Episode 604: Sam Parr ( https://twitter.com/theSamParr ) and Shaan Puri ( https://twitter.com/ShaanVP ) talk to Andrew Wilkinson ( https://x.com/awilkinson ) about how he went from a $6.50/hr barista to millionaire in just 4 years.
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Show Notes:
(1:00) From barista to billionaire
(1:40) Andrew’s 1st level up: From day job to self employed
(3:26) Shaan 1st money made as an entrepreneur
(4:40) Sam’s 1st money as an entrepreneur
(7:15) Andrew’s 2nd level up: From self employed to boss
(8:40) From selling your time to selling other people's time
(9:30) Book: The E-Myth (Thinking of your business as a machine) (10:10) Andrew makes his first million dollars profit
(12:00) Robert Kiyosaki’s cashflow quadrant
(13:20) Andrew’s 3rd level up: Incubating Businesses - The decathlon of failed businesses
(17:00) Andrew sells one of his businesses and creates a nest egg
(18:45) Andrew discovers Warren Buffet’s teachings and starts learning to invest.
(19:48) Andrew's 20% rule
(20:33) Sam's pauper tendencies
(22:58) Andrew starts angel investing
(24:00) Andrew starts hiring CEOs and removes himself from his businesses
(28:30) Poker v Roulette in investing
(31:20) Andrew’s 4th level up: Taking his company public and reaching the end goal. However money didn’t buy happiness.
(33:46) What’s the actual amount that will make you happy?
(34:37) Business is a good way to build relationships
(35:35) Figuring out your annual burn rate
(36:48) The goals every entrepreneur should have. Launchpad. Enough. Life’s Work
(38:23) $10M = financial freedom
(41:28) It doesn’t take a special skill set to get to financial independence
(46:41) Shaan’s learns about the deferred life plan
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Links:
• Never Enough - https://www.neverenough.com/ (⬅️ Andrew’s book!)
• The E-Myth - https://shorturl.at/h7Q1J
• Rich Dad Poor Dad - https://shorturl.at/S28Dd
• How To Get Rich - https://shorturl.at/pGTSm
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Check Out Sam's Stuff:
• Hampton - https://www.joinhampton.com/
• Ideation Bootcamp - https://www.ideationbootcamp.co/
• Copy That - https://copythat.com
• Hampton Wealth Survey - https://joinhampton.com/wealth
• Sam’s List - http://samslist.co/
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Check Out Shaan's Stuff:
Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd
My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano