TRANSCRIPT 🔗
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Hey there.
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Welcome back.
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It's Terry Condon here, and we're jumping into the first episode of this Earn Your Worth Series.
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question for you?
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Have you ever wondered why some people who are no better or brighter seem to make more money with far less effort And they don't seem to be working harder, and They're definitely not smarter and they don't even have better connections.
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See, just like there's laws of physics, there are laws that govern money, and there's one in particular that dictates how much you can get paid.
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Now, this is the underlying mechanic that I talked about in the intro of this series, and it drives the creation of value Working against this law is like trying to escape a rip by swimming against it.
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It's just hard work, It's not fun and it's very difficult to get anywhere But if you know how to work with this law, it's like being a surfer who knows how to work with the rip.
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They use that rip to get beyond the breakers and then get to the best waves, ride those waves into the shore.
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There's a whole lot less stress, whole lot less struggle, much more fun and much faster results.
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Over the last two years, I've watched a friend of mine go from banging his head against a brick wall, working harder and harder for very little change in his income, to tripling his hourly rate by making one simple choice.
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And I have to tell you, it happened almost instantly.
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Now he didn't magically get smarter and he's definitely not working harder for it now.
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in fact, he's got more time freedom than he ever had, and he's just had his first kid.
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And the thing is, what you're about to learn, it's not some sort of secret, it's actually a fundamental principle of economics that's been around for so long, and you've probably been taught it at some stage, but for some reason we assume that it's more about how economies work, so we don't apply it to our own personal economy.
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And I was the same.
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By the way, I didn't really understand how this applied to me personally until it was broken down for me by an entrepreneur who's founded seven businesses that each generated over a million dollars in their first 12 months.
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So if there's anybody who knows the underlying mechanic for how to make money, it's this guy and he broke it down in a way that I've never really seen before, and it's actually quite simple when you see it.
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So in this episode, I'm gonna share his lesson and I'm gonna help you decode the universal law that governs your income and it's governing it right now.
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Then I'm gonna show you three ways that you can start actively working with this law to make career choices that pay off much bigger, much sooner.
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And once you internalize this law, you're gonna know how to predictably create value.
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And remember at the top of this series, I talked about commercial acumen.
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Commercial acumen is the ability to create and capture value.
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And so this is the first part of that equation.
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How do we create value?
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but this isn't just going to be theoretical, I'm gonna give you some resources and some tools you can use to start working with this insight as well.
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So having said that, let's jump straight into this episode.
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So I first learned how important and powerful this law was to me personally from a guy called Daniel Priestley.
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Now he's the bestselling author of heaps of different books in the entrepreneur space, but one in particular, I think is well worth reading, which is called Oversubscribed.
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And he takes you into this conversation he had with one of Australia's most successful investors and business people, and he was asked a question by this person.
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And so I'm gonna take you into this part of the book.
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Now, here's the question.
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Why do markets go up?
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I was sitting in the home office of one of Australia's most successful investors, a man who had traded billions of dollars and been consistently trading markets for 20 plus years.
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He was a man for whom people traveled internationally to hear him speak about markets for an hour or two, he was sharing with me core ideas that formed the basis of his strategy.
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I was 22 at the time, and I answered this question with my best guess, positive news, a good economy, monetary policy, a good CEO.
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Probably they all have an impact, I think.
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Nice try, but no, he said with a smile, markets go up because there are more buyers than sellers.
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And that's it.
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Now.
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I know that sounds super basic, but it's really, really important to understand that point markets go up because there are more buyers than there are sellers.
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This is a fundamental truth of economics, which is called demand and supply, And like I said in the beginning of this episode, I think most of us think that this just applies to markets instead of realizing that we can make our
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own market.
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And that's the whole point of Daniel Priestley's book, actually, oversubscribed.
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If you wanna know how to make your own markets, this is what we're gonna discuss in this episode.
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You wanna become oversubscribed.
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Do you wanna make sure that you have.
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More buyers than there are sellers because ultimately your price is set by the balance of supply and demand.
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whether you know it or not, you are a seller.
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You're a seller of services, you're a seller of knowledge.
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Maybe you have a product, but you're a seller.
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And if you wanna make more money, then You've got to have more buyers for what you do than what you can actually service.
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'cause that's what makes prices go up.
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Why this matters is because the market's job is to find the best deals for its consumer.
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And so markets seek out the best prices for the highest value.
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And what that means is markets are continually trying to.
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Push prices down.
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so in a competitive market where there's profit to be made, more suppliers are gonna come into that.
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So for example, you know the career that I used to do in sport, right?
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There's a lot of people that want to do that job so there are a whole lot of new grads coming in every year.
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Thousands in fact, coming in, trying to flood into that marketplace to get those opportunities.
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But if demand holds constant, then prices are gonna be pushed down.
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And that's exactly what happens in elite sport.
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There's only a few jobs'cause there's not many teams, right?
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And there's more and more new grads coming in every single year.
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And that's why most people in sport don't make much money.
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This is happening because buyers always want the maximum value for the minimum price.
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And so the buyers, if you like, the buyers of talent, that's the elite sports teams here in Australia.
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they want the maximum value for the minimum price.
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and new sellers will compete for those buyers by undercutting each other and improving the value for the same price.
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People are working harder and longer at university, getting more and more post-grad degrees, getting more and more experience, and then also agreeing to lower and lower contracts over time.
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and so this creates a huge downward pressure on wages in that industry.
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so in sport, the demand supply mechanic is working against increasing your price.
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and this is one of the biggest reasons why I left, there's always that downward pressure on wages.
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There's a huge supply of new grads and very low fixed demand for that talent.
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And so this means that most jobs are expensive, right?
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Because you have to give up a lot of time, and generally you have to start on a very low income before you might get to anything that's worthwhile.
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You have to sell your labor really cheaply to get a foot in the door.
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You have very low bargaining power unless you're extremely experienced and you have very, very low job security, you're never a permanent employee, you're always on contract.
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and for me, that deal wasn't necessarily gonna get any better.
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And that's one of the major reasons why I decided to start to learn commercial acumen and figure out how to create value elsewhere.
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But there's some nuance here as well, right?
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It's not just demand, okay?
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It's the differential between supply and demand.
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So there's a really famous paradox.
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There's a guy called Adam Smith, who's one of, I guess the father of economics, really.
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and he was the first one to point out this paradox of value.
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He said, why do diamonds cost so much when water is more essential to life?
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Wouldn't there be more demand for water than there are for diamonds?
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And this is a really important question to ponder because it shows you how these two things have to work together.
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And ultimately, this question was answered by Carl Menger.
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Carl Menger is the father of the Austrian School of Economics.
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and he resolved this with something called the marginal utility Theory.
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And what he said was, value doesn't just come from how essential something is in absolute terms.
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It comes from how scarce it is at the margin.
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And the example that he gives is oxygen.
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So he says oxygen is infinitely important, but because it's so abundant, its marginal.
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Utility is effectively zero, so it has no price.
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So think about that for a second.
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There's an incredible demand for oxygen on the planet
because we all need it to survive.
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The only problem with that is oxygen is abundant.
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It's everywhere.
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So you, you can't make any money from oxygen unless you're selling oxygen to people who are going underwater.
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Now there's value for oxygen.
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So I guess I wanted to make that point because it's really important to see how demand and supply have to work together, and there has to be this tension between supply and demand.
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Whenever there's more supply, more sellers than there are buyers, that's when prices are going to fall, because whatever's abundant, it's not valued like oxygen.
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So bringing this back to your own situation, without that demand supply tension, pushing your prices up, you are going to have to work harder for less and that's gonna keep happening over time.
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It's a tide that you cannot swim against and you really want to just make sure that you are in the right river, swimming the right way.
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So bringing this back to your own situation, if you are working in a career like I was in sport, where the demand supply attention is working the wrong way, you are gonna keep working harder and harder for less.
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Really important to understand that.
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Really, really important.
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All right, now that we've broken down the law of supply and demand, let's talk about how you can use supply demand tension to create value in order to increase your income.
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In other words, how do you get this law working for you instead of against you?
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Well, there's three ways you can do it.
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The first way is you need to pick the right pond, and I wanna come back to the example that I gave you in the intro about my friend who tripled his hourly rate, did less work and now has a lot more time freedom than he ever had.
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He was working in insurance and he was probably one of the best insurance agents we'd ever met.
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He's the guy that we would refer to all the time.
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Really good operator.
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Extremely, extremely good business person, very reputable and just very much had the client's best interest at heart.
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and a couple of years ago, he got the option to be bought out by a bigger business.
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ultimately he took that option and he ended up moving into the business that brought him out, and he just didn't like working for the business in that way.
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So he was looking for a different thing and he started to have a few conversations with people in his
realm, and he got an opportunity to join a mortgage broking business.
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and the moment that he stepped out of insurance and into mortgage broking, his whole life changed.
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He said, look, My day-to-day life is so different now.
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I am working with people who want to work with me.
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I'm working in a system where people are coming to me.
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It's not hard for me to find buyers for what I do.
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I just need to do a great job doing it and everything I'm good at and everything I've built skills in and systems for, and everything I've done in the past is working so well for me.
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Now that I am just watching my income explode and I'm not working hard, I'm actually just having a lot more fun as well.
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and the reason why is because the demand for mortgages in Australia, the amount of buyers, the amount of people that want to go and buy property and buy a home, far exceeds the demand for the people who want to buy or need to buy insurance.
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and fundamentally, that was the biggest shift.
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Now here's what's interesting.
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So there's probably less insurance agents.
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I'm not sure on the stats on this, but there might be less insurance agents that can do life insurance the way he was doing in his field.
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So I would say he was like quite a unicorn when he was selling insurance.
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When he is gone into mortgage broking, he's taken all those skills and there's probably more competition here, but there's just way more demand for that competition.
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And so that demand supply mechanic is working for him in this industry.
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And because he's got all those inbuilt skills and he knows exactly what to do, he's just like hit the ground running.
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And the point that I wanna make here is best made by Warren Buffet.
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He says, it's not about how hard you row, it's about what boat you're in.
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I want that to sink in for a second.
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It's not about how hard you row.
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It's about what boat you're in.
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Are you in a boat where you're required to row harder and harder and you're going quite slow?
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Or are you in a boat where you can just glide across the top of the water?
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That's the difference, and what I'm getting at here is asset allocation.
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That's a famous principle in investing, right?
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There's all this research that was done in the late eighties that showed
that 90% of your returns, when it comes to financial capital, it comes from where you actually put your money, right?
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90% of your returns comes from where you put your money.
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Now that's a principle that holds true in investing, but you gotta think about this as well.
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Every single day you're investing your time and talent in a marketplace, and the return on that effort, the return on that time, the return on that talent is going to change depending on what market it's invested in.
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so being smart with asset allocation doesn't just apply to financial capital.
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It applies just as much, potentially even more to human capital.
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and if there was any 80 20 that I could give you around increasing your income, it's this, where you're applying yourself has a far greater impact than how you apply yourself.
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so you wanna make sure that you're applying your time and your talent in industries that are steady or growing as a share of the GDP Probably there's better opportunities in industries where there's lots of larger transactions because pricing itself is a measure of value and you'll look for opportunities in industries that are steady or growing, have lots of larger transactions, and there's demand supply gaps in either goods or services because that's where opportunities are.
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The whole thing about mortgage broking is there's way more people that want mortgages than there are people selling mortgages, way more people.
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And so that's just like.
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Pulling people in that direction, so I want to come back to the point where you are applying yourself has a greater impact than how you apply yourself.
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So picking the right pond's all about being smart with how you're allocating your human capital.
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This is the first way that we can use demand, supply tension to create value.
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Make sure that we're working in the right space.
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Now, I've actually put together a bit of a resource on this in the show notes I jumped in a chat to BT and.
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Did a bunch of deep research on the state of different industries in Australia and I've typically gone through and gone, what is the state of this industry?
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Is it growing?
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How fast is it growing?
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Why is it growing?
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What are the drivers of growth?
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What are the projections into the future?
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And are there demand supply shortages?
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And if so, where are they?
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And I've done this for the top 17 industries in Australia, the biggest sort of sectors if you like.
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and then what I did was.
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I created an audio overview where there's a couple of AI hosts that are actually just walking you through the report, talking about its findings and guiding you through how to interpret it as well.
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And so I've created that for you.
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And if you want to get a sense of where the best opportunities are, this is probably a great place to start.
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I won't say that it's the end.
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You probably need to dive a little bit deeper in terms of these industries as you go, but it's a really good.
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Sort of top down, macro level understanding of what's happening in Australia and where everything's going as well.
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so if you want that resource guide, make sure that you fill out that, earn your Worth survey because I'm gonna put it at the end along with the database of resources that go along with this series.
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And you'll find that in the show notes.
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Just click down in the episode description of this episode, go into Earn Your Worth survey.
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fill that out.
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It'll take you a couple of minutes tops, and you'll be able to get those two resources as well.
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Okay?
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So now that we've talked about the first way that you can use demand supply tension to create value, Let's talk about the second way to do that.
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The second way to do that is to get the word out.
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and this is all about promotion now.
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I was having a conversation a couple of days ago with one of our legends in the mentorship, her name's Kate, and we were talking about how she could start to increase her income and the different opportunities that she had.
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and she's in one career, and she's establishing that career.
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She's tertiary educated, but she's got this growing interest in movement and helping people with, I guess like calisthenics and ways to master their body basically.
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and we were talking about ways that she could start to increase her income by moving towards that interest she mentioned to me that she could probably ask the person who's runs these classes if they want extra help,'cause she's actually qualified to go and help them.
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And I said to her, that's great because let's say that you do get an opportunity to do that and you run an extra couple of classes each week, that might make you another a hundred, 200 bucks a week.
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That's probably gonna double your
savings capacity at the moment, and it's gonna be moving you closer to the things you're really interested in, because you've got more buyers for what you do now because you've got your buyer, the person who's buying your skills in your day job, and you're also gonna have another buyer who's the person who's running those movement classes, who's using you as a way to get more done in their business as well.
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So now you've gone from one buyer to two pies, and that's why your income is gonna go up.
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But the great news is you're gonna be moving in a direction where you are more and more interested.
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And then I said, would you like to know how you can make that happen even faster?
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And she said, yes.
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And I said, well, I would start posting about everything you're learning.
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I would start sharing all the knowledge.
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Everything you are doing over time.
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you don't need to put yourself out there as the expert, but you can just say, here's what I've learned about how to do a handstand, and here's the big three mistakes I made.
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It made it really hard for me in the beginning.
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And here's how to avoid those mistakes.
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If you just start doing that, you're gonna get better at teaching the people that you're getting paid to teach.
00:15:59.370 --> 00:16:02.759
But also what you're gonna find is you're gonna start generating your own demand.
00:16:02.759 --> 00:16:06.000
You're gonna start creating buyers that exist outside of that business.
00:16:06.569 --> 00:16:08.789
And she kinda laughed and chuckled and I said, well, what's funny?
00:16:09.149 --> 00:16:14.669
And she said, well, it's funny because I actually posted a couple of videos and then I had a couple of people reach out to me and ask me for help.
00:16:15.329 --> 00:16:17.279
And I said to her, well, it's already happening then, isn't it?
00:16:17.789 --> 00:16:21.809
All you need to do from there is figure out what these people want and need from you and then give it to them.
00:16:21.990 --> 00:16:22.919
She said, how do I do that?
00:16:22.979 --> 00:16:24.000
And I said, it's really simple.
00:16:24.329 --> 00:16:24.809
Ask them.
00:16:26.789 --> 00:16:27.899
Ask them what they want.
00:16:28.139 --> 00:16:32.039
Ask them, do a better job of understanding what they need help with, and then figure out a way to help them.
00:16:32.099 --> 00:16:33.509
It is literally as simple as that.
00:16:34.409 --> 00:16:40.209
Ask people what they want, figure out if you can help them, offer them a chance to help them and she's like, okay.
00:16:41.169 --> 00:16:43.149
And so I said, you've got two challenges in this next week.
00:16:43.209 --> 00:16:52.669
Go and get that job opportunity and
go back to these three people that reached out to you and ask them what they want help with and Understand more what they're actually needing and what they're wanting from you to be able to do it.
00:16:53.449 --> 00:16:58.129
And the cool thing about this is she doesn't have to get better at Scrimping and saving to save more money.
00:16:58.699 --> 00:17:02.149
She is gonna be earning more money, doing more work that she finds meaningful.
00:17:02.279 --> 00:17:05.519
And there's a great example of what this looks like if you are a little bit commercial with it.
00:17:05.880 --> 00:17:09.180
most women in Australia will have heard of this name, Kayla Ena.
00:17:09.269 --> 00:17:14.130
I'm sorry if I'm saying her name wrong, but her story I think is super instructive, right?
00:17:14.130 --> 00:17:24.990
She, she was a personal trainer in Adelaide, just a young, driven, passionate about helping women get fit, and she started sharing her simple workouts and transformation stories on social media, and her posts started to get traction.
00:17:25.335 --> 00:17:27.194
And she started attracting all these different followers.
00:17:27.555 --> 00:17:36.795
And instead of thinking, oh my God, I'm stressed by this, or I'm gonna try to sell this attention to ads and I'm gonna try to shill somebody else's product, and I wanna be an influencer and that sort of thing.
00:17:37.215 --> 00:17:38.835
She actually thought about it for a second.
00:17:38.835 --> 00:17:41.715
She's like, how do I create more buyers than I can train one to one?
00:17:42.225 --> 00:17:43.695
So I'm gonna create an ebook.
00:17:43.904 --> 00:17:46.605
And her first variation of creating more buyers was creating an ebook.
00:17:46.875 --> 00:17:52.095
She sold that ebook and then she started to take some of those profits from the ebook and she turned it into an app.
00:17:52.515 --> 00:17:57.134
and that's that single decision there to figure out a way to create more buyers for what she does.
00:17:57.404 --> 00:18:05.535
That transformed her from a local trainer who might've been charging 60 bucks an hour, if she's lucky, to a global brand that reaches millions for a few dollars a month.
00:18:05.565 --> 00:18:11.384
'cause remember what I said before, the market wants to push her prices down and wants to get the best value for the lowest price.
00:18:11.625 --> 00:18:18.945
And so what she did was she figured out a way to productize what she understood and knew to give it to more people for less, to create more buyers.
00:18:19.485 --> 00:18:24.225
And so as her audience grew, she got more and more buyers for the same one seller.
00:18:24.865 --> 00:18:31.015
and reportedly she was taking$165 million a year from this business, which led to a$400 million acquisition deal.
00:18:31.825 --> 00:18:32.634
Conservatively.
00:18:32.634 --> 00:18:37.945
Her personal annual income during that period of time was estimated between 20 to$50 million a year.
00:18:38.664 --> 00:18:45.654
Now this
is an outlier for sure, but what I'm telling you is Kate's example where a couple of people reached out to her.
00:18:45.685 --> 00:18:54.455
That's actually where it starts, and the only difference between Kayla and every other personal trainer, there's a whole lot of other personal trainers that are actually probably smarter, no more better educated.
00:18:54.455 --> 00:18:59.195
Actually, I know plenty of people who are, but they didn't think about it commercially, whereas Kayla did.
00:18:59.671 --> 00:19:05.221
Now you could say she sold out, or you could actually say that she served more people and she served more people every single month.
00:19:05.852 --> 00:19:09.842
I think that's a cop out when people say you're selling out'cause you're making money from the thing.
00:19:10.142 --> 00:19:13.862
That's an argument for not making more money, selling the thing that you're selling.
00:19:13.912 --> 00:19:15.802
and it's a way to keep yourself in the same spot.
00:19:16.318 --> 00:19:20.058
and let's just do a quick comparison here between Kayla, and Australia's highest paid profession.
00:19:20.479 --> 00:19:23.808
a surgeon, might earn somewhere between 400,000 and a million dollars a year.
00:19:24.724 --> 00:19:26.824
But they're capped by the hours that they can physically work.
00:19:27.544 --> 00:19:28.653
Kayla hasn't done that.
00:19:29.173 --> 00:19:34.364
she earns 20 to 50 times that not because she's smarter or she works 20 to 50 times more.
00:19:34.784 --> 00:19:37.094
it's because she understood this one universal truth.
00:19:37.153 --> 00:19:42.134
The supply demand thing, which is when you have more buyers than there are sellers, your value is going to skyrocket.
00:19:42.724 --> 00:19:44.329
and by turning her skills into a system.
00:19:44.839 --> 00:19:47.179
She actually created more buyers for what she could do.
00:19:47.429 --> 00:19:51.308
that Is the law of supply and demand working in real life, not just in an economic textbook.
00:19:52.082 --> 00:19:57.842
So if I was going back to Kate's example, I would say reach out to those people, find out what they want from you, and then give it to them.
00:19:57.947 --> 00:19:59.057
Yeah, that's it.
00:19:59.057 --> 00:20:00.527
That's how you start the whole process.
00:20:00.826 --> 00:20:03.467
They might want one-to-one catchups, for example, right?
00:20:03.826 --> 00:20:05.417
Maybe once a month, maybe once a week.
00:20:05.537 --> 00:20:08.407
You figure out how valuable that is to them by what you can actually charge.
00:20:08.707 --> 00:20:17.947
And then you can do that with a bunch of people, learn more and more about the situation, understand that problem really well, and then figure out how to give it to more people by creating something that's even more accessible.
00:20:18.161 --> 00:20:19.510
But it all starts with getting the word out.
00:20:19.510 --> 00:20:22.271
You need to find them and you need to make it easy for them to find you.
00:20:22.271 -->
00:20:25.000
And this is why I say the internet is such an amazing tool.
00:20:25.000 --> 00:20:28.064
Now, Kate isn't geographically bound by who she can help and serve.
00:20:28.064 --> 00:20:30.433
Now she's got people reaching out to her, she doesn't know where they're from.
00:20:30.433 --> 00:20:33.284
They could be from New Zealand, they could be from Northern Territory.
00:20:33.284 --> 00:20:34.514
It doesn't actually matter anymore.
00:20:34.634 --> 00:20:37.724
And that's an unbelievable opportunity that our parents never had.
00:20:38.180 --> 00:20:40.370
And so if you're thinking about, how do I get the word out?
00:20:40.490 --> 00:20:45.560
You gotta think about congregations, where people are, where they're congregating, and what is a congregation?
00:20:45.560 --> 00:20:49.009
A congregation is a group of believers, people who believe the same thing.
00:20:49.610 --> 00:20:58.250
If you can find people who are clumped together in groups who believe the same thing, that's your best opportunity There are three types of congregations.
00:20:58.519 --> 00:20:59.840
There's borrowed congregations.
00:21:00.080 --> 00:21:02.630
There's built congregations, and there's bought congregations.
00:21:02.720 --> 00:21:03.080
Alright?
00:21:03.650 --> 00:21:06.080
an example of a borrowed congregation is what Kate's already doing.
00:21:06.110 --> 00:21:11.480
She's going to a business who's already created that demand for what she wants to do, and she's tapping into that.
00:21:12.200 --> 00:21:15.170
And she's getting to work with those people and build her reputation in that business.
00:21:15.170 --> 00:21:17.420
She's getting paid to learn their unbelievable opportunity.
00:21:18.230 --> 00:21:25.200
Built, Congregations are groups of people who cluster around a certain topic or a certain person or a personality.
00:21:25.470 --> 00:21:32.250
And so if Kate continues to do what she's doing and she moves past her fear of posting and she becomes more consistent, she learns to enjoy it.
00:21:32.250 --> 00:21:37.740
She builds an audience on Instagram, on TikTok, on YouTube, then she will build her own congregation.
00:21:38.390 --> 00:21:39.529
bought congregations.
00:21:39.560 --> 00:21:47.420
That's where platforms like Facebook and Instagram and TikTok and these have aggregated all the people and know where these people are.
00:21:47.450 --> 00:21:50.600
And you can buy access to these congregations as well.
00:21:50.700 --> 00:21:55.430
same thing with newspapers, same thing with tv, so you wanna look for congregations that are well connected.
00:21:55.700 --> 00:21:58.430
Because that's when you can kind of spread virally through those congregations.
00:21:58.430 --> 00:22:04.210
When people talk about it, for example, Kate could join a CrossFit, which is a congregation of people who are interested in moving better.
00:22:04.630 --> 00:22:08.289
And she could start taking classes, she could start doing some stuff in a CrossFit.
00:22:08.500 --> 00:22:14.480
and because CrossFit people are really well connected, she could go viral in that community, because of what she does.
00:22:15.000 --> 00:22:17.400
and coming back to this second principle, it's just getting the word out.
00:22:17.400 --> 00:22:17.910
Promotion.
00:22:17.910 --> 00:22:20.340
We know asset allocation, where you're allocating yourself matters.
00:22:20.580 --> 00:22:22.355
the second thing is, are you getting the word out?
00:22:22.890 --> 00:22:30.539
Now this example that I'm giving you, this is an example around creating a bit of a side hustle or things like that, but getting the word out doesn't have to mean posting on social media and things like that.
00:22:30.570 --> 00:22:31.980
It could mean growing your network.
00:22:32.009 --> 00:22:40.480
It could mean doing one cold DM each week to build connections in your industry and get to know more people and understand all the opportunities that are within it.
00:22:40.890 --> 00:22:44.039
so what I want you to think about this is like, it's just for me, growing a business, it's not.
00:22:44.651 --> 00:22:46.571
Getting the word out could look like cold.
00:22:46.571 --> 00:22:54.781
DMing one person in your industry every single day to build a bit of a network and start connecting people so that you can come across better opportunities in your industry.
00:22:55.201 --> 00:22:58.051
That's what getting the word out can look like as well with the internet now too.
00:22:59.103 --> 00:23:11.516
So we've covered the first two principles here, which is picking the right pond, allocating your human capital wisely, getting the word out, promoting, now let's talk about the third way to use supply demand tension to create value and increase your income.
00:23:12.563 --> 00:23:14.543
The third way is to become a monopoly of one.
00:23:14.593 --> 00:23:16.033
and this is all about differentiation.
00:23:16.813 --> 00:23:20.233
So in the first episode of this series, I talked about Doug, who's one of our guys in the program.
00:23:20.773 --> 00:23:38.442
One of the main reasons why he's been able to increase his income relatively quickly is because he's built really strong relationships in the space, and he's probably quite rare in his organization because he does a great job of being able to relate to people who are making decisions and also the people who are on the ground at the coalface.
00:23:38.633 --> 00:23:46.743
he's actually a great conjugate between those two, and we work together to build a bit of a development plan, given that his ambition is to move towards a general manager type position.
00:23:47.253 --> 00:23:50.942
So I talked him through what that could look like and who to approach in the business.
00:23:51.003 --> 00:23:55.083
And part of this is getting the word out, and part of it is differentiating yourself at the same time.
00:23:55.653 --> 00:23:58.353
So going to HR and saying, look, these are my ambitions.
00:23:58.473 -->
00:24:00.303
What would you recommend that I need to do?
00:24:00.303 --> 00:24:01.323
Who do I need to become?
00:24:01.323 --> 00:24:02.043
What do I need to know?
00:24:02.043 --> 00:24:05.103
What qualifications do I need to have in order to be able to make this happen?
00:24:05.853 --> 00:24:13.413
And what's interesting about that is just simply having that conversation starts to differentiate Doug from everybody else in that business.
00:24:14.005 --> 00:24:17.965
And HR people love people who are proactive, love these kind of people.
00:24:17.965 --> 00:24:22.435
And what they do is they put a bit of a tag on these people and they make sure these people are mentioned.
00:24:22.840 --> 00:24:24.610
They say, this person is a mover and shaker.
00:24:24.640 --> 00:24:26.019
This person is ambitious.
00:24:26.019 --> 00:24:29.529
This person wants to get better, and so we wanna be investing in this person.
00:24:29.800 --> 00:24:31.240
And that's exactly what's happened.
00:24:31.960 --> 00:24:36.640
Doug started investing in himself and building a better commercial acumen and understanding how that business worked.
00:24:36.940 --> 00:24:49.390
Put himself through a short course from Harvard called Leading With Finance, in order to be able to understand how these decisions get made at the executive level and the data that underpins these and better understand his business straight away.
00:24:49.450 --> 00:24:50.350
That makes him different.
00:24:50.776 --> 00:24:52.336
Because he doesn't just do his job.
00:24:52.605 --> 00:24:57.316
He's trying to get a better understanding of the bigger picture and how his job fits in, and that is a signal to people.
00:24:57.990 --> 00:24:58.651
Doug's different.
00:24:59.581 --> 00:25:03.301
And so as soon as that happened, they started investing in him.
00:25:03.301 --> 00:25:08.071
They've started putting him on this management track that's moving him in that direction.
00:25:08.101 --> 00:25:12.240
They're spending money with him, and they've also reached out and said to him, we are now gonna start paying you more.
00:25:12.240 --> 00:25:13.531
We don't expect you to do anymore.
00:25:14.071 --> 00:25:15.750
You have the exact same responsibility.
00:25:15.901 --> 00:25:19.411
We're just gonna pay you more because we want you to understand that we are valuing you more.
00:25:19.948 --> 00:25:28.018
And Doug's income's gonna probably keep going up because he's got such a good reputation now within the business and also outside of the business that he's being poached.
00:25:28.077 --> 00:25:32.278
So the CEO's calling him from other organizations trying to get him to go and work for them.
00:25:32.848 --> 00:25:34.708
And again, let's go back to the fundamental principle here.
00:25:34.788 --> 00:25:36.648
'cause remember, it's about supply and demand tension.
00:25:37.188 --> 00:25:39.978
What's happened here is Doug's created more buyers.
00:25:40.428 --> 00:25:43.567
There's more people within that
business Who see Doug as high potential for the future.
00:25:43.928 --> 00:25:46.358
And there's more people outside of that business who know Doug as well.
00:25:46.358 --> 00:25:48.128
So his price is gonna keep expanding.
00:25:48.128 --> 00:25:56.918
And I kind of said to him, if you keep doing what you're doing on the current track, you're on, I would be shocked if you haven't doubled your income in the next 12 to 24 months and you're in a completely different space.
00:25:57.158 --> 00:26:02.898
In fact, he just texted me this morning about a new opportunity that's come up in his organization, that he's actually a pretty good shot for now as well.
00:26:03.495 --> 00:26:07.755
So here's what I want you to get about becoming a monopoly of one and making sure that you differentiate yourself.
00:26:08.185 --> 00:26:18.211
Being hard to compare is the best way to cut supply because what is scarce is valuable, and by simply making those proactive moves, Doug made himself more scarce and therefore more valuable.
00:26:18.240 --> 00:26:24.000
He differentiated himself in that way, and that's why his price continues to go up in the organization that he's working for.
00:26:24.510 --> 00:26:29.341
And the best way to differentiate yourself is to be more of yourself Coming back to Naval.
00:26:29.391 --> 00:26:31.431
who's the inspiration for this whole series?
00:26:31.911 --> 00:26:36.381
One of the things he says is, authenticity is the best form of differentiation because there's only one you.
00:26:36.951 --> 00:26:43.641
so, the more you can be yourself and pursue mastery and show proactivity, the more likely it is you are gonna be moving forward.
00:26:44.190 --> 00:26:49.403
And when you are hard to compare, you're hard to commoditize because being different is better than being better.
00:26:50.182 --> 00:26:52.913
There's a lot of competition for people who just wanna be better.
00:26:53.513 --> 00:26:58.043
There's very little competition for people who are gonna be different, and so it's always better to be that.
00:26:58.613 --> 00:27:01.223
Be yourself and pursue mastery in the thing that you're doing.
00:27:01.223 --> 00:27:02.543
And you'll stand out because of that.
00:27:02.543 --> 00:27:05.543
And as soon as you stand out in that way, very hard to compare you.
00:27:05.753 --> 00:27:12.682
And by being more different and hard to compare, you're essentially cutting supply because there's fewer people that can look like you.
00:27:12.952 --> 00:27:14.273
There's fewer ways to compare you.
00:27:14.573 --> 00:27:19.343
There's fewer things to compare you against, and that is automatically going to increase demand because of that.
00:27:20.411 --> 00:27:21.521
So let's take stock here for a second.
00:27:21.521 --> 00:27:31.301
The main lesson I want you to take from this episode is that if you want your price to go up, you need to create supply demand tension, which means you need to have more buyers and there are sellers, and there
are many ways that you can do that.
00:27:31.301 --> 00:27:33.221
But fundamentally, there's three core principles.
00:27:33.281 --> 00:27:37.421
You need to pick the right pond where there's actually a big supply demand imbalance already.
00:27:37.510 --> 00:27:38.441
That's a great way to do it.
00:27:38.441 --> 00:27:39.281
That's the 80 20.
00:27:39.611 --> 00:27:42.191
You don't even have to do anything different, just be in a better space.
00:27:42.581 --> 00:27:43.961
The second way is to get the word out.
00:27:43.961 --> 00:27:46.691
Create your own customers, if you like, Kate's example is perfect.
00:27:46.691 --> 00:27:47.321
Start posting.
00:27:47.321 --> 00:27:49.361
Start sharing what you're doing or start building a network.
00:27:49.721 --> 00:27:53.681
Start having more people aware of you as a seller of whatever it is you do or sell.
00:27:54.291 --> 00:27:55.521
the third way is differentiation.
00:27:55.521 --> 00:27:56.781
Become a monopoly of one.
00:27:56.781 --> 00:28:00.141
And this is the best way to cut supply, which automatically increases demand for what you do.
00:28:00.793 --> 00:28:04.303
And these three principles, asset allocation, promotion, and differentiation.
00:28:04.603 --> 00:28:10.843
These are the three reasons why the internet is the best money making opportunity that our generation is still sleeping on.
00:28:11.471 --> 00:28:17.802
In terms of asset allocation, we can reach markets and marketplaces that aren't limited by our own geography anymore.
00:28:18.102 --> 00:28:22.032
There's like a global reach and we can actually create our own markets.
00:28:22.182 --> 00:28:24.162
Kayla ites is a really good example of this.
00:28:24.522 --> 00:28:33.162
By posting her stuff, she was able to get beyond her geography and she was able to tap into this new and growing market around health and wellness and wellbeing and those sort of things.
00:28:33.642 --> 00:28:38.231
And I wanna share a couple of stats with you around the global online education space because.
00:28:38.476 --> 00:28:42.676
The market for knowledge skills in order to be able to do something better.
00:28:42.766 --> 00:28:48.476
It is exploding that that market, it was valued at 250 to 300 billion in 2022.
00:28:48.716 --> 00:28:57.583
It's projected to reach 475 to 600 billion by 2027 to 2030, and that is a compound annual growth rate of about nine to 15% per year.
00:28:58.452 --> 00:29:00.763
That is a very good compound annual growth rate.
00:29:01.212 --> 00:29:03.553
And I remember what I said before about asset allocation.
00:29:04.363 --> 00:29:05.383
This is huge.
00:29:05.773 --> 00:29:10.483
The online marketplace for ideas, skills, knowledge, outcomes, and learning.
00:29:10.783 --> 00:29:13.603
Is massive, and I've benefited that for myself.
00:29:13.633 --> 00:29:14.743
That's exactly what we do.
00:29:15.133 --> 00:29:20.653
We, we sell information, we sell knowledge, we sell skills, we sell tools, we sell outcomes in a certain space.
00:29:21.313 --> 00:29:32.833
The marketplace for that is growing and it's growing at a rate of knots, and if you wanna get inspired by how big of an opportunity this is and what this could mean for you in terms of being able to monetize your own skills, your own ideas, your own interests.
00:29:33.073 --> 00:29:35.202
Read the book, crushing It by Gary v.
00:29:35.353 --> 00:29:44.233
That's gonna show you how many different ways you can tap into this growing source of demand and allocate your human capital in a space that aligns with what you're really interested in.
00:29:45.073 --> 00:29:48.253
So that's the first reason why the internet has unlocked so much opportunity.
00:29:48.313 --> 00:29:51.403
And that is all about asset allocation and tapping into this new demand.
00:29:51.695 --> 00:29:52.745
The second one is promotion.
00:29:53.112 --> 00:29:58.422
The internet gives you free global reach, Think about things like social media, podcasts, blogs, YouTube.
00:29:58.662 --> 00:29:59.622
These are free.
00:29:59.672 --> 00:30:03.241
Yes, you pay with your time to be able to do it, but it's global reach.
00:30:03.362 --> 00:30:13.862
You would have to pay so much to play in that space just 10, 20 years ago In these traditional sort of media spaces and what's cool about these opportunities now is that the algorithms have changed.
00:30:13.862 --> 00:30:18.632
Just recently because of TikTok, it used to be follower based and audience based.
00:30:18.662 --> 00:30:22.201
If you have a lot of followers, then you got a lot of reach and now it's just interest-based.
00:30:22.201 --> 00:30:29.942
So you actually don't need a big audience to reach a lot of people if you create some really good content around something that's interesting and distinct for you.
00:30:29.942 --> 00:30:36.272
So if Kate really sat down and thought about this and invested in maybe some short form content courses that show her.
00:30:36.527 --> 00:30:40.846
I guess tools, templates, frameworks, and ways to be able to create better content quicker.
00:30:41.537 --> 00:30:48.557
Then what's gonna happen is the more content she creates, one of those bits of content is gonna hit, and that's gonna give her a lot of reach very quickly.
00:30:48.987 --> 00:30:51.027
this actually happened to me three or four months ago.
00:30:51.356 --> 00:30:53.487
I've been writing on LinkedIn for years, a couple of times a week.
00:30:53.487 --> 00:30:57.507
Just gradually growing a bit of an audience on there, building a bit of a profile in that space as well.
00:30:57.897 --> 00:31:05.397
But three or four months ago I wrote a post where I entered a conversation about this debate that was had between Daniel Priestley and this other guy Gary of economics.
00:31:05.727 --> 00:31:06.897
And I wrote up this post.
00:31:06.897 --> 00:31:12.137
Honestly, It might have taken me three minutes to write this post, wrote it, put it up with a bit of an image, forgot about it.
00:31:12.167 --> 00:31:27.317
Woke up the next morning and I think at this point it's got something like 200,000 impressions and the amount of comments on that post was way too many for me to be able to get to every single one, and end up just kind of writing one catchall comment at the top to be able to reply.
00:31:27.687 --> 00:31:30.747
and that generated a lot of interest and a lot of attention on.
00:31:31.197 --> 00:31:34.826
My LinkedIn profile and what's linked to my profile, the business.
00:31:34.856 --> 00:31:38.067
And so you can see traffic flow in from that opportunity.
00:31:38.116 --> 00:31:42.527
So I guess what I'm trying to say here is you don't have to have a big audience now to reach a lot of people quite quickly.
00:31:42.527 --> 00:31:45.346
You just have to get in the game and start doing something with it.
00:31:45.604 --> 00:31:51.004
And I'll say what I said before as well, just the fact that you can actually be DMing these people and building networks in that space.
00:31:51.054 --> 00:31:53.244
I don't understand why more people aren't doing this.
00:31:53.611 --> 00:31:54.480
so that's promotion.
00:31:54.653 --> 00:32:01.193
So the Internet's creating all this opportunity because we can tap into this growing global demand for knowledge, education, skills, and outcomes.
00:32:01.524 --> 00:32:05.094
It's free global reach for the people that are willing to get into the game and do it.
00:32:05.304 --> 00:32:06.894
And the third one is differentiation.
00:32:06.894 --> 00:32:11.874
You can express yourself in ways that are unique to you and the more unique you are.
00:32:11.933 --> 00:32:13.494
That's how you're standing out in this crowd.
00:32:13.831 --> 00:32:16.951
That differentiation is what creates the demand for your services.
00:32:17.161 --> 00:32:19.801
If you copy what everybody's doing, that's a great thing to do and start.
00:32:20.131 --> 00:32:23.851
But you want to gradually figure out a way to bring more of yourself to the world.
00:32:24.121 --> 00:32:28.351
So the people who resonate with you come to you, and you're not looking to grow an audience.
00:32:28.411 --> 00:32:32.401
You're looking to find congregations of people who are interested in the thing that you can help them with.
00:32:32.803 --> 00:32:34.932
So that's what I want you to get about the internet.
00:32:34.932 --> 00:32:38.533
It's created a river of new buyers who are willing to pay for all these insight, skills and frameworks.
00:32:38.533 --> 00:32:41.508
It's free to reach them, and you can do it in a way that differentiates you as well.
00:32:42.217 --> 00:32:45.277
So in summary, here's what we've covered in this episode and what I want you to take away.
00:32:46.027 --> 00:32:50.586
Markets are working to push prices down because buyers want more value for less.
00:32:51.412 --> 00:32:51.772
Okay.
00:32:52.102 --> 00:32:56.782
And the way to push prices up is to create a differential between demand and supply.
00:32:56.782 --> 00:32:58.491
You wanna create that demand supply tension.
00:32:58.491 --> 00:33:06.552
So there are more buyers and there are sellers and you can engineer your conditions to create demand, supply tension, and that's how value is actually created.
00:33:06.731 --> 00:33:07.782
There's three ways you can do it.
00:33:07.842 --> 00:33:11.741
You need to pick the right pond, you need to get the word out, and you wanna become a monopoly of one.
00:33:12.252 --> 00:33:15.942
Those are the three strategies, and the internet is the ultimate tool for wealth creation.
00:33:15.971 --> 00:33:20.922
'cause it's unlocked all those opportunities for value creation and made all three 10 times easier and basically free.
00:33:21.352 --> 00:33:25.701
now quick reminder, the premise of this whole series is making more money doing work that you find meaningful.
00:33:26.387 --> 00:33:30.767
And in this episode, we covered how money is made, and that's all about demand supply, tension.
00:33:31.067 --> 00:33:42.047
in the next episode, I'm gonna show you a three part framework for doing meaningful work in a way that works with the law of supply and demand, and this framework guides you through how you can create a career that you are not looking to escape from.
00:33:42.797 --> 00:33:46.007
Now before I go, there's two calls to action for this episode that I wanna remind you of.
00:33:46.247 --> 00:33:54.007
The first one is that industry report that looks at all those growing resources and what's happening and where industries are going here in Australia so you can understand where to apply your human capital.
00:33:54.366 --> 00:33:56.647
The second one is an AI action coach.
00:33:56.856 --> 00:34:04.507
So I wanted to create a bit of a way to help you take action on this information, break all these things down to start going, what can I do with this?
00:34:05.240 --> 00:34:19.490
And so what I've done is I've trained an AI model to act as me to work with you, to work through your main takeovers from this episode, your reflections on it, and help you break it down into something you can actually do in a way to apply this information within the next day or so.
00:34:20.201 --> 00:34:26.590
so if you want to access that action coach, just scroll down in the episode show notes, click that link that says Episode Coach.
00:34:26.811 --> 00:34:29.000
and you'll be able to jump in and access that for free as well.
00:34:29.623 --> 00:34:29.952
Anyway.
00:34:30.012 --> 00:34:31.003
That's it for this episode.
00:34:31.003 --> 00:34:36.492
I'll see you in the next one where we talk about that three part framework for doing meaningful work in a way that works with the law of supply and demand.
00:34:36.643 --> 00:34:37.063
See you soon.