Dylan Sigley reviews seven mistakes drop servicers make that keep them from getting rich.
The first is not saving or investing.
This is especially bad among young people. According to Business Insider, the typical millennial, defined as 24 to 39 years old, has less than $5,000 in their savings account.
This group, financially, is dramatically worse off than older generations.
If that’s you, it’s not your fault, Dylan says. You weren’t taught about money in school. So it’s no wonder you waste it on entertainment and eating out and drinking too much.
“When what we should be doing is investing our money into assets that make our money work for us,” Dylan says, “and build that passive income.”
“So we all think we don’t earn enough to save and invest but if you actually sit down and do an order of your financial situation, it’s likely you’ll find a way to cut back on your expenses so you have something left over to save and invest,” he explains.
“Even if it’s a small amount, it’s worth it in the long run.”
“Invest $100 per month, you’ll have $114,000 in 30 years if you saw 7% returns.”
Mistake two is not managing your time.
Time, like money, has a compounding element to it. If you’re constantly doing things that don’t move the needle, it’s going to take exponentially longer to achieve your goals – if you achieve them at all.
You need to have the discipline to do the right thing at the right time.
Dylan likes to plan out a timetable for the day and stick to it no matter what.
Punish yourself when you deviate. Find an accountability buddy. Whatever it takes.
Mistake three is not learning new skills.
Which is inexcusable considering how much information is just a click away.
Whether you’re reading step-by-step blog posts or watching YouTube tutorials or investing in courses like Dylan’s Drop Servicing Blueprint, pick something and dive in.
Focus on mastering one high-value, high-demand skill.
Really go deep with it. Get curious. Consume as much educational content as you can and don’t forget to implement what you’re learning.
Mistake four is not turning that skill into a side hustle.
Unlike a lot of gurus, Dylan believes you should keep your day job for as long as possible. That way you have security and you’re not stressed.
And when your side hustle starts generating money, you don’t need that money to live off of. You can reinvest it back into your business to grow it even faster and/or double down on your investing.
Eventually your side hustle can become your main hustle and you can walk away from your 9-5 when you have some financial breathing room.
Mistake five is going into student debt for worthless college degrees.
Unless you wanna be a doctor or a lawyer or an accountant or whatever, just going for the sake of going is too risky, too costly.
It could set you back decades financially.
Not to mention the time you could have spent building your online side hustle.
Speaking of which, mistake six? Is get-rich-quick thinking.
If the side hustle you’re considering is said to be fast and easy, you might wanna reconsider.
Use common sense. Build something real – something that lasts.
Finally, mistake seven, is misusing your effort and energy.
You may think you’re working hard, but are you working hard on the big levers? The stuff that produces results?
There’s a quote from Gary Keller’s book, The ONE Thing, that goes, “activity is often unrelated to productivity, and busyness rarely takes care of business.”
Amen, GK.
So take a look at what you’ve been doing and ask yourself whether you’re just being active or you’re actually being productive.
Dylan’s Dropservicing Blueprint course costs $997 if you’re interested.