I made a million at 30...here's 7 things I learnt

Summary

The 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

00:00

💡 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.

05:00

🎯 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.

Keywords

💡High income

High income refers to jobs or businesses that generate significant revenue, which is crucial for achieving financial goals like earning a million dollars. In the video, the speaker emphasizes the importance of selecting careers or fields that offer high earning potential, such as tech or finance, and profit-centered roles that contribute directly to organizational revenue, which leads to higher pay.

💡Deep learning

Deep learning in this context refers to gaining expertise and mastery in a chosen field. The speaker highlights that to succeed financially, it is not enough to be just good at what you do; you must excel. For example, a doctor could specialize in a high-demand area like aesthetics, or a software engineer could focus on building scalable systems or cyber security.

💡Work hard

Working hard is a key theme, where the speaker discusses the necessity of going beyond what others are doing in terms of effort. This involves working longer hours, developing skills outside one’s normal responsibilities, and taking extra steps to stand out, which ultimately leads to higher pay and more recognition.

💡Work smart

Working smart involves focusing on scalable efforts, meaning work that yields high results without requiring a proportional increase in effort. The speaker mentions examples like creating YouTube videos or sending mass emails that reach large audiences, which multiply one’s impact without additional work, allowing for greater financial growth.

💡Profit center

A profit center refers to a department or role within an organization that directly generates revenue. The speaker advises choosing such roles, like doctors in healthcare or finance professionals, as they tend to be paid more than those in cost centers, which focus on spending rather than earning money for the company.

💡Lifestyle inflation

Lifestyle inflation is the tendency to increase spending as income rises, which the speaker warns against. The example given is when someone starts earning $100,000 or more and feels the urge to spend on luxury items like business class flights or fancy hotels. The advice is to resist such temptations in favor of accumulating wealth first.

💡Financial traps

Financial traps are poor spending decisions that hinder wealth accumulation. The speaker shares a personal story of buying an expensive convertible, which became a 'money pit' due to ongoing maintenance costs. Instead of such liabilities, they advise investing in assets like property or stocks that appreciate over time.

💡Passive income

Passive income is money earned with little to no ongoing effort, such as from investments in real estate or stocks. The speaker highlights the importance of creating passive income streams so that one can continue to earn money while not actively working. This leads to true financial freedom, allowing one to enjoy luxuries without dipping into hard-earned savings.

💡Accumulation of wealth

Wealth accumulation is the process of building financial resources over time. The speaker advises delaying gratification, such as resisting the urge to spend money on luxuries early on, and instead saving or investing to build wealth. Once sufficient wealth is accumulated, the speaker suggests that one can then enjoy life's luxuries more comfortably.

💡Scalable efforts

Scalable efforts are actions that yield significant results without requiring proportional effort increases. The speaker uses YouTube as an example, where one video can reach millions, or sending an email to thousands at once, illustrating how working smart (scaling efforts) can lead to larger financial gains without constantly trading time for money.

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