The Unemployed Millionaire

Escape the Rat Race, Fire Your Boss and Live Life on YOUR Terms!

By Matt Morris

Category: Money & Investments | Reading Duration: 22 min | Rating: 3.6/5 (191 ratings)

About the Book

The Unemployed Millionaire (2009) takes you on a transformative journey from financial despair to self-made prosperity. It provides actionable insights and strategies for aspiring entrepreneurs, emphasizing the significance of mindset, persistence, and smart decisions in achieving financial freedom. Through a blend of personal anecdotes and practical advice, it offers a roadmap to success even in challenging circumstances.

Who Should Read This?

Aspiring entrepreneurs looking for motivation and guidance
Professionals considering transitioning away from traditional employment
Anyone facing financial difficulties and seeking help to turn their situations around

What’s in it for me? Make yourself a millionaire on your own terms.

The modern economy presents a paradox. Technological advancements and affordable labor overseas have resulted in significant job losses, pushing many into financial despair. But these conditions also open up an intriguing opportunity: the chance to give up traditional employment for good and become your own boss. Enter the author Matt Morris. After undergoing an emotionally traumatic upbringing, Morris felt compelled to pave his own path. From sleeping in his car to building a multi-million-dollar venture, his journey wasn’t just about financial success –⁠ it was about tapping into a potential inside him, something he believes we all have.This Blink isn’t just about money. It’s about awakening the greatness within you. If you're stuck in a job you detest, dreaming of being your own boss, or just eager to craft a life of genuine significance, let this be your guide.

Chapter 1: Matthew’s story

Ever felt trapped in the monotonous 9-to-5 grind, yearning for more than just a two-week escape every year? If your daily routine feels more like a prison sentence than a fulfilling life, you're not alone. For many, the so-called security of a regular paycheck often masks a deeper financial insecurity –⁠ what will happen if I don’t continue working this job? Worse yet, traditional employment forces people to sacrifice their personal freedom. But here's a revelation: you don't have to accept this fate.Take the story of the author, Matthew Morris, who faced more adversity by the age of 21 than most face in a lifetime. His parents divorced when he was four. At age five, he witnessed his father break into the family home and murder his mother’s boyfriend. His father then became an alcoholic and committed suicide when Matthew was thirteen. After attempting entrepreneurship in his adulthood, Matthew plummeted into debt and homelessness, living out of his beat-up Honda Civic.But in spite of his difficult past, Matthew was a self-made “unemployed millionaire” by age 29. How did he achieve this? Through perseverance, learning, and specific, actionable strategies. Matthew’s tale is not just about financial transformation but also personal metamorphosis amidst adversity. It's a story of evolving from deep despair to prosperity and purpose. But this journey isn’t exclusive to him. The journey to reclaiming your life is something anyone can undertake –⁠ but it does take grit, determination, and acquiring the right skills. If you've ever woken up wondering if life could be different, rest assured, it can. If Matthew could do it, why can't you?

Chapter 2: Creating financial freedom

What does being an “unemployed millionaire” even mean? It’s certainly not about chasing get-rich-quick fantasies or waiting for a lottery win. What it’s really about is creating a reliable income stream without being shackled to a 9-to-5. Imagine having a thriving business that runs without your constant oversight. This isn’t to say you’re neglecting the business; rather, you’ve set up a robust system set up that doesn’t rely solely on you. Now, instead of being mired in the day-to-day tasks, you oversee the big picture. You set up collaborations, brainstorm new business concepts, and fine-tune marketing tactics. This gives you the freedom to work from anywhere and focus on what you genuinely enjoy.But here's the catch: owning your own business doesn’t guarantee financial freedom. Most budding entrepreneurs swap their draining jobs for businesses that are even more time-consuming. Take traditional brick-and-mortar businesses. While these can be lucrative, they often require massive initial investments and can keep owners anchored in one location for long hours. So it’s not just about owning a business –⁠ it's about shaping one that affords you both time and financial freedom.The key to financial freedom is to work on building a business that ticks off four vital boxes. First and foremost, pursue what you're passionate about. Think Steven Spielberg: his love for filmmaking never made it feel like work. He was simply doing what he loved. Second, establish your business in a place your heart desires. Spielberg might have begun in Los Angeles, the movie hub, but his stature now allows him to live anywhere.Thirdly, design your enterprise to operate on autopilot. Spielberg’s movies are a shining example. Once created, they consistently earn, whether on the big screen, as DVDs, or on television channels. This leads to the fourth criterion for your business: managing it without always being on-site. The continuous revenue from Spielberg's films exemplifies a business generating income even when the creator is not physically present.However, as you embark on this entrepreneurial journey, remember that it's about more than just setting up a business. While these criteria can guide you to financial prosperity, genuine wealth spans beyond bank balances. It’s found in relationships, memories, and meaningful experiences. In essence, try to build a venture that doesn’t just accumulate wealth, but one that aligns with your passions and offers genuine freedom as well.

Chapter 3: Shifting your mindset

Ever pondered what sets the truly successful apart? The secret ingredient: unwavering belief. Successful individuals hold an unshakeable conviction in their potential, dreams, and capabilities. They're not merely optimistic; they're certain of their success. This mindset doesn't just forecast success –⁠ it breeds it.While most people moan about the challenges of life, claiming that achieving success, shedding weight, or even earning a significant sum is tough, the triumphant think differently. Imagine asking Donald Trump about making a million dollars. He’d probably say it's a breeze! This doesn't negate the presence of hard work, but successful folks, like many million-dollar entrepreneurs, are fueled by absolute certainty in their imminent success. Their secret? Not just being good at what they do, but believing wholeheartedly that they're outstanding.Success can be distilled into a straightforward equation: Success equals Skill multiplied by Effort. The "ease" mindset amplifies your skill, reducing stress and boosting confidence. The more confident you are, the greater effort you exert, and the higher success you reap. This mentality isn't exclusive to the elite few. It's accessible to all. Intriguingly, creating this winning mindset isn't about monumental changes. It's about steering clear of negative thoughts and reinforcing positive ones. Your inner dialogue, the things you say and think, create the framework for your reality. This isn't some mystical concept –⁠ it’a about programming, especially of the subconscious mind. This mighty part of your brain doesn't distinguish between truth and lies. Tell it you're confident and wealthy, and even if there's a voice saying otherwise, the subconscious starts crafting ways to make that proclamation a reality. But if you focus on negative self-talk, you ensure that those pessimistic beliefs materialize. Think of someone struggling with weight. They might desire to be fit, but if they've mentally anchored their identity as "overweight," the subconscious will work overtime to maintain that consistency.So, how do you steer your life in a more favorable direction? Start by silencing the negative self-talk. Instead, champion positive declarations. Do you desire wealth? Speak it. Do you crave love? Affirm it. What you declare consistently, you begin to believe and eventually become.

Chapter 4: Copy the competition

Let’s face it: some businesses soar while others fizzle out. Why? One common myth is that successful businesses are the ones that have a totally novel idea. That’s not necessarily the case. In fact, if others are already doing something similar to what you're considering, take heart! This is evidence that there’s a market for your idea.Take Bill Gates, for instance. He didn't invent the first operating system, but he saw the value in one that existed. He purchased it, refined it, and rebranded it into what we now recognize as the foundation for Microsoft Windows. This approach is called modeling. Essentially, find someone who’s achieved what you desire, understand their strategy, and replicate it. And, if you can, make it even better. For instance, while selling travel memberships, the author stumbled upon a new online sales strategy. Instead of reinventing the wheel, he adapted the existing approach, and the returns were astounding – over $100,000 a month in just half a year!But, wait! Your business isn’t just about the product or service. It's about how you position it. Does FedEx immediately come to mind when you need a package delivered overnight? If so, that’s because they've nailed their Unique Selling Proposition, or USP. This is a promise or characteristic that sets a business apart. “Federal Express: When it absolutely, positively has to be there overnight.” Bam! They've cemented their role in your mind. Your USP should be clear, unique, and linked to either speed, quality, or price. But remember, don’t try to master all three. Focus on one and nail it down.Now, crafting your USP isn't rocket science. Here’s a starter formula, using FedEx and Walmart as examples: “FedEx is a package delivery service that helps people and businesses send packages overnight,” and, “Wal-Mart is a department store that helps people save money on everyday items.” So, essentially, a USP follows a pretty simple formula: list your business name, explain your business category, identify your core audience, and finally, explain what benefit it will fulfill for customers. “[Your Business Name] is a [business category] that helps [core audience] achieve [key benefit].” Fill in the blanks for your own company and you're well on your way. With the right approach, a keen eye on the competition, and a stellar USP, you can pave your way to entrepreneurial success.

Chapter 5: Use the internet as a tool

Once upon a time, if you wanted to venture into business, you had to physically open a store. This method was costly and anchored you to one spot, much like a conventional job. But today we’ve got the internet, which gives marketers access to a global audience without any geographical restrictions. Not to mention, a web page is easy to update and inexpensive to maintain. Considering there are billions of internet users across the globe, leveraging the web for business is a no-brainer. Even with a simple $50 product, selling just 20,000 units translates to a million dollars. And this is a mere fraction of the potential market out there.One of the stand-out advantages of internet marketing is the flexibility in product offerings. Whether you’re dealing in physical items like chairs or digital ones like e-books, the online marketplace has you covered. There are diverse ways to monetize online, from selling your own products to acting as an affiliate for other brands or even displaying ads on your platform.For those new to this realm, the thought of selling online might seem daunting. But, as in any business, you just need to start small. One popular strategy is to use online auction sites like eBay. Think of these as global garage sales. You simply put up products, like maybe those old relics from your attic or garage. Then wait for bids and sell to the highest bidder. Over time, this simple method can be scaled, by sourcing items from places like flea markets or even buying from wholesalers.If you're already itching to create something of your own, though, digital products are a game-changer. Think ebooks, audio courses, or video tutorials. They’re cost-effective – produce them once, sell them infinite times. If writing isn't your forte, you can use public domain content or buy master reseller rights to pre-existing digital products. And the magic? By partnering with manufacturing facilities, you can have these products delivered automatically to customers without you having to lift a finger. Imagine a vending machine that never runs out of stock and operates round the clock! Such automation, combined with effective marketing, can pave your way to living the life of an unemployed millionaire.

Chapter 6: Invest in real estate

There’s a universal business opportunity out there that’s available to pretty much everyone, given you invest the right amount of time and effort. It doesn’t require special training, nor does it require you to have a large amount of money to get started. Can you guess what it is? The answer is… real estate!Real estate resonates with the concept of the unemployed millionaire because it's something tangible, available everywhere, and with a universal appeal – after all, everybody needs a place to live. If you're looking for a venture that might allow you to make more in a single transaction than you'd earn in a year from a regular job, consider selling property. Or, if you prefer a steady stream of income, think about becoming a landlord.You possess an advantage in real estate that you might not even be aware of: intimate knowledge of your own neighborhood. By simply living in an area, you intuitively understand its dynamics – which parts are booming, which are declining, and where the hidden gems are. This knowledge is invaluable, and you didn’t even have to pay for it! But there’s more to real estate than just local know-how. The industry offers benefits like the power of leverage, where a small down payment lets you control a much more valuable asset. Imagine using $10,000 to control a $100,000 property. If that property's value increases by 10%, you've effectively doubled your investment!Now, while real estate often appreciates in the long run, relying solely on appreciation can be risky. The pitfalls of such a strategy were glaringly evident in places like Las Vegas, where many investors found themselves underwater when the housing market crashed in 2008. The golden rule? Aim to make a profit right away, and always buy below retail prices. It's the basic principle of commerce: buy low, sell high. And surprisingly, many property sellers are open to negotiation – you just need to ask.Getting started in real estate doesn’t have to be complicated. While a real estate agent can provide valuable insights, you can also do it on your own with some due diligence. Look for mentors in the field, and make it known among your friends and acquaintances that you're in the real estate business. After all, opportunities often come from unexpected places. Just remember to treat this venture as you would any other business: with dedication, persistence, and a hunger to learn.

Chapter 7: Outsourcing and managing

Have you ever felt that your business controls you, instead of the other way around? This is a common sentiment amongst entrepreneurs. But it means you’re missing the point of having a business, which is to grant you the freedom to live the life you want to live. An efficient business is one that operates smoothly, even without your constant oversight. The secret? Duplication –⁠ that is, duplicating yourself by hiring employees or outsourcing work to others! By doing so you focus on activities that truly matter and boost profits, while others handle the nitty-gritty details. A good example is when the author introduced “Free Movie Fridays” in his own company. The idea was simple: if the customer service team addressed all inquiries from Monday to Thursday, they'd enjoy an extended lunch break with a movie on Friday. This not only saved the cost of hiring new personnel, but it massively improved customer service and also boosted employee morale.While hiring staff in-house has its perks, the digital age has shown us the undeniable power of outsourcing. Various websites allow entrepreneurs to post projects, with freelancers worldwide bidding to work on them. This kind of global access means that for the price of hiring one local employee, you could potentially hire ten equally skilled workers from places where living costs are lower. This could drastically cut costs, while offering employment opportunities to those in lower-income countries. Remote assistants are a subset of this outsourcing phenomenon. They can manage tasks that you either don’t have the time for or simply don't enjoy, such as email management, data entry, and even blogging. Imagine having an entire blog run by a remote assistant, where all you provide is periodic feedback!In essence, whether you're hiring or outsourcing, the objective is to let the business work for you, rather than you always working for the business. After all, isn't the dream to enjoy the fruits of your labor without being consumed by the labor itself? This is the life of the “unemployed millionaire”, and it’s within your reach.

Final summary

Financial freedom and personal happiness don't stem from traditional employment but from embracing entrepreneurship and self-growth. By conquering your fears, nurturing the right mindset, and implementing proven wealth-building strategies, anyone can transition from adversity to affluence. By delving into real estate and internet marketing, as well as ultimately outsourcing a lot of the labor involved in running your business, you too can achieve the coveted status of “unemployed millionaire”, and enjoy the life that you always dreamed of.

About the Author

Matthew Morris is a self-made millionaire and ten-time bestselling author. After enduring homelessness and significant debt in his early twenties, he swiftly transformed his life and became a millionaire by twenty-nine. In addition to running his highly successful sales organizations, he speaks in countries around the world, captivating audiences with his genuine, relatable story and talent for sparking inspiration and determination.