The 3 Principles Required to Make Money
In this episode, Jimmy and Ryan talk about the 3 principles of value exchange that can help you make money and achieve financial freedom.
Some think that having resources is the most important thing you need if you want to be free financially. But as Jen and Craig Anderson showed us, you can come into the game in debt, pay it off, and start working your way to financial freedom in less than a year.
However, to achieve that, you need to have principles.
The Merriam-Webster Dictionary defines the word principle as “a general or basic truth on which other truths or theories can be based.”
A principle is something that’s been true in the past, that’s still true now, and that will be true in the future. If you manage to align your life with fundamental truths, it will become more predictable and in turn, way easier.
Today, Jimmy and Ryan talk about the 3 principles of value exchange, what they are, and why you need to follow them.
- Introduction (00:00)
- Win-win value proposition and a win-lose value proposition (03:21)
- How capitalism forces you to be nice and how Scrooge couldn’t exist today (7:30)
- What’s the value exchange and what’s the misconception about it (12:54)
- Dollars follow value, the first value exchange principle (16:50)
- Exchange creates wealth, the second value exchange principle (19:23)
- Ryan’s story about Jimmy (25:06)
- Jimmy’s “Protein Bar” example (26:20)
- How people lose sight of your goals due to endless spending (32:28)
- Profit is a tool of validation, the third value exchange principle (34:17)
- Closing thoughts and the 5-Day Challenge (40:21)
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