Spend like a millionaire
And you'll become one.
Most solopreneurs haven’t spent anything on their business.
$0.
Have you?
If you have, you probably spent on:
Courses & books
Producing a course or a book
Software
Maybe a website or a few ads
How you spend is part of how you make money.
Recently, I was exposed to a completely different way of spending (which, ultimately, is a different way of prioritizing).
I was exposed to how a millionaire entrepreneur spends on his business.
And I wanted to invite you to consider a new way to prioritize.
Why learn to think like a millionaire entrepreneur?
Most solopreneurs don’t think like entrepreneurs.
They think like:
Employees focused on delivering excellent service within a fixed role (aka freelancers).
Artists focused on the creative process.
I was stuck there for years, wondering why I wasn’t making enough money. Here’s why: the people who make a lot of money are the people who think like entrepreneurs.
They are:
Confident
Clear
Connected
Desired partners for various opportunities
Ultimately, rich
Why learn to spend like a millionaire entrepreneur?
Because it’s the fastest & easiest way to start thinking like a millionaire entrepreneur.
Spending equals prioritization.
When you have to put your money where your dreams are, things become real. It’s not just you behind a computer anymore — this is your life.
Am I making sense? Good. Let’s talk specifics.
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Spend on 1–1 connections.
In June, I found myself in the VIP lounge of a top event in London. (How I found myself there is a story for another time).
What blew my mind was how people there connected. Very few of them knew each other, yet, they all communicated as if they were old friends.
They asked questions that made me uncomfortable (How much did your business gross last year?), there was a trace of a sale or potential partnership in every conversation.
And to them, it was fun. It wasn’t networking. It was business people talking business. It was meeting others with the same interests.
The data confirms this too. According to consumer expenditure data from the Bureau of Labor Statistics, the rich spend more on experiences & events compared to the middle class.
How solopreneurs can connect with more of “their” people:
Go to events in your industry. If you can afford it, get a VIP ticket. Your business will shoot up. That London event was about health, and one of the people I met at the VIP dinner was a health content writer. By the end of the event, she had 10 new clients.
Become a part of Masterminds. Carrie Green recently shared how Tony Robbins invited her to speak at one of his events after she met two of his event organizers at a high-level mastermind. Obviously, some masterminds are WAY out of our price range as solopreneurs, but if you do the research for your industry, you can find a community that works for you.
Invite people to 1–1 calls or organize calls with like-minded solopreneurs “just because.” Wonderful partnerships are waiting to happen.
Spend on health.
“80% of success is about who you are, not the business strategies you use. So what are you doing about that?” — Regan Hillyer
When we talk about self-care, everyone thinks meditation, journaling, rest.
Really, it’s about health.
Millionaires spend a lot on health, including mental strength.
“According to the “Rich Habits” study by Tom Corley, author of “Change Your Habits, Change Your Life”, 76% of the wealthy exercise for at least 30 minutes a day.10 Many billionaires, including Richard Branson, Mark Cuban, Mark Zuckerberg, and Jack Dorsey credit regular exercise for a lot of their success.
Furthermore, according to the study, 93% of wealthy people sleep at least seven hours a night, and over 60% play some form of competitive sports as adults.”
When your body & mind work at an optimum level, they help you deal with stress and find next-level solutions.
How solopreneurs can be healthy as millionaires:
Breathe. It sounds funny, but 90% of people don’t know how to breathe so they unlock their full potential. This breathing technique is one simple step forward: it’ll help you boost your energy & ability to focus.
Limit screen time or turn on night mode. Blue light increases your blood sugar, keeps you in a constant awake state, and exhausts you. If you can afford glasses that block blue light, do your research and go for it. If not, at least limit screen time or turn on the night mode on your phone.
Healthy food. Even small changes in your diet can make a huge difference: focus on protein, don’t eat chicken (you won’t believe the horror stories in poultry farming & the hormones chickens are stuffed with to grow faster), and try to buy from small local farmers as much as you can.
“According to Tom Corley, the wealthy prioritize their health by purchasing whole, organic food. According to his data, 97% of poor people eat over 300 calories of junk food per day, whereas 70% of wealthy people eat less than 300 calories of junk food per day. He also found that wealthy people exercised more frequently than the poor.”
Exercise. Whatever works for you. I put on headphones and dance in the middle of the day (if I have no time or energy for anything else).
Spend on time.
Millionaires give themselves time.
It’s not just about having the money to hire a team or a PA. It’s about the way they think.
To have time for self-care, they’ll postpone a meeting even if there are alternative costs.
To give themselves time to develop a business idea, they’ll take a loss in the beginning. (And why are we always in a hurry to get the next 1000 subs??)
Millionaires take the time to think, time to enjoy life. They don’t sweat the small stuff.
Solopreneurs are always in a hurry. Always cramming a million things into our days. I hate this.
How solopreneurs can prioritize time like millionaires:
One non-negotiable. Sometimes I do more, sometimes I do less. My one non-negotiable is I always send out my newsletter. What’s yours?
Simplicity wins. One offer. One platform for building an audience. Especially in the beginning, focus on one. Not on paid subs AND products AND services AND sponsorships. Make your business simple.
Build in clarity time. If you have 2 hours a week to work on your business, spend one hour thinking. Always allow time for clarity & direction.
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Share it so more solopreneurs can join the Smarter Solopreneurs club. ❤
I also love to INVEST the money I make. Not really in courses now but in experts that can help me on a 1:1 level.
, 76% of the wealthy exercise for at least 30 minutes a day. That's interesting! Would loe to do it again too. On Vacay we exercise with the kids but at home it's hard to make the time although my friend Valentin would say I have to make time.
Did you see that Michael Simmons mentioned you too? :) I restacked it and mentioned you as well, my friend.
I guess I'll change the thumbnail of our video one more time. Will let you know onve I did it. Plus it's gonna become a podcast episode. Will share more soon.
How are your Gumroad projects going?
The title was very catchy! This was a super fun read thank you for taking the time to really think through each point and boil it down to small business!