I became a multi-millionaire in my 20s. Here are the 9 biggest lessons I've learned

Summary

This video shares valuable financial lessons from a self-made millionaire, emphasizing the importance of aligning one's career or business with their desired lifestyle. The speaker advises starting with an end goal in mind, learning continuously, and taking consistent action despite fear of failure. He stresses the value of implementing what is learned, the significance of consistency, and the misconception that success is reserved for the exceptionally smart. The video encourages viewers to believe in their potential, take calculated risks, and understand that financial success is not the sole measure of self-worth.

Takeaways

• 🎯 Start with the end goal in mind: Choose a career or business that aligns with the lifestyle you desire, not just for the money.
• 🔗 Everything is connected: Each step in your journey, even failures, can lead to new opportunities and learning experiences.
• 💡 Be better, not just wishing for easier: Improve your skills and value to the market, which will naturally increase your income.
• 📚 Implement as fast as possible: Learning is important, but taking action is crucial for success and financial growth.
• 🔄 View failure as a learning opportunity: Success comes after failure, so embrace it as a step towards achieving your goals.
• 🔑 Consistency is key: Successful people show up every day and are patient with the results, understanding that success takes time.
• 🤷‍♂️ Not everyone who is successful is smarter: Belief in oneself and taking action can lead to success, regardless of intelligence.
• 💰 Do not equate self-worth with financial success: Money is important, but it's not the only measure of a person's value.
• 🚀 Take calculated risks: Overcoming the fear of losing money can lead to significant growth and opportunities.
• 🚫 When broke, you don't get to be picky: If you're struggling financially, take every opportunity to earn money without hesitation.
• 🏆 Success requires sacrifice and hard work: Be prepared to work tirelessly and make personal sacrifices to achieve financial freedom.

Q & A

What is the primary lesson the speaker wants to convey in the video?

The primary lesson is to start with the end goal in mind, focusing on the lifestyle you want rather than just the money, and to align your career or business with that goal.

Why did the speaker become a self-made millionaire by 26 and a multi-millionaire in his 20s?

The speaker became a self-made millionaire and multi-millionaire by learning valuable lessons about money and life, and applying them to his financial journey.

What is the 'sunk cost fallacy' mentioned by the speaker?

The 'sunk cost fallacy' refers to the tendency to continue investing in a decision based on the cumulative prior investment, rather than evaluating the current and future value of other options.

Why does the speaker advise against starting a social media marketing agency?

The speaker advises against it because, despite the potential to make money, the lifestyle that comes with it involves dealing with constant client complaints, meetings, and sales calls, which many people find miserable.

What type of business did the speaker choose for complete freedom?

The speaker chose an online digital product-based business because it allows for location and time freedom, requiring only a laptop and Wi-Fi to operate.

What is the significance of the book 'Rich Dad Poor Dad' in the speaker's journey?

The book 'Rich Dad Poor Dad' influenced the speaker's decision to pursue a career in sales, emphasizing the performance-based nature of sales and its potential for higher earnings.

How did the speaker's experience in door-to-door sales benefit him later in life?

The speaker's experience in door-to-door sales was listed on his resume, which helped him secure a better sales job with a good base pay and high commission, despite being much younger than his colleagues.

What is the speaker's view on the importance of taking action?

The speaker emphasizes that taking action is crucial for success and that learning without implementation is ineffective. He encourages viewing failure as a learning experience that brings you closer to success.

Why does the speaker say consistency is more important than anything else?

The speaker believes that consistency is key to success because it ensures that you show up and put in the work every day, which is a trait that successful people have in common.

What lesson does the speaker learn from meeting other millionaires and multi-millionaires?

The speaker learns that successful people are not necessarily smarter than others; rather, they believe in their abilities and take action without fearing failure, leading to their success.

What is the speaker's advice for people who are broke and looking to make money?

The speaker advises that when you're broke, you don't have the luxury of choosing how to make money. Instead, you should take every opportunity available to you to earn money.

What is the speaker's perspective on associating failures or successes with self-worth?

The speaker advises against associating self-worth with financial success or failure, emphasizing that everyone is equal and that success in life involves more than just financial achievements.

Why did the speaker initially struggle with taking risks in business?

The speaker initially struggled with taking risks due to a conservative mindset and fear of losing money, which hindered his progress in business.

How did the speaker's approach to learning and action change over time?

The speaker transitioned from consuming content without taking action to implementing what he learned as he went, which led to significant progress and success in his business.