Elon Musk's genius reputation is amplified when you realize that everything he does is mutually reinforcing in the short and long term.
His end goal is to colonize Mars.
His short term goal is to run profitable businesses.
Consider how everything else he does gets him closer to both goals.
At the surface level, all the businesses give him the financial means to innovate.
That's important, but its not the point.
I'll let the article I'm ripping this quote from explain.
Tesla makes battery packs that SolarCity can then sell to end customers. SolarCity supplies Tesla’s charging stations with solar panels, helping Tesla to provide free recharging to its drivers. Newly minted Model S owners regularly opt to begin living the Musk Lifestyle and outfit their homes with solar panels. Tesla and SpaceX help each other as well. They exchange knowledge around materials, manufacturing techniques, and the intricacies of operating factories that build so much stuff from the ground up.
Each business gives him knowledge that helps every other business.
The collective engineering advancements are critical for survival on Mars.
What's my point?
We can apply the same ideas to our lives.
Our goals don't have to be furthering the species.
You can use the goals you already have.
I'm going to demonstrate with one of my over-arching personal goals.
Ask yourself, "what is my main goal 1-3 years from now?"
For me, that is to
- Have passive income from multiple internet based business streams that are relatively low maintenance
- Be location independent and time independent
All your projects, education, and conversations should converge to your top goal.
Then ask, "what am I doing that brings that goal within the realm of probability?"
Acquiring important skills for building businesses
- Learning digital marketing by doing it for commission of sales for a friend's sport drink company
- Reading books about entrepreneurship, personal finance, marketing, sales, copywriting, accounting
- Learning to code to augment my ability to leverage technology in my favor
- Becoming a better writer and speaker through blogging and podcasting
- Practicing dividend investing BEFORE I have a ton of money to learn good habits and techniques for "buying" passive income
Building an audience
- Podcasting and blogging to grow a "following." When I do eventually have something to sell, I'll have an established group of people that like what I do and will be likely to buy it or help me sell it.
Building a "Tribe of Mentors"
- Purposely developing relationships with experts in all the pieces of business: investors, CTOs, marketers, authors--these people can give advice at critical pieces of my business development and be potential collaborators
Taking Care of Myself
- Getting swole for the hell of it
- Making sure my body and mind are in top shape to sustain high performance for years to come
- Working jobs and freelancing as needed to earn money to buy food so I don't die
Am I Elon yet?
I do not know at what point these skills and projects will converge into the holy grail of financial independence early in life.
Elon does not know at what point his projects will converge into space colonization.
I do know that my probability of reaching my goal of FI increases dramatically with each of these activities, so I'll stay the course.
Elon does know that his probability of reaching Mars increases with each of his activities, so he'll stay the course.
What Now?
Isolate your top goal and the general time frame you want to achieve it.
Analyze your main activities consuming your time and attention.
Are they converging at the right point?
Adjust accordingly.
Roadmaps to Consider
- The Stairstep Model of Entrepreneurship
- The Millionaire Fastlane and Unscripted by MJ DeMarco
PS
My plan is still vague and I really need to get more specific.
I need to choose a main route to FI but I'm delaying the decision.
Writer? Sell ebooks, courses, real books, freelance write, content market.
Marketer? Join startups and help them sell stuff. Make commissions and/or take equity.
Coder? Get paid to learn by working at a startup for a while. Build and sell my own stuff over time.
I think they are all viable paths, but I really should choose soon.
In the meantime, I'm doing a bit of everything by writing these journals, finishing my CS degree, and working one marketing project.
The good news is that all of these benefit from building an audience.
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