The Recreate Newsletter by Grant Mitt.

In 2017, I was a broke college student living in a tiny dorm room with three other of my college football teammates in downtown Brooklyn, New York. Life was challenging and money was tight. At this point of my life I had no idea how I was going to end up being successful.

A lot of times when you hear a story about how someone “made it”, the story is vague with tons of holes in it. I want to break down my story for you on how I went from being broke to being able to start my first successful business which has done over 50 million in sales over the past three years self funded with 0 investors.

At the end of 2017 I decided it was time to move back to my hometown in Houston, Texas. At the time I was broke, stressed out, and had been through a lot of adversity. But I knew I needed to change for the better. My strategy was simple. Read every business book I could get my hands on, enroll at the University of Houston, start Ubering all day long to make money immediately, and apply to sales jobs in the mean time. Luckily I also had a family member with some extra space and let me sleep on their couch. This was a blessing. The problem was within my first two weeks in Houston I found out not only the sales job I had lined up fell through but also almost none of my college credits transferred over. Meaning I would basically have to restart college as a freshman.

So to make things simple, I was 22 years old, had less than $100 in my bank account, had no job, and I am now a a freshman in college again after wasting 3 years of school. The question is how did I get out of this situation?

1. I Found Ways to Make Immediate Income and Get Myself Out of This Situation

I applied to be an Uber driver and would drive for 7-10 hours per day so I could make immediate income. While I wasn’t driving, I would apply for full commission sales jobs that gave me the potential to make six figures per year. Within two weeks I interviewed with three different companies and landed a sales job. As soon as I started I had immediate success. All of the development I had done over the past few years had paid off. Within four months I was promoted to management where I was able to have a base salary plus commission. Giving me the ability to clear six figures that year. If you want to learn my sales process I have a 90 minute training here.

2. I Saved More Money as My Income Increased

Within my my first year I was making more money than I ever had. But I didn’t increase my spending. Luckily my expenses were extremely low at the time. Typically around $1,200 - $1,500 per month. My target was to save at least 20-50% of my income so I could prepare for my future goal of running my own business.

3. I Separated My Money Into Different Pots

I found the key to saving and automating your wealth is to create a system that can almost guarantee success. The second I would get paid I would immediately separate the money into different accounts which each had a different purpose. First I would put my estimated taxes into a separate checking account. Second, I would leave the amount I needed for expenses in my checking account. Then, I would move the remaining into my savings account. My rule was I could only spend whatever was in my checking account. This rule saved me so much money.

4. I Started Investing

It’s nearly impossible to save your way to wealth. So I started investing. Once I hit $10,000 in savings I started allocating 50% of the capital I was saving into my brokerage account. I then created a portfolio and started investing into stocks that I believed in long term. My strategy was to invest into what I knew best. It’s important to know that we all have the power of the internet at our fingertips. This gives you the ability to learn almost anything for free.

5. I saved enough for 3-4 Months of My Expenses

At this point I was two years into my sales job. I had built a substantial cash and stock savings and was ready to start my own business. But to make sure I was fully prepared, I made sure to have 3-4 months of my expenses covered. Many times when you start a business you can go months without earning any income due to high upfront expenses associated with running a business. This gave me a longer runway to get the company off the ground.

Important Takeaways

The more experience I gain along with talking to and studying the most successful people, is they all have systems and processes that almost guarantee a successful outcome. You can only wing it for so long. Success leaves clues and I’d advise each one of you to start becoming even more detailed oriented to create a competitive advantage.

Updates From Grant Mitt

Check out my new podcast episode this week. In episode #82 I break down how to start trusting the process, become more level headed, and how to start achieving more goals. This episode, once implemented is a life changer. Below is the Youtube link to watch or you can go to Apple or Spotify for the audio version. Click here for the link

I hope you enjoyed this weeks newsletter! Talk to everyone soon!

,Grant