How Writing Online Will Make You A Millionaire - Nathan Barry

Added: Dec 15, 2023

Background and Motivation

Barry grew up in a family with limited financial resources, which instilled in him a desire to learn how to make money. He realized that making money is a skill that can be developed over time, much like learning to play a musical instrument. This realization led him to pursue entrepreneurship as a means of achieving financial success beyond the limitations of a traditional job.

Setting the Pace and Work Ethic

Barry's work ethic and drive to excel at making money stem from his upbringing and personal values. He attributes his determination to set his own pace and achieve his goals to his homeschooling experience, where he learned the importance of setting the pace for his own learning and work. This mindset has shaped his approach to work and productivity, leading him to constantly seek ways to improve and excel in his endeavors.

Maximizing Time and Skills

Barry's approach to work and productivity is centered around maximizing time and skills. He emphasizes the importance of setting the pace and being efficient in completing tasks, whether in a job or a side hustle. He shares a personal anecdote about working at a startup and using his time at the job to learn new skills and work on side projects, demonstrating his commitment to continuous learning and growth.

The Value of Side Hustles

Barry highlights the value of side hustles in providing additional income and opportunities for personal and professional growth. He emphasizes that the skills and knowledge gained from side projects can have long-term benefits and contribute to a person's overall development. He encourages individuals to consider pursuing side hustles as a means of expanding their skills and earning potential.

Balancing Job and Side Projects

Barry's approach to balancing a day job and side projects involves maximizing productivity and learning new skills. He shares his experience of using his time at work to focus on completing tasks efficiently and then dedicating the remaining time to learning and working on side projects. This approach allowed him to develop new skills and build a successful side business while maintaining his job.

Continuous Learning and Skill Development

Barry's commitment to continuous learning and skill development is evident in his pursuit of new challenges and opportunities. He emphasizes the importance of acquiring new skills that can be applied throughout one's life, such as learning to be a pilot. He views learning as a lifelong endeavor and encourages others to embrace new opportunities for skill development.

Self-publishing and Building an Audience

Barry was inspired by Chris Guillebeau's self-publishing journey and decided to write and self-publish ebooks to attract more design clients. He set a goal to make $10,000 in revenue from his first book and focused on building an audience through email marketing. He wrote and launched his first book, "The App Design Handbook," and was able to sell $12,000 worth of the book on the first day, surpassing his initial goal.

Writing Habits and Productivity

Barry developed a habit of writing a thousand words a day, which led to the creation of three self-published books within a short period. He used the app Scrier to track his word count and set goals for his writing projects. He also utilized outlines and folders to organize his writing and found inspiration by jotting down ideas in Apple Notes. Barry's writing habit not only helped him produce a significant amount of content but also contributed to his success in self-publishing and marketing.

Marketing and Launch Strategies

Barry focused on marketing and launch strategies for his ebooks, aiming for one-day sales numbers. He offered discounts and utilized email marketing to drive sales, realizing the effectiveness of email in generating conversions. He also learned from experienced internet marketers in his local community, gaining insights into the power of email marketing and its impact on sales.

Lessons Learned and Growth Mindset

Barry's journey taught him the importance of setting clear goals and understanding the skills required to achieve them. He emphasized the value of falling in love with the process of building and scaling a business, rather than solely focusing on the theoretical destination. He also highlighted the significance of reflecting on past challenges and measuring personal growth over time, which helped him stay grounded and motivated during difficult times.

The Importance of Writing Consistently

Barry emphasizes the significance of writing a thousand words per day and how it can lead to significant personal and professional growth. He highlights the idea that writing consistently can lead to the development of valuable ideas and insights, as well as the ability to articulate and share those ideas with others. The guest also shares his experience of writing consistently and the positive impact it had on his business and creative endeavors.

Overcoming Writer's Block

The host and guest discuss the challenges of writer's block and how to overcome it. Barry shares his approach of forcing himself to write for the first 10 minutes, which often leads to a flow of ideas and content. He also mentions using transcription tools to capture ideas and thoughts while speaking, which can then be transcribed and developed into written content. The guest emphasizes the importance of pushing through writer's block and the value of consistent writing practice.

Teaching Everything You Know

Barry discusses the concept of teaching everything you know and the impact it can have on personal and professional growth. He shares his mantra of creating every day and teaching everything you know, emphasizing the value of sharing knowledge and insights with others. The guest highlights the idea that teaching can lead to a deeper understanding of concepts and the ability to communicate those concepts effectively.

Working in Public

The concept of working in public is also discussed, with Barry sharing his experience of building a software company and documenting the process publicly. He emphasizes the value of sharing the journey and the challenges of building a business, as well as the benefits of transparency and authenticity in the creative process. The guest highlights the importance of sharing work in public and the impact it can have on building an audience and connecting with others.

Writing and Publishing Frequency

The guest provides insights into the frequency of writing and publishing, emphasizing the importance of consistency while also maintaining a high quality of content. Barry suggests picking a frequency for publishing and sticking with it, while also ensuring that the content meets a high quality standard. He also discusses the value of capturing ideas and prompts for future content, as well as planning ahead for days when writing may be challenging.

Personal Blogging and Artistic Expression

The conversation shifts to the topic of personal blogging and the balance between artistic expression and commercial incentives. Barry shares his perspective on maintaining a personal blog while also leveraging it for business purposes. He emphasizes the value of personal expression and authenticity in blogging, while also considering the commercial aspects of content creation. The guest discusses the challenges of balancing personal expression with commercial goals and the importance of finding a balance that aligns with one's values and objectives.

Ladders of Wealth Creation

Barry emphasizes the importance of building skills in order to achieve success in business. He discusses the concept of "ladders of wealth creation," which involves iterating through different levels of skill development and business building.

Time for Money

Barry explains that the first ladder, time for money, involves trading time for money, such as working an hourly job or a salaried position. The skills required for this ladder include reliability, following processes, and showing up to work on time. As individuals progress on this ladder, they may move into higher-paying salary jobs, but the income is still tied to the amount of time worked.

Your Own Services Business

The next ladder involves starting a services business, such as freelancing or offering specialized services. This ladder requires skills such as forming a company, working with accountants, and writing contracts. As individuals progress, they may transition from charging hourly rates to project-based pricing, which introduces leverage by disconnecting time from money. The highest rung on this ladder involves managing a team, which requires a new set of skills and provides even more leverage.

Product as Services

The third ladder, product as services, involves standardizing services to create more leverage. This may include offering standardized packages or recurring services. Barry uses the example of "Hey Friends," an agency that offers standardized video production services for a monthly fee. This ladder requires skills in sales, copywriting, and design, as well as the ability to create recurring revenue streams.

Selling Products

The final ladder involves selling products, such as ebooks, WordPress plugins, or Airbnb listings. This ladder represents the highest level of leverage, as products can be sold repeatedly without the need for ongoing sales efforts. Barry emphasizes that software as a service (SaaS) is one of the most challenging but high-value products to create, as it can provide long-term recurring revenue when implemented into a company.

The Importance of Leverage

Throughout the discussion, Barry emphasizes the importance of leverage at each stage of the wealth-building ladders. Leverage allows individuals to disconnect time from money, standardize services, and create recurring revenue streams. As individuals progress on the ladders, they gain more leverage, which ultimately leads to greater wealth-building opportunities.

The Role of Skills

Barry also highlights the different skill sets required for each ladder. Time for money may require basic job-related skills, while your own services business demands skills in business management, sales, and team leadership. Product as services involves skills in marketing, copywriting, and creating recurring revenue models. Selling products requires skills in product development, marketing, and creating scalable business models.

The Impact of Fame and Recognition

The conversation also touches on the impact of fame and recognition in relation to wealth-building. Barry shares examples of individuals who have achieved varying levels of recognition and the potential trade-offs associated with being recognized in public. The discussion explores the balance between sharing personal achievements and maintaining privacy, especially in the context of wealth and success.

The Billion Dollar Creator

Barry introduces the concept of the "billion dollar creator," which involves leveraging attention to build high-impact businesses. He shares examples of creators who have successfully directed their audience's attention towards building valuable products and businesses. He emphasizes the idea of maximizing the return on investment of attention and focusing on high-impact opportunities.

Flywheels in Business

Barry and Ali discuss the concept of flywheels in business, drawing from Barry's experience with installing a flywheel for a water pump in Lesotho. They explain how a flywheel operates smoothly, gets easier with each rotation, and produces more results over time. Barry shares examples of how flywheels can be applied to various aspects of business, such as content creation, audience growth, and revenue generation. He encourages the audience to simplify their business processes and identify the key drivers of their flywheels.