How I Made My First $1M - The Andrew Wilkinson Story
About This Episode
This episode explores Andrew Wilkinson's career progression through four distinct wealth levels, from working as a barista to managing a public holding company and a massive investment portfolio. The discussion highlights the psychological shifts required to move from self-employment to business ownership and finally to investing, while questioning the true cost and utility of chasing billionaire status.
Episode Description
Show Notes
- 1:00From barista to billionaire
- 1:40Andrew’s 1st level up: From day job to self employed
- 3:26Shaan 1st money made as an entrepreneur
- 4:40Sam’s 1st money as an entrepreneur
- 7:15Andrew’s 2nd level up: From self employed to boss
- 8:40From selling your time to selling other people's time
- 9:30Book: The E-Myth (Thinking of your business as a machine) (10:10) Andrew makes his first million dollars profit
- 12:00Robert Kiyosaki’s cashflow quadrant
- 13:20Andrew’s 3rd level up: Incubating Businesses - The decathlon of failed businesses
- 17:00Andrew sells one of his businesses and creates a nest egg
- 18:45Andrew discovers Warren Buffet’s teachings and starts learning to invest.
- 19:48Andrew's 20% rule
- 20:33Sam's pauper tendencies
- 22:58Andrew starts angel investing
- 24:00Andrew starts hiring CEOs and removes himself from his businesses
- 28:30Poker v Roulette in investing
- 31:20Andrew’s 4th level up: Taking his company public and reaching the end goal. However money didn’t buy happiness.
- 33:46What’s the actual amount that will make you happy?
- 34:37Business is a good way to build relationships
- 35:35Figuring out your annual burn rate
- 36:48The goals every entrepreneur should have. Launchpad. Enough. Life’s Work
- 38:23$10M = financial freedom
- 41:28It doesn’t take a special skill set to get to financial independence
- 46:41Shaan’s learns about the deferred life plan
Check Out Sam's Stuff
Key Takeaways
Denominate early savings in units of time rather than currency to understand exactly how much freedom you have purchased to take your next career risk.
Transition from a self-employed mindset to a business owner mindset by viewing the company as a machine with processes and systems rather than a job where you sell your own labor.
Calculate your enough number by multiplying your desired annual lifestyle spend by twenty to set a clear, reachable target for liquid financial independence.