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Melissa Jane wrote: ↑November 15th, 2023, 5:27 pm
Hello Sir,
I've previously read about your rise from grass to grace. I read about your past stories, including that one moment when you used the last coin you had to pay your rent.
I've also worked with you for some time now and everything I know about you is incredible. You are very smart, you have an incredible work discipline, you have very good people skills (Not to mention managerial and marketing skills). I also logged in to Alignable today and saw that you've received so many recognitions, including the Local Business Person of the Year right from 2020 to 2023.
My question is, how is it that you couldn't monetize all these skills then? Is it because during this period, you were still laying foundation for some other big projects or did you acquire these incredible skills later in life?
Are there any specific skills that you think that if you had acquired earlier in life, your financial success would have come earlier than it did?
Hi,
Melissa Jane,
Thank you so much for your kind words and compliments! And thank you for your thoughtful and intriguing question!
There are several factors at play for why didn't have as much financial success 10 years ago as I do now. So I'll go through some of the top ones one at a time below, and keep in mind this list isn't exhaustive.
Factor One-- Connecticut (the state in which I live) is a very expensive place to live.
For example, when I was squeezing together the money to pay my rent by turning in my spare change on the last day at the bank using the Coinstar machine, keep in mind my rent was $900 per month. That's just the rent, not including utilities like electricity, let alone other important expensive like food. I was considered as being below the poverty line
and was making over $20,000 USD that year. In many places in the world, a salary like that would make a person rich. In Connecticut, it can leave you borderline homeless.
I was also working solely online with OnlineBookClub at that time (having recently left my day job as a bartender to go full-time at OnlineBookClub), so I didn't get the benefits on the income end of the excessive inflation in Connecticut. In other words, when you live somewhere the cost of living is extremely high and the value of the dollar is very low (such as Connecticut), the other side of that is that typically incomes are proportionally higher. If everything costs twice as much, it usually means every one's getting paid twice as much, and it roughly evens out, but that doesn't work for people like me if you are getting your income from online remote work. Remote workers benefit greatly from living somewhere the cost of living is very low (e.g. where the value of the dollar is higher), since they get paid the same amount no matter where they live. I not only didn't have that benefit, I had the opposite. I live in one of the worst places a remote worker can live. The only places I can think of that would be worse are New York City and parts of California.
Factor Two-- In many ways, I was very successful back then.
This goes hand-in-hand with the previous point. Most people in this world, if they created a project/business out of thin air in the way I created OnlineBookClub.org and were suddenly making $20,000 USD per year in profit from that, they would be considered a huge success.
Most new businesses fail. 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.
The number are even worse if you remember that just beaus a business hasn't gone out of business doesn't mean it is profitable. There's a lot of businesses out there, especially new ones, that just lose money. They don't just make $0 profits, but, worse, actually lose money, before often eventually then going under.
The fact that I was making any profit at all means that my business (and by extension me) was already exceptionally more successful than most other people who start a business, let alone those who even fail to start one.
Factor Three-- Financial and business success is like climbing a staircase.
In 10 more years, I will hopefully climb even higher. In 10 more years, maybe I will be a billionaire. Then someone might ask me,
"Scott, why weren't you a billionaire yet back in 2023? Why couldn't you afford to fly in spaceships and travel to Mars back then?"
The answer I would give to them would be in great part the same as I would give to you: I was on my way then, but in these kind of matters you have to C before you get D and go to B before you get to C and go A before you get to B.
5 years ago I was very successful in relation to where I was 10 years ago. 10 years ago I was very successful in relation to where I was 15 years ago. And 10 years from now I'll likely be very successful in relation to where I am now and make this look like poverty compared to that.
If you are born a billionaire and lose almost all of it to only be a millionaire, that's kind of a failure. If you are born in severe poverty and are homeless and then manage to earn a $20k a year salary and an apartment to live in, then that's a huge success.
At most stages in my life, I've considered myself to be a huge success because I was one step higher on that infinite staircase that is the business and finance world. There is no top to it. So if one defined happiness or success as being at the top, then one will never be successful or happy, at least not in the sense of seeing themself that way. I saw myself as a huge success already back then, even when I was barely scraping together my $900 per month rent. I fought hard to pay that rent, used my skills to their fullest to do it, and did it successfully. It was really tough and required a lot of skills to put a roof over my kids head and pay the rent on time, but I did it, successfully. I fed and housed my kids and I by monetizing my skills at that time.
Typically, I don't look at a billionaire and a millionaire and think the billionaire is more successful. There's not enough data to make that judgement. It's irrelevant that the billionaire has 1,000x more money. Those facts help exemplify what I mean when I talk about success being a choice, and failure being an illusion. Instead of merely looking at how much money they have, I look at whether they are currently climbing up the staircase or tumbling down. I ask where they were yesterday. I ask how much money they had a year ago. I ask where they are coming from. Someone who is born with 10 billion dollars and loses 90% of it would still be a billionaire, but they are much less successful than someone who is born poor and manages to make $100,000, which is not even a million. There's millionaires I consider more financially successful than some billionaires, and there's many thousandaires I consider more successfully than most millionaires.
To measure someone's success in business and finance, I deduct their headstart by their current position.
If I had suddenly by pure luck inherited OnlineBookClub as it is now when I was only 20 years old, then living the way I did back then and making the modest income I did back then would indeed be an embarrassment that would indicate I wasted (or didn't have) my skills.
People wisely say,
Rome wasn't built in a day. I didn't inherit Rome, so I had to build it, and that takes time, a lot of time.. Each day this Rome I'm building is a little bigger and a little more fleshed out, and each day the world gets to see a little bit more of this vision of proverbial Rome that I have in my head and work towards consistently day after day and year after year.
Factor Four -- My journey to achieving inner peace and extreme full-fledged spiritual freedom (a.k.a. extreme full-fledged self-discipline) was like climbing a staircase.
This point is similar to the previous one, except where the previous one focused on money and business success, this focuses on the personal traits I have in my head. In other words, the former was about financial wealth versus this one being about mental health and mental strength and such.
One point I make in my book, which I stand by, is that spiritual freedom and inner peace (a.k.a. true happiness) are in your control, and require no time or money to get. In that way, achieving those things is very much
not like business success or making money. It's the exact opposite. You can't choose to instantly be rich and then be rich instantly. You can't instantly choose to lose weight and then instantly weigh 50 lbs less. Those kind of external goals take time and consistent physical investment over that time.
Nonetheless, even though one could go from 0-100 overnight--or instantly--in this journey to inner peace and spiritual freedom, I didn't.
In analogy, a lifelong alcoholic could suddenly decide they want to quit and do it. They could have never tried before in any sense of the word, made the choice, and then bam never drink again.
In practice, it often doesn't work that way.
I had a lot more self-discipline (a.k.a. spiritual freedom) and inner peace (a.k.e. true happiness) than most people 10 years ago, but not nearly as much as I have now.
That is also part of the reason it took me 5 years to write In It Together. I had most of it, I was close to where I am now when I came up with the idea for the book and launched the Kickstarter to get it funded, but I just didn't quite all clicked into place yet.
I hope reading the book has helped speed up that process for others. It takes maybe 5 hours to read the book. I'm hopeful that in the 5 hours people read it they learn as much I learned over the 5-10 years of my life before that. I primarily like to think of my book,
In It Together, as a huge time-saver for the reader: It teaches you things you could figure out on your own over the next 10 years. It teaches you what you are likely to learn the hard way anyway if you don't read the book. And it does that all in 5 hours instead of 10 years. Some of the truths in the book might be bitter pills to swallow for some readers, but it saves them from having to learn those same lessons through even more bitter harder knocks in life. One can learn the slow, hard way (let life teach you without my book to help) or the quick, easy way (my book).
If I had read my book,
In It Together, 10 or 20 years before I wrote it, I would have had all this success that I have now much, much sooner. And I'd probably have even more material success and wealth and such than I have now. But I still had to learn the lessons that my book now teachers others, so they can learn it not only the easy way (instead of the hard way) but in 5 hours instead of 20 years.
Thank you, Melissa, for the wonderful question!
With love,
Eckhart Aurelius Hughes
a.k.a. Scott
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In addition to having authored his book, In It Together, Eckhart Aurelius Hughes (a.k.a. Scott) runs a mentoring program, with a free option, that guarantees success. Success is guaranteed for anyone who follows the program.