How to 6X Your Yearly Income

I had a conversation recently with a dear friend. This is a hardworking and trustworthy person I have known for several years. We drifted into discussing about money. His goal is to 6X his income.

First of all, I wanted to know about his goals. Why 6X? Why not 7X or 10X or 2X? Turns out he had a reason. He is getting ready to start a family.

Interestingly, I was already way past his 6X amount. And the first thing I had to tell him was that he needed to make more than that amount. I told him that 6X would not be enough for what I believe he wants to do. Let me explain.

Why You Should Set Big Money Goals

When I first set a target to make $1,000 in a month several years back, I thought it would be the best thing ever. I believed I would be able to live large with excess money and splash money on whatever I liked.

But as soon as I got there, I realized what a flawed premise that was. I didn't factor in that my expenses would change. I didn't factor in the fact that I would move into a better neighbourhood. I didn't factor in the additional costs that having an improved lifestyle would be.

And in fairness, I didn't factor it because I didn't know it. This is what happens when you are moving from the known to the unknown.

Ever since I understood this concept, I stopped bothering myself over the cheap details of specific amounts. Sometimes, it is good to give you a frame, but nothing more beyond that.

It is better to set your financial goal so big that you fall short than to set something you think is enough and then find out it isn't. My financial goal frame for this year 2024 is a hundred million usd. I still have no idea how I will pull that off.

Courage to be Super Rich

It takes courage to be rich. Not hard work or dedication or focus, like all these gurus try to tell you. What it takes is courage. This is because you are rich first before you have the money.

The money never comes first.

You have to learn to become the type of person that makes such an amount of money. That is what comes first. And that takes courage.

Most people want to be richer by staying the same person they used to be. And that is crazy. It will never happen. A poor man who wins the lottery is still a poor man. And there are lots of people like that today.

Money is attracted. And it is attracted to the rich. You have to be rich first. You have to act like you have an unlimited amount of money. This is because money likes to go whether it already is.

If you say to me, "Hey David, I have no money, what should I do?"

I will say to you, "Get some money, and I will show you what to do"

You cannot get rich from a place of lack. You cannot grow rich when you feel like you have nothing. You cannot grow from nothing to something.

All those who like to say that they came from nothing and are now super-rich are wrong. You become rich the day you realize that you have something.

You always go from rich to richer. You never go from poor to rich. This is because poverty is a state. It has nothing to do with how much you have in your bank account.

And most people think that they will grow rich by turning small money into big money. Even when that works, it is often short-lived. If you are looking at your money to make you richer, you will be disappointed.

If your eyes are on the money you have already made, you will keep attracting more like that same amount again and again and again.

Money has its own game and you must be willing to play it. You must have something that is non-money that is equivalent to the amount of money that you want to have.

In other words, have an asset that is equivalent to your big financial goal. So, for example, in my own case, I carve for myself an asset that is equivalent to a hundred million. And then, I believe in the value.

So, if you want to make 6X your income this year, believe that you have an asset equivalent to 6X your income. Believe that and hold on to it.

The Next Step

Relate to people who are on the financial level you want to get to. This is a very important step. You must have a mental conception of the level you want to be in.

By this, I don't mean watching videos and stuff. Instead, I mean you need to feel the level. Touch the people. Bring it home to you. Why?

This is because the first time you get into the environment of the new income you want, you will be very uncomfortable and out of place. Your goal is to become confident and feel in the right place among such people.

Find a way to bring the feeling of the next financial level you desire home to you. Make it your new home. Until you are no longer excited by it. Or enchanted by the prospects of it.

Think from it, rather than think of it.

For example, in my case, I have to think from the place of having a hundred million. Not think of how to get a hundred million. When I am negotiating any deal, I negotiate like someone who has made a fortune already.

You have to learn how to behave like someone who already has what you are aiming for. Don't act like a chaser. Don't act like an upcoming - act like a superstar.

By this, I don't mean spending money you don't have to impress people who really don't care. Instead, it is often quite the opposite. Assume people people are already impressed by you and make zero effort to impress them.

Don't try to impress anybody. Just be yourself.

Believe in who you have assumed yourself to be in your imagination. And don't worry about the specifics of how it will materialize.

This is the most important step. This is an internal step. The external steps won't count if you don't take this internal step.

The External Step

There are two steps that I have realized that will help almost every person to increase and multiply their income greatly. And you don't have to take the two steps. You only have to take one.

However, if your internal being is not aligned, this will fail.

Step 1 - Partner up

One good partnership is worth a thousand years of hard work. You don't need the whole world to believe in you. You just need one person.

The right person will change your business outlook and life forever. And always remember that you cannot partner with someone who thinks they are bigger than you.

Your demeanor has to convince them that you are peers (at least). Nobody wants to partner with someone below them. Nobody will. Everybody wants to partner up.

You are one good partnership from 6X your yearly income. In fact, you are one good partnership from turning your yearly income into your monthly income. Think about that.

Step 2 - Content Creation

A significant chunk of my financial success today is due to content creation. Find something bigger than you that other groups of people also care about. It has to be something you have passion for. Then, find a suitable online platform and create content for that thing.

This is a delicate art, and you might need help in getting this right. But if you believe you are good at something and you are not getting the financial results you crave, build an online brand by creating content.

You can hardly get this wrong. If you need help with this, get in touch with me and I will advise you on the best ways to go about it.

Yes, content creation can make you rich. But you have to be rich inside first.

Act on these things.

Stay rich

P.S. Read 7 things to calibrate yourself to wealth in 2024