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.

Outlines

00:00

💭 Reflecting on Sharing Financial Journey

The speaker contemplates whether to make this video, concerned it might seem like showing off, but ultimately decides to share their financial journey to potentially help others. They achieved the goal of making a million dollars by age 30, starting with no capital or wealth. The speaker encourages viewers of any age to follow along, as the lessons they share could apply to anyone striving for financial success.

05:00

🎯 Lesson 1: Aim for High Income

The speaker emphasizes the importance of securing a high-income stream to achieve financial goals. They considered starting a business but lacked experience and capital, so they pursued a high-income career. Viewers are encouraged to choose either entrepreneurship or a career in a field that offers high-income potential. Additionally, they highlight the importance of joining a profit center within a company, as it increases earning potential, citing doctors in healthcare as an example.

📚 Lesson 2: Deep Learning for Mastery

After identifying high-income paths, the next step is to master the chosen field. Whether one is a doctor, software engineer, or specialist in another domain, gaining deep expertise is crucial. The speaker points out how much easier it is to acquire knowledge today with the internet and online platforms compared to previous generations. Mastery is key to standing out and advancing in a career or business.

💪 Lesson 3: Hard Work Pays Off

The speaker stresses the value of hard work and commitment to achieving financial success. Once a high-income field is chosen and mastery is pursued, consistent hard work is necessary. This includes working beyond regular hours and taking on tasks beyond one’s immediate scope. By doing this, individuals can earn promotions and recognition, leading to increased income. This lesson ties back to the importance of continuously raising one’s earning potential.

🧠 Lesson 4: Work Smart and Hard

While hard work is important, the speaker highlights the necessity of working smart along with hard work, balancing both approaches to achieve optimal results. They emphasize time management and strategic thinking to maximize productivity and income.

Keywords

💡High Income

High income refers to earning a significant amount of money, which is essential for reaching financial goals quickly. In the video, the speaker emphasizes the importance of aiming for high-income streams to achieve financial success. For example, choosing careers in sectors like technology or finance that offer higher pay and seeking roles in profit centers within organizations can help increase one's earning potential.

💡Profit Center

A profit center is a part of a business that directly contributes to its revenue. The video highlights the importance of working in profit centers (e.g., doctors in healthcare) because employees in such roles tend to earn more as they bring money into the organization. The speaker suggests targeting profit centers to maximize income.

💡Deep Learning

Deep learning refers to mastering a skill or field by gaining extensive knowledge and experience. The speaker advises focusing on specialization and becoming great at one's chosen profession. By continuously learning and improving, individuals can command higher pay and increase their chances of financial success, such as a doctor specializing in aesthetics or a cybersecurity expert.

💡Scalable Efforts

Scalable efforts are actions that can be expanded to have a large impact with minimal additional effort. The speaker uses the example of creating YouTube videos or sending emails to large audiences, where the effort to create the content is fixed, but the output can reach millions. Focusing on scalable efforts is part of working smart, as it allows for greater results from the same amount of work.

💡Work Smart and Hard

Working smart and hard combines both effort and efficiency. The speaker stresses that it's not enough to work hard; one must also be strategic by focusing on tasks that have high leverage, like scalable efforts. This approach increases productivity and income more effectively compared to simply working long hours without a strategy.

💡Lifestyle Inflation

Lifestyle inflation occurs when people increase their spending as their income rises, which can hinder wealth accumulation. The speaker warns against this, advising viewers to hold off on unnecessary luxuries like business class travel or expensive hotels until they have accumulated sufficient wealth. Maintaining frugality is crucial to reaching long-term financial goals.

💡Financial Traps

Financial traps are decisions or purchases that seem appealing but ultimately drain resources. The speaker shares a personal example of buying a luxury car after receiving a large paycheck, which became a 'money pit' due to high maintenance costs. This prevented him from making wiser investments, like purchasing a property that could appreciate over time.

💡Passive Income

Passive income is money earned with little to no effort, such as returns from investments or rental properties. The speaker emphasizes the importance of building passive income streams, as they allow financial freedom and long-term security. He advises funneling earned money into assets like real estate or index funds to generate income even while sleeping.

💡Mastery

Mastery is the process of becoming highly skilled or knowledgeable in a particular area. In the video, the speaker encourages viewers to strive for mastery in their careers to increase their value and earning potential. For example, doctors who specialize or engineers who become experts in niche areas are able to command higher salaries.

💡Frugality

Frugality is the practice of being economical with money and avoiding unnecessary expenses. The speaker advocates for frugality, especially in the early stages of wealth accumulation. Despite earning more money, individuals are encouraged to avoid lavish spending and focus on saving and investing, which ultimately helps achieve financial independence.

Highlights

The speaker emphasizes the importance of sharing their financial journey to help others, regardless of age.

They started with zero capital but set a clear goal to make a million dollars before age 30, highlighting the power of setting financial goals.

Lesson 1: Aim for high income by choosing either a business or career that aligns with high-income sectors like tech or finance.

Profit centers within organizations tend to pay more, so it's beneficial to work in departments that generate revenue.

Lesson 2: Deep learning is essential. Mastery in any field, such as specialized medical professions or tech roles, leads to higher income opportunities.

The internet offers vast learning resources, making it easier to gain in-depth knowledge in any chosen field.

Lesson 3: Hard work pays off. Working beyond typical hours, like weekends, accelerates skill growth and income opportunities.

Specialization, certifications, and deepening expertise in a field can elevate income from $50K to over $300K annually.

Lesson 4: Work smart and hard by focusing on scalable efforts, like creating content or products that can reach large audiences.

Lesson 5: Be frugal even when income increases, avoiding lifestyle inflation, and instead focusing on building wealth.

Lesson 6: Avoid financial traps, such as buying luxury items too early in the wealth-building process, as they drain money.

The speaker shares a personal mistake of buying a fancy car early on, which became a financial burden, diverting funds from potential investments.

Lesson 7: Build passive income streams to create financial freedom and enjoy luxuries without depleting hard-earned money.

Passive income sources, such as real estate or investments, allow money to grow and compound over time, providing long-term wealth.

The speaker encourages listeners to apply these lessons to their financial journey, offering practical advice for building wealth and achieving financial success.

Transcripts

I was contemplating making this video

because I don't want to come off as

trying to show off or Brack that I made

a million dollars before I

103 and I was thinking about it hey

perhaps I could share with you my

journey this financial Journey so that

it could help

you that it could possibly apply to you

as you are in this journey too to a

million

doll I started with zero capital I

started with zero wealth

but I was conscious about making a

million dollars in this in this

lifetime and I had a target of making it

before 30 so that goal came in mind in

my early 20s and of course it doesn't

matter what age you are maybe you're in

teenage years you are in your 20s in

your 30s 40s 50s whichever age you're

in I hope the seven lessons that I will

share with you could help you in your

financial Journey too lesson one aim for

high

income I was looking around and I was

thinking to myself before I got a job or

started my career I was thinking

about how can I get to a million dollars

quickly and there were two ways out of

it the first way was to create a

business getting and finding and

discovering specific Niche that I could

tackle but I didn't have the experience

in that neither do I have to Capital to

get started so I was thinking hey

perhaps the career path could be pretty

good whichever options you choose you

need High

income and I was looking at all the

careers opportunities out there and I

was

thinking what is a high income job so it

could be Fs in Tech it could be Fs in

finance specialized fuels

and at the same time if you're joining

an

organization think about which

department is a profit Center because a

profit Center means that you bring money

to the organization and if you can do

that guess what they'll pay you more a

lot more but if you join a cost center

on the other hand it's going to be a lot

tougher a lot more constraints so you

want to think about if you're joining

a specific sector so you're joining

Healthcare who are profit centers the

doctors the doctors that the one who

make the most money because they bring

in the most money for the organization

for the hospital so think about where

the prophit centers are and aim for that

lesson two deep

learning now they've discovered what are

the high income streams you're aiming

for then what you want to do is to get

really good not just good you want to

get great at what you do so if you're a

doctor you will like to specialize

perhaps you're focusing on Aesthetics

you're focusing on different type of

specialization if you're in Tech perhaps

you want to be a really great software

engineer you to build some websites

that's highly scalable or perhaps in

cyber security you want to be a

well-known penetration tester or

hacker and you need t

to get

Mastery you need to learn a lot and this

is not like 30 years ago or 40 years ago

where if you go to the library maybe you

only got 10 books about a specific field

or domain or 20 books at most and if you

read a book a day you can easily

complete all of those books in the

library in that field within a month or

two but we 21st century and there is the

internet there are lots of platforms out

there that has all of this content and

you want to get really deep into

it head of this book be so good they

cannot ignore you lesson three hot work

pays

off now you got to work really hard you

have identified the high income streams

you're getting deeper and trying to

develop Mastery in your field you want

to work hard if your co-workers are

working not

five here's what you need to do you need

to Work N to n if your co-workers are

resting on

weekends what do you have to do work

through the weekends and that's what you

need to do and not just working you're

learning you're developing your skills

you are developing strategies you're

thinking about doing things beyond your

scope so that you get the opportunity to

get promoted you get the opportunity to

get even better recog nice for your

skills and what does it mean it all goes

back to lesson one increasing your

income so maybe you start off making

$50,000 a year and now because you're

doing so much more you're getting

specialization you're getting better and

better at a job getting

certified you get higher income you can

demand for higher income so you move

from 50k to 100K to 200k to 300K a year

all of that is possible because of your

deep skills that you

developed Lesson Four work smart and

hard now this is where it gets really

important this is the part where it

really

matters this is where you want to work

on things that I call scalable efforts

you do things that has high output say

for example YouTube is a great example

you create a video and the video can

reach out to millions of people

so you focus on building it once and you

scale it all across the world so you

want to focus on things that scale

perhaps it's email you send an email to

a thousand people instead of one to one

you can create content you can create

materials you can create products that

can scale out to the rest of the world

you can increase your income from that

and that's what I call again skillable

efforts working

smart lesson five Be

Frugal so now you make $100,000 a year

you make $200,000 a year $300,000 a year

even this is where lifestyle inflation

comes

in your pride your ego is telling you

something interesting just saying hey

you ever work hard let's go for a

holiday let's get business class

seats let's go to five star

hotel pause for a second hold that off

you need to accumulate wealth first and

this is where lesson s I'm going to

share you later on is going to be

important lesson six avoid Financial

traps I made a mistake a pretty big one

so I was in my 20s a big paycheck came

in I still remember it it's

$50,000 in a single month I was so so

happy and excited and guess what I

did I bought a fancy car I bought a

convertible I want to show people that I

made

it but it was a it was a

trap the car was Money Pit I was

spending an extra ,000 every

month bringing the car for

maintenance bringing the car to workshop

and all this time that's taken out of me

because trying to maintain something

trying to look good trying to impress

others when I could have accumulated my

wealth perhaps I could have made a down

payment for an apartment for a house and

that investment in asset could have gone

up so much more and that I could have

bought that wonderful car that I've been

aiming for now when I've built and

accumulated the good wealth lesson seven

be passive

income if you cannot make money while

you sleep

you work until you die and that's the

reality of life you want to funnel all

this hard earned money into places that

can help you generate even more wealth

think about getting a house an apartment

putting the money into fixed deposits

time deposits placing them into

Investments like indexes so that it can

grow over time for you you start small

but I promise you they will keep

compounding and when they do this is

where you truly get enjoy the luxuries

of Life think about this is the place

where you can start going for a

five-star hotel going for your business

class flights going for the holiday

you've always been wanting to not from

your hot earned money from all this

extra money that comes from passive

income so once again I hope you learn

something valuable that you can apply

this into your financial journey and let

me know how it goes and take care