7 Habits That Made Me A Multi-Millionaire By 21

Summary

This video script offers an in-depth look at the habits that contributed to the speaker's journey to becoming a multi-millionaire by age 21. Emphasizing the importance of reading, acquiring high-income skills, building an abundance mindset, and investing, the speaker shares personal experiences and advice for aspiring entrepreneurs. The script also highlights the significance of character development, including traits like punctuality, humility, and gratitude, as well as the long-term benefits of disciplined investing for financial stability and wealth creation.

Takeaways

• 📚 Reading Habits: The speaker attributes a significant portion of their success to a consistent reading habit, emphasizing the importance of knowledge acquisition through books from 2014 to 2017.
• 🔑 High Income Skills: Learning and mastering high income skills such as copywriting, social media growth, and videography were pivotal in establishing the speaker's business and generating income.
• 💡 Abundance Mindset: Cultivating an abundance mindset is crucial for success, as it helps to prepare oneself for wealth and to avoid self-sabotage through limiting beliefs.
• 🧘 Meditative Practice: Daily meditation is highlighted as a key habit for emotional stability and self-awareness, helping to manage emotions and understand deeper triggers behind actions.
• 🛠️ Skill Stacking: The speaker advises on the importance of acquiring both high-value and high-income skills, with high-value skills like team management and cash flow understanding being vital for long-term business success.
• 🌟 Character Focus: Focusing on personal character development rather than just income is essential for sustainable success and aligns with the idea of 'being' rather than 'doing'.
• 💼 Business Before Investments: The speaker stresses that building a successful business should be the primary focus before considering investments, as business growth can be more rapidly achieved than investment returns.
• 🚀 Early Investing: Investing should be started as early as possible, even with small amounts, to take advantage of compound interest and long-term growth.
• 🏦 Financial Management: Understanding personal finance, including accounting and cash flow, is a high-value skill that contributes to the stability and growth of one's businesses.
• 🎯 Goal Setting: The speaker sets clear financial goals for themselves, demonstrating the importance of having specific targets to strive towards, both in business and personal wealth.
• 🔄 Continuous Learning: The speaker's journey shows the importance of continuous learning and adapting, including being open to new strategies and self-improvement.

Q & A

What is the main topic of the video script?

The main topic of the video script is the seven habits that helped the speaker become a multi-millionaire by the age of 21.

Why does the speaker emphasize the importance of reading?

The speaker emphasizes the importance of reading because it was a significant factor in their success, providing knowledge and a 'zen beginner's mind' approach to learning new concepts and strategies.

What does the speaker mean by 'liquid' when referring to their 10 million dollars?

By 'liquid,' the speaker means that the 10 million dollars is in the form of cash or easily convertible assets, not just net worth which could include illiquid assets.

What was the speaker's first business venture and what skill did they learn from it?

The speaker's first business venture was flipping Instagram accounts, from which they learned social media growth and copywriting skills.

How does the speaker describe the process of learning high-income skills?

The speaker describes the process as immersing themselves in various fields, learning skills like copywriting, social media growth, and videography, and then applying these skills in their business ventures.

What is the significance of having an 'abundance mindset' according to the speaker?

Having an 'abundance mindset' means preparing oneself to receive wealth and success, understanding that money is a transfer of value, and believing in one's worthiness of wealth.

Why does the speaker attribute part of their success to their team?

The speaker attributes part of their success to their team because they believe that having the right people in senior positions to manage day-to-day operations is a high-value skill that contributes significantly to the success of their businesses.

What role does the speaker believe meditation plays in building wealth?

The speaker believes meditation plays a crucial role in building wealth as it helps in maintaining emotional stability, understanding one's thoughts and triggers, and making better long-term decisions.

What is the difference between high-income skills and high-value skills as described by the speaker?

High-income skills are directly compensated services or abilities like copywriting and programming, while high-value skills are important but not directly monetized, such as attracting and retaining talent or managing cash flow.

How does the speaker view the role of investing in their journey to becoming a multi-millionaire?

The speaker views investing as a critical habit that contributed to their wealth, emphasizing the power of compound interest and the importance of starting to invest as early as possible.

What advice does the speaker give regarding the focus on character development over income?

The speaker advises focusing on becoming the person needed to achieve one's financial goals, suggesting that character traits like punctuality, humility, and gratitude are more important than specific business tactics or tricks.