yourself a profitable niche, right, and then finding a specific business and a specific product instead of working with that. So, if you haven't heard any of those chapters go back to some of our previous episodes, and you'll see there's a tonne of content for you to get started. And then the other thing is, there's the idea here of location. Now we're focusing on line, because the most easiest way to access, 1000s and 1000s, maybe even millions and billions of people, it actually is the only way we have to date, billions and millions of people.
15:12 And so it becomes easier because having a lot of people means that we can deal with them right, as it says they need to deal with people. Now I'm gonna go more digital. The idea of dealing with people, but the idea of location is sorted so we're focusing on online. The next point is doing things in a certain way. And I think that's a very powerful lesson. When I first started learning about online businesses. One of my mentors said this concept of modelling, what works, right, and he said he would go on looking at this website and looking at how other businesses, very successful business already doing things and doing things similar to the way they're doing right by, as in the similar places, creating similar looking ads, and especially if in the same niche, and the idea of modelling what works is very very simple book mentions life causes create, like effect. And that is true if you started seeing someone running every morning, and you just copied what they were doing, you started running beside them with them, you should expect to be fit within a few days. Right.
16:32 Within a few months should expect to have been in a similar shape is there, right. If you saw someone opening their business every day, early in the morning, selling products and you modelled all that you should expect to be doing the same. If you're doing something similar, but so this idea of model what works. Today we call it model waterworks, but back then he was calling it, doing things in a certain way. Right. And then the third point is dealing with people. Now,
17:05 going back to when I was first starting to learn about online businesses, one of the mentors told me right if you, as you do more and more business one of the few things you start to notice is the amount of money you make will depend upon the type of problems you solved. Now, I want you to think carefully about that segment, causes two meanings. These two powerful lessons in it. One lesson is the money correlated problem, but the other lesson is the problem that you solve. Not that when you're solving the problem you're solving it for other people. So, being able to deal with people saw them prove other people is the best and the fastest way to start getting money, because if you can solve a problem that is causing a headache for someone else.
17:53 That is the best way for you to get a transaction going right service business. Does this directly.
18:01 Right. So, there is a lot we could take away from that but I wanted to discuss those three points there. Right. The first point is these already, lots of profitable niches for you to get started in. The second point is the formula is simple we're just going to model what's working right. If successful businessmen are doing something in a very specific way. We're just going to go and model, what is working, right, and if you heard it from my previous episodes we've touched a lot on that concept areas I want to go deep into that. And the last key point was dealing with people, right, we are in the business of making money, and the only way to make money is to deal with other businesses that have money and people that we have money, and that is really is the shortest way to get where you want to go now is for what I want you to take from this particular episode is, I want you to start doing things in a very specific way, and that is by modelling, what other people are doing. Look for the people. When you're buying, look at the ads. Notice how they're written and everything and start modelling them, or just noticing, then see what happens.
19:21 Thank you so much for tuning in. On this episode of the virtual enterpreneur, and I will talk to you on our next episode. Have a wonderful evening.