Hello friends in today’s article, we see another famous book summary ” Unlock It “. in this book you get the idea of how rich people think about money and make money.
Many of you have read the book ” Rich Dad Poor Dad ” by Robert T. Kiyosaki.
He told me about the active income and the passive income.
Robert T. Kiyosaki says that to get the financial freedom you should build as many assets as possible.
That will generate passive income for you. But college graduates and youngsters don’t apply it easily even after knowing.
Because in ” Rich Dad Poor Dad ” some things you haven’t learned. so today I’ll tell some things from the latest book ” Unlock It ” By internet Market and business consultant ” Dan Lok ”
That will change your perspective on money.
First things I learned from Dan Lok’s book ” Unlock it ”
1) Passive Income is A Lie:- Unlock It Book Summary
Nowadays, you would have listened to passive income much. Build passive income once and then you will continuously get money without doing anything.
Yes, this is a little bit true, whether you do something or not or you are sleeping.
Passive income will continue to be generated but to generate that passive income. the system that is to be built, that doesn’t build by sleeping.
It requires a lot of planning, effort, and time, which again, maximum people don’t ready to do.
Because planning and hard work are required to build the system.
that is totally different from the lifestyle of the businesses in the photo and this is not digested by people.
The businessman of today like Jeff Bezos, Bill Gates, Mukesh Ambani, and Jack Ma.
If they want they can live their whole life with the passive income generated by their business.
Because there are powerful systems to control their business.
Their business doesn’t depend on whether they go to the office or not.
And due to this if they want they can live their whole life by sleeping, eating, and visiting. (Unlock It Book Summary)
But the interesting thing is instead of having this many things they go to the office every morning and work. while another side, there is an average person.
Who thinks every time that where to generate passive income a little bit that they can live their whole life without doing any work?
If you see the definition of passive income, then the meaning comes out as generating income without doing anything.
While in the world, nothing works like this from real estate to selling products online, some effort requires in everything.
Because market changes.
Government policies change and people need changes, so Dan Lok says that we should replace the ” Passive income ” with the new work ” Leverage Income ”
This means that by using the time resources and technology of other people.
Get maximum output from your minimum effort like the internet is leverage for Amazon and Facebook.
And delivery boys leverage the services like Swigy and Zomato. and other vehicles work as leverage for ola and uber. ( Unlock It Book Summary )
means, the best way to create wealth is by leveraging technology and resources. not only sitting with the hope of passive income.
2) Understand the wealth Triangle:-
Dan Lok says that wealth can be created in two ways. one with ” slow way ” and the second with ” fast way ”
The slow way is the traditional way of creating wealth that your relatives and your college professors would follow.
and they will also tell you to choose the ” slow way ”
Score good marks, so that you can get the best salary job. and finest your money in different investment schemes by saving.
so that this money will help you to live a good life 30-40 years later when you become old.
There are two problems in this slow lane
- It is very slow.
- it is dependent on others, which means on the boss who gives you the salary and the performance of the company whose stock you have bought.
This means there is nothing in your control but the second is Fast Lane
means building a system that satisfies this wealth triangle.
In which the first is high-income skills, which means a skill that gives, you $10,000 per month, or even more than that.
If you have noticed then today robots are working in the place of humans and instead of work done, with full-time employees.
They are started to outsource their work through contracts. because markets need skills, not paper degrees. ( Unlock It Book Summary )
Now job economy is transferring to the skill economy.
so the author says that if you want financial stability then first develop high-income skills before starting your own business.l
so that you can easily grow your business with the help of that high-income skill.
Dan Lok says that money never creates it only transfers
The more value you will deliver in the market more money you will get, some public speakers’ hours fee is more than the whole year’s income of normal jobs doing person.
Because that speaker or consultant can make as much profit to the company by delivering value in a few hours.
That may not be done by the employee working there. so the company pays that public speaker. even more than the annual income of their employees for speaking for a few hours.
Consulting, copywriting, public speaking, and digital marketing are high-income skills.
lets you have a skill of copywriting means presenting simple things in an influential way through writing.
And there is a company that sells online products and their conversion rate is 1%.
means only 1 person out of 100 buys something from their website and the yearly turnover of the company is Rs. 10 Crore.
as a copywriter, you have made some changes to their website.
Like you have changed the product headline and description and written in an effective way and designed some ads for them.
Due to these changes, the company conversion rate become 2%
means, now 2 people out of 100 started buying their product. means company turnover becomes 10 crore to 20 crore directly, due to your influential writing.
Now think something how much money will be company give to the person due to which the turnover of the company has doubled?
Many people work more hours to increase their income. But they don’t know, that by increasing the value of time, i.e. by learning a high-income skill, can generate more income. ( Unlock It Book Summary )
3) Wealth Triangle’s second side is ” Scalable Business “
A business that requires fewer resources and investment to expand globally means, bringing your high-income skill to the internet
by which you can expand your skill globally with the leverage of the internet.
Because in future the internet-based businesses will go very far.
Where your social capital can be your financial capital.
The best example is Kylie Jenner, who becomes the world’s youngest billionaire only with the power of their social following.
After reading ” Rich dad poor dad ” many people started believing that only real estate is an asset but it is not an asset that can be of many types
like your Intellectual property, and your customer data.
and your brand reputation is also an asset if you see it in a different way.
Then Instagram, youtube, Facebook, Google, or the whole internet is a bank.
You have to deposit your talent and you can withdraw as much money as you want according to the market values of that talent. ( Unlock It Book Summary )
4) The third side of the Wealth Triangle is ” High- Return Investment “:-
means, an investment that gives you, high returns than real estate, gold, the stock market, mutual funds, FD, and Cryptocurrency.
And you might be thinking that what is that investment that gives more return than these all? that is ” Self Investment ”
Which many billionaires of the world also believe.
Before investing our money in mutual funds, we should use it, to increase our self-worth. Because money is like a cat.
If you will run after it, then it will never come to your hand.
But if you will have a thing that is, then it will come to itself. your other investments can be ruined, the market can be crashed.
but the value of the skill you have learned will never be zero by using this wealth triangle many YouTubers, bloggers, and Instagram influencers. have generated millions of dollars of wealth without starting any business.
5) Money Amplifies your personality:-
Many people say rich people are bad. but there is no connection with their richness because that is their personality. like some poor people are bad, similarly, some rich people can be bad.
You should understand thing money is an amplifier, whether your personality is good or bad, it only amplifies the world.
if someone is bad and if money comes to him then he will start doing more bad things. and if someone is good and money comes to him then he will do more good work on a high level like,
Ratan Tata, Bill Gates, and Warren Buffett are one of the richest people in the world.
and they donate a lot of money of their net worth to charity. because it is their personality, now if I tell the screenshot summary of all the things that I have learned from the book ” unlock it ”
- Passive income is a myth, so you should replace this with a new world ” leverage Income ” which is the best way to create wealth.
- First, develop high-income skills by understanding the ” Wealth Triangle ” then bring it to the internet and invest your money in yourself. Because nobody will give you more in return than yourself.
- and the last point is money is neither good nor bad.
it just amplifies your personality so these three things, I have learned from Dan Lok’s latest book ” UNCLOCK IT ”
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