5 Surprising Strategies That Made Me A Millionaire
Summary
TLDRIn this inspiring video, the speaker shares five strategies that led to their millionaire status by age 30, with the aim of empowering Muslims to elevate their financial standing. Starting as a corporate lawyer, they identified three main paths to wealth: high-paying jobs, scaling 'boring' businesses, or tech entrepreneurship. The speaker chose the latter, emphasizing the importance of aligning with personal strengths and interests. They highlight the significance of playing to strengths, building a strong network, and taking calculated risks for significant outcomes. The video concludes with a reminder that money is a means to an end, with a greater purpose often driving true success.
Takeaways
- 😀 The speaker became a millionaire by the age of 30 and shares five key strategies that contributed to his success.
- 🎯 There are three main paths to becoming a millionaire: high-paid job, a well-executed 'boring' business scaled up, or a tech startup with high growth potential.
- 🏦 The first path involves working in a high-paying career such as law, where salaries can reach into the millions with experience and partnership.
- 🚗 The second path is about starting a business that is profitable and scaling it up, such as multiple car washes or pharmacies.
- 💡 The third path is tech entrepreneurship, which involves creating a business around innovative technology and a scalable business model.
- 🔥 The speaker chose tech entrepreneurship because of his passion for creating new and innovative business models.
- 💼 He quit his high-paying job at 28 to focus on his business, emphasizing the importance of planning and having a backup plan.
- 🌟 Building expertise in a specific domain and becoming world-class at it is crucial for achieving millionaire status.
- 🤝 The strength of one's network is vital, and the speaker emphasizes the importance of daily networking to build connections.
- 🚀 To become a millionaire, one must take big risks and aim for outsized outcomes, even if it means failing most of the time.
- 💰 While money is a measure of progress, the speaker stresses that the ultimate goal should be something more meaningful than wealth, such as helping others.
Q & A
What are the three main paths to becoming a millionaire as outlined in the video?
-The three main paths to becoming a millionaire mentioned in the video are: 1) having a high-paid job such as working for a prestigious firm like Goldman Sachs, 2) running a 'boring' business very efficiently and scaling it up, such as a pharmacy, and 3) setting up a tech startup with high growth potential.
What is the starting salary for a U.S. Law Firm as mentioned in the video?
-The starting salary at a U.S. Law Firm like the one the speaker worked for is $215,000.
What are the downsides of pursuing a high-paying career in law according to the video?
-The downsides of pursuing a high-paying career in law include being a 'cog in a machine', having horrific and unpredictable client hours, and feeling stifled by the cultural norms of the firm.
What is the importance of picking the right type of millionaire path that suits one's strengths and interests?
-Picking the right type of millionaire path that suits one's strengths and interests is crucial because it aligns with personal values and capabilities, leading to greater satisfaction and success in the chosen field.
What is the significance of becoming a tech entrepreneur according to the speaker?
-Becoming a tech entrepreneur is significant as it allows the individual to innovate and build a business model around software or deep technology, potentially leading to high growth and scalability.
Why did the speaker quit his job at the age of 28?
-The speaker quit his job at the age of 28 to focus on tech entrepreneurship, as he loved working on innovative projects and creating new business models.
What is the 'burning the boats' effect mentioned by the speaker?
-The 'burning the boats' effect refers to the idea of making a decision with no going back, which forces one to fully commit to their new path and work hard to make it successful.
What is the importance of playing to one's strengths and compounding them over time?
-Playing to one's strengths and compounding them over time is important because it allows an individual to become world-class in a particular domain, increasing their value and the likelihood of achieving financial success.
How does the speaker describe the role of networking in his success?
-The speaker describes networking as a crucial element of success, emphasizing the importance of building and maintaining a strong network to help overcome challenges and create opportunities.
What is the advice given by the speaker regarding taking big swings in business?
-The advice given by the speaker is to optimize one's business for massive, out-of-the-park swings, meaning to take big risks in pursuit of exceptional outcomes, as this is necessary to achieve millionaire status.
What is the speaker's ultimate goal or mission beyond making money?
-The speaker's ultimate goal or mission beyond making money is to help Muslims get back to a level financial playing field, indicating that the purpose behind one's actions is more important than money itself.
Outlines
💼 Pathways to Millionaire Status
The speaker, a corporate lawyer turned entrepreneur, shares his journey to becoming a millionaire by the age of 30. He outlines three main paths to wealth accumulation: a high-paid job in a prestigious firm like Goldman Sachs, running a 'boring' but scalable business such as a pharmacy, or starting a tech company with high growth potential. The speaker emphasizes the importance of choosing a path that aligns with one's strengths and interests. He also provides an example of his own journey, starting with a high-paying law career and transitioning to tech entrepreneurship, which he found more fulfilling and aligned with his passion for innovation.
🚀 Embracing Risk and Leveraging Strengths
The speaker discusses the importance of embracing risk and leveraging one's strengths when pursuing wealth. He shares his personal decision to quit his high-paying job at the age of 28 to pursue tech entrepreneurship, despite the risks involved. This decision, he explains, was pivotal in his journey to success. The speaker also highlights the significance of playing to one's strengths and compounding them over time. He gives an example of his deep expertise in Islamic finance, which he has developed over the years through education and professional experience. This expertise has become a cornerstone of his success, as it sets him apart in his field.
🤝 The Power of Networking and Taking Big Swings
The speaker emphasizes the importance of building a strong network and taking calculated risks in the pursuit of wealth. He talks about the daily effort he puts into networking, which has allowed him to connect with influential individuals across various fields. This network has become a valuable asset in overcoming challenges and seizing opportunities. Additionally, he stresses the need to aim for outsized results by focusing on ventures with the potential for significant growth and impact. He uses the example of curate Capital, a wealth management and investment arm, which has the potential to manage billions of dollars in assets, thus offering substantial returns.
💰 Beyond Money: The Importance of Purpose
In the final paragraph, the speaker reflects on the true purpose behind the pursuit of wealth. He argues that while money can be a useful measure of progress, it should not be the ultimate goal. Instead, he believes that the real value lies in the impact one can make, such as helping others or contributing to a cause greater than oneself. He encourages viewers to find a purpose that goes beyond the accumulation of wealth, as this can lead to greater fulfillment and success in the long run.
Mindmap
Keywords
💡Millionaire
💡Strategies
💡Corporate Lawyer
💡High-Paid Job
💡Boring Business
💡Tech Startup
💡Islamic Finance
💡Network
💡Outsized Impact
💡Halal Investing
💡Wealth Management
Highlights
The speaker shares five strategies that helped them become a millionaire by age 30.
The importance of choosing the type of millionaire you want to be, aligning it with your strengths and interests.
Three main paths to becoming a millionaire: high-paid job, a well-executed boring business, or a tech startup.
Details on high-paying careers like law, with potential salaries and the trade-offs involved.
The challenges and lifestyle implications of working in high-salary corporate roles.
The 'boring business' approach to wealth accumulation through understanding cash flows, efficiencies, and scaling.
The benefits and drawbacks of scaling a mundane but profitable business.
Becoming a tech entrepreneur as a third path to wealth, with its potential for high rewards and risks.
The personal journey of the speaker from a corporate lawyer to a tech entrepreneur.
The 'burning boats' effect of quitting a job to focus on a business and its impact on motivation and commitment.
The necessity of planning an exit from a corporate career to pursue entrepreneurship.
Playing to your strengths and compounding them over time for success.
The speaker's deep dive into Islamic finance as a domain of expertise and its role in their success.
The significance of building a strong network for business success and the habits that contribute to it.
The impact of networking on problem-solving and business introductions.
Optimizing a business for exceptional outcomes and avoiding ordinary results.
The importance of aiming for big swings in business to achieve millionaire status.
The speaker's transition to focusing on wealth management and investment for outsized impact.
The philosophical perspective on money as a side effect and the importance of a greater purpose.
Transcripts
I know from the bottom of my heart
inshallah that this video is going to
create future millionaires because I'm
going to share with you five strategies
that made me a millionaire alhamdulillah
by the age of 30. now to be clear I'm
honestly not making this video to flex
so given that we make this channel to
help Muslims level up financially and
we've had some small success ourselves
it only seems right to actually share
that with you as our truth so that you
can learn from that inshallah as well
now I don't come from a business
background at all I'm a corporate lawyer
looking back I have identified five
pivotal strategies that helped shape our
way to the present day and I'll be
sharing that with you in this video
Let's Go
the first strategic and most important
move that I made was to pick what type
of millionaire I wanted to be and to
make sure that it suited my strengths
and interests because you see there's
actually many different paths to
becoming a millionaire but they all boil
down into basically three big buckets
number one you could have a high-paid
job work for Goldman Sachs number two
you could do a boring business but you
could do it really well and scale it up
such as a pharmacy and number three you
could set up a tech startup that makes
money and you can scale that to huge
potential let's unpack those so for
example you could decide like I did
initially my career to go into an
extremely high paying career like law
starting salaries at the U.S Law Firm
like the one that I worked for today are
215
000 and if I was still there today I
would be on around three hundred
thousand dollars and I can assure you
that's not the salary that I am on right
now if you just hang on for a decade or
so once you're into these careers you'll
easily be making about 500k to about a
million dollars and if you make it to
partner then you're on to about two to
five million dollars per annum and if
you move out to the Middle East you'll
make the same but tax-free immediately
boosting your salary by another 40 I
know people in my circle who are roughly
the same age as me and same bracket as
me who are making around the equivalent
of three to four hundred thousand pounds
just because of that additional tax-free
boost and there's a lot of prestige
around these jobs too my old Law Firm
was led by the UK's former Attorney
General represented Qatar against Dubai
when they had a falling out and we
regularly worked on top deals that were
headline news but the downside to this
is that you are always a cog in a
machine that attorney general he used to
work literally on a treadmill I mean
that's such a metaphor you're a slave to
your client hours are horrific
unpredictable and in the hands of your
client even until you are much older
let's say like that attorney general is
much much older and to climb that greasy
ladder you need to be willing to suck up
the pain and play Within the cultural
norms of your firm and I just found this
incredibly stifling now someone might
say well what about if you become much
more senior doesn't become a lot more
relaxed well to some extent it does but
actually Partners at these top law firms
and Banks work incredibly hard still
they still put the hours in they
actually have to do a lot more evenings
now because it's a lot more about
schmoozing so when you're trying to
think about compromising your family
time and all the other things is still a
big commitment now option two is you
become an entrepreneur but you go for a
business model that 100 works and makes
money the only risk is can you execute
it well so you could open up a car wash
for example but if you go down this
boring business route a single car wash
doesn't cut it right it might make you
200k profit every year if you're really
lucky and it's a massive Car Wash so the
way to become a millionaire in this ball
game is to do two things first really
understand cash flows efficiencies and
margins basically be really good at the
boring but vital stuff and number two
but you must scale and by scale we mean
you need to have multiple of these car
washes across the country or across the
world but to scale you either need to
reinvest all of your profits or you need
to land massive contracts or you need to
have debt most of the Muslim
multi-millionaires living in the UK
today are of this slaver of millionaire
for example you've got people who made
money in real estate people who made
money in supermarkets people who made
money in Professional Services people
who made money in groceries all of them
are boring but scaled businesses the
problem with this route is that you
might not enjoy the boring stuff and as
a Muslim you'll struggle to find the
right type of Halal financing you need
to scale in this game so the route I
ultimately chose for myself was a third
and final path to becoming a millionaire
becoming a tech entrepreneur and let me
be very clear for me this third path was
the best but it's very credible and
perfectly acceptable and cool to go for
the first two paths as well many people
have made that work and they love it so
the idea with the tech entrepreneurship
is that you use software or deep
technology to look to build a business
model around that for example you might
develop an AI tool that allows you to
search the internet but unlike the car
wash it's not obvious how you monetize
that but in the case of Google they
correctly figured out that the way to
monetize this technology is through paid
ads by using a keyword auction and
complex algorithms it seems obvious
today of course but it really wasn't
then so now you have a great technology
you've got a bit of a business model
around it the next thing you need to
hope for is that this new technology
isn't just a small Niche thing but it's
something that could become enormous of
course Google worked out just fine for
them however Tech entrepreneurship isn't
right for everyone you might not like
Tech very much right developing software
and leading and engineering and product
team is a very particular skill set and
also with a tech startup it is a very
high risk Pursuit the downside with a
law career or a car wash business is
very capped you're never going to be
completely broke and lose everything but
with a tech startup things can literally
go to zero if you fail I chose Tech
entrepreneurship as I personally love
working on completely Blue Sky stuff
that has never been done before and
coming up with Innovative and new
business models rather than finding
efficiencies in established business
models
I quit my job age 28 at a time when my
salary was around 150 000 pounds I just
picked up a mortgage and my son was two
years old it was for obvious reasons a
massive decision by quitting but it was
pivotal for the growth of ifg and curate
Capital you see there's a burning the
boats effect there's now no going back
you really have to make this thing work
and that has a wonderful way of focusing
the mind and adding that extra nitrous
oxide to your fuel tank the other thing
that happens is that people take you
more seriously it's hard for another
full-time businessman who's hustling and
knows the difficulty of all this stuff
to take someone out seriously who is
part-time the final and obvious benefit
of quitting my job was that I was free
all day for the first time to work on my
business time is the most precious
resource we have and for the first time
I was investing it completely where I
thought I could make the most returns
but a word of warning I carefully
planned my exit from my corporate career
I negotiated a low monthly payment for
my Islamic mortgage I raised a small
plot of money from friends and family
prior to quitting and ifg and the
business was already turning over around
ten thousand pounds per month at that
point so yes quitting is a must if
you're serious but you must plan it
carefully and do it with thought
the third crucial strategy that most
folks get wrong is they don't play to
their strengths and they don't Compound
on their strengths over a very long
period of time I started looking at
Islamic Finance back in 2012 when I was
still studying PPE at Oxford I
subsequently did a Masters on the
subject then I embarked on my alamia
degree as well and through my corporate
career I then deepened that expertise
from a different perspective and ifg
added another Mass Market slant to it
because remember it started off as a
Blog in 2015 and it allowed me to
develop as a Creator then over the last
two years I've been studying a few key
Islamic Finance texts every Friday with
Mufti Faraz Adam we finished that last
year and we've now started another two
year long study of the Quran Hadith that
underpin Islamic financial matters
alhamdulillah this year one of the
world's largest Publishers Wiley asked
us to write a book on Halal investing
the point is very simple I love Islamic
finance and investing and that's my
mission and every year I plug away at my
own craft and try and fix something that
I see in myself and add something else
to my toolkit and so for someone to now
replicate this decade-long journey from
a standing start is extremely difficult
so pick a skill or domain expertise you
have and go really deep in it become
world class at it becoming world class
at something people value will
significantly increase your chances at
becoming a millionaire
the fourth game changer for us was the
strength of our Network and the time we
took and continue to take to build out
our Network pretty much every day since
2019 I will be either building our
Network through a new connection or
rekindling an existing contact to give
you a sense of this I was just flicking
through my WhatsApp conversations from
this week and I've spoken to 133 people
from world famous Scholars to
multi-millionaires to charity workers
old friends and teammates this has just
become a habit for me now what this
means is any problem we face today any
introduction we need we usually know the
right people to make things happen and
in business like in all walks of life
it's often about who you know not what
you know so do the hard yards the cold
LinkedIn Outreach that asking your
friend for an introduction to someone
you want to speak to then add value to
who you meet and ask them to introduce
you to others and do that every single
day for half an hour an hour and you
will have built a massive Network in no
time at all
the fifth and final strategy we
benefited from as recently as this year
is optimize your business for massive
out of the park swings if you want to be
a millionaire you're going to have to
buy a definition achieve something that
99 of people want so logically you won't
get there by doing ordinary stuff you're
going to have to take big swings and try
and hit the Home Run you'll fail mostly
but every so often it'll come off as
Michael Jordan said he's taken 9 000
shots that missed in his lifetime he's
lost 300 games he had 26 moments where
he could win the game with a shot and he
missed and you know what he said that's
why he succeeded because every shot that
you don't take you've already lost
anyway and look what you can't do is
play in products or industries that
don't return you potentially big
outcomes even if you do really well in
them for example we offer digital
Islamic wills and we're the biggest
provider by volume in the UK today
however even with that level of skill as
a Muslim Community is just seven percent
of the total population this doesn't
return you and million dollar outcomes
if we were just to focus on this it
wouldn't make commercial sense we might
be a nice small profitable business but
we wouldn't be a scale business instead
what we are laser focused on today
thanks to the advice of our mentors is
curate Capital our wealth management and
investment arm here the restricting
factor is Muslim wealth that we can
manage but there are billions of dollars
out there for us to manage and we've
literally just scratched the surface
there and already alhamdulillah that is
giving us decent returns so make sure
that you are truly taking those big
swings that have outsized exceptional
impact and that your life is set up to
take those at least once a month if not
more often because the more swings you
take the more chances you have of
connecting well there you are folks I
hope you found that insightful and I
hope it inspires many of you on your own
millionaire Journeys I should stress
though money isn't the end goal here I
use it in this video as a nice number
that we all conventionally measure
progress by but the end goal must be
much bigger than money in our case our
mission is to help Muslims get back to a
level Financial playing field and
honestly I know it's easy and glib for
me to say that but I think for me that's
ultimately far more important than all
of this money that's kind of a side
effect and if you look at what truly
successful multi-millionaires and
billionaires actually end up doing they
end up giving away most of their wealth
why did they do that because in this
finite life we actually just don't have
the time to spend all of that money
anyway so ultimately if that is where
you're headed then the purpose behind
what you're doing is actually far more
important and if your end goal is just
money well then ironically you're less
likely to get there please do like this
video subscribe to the channel it really
does help us and I'll see you next time
assalamu alaikum
foreign
[Music]
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