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

Summary

In this video, the speaker shares their journey of making a million dollars before the age of 30 and offers seven key lessons to help others on their financial journey. These lessons include aiming for high income, mastering skills, working hard and smart, avoiding financial traps, being frugal, and focusing on building passive income. The speaker emphasizes the importance of deep learning and making scalable efforts, while also cautioning against lifestyle inflation and unnecessary purchases that can hinder wealth accumulation.

Takeaways

• 💡 Focus on achieving high income by targeting profit centers in your career or business.
• 🎯 Deep learning and mastery in your chosen field are essential for success.
• 💪 Hard work pays off; consistently work beyond what others are doing to stand out and grow.
• 🧠 Combine hard work with smart work by focusing on scalable efforts like creating content or products.
• 💰 Be frugal with your spending, even as your income increases, to accumulate wealth.
• 🚫 Avoid financial traps, such as unnecessary luxury purchases that drain your resources.
• 📉 Lifestyle inflation can sabotage wealth-building—control ego-driven spending.
• 🏠 Invest in assets that grow over time, like real estate, instead of depreciating purchases.
• 💤 Passive income is key; funnel earned income into investments that generate returns while you sleep.
• 🌱 Start small but be consistent in growing passive income, allowing wealth to compound over time.

Q & A

What is the main goal the speaker aimed to achieve by the age of 30?

The speaker aimed to make a million dollars by the age of 30.

What were the two potential paths the speaker considered for achieving high income?

The speaker considered either starting a business or pursuing a high-income career path.

What does the speaker suggest about choosing a career path in terms of 'profit centers'?

The speaker suggests choosing a career path or role in a 'profit center,' which generates revenue for the organization, as it leads to higher pay compared to working in a 'cost center.'

Why is 'deep learning' important according to the speaker?

Deep learning is crucial because becoming a master in a chosen field leads to higher income and more career opportunities.

What examples does the speaker give for high-income career specializations?

Examples include specializations in tech like software engineering or cybersecurity, and medical specializations such as aesthetics.

How does the speaker define 'working smart' in comparison to 'working hard'?

The speaker defines 'working smart' as focusing on scalable efforts—tasks that can have a high output with minimal repetition, such as creating content or products that reach a large audience.

What advice does the speaker give regarding lifestyle inflation?

The speaker advises resisting the urge to increase spending as income rises, emphasizing the importance of accumulating wealth before indulging in luxuries.

What financial mistake does the speaker admit to making in their 20s?

The speaker admits to buying a fancy convertible after a big paycheck, which turned out to be a financial trap due to high maintenance costs, instead of investing the money in appreciating assets.

Why does the speaker emphasize creating passive income?

The speaker emphasizes passive income because it allows one to generate wealth even when not actively working, helping achieve financial freedom and the ability to enjoy luxuries without relying on earned income.

How can the lessons shared by the speaker apply to people at different stages of life?

The lessons are applicable to people at any age, whether in their teens, 20s, 30s, or older, as they focus on building high income, avoiding financial traps, and developing passive income over time.