How to actually get rich in your 20s ( realistically )

Summary

The speaker, who made 1.5 million in sales at 21, advises against starting a business in your 20s, as it often leads to financial struggles and unhappiness. Instead, he suggests developing a skill, as it can lead to business opportunities later. He emphasizes the importance of mastering a skill before attempting to build a business, highlighting his own journey from sales to online appointment setting, which helped him make significant income. The speaker shares his experience and strategies for success, advocating for skill development over immediate business creation.

Takeaways

• 💡 Building a business in your 20s might not be the best way to get rich because it can lead to financial struggles and unhappiness.
• 🌏 65% of businesses in Australia fail, often because the founders don't genuinely want to build a business and give up when they don't see immediate results.
• 🚀 The speaker suggests that instead of starting a business, one should develop a skill that can later be used to build a business.
• 💼 Many businesses fail due to a lack of necessary skills, which is why it's important to focus on skill development before venturing into entrepreneurship.
• 🕒 Time is considered more valuable than money, and the speaker emphasizes the importance of not wasting time on endeavors that don't align with one's goals.
• 🔍 The speaker shares the full quote 'A jack of all trades is a master of none, but often times better than a master of one,' suggesting that being versatile can be advantageous.
• 📈 The speaker believes that having a broad skill set can be more beneficial than focusing on one area, especially in the context of building a business.
• 📊 Developing sales skills is highlighted as a crucial step towards financial success, with the speaker sharing personal experiences in sales and appointment setting.
• 📝 The three pillars of sales mentioned are communication, taking calls, and eventually building a business with the honed skills.
• 💰 The speaker recommends starting with appointment setting as a way to make significant money without the need for a personal brand or business.
• 🎯 The ultimate advice is to focus on sharpening skills and making money with those skills before considering starting a business.

Q & A

What is the speaker's main argument against starting a business in your 20s?

The speaker argues that starting a business in your 20s can lead to financial struggles, unhappiness, and depression because many businesses fail, and those who start them often lack the necessary skills and passion to sustain them.

What percentage of businesses in Australia fail according to the speaker?

The speaker states that 65% of businesses in Australia fail.

Why does the speaker believe many businesses fail?

The speaker believes businesses fail because the people building them don't genuinely want to, and they lack the necessary skills to build and sustain a successful business.

What does the speaker suggest people want but don't necessarily need a business for?

The speaker suggests that people want freedom, the ability to make money without constant work, the ability to work from anywhere, and to live the life of their dreams, which they can achieve without necessarily starting a business.

What is the speaker's advice for achieving financial success?

The speaker advises developing a skill first, which will then help in building a business in the future, rather than starting a business right away.

What is the speaker's personal experience with building businesses?

The speaker shares that he started with building businesses at a young age, achieved 1.5 million in sales, but found the process to be hard, stressful, and time-consuming.

What is the full quote the speaker refers to about being a 'jack of all trades'?

The full quote is 'A jack of all trades is a master of none, but often times better than a master of one.'

What does the speaker mean by 'the first pillar of sales'?

The first pillar of sales, according to the speaker, is communication, which is the ability to effectively talk with another person.

What is 'appointment setting' as mentioned by the speaker?

Appointment setting is a process where someone is hired to send messages and book calls for a business that is already running, without the need for a personal brand or direct selling.

How much money did the speaker make in a year after developing the skill of sales?

The speaker made about $170,000 in a year after developing the skill of sales and focusing on appointment setting.

What are the three pillars of sales the speaker discusses?

The three pillars of sales discussed by the speaker are: 1) Communication, which is the foundation of sales; 2) Becoming a person that takes the calls, which is where actual sales happen; and 3) Building your business, which comes after mastering the first two skills.