The first piece is what I call high-income skills. How I define high-income skills is a skill that has the potential to make you over $100,000 a year or 10 grand a month, however you want to calculate it.
In this case, you are trading your hours for dollars but you’re trading your hours for high dollars. You’re taking your skills, your experience, your talents, and you’re delivering value to the marketplace in exchange for money.
Now the second piece of the puzzle is called scalable business, something that you can grow without a lot of infrastructure.
For example, a restaurant is not a scalable business because every time you want to open a second location, you’ve got to sign a long lease, and put in a lot of money to renovate the place and hire a lot of people.
An internet type business is what you could grow without a lot of infrastructure or without hiring a lot of people, and without a lot of overhead.
The third component is what I call high-return investment. Now how do I define high-return investment? High-return investment is an investment that will provide you with 10 percent annual return year in and year out. In some cases it could be more.
I was a punk kid.
I grew up in Hong Kong with enough money supplied by my Dad to always have $100 in my pocket.
I had zero ambition. I was not interested in success. But my parents divorced when I was 14, and everything changed.
My mom and I immigrated to a bad neighborhood in Vancouver and a low-rent, one-room apartment.
My bed was a sleeping bag. And suddenly, no more money in my pocket!