You've got to have knowledge. Let's just say that crypto is

going up. Now, if you don't have the knowledge about that

bull run or about crypto in general, then you can't possibly invest

in that asset. You've got to have, you must have work-life

balance. You can pretty much kiss that goodbye. You've

got to have a high risk of tolerance. Tolerance is

your number one attribute. What is the attribute that

you must have when you're going into business? I'm talking to the people

who are watching this, who are in the nine to five, who know it's

not for them. The first thing you're going to do is you're going to... I'm Matthew Fraser and

this is Amazon Ecom Secrets. I'll

be sharing with you the secrets that helped me go from millions in debt

to an eight-figure entrepreneur. If you're ready to escape the

nine-to-five and live life on your terms, let me show you

the way. Hey, welcome to Amazon Ecom Secrets. My name

is Matthew Fraser, and in today's episode, we're going to

dive deep into what type of

attribute, personal attribute you must have in

order to survive the entrepreneurial journey. And

I'm going to give you the number one attribute that you must

have at the very end of this episode. Now, When

you're talking about attributes, it can be a range of different things. But I want to tell you some stories

about some of the things that have happened in my life

which have built up a range of attributes that

you must have in order to survive. And I was talking to my

mother the other day about crypto. And crypto is a big, big

thing at the moment, right? And she said, and I was telling her

about the things that I'm going to be doing in my crypto

trading, crypto investments. And I

guess I made it sound simple because you said, Matthew, well,

if it's that simple, why doesn't everyone just do it?

And it got me thinking, like, is it actually

that simple? I mean, I made it sound simple because I'm doing

it. And so I really sat

down and thought about it. I'm going to tell you the four things that

I think you need to have in order to be successful in

not just crypto, but it could be Amazon business. It

could be econ business. It could be even investing in property. So

it's really the four things that you have to have in order to be a good

investor. And the first thing is, you've got to

have knowledge. That is like

the number one thing. Let's just say that crypto

is going up. There's a bull run on. Now, if you don't have

the knowledge about that bull run or about crypto

in general, then you can't possibly invest in

that asset. The other thing is, you've

got to have capital. If you don't

have any capital, how can you put money into the investment? How

can you put money into a property or an Amazon business? Now,

you might have the knowledge. You might know that crypto, if I

use this analogy, you might know the crypto is going up in value. But

if you don't have the capital, then you can't execute. So there's those

two things. The other thing you've got to have is

you've got to have the balls. you've got to have the kahunas to

actually put your hard-earned money into

the investment. Because you might have the knowledge, you

might know it's going up, you might have the capital, you're

sitting on a ton of cash, right, which is devaluing by the second, and

you then, you just chicken out. Yeah, because you don't have the

balls to actually put the money in, okay? So you've got to have those

three things. And I think there's actually a fourth thing. Let's

just say you've got the knowledge about the crypto market,

you've got the capital to put the money in, and you've got the balls, right?

You know you can put it in. But if your wife

or partner says, no,

that's not going to happen, then you're out. So

you've got to have that other someone in your life who's

supporting you in your decisions. Now, if you're single,

well then it's just all on you. You can cancel out number four. But

it might even be your parents. It might

be a friend. You might have told your friend that you're about to do this particular

investment and if they poo-poo the idea, then it

might give you self-doubt. So you've got to have that support

network in your life in order to do it. But let

me tell you a story of someone who made

a bit of a mistake because they didn't have one

of the attributes. And one of those things was knowledge. They

didn't have the knowledge. So the story is, and I was only just talking to this gentleman just

recently, and he put some money into, I'm going

to use the crypto analogy again, but he put some money into crypto and

it was, I think it was Shiba Inu, which is like a meme coin.

And he put in about $5,000. And just by pure fluke, it went up

to about $7,000. So he's taken the money

out. He's

now on a high. He's thinking, I'm freaking awesome. I've just

put this five grand in. I pulled out seven. I'm a champion. So

that gave him the confidence to make a further investment. And

so later on, he put some more money into another meme coin.

But by this stage, he's now taken $50,000 out

of his mortgage. Ouch. And put

that entire amount of money on one meme coin. So

50 grand on one meme coin. Boom. And then guess what happened?

It went down. It went down, and then down, and then down,

and down, to the point where it got to $700. So

you can imagine, this guy is, at this point, bawling his

eyes out. And once we dove deep into the conversation

with this guy, it was because he didn't invest in

himself. He didn't spend money on

mentoring by getting coached by

somebody else who was already in the crypto space.

So by putting that 50 grand in, it was just an absolute pure

gamble. He might as well just go into the casino and put it through the poker machine. That's

literally what happened. And he even told me afterwards he went through depression

and he couldn't get out of bed because he's just basically pissed up the

wall this $50,000. And I can tell

you that I listen to these types of stories. So

a few years ago, I also became, it

was actually around the same time that he put that money in, but I became interested in

crypto as well. Now, what did I do? Did I just run out

and just start pulling money out of everywhere and just dumping it into crypto like just

like, just like, like willy nilly? Absolutely not.

I took the experience that I've had already in the past by

investing in a mentor, and I went and got coaching with

someone who was already in the crypto space. And you're going to

say, well, how much did that cost? I invested, and

notice I use the word invested, I invested $20,000 in

my own private mentor who already

understands the crypto space. Because I can tell you, the crypto space,

it's pretty wide and deep. You can't just sort of just put

your, you think you know just by one crypto coin, for

example. It's really, really comprehensive. There's

a lot to it. So I've invested this $20,000. Now,

I'll tell you another story, because around that same time, another friend

of mine who I had confided in, I said, look, I'm interested in

crypto. This is before I started in the mentoring, by

getting mentored. And I said, look, tell me a bit about this crypto thing.

He said, oh, you can do this, and you can do that. Now, what he was doing was

he was using, he was capitalizing on a lot of staking.

And so you're going to say to me, Matt, what the hell is staking? Staking is essentially

like a term deposit. It would be like putting your crypto with another company, and

they're going to give you back interest, which is generally in the form of more crypto.

And the interest rates are generally astronomical.

Some of these crypto returns were like 78% per

annum, okay? So you can see the attractiveness and why people were just like

jumping in on this thing. So here's my friend, he's put

all this, he's got his money tied up in staking and thinks he's

awesome. And I then go ahead at

this point and get my own coaching done, okay? Now

a few months passed, I then go back to my friend. I

say, hey, I'm doing pretty well because I'm learning about this. I'm

sort of testing it with not a lot of money. And

I said, mate, how are you going? You know, because this has happened. And he said, Matt,

I don't want to talk about it. I'm like, really?

What happened? What happened? He goes, I've lost everything.

What do you mean you've lost everything? Well, I

had my life savings tied up on

the exchange that was staking my crypto. And

that particular exchange went belly up. They

just went insolvent. So it went from one day having $50,000-odd

staked to the next day zero,

like just gone, right? And this is not a

place where you can just like, it's not like a bank where you could just like ring up the bank and

say, oh, look, I just want to get my money out, or I just want to, you know, transfer my

money back out. There is no one you can talk to, right? It's like a decentralized, no

one's there, no one's sitting on the other end of the phone, you can't call anybody, and

he's just lost it, right? He then, and this

is his life savings, okay? Life savings and he was the same age

as me. He was like, you know, 42 years old at the time. And

I'm like, oh shit, dude. Like, I'm really sorry to hear that. Now,

what is the takeaway from this? He didn't get

any coaching from anybody. He just thought that he knew

better than everybody else and just dove in with his life

savings, right? And just fucked it, basically.

And so there's so many lessons to be had in

these stories. I think the number one thing is you must

invest in yourself, whether you're going into anything, whether it's

property, whether it's an Amazon business, whether

it's a McDonald's store, whether it's crypto, any

type of investment, you've got to get the knowledge first. And

this goes back to what I said before, you've got to have the knowledge, the capital, the

balls, and the support. That's

your big takeaway for today. So during my life, I've

invested in lots of different things. I have invested in crypto, as you know

now. I have invested in property. I have invested in

Amazon businesses. I've invested in a Hungry Jacks business,

for God's sake. There's been lots of things that I've actually put my

hard-earned money towards. But I

can tell you not every single thing has gone smooth sailing,

right? So this sort of goes back to what I started with,

with what is the attribute, personal attribute that

you must have when you're going into business. Now, most

people who are watching this are in the nine to five, right?

Which is a P-A-Y-G job. You get up,

you go to work, you do your job, you go home, and

then miraculously, once a week or once a fortnight, a

pay just arrives into your bank account. But

when you're at home, you check out. There's nothing more

for you to do, right? Because you've just gone to work. You do your job. You go home,

right? And then everything else after that is generally your time, OK?

But people, when they're making the transition from the 9 to 5 matrix

into being self-employed or in the entrepreneurial space,

it's very, very challenging. And it's because now the

buck stops with you. It's up to you to deliver

results so that it replaces the money that you

were getting once a week or once a fortnight. You've got to now do

that. You've got to get the money in the bank. That

is super, super tough for most people. They just can't

get their head around it. That's why most people who

are trying to transition from the 9 to 5 matrix into

being self-employed and an entrepreneur just can't do

it. Because what you're going to find

too is you've gone from this business where you're

just showing up every day, PAYG, without

really the stresses of the business, right? Okay,

so if someone else doesn't show up for work, not your problem. Someone

else deals with it. If the electricity bill's too high, someone

else deals with it, right? You don't have to deal with all these problems like cash flow, payroll,

insurance bills, right? That's somebody else's problem, right?

You just have to go in and type your buttons or whatever you do. But

when you become an entrepreneur and self-employed, all those

issues now become your issues, okay? And

this becomes the issue for most people. They can't digest

and take on everything else because they're

just not used to it, right? Now, if you can do it, and I

encourage you to try and do it because nobody really wants to

be in the 9 to 5 matrix, let's be honest. We don't really

want to be working for somebody else. I'm not saying that every job's bad.

You might be really lucky and have an awesome boss and they're giving you

everything that you think is a great life. And not

everybody's cut out to be self-employed. Not everybody's cut out

to be an entrepreneur, right? But I'm talking to the people who are

watching this, who are in the nine to five, who

know it's not for them. The nine to five is

definitely not for me. So I'm with you. I get it, right? And

you're trying to now make the transition into the

self-employed entrepreneur arena. It's a tough

thing. The first thing you're going to do is you're going to get coaching, mentor and

coaching for sure to make the transition much easier. And

I would also say to you, don't give up your day job until your

side hustle or your next gig is now producing enough income

for you to live on because you don't want the stress of you've

now quit your day job, and now you're trying to make it in the self-employed world,

but it's not really happening, sometimes it might take time. It might take

years. I'm not saying give up after six months or

one year. Keep pushing, but it might take years. Just understand that. Now,

I started off this video or this audio

today by saying to you what is the number one

personal attribute, and I'm going to get to it. because it relates to

exactly what we've been talking about, and it is you've got to

have a high risk of tolerance. Tolerance

is your number one attribute, a tolerance to all the

fucking fuck-ups that are possibly going to happen and

likely going to happen in your entrepreneurial world, business,

life. It's not smooth sailing, guys. It's going to

take a lot of grit, resilience, and a lot

of tolerance to risk. in order for you to get out

alive. Now, when we're talking about going from PAYG to

self-employed, there's this thing that comes up about, and you

see it sometimes on social media, you know, you must have work-life balance,

right? You can pretty much kiss that goodbye. If

you're trying to go from nine to five self-employed, forget about it,

because you're gonna take on all the responsibilities of

the business, right? And guess what? They don't just stop at

five o'clock. That's just the facts. And if

you're wanting to really succeed and create the life of your dreams,

why would you just stop at 5 o'clock? If you're in

the beginning of the hustle, you want to be getting to business as

much as possible all the time. So forget about

this work-life balance. It's absolute garbage. And

don't listen to anyone who says that it's possible. Because

unfortunately, if you're going to make it, it ain't possible. So that's

why, when you're thinking about making the shift from nine to

five to self-employed and entrepreneur. Kiss work-life

balance. Goodbye. In this journey, you're

going to have a lot of failures. I've

had shitloads of failures. Shitloads of failures. But

everything that I've done and learned over my time has just given

me the next step, the next layer to get to

the next level. If I hadn't had gone through those failures,

I wouldn't be where I am now. So take them on board. Embrace

the so-called failures. And that's why you must have

a high tolerance to the perceived failure. Guys,

thank you so much. I hope you got a lot out of this video, and

please make sure you leave a five-star review for me. It'd really mean

a lot on Apple Podcasts and Spotify. And

also, if you're watching this on YouTube, leave a comment. Let me know what else you'd like

to talk about in the upcoming videos. Thank you so much for

listening. I'm Matthew Fraser, and this is Amazon Ecom

Secrets. Take care. Thanks for tuning into Amazon

Ecom Secrets. If you enjoyed this episode, the best way

to show your support is to give a five-star review on

Apple Podcasts and Spotify, and make sure to

subscribe on YouTube so you don't miss an episode. You

can also find more at I'm Matthew Fraser

on all social media platforms. Thanks so much. Take