The Ladders of Wealth Creation is an idea that came from an article Nathan wrote in 2019 called, “The ladders of wealth creation: a step-by-step roadmap to building wealth”. It’s worth discussing here given the surge in people wanting to take control of their career trajectory. 

In short, the four ladders are:

1. Time for money
2. Your own service business
3. Productized services
4. Selling products

In this episode, Barrett puts Nathan in the hot seat and gets at why these concepts are both timeless and timely. 

Main takeaways

• Trading time for money, while often viewed as the least desirable category to be in, should not always have a negative connotation. In fact, it’s almost always necessary at the beginning of your journey of wealth creation. 
• While it’s possible to jump around on the ladder, the more skills you acquire that align with running a business, the easier the transition to being a full-time business owner will be. 
• A productized service business is likely ready when people start asking for a similar service to what you already offer, or a lightweight (cheaper) version of what you’re offering. 
• Ask yourself how much momentum your projects or products have, after putting them out there. Will they continue to add value to your business even if you leave them alone?

Creators of the day 

• Dann Petty
• Paul Nicklen

Resources of the day

• The Snowball: Warren Buffett and the Business of Life by Alice Schroeder
• The Ship It Journal by Seth Godin

Thought of the day

Links

• The ladders of wealth creation: a step-by-step roadmap to building wealth
• Design Kit for Figma by Rafal Tomal
• Transitioning from Clients to Products by Jason Zook

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