How I Will Become a Millionaire by 35

Summary

In this motivational video, the speaker discusses the financial journey to achieving one's first crore (10 million rupees) and beyond, drawing inspiration from legendary investor Charlie Munger. He shares practical advice on building wealth, emphasizing the importance of saving, investing early, and leveraging skills like freelancing. The speaker reflects on his personal experiences, from starting with video editing on freelancing platforms to investing wisely in mutual funds and stocks. With a focus on mindset, hard work, and strategic financial planning, the speaker encourages viewers to believe in their potential and achieve financial success by their 20s.

Takeaways

• 😀 Starting early with saving and investing is crucial for building wealth in your 20s.
• 💡 Your first ₹1 lakh is the foundation of your financial journey — it’s essential to grow it through smart investments.
• 🚀 Compound interest is a powerful tool for growing your wealth — the earlier you start, the faster your money grows.
• 📈 Investing in mutual funds, stocks, or other assets can help your money generate consistent returns over time.
• 💼 Freelancing is a great way to build a side income. Offering valuable skills online can grow into a substantial revenue stream.
• 💰 Don’t just focus on making money; focus on how much you can keep and invest for long-term growth.
• 📚 Continuous learning is essential. Invest in your skills and knowledge to increase your earning potential.
• 🏢 Starting a business doesn’t always require huge capital — focus on small, scalable ventures to generate income.
• 🎯 Having the right mindset is key. Belief in yourself and your financial goals helps keep you motivated on your journey.
• 🛑 Avoid upgrading your lifestyle too quickly. Focus on saving and investing during your early years to achieve long-term financial stability.

Q & A

Who is Charlie Munger, and why is he mentioned in the video?

Charlie Munger is a renowned investor, famous for his partnership with Warren Buffet. He is known for his financial wisdom and advice. In the video, he's mentioned because of his influential idea that the first $1,000 you make is crucial in your financial journey, emphasizing the importance of saving and investing early.

What does Charlie Munger mean by 'money makes money'?

Charlie Munger's statement 'money makes money' emphasizes the concept of compound growth. If you have a sum of money, investing it wisely allows it to grow and generate returns, creating a snowball effect. The more money you have, the more you can earn through returns on investments.

How can you make your first crore (₹1 crore) by the age of 20 according to the video?

To make your first crore by age 20, the video suggests starting early, saving diligently, and investing in high-growth opportunities. This includes freelancing, leveraging skills, and building an online presence, alongside learning financial literacy and making smart investments.

What role does financial literacy play in achieving financial goals?

Financial literacy is key to making informed decisions about managing money, saving, and investing. In the video, the narrator emphasizes how learning about finance through books, courses, and online platforms can help increase one's income and achieve long-term financial goals.

How did the narrator's journey toward financial independence begin?

The narrator's financial journey began when he was in the second year of college, looking for ways to make money online. He discovered freelancing platforms like Fiverr and Upwork, where he started by offering video editing services, which later grew into a significant source of income.

What is the importance of investing in your 20s according to the video?

Investing in your 20s is crucial because it allows you to take advantage of compounding returns over a longer period. The earlier you start saving and investing, the more time your money has to grow, helping you reach significant financial milestones like your first crore.

How does mindset affect the achievement of financial goals?

Mindset plays a significant role in achieving financial goals. The video stresses the importance of shifting from a '9-to-5' mindset to an entrepreneurial mindset, where you focus on creating value, learning new skills, and making smart financial decisions to accelerate wealth-building.

What is the significance of visualization and manifestation in financial success?

Visualization and manifestation are tools to program the subconscious mind to focus on achieving financial goals. The video advises regularly visualizing your success to keep your mind focused on actions that align with achieving your financial objectives, like making your first crore.

Why is saving and investing crucial in your 20s, even if it feels boring?

Saving and investing in your 20s may seem boring, but it's essential for long-term financial success. The video highlights that even small, consistent investments in mutual funds or stocks can grow significantly over time, setting the foundation for future wealth.

What are the different methods suggested for earning money in your 20s?

The video suggests several ways to earn money in your 20s, including freelancing, learning marketable skills, starting an online business, and building an online brand. It encourages taking advantage of platforms like Fiverr and YouTube to generate income while continuously upgrading your skills.