Why Your Entrepreneurship Addiction is Making You Broke (and how-to fix this)

“You need to do what sets your soul on fire.” — every broke person with Entrepreneur as their occupation on social media

You’re proud of yourself because you suddenly feel like an entrepreneur. You’ve listened to a podcast, you’ve signed up for another seminar, and you shared an inspirational meme today. You did all of this before 6 in the morning since you’re up at 5 because that’s what you’ve been told to do by a guru.

I’m here to tell you why your self-help addiction is making you broke and what you can do to fix this right away…

Self-help books

You’re likely confused as to why you’re not a billionaire yet. You’re the hardest worker in the room, you constantly remind your friends of how hard you work, you wake up at 5 AM, and you follow Gary Vee on social media.

What gives?

I know what it’s like to struggle to be an entrepreneur. You feel like you always need to buy something. You’re always talking about how passionate you are. You don’t seem to make any money though.

That used to be me. I want to help you figure this out.

I’m going to show you why this self-help addiction is making you broke and what you can do about it right now without selling you the dream here.

Check out our video on the topic below…

Here’s why your self-help addiction is costing you money!

I’m involved in pro wrestling, grappling, blogging, and now I run an Airbnb experience. This means that I’m around a lot of dreamers. I love being around dreamers, but the best kind of dreamers are those who turn into doers.

The world doesn’t need more posers. Here’s why you’re still broke despite reading every self-help book…

You suck at your job.

You’re always sharing quotes. You think that you’re above the job. You don’t take your work seriously. You feel that you’re on the verge of becoming a famous blogger so you can’t be bothered with focusing on your job. You do enough to not get fired. You’ll likely never get a raise or promotion. Naturally, you won’t apply for any other jobs because you’re above that.

I introduced a friend to freelancing in 2015. I was proud of him when he started getting freelancing gigs. His business was doing well. He was saving more than ever because he had two sources of income. Then he started disrespecting his job. He would call in sick to freelance. He would rant and rave to his co-workers about how he was following his passions. He felt better than everyone. Now his business isn’t making him rich and his job barely gives him any shifts.

Maybe one day you can quit your job to work for yourself. This probably isn’t in the cards right now. Don’t screw up the job that has kept you afloat all of this time just because you started following Gary Vee on Instagram.

You spend your savings on material that promises you the world.

When you get into this entrepreneurship space, you’re likely going to be flooded with offers of programs, executive coaching, and all kinds of irresistible offers. These programs can easily go for $1997 or $197/month.

The bad news is that these marketing people have their copywriting figured out. They know exactly how to sell you the dream because you’re looking to buy the dream.

You likely have or will end up spending money on the following:

  • Tools that you’ll never use.
  • Conferences where you may get a glimpse of your guru from far away.
  • Mastermind programs where you get added to a Facebook group.
  • Courses on courses.
  • Executive high-level elite coaching that you’re not remotely ready for (you’re still on day one).
  • Every book in the world. There will always be a new marketing book to read.
  • Every program.

You absolutely need to invest in yourself to grow your business. You don’t need to spend your last dollar on every guru selling you some program that promises you the world. There will be times where you need to spend a few bucks. Then there will be times where you just have to show up and get stuff done.

You miss opportunities to make money because they’re not good enough for you.

“That’s not worth it for me.”

Someone told me how starting an Airbnb experience wasn’t worth it for them. They felt that they were above the idea. They wanted to make real money.

Everyone should strive to make as much money as possible. I won’t argue with that. You have to start somewhere though. When you’re just getting started, you’re not above anything.

Trying to get rich quick is the easiest way to ensure that you stay broke.

You don’t actually do anything.

What kind of business ventures did you work on? How much money did you make today?

Telling people that you work hard doesn’t count. Reading an article on Facebook ads won’t get you paid today.

It’s so easy to get caught up in reading self-help/business content all day. There’s always a new tactic to learn about. There’s always something to read about or debate. There’s always some condescending meme to share.

The problem is that you never do anything to bring in any money. You don’t get paid.

You’re annoying.

You become annoying real quick when you constantly talk about how passionate you are about your passions. I know this for a fact because I used to be that guy.

If your business is booming you likely don’t have time to share nonstop corny motivational quotes about working for yourself. Most entrepreneurs and busy people don’t have time to talk about how passionate they are. They’re busy actually doing stuff.

I want you to read up on the following posts:

The good news is that it’s normal to get excited about improving yourself and being self-employed. I just want you to channel this energy into something productive so that you don’t end up broke and miserable.

How to start a successful business

Here’s how you can finally make money so that you’re not stuck at day one forever…

It’s time to get you paid. No more telling people about how passionate you are. I don’t want you to get caught up in the toxic hustle culture where you constantly feel the need to keep busy without ever making any money.

Here’s what you can do right now to start making money so that you’re not another person addicted to self-improvement and entrepreneurship.

Pursue a legit side hustle.

A side hustle is a side hustle for a reason. It’s something that you do in your free time. It’s a way to earn money on top of your 9-5.

I’m all for starting a business and running an empire. That won’t come overnight though. You need to start a side hustle first to see if you can even bring in money on your own.

Here are the quickest and easiest side hustles to get into:

  1. Rent a room or your entire place on Airbnb. You can set up an Airbnb page and bring in extra money for that spare bedroom or your entire place when you travel. If you don’t have any space, you can try to clean units or help people manage their space.
  2. Drive for a ridesharing company. You can drive for Uber or Lyft to bring in money.
  3. Deliver food. Do you have a bicycle? You can deliver food to make money.
  4. Offer an Airbnb experience (click the link to read up on how I get paid to drink coffee). You can setup shop on a popular app instead of trying to make it on your own.

I realize that none of these are sexy passive income programs. I want you to start making money on your own first. Then you can worry about starting the next Facebook or whatever it is that you want to do.

Decide on what you want to do and do it.

Stop talking. Stop sharing quotes. Do something.

Look, at some point you’re going to need executive coaching and masterminds. You don’t need these on day one.

How will you bring in money? Here are a few ideas:

  • Freelance writing.
  • Coaching.
  • Selling advertising.
  • Selling stuff.
  • Flipping stuff.

Which strategy will you use to make money? You can only do one thing at a time.

The following articles will show you exactly how you can start making money with detailed tips to help you get started ASAP:

  1. The exact steps to getting paid as a writer.
  2. How to start an online business in 6 easy steps.
  3. How to make money off social media.
  4. How you can make money online.

LAUNCH.

You have to launch something. Launch one thing and work on it for a long time. Become the best at this. Fine tune your message. Be interesting and exciting. Be unique. Get people talking about you.

Here are some ideas of something that you can launch.

  • Podcast.
  • YouTube channel.
  • New blog.
  • Freelancing service.
  • Instagram page.

You don’t need to start 5 different things. Find which platform works best for you and pursue it.

  • Can’t write? Do videos.
  • Don’t like video? Write.
  • Don’t like writing or video? Start a podcast.
  • Don’t want to deal with running a business? Get into freelancing.

One good book is enough.

You don’t need to read another book about setting your soul on fire. You need to make money.

Read one solid book (Building a Story Brand, The Millionaire Fastlane, 4-Hour Workweek or Crushing It!) and apply the advice. Don’t go spending your entire day on consuming content. You’ve seen enough motivational videos, read enough books, and shared enough memes.

Right now is likely the best time in history to work for yourself. You have enough information available to you and it’s time to act on this information.

7 thoughts on “Why Your Entrepreneurship Addiction is Making You Broke (and how-to fix this)”

  1. Vickie Micallef

    Yep. I am one of those people who signed up for all of the get rich fast stories. I spent thousands and made nothing. I finally realized I am all I need. I have the skills. I have the drive. I do need to learn a few new tricks – like Intstagram. All I need is to TAKE the time to learn the few things I need to fine tune it.

    I always foll Martin’s scripts because he tells it like it is not always what I want to hear. When I hear a younger person talk about not have a job, I send him or her to Martin.

    Listen and believe. I DO!
    Vickie

  2. I have to pick out a favorite line from this Martin…

    “Don’t screw up the job that has kept you afloat all of this time just because you started following Gary Vee on Instagram.”

    Like a lot of things you say, it’s a very funny line. However, behind the fun you always point at something serious.

    You say you’ve been that guy…. I’ve been that guy too and it’s embarrassing when I look back. I’m not saying this with a smirk on my face, because I still haven’t made it yet… whatever I used to think “it” was at least.

    I’ve wasted money on courses because the marketing was so convincing, as you say in your post. To be fair, 15 years ago I was a huckster’s wet dream. I was one of the headbangers that subscribed to Stompernet for a while… the best $400 a month I ever spent on a bunch of information I could have easily found making searches in Google.

    You live and learn.

    We’ve got to be completely honest about this. 99% of us are NOT going to become Gary Vaynerchuck, Mark Zuckerberg or even that guy married to your girlfriend’s best friend who sold his business and retired at 40.

    The sane thing to do is what you advise: hustle and build supporting income streams until you can live a life away from someone else’s treadmill, away from working on someone else’s dream.

    It may not be exciting. It may not make you a millionaire. But it’s a start… and when you’re able to make regular side money of ANY amount to supplement job earnings, well that’s a pretty big deal in my book.

    They might not help you to retire next year, but side projects, hustles or whatever you want to call them are at least a step closer to working on your own dream, even if they don’t make you a gazzilion dollars.

    1. This was an amazing comment. Thank you!

      I love this line:

      “We’ve got to be completely honest about this. 99% of us are NOT going to become Gary Vaynerchuck, Mark Zuckerberg or even that guy married to your girlfriend’s best friend who sold his business and retired at 40.”

      These ridiculous success stories are hurting people.

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