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✈️ How To Get Rich
Leverage: The Hidden Strategy Behind the Richest People In the World
Yong-Soo Chung
October 04, 2023
First-time traveler? Welcome aboard, Jetsetter! 👋🏼
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Welcome to First Class Founders, your favorite destination to learn proven strategies to grow your mindset, audience, and business.
Before we begin… a quick word from our sponsor.
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Jetsetters,
The richest people in the world don’t work any harder than you do. Yet, they make way more money per unit of time. What are they doing differently that you should be doing?
Today, I’ll dive into the secret of how these rich people actually get rich.
On today’s episode, you’ll learn:
🕰 The Four Types of Leverage
📈 Digital Leverage vs. Analog Leverage
🏆 How to Master the Concept of Leverage
💻 How I’m Using Leverage For My Personal HoldCo
Here are a few juicy excerpts from today’s episode to get you flowing:
The Power of Code and Media: "The next generation of successful founders will emerge primarily from this permissionless average. The old ways of relying solely on capital and labor for leverage are no longer applicable. New ways to build products using code and media and distribute them to willing consumers." — Yong-Soo Chung (09:24)
The Power of Leverage in Entrepreneurship: "My Personal Holding Company is actually the perfect combination of all 4 types of leverage. Capital, Labor, Code, and Media. I use code and media leverage to create my businesses, I use social media to build my brand and find customers for my businesses. Then once my businesses begin taking off, I switched from the solar promotion model and infused the traditional averages of capital and labor to grow them even further. Finally, once they become somewhat sustaining, I find an operator who I can trust to run the business and hand it over." — Yong-Soo Chung (17:43)
This episode is not to be missed!
📢 Sponsor: Swell AI
Jetsetters, I’m super excited to announce Swell AI as our sponsor for First Class Founders!
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✈️ First Time Listener? Here’s What You Missed…
🏷 Lost & Found
Did you miss these? Each week, I round up all sorts of interesting things I found on the internet that you missed. Enjoy!
📝 Yong-Soo’s Weekly Journal
Each week, I reflect on lessons learned growing my Personal Holding Company — the good, the ugly, and everything in-between in raw, unfiltered, free-form writing.
How To Attract Your Biggest Fans & Create a Movement
Audience building is a funny game.
One year ago, I started posting online.
Roughly one year in, and I've already experienced my fair share of ups and downs:
Tweeting into the void
Random tweets going viral
Gaining (and losing) tons of followers
If someone forced me to share only one lesson from the last year of audience building, it's this:
Form a strong viewpoint of the world based on your own lived experiences. Then, share the lessons you learned through authentic storytelling.
Bonus points if you can bring your audience on a journey with you.
Let's break this down.
Too many creators right now are ignoring their biggest asset: their own personal experiences.
Humans connect through stories, not frameworks.
Your build trust with your audience by telling stories. Your stories.
Too many creators are regurgitating platitudes trying to borrow other people's reputations.
You can't build trust with your audience if you keep posting about frameworks used by Jeff Bezos, Charlie Munger, or Elon Musk.
It's OK to do it a few times if you're trying to leverage another creator's audience to grow your own.
But don't make it your main pillar content. Because you're not opening up that connection with your audience.
Instead, form a strong opinion about... something. Anything.
This viewpoint comes from your own lived experiences.
Lessons that you learned. Your battle scars. Your wounds. Your pain.
And share those lessons through your stories.
This is how you attract your audience. Not piggy-backing off of someone else's audience.
Your biggest fans will come from those who resonate with your unique message. Your unique point-of-view.
And those who believe in your unique message will get behind you.
They'll want to help spread the word because they believe in it so much.
How do I know this?
Because I'm living proof.
After struggling to find my niche for 11 months, I finally found it.
And it was through the lens of my own Personal HoldCo.
Now, several folks have messaged me asking me how they can help spread the PHC philosophy.
It's been a crazy month.
And that's how you create a movement.
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🎛 Metrics Dashboard
I'm building First Class Founders in public. Each week, I share my numbers exclusively through subscribers of this newsletter only.
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💬 Final Word
Can’t believe it…
We hit 10,000 subscribers this week!
Never thought we’d reach 10k in less than 1 year.
A huge thanks to everyone who joined my newsletter which started less than 10 months ago. 🙏🏼
You all rock!
Yong-Soo Chung — Serial Entrepreneur, Podcaster
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