006: Become an Expert to Create Wealth with Richard Wilson

Episode 006 in iTunes: Become an Expert to Create Wealth with Richard Wilson

You can become an expert…

You can own a niche…

You can become the go-to person in your industry, even at a young age.

That is what Richard Wilson has done.

He is a serial entrepreneur with a passion for the hedge fund industry. He has had several roles, but quickly found something that he loved – capital raising. From there, he has continued to niche down and niche down until he has become THE expert that people go to for information on how to raise capital in ultra high net worth family offices.

His story and insight are not only applicable to those in the hedge fund industry. They are lessons that can be used by anybody in any industry, especially those interested in entrepreneurship. Even at a young age, Richard has built up so much great experience and wisdom that I know you will enjoy this episode of YoPro Wealth.

In This Podcast, You’ll Learn:

What you need to find to start your own business.
The way to build a brand.
How to niche down, and the importance of doing so.
Why you should lean forward and lean forward hard! Take some risks.
The best place to invest.
How to treat your own business as a portfolio.
Why you should fail and fail fast.
How to get into the hedge fund industry.
Why you need to emulate before you innovate.
How the most successful managers in the investment world succeed.
The pillars of persuasion and influence. (Richard has a Master’s from Harvard in Persuasion)
And much more!

Definition of Wealth:

For me, it’s about freedom. You work on things that you enjoy, and not having to live a life that you don’t want to live.

Recommended Book:

The Success Principles, by Jack Canfield. “Follow the principles, and there is no way that you won’t become wealthy.”
Speed of Implementation – Richard’s own book on executing on ideas quickly and repeating that.

Best Piece of Financial Advice:

Invest in what you know. Don’t invest in what you don’t understand.

Action In Next 7 Days:

Define what your goals are and where you want to be in 1 year or 2 years. Take control; nobody is going to take control of your life for you.

Connect with Richard:

Niche it down until you have only a few competitors. This way, you know exactly who your customers are, you are the expert, you can gain higher margins, and so on. In business, there are so many opportunities, it is the ones that niche down the best that succeed.

Richard also talks about “angel investing in his own ideas.” This is such a great way to say it. He sticks to what he knows, and bets on himself to succeed. And it has worked out well for him. If you believe in yourself, invest in your own ideas as well! Look at your own business as an investment portfolio.

Action Items:

Find your niche. Become an authority. What are you interested at and become the “authority” of? Do that. And keep going until you are.
Invest in yourself and your own ideas to some extent.
“Emulate, then innovate.” First learn whatever business or thing you want to learn before you try and create something. This will save a lot of time!
Create a long-term view and plan. This is what separates the best investment managers from the rest, and will help get you on the path towards financial freedom! Write down your 1 year and 5 year goals. Share them with me at [email protected].
Just start. “Take steps A, B, and C“… and you’ll know what to do in steps D, E and F when you get there. Don’t delay, start now.