The Wealthy Don't Care About Lambos or Gucci Shirts
And they never will!
Hey all,
This week’s email is more of a “TED Talk” than an email, so bear with me!
But first, let’s get into this week’s Quote, Tweet, and What I’m Working On.
Quote:
“I am not a product of my circumstances. I am a product of my decisions.” - Stephen R. Covey
Tweet:
What I’m Working On:
Continuing to create content for Wealth Seeker (Twitter, Substack, Medium) - currently repurposing most of it, but trying to figure out a more streamlined process
Scaling back efforts on my KDP business a bit, and taking a break from it until I figure out what’s next
The Wealthy Don’t Care About Lambos or Gucci T-Shirts
Social media has a way of making it seem like the people who have massive amounts of money own “stuff” like Lambos and $500 Gucci t-shirts.
But that couldn’t be further from the truth!
I’ll be the first to admit (although reluctantly), I fell into this trap back in 2018/19, when I was nonchalantly scrolling through Instagram one day and saw what they call a “Shopify dropshipping guru” posing in front of his new Lambo while wearing some nice clothes.
At the time, I thought it seemed legit, and naturally, I looked into this whole thing further to see what it was all about.
Before that, I had no idea what a “dropshipping” business even was.
I even studied business in college, but they never taught us anything about dropshipping, let alone about online business. So this was really the first time I learned about it.
And although my first exposure to it was from an Instagram feed, I thought it was legit and my interest was piqued.
In 2019, I decided to try this whole dropshipping thing out myself. And it was my very first online business.
The store I ended up created was a drinking party themed-store. I was selling drinking party favors and games. It was basically a frat boy’s dream store.
And before you ask, I was not a frat boy in college! Just thought I’d make that clear.
In case you’re curious, here is something very similar to a product I was selling:
It’s basically an inflatable hat you put on your head to play drinking games with.
Very cool, right?
Not really.
So, did I ever find success with Shopify dropshipping?
Long story short - no.
Although I managed to make a few sales here and there, the store ended up failing after only about a month and a half due to the fact that I wasn’t seeing any ROAS on my ads.
It was simply unsustainable.
Of course, it was upsetting to see my first online business fail. But I certainly learned a lot from it.
Especially not to trust any so-called “dropshipping gurus” anymore!
At the time, I thought these guys had built genuine wealth from their businesses.
But then I later learned that they made their money from, not their dropshipping business, but from, you guessed it, selling their courses or coaching programs.
Of course, not all of them were like this. But a good amount of them were.
And guess what? Those guys weren’t actually wealthy!
They mostly faked it in the name of Instagram likes and course sales.
I finally realized (years later) that if they actually were wealthy, they wouldn’t be flexing it on the ‘gram. They’d be silently building wealth via index fund investing.
I guess the lesson of this story is…wealthy people don’t care about material things like Gucci and Lambos.
They care about assets that will make them even wealthier.
That’s the primary difference between the rich and the wealthy.
Thank you for reading! I hope you enjoyed this “story time” “TED Talk” format. I may do more like this in the future.
If you enjoyed this email, feel like to like it and leave a comment, and if you’re feeling extra kind today - you know the drill - consider sharing with a friend!
Until next week,
Wealth Seeker
P.S. I have a free guide! If you haven’t checked it out yet, you can grab it here.