Get Rich in the New Economy [2022]

Summary

• The wealthiest individuals of the last century were built on oil, but today's economy values attention as the new oil.
• The total available attention is the sum of every person's eyes and ears for 24 hours each day; companies and individuals vie for this attention.
• Attention has become a scarce resource, making it highly valuable in the current digital landscape.
• I had a revelation about the power of attention when I saw young celebrities like Kylie Jenner capitalizing on it to become billionaires at a young age.
• Skills, beliefs, and character traits can hold back entrepreneurs; for me, it was a belief about the value of developing a personal brand for attention.
• After reading "The Almanack of Naval Ravikant," I understood the concept of leverage, which includes labor, capital, code, and media.
• I realized the need for a compounding vehicle in business—a way for efforts to multiply and grow over time.
• Leveraging media allows for scalable impact; it provides the potential to reach millions with a single piece of content.
• MrBeast illustrates the power of media leverage, predicting he will become a "sense of billionaire" due to his mastery of media.
• After a conversation with Dean Graziosi, I committed to using media to make a significant impact and align my actions with my proclaimed goal of making business education accessible.
• I shifted my view to see content creation not as a transient output but as an input for building an audience—the truly compounding asset.
• The ability to monetize attention effectively connects with being patient and consistent in brand building, like The Rock did for 20 years before launching successful products.
• On-brand monetization choices resonate with the audience and amplify the success of celebrity-endorsed ventures.
• Diverse interests and expertise can draw in a varied audience, and the cross-pollination of these audiences accelerates growth and impact.
• I was slow to recognize the shift towards attention as the key resource, but now I see that creating and holding an audience's attention is essential.
• The future's wealthiest individuals will be those who can capture, retain, and multiply attention effectively.

Video

How To Take Action

I would suggest implementing these strategies to tap into the power of attention, just like MrBeast and Kylie Jenner:

• Understand that your attention is precious. Think about how you can captivate people's eyes and ears for even just a minute every day. It's all about getting other people to notice what you do.
• Start creating content now, but don't expect quick fame. It's an investment. Focus on sharing your skills or passions because the attention you get will grow like a snowball over time.
• Believe in yourself and your message. Just like I had to shift my thinking, you may need to change what you believe about personal branding. Don't be shy to show people who you are and what you've got to offer.
• Pick something to share that's truly you. Just like The Rock with fitness, your content should reflect something real about your life. This authenticity makes people feel connected and keeps them coming back.
• Be patient and consistent. Spend years building your brand and audience without immediately trying to sell something. The longer you wait, the more you can eventually ask from your audience.
• When you choose to monetize, pick something that fits your brand. Conor McGregor's whiskey fit his tough image, so think about what products or services fit your image and will excite your audience.
• Diversify your interests to appeal to a wider audience. Learn from Joe Rogan how having many interests can help you draw people from different places. The more areas you cover, the more people you reach.
• Finally, keep working at it. The wealthiest folks of the future will be masters at grabbing, keeping, and growing attention. Start now, because the earlier you start, the more your efforts can compound over time.

Remember, creating content is not just making stuff; it's building an asset – your audience. And with every person you connect with, that's one more potential fan, one more set of eyes and ears headed your way. So use media as your leverage and watch your impact multiply.

Quotes

"The wealthiest individuals of the last century were built on oil, the biggest companies were all energy companies, fast forward today four out of the top five biggest companies in the world are built on the new oil, and the oil of today is attention"

– Alex Hormozi

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"The total attention that exists is every human's eyes and ears collectively 24 hours a day. That is the pie and they're fighting for it"

– Alex Hormozi

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"Scarce resources are the things that are the most valuable, and so oil was the scarce resource and now attention is the scarce resource and so that's why attention is the new oil"

– Alex Hormozi

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"Leverage is the difference between what you put in and what you get out, the people who make the most money are the ones who have the most leverage"

– Alex Hormozi

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"You're gathering the scarce resource, and the audience is the thing that pumps attention over and over again"

– Alex Hormozi