How To Make That F#*k You Money: A Book Review of F.U Money, a bestseller book by Dan Lok
"FU money means that you have reached a state of financial stability, where you no longer rely on a specific job for a paycheck. You have enough money saved and invested that now you are the one in control as to whether you’ll stay at your job or not."
F.U money is more of a mentality than anything else. It's the feeling of being free to do whatever you want without any worry about paying for anything or getting in trouble for it.
How to Get F.U Money
Allow yourself to dream: What's your Hollywood Lifestyle Like?
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F.U Money Targets List. (F.U MT)
I've taken the liberty to share my personal F.U MT based on the author's lifestyle considerations (aspects of lifestyle) as follows;
| Lifestyle | Cost Per Year(Ugx) |
|---|---|
| Luxury Condo | 7,200,000 |
| Leasing 2 sports cars | 4,000,000 |
| Exotic vacation every quarter of the year | 1,040,000 |
| One extravagant meal a week | 520,000 |
| Karate lessons once every week | 6,000,000 |
| Name Brand clothes per month | 2,000,000 |
| Maid service | 1,200,000 |
| Lavish Christmas | 2,000,000 |
| Lavish birthday | 1,000,000 |
| A personal chef for 5 meals per week | 1,300,000 |
| Personal fitness trainer 3 times a week | 1,560,000 |
| One concert per month | 6,000,000 |
| Charity | 10,000,000 |
| One spa treatment per week | 5,200,000 |
| Flight lessons and rental | 2,000,000 |
| Limousine rides | 3,000,000 |
| Random bills | 5,000,000 |
| Buy whatever I want money | 5,000,000 |
| TOTAL | 64,020,000 |
- This is approximately $18000usd per year
The author is clear about how the amount of money is perceived. He wants to pay for the freedom of choice and quality, NOT for prestige.
What's important to notice here is that you probably don't need as much as you think to live your ultimate lifestyle.
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How To Make This Lifestyle Possible
The slow way to F.U versus the fast way to F.U.
There are two proven ways to achieve F.U status.
A) Slow way/ Traditional way
Disadvantages
It's slow.
No control of your source of income and on the growth of your capital/ income.
B) The Fast Way
Systems/ Vehicles to Use In the Fast way.
- Become a savvy investor/ trader in the financial markets (my favorite way to F.U money)
- Real Estate investments.
- Create your own business (automating the business); this was the author's favorite.
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Choosing to Create a Business to Achieve F.U Status.
FOCUS
Focus on one system and avoid distractions from quick moneymaking schemes (stick to a business model that works)
Pathway to Focus.
Have a great VISION
Deliver massive amounts of VALUE.
Solve a lot of PROBLEMS.
Note: All the billionaires on the Forbes list didn’t get rich by a hot money-making scheme. Only you can make yourself rich. No one else will. You'll never make F.U money jumping from one thing to another.
How to Direct the Focused Energy
The nine (9) characteristics of an ideal business
Before you start to spend your focused energy, make sure you choose an endeavor where the chances of making F.U money after money are as high as possible.
Such a business should fulfill the following nine (9) characteristics.
1. Do what you love: Doing something only for the money is okay but it's being shortsighted. Pick a business where you at least have some interest. You'll be much more competitive that way.
2. Stable, growing long-term demand: Pioneers often end up with arrows in their backs competition is good, it gives you the best clue you can get. That there is money to earn in that market.
3. Be portable: We believe in constant evolution so you can work from anywhere in the world. The next best company for you might be right near your home or many other exciting places. How does working from the beaches in South Bahamas sound to you?
4. High-profit margin: A low-profit margin means that there's not much room for error; you need to make sure you have some room to fall back on if needed.
5. Scalability: This is a vital trait for any business venture. If it would take you the same amount of time & effort to sell 100 as it would sell 10 units, then your business is unlikely to grow effectively because of the limitations it imposes. It would take a lot longer & require more time & effort to make the same amount of cash under this scenario. This goes against the point of running a business.
6. Low startup costs: If there is a need for co-investors already from the get-go, it just makes the whole startup process much more complicated than necessary. Avoid this especially as a beginner.
7. Requires little or no staff: The author prefers contractors over employees because they cause less hassle.
8. Low overhead: Avoid costs that aren't directly tied to income. Use affiliates and contractors as much as possible.
9. Earning money while you sleep: We all like to work hard and put in long hours but achieving financial freedom feels different, you must decouple (separate) time spent and income. As mentioned before, most scalable businesses fulfill this.
YouTube and other Internet-based businesses typically fulfill all nine of these.
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THE SEVEN GOLDEN RULES TO INTERNET RICHES.
So here follow the seven rules to Internet riches.
1. The market comes first: To find out where money is being made, look no further than where money is being spent.
2. Create a simple, easy-to-navigate website that sells: Your website is not a brochure. It's a 24/7 virtual salesperson.
3. Build a business, not a moneymaker: Don't focus on quick money deals. Focus on assets such as;
- Customer lists
- Products
- Brands
4. Create multiple income streams in one business, not diversified businesses: Solve the needs of one group of people to the greatest extent possible. Avoid jumping from market to market.
5. Leverage the time and resources of others. Outsourcing is on the list of the most powerful tools there is: Think about it, you only have 24 hours a day but through outsourcing, you can make that seemingly static variable a scalable one.
6. Use your personality to sell: People do business with people they’re familiar with, that is, they know, like, and trust them.
7. Position your business for automatic growth: Automate as much as possible. There is a lot of inexpensive technology for running your business such as automated emails and chatbots.
SUMMARY
Write down your Hollywood lifestyle and determine how much money you must make per year to have true F.U Money.
Choose the fastest way to wealth, not the slow one.
Jumping from idea to idea will inevitably lead to failure. If you want F.U Money, it requires an investment of time and effort from your end. Don't make it more complicated than it is.
Have a clear vision, deliver tons of value and stay focused.
Choose a business where chances of making F.U Money are as high as possible.
Follow the Seven Golden Rules to Internet riches.
Keep on Steeming On!
@sembozezade
This is a lovely book review. To be wealthy you truly have to get something that earns for you even as you are asleep.
Loved Billions but dirty games were just too many…
Thanks for the honest comment @pixiepop. Just like Warren Buffet also says something like " You die broke if you don't learn to earn in your sleep."..... As a trader, I've learned a lot from Billions in terms of risk management, money management, and emotional management...It's an ideal one for traders
That is very true…Warren Buffet’s biography is also interesting actually…
Thank you so much for this wonderful post in @teamuganda.
Your post is free from plagiarism. Keep steeming up
Thanks for the feedback @vianneyspirit.
You have been curated by @yohan2on, a country representative (Uganda). We are curating using the steemcurator04 curator account to support steemians in Africa.
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I loved every bit about this write up, the markdowns and the quality man! You are lit.