HOW Teenagers Can Make $1 Million (7 Money Tips)
Summary
TLDRIn 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
- đ« Stop Drinking: The speaker emphasizes the financial and mental clarity benefits of not drinking, suggesting it as a practical step towards wealth accumulation.
- đŒ 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.
- đ° 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.
- âïž 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.
- đł 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.
- đ 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.
- đ Increase Investment Percentages: As income grows, so should the percentage allocated to investments, setting up a strategy for long-term financial stability and growth.
- đ 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.
- đŻ 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.
- đ 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.
- đ 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
đĄ 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.
đ« 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.
đ§ 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.
đž 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.
â 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.
đ 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.
đ 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.
đ 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.
Mindmap
Keywords
đĄMillionaire
đĄFinancial Education
đĄScarcity Mindset
đĄHigh Income Skill
đĄInvesting
đĄSelf-Education
đĄCredit Card Debt
đĄAffluent Places
đĄDiversification
đĄEarning Potential
đĄVelocity of Money
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
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