1071 Five Steps to Create Your Rich Life

“The amount of money you make is directly related to the amount of value you bring to the world and your ability to package, position, and convert that value.”On today's 5-minute Friday, Lewis outlines the five steps that you can take to put you on the path to making more money! For more go to: www.lewishowes.com/1071Check out Greatness Coaching: www.lewishowes.com/mycoachMel Robbins: The “Secret” Mindset Habit to Building Confidence and Overcoming Scarcity: https://link.chtbl.com/970-podDr. Joe Dispenza on Healing the Body and Transforming the Mind: https://link.chtbl.com/826-podMaster Your Mind and Defy the Odds with David Goggins: https://link.chtbl.com/715-pod Get more from Lewis! Get my New York Times Bestselling book, Make Money Easy! Get The Greatness Mindset audiobook on SpotifyText Lewis AIYouTubeInstagramWebsiteTiktokFacebookX

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• 0:00Lewis Howes?

  This is Five Minute Friday.

• 0:08Lewis Howes?

  The amount of money you make is directly related to the amount of value you bring to the world and your ability to package, position, and convert that value. That's something I've been saying for a long time now. And if you want to live a life of your dreams, then you need financial certainty and abundance. And money can be a tool for funding your dream lifestyle, but for most people, money is something that holds them back. It held me back for many, many years until I learned this principle. So today, I'd like to share a five-step roadmap that you can work towards a place of financial abundance in your life. The Five Steps to Creating Your Rich Life. Make no mistake, this will take energy and work, but it's always good to have direction. So here we go.

• 0:51Lewis Howes?

  Number one is to set your target income. So many people just say they want to make more money or they want to get rich, but they don't have a specific goal, so they never make the progress towards that specific goal. This is something I'm always focused on. Spend some serious time thinking about the lifestyle you desire and how much money it would take for you to fund that lifestyle. Don't sell yourself short. Start thinking bigger. And I'm giving you the permission to dream here. Whatever the number you pick, it should feel uncomfortable, whether it's $100,000 a year or a million dollars a year. Set a goal and write it down so you can be specific and be able to track it along the way. Number two is to break down the numbers and really start to think about how to organize this and not make it so big and scary.

• 1:35Lewis Howes?

  Your yearly income goal might seem intimidating when you say it at first. Heck, it should be intimidating, otherwise you're not aiming high enough. But when you break down the yearly goal into months and weeks and days, it becomes much more manageable to your mind. So get out a calculator, divide your yearly goal by 12, and that's how much you need to make per month. And then you divide that yearly goal by 52, and that's what you need each week. And divide that by seven, and then you get your daily target. So if your yearly goal is $100,000 and you did all of this, your daily goal is now $275, which doesn't sound that scary. At the end of the day, $275 a day, that's just $35 an hour if you're working eight hours a day for 365 days.

• 2:17Lewis Howes?

  And when you break your big money goals down into smaller ones, you can start to visualize, okay, here's what I need to do each day to start creating your rich life. Number three is to make a plan to reach your money goals. Now, you've got to take an honest look at your income and your expenses. Ask yourself, what changes do I need to make to hit my daily, weekly and monthly income goals? What am I not doing and what can I do differently? You might need to cut some expenses here and there for any expense that doesn't align with your vision for your life, like time wasting subscriptions that you've never used. So feel free to say no and save a bit of money there. But cutting expenses won't get you so far. And if you really want to transform your income and life, then you're going to need to earn more by putting more value into the world.

• 3:01Lewis Howes?

  That's why I always tell my students that the amount of money you make is directly related to the amount of value you bring to the world and your ability to package, position and convert that value. That's what it's all about. Some people add a lot of value, but they don't know how to package it. They don't know how to position their offering and they don't know how to monetize that value at the end of the day. So start really thinking about this. And if you really want to transform your income and life, you're going to need to earn more by putting more value into the world. And think about how you can create multiple streams of income. What knowledge or specialized skills do you have that you could teach? What services can you offer? What products could you create and sell? Figure out how many products or how much of your service you'll need to sell to hit your money goals and make a plan based on the numbers.

• 3:46Lewis Howes?

  Number four, create systems and automate. This is going to be challenging in the beginning and things are going to take time and energy. But once you start picking things up, this will be important. The more systems you have in place, the more likely you are to reach your money goals. Get accountability and coaching so that you can take consistent action and stick to your plans because it's so easy to get distracted. That's why I'm a huge fan of hiring coaches for myself. And this is why we have our greatness coaching program for our students. Find mentors who you can reach out to for guidance and support in leveling up your income. Use software to automate and optimize your Finances, invoices, monthly expenses, investments, and anything else you need to really optimize that part of your life. And number five is to do a monthly check-in. A lot of

• 4:29Lewis Howes?

  people are afraid to check in on their finances because of guilt and they let everything slip away. You want to do the opposite. You want to be keeping a close eye on your income and expenses every month so that you can keep moving closer to your goals. Ask yourself, what are my numbers this month? What did I do this day? Am I on track? It's okay to look at the numbers and analyze them. Go to your calendar and set a monthly check-in where you'll look at how much you're spending, how much you're bringing in, and whether you'll need to make any major changes in the following month, because you must be willing to improve and grow along the way. And you can use your monthly check-in to reflect on whether your current income streams and systems will get you to your income goals as is, or if you need to shift gears and try something different. That's

• 5:10Lewis Howes?

  our five-step roadmap to financial abundance. Number one, figure out how much money you need. Number one, figure out how much money you need for your dream lifestyle. Number two, break it down into monthly, weekly, and daily goals. Number three, make a plan to save and then earn more so you can reach those goals. Number four, create systems in your life. And number five, check in every month to see where you're at. Now that's your plan. It's time to go execute. And if you want to create the income and lifestyle of your dreams, then you will need to take massive action every day right now. And you need to start building momentum. When I started this 12 years ago, this journey of being broke on my sister's couch, trying to figure out how I was going to make a dollar to survive, it took effort and energy to get started and build

• 5:54Lewis Howes?

  momentum. But now 12 years later, there's a much better groove that I'm in. And I'm still growing. I'm still elevating to get to the next level. There will be struggles and setbacks, but you must keep moving towards your goal. Be consistent. Keep showing up for yourself. Keep adding value to other people. And that's the way you start to create that rich life you desire. And if you haven't checked out Greatness Coaching yet, make sure to go to lewishouse.com/coaching and apply today, because this will support you with the accountability, the coaching, and the tools you need to reach your business and life goals. Again, check it out and apply if you feel like you're the right fit at Lewis Howes. house.com/coaching and I want to leave you with this quote John Astor said wealth is largely

• 6:36Lewis Howes?

  the result of habit. What are the habits you're doing on a daily basis to add more value to people? And John Rampton said, don't let money run your life. Let money help you run your life better. We could easily obsess over this and become too obsessive on the idea of money. And you don't want to get lost in this process thinking this is the only thing that matters because it's not, but it is a part of your life that will matter. And if you don't have the resources to support your life, then that will take a bigger toll on you than having it. So make sure you are aware of these things on your journey and always remember, no matter what, you are loved, you are worthy, and you matter. I'm so grateful for you. And you know what time it is? It's time to go out there and do something great.