7 SECRETS To Start Building Long-Term WEALTH! EP 1194

Today’s episode is a solo episode all about the 7 secrets to building long term wealth. I’m going to break down some of the core principles that helped me when I was broke and living on my sister’s couch over a decade ago that still hold true today. I believe if you can put these into practice, it’ll transform your relationship with money. In this episode we discuss how to pay yourself first, how to make your money work for you, how to protect your money from losses, how to ensure making more money in the future and so much more! For more go to: www.lewishowes.com/1194Sign up for Greatness Academy: www.lewishowes.com/academyGet The Millionaire Morning booklet: www.millionairemorning.comLearn more about Greatness Coaching: www.lewishowes.com/coachingMel 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

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Lewis Howes?

  This is episode number 1194, all about building wealth. Welcome to the School of Greatness. My name is Lewis Howes, former pro athlete turned lifestyle entrepreneur. And each week we bring you an inspiring person or message to help you discover how to unlock your inner greatness. Thanks for spending some time with me today. Now let the class begin.

• 0:28Lewis Howes?

  Hello, my friend. Today's episode is a solo episode with myself. And it's all about the seven keys to building long-term wealth. I'm going to break down some of the core principles that helped me when I was broke and living on my sister's couch over a decade ago that still holds true today. And I believe if you can put these into practice, it'll transform your relationship with money. So in this solo episode, we break down how to pay yourself first. How to make your money work for you. How to protect your money from losses. How to ensure making more money in the future and so much more. And if you're enjoying this concept of these solo episodes from me, then please let me know.

• 1:10Lewis Howes?

  You can post over on social media. You can tag me, Lewis Howes. You can DM me or tweet me or or post it online somewhere and make sure to share this with one or two friends that you think is interested in learning how to make more money and have a different relationship around money with themselves. And spread the message of greatness and pay it forward. And I want to give a big shout out to the fan of the week from Chrissy, who left a review over on Apple Podcast. And Chrissy said, I want to say a huge thank you to Lewis Howes and his team for creating this podcast. How could you know that because of your podcast, the guests you bring here each week and the inspiration that these conversations create, I personally am now taking cold baths daily, getting better sleep than ever.

• 1:51Lewis Howes?

  Exercising regularly and feeling in a better mood, happier and healthier to take on the world than ever. I assert you will never know the difference you've made in my life and millions of others like me. So I am here to tell you, well, Chrissy, you just made my day. I'm so grateful for you and I'm so glad that our team and what we are creating together at the School of Greatness is putting out a valuable, helpful, tangible, actionable resources and inspirational content to guide you on your journey. You know, I am here learning just like everyone else. I'm here to bring on great minds and inspiring people to learn because I want to try these things as well. So Chrissy, thank you so much for leaving a review over on Apple Podcast, being the fan of the week.

• 2:36Lewis Howes?

  And it means a lot to all of us here to know you're getting a lot out of this podcast. And if you guys want a chance to be shouted out as well, then just go to Apple Podcast right now. Leave a review at any point during this episode and let us know how you're gaining value from this show as well. Okay, in just a moment, it's time to break down the seven keys to building long-term wealth. It to hire.

• 3:00Lewis Howes?

  These principles today come from one of the most influential books on wealth ever written. And that book is called The Richest Man in Babylon. I'm not sure if you've read it or not, but since I launched the School of Greatness almost nine years ago, I've done over a thousand episodes. And this book is one that keeps coming up when people talk about wealth, money and investing. And everyone from billionaires to millionaires to casual investors have used its principles as a guiding light to building long-term wealth for themselves and their families. And again, if you haven't seen the book yet, The Richest Man in Babylon, make sure you go check it out. Now, money is a language that can take a lifetime to learn, but one that's so important to know.

• 3:44Lewis Howes?

  And I remember when it used to be terrifying for me to think about money, to talk about it. It was just a scary concept and I used to be just really terrified about it all the time because I didn't have any. But after surrounding myself with those that did have it, that were learning how to make it, those who have been successful as investors and building businesses. And by getting familiar with it by learning from books like this one, The Richest Man in Babylon. I was able to eventually understand it and feel more comfortable about it. And I'm still learning and I have a long way to go, but I've come a long way as well. And I know you can as well, wherever you're at in your money situation, you can always learn more and improve from where you're at.

• 4:26Lewis Howes?

  Now, I want you to get out a piece of paper and a pencil and really take some notes during this entire episode. Because I think it's going to support you in your money and wealth generating process. So there's seven key lessons to this process that are talked about in the book. I'm going to paraphrase some of these lessons and I'm going to make them more modern because this book is over a hundred years old or it's almost a hundred years old. And it's a parable, so they use some language that's a little bit different. So I'm going to kind of modify some of these principles that I've learned from some of these key billionaires and millionaires and successful investors. That I've interviewed on the School of Greatness and apply them to these seven lessons. So lesson number one is to pay yourself first.

• 5:09Lewis Howes?

  Now, you've heard this when you get on an airplane, the first things they tell you during the safety demonstration is to put your own mask on first. You don't put it on someone else and then go unconscious, you put it on yourself, right? And this seems so simple, we've heard this over and over again in different parts of our life. We've heard this analogy a billion times, but it's so important. And it's extremely important when it comes to finances, but most people don't think that way. And a lot of us want to pay others first or give that gift to our partner or buy that new pair of shoes for a friend or whatever it might be. And I'm not saying you have to give that up completely, but what I am saying is you want to make sure that your cup is filled before pouring anything into someone else's.

• 5:51Lewis Howes?

  And you need to be setting aside some percentage of every dollar you make into your savings or investments to really set yourself up for the future. And that's why what we say, pay yourself first, what that means here. So you really want to pay yourself first and you always have to be prepared for an emergency situation, anything can happen. You know, for example, your business might get shut down unexpectedly. You may need to cover an expensive medical bill. And the list goes on and on. And that's why savings is such a critical first step in building long-term wealth. So how much money should you be putting away? Well, a financial expert and friend of mine and 10-time New York Times bestselling author, David Bach, he makes it pretty simple in his explanation.

• 6:34Lewis Howes?

  He says, first, we need to make a promise to ourselves to become financially selfish. This is what he calls it. And focus on our own financial goals before anyone else's. And the calculation David uses for setting aside savings is one hour of whatever it is we earn per day. So if you earn a hundred dollars over the course of a 10-hour workday, you would set aside $10. And others have different ways of approaching savings. Shark-take investor and serial entrepreneur Kevin O'Leary says we should set aside 10% of every single penny we make, no questions asked. Now, my personal advice here is the same advice I give to people who tell me they're trying to build a business or achieve a big-time goal.

• 7:19Lewis Howes?

  Is you can go as slow as you want, but just don't stop. Do whatever you can when it comes to savings, but make a commitment to stick to it. So if you need to start small, that's fine. Just do slow, slow, slow, but just don't stop. Don't give a little here and then stop doing it for years. Just keep going. Another mentor, Tony Robbins, says to think of your savings like a tax that we have no control over being charged for. So think of money like it's gone forever. This type of money that you're going to save, it's locked away. It's gone forever. It's a tax. It's gotta go out every single month like a tax would. And whatever it takes, just make sure to make a plan and stick with it. Try to automate some of these things if you can.

• 8:01Lewis Howes?

  And remember that if you don't pay yourself first, it'll be almost impossible to show up for other people the way you want to. So make sure you're paying yourself first, and that's lesson number one. Lesson number two is to control your expenses. And this is a big one. Living within your means is something that is so So important but often overlooked today. And you could blame the Instagram lifestyle or society's obsession with material things or whatever else. But the truth is, it's always been a problem. Overspending and not really managing your expenses. And people who aren't used to having money will oftentimes spend way too much the second they get in their hands. And you see a lot of this with pro athletes and celebrities.

• 8:44Lewis Howes?

  But it happens all the time with a lot of people as well. And who can really blame them? You know, when you get a lot of money coming in, you're just like, oh, this is cool. I want to spend it. You know, this is something that is exciting. But this stuff wasn't taught to us in school and we aren't giving the tools. We need to know how to prepare for taxes, how to avoid credit card debt, how to properly invest our money. So it's no wonder it's such a big challenge and issue. And if I was given a lump sum of money at an earlier age when I didn't understand these principles, then I would struggle with this as well. So living within your means means to set up a budget and to stick with it. Whether you make $30,000 a year or $3 million. Learning to manage your expenses and know exactly how much you're able to spend

• 9:29Lewis Howes?

  and where you can spend. It is a cornerstone of building long-term wealth. Billionaire and legendary investor Ray Dalio, we had him on the show. He talked about this when we had him on. And he said that the first step to controlling your expenses and budgeting is to figure out how much you currently have saved. And how long those savings can last. If you lost all of your sources of income. Then figure out how much you want to grow that amount by. So let's say if you have three months worth up of money saved up and you want two years worth of it, then you just calculate how much you need to set aside per paycheck or per month to reach that goal. Make this easy on yourself.

• 10:12Lewis Howes?

  Budgeting doesn't have to be this overly complex thing. But you just got to be aware of where your money's at. We're so lucky today to have these incredible tools out there or apps that can make budgeting even simpler for us. And there are services that can help you automatically set aside certain portions of your Paycheck to go into savings or other accounts. This is easier than ever today, guys. That can also help you figure out exactly where you're spending your money. And most are pretty cheap too, or if not free apps. And if you're able to have stuff working for you in the background or automatically without you having to see it, then that's one of the easiest ways to make this change. So the quicker you can automate these things, the better.

• 10:53Lewis Howes?

  And the next thing is this, and I touched on it earlier, but it's worth repeating here. Surround yourself with people or a mentor who can really help you start learning the language, the conversation of money. And you'll need to pick up on their mindset, how they approach investing, wealth building and more. For ninety-nine percent of us or more, money is going to be something we have to deal with for as long as we live. It's a lifelong journey. So it's a skill worth mastering and the sooner you learn it, the easier it is. And mentors have played a huge role in my growth and they continue to do so every single day. I'm constantly meeting with people or getting on phone calls and talking with people who have achieved

• 11:35Lewis Howes?

  massive financial success to learn their strategies from them and reflect on what I need to do to change and improve in my life. And even if you don't have access to a mentor in the real world where you can call or meet in person, you can obviously start following people online who can start teaching you what they know about building wealth. There's books, there's courses, there's YouTube videos, podcasts, blogs, you know, all these different channels on the topic, membership sites. So there's no excuse for you to be uninformed if you have the initiative to educate yourself. You've just got to be willing to put yourself out there, to do the research, to study, to learn and find the right people that resonate with you.

• 12:16Lewis Howes?

  So the most important thing here is to be realistic about your current situation, where you are right now with your money. And you don't have to be ashamed about where you're at. You know, I remember feeling Like when I had nothing and I didn't have the knowledge, it was a stressful situation, but we all are at different seasons of life. So there's no reason to be ashamed about where you're at, but you do want to take inventory and start investing in learning these, these habits and these skills. And you can always make more money later, and I hope you do, but you'll only be hurting yourself if your spending habits are not in line with how much you currently are making and how much you currently have. And before we continue, I want to tell you about a product that can help you on your investing journey. And that's Wealthfront.

• 13:00Lewis Howes?

  No matter your current situation, our sponsor Wealthfront can make investing easy, affordable and accessible. They are pioneers in the automated investing movement, otherwise known as robo advising. And it just takes a few minutes to sign up with Wealthfront to be on your way to a diversified portfolio that is tailored just for you. And once you open up and fund your account, Wealthfront's software will manage it for you and employ expert strategies right away. They'll take charge of rebalancing to keep you at your desired risk threshold, as well as look for opportunities daily to lower your tax bill through their tax loss harvesting service. This is really cool.

• 13:42Lewis Howes?

  Investing in yourself and your future shouldn't feel like a full-time job. All you need is a few minutes and $500 to open an investment account, and Wealthfront does the rest. The annual management fee is 0.25% of your assets, and right now I'm partnering up with them to get you $5,000 managed for free forever. All you have to do is use my link, invest weathfront.com/lewis. Okay, now for the next lesson. Lesson number three. Again, we're going over the key lessons from this book, and we've modified them for the modern world. Lesson number three is to make your money multiply.

• 14:25Lewis Howes?

  Now, a friend of mine, mentor of mine, we've had on this show many times is Tony Robbins. And he wrote this book, Money Master the Game, Seven Simple Steps to Financial Freedom. And some of these principles are talked about in this. Episode as well. And he says that the worst exchange in the world is trading time for money. And obviously, if you're trading time for money and you're not maximizing that money, that's one of the worst things. You really want to maximize the money you're making and figure out how to multiply that money in different ways. And I agree for even when I was doing something I love, playing professional football, I wasn't making a lot of money. I was doing the thing I loved, but I wasn't optimizing the money I was making. I was trading my time to play professional football.

• 15:09Lewis Howes?

  I was trading my time for dollars and that was great, but I wasn't optimizing it to go to the next level. I wasn't using that money to multiply for me. So you got to find ways to multiply the money that you have. So no matter how much you're making or how little you're making, hourly wages will always have a ceiling on how much you can earn because you can only ever be in one place at one time. So even though I was playing football and I was getting paid for that, it was limited to what I could make. So even if you're the highest paid consultant in your industry, you might be making a lot of money currently, which is great, but if you want to build long-term wealth, then you need to make sure you're generating passive income with that money that you're making, or at least moving towards it. And that's the key. I want you moving toward this.

• 15:55Lewis Howes?

  And this is the kind of money that you can multiply while you sleep. And I know many of you might be thinking, but Louis, I don't even have enough money right now to invest in real estate or buy a franchise or any other investments that might have an asset that we're typically thinking about when you hear the words passive income. And I hear you. I get it. I remember this feeling when I was barely making anything, so I understand. But there are other ways to make your money multiply, even if you aren't in the position to invest in those higher ticket assets like real estate right now. And one is looking into stocks, bonds, IRAs, index funds, mutual funds, and even a 401k. Now, some people might agree with some of these things and others might disagree, but

• 16:40Lewis Howes?

  you can really double down into these once you have your savings situated. So the savings first is key. Wire a huge amount of money upfront and they compound over time. And one of the things I got into early on was index funds. And Tony talks about that in his book as well. And Tony often tells a story about how Warren Buffett, who's famous for his long-term investments like Coca-Cola, Gillette, Seize Candy and more. When Warren was asked what made him wealthy, first he credited his genes that made him live longer than everyone else. And second, he credited compound interest. Meaning because he was patient and let his investments multiply over a long period of time.

• 17:24Lewis Howes?

  Instead of taking them out when times were tough and the market were down, he was able to generate massive wealth. He was lived a longer period of time and he's been able to compound his interest. So the amount you put into these places can be a hundred dollars or $10,000 or whatever you can afford right now. And Ray Dalio, who we've had on, and I mentioned earlier, he got his start in the stock market by investing the spare money he earned from caddying on a golf course when he was really young. He used that money and then he invested it in the stock market. So just like savings, the most important thing to remember when trying to make your money multiply is to be consistent. That's the key. And there are a ton of other ways to make passive income as well.

• 18:09Lewis Howes?

  And I'll end this section with an example from what I've done here at Greatness Media. So back when we first launched Greatest Media, if we wanted to make more money, it had to involve me in one way or another. I had to be working and making it happen. I had to be the one speaking at an event. I had to be the one reading an ad on the podcast. I had to be the one coaching a client and more. And don't get me wrong, we were doing well, but it was exhausting. If it's always you doing the thing and I was doing this for myself and also paying other people. So it all followed on me. I had to be everywhere and have my hands on everything in the process. And it was intense. Then I shifted our focus as a company to start creating scalable products

• 18:52Lewis Howes?

  that can make money without me being a hundred percent involved every moment. And today, we have membership programs like Greatness Academy and Greatness Coaching. We're investing more time into YouTube that makes more money on a recurring basis for us. We have dynamic advertising on the podcast, so it doesn't rely on just me each time, and evergreen content that continues to drive sales and leads. And these scalable products allow us to keep growing no matter if I'm asleep, if I'm awake, if I'm traveling, if I'm at the gym, or taking a day off. And it's one of the most important and best decisions we've made as a business so far. And you don't have to create five new revenue streams today,

• 19:33Lewis Howes?

  but look at your current situation and figure out what the next best revenue stream could be and start there. And I've learned to create new ones over time, but it doesn't all happen at once. So that's lesson number three. Moving into lesson number four, I hope you're getting a lot of value out of this. If you're over on YouTube, leave a comment below of what you're learning and how this is supporting you so far. And if you're listening over on the podcast, make sure to share this out with a friend who you think will be inspired by these money multiplying strategies. So that's the number four, protect your money from losses. Now, this point comes down to reducing the level of risk in your investment.

• 20:13Lewis Howes?

  You've heard it a lot when people talk about the stock market in playing the long game versus the short game. Now, if you're an entrepreneur, this can be a tricky one. As entrepreneurs, you've got to be willing to take risks. When it comes to building long-term wealth, we need to approach money differently. And I had the opportunity to speak with a financial advisor and bestselling author, Ramit Sethi, a while back on the show, and he's master when it comes to the stock market and investing. And something he said really surprised me. He told me that he only signs in and checks his portfolio about once per month. He does this to avoid making short-term reactive decisions based on where the market's at. Ah, the market's up, the market's down, and reacting. And this goes back to avoiding buying something just because it's hot right now

• 20:58Lewis Howes?

  and focusing instead on more secure, stable, long-term investments. And since Ramit's accounts are all automated, he doesn't even have to think about where his money is going. He can sit back and let the long game work in his favor without lifting a finger, without having to check and react and obsess over these things. And this brings us to another important point when it comes to reducing risk. And that is diversifying your portfolio. And I know it can be fun to make daily trades and try to beat the system. And I get it, it can be fun. But the reality is some of the world's largest firms spend hundreds of millions of dollars on market research. So that's who you're up against. It's not a fair fight, I get it.

• 21:40Lewis Howes?

  So the best way to increase your chances of investments panning out is to diversify your portfolio. Instead of putting all your eggs in one basket. Now, this doesn't mean you can't have some fun with Bitcoin and crypto and other less stable investments. You can try all this stuff if you want to. But Ramit and I were even talking about how we tried out angel investing for many years. And neither of us have ever earned our money back from it. It was a lot of fun and we approached it as a gamble, not an investment or money we'd see in the future. And that's an important distinction to remember here. You don't want to spend money that you can't afford to lose. So even though I have tried a lot of different things with money in terms of investments. Some things have worked and continue to work. Other things haven't yet, like angel investing hasn't really paid off for me yet.

• 22:25Lewis Howes?

  For some people, that's where they generated a lot of their wealth. But that doesn't happen for everyone. So just like Bitcoin or crypto or NFTs have been massive for some people. It also means a lot of people have lost a lot of their money. And you just have to be willing to understand what you're investing in. You have to be willing to do the research. You have to be willing to know what you can and cannot afford to lose when you're investing your money. Because there is no guarantee on any investment you make. So just be aware of some of these things and really try to diversify your portfolio. Lesson number five, own your own home. Now, this is kind of an analogy we want to bring here.

• 23:06Lewis Howes?

  We've all heard the importance of owning your home or your condo or your apartment that you live in. It's a stable asset that usually increases in value over time. So it's a good idea to eventually own it. Dave Ramsey talks a lot about this, but the principle doesn't necessarily mean it has to apply to real estate. It can also apply to business investment. As well. And there are some people that say, you know, you shouldn't own your home right away. You should take that big chunk of money and invest it in yourself first. And once you really have another level of of savings and income, then you can own your home. So really, just kind of, you want to understand where you're at when it comes to real estate, owning your home. The analogy is you want to own your home by investing in yourself.

• 23:51Lewis Howes?

  So whatever industry or career you're in, you should aim for some type of ownership. And this is your own skill set. This is a part of a company. This is building your own company on the side. And this goes back to the passive income point and making your money multiply. And if you're in a position at work to get a stake or some shares or some equity at the company at some point, then great. Could be an effective way to do this. Or if you wanted to build something on your own on the side, that's a way to do this as well. And if you own a business, this can mean investing money back into the company to help it grow faster and further. Even if you aren't in one of those positions right now, we all have the opportunity to become partial owners of a company through the stock market. This is where a lot of people build their wealth. You may not be able to buy into the company you work at.

• 24:36Lewis Howes?

  You may not start your own company, but you can invest some of your money into the stock market. And David Bach says there are only two escalators to building long term wealth. Real estate and the stock market. So if you haven't already, start to empower yourself by getting involved in either one of those. And it doesn't have to be much. And you can start with this little money here and then build up to your portfolio and increase your investments over time. And this will allow you to accumulate wealth over the long term. That's what this is about. For me, some of my best investments have been putting money directly back into this business, into my own home. My home is this business for the sake of this example. And whether that's hiring new team members to join Greatness Media,

• 25:21Lewis Howes?

  whether that's, you know, buying software to save us time and money, hiring consultants to improve our processes and workflows, the list goes on and on. These investments have paid dividends for me and our business. And you won't always see the return. On the investment right away, just like the stock market or real estate. But over time, the value and impact is massive. And I'll give you an example. We invest in so many different things. For example, on YouTube. We hired a team, we brought in people to film, people to edit. We buy the, we, we bought the equipment to film all of our videos for five years. Before we started making any money on YouTube.

• 26:01Lewis Howes?

  So we had all this content and we finally turned on advertising after five years of publishing content, two, three times a week. And the, the returns finally came in five years later. So it doesn't always happen overnight. Again, just like the stock market and real estate, but investing back in yourself is always a good thing. So I challenge you to look at your own life and ask yourself where you can adopt the mentality of ownership, of being an owner. And where can you gain equity in a company or become a partial owner of an asset versus always trading just time for money? Start there and also start thinking of investing in owning pieces in different ways, the stock market or shares in real estate and things like that.

• 26:44Lewis Howes?

  Lesson number six, ensure a future income. So we've already talked about making passive income and the importance of setting aside money for long-term investments to have recurring revenue flowing in. So I'll hold off on repeating myself there, but in addition to that, there are a couple of other ways to ensure a future income that I want to talk about. The first is investing in yourself. This is massive. The best way to ensure you have a future income is to make yourself recession proof by continuing to learn new skills and building a strong personal brand. We talk about this in Greatness Academy, which I'll share with you more in just a moment. And there are a lot of ways to do this and it doesn't mean you have to

• 27:27Lewis Howes?

  try to get a million followers on our Instagram or become famous on TikTok. It could be as simple as creating a website to showcase your designs if you're a graphic designer. And networking with other designers in your local area at meetups or conferences and events. And if you're a business coach, it could mean posting videos on YouTube showcasing your expertise. And I know a lot of you will hear that and you'll think, well, Lewis, I've done that, but I haven't gotten a lot of views or shares or comments. And I understand, I won't lie to you and say numbers don't matter at all, but they're not the most important part. Even if you don't get views or shares or likes, publishing content that's aligned with your personal brand shows your passion about it. And it could set you up for future success.

• 28:09Lewis Howes?

  It shows you care about the work you do and it allows others to be able to see that as well. Nobody paid attention to the content I put out for a long time, but consistently showing up for over a decade has led to me living my dreams and being on the path to accomplishing all my goals and really setting me up for financial freedom. The days of old fashioned resumes are over. Nowadays, everything we publish online is a resume. So that YouTube channel we started is a part of your resume. Our LinkedIn profiles are resume. Our website, our Instagram, TikTok, all these things, they're part of our resume. So be productive and proactive and start building your personal brand based on it.

• 28:51Lewis Howes?

  Don't rob the world of your talents, that's what would be selfish. Be proud of the work you do and showcase the gifts you were given. And it might seem like doing that won't help you much in the short term and maybe it won't. But believe me, in the long run, it's one of the best things you can do for yourself to really ensure your future income is guaranteed and recession-proof yourself by building your personal brand. And another way to ensure a future income is launching a side hustle. And as of right now, one in three people in the United States have a side business and another 25% are planning to start one in the next year. So you'd be in good company if you decided to launch one if you haven't already. Using your nights and weekends to build up another source of revenue for you

• 29:35Lewis Howes?

  can help provide a financial cushion if you lose your job or if the economy goes through another recession like the pandemic. And it can also provide you with more money to put into your savings, your stocks, your bonds, real estate, or wherever you're investing right now. Lesson number seven, increase your ability to earn. Now, we've made it to the final lesson and it's an important one, so make sure you pay attention. If you continue to increase your ability to earn as your career goes on, you'll be able to have more money in the bank and more money to put into your investments. So, how do you start making more money doing the same things you're already doing now? Well, if you have a business or a side hustle that you're currently running,

• 30:17Lewis Howes?

  I always tell people that there are a handful of ways to do this. Number one, you can increase your rates or prices right now. If you're a consultant who has 10 clients, then increasing your price can allow you to earn more while potentially working less. And this gets easier as you gain more experience and recognition in the industry you work in. A strong personal brand also helps a lot with this and makes it easier to charge more when people know who you are. And number two, you can increase the number of leads or prospects your business has. So, the more leads you have, the more potential for sales you'll have as well. And there are a million ways to go about getting more leads, but it all starts with marketing and advertising.

• 31:00Lewis Howes?

  Begin thinking about which social media platforms you can start running ads on to target your specific audience. What sort of content can you create and package into a webinar, an ebook, or an online course? Begin there. Number three, you can improve your business's processes and workflows. And this is done through automating and optimizing the more repetitive processes first and continuing on from there. Luckily, there are so many incredible tools on the market today to help streamline virtually any process you have. It just comes down to research and investing in the right ones for your specific situation. And remember that time is money that you can never get back if you spend it poorly.

• 31:42Lewis Howes?

  Number four, you can increase the number of products you sell. So more products, of course, leads to potential more sales for your business. As long as those new products solve a real pain point for your customers, this can be a great way to increase your income. And number five, lastly, you can improve the quality of people on your team. Now, having an experienced, dedicated team is one of the best investments you could ever make for your business. It'll buy you back your time and allow you to focus on what you're good at instead of stretching yourself too thin, trying to do everything at once, and help pave the way for exponential growth. Another huge opportunity to increase your ability to earn more money is to never stop learning.

• 32:26Lewis Howes?

  This is one I take to heart, and it's a key to my success. Year after year, I invest in coaches to help me improve in the areas of my life that I find most important. And at any given point, I'll have a coach for working out. I've got a Spanish coach to learn Spanish. I've got a therapist, business mentors, financial advisors, and many other coaches. I'm always looking to invest in that support. And I take learning seriously because if I'm not always learning and improving my skill sets, then I feel like I'm regressing. And that's why you'll see me on every episode of The School of Greatness with a pen and a notebook, ready to take notes as the people we have on share their advice, their strategies, and their life lessons. And if you're looking to take your learning to the next level,

• 33:11Lewis Howes?

  we actually just launched a membership community of growth-minded entrepreneurs called Greatness Academy. And members receive access to over 100 hours of trainings with me and some of the world's leading experts in their fields of online marketing and sales and growth. And every month, we bring you a new training and a live Q and A session with Team Greatness. You'll also gain access to a supportive community of other conscious achievers, just like yourself, looking to improve in other areas of their lives. And we're already seeing incredible things happen to those who have joined, and I love for you to experience the same life-changing results. So if this sounds like something you'd be interested in,

• 33:52Lewis Howes?

  Then I highly encourage you to check it out and you can go to LewisHowes.com/academy to learn more. I'll also have it linked in the description below. And there you have it. We got through all seven secrets to building long-term wealth for you, your family and your loved ones. So I hope you enjoyed it. Again, these principles came from this book, The Richest Man in Babylon. So be sure to give it a read if you found this episode valuable. Again, we, we took some of these concepts and we kind of re-shaped them, reframed them for the modern time. We also had this book that I talked about, Money Master the Game from Tony Robbins. So make sure you check this out. This is incredible. A lot of stuff I learned here about investing in index funds.

• 34:37Lewis Howes?

  Really cool strategies here about index funds that I started investing in about five years ago, but I've seen incredible results year after year. So something there as well. I also highly recommend if you're just getting started, checking out The Millionaire Morning. This is a book we wrote a few years ago that so many people love. Keep getting this book every day. We get sales here. And people love this. This is about the mindset of millionaires in the morning. What they do with their morning routine to really help them set themselves up for success. The mindset, the habits, the rituals and routines in the mornings. This is what the wealthy people do in their morning. Check this out. You can go to millionairemorning.com. This is a quick read with some exercises and examples as well.

• 35:19Lewis Howes?

  And I'll leave you with this final thought. I want you to always remember that the world makes room for passionate people. And this is something I believe so deeply and I've seen happen time and time again. So whatever it is that you do, whatever it is you're most passionate about, whatever lights you up and excites you, bringing joy to that work will pay off for you big time in the long run. The more excited you are about what you're doing, the more people will be excited to work with you. Approaching life with a genuine sense of gratitude and joy is one of the most valuable currencies you can have. It can be a building block that brings wealth into your life as well. And one of the first steps to building long-lasting wealth is to know that you're worthy of it.

• 36:04Lewis Howes?

  And I think that anyone who's passionate and joyful about the work they do is worthy of the riches they desire. Thank you so much for listening. I hope you enjoyed today's episode and it inspired you on your journey towards greatness. Make sure to check out the show notes in the description for a full rundown of today's show with all the important links. And also make sure to share this with a friend and subscribe over on Apple Podcasts as well. I really love hearing feedback from you guys, so share a review over on Apple and let me know what part of this episode resonated with you the most. And if no one's told you lately, I want to remind you that you are loved, you are worthy, and you matter. And now it's time to go out there and do something great.