I made a million at 30...here's 7 things I learnt
Summary
TLDRThe speaker shares their financial journey to earning a million dollars by the age of 30, offering seven key lessons to help others in their financial paths. These lessons include aiming for high income, developing deep expertise, working both hard and smart, avoiding lifestyle inflation and financial traps, and focusing on building passive income. The speaker emphasizes working in profit-centered roles, continuous learning, being frugal, and investing in scalable opportunities and assets to secure long-term wealth and financial freedom.
Takeaways
- 💡 Set financial goals early: The speaker aimed to make a million dollars before turning 30, but stresses that it's never too late to set financial targets, no matter your age.
- 📈 Aim for high income: Look for careers or opportunities with high-income potential, especially in industries like tech or finance. Seek roles in profit centers rather than cost centers to maximize earning potential.
- 📚 Master your field: It's crucial to develop deep expertise in your chosen field. Specialization and continuous learning can help you stand out and increase your value in the job market.
- 💼 Hard work is essential: To accelerate your growth, work harder than your peers. Put in extra hours and continuously improve your skills to move up the income ladder.
- 🧠 Work smart and scale: Focus on tasks and projects that can be scaled, like creating digital content or products that can reach a larger audience with minimal additional effort.
- 💸 Be frugal: Even with a high income, avoid lifestyle inflation. Keep living costs low in the early stages of wealth accumulation to grow your savings and investments faster.
- 🚫 Avoid financial traps: Don’t fall into the trap of spending big money to show off. The speaker warns against buying luxury items, like expensive cars, early in your financial journey.
- 💰 Focus on passive income: Start generating passive income by investing in assets like real estate, stocks, or other long-term investment vehicles. This will enable you to build wealth over time without constant active work.
- 🏡 Reinvest wisely: Funnel your earnings into investments that grow over time, like properties or financial markets, to achieve long-term financial independence.
- ✈️ Reward yourself later: Once your passive income streams are solid, then you can enjoy luxuries like business-class flights or expensive vacations without depleting your hard-earned money.
Q & A
What is the main objective the speaker aims to achieve by sharing this video?
-The speaker aims to share their financial journey to help others who may be on a similar path, offering lessons that could be applicable in achieving financial success.
What was the speaker's initial financial goal, and when did they set it?
-The speaker's initial financial goal was to make a million dollars before turning 30, a goal they set in their early 20s.
What does the speaker identify as the first key lesson to achieving financial success?
-The first key lesson is to aim for high income by either starting a business or choosing a career in a high-income field like tech or finance.
Why does the speaker emphasize joining a 'profit center' in an organization?
-The speaker suggests joining a profit center because these roles directly generate revenue for the organization, leading to higher pay, whereas cost centers have more constraints and lower income potential.
What does the speaker mean by 'deep learning' in the second lesson?
-'Deep learning' refers to mastering your field by continuously learning and improving your skills. This can be achieved through modern resources like online platforms and specialized training.
What is the role of hard work according to lesson three?
-Hard work is essential in building mastery and advancing in one's career. The speaker encourages working longer hours and continually developing skills to increase recognition and income.
What is meant by 'working smart and hard' in lesson four?
-'Working smart and hard' refers to focusing on scalable efforts that provide high returns, like creating content or products that can reach a large audience, thus maximizing output with the same amount of work.
How does the speaker suggest handling lifestyle inflation in lesson five?
-The speaker advises being frugal, even when making a high income, by delaying expensive purchases and prioritizing wealth accumulation before indulging in luxuries.
What financial mistake does the speaker mention in lesson six, and what lesson is drawn from it?
-The speaker mentions buying an expensive convertible car with their first big paycheck, which became a 'money pit' due to maintenance costs. The lesson is to avoid financial traps that deplete wealth and focus on investing in assets that appreciate over time.
What is the importance of passive income according to lesson seven?
-Passive income is crucial for long-term financial freedom, as it allows one to make money without actively working. This can be achieved by investing in assets like real estate, stocks, or other financial instruments that generate consistent returns.
Outlines
💡 The Start of a Financial Journey
The speaker reflects on whether to share their journey of earning a million dollars before the age of 30, clarifying that the intent is not to boast but to offer guidance to others on a similar path. They emphasize starting with zero wealth but having a strong goal of becoming a millionaire. The speaker stresses that financial success can happen at any age and outlines that the upcoming lessons are meant to help others in their financial journey.
🎯 Lesson 1: Aim for High Income
The speaker underscores the importance of targeting high-income opportunities, whether through a business or a career. With no experience or capital for business, the speaker chose a high-income career path, highlighting the need to work in profit centers (departments that generate revenue) rather than cost centers. Profit centers, such as doctors in healthcare, typically offer higher compensation, which can help accelerate financial success.
📚 Lesson 2: Deep Learning for Mastery
Once a high-income path is identified, the speaker advises getting exceptionally good at it. Mastery is crucial, whether in medicine, technology, or any other field. With the wealth of learning resources available online, the speaker encourages leveraging platforms to build expertise in your chosen domain. Achieving mastery allows one to stand out and command higher income.
💼 Lesson 3: Hard Work Pays Off
Hard work is emphasized as a critical factor in success. The speaker suggests working harder and smarter than your colleagues, putting in extra hours, and using downtime to learn and improve. By doing more and taking on additional responsibilities, you become more valuable, which leads to opportunities for promotion and higher income, circling back to the goal of increasing your earnings.
📈 Lesson 4: Work Smart and Scale Efforts
In addition to hard work, the speaker stresses the importance of working smart. This means focusing on scalable efforts—activities that produce high results for the same or lower input, such as creating digital content or automated systems. By scaling work, like reaching a large audience with a single YouTube video, one can significantly increase income without proportional increases in effort.
💰 Lesson 5: Be Frugal and Avoid Lifestyle Inflation
The speaker highlights the danger of lifestyle inflation, where increasing income leads to unnecessary spending. They caution against splurging on luxuries like business class flights or five-star hotels before accumulating substantial wealth. The speaker advises holding off on indulgent expenses and focusing on growing wealth first to ensure long-term financial stability.
🚫 Lesson 6: Avoid Financial Traps
Drawing from personal experience, the speaker warns against financial traps like impulsively buying luxury items. They recount purchasing a fancy convertible, which ended up being a costly mistake due to ongoing maintenance and depreciation. Instead of spending on liabilities, they advise investing in assets that appreciate in value, such as real estate, which can help build wealth over time.
🌱 Lesson 7: Build Passive Income
The final lesson emphasizes the importance of passive income. The speaker quotes the famous line, 'If you cannot make money while you sleep, you will work until you die.' They suggest funneling earned money into assets that generate passive income, such as rental properties or investment funds. By building a stream of passive income, one can eventually afford luxuries without relying on active work.
Mindmap
Keywords
💡High income
💡Deep learning
💡Work hard
💡Work smart
💡Profit center
💡Lifestyle inflation
💡Financial traps
💡Passive income
💡Accumulation of wealth
💡Scalable efforts
Highlights
The speaker made a million dollars before the age of 30, starting with zero capital.
Lesson 1: Aim for high income, focusing on profit centers in organizations or specialized fields like tech or finance.
Joining a profit center, such as doctors in healthcare, is essential because it brings more money to the organization, and thus, results in higher income.
Lesson 2: Deep learning is crucial. You must become highly skilled in your field, like specializing as a doctor or mastering cyber security.
The internet provides endless learning resources, making it easier to achieve mastery in a chosen field today.
Lesson 3: Hard work pays off. You need to work harder than your peers, often working weekends and beyond typical work hours.
Continuous learning and skill improvement are necessary to increase income, transitioning from making $50,000 to potentially earning $300,000 a year.
Lesson 4: Work smart by focusing on scalable efforts, like creating content that can reach millions or sending mass emails.
Lesson 5: Be frugal even when earning a high income. Avoid lifestyle inflation and save before splurging on luxuries.
Lesson 6: Avoid financial traps. The speaker shares a mistake of buying a fancy car, which became a financial burden instead of an asset.
Instead of buying depreciating assets like cars, invest in appreciating assets such as real estate or stocks.
Lesson 7: Build passive income. Invest in assets that generate returns so that money works for you, even while you sleep.
The speaker advises funneling money into real estate, fixed deposits, or indexes to create long-term wealth.
The speaker emphasizes that passive income allows for enjoying luxuries in life, not from earned income but from accumulated wealth.
The video aims to inspire viewers to apply these financial lessons to their journey towards financial success.
Transcripts
I was contemplating making this video
because I don't want to come off as
trying to show off or Brack that I made
a million dollars before I
103 and I was thinking about it hey
perhaps I could share with you my
journey this financial Journey so that
it could help
you that it could possibly apply to you
as you are in this journey too to a
million
doll I started with zero capital I
started with zero wealth
but I was conscious about making a
million dollars in this in this
lifetime and I had a target of making it
before 30 so that goal came in mind in
my early 20s and of course it doesn't
matter what age you are maybe you're in
teenage years you are in your 20s in
your 30s 40s 50s whichever age you're
in I hope the seven lessons that I will
share with you could help you in your
financial Journey too lesson one aim for
high
income I was looking around and I was
thinking to myself before I got a job or
started my career I was thinking
about how can I get to a million dollars
quickly and there were two ways out of
it the first way was to create a
business getting and finding and
discovering specific Niche that I could
tackle but I didn't have the experience
in that neither do I have to Capital to
get started so I was thinking hey
perhaps the career path could be pretty
good whichever options you choose you
need High
income and I was looking at all the
careers opportunities out there and I
was
thinking what is a high income job so it
could be Fs in Tech it could be Fs in
finance specialized fuels
and at the same time if you're joining
an
organization think about which
department is a profit Center because a
profit Center means that you bring money
to the organization and if you can do
that guess what they'll pay you more a
lot more but if you join a cost center
on the other hand it's going to be a lot
tougher a lot more constraints so you
want to think about if you're joining
a specific sector so you're joining
Healthcare who are profit centers the
doctors the doctors that the one who
make the most money because they bring
in the most money for the organization
for the hospital so think about where
the prophit centers are and aim for that
lesson two deep
learning now they've discovered what are
the high income streams you're aiming
for then what you want to do is to get
really good not just good you want to
get great at what you do so if you're a
doctor you will like to specialize
perhaps you're focusing on Aesthetics
you're focusing on different type of
specialization if you're in Tech perhaps
you want to be a really great software
engineer you to build some websites
that's highly scalable or perhaps in
cyber security you want to be a
well-known penetration tester or
hacker and you need t
to get
Mastery you need to learn a lot and this
is not like 30 years ago or 40 years ago
where if you go to the library maybe you
only got 10 books about a specific field
or domain or 20 books at most and if you
read a book a day you can easily
complete all of those books in the
library in that field within a month or
two but we 21st century and there is the
internet there are lots of platforms out
there that has all of this content and
you want to get really deep into
it head of this book be so good they
cannot ignore you lesson three hot work
pays
off now you got to work really hard you
have identified the high income streams
you're getting deeper and trying to
develop Mastery in your field you want
to work hard if your co-workers are
working not
five here's what you need to do you need
to Work N to n if your co-workers are
resting on
weekends what do you have to do work
through the weekends and that's what you
need to do and not just working you're
learning you're developing your skills
you are developing strategies you're
thinking about doing things beyond your
scope so that you get the opportunity to
get promoted you get the opportunity to
get even better recog nice for your
skills and what does it mean it all goes
back to lesson one increasing your
income so maybe you start off making
$50,000 a year and now because you're
doing so much more you're getting
specialization you're getting better and
better at a job getting
certified you get higher income you can
demand for higher income so you move
from 50k to 100K to 200k to 300K a year
all of that is possible because of your
deep skills that you
developed Lesson Four work smart and
hard now this is where it gets really
important this is the part where it
really
matters this is where you want to work
on things that I call scalable efforts
you do things that has high output say
for example YouTube is a great example
you create a video and the video can
reach out to millions of people
so you focus on building it once and you
scale it all across the world so you
want to focus on things that scale
perhaps it's email you send an email to
a thousand people instead of one to one
you can create content you can create
materials you can create products that
can scale out to the rest of the world
you can increase your income from that
and that's what I call again skillable
efforts working
smart lesson five Be
Frugal so now you make $100,000 a year
you make $200,000 a year $300,000 a year
even this is where lifestyle inflation
comes
in your pride your ego is telling you
something interesting just saying hey
you ever work hard let's go for a
holiday let's get business class
seats let's go to five star
hotel pause for a second hold that off
you need to accumulate wealth first and
this is where lesson s I'm going to
share you later on is going to be
important lesson six avoid Financial
traps I made a mistake a pretty big one
so I was in my 20s a big paycheck came
in I still remember it it's
$50,000 in a single month I was so so
happy and excited and guess what I
did I bought a fancy car I bought a
convertible I want to show people that I
made
it but it was a it was a
trap the car was Money Pit I was
spending an extra ,000 every
month bringing the car for
maintenance bringing the car to workshop
and all this time that's taken out of me
because trying to maintain something
trying to look good trying to impress
others when I could have accumulated my
wealth perhaps I could have made a down
payment for an apartment for a house and
that investment in asset could have gone
up so much more and that I could have
bought that wonderful car that I've been
aiming for now when I've built and
accumulated the good wealth lesson seven
be passive
income if you cannot make money while
you sleep
you work until you die and that's the
reality of life you want to funnel all
this hard earned money into places that
can help you generate even more wealth
think about getting a house an apartment
putting the money into fixed deposits
time deposits placing them into
Investments like indexes so that it can
grow over time for you you start small
but I promise you they will keep
compounding and when they do this is
where you truly get enjoy the luxuries
of Life think about this is the place
where you can start going for a
five-star hotel going for your business
class flights going for the holiday
you've always been wanting to not from
your hot earned money from all this
extra money that comes from passive
income so once again I hope you learn
something valuable that you can apply
this into your financial journey and let
me know how it goes and take care
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