17 Money Secrets To Make Your First $1,000,000

Summary

This video shares 17 money secrets the speaker used to amass wealth, emphasizing the continuous nature of wealth accumulation. It advises viewers to invest wisely, avoid financially illiterate advice, and build a peace of mind fund. The speaker stresses the importance of reputation, the power of attention on wealth, and the increasing velocity of money-making over time. The video encourages patience, strategic thinking, and enjoying the fruits of one's labor while maintaining a long-term perspective on wealth creation.

Takeaways

• 💰 **Money is a Never-Ending Game**: Recognize that wealth accumulation is a continuous process, not a destination.
• 🚫 **Learn to Say 'No'**: Understand when to decline opportunities that don't align with your current capabilities or life stage.
• 👀 **See Wealth to Believe in It**: Exposing yourself to wealth can shift your perception of what's possible, influencing your aspirations.
• 💸 **Make Money Fast, Build Wealth Slow**: While seeking quick gains, understand that true wealth is built over time through wisdom and experience.
• 🤐 **Ignore Financially Illiterate Advice**: Filter out advice from those without financial literacy to make informed decisions.
• 🔄 **Money is Energy**: Keep money flowing; avoid hoarding as it can cut off the flow of opportunity and growth.
• 🧘 **Build Peace of Mind**: Establish a financial safety net to provide stability and reduce stress in your pursuit of wealth.
• 🏷 **Money is an Identity**: Your mindset and belief about money can influence your financial outcomes and actions.
• 💔 **Reputation is Irreplaceable**: Guard your reputation as it endures and can significantly impact your future opportunities.
• ❓ **Ask Hard Questions**: Before entering business relationships, clarify potential issues to understand your partner's values and work ethics.
• 🔄 **Opportunities Vary in Suitability**: What could be a boon for one might be a bane for another, so assess opportunities based on personal fit.
• 🎯 **Attention Drives Money Flow**: Direct your focus towards productive activities, as money follows attention.
• 🛒 **Affordance Test**: Consider the impact of loss or damage to a potential purchase; if it's significant, you may not be ready for it.
• 🔒 **Constraints Foster Creativity**: Embrace limitations as they can force innovation and provide a competitive edge.
• 🚀 **Income Velocity Increases**: As you gain experience, the speed at which you accumulate wealth should increase.
• 🔄 **Exiting Investments Can Be Hard**: Be mindful of the ease of getting money out of investments as it can be more difficult than getting in.
• ⏳ **Broaden Your Time Horizon**: Set realistic timelines for wealth accumulation and understand that it gets easier over time.

Q & A

What is the first money secret mentioned in the video?

The first money secret is that money is a never-ending game and should be treated as such. It emphasizes the idea that reaching a financial goal, like a million dollars, does not mean the end of the journey but rather a continuation with the understanding that contentment is not found in a specific number.

Why is it important to learn when to say 'I don't have the appetite for that right now' according to the video?

It's important because understanding your current capacity and the demands of a business or venture can prevent overcommitment and potential failure. It's about knowing when you are ready to take on challenges that align with your career stage and capabilities.

What does the video suggest as a powerful way to change one's financial reality?

The video suggests visiting affluent areas, fancy hotels, or nice restaurants to observe wealthy people and their behaviors. This exposure can shift one's reality and subconscious beliefs about what is financially possible.

How does the video differentiate between making money fast and building wealth slowly?

The video suggests that while there is no 'get rich quick' scheme, there are ways to 'get rich quicker' by choosing high-reward endeavors. However, building wealth is a slow process that involves learning and applying financial wisdom over years and decades.

Why should one ignore financial advice from the financially illiterate, as per the video?

Ignoring such advice is crucial because the financially illiterate may not understand the language of money or its mechanisms, which can lead to misguided decisions. It's important to learn from those who have demonstrated financial literacy and success.

What role does energy play in the context of money according to the video?

The video describes money as energy that should not be stagnant. It suggests that circulating money back into the economy, rather than hoarding it, can prevent a scarcity mindset and allow for a continuous flow of wealth.

What is the significance of building a 'peace of mind' fund as mentioned in the video?

A 'peace of mind' fund serves as a safety net that provides financial security and reduces stress. It ensures that one has something to fall back on, regardless of the risks taken in their career or business ventures.

How does the video define money in terms of identity?

The video posits that money is an identity, meaning that one's beliefs about what they deserve financially can limit or enhance their financial success. It's about changing the mindset from one of poverty to one of wealth and abundance.

Why is reputation considered irreplaceable according to the video?

Reputation is irreplaceable because it endures over time and can be difficult to restore once damaged. It's a reflection of one's character and integrity in business and personal dealings.

What is the importance of asking hard questions before entering a business relationship, as suggested by the video?

Asking hard questions is important to understand the dynamics of the relationship and to foresee potential conflicts or disagreements. It helps in setting clear expectations and boundaries, ensuring a stronger and more transparent partnership.

What does the video mean by 'one man's opportunity is another man's downfall'?

The video suggests that not all opportunities are suitable for everyone. What may be a lucrative opportunity for one person could be detrimental for another, depending on their individual circumstances, skills, and risk tolerance.

How does the video explain the concept of 'money flows where attention goes'?

The video implies that focusing attention on areas that generate income or provide value can lead to financial success. Conversely, directing attention towards unproductive activities, like excessive gaming, can hinder wealth accumulation.

What is the significance of considering the potential damage or loss of a purchase, as per the video?

The video advises considering the emotional and financial impact of losing or damaging a purchase. If the loss would significantly affect one's well-being, it suggests that the item is too costly or that the person is not yet in a stable enough financial position to afford it without stress.

Why are constraints considered beneficial for new entrepreneurs or businesses, according to the video?

Constraints are beneficial because they force individuals to be resourceful and innovative. They can provide a competitive edge by encouraging out-of-the-box thinking and problem-solving within limited resources.

How does the velocity of money accumulation change over time, as described in the video?

The video explains that the velocity of money accumulation should increase over time. Initially, it's slow and challenging, but as one gains experience and wisdom, the process becomes quicker and easier.

What is the video's advice regarding the ease of moving money in and out of investments?

The video advises to consider the ease of extracting money from an investment before committing to it. It highlights that while entering into investments may be straightforward, exiting and retrieving funds can sometimes be difficult due to terms and conditions.

What does the video suggest about setting a timeline for becoming a millionaire?

The video suggests broadening the timeline and being patient with the process of wealth accumulation. It emphasizes that while the goal is to become rich as quickly as possible, it's important to set a realistic time frame, understanding that it gets easier and quicker over time.