HOW Teenagers Can Make $1 Million (7 Money Tips)

Summary

In this video, the speaker shares seven personal money tips for aspiring millionaires, emphasizing the importance of avoiding alcohol to save money and focus, learning high-income skills to increase earning potential, setting aside money weekly for investments, observing affluent environments for inspiration, paying off credit card debt promptly, investing in self-education, and gradually increasing the percentage of income invested. The speaker encourages viewers to implement these habits to accelerate their path to wealth, stressing that it's a journey requiring consistent effort and smart financial decisions.

Takeaways

• 🚫 Stop Drinking: The speaker emphasizes the financial and mental clarity benefits of not drinking, suggesting it as a practical step towards wealth accumulation.
• 💼 Learn High-Income Skills: Acquiring skills that are in high demand and valuable can significantly increase earning potential, which is more effective than focusing solely on saving money.
• 💰 Invest Regularly: Setting aside a specific amount each week for investment is a habit that can lead to wealth over time, starting small and growing the investment capacity.
• ☕️ Network in Affluent Places: Having coffee in high-end places can provide insights into the behavior and mindset of wealthy individuals, which can be inspiring and educational.
• 💳 Clear Credit Card Debt: Paying off credit card debt promptly is crucial to avoid the financial trap of high-interest payments and to maintain financial freedom.
• 📚 Invest in Self-Education: Investing in learning and development can enhance one's ability to earn more, emphasizing the importance of continuous learning for career advancement.
• 📈 Increase Investment Percentages: As income grows, so should the percentage allocated to investments, setting up a strategy for long-term financial stability and growth.
• 🌐 Choose the Right Company: Joining a company where one can add significant value and be rewarded well can be a path to high earnings and financial success.
• 🎯 Set Specific Financial Goals: Having clear financial goals and strategies for achieving millionaire status, such as saving on unnecessary expenses and focusing on high-impact skills.
• 🔑 Develop a Mindset of Abundance: Cultivating a belief in one's ability to earn and accumulate wealth, rather than focusing on scarcity and small savings.
• 🏆 Live Off Dividends: The ultimate financial goal is to reach a point where one can live off the dividends and returns from investments, ensuring financial security.

Q & A

What is the first personal money tip shared in the video for aspiring millionaires?

The first tip is to stop drinking alcohol, as it can save a significant amount of money and improve one's ability to think clearly and make money.

Why does the speaker mention his first tattoo in the context of not drinking alcohol?

The speaker mentions his first tattoo, which says 'my cup runneth over', as a humorous anecdote to explain his commitment to not drinking during the early years of his business, and how it served as a conversation starter and deterrent.

What is the speaker's opinion on the advice of saving money by not buying expensive coffee?

The speaker considers this advice to be 'ridiculous' and 'stupid', as it promotes a scarcity mindset rather than focusing on increasing earning potential.

What is the second personal money tip provided in the video?

The second tip is to learn a high-income skill, which can significantly increase one's earning potential and is more effective than focusing on small savings.

What examples of high-income skills does the speaker provide?

Examples of high-income skills include sales, copywriting, content creation, and being proficient in tools like Google Sheets for analytics tracking.

Why does the speaker suggest having coffee in affluent places?

Having coffee in affluent places can expose one to the behavior, attire, and mannerisms of wealthy individuals, which can provide insights and inspiration for personal growth and financial success.

What is the importance of paying off credit card bills as soon as possible according to the video?

Paying off credit card bills promptly is crucial to avoid getting trapped in a cycle of debt and high-interest payments, which can hinder one's path to becoming a millionaire.

What is the speaker's view on investing in self-education?

The speaker strongly advocates for investing in self-education, as it can provide valuable knowledge and skills that can significantly increase one's earning potential over time.

Why does the speaker recommend increasing the percentage of income invested as one's earnings grow?

Increasing the percentage of income invested helps to build wealth more efficiently and ensures financial security, with the ultimate goal of living off dividends and investments.

What is the final money tip shared by the speaker for becoming a millionaire?

The final tip is to continually increase the percentage of one's income that is invested, especially as earnings grow, to accelerate the path to millionaire status.

What is the speaker's perspective on the balance between enjoying life and being financially responsible?

The speaker believes in enjoying life but also emphasizes the importance of being financially responsible and setting oneself up for the future through disciplined investing.

How does the speaker define 'get rich quicker' in the context of the video?

The term 'get rich quicker' refers to the idea of accelerating the process of wealth accumulation by focusing on increasing both the velocity of earning and investing money, rather than seeking get-rich-quick schemes.

Outlines

00:00

💡 Practical Tips to Become a Millionaire

The speaker emphasizes that watching motivational videos or attending seminars is not enough to become a millionaire. Instead, he offers seven practical money tips based on his seven years of business experience and success in making millions. He highlights the importance of actionable advice over typical scarcity-based recommendations.

05:01

🚫 Quit Drinking for Financial Growth

The speaker shares a personal anecdote about not drinking alcohol during the early years of his business. He explains that abstaining from alcohol can save significant amounts of money and improve mental clarity, both of which are crucial for financial success. He contrasts this with the trivial savings from cutting out small expenses like coffee.

10:02

🔧 Learn a High Income Skill

To become a millionaire, the speaker advises learning a high-income skill. He criticizes the mindset of saving small amounts as a path to wealth and instead advocates for increasing earning potential through valuable skills. He provides examples such as sales, copywriting, and content creation, emphasizing the value these skills can bring to companies.

💸 Investing for Long-Term Wealth

The speaker discusses the importance of regular investing and setting aside a specific amount each week for investments. He shares his own experience of starting small and gradually increasing his investment contributions. He emphasizes that the habit of investing is more important than the amount and that it helps in maintaining and growing wealth.

☕ Networking in Affluent Environments

The speaker recommends spending time in affluent places, such as expensive hotels or fancy cafes, to observe and learn from wealthy individuals. He believes this exposure can provide valuable insights into the behavior and habits of successful people, which can be more inspiring and educational than saving small amounts of money on cheaper alternatives.

📉 Eliminate Credit Card Debt

The speaker highlights the importance of paying off credit card debt as quickly as possible to avoid high-interest costs and financial enslavement. He explains that credit cards can be beneficial if used responsibly, but they can trap people in debt cycles if mismanaged. Clearing debt should be prioritized before other financial tips.

📚 Invest in Self-Education

The speaker encourages investing in self-education through books, seminars, and online courses. He argues that spending money on education can significantly increase one's earning potential over time. The key question is whether one believes in their ability to leverage the knowledge gained to make more money in the future.

📈 Increase Investment Percentages

As income grows, the speaker advises increasing the percentage of income allocated to investments. He provides a guideline for progressively higher investment rates as one advances through their 20s. The ultimate goal is to reach a point where investments generate enough income to live on comfortably, ensuring long-term financial security.

Keywords

💡Millionaire

A millionaire is an individual with a net worth of at least one million units of currency, typically dollars. In the context of the video, becoming a millionaire is the central theme, with the speaker sharing personal money tips aimed at achieving this financial status. The video emphasizes practical steps and mindset shifts necessary for accumulating wealth and reaching millionaire status.

💡Financial Education

Financial education refers to the knowledge and understanding of financial matters such as budgeting, investing, and saving. The script mentions that while some people might seek financial education on platforms like Tick Tock, the speaker intends to provide unique insights not commonly found in mainstream motivational content. The video aims to educate viewers on specific strategies for wealth accumulation.

💡Scarcity Mindset

A scarcity mindset is a belief that resources are limited and not enough to meet everyone's needs, leading to a focus on saving and cutting costs. The speaker criticizes this mindset, arguing that it limits one's potential for wealth creation. Instead, the video promotes the idea of increasing earning potential and investing as a path to becoming a millionaire.

💡High Income Skill

A high income skill is a specialized ability or expertise that is in high demand and can command a higher salary or income. The video emphasizes the importance of learning such skills to increase one's value and earning potential. Examples given include sales, copywriting, content creation, and even being proficient in tools like Google Sheets for analytics tracking.

💡Investing

Investing, in the context of the video, refers to the act of allocating money with the expectation of generating income or profit. The speaker advises setting aside a specific amount each week for investment purposes, illustrating the concept with personal examples, such as starting with a small amount and increasing it over time as income grows.

💡Self-Education

Self-education is the process of acquiring knowledge or skills independently, without formal instruction. The video encourages investing in self-education as a means to increase one's earning potential. The speaker believes that learning new skills or gaining knowledge can significantly impact one's future income and career advancement.

💡Credit Card Debt

Credit card debt is the money owed on credit cards that has not yet been repaid, often accruing interest. The video warns against the pitfalls of credit card debt, describing it as a form of enslavement that can hinder wealth accumulation. Paying off credit card bills as soon as possible is presented as a critical step towards financial freedom.

💡Affluent Places

Affluent places are locations associated with wealth and luxury, such as high-end hotels or fancy cafes. The video suggests visiting such places to gain insights into the behaviors and attitudes of wealthy individuals. This exposure is intended to inspire and provide a different perspective on wealth and lifestyle.

💡Diversification

Diversification is a risk management strategy that involves spreading investments across various financial instruments, industries, or other categories to reduce overall risk. Although not explicitly mentioned in the script, the concept is implied in the speaker's approach to investing, suggesting that viewers should not put all their eggs in one basket.

💡Earning Potential

Earning potential refers to the maximum amount of income one can potentially earn based on their skills, education, and opportunities. The video emphasizes the importance of increasing one's earning potential as a means to achieve millionaire status, rather than solely relying on frugality or saving small amounts.

💡Velocity of Money

The velocity of money is an economic term that refers to the rate at which money is exchanged in an economy. In the context of the video, the speaker uses the term to encourage viewers to focus on the speed at which they can attract and multiply their money through investment and smart financial decisions.

Highlights

The video shares seven personal money tips for aspiring millionaires.

Avoid trivial expenses like alcohol to save money and maintain clarity of thought for wealth creation.

The speaker emphasizes the importance of not just saving money but also increasing earning potential.

Learning a high-income skill is key to significantly boosting one's salary and worth to a company.

The speaker discourages living a life of scarcity and instead promotes the idea of making more money.

Setting aside a specific amount weekly for investment is crucial for wealth accumulation.

Having coffee in affluent places can offer insights into the behavior and mindset of wealthy individuals.

Paying off credit card bills promptly is essential to avoid the trap of perpetual debt.

Investing in self-education can increase one's earning potential and is a smart financial move.

The belief in oneself is a critical factor in deciding to invest in education.

Increasing the percentage of income invested over time is a strategy for long-term financial stability.

The speaker suggests investing 70% of income in early 20s, adjusting the percentage as one gets older.

The goal is to live off dividends and investments, ensuring financial security regardless of active income.

The process of becoming a millionaire is a journey that requires consistent effort and strategy.

The video encourages viewers to take the first step towards financial success and offers ongoing support.

The speaker shares personal anecdotes to illustrate points, making the content relatable and engaging.

Transcripts

so you want to become a millionaire so

you watch all of the Tony Robbins

seminars you watch all these

motivational videos I mean hey you even

think that your Tick Tock is a great

place to get financial education well

listen up in today's video I'm going to

share seven personal money tips that I

would give to you after seven years of

running a business and making tens of

millions of dollars and most importantly

I'm gonna share stuff that you probably

won't find anywhere else because I'm not

going to tell you oh don't buy Starbucks

because you know Heavens forbid you

spend four dollars on a coffee because

you can make it for 30 cents at home I'm

not gonna give you any stupid scarcity

based advice that's built specifically

for people that have no self-belief no

beliefs that they can actually go on and

accomplish anything in life no I'm gonna

give you seven practical things that you

can and should Implement from today so

the first step if you want to become a

millionaire is stop drinking now I

actually have a funny story about my

first ever tattoo it says my cup run is

over now my cup Runners over means I

have more than I need I'm abundant but

it always used to serve a fun double

purpose because I'm first few years of

starting my business I was not drinking

now whenever someone tried to get me to

drink or try to encourage me to drink of

course I politely declined and if it

kept going I used to joke with people

that didn't know me I went listen I'm a

recovering alcoholic I can't drink and

of course because I was young they're

like you're lying you're joking and I

used to show them this tattoo and I used

to say I have this tattoo that says my

cup run us over because you know my cup

was always overflowing with alcohol and

it was funny because at that point they

would always get super apologetic so

anyways the reason I tell you the story

is just because it brings back memories

of the first couple years of my business

when I hadn't made a million dollars yet

I hadn't made a million dollars after

tax I wasn't a millionaire and in that

time I did not drink for two reasons

first of all think about how much money

you have wasted how much money you have

spent on useless drinks at the bar shots

so not only from a financial perspective

and you know I told you earlier in this

video I think it is absolutely

ridiculous people are so dumb to think

oh you know how I'm gonna become a

millionaire I'm gonna save all my four

dollar coffee it's honestly some of the

stupidest I've ever heard and I

guarantee you any really really really

high level successful person will never

give you advice like that whereas for

alcohol I would say don't spend money on

it if you are trying to become the

person that you want to become because

listen that's four dollars compared to

forty dollars eighty dollars a hundred

hundred fifty dollars you know let's say

you're having a fun night you buy five

cocktails for yourself fifteen dollars a

pop great 75 let's say you cover it for

your friend you get a little drunk you

go get a little woozy and you're like

you know what I'll get this one great

you just wasted a hundred and fifty

dollars on alcohol and don't forget you

would have had to earn something closer

to depends on where you live 200 to 250

in order to actually make that money

because the rest goes to tax so not only

have you spent all of this money on

alcohol you have then woken up with less

capacity to think clearly and less

capacity to actually make money and make

your way to that millionaire status Now

ladies and gentlemen me at the stage

that I'm at I have a long track record

in business I have the most incredible

team between all my companies I have

over 150 employees so luckily if I want

to have a drink here and there it

doesn't really change my life and it

doesn't really affect things when you

get to a certain position in life that

doesn't mean that you should ever slow

down you still need to put your foot on

the gas but what it does mean is that

you can do things slightly differently

so if you are serious about becoming a

millionaire this year quit drinking the

best tip to become a millionaire is

learn a high income skill and this is

why I keep beating on about that example

of the four dollar coffee because listen

people who are hell-bent on the whole

saving thing for sure I respect it I

just personally believe that I don't

want to live a life of scarcity I don't

want to live a life where I don't have

faith in my abilities to make more money

I think if you're watching this video

you should understand the goal is to

make as much money as humanly possible

and by the way that doesn't mean you

need to be an entrepreneur that doesn't

mean you need to be a business owner if

you join the right organization not some

old Corporation some stale company

that's 50 years old and all they care

about is just doing things in a safe

predictable way I mean if you join a

real good company for example there's

people in my company who make hundreds

of thousands of dollars almost nearly a

million dollars a year because they

provide even far more value than that to

the company and the way that you do that

is by learning a high income skill so

whether that be sales whether that be

copywriting whether that be content

creation whether that be and it sounds

really funny but I can tell you as I

said having 150 plus employees and

there's one special a person that comes

to mind if you are a wizard at Google

Sheets and you can put together a very

good analytics tracking that is a high

income skill and that's something that

is very valuable to most companies so if

you're a little confused on which high

income skill is the best in this day and

age and which business model is the best

one to start this year well then I'm

going to leave a link in the description

to my most popular YouTube video I break

down the eight or nine best business

models and try to use an equation and

math to come to the conclusion of which

one makes the most sense for you to

start I use a formula and an equation to

get to the bottom of which business

model makes the most sense for you to

start this year so I'll go ahead and

leave that link in the description check

it out once you finish this video but I

feel like I made my point very clear

which is no matter what you do whether

you're an entrepreneur a solopreneur you

own multiple big businesses with lots of

employees like me or you work in a

company and you see a clear path to

making a lot more money and you want to

provide value to that company which is

why you are dedicated to learning High

income and high impact skills whatever

it is just understand that it is far

easier to get to millionaire status by

increasing your earning potential rather

than being scarcity-minded and just

thinking oh I'm Gonna Save my way over

the next 17 years I'm just gonna save my

way to a millionaire is that really an

inspiring life to you now the next way

to become a millionaire is have a

specific amount each week that you put

in a separate account to invest now it's

funny in my position I've seen so many

people make millions and millions and

millions of dollars tens of millions of

dollars in fact I even know people who

have made hundreds of millions of

dollars and still lost it all so it

doesn't matter if you can become a

millionaire if you can't even State a

millionaire and investing although it is

slightly tedious it is slightly boring

will help you get to that millionaire

Milestone even quicker and this is

something that I even apply to this day

my CFO takes a hundred grand in profits

in dividends moves that money to one of

my Banks siphons it off to a specific

account and in that account I

specifically have cash reserves tucked

away for Investments now listen of

course I have worked extremely hard over

the years to get to a point where I'm

putting away a hundred grand a week

minimum just for my investments but it

wasn't almost like that I start off with

five dollars a week I remember I was 16

years old when I first read Tony Robbins

money Master of the game and the second

I read it I created a separate bank

account this is like literally right as

my business was first starting so I had

my main account and then I had my

investment account and every week for my

main account I would just send five

pounds over to my investment account

because I knew that if I didn't get in

the habit of putting away five pounds a

week I would never get in the habit of

you know years and decades later you're

putting away hundreds of thousands of

dollars a week into Investments so it's

just about getting the Habit down listen

in the same way if you want to run a

marathon you're not going to lace up and

run 42 kilometers no you're gonna start

off late you're gonna start off easy and

eventually Your Capacity will grow in

the same way your capacity to run grows

so too does Your Capacity to earn income

and then go ahead and invest that now

the next money tip for you to become a

millionaire is to have coffee in

affluent places go and have a coffee in

an expensive hotel or a very fancy cafe

in a super nice area because listen your

Starbucks is gonna cost four dollars and

it's not gonna be very inspiring that's

for sure whereas you might go to a super

expensive hotel you know for example

here in Dubai where I'm based or in

London where I used to live there's all

of these nice hotels you don't need to

stay at the hotels you don't need to

spend two thousand dollars a night on a

room you simply go to the lobby and you

have a coffee and the coffee might cost

you eight dollars or ten dollars

compared to four dollars but you're

gonna see you're gonna look around

you're gonna see money around you you're

gonna see what do wealthy people really

wear not Gucci and Balenciaga and all

this and that I mean like really like

properly wealthy people you're gonna

start to realize they're really wealthy

people they wear stuff like this Laura

Piana zenya Brunello Tom Ford these sort

of Brands they want to blend in they

don't want big logos and this and they

don't want to scream so just simply

through osmosis you're gonna start to

get a feeling you're gonna start to get

an understanding for how do these people

move how do they carry themselves you

know the funny thing is you're going to

find it in a lot of good establishments

or at least I found personally people

are far more respectful to the waiters

there's a lot more please thank you how

was your day I've personally found out

to be true even though there's a stigma

around rich people and wealthy people

that they're snobs or you know they're

very disrespectful to staff and whatnot

I've personally never found that I've

personally found a better establishment

the more polite people are the more

thank you you're welcome you know a very

interesting thing you know here in Dubai

or London or New York you might go to

some very nice cigar lounges and as I

said you can go to Cigar Lounge and you

can sit there and you can literally just

order a coffee you don't need to smoke a

cigar and listen in it's very

interesting even just hear how wealthy

people order they order in a different

way there's a conviction they have a

different tonality in the way that they

order they even have a different pace

the pacing of what they're saying is

different than if you just go to some

regular normal establishment now the

next money tip for you to become a

millionaire is pay off your credit card

bills as soon as humanly possible you

need to understand that credit card debt

is one of the ways that they enslave you

it is one of the ways that they get you

stuck in a Perpetual Loop you know you

need to understand that if you get into

credit card debt soon enough you're

gonna be spending more money on the

interest and the debt than the actual

amount that you owe so before you listen

to any of these other tips you know

before you go and spend eight dollars on

a coffee because you know you're gonna

have the experience of operating and

whilst around you and all this stuff if

you have credit card debt clear that

that should be your number one Focus you

know credit cards can be an exceptional

asset to use especially in a lot of

Western countries and especially if

you're based in the US but you need to

understand how to use it responsibly how

to get the benefits of it because by the

way how do you think all these credit

card companies make money when you have

all of these signing bonuses and you're

for example with American Express you

rack up all these Amex points and you

can use these Amex points for benefits

and upgrades and this like who do you

think is paying for that you need to

understand that the people who are

financially irresponsible and don't know

how to use credit cards and make the

credit card companies so much money by

all the interests they're paying these

people are subsidizing people like me

and hopefully you if you know how to use

credit cards responsibly they get to

reap all of these rewards and all these

benefits and we're just sat here

questioning and asking ourselves why are

we getting all these benefits and we

basically don't even need to spend any

extra money well that's because all of

these people were irresponsible so

please if you have any credit card debt

whatsoever pay it off ASAP the next

money tip in order to become millionaire

is invest in self-education now listen I

don't care if it's a book I don't care

if it's a seminar if it's an online

program whatever it is the way that I

look at it is let's say you spend a

hundred dollars let's say you spend a

thousand dollars let's say you spend

even ten thousand dollars do you believe

that if you even learned one thing from

it Your Capacity and your ability to

earn income over the space the next year

three years five years ten years 30

years will increase because of it let's

say you want to learn one very specific

skill that could help your career or

your job and there's an online course

and it's 150 do you think that that 150

let's break it up over the space to the

next one year do you think that that 13

or whatever it is monthly for the space

the next year would help you make more

than 13 a month or increase your chances

of getting a five percent ten percent

thirty percent pay increase once again

if you're at the right company do you

think that a little 150 course is it by

the way you saved money on because you

didn't go out drinking that month you

committed that you're gonna become a

person of value you're gonna become a

person who can earn more money because

they bring more value to the market

whether that be through a business

solopreneur through a career whatever it

it is you choose sit there and ask

yourself do you back yourself because I

believe when it comes to investing in

yourself and investing in education the

simple fact of the matter is do you

believe that you are the certain person

that could get this information and make

more money from it I believe that the

decision to invest in your education has

far more to do with do you believe in

yourself than do you believe in the

product the program the book The Event

the seminar whatever it is I think

investing in self-education really comes

down to you versus you do you back

yourself do you believe in yourself now

the last and final tip to become a

millionaire is increase the percentages

that you invest so listen if you are

getting by paycheck to paycheck I don't

want you to invest 50 of everything you

make But as time goes on I want you to

increase the percentage of your income

that you invest I believe that

especially in your early 20s you should

be investing 70 of everything you make

as you get into your mid-20s I believe

60 as you get into your late 20s 50 of

everything you make because listen I

believe in enjoying life but I also

believe in being responsible and setting

yourself up for the future that's been

My Philosophy I don't want to be one of

these people that has made egregious

amounts of money and lost it all but I

also don't want to be one of these Penny

Pinchers that makes all of this money

and still lives like Frugal and I

personally just find it very off-putting

you know these people do things so small

you know have to hoard all this money I

can't spend any of it how could I right

so you don't want to be either of these

people so once you get to a position

where let's say you're making five

thousand dollars a month six thousand

dollars a month ten thousand dollars a

month maybe twenty thirty thousand

dollars a month I know these might sound

like crazy numbers to you right now but

just put that just mentally put that to

the side all right I'm not saying you

need to make it today but just I know

this might seem scary to you I know it

might seem impossible but just mentally

Park those sort of numbers just

understand that if you get to that point

where you're earning this sort of income

once you start earning it I want you to

increase the percentage of your income

that you're investing because the true

Financial goal is to eventually get to a

place where you are living fully off of

your dividends you're living fully off

your investment and no matter what if

you stop making money tomorrow you will

always be fine so ladies and gentlemen

there are seven money tips to become a

millionaire please Implement every

single one of these ASAP and understand

this is going to be a process that's not

going to happen overnight but while

saying that there's no such thing as get

rich quick there's simply the get rich

quicker so focus on increasing the

Velocity in which money comes to you as

well as the Velocity in which you invest

money in order to multiply it but also

understand because this is a process

this is a journey so just take the first

step and on that note I'm gonna be

watching I'm going to be rooting for you

and I'll see in the next video