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🐙 How to become a millionaire as a solopreneur in 10 years (even if you make less than $2,000 a month right now)

How to build wealth as a solopreneur

Read time: 5 minutes | Sponsor this newsletter

Something that’s not spoken about enough:

As solopreneurs, our business finances = our personal finances. 

At the end of the day, the goal of entrepreneurship is to build wealth.

But 80% of businesses fail due to cash flow issues alone.

In this edition, I’ll help you take charge of your cash flow.

You’ll learn:

  • How to become a millionaire as a solopreneur in 10 years (even if you make less than $2,000 a month)

  • My 4/1/4 rule for becoming a millionaire in 10 years

  • The 3 biggest personal finance mistakes that keep solopreneurs from growing wealthy (and how to avoid them)

  • How to instantly improve your business margins and take-home-pay using the “Doug Dollar Dominator” GPT

It’s safe to say that reading this until the end will make you a wealthier octopus.

Let’s dive in:

I grew my Twitter from 0 to 100k in 65 days using my AI content systems

That’s why I built my course, the AI Audience Accelerator.

It will teach you:

  • How to create a week's worth of content in 1 hour

  • How to create Content that sounds like YOU

  • AI Systems that skyrocketed my growth

How to become a millionaire as a solopreneur in 10 years (even if you make less than $2,000 a month)

Step 1: Invest all your money into $DOGE coin and pray to Elon Musk

Step 2: Become a millionaire

Next on, the 3 biggest personal finance…

Just kidding.

The biggest financial opportunity AND problem of being a solopreneur is that you have 100% control over your finances.

You control your revenue.

You control your expenses.

You control your savings.

If you do your finances right, you have unrivalled power to become wealthy.

You can even become a millionaire in 10 years.

Usually, people will show you calculations of how you can “save your way to a millionaire”.

Obviously, as a crypto trader, that’s not really my approach.

Instead, think about it this way:

My 4/1/4 rule for becoming a millionaire in 10 years

Assuming you make $1,500 a month right now and have $1,000,000 to your name in 10 years, you need to do just two simple things:

1) Increase your take-home income with 4% every month

2) Save ¼ (one quarter) of your income every month

If you do this, your income will grow like this over the next 10 years:

First off:

Is it easy to pull off?

By no means.

But it’s simple.

Growing your income by 4% every month sounds so much more achievable than becoming a millionaire.

Also, if you:

  • Earn more than $1500 today

  • Have some existing money

  • Can afford to save more than 25%

  • Invest the money you earn

This whole equation becomes much faster and/or easier for you.

I just took a low starting point to make this seem more achievable even if you are a beginner.

Now, let’s dive into the 3 biggest mistakes you need to avoid on your way there:

The 3 biggest personal finance mistakes that keep solopreneurs from growing wealthy (and how to avoid them)

In my experience, most financial mistakes by solopreneurs come down to only 3 mistakes:

Mistake 1: Not measuring revenue, profit, and expenses

James Clear once said: (paraphrasing)

You don’t improve what you don’t measure.

If you don’t know the basic financial metrics of your business, you can’t improve them, and you won’t become so wealthy.

How to solve:

Create a simple Google Sheet with your revenue sources, list of expenses, and margins.

Find a template or ask GPT to design a spreadsheet for your business.

Once you have it set up…

…make it a weekly or monthly habit to go through all of your financial metrics.

What’s measured gets improved.

(i’ll make a newsletter about how to use GPT to set up all of this too)

Mistake 2: Not realizing that financial mistakes scale with income

Most people don’t realize that your habits don’t change with a higher income.

If you can’t save any money at $1,500 / month income…

…you won’t be able to save any money at a $100,000 / month income either.

Money leverages your habits.

If you’re used to spending 100% of your income, you’ll always do that.

How to solve:

Don’t “wait” until you earn more money to manage your money.

Start cutting away expenses you don’t need today.

Fun fact: I once accidentally changed my credit card number, and then I got 10+ emails from services I didn’t even remember I was subscribed to because my payments failed. That helped me get rid of many recurring expenses.

Mistake 3: Lack of financial accountability

When you’re the only person in control of your money, nobody tells you to stop spending.

That’s dangerous - you’re not accountable to save money.

This makes it easy to overspend.

How to solve:

Back in the day, you could solve this by giving a friend your credit card & telling them:

“don’t let me buy shit I don’t need”

But today, there’s a much faster & more entertaining option:

The Doug Dollar Dominator.

How to instantly improve your business margins and take-home-pay using the “Doug Dollar Dominator” GPT

The Doug Dollar Dominator is a GPT that I trained to keep you financially accountable.

How it works:

  • Doug becomes your Chief Financial Officer (CFO) and they are in charge of all your money

  • If you wanna make an expense, you gotta run it by him first

  • He’s trained to act like a military drill instructor and won’t go easy on you

By using him, you’ll force yourself to maintain a target income, profit, and savings rate.

Here’s a sample chat of how I use him:

HOW TO USE THE DOUG DOLLAR DOMINATOR:
  1. Click this link to access the Doug Dollar Dominator

  2. Start a conversation (just say “hi”) and answer his questions

  3. Ask Doug about any expenses you’re considering

Example:

Pro tip: Keep the same chat with Doug for the long term, so that it continuously learns from your past business moves & gets more context. This isn’t a one-time move, it’s an ongoing effort.

WRAP UP

WHAT YOU LEARNED TODAY
  • How to become a millionaire as a solopreneur in 10 years (even if you make less than $10,000 a month)

  • The 3 biggest personal finance mistakes that keep solopreneurs from growing wealthy (and how to avoid them)

  • How to instantly improve your business margins and take-home-pay using the “Doug Dollar Dominator” GPT

Doug Dollar Dominator is already making me do great compromises in life…

It won’t even let me go to the grey industrial town off Wuppertal instead of Dubai - it’s suggesting a “staycation” instead.

Fuck this.

I’m off to 11 days at a bavarian Spa.

It’s a good mix of being hot af and cold af.

Keep diving,

Ole

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P.S.

I made over $260,000 in 112 days selling my online course. I’m now creating a course on how to use AI to build and sell a digital product in record time (without being an expert or paying 10k to consultants)

Don’t have an audience yet to sell to?

No problem, my last course will help you create 1 week’s worth of content

in 1 hour using AI and grow your audience.