How I Will Become a Millionaire by 32

Summary

تدور النص حول كيفية التحول إلى مليوني قبل سن الثلاثين والعشرين. يتضمن النصائح الشخصية التي أثبتت ناجحها، والنصائح التي اكتسبها من الكتب التي قرأتها من أكبر خبراء المال والعمل، وكذلك الأدلة النفسية المتعلقة بدماغ الإنسان. يناقش النص أهمية بناء محفظة ثابتة وغير مباشرة، وتفكير في المبادئ الأولى لتحقيق الابتكار. يشدد على ضرورة استغلال قواعد الآخرين، ومفهوم الحافة البسيطة، وأهمية العيش أقل مما تكسبه. ينصح بالتركيز على مهاراتك القوية وتحسين التصرفات اليومية لتحقيق النجاح المالي.

Takeaways

• 💼 **Invest in an all-weather portfolio**: Focus on building passive income streams that grow non-linearly and don't require trading time for money.
• 🤔 **Think in terms of first principles**: Question the status quo and conventional wisdom, and be open to exploring new possibilities.
• 🚀 **Challenge the impossible**: Embrace a mindset that seeks to prove what others deem impossible, as demonstrated by visionaries like Elon Musk and the Wright brothers.
• 🤝 **Utilize others' strengths**: Recognize that different people have unique strengths and skills, and leverage them to your advantage, as exemplified by saving £30,000 through a tax advisor.
• 💡 **The slight edge concept**: Success and failure are the results of small daily choices that compound over time, as illustrated by the penny compounding parable.
• 💪 **Lean into your money-making superpower**: Identify and focus on your most valuable strengths, which can come from upbringing, learned skills, or passions.
• 🏡 **Live below your means**: Avoid lifestyle inflation and make conscious decisions to save and invest, rather than spending all that you earn.
• 🚗 **Prioritize long-term gains**: Make short-term sacrifices to avoid unnecessary expenses, such as delaying the purchase of a new car to save on costs and depreciation.
• 🔮 **Plan for the future**: Use current savings to invest in assets that will provide a lifestyle and luxuries in the future, thanks to the cash flow they generate.
• 📚 **Continuous learning**: Engage in continuous exploration and learning, such as starting a YouTube channel, to discover and hone your money-making abilities.
• 🌐 **Connect with the right people**: In a world where hard work is common, the competitive advantage lies in expansive thinking and networking with the right individuals.

Q & A

ما هي الخطة التي يطرحها الشخص لتصبح مليونيرًا قبل سن الـ32؟

يعتمد الشخص على تجربته الشخصية ونصائح من الكتب المتخصصة في المال والأعمال، ودليل علمي للدماغ البشري لتحقيق هدفه. ويركز على بناء محفظة ثابتة وتطوير مصادر سكنية لا تتطلب استبدال وقته مقابل المال، ويفكر في المبادئ الأولى واستغلال قواعد الآخرين، ويستفيد من مفهوم الحافة البسيطة.

لماذا يرى الشخص أن ال着手 على الدخل المباشر هو مخاطر؟

لأن الدخل المباشر ينمو بشكل خطي ويعتمد مباشرة على كمية الزمن الذي يعمل فيه الشخص، ويتوقف هذا الدخل إذا اتخذ الشخص القرار بالتقاعد أو تم إطلاقه.

ما هي المصادر السكنية التي ينصح به الشخص لتحقيق الدخل الذي ينمو بشكل غير خطي؟

ينصح الشخص ببناء مصادر دخلية سكنية تتطلب وقت محدود و التي يمكن أن تنمو بشكل غير خطي، مما يوفر له وقت لتركيز على مشاريع أخرى وزيادة الدخل.

ماذا يعني التفكير في المبادئ الأولى؟

هذا يعني التشكيك في الطريقة التقليدية للقيام بأمور والبحث عن الطرق الأفضل وغير التقليدية للتحقيق في الأهداف.

كيف كان استغلال الشخص من قواعد الآخرين لإنقاذ £30,000 في الساعة؟

بعد أن فكر في ال自理 على ال自理 في مسألة الملكية العقارية، قرر الاستشارة بخبير ضريبي فادحه بتكلفة 200 دولارًا وحصل على استراتيجية قانونية وفعالة ت節約 40,000 دولار.

ما هي الفكرة الأساسية في كتاب Jeff Oslon الذي يستخدمها الشخص؟

الفكرة الأساسية هي أن النجاح والفشل كلاهما نتيجة للحافة البسيطة، التي تتضمن الأشياء الصغيرة التي نختار القيام بها أو العدم القيام بها يوميًا وتتراكم على المدى البعيد.

لماذا ينصح الشخص بتجربة الأشياء الجديدة واستكشاف القدرات؟

لأنه يعتقد أن الجميع لديه قدرة فارقة في صنع المال، ويحتاج إلى اكتشاف وتطوير هذه القدرة لتحقيق النجاح المالي.

ما هي الحكمة التي ينصح بها الشخص من العيش في متناول الدخل؟

ينصح الشخص بالعيش في متناول الدخل لتجنب زيادة المصروفات مع زيادة الدخل وللحفاظ على ال结余 اللازمة لالاستثمار وبناء الأصول.

كيف يمكن لشخص أن ي節約 المال من خلال التفكير في الخصومة البسيطة؟

من خلال التفكير في الخصومة البسيطة يمكن للشخص أن ي節 التكاليف الغير ضرورية ويركز على الاستثمارات التي توفر الدخل السلبي والمستمر.

ماذا يقصد الشخص عندما يتحدث عن 'قوة صنع المال'؟

يقصد بقوة صنع المال القدرات والخبرات التي يمكن لشخص من تطويرها واستغلالها لتحقيق الدخل الإضافي والنجاح المالي.

لماذا ينصح الشخص بالتفكير في المستقبل و節 الشراء في المدى البعيد؟

لأنه يعتقد أنه من الممكن أن توفر ال節 الشراء في المدى البعيد للشخص فرصة لبناء الأصول والدخل السلبي الذي يمكن استخدامه لاحقًا لشراء الأشياء التي يرغب في الحصول عليها.

Outlines

00:00

💼 Building Wealth Through Passive Income and First Principles

The speaker shares personal insights on becoming a millionaire by 32, focusing on creating a diverse portfolio and passive income streams that grow non-linearly, not just relying on wages. They emphasize the importance of questioning the status quo and first principles thinking, inspired by Elon Musk, to challenge conventional wisdom and find innovative solutions. A personal anecdote about creating a unique event invite illustrates the value of thinking differently. The speaker also highlights the importance of leveraging the strengths of others, as demonstrated by a tax-saving strategy that saved them $40,000, underscoring the power of seeking expert advice.

05:04

🚀 Embracing the Slight Edge and Living Below Your Means

The speaker discusses the concept of the 'slight edge' from Jeff Olson's book, which posits that small daily choices compound over time to shape our success or failure. They use the penny compounding parable to illustrate the power of compounding effects. The speaker encourages embracing one's 'money-making superpower,' which can be derived from upbringing, self-taught skills, or passions. They also stress the importance of living below one's means, sharing personal experiences of changing spending habits to save and invest. The speaker provides a practical example of how delaying the purchase of a new car saved them significant money, advocating for short-term sacrifices for long-term gains and financial freedom.

Keywords

💡millionaire

شخص يمتلك مالًا كبيرًا يقدر بملايين الدولارات. في هذا الفيديو، يتحدث الشخص عن رحلته لتصبح مليونيرًا قبل سن 32. ويتضمن النص الشخصي للشخص الذي يسعى لتحقيق هدفه ونصائحه التي حصل عليها من الكتب التي قرأها من أعظم خبراء المال والعمل.

💡all-weather portfolio

مجموعة من الاستثمارات التي يمكنها أن ت容忍 تغيرات السوق المالية وتكون دائمًا جاهدة. يستخدم الشخص في الفيديو مصطلح 'all-weather portfolio' لوصف مجموعة استثمارات تتضمن مصادر دخل تنمو بشكل غير خطي، مما يعني أنها لا تتطلب استبدال وقت العمل بمقابل الدخل.

💡passive streams

مصادر دخل غير نشطة توفر دخلًا مستمرًا بدون العمل النشط. في النص، يشدد الشخص على أهمية بناء مصادر دخل تنمو بشكل غير خطي، مثل passive streams، التي يمكنها أن توفر دخلًا مستمرًا وتعطي الوقت للتركيز على الاستثمارات الأخرى.

💡first principles

المبادئ الأولى هي فكرة تتضمن تحليل الأشياء من البداية بدلاً من الاعتماد على التقليد. يستخدم الشخص في الفيديو مفهوم first principles لتوضيح كيف يفكر في الابتكار والتفكير الخارجي عن الصندوق، مع الإشارة إلى إ隆 ماسك وفكرة质疑传统.

💡outsized returns

عائدات كبيرة تتجاوز المتوسط. يستخدم الشخص في الفيديو مصطلح outsized returns لوصف النتائج الغير عادية التي يمكن أن تحصل عليها من الإجراءات العادية، مما يشير إلى أن الابتكار والتفكير الخارجي عن الصندوق يمكن أن يؤدي إلى أداء أفضل.

💡utilising other people's strengths

استغلال مهارات الآخرين. يستخدم الشخص في الفيديو مثالاً عن كيف استفاد من استشارة محامٍ مالي لتوفير مبلغ مالي كبير، مما يوضح أهمية الاستفادة من المعرفة والخبرات الشخصية للآخرين.

💡slight edge

الحافة البسيطة هي فكرة تشير إلى أن القرارات الصغيرة التي نتخذها يومياً تتراكم وتحدث على مستقبلنا. يستخدم الشخص في الفيديو الحكمة البسيطة لتوضيح كيف تؤثر القرارات الصغيرة على النجاح في النهاية.

💡compounding

التراكم هو عملية زيادة شيء بطريقة متزايدة. يستخدم الشخص في الفيديو المثلة البسيطة لتوضيح المفهوم المالي للتراكم، وكيف يمكن أن يؤدي ذلك إلى النجاح المالي الكبير.

💡money making superpower

قوة توليد الدخل هي فكرة تشير إلى القوة الشخصية الفريدة التي يمكنها أن تؤدي إلى النجاح المالي. يستخدم الشخص في الفيديو مصطلح money making superpower لوصف القوة الشخصية التي يمكنها أن تؤدي إلى النجاح المالي، وينصح بالتركيز على القوة الشخصية هذه.

💡living below your means

عيش أقل مما تكسبه. يستخدم الشخص في الفيديو مصطلح living below your means لوصف ال生活方式 التي تتضمن إنفاق أقل من الدخل المحلي، مما يمكن أن يؤدي إلى توفير وزيادة ال净值.

Highlights

Becoming a millionaire by 32 through personal experience, expert insights, and psychological evidence.

Focusing on an all-weather portfolio to avoid reliance on linear wage growth.

Building passive income streams that grow non-linearly without trading time for money.

Thinking in terms of first principles to challenge the status quo and seek innovative solutions.

Utilizing other people's strengths to achieve financial success, exemplified by a tax-saving strategy.

The importance of being in the right environment to foster growth and avoid complacency.

The concept of the slight edge and its impact on long-term success through daily choices.

The penny compounding parable illustrating the power of compounding effects over time.

Encouraging discomfort in the present for future comfort and financial stability.

Identifying and leaning into one's money-making superpower derived from upbringing, skills, or passions.

Living below your means to avoid lifestyle inflation and focus on long-term wealth building.

The benefits of delaying non-essential purchases to prioritize asset accumulation.

The strategy of selling a car to save on costs and invest in assets for future lifestyle enhancement.

The value of exploring different avenues to discover one's money-making superpower.

Making sacrifices in the short term for significant long-term gains and financial independence.

The speaker's personal journey and future plans for wealth accumulation shared in a linked video.

Transcripts

do to become a millionaire by 32.

Everything I will be sharing is coming through 1) my own personal experience on what has

worked and what HASN’T 2) tips that i’ve gained from reading books of the biggest money

and business experts in the world and 3) psychological based evidence around the human brain.

Later in this video I’ll also talk about how one of these made me $40,000 better off

within one hour.

So the first thing I am going to do if focus on my all-weather portfolio.

This is based on the fact that most people earn wages, but you’ll never get wealthy

working for wages because wages grow linearly - that is the amount you earn is directly

related to the amount of time you work.

On top of that, just relying on wages is risky because the moment you decide to quit or get

fired that income stream stops coming in.

What I’ve realised over the past few years is to also focus on building up passive streams,

which have the potential to grow non linearly because they dont require you trading your

time for money.

As soon as you make one on auto pilot and let it run, it gives you time to focus others

and grow your income more and more because the ones on auto pilot are continuing to bring

in money for you without you needing to devote any time to it.

The second thing I will be doing is thinking in terms of first principles.

I first came across this concept in an interview with Elon musk.

The idea of it is that just because things have always been done a certain way that doesn’t

mean it’s the best way and that we shouldn’t be afraid to question the status quo.

When someone tells me something isn’t possible I have this knee jerk reaction to prove to

them why it is possible.

I used to host social events- and as part of the marketing for one of the events i organised

- I told my business partner at the time that we need to make a really cool physical invite,

one that people want to upload and put on social media and we can get free marketing,

and i remember him saying at the time oh we cant do that because of this and we’ve always

done it like this so it doesn’t make sense to change it now it will take too much time.

I feel like that’s this subtle messaging is something that I’ve faced so many times

in different facets of my life and its just way of saying stick to the blue print, stick

to convention and it’s these moments where you’ve got to have some sort of restistance

and say no I’m going to explore another way.

One person thought he can build rockets and send them to mars- that person was Elon musk.

Someone else thought they can bend a piece of aluminium and get it to fly through the

air - that was the wright brothers.

In any concept, you can’t get extraordinary results from ordinary actions.

The world doesn’t offer outsized returns for people and brands that serve up “more

of the same”.

The third thing I am going to be doing to get to that million dollar mark is utilising

other people strengths - and this is the one that saved me £30,000 within an hour.

There is a saying that is “if you are the smartest person in the room, you’re in the

wrong room”.

I used to always think I could figure everything out myself and that I can save money just

by doing things on my own but now I’ve realised that different people have completely different

unique strengths and skills and that is essentially how they make a living.

I purchased a property under a company structure and I needed to move it to another company

and I realised to do that I would need to pay $30k in different forms of taxes.

So I tried to google why I needed to pay this and whether there were any examples that proved

i don’t need to pay it and there was a way around this.

I then spoke to my friend told me why don’t you just speak to a tax advisor that’s what

they’re their for - I forked out what killed me at the time, $200 for a 1 hour chat with

a tax adviser who is a specialist in this field and gave me a completely legal tax efficient

strategy which saved me from paying that $40,000 - and had I not done that I would’ve ended

up paying that money away not knowing any better.

In a world where hard work is no longer a competitive advantage - because everyone works

hard, the competitive advantage is actually in thinking expansively and connecting with

the right people.**Th**e forth thing I am going to keep in my mind until I get to my

goal is the concept of the slight Edge.

This is based on a book written by motivation speaker Jeff Oslon.

According to Jeff success and failure are both a result of the slight edge - the idea

that simple little things that we choose to do or choose not to do on a daily basis have

a compounding effect on who we ultimately become.

So I like to use the penny compounding parable here - there are two people who are given

the choice to either get one million dollars at the beginning of the next month - thats

it a flat cheque for 1 million dollars, or choose to receive one penny at the beginning

of next month but that penny doubles every single day for the next 30 days.

The person who chooses to go with the flat one million dollars got that one million dollars,

but the second kid who chose to go with the penny that doubled every single day ended

up with over $5.3mn.

And if you take this and stretch it into a longer timeframe, thats essentially how compounding

in our life works.

These small little things you choose to do, or don’t do, every day matter because they

have long-term ramifications that will eventually show up.

I now try to remind myself whats uncomfortable now will become comfortable later.

Lean into your money making superpower.

I saw a YouTuber oliur talk about this one and I really loved the way he described it.

He talks about how everyone has this money **making super power to lean into.** Most

people don’t tap into it, they don’t understand it or they haven’t yet figured it out but

everyone does have it.

The way I kind of see this and have interpreted it is that you need to lean into our most

valuable strengths, these strengths can come from 1) our upbringing, your parents and what

you’ve been surrounded with and knowledge we’ve absorbed growing up 2) it can come

through the skills you’ve learnt just through doing or that you’re teaching yourself or

3) through your passions or interest but through one of these avenues will unlock your money

making superpower that you can lean into it.

The way I see it is im still trying different things, explore, discover new things - starting

a YouTube channel being one of them - and by doing this I am going to lean into my strengths

and will eventually hone into my money making superpower.

Living below your means.

It’s really easy to spend everything you earn and living paycheck to paycheck.

As you earn more you want a bigger house a nicer car, and your lifestyle choices inflate

as your monthly pay check gets bigger.

When I first started working I’d spent everything I earned and every single bonus would go towards

material items and things that I couldn’t care less about 2 months later, and then I

realised if I keep doing this I’m going to get to 35, having worked for 15+ years

and have nothing substantial to even show for it, so I massively changed my spending

habits and I talk about how much i spend now in this video here.

do agree that your teenage years and early 20s are when you want to be really living

your life to the max so i wouldn’t really worry about saving the $5, $10 at this age

- but then later there comes a time where you want to be making some sacrifices in the

short term and holding off on buying some things now, with the aim to reinstate those

things back into your life later when the trade off isnt as big.

So for example, I’ve wanted to buy a new car for a while but I ran the numbers and

actually I barely drive - i work full time and i travel to work on the train and when

i go out on the weekend i just grab an uber, and the decision to sell my last car and wait

a bit till i buy my new one has saved me a ridiculous amount of money - i save money

on insurance, maintenance, finance or a lease, not to mention also the money that i would’ve

lost in the depreciation.

So for me -given having a car isn’t a necessity for me right now, I’m using that money now

to invest in assets instead to build a lifestyle that i want, and then eventually have these

assets and the cash flow coming in from those assets pay for all the nice luxury things

later on.

If you liked this video I’ve made another one on my journey so far and what I am going

to be doing going forward.

I’ll link that here, thanks for watching - don’t forget to subscribe if you haven’t

already.

See you in the next video.