3 Ways to Become Part of the ‘New Rich’
The guard is changing. Are you sticking to old systems or setting your personal brand up to join the ‘New Rich’?
On a recent trip to Europe, I noticed something had changed. The last time I was there, I was working a 9-5 job and constantly checking (or thinking about checking) my emails. I fretted over what was building up. I imagined what I’d come back to. Working for myself, this was no longer the case.
I controlled the system that would continue to work for me to bring in new personal brand coaching work. I didn’t worry about my email, I knew the pre-determined times I would check them. Plus, it brought me no worries anyway, as my inbox is only full of meaningful and highly productive work.
I’m still early in my solo journey and certainly not a part of the New Rich. But, it made me reflect on the lifestyle so many others have built. Like enjoying extended travel while still earning an income. Some are paid while they play and not just via their annual leave. I know many who fall into this category and many who don’t. I’ve seen the difference between those with financial and geographic freedom and those without it. Those bound to their desks and those free to enjoy rich life experiences as they please.
The ‘New Rich’
A decade on, Timothy Ferris’ No.1 New York Times best-seller, The 4-Hour Work Week still has a cult following. Yet, it challenges nearly all conventional norms of working. Ferris has experienced both a 9-5 job and successful entrepreneurship, earning more in a month than he once did in a year. And he did it while working less.
For Ferris, the goal is fun and profit. Ferris proposes there is a ‘New Rich’ (NR) - defined by unrestricted mobility. Far from a lazy mindset, the ‘mobile lifestyle’ is a systems-focused mindset that prioritises effectiveness, not efficiency:
“The guard is changing. Being bound to one place will be the new defining feature of the middle class. The New Rich are defined by a more elusive power than simple cash - unrestricted mobility.”
Through automated systems and remote working when necessary, the New Rich have plenty of both time and physical freedom. They get to enjoy the fruits of their highly productive labour. Plus, plenty of travel and multiple ‘mini-retirements’ per year.
Ferris’ book is a goldmine of practical strategies for joining the New Rich. If unrestricted mobility is the new power, here are my top tips for building it for your personal brand:
Tip #1: Effectiveness over Efficiency
While ‘efficiency’ is a popular buzzword, effectiveness is more important.
Ferris reminds you of the importance of some ole favourites in productivity techniques including:
Parkinson’s Law
‘Parkison’s Law’ suggests that a task will swell in perceived importance and complexity to the amount of time you have allotted for its completion. Lessen the amount of time you have for something, and you’ll achieve what you have to in the same timeframe.
Pareto’s Law
“Pareto’s Law” or the 80/20 principle says that 80% of outputs come from 20% of inputs. As an example:
80% of results come from 20% of efforts.
80% of profits come from 20% of customers.
Batching
Some work is distracting, yet also necessary. But, there is a setup time for all tasks no matter what their size. It’s estimated that it takes 45 minutes to resume a major task after an interruption. And interruptions consume 28% of each 9-5 day.
Having pre-determined times for which certain tasks accumulate improves effectiveness. This includes, as Ferris proposes, checking emails just twice a day.
Tip #2: Don’t work in your business, work on your business
Robert Frost said:
“By working faithfully eight hours a day you may eventually get to be a boss and work twelve hours a day.”
In our always-on culture, even 12 hours is a dream for many. But, the New Rich work differently. For many managers, being replaced is a fear. For the New Rich, being replaced is the goal:
“Being a member of the NR is not about working smarter, it’s about building a system to replace yourself.”
Automation
The mobile lifestyle is underpinned by systems that run themselves. And automating processes so you aren’t working in your business, but rather on your business.
This view was popularised by Michael E Gerber in his own cult classic, The E-Myth Revisited. Gerber presents ‘The Franchise Prototype’, focused on developing entire systems.
Ray Kroc’s McDonald’s exemplifies ‘the turnkey revolution’. Which created not just a business franchise, but a ‘Business Format Franchise’. A seamless globally consistent operation. It’s not just what you sell, but how you sell it. The true product of a business is the business itself.
For your personal brand, Gerber's focus on systems remains relevant. A reminder that consistency builds trust. And to ensure the system you are building is also feeding your greater ‘Primary Aim’.
As Robert Kiyosaki also reminds us in another cult classic Rich Dad Poor Dad, the rich don’t work for money, their money works for them:
“Our assets are large enough to grow by themselves. It’s like planting a tree. You water it for years, then one day, it doesn’t need you anymore. Its roots are implanted deep enough. Then the tree provides shade for your enjoyment.”
Tip #3: Create original digital content for your personal brand
Ferris isn’t the only thought leader to discuss the New Rich.
The Almanack of Naval Ravikant quotes Ravikant as saying:
“Code and media are permissionless leverage. They’re the leverage behind the newly rich. You can create software and media that works for you while you sleep… If you can’t code, write books and blogs, record videos and podcasts.”
When you have your own platform (or intentional personal brand), instead of just chasing media, you become the media. And by becoming the media, you create a new form of leverage for your personal brand.
There is certainly nothing wrong with enjoying the routine of a face-to-face 9-5 job. I certainly have. But, if you’re looking to build the worth of your personal brand, like the New Rich be effective over efficient. Work on your business, not just in it and create content. Like the New Rich, it will leave you with the greatest luxury of all - unrestricted mobility.
