15 Things Slowing Down Your Journey to $1,000,000
Summary
TLDRThis transcript outlines 15 common obstacles that hinder the journey to accumulating one million dollars. It emphasizes the importance of time management, developing a millionaire mindset, and fostering a strong work ethic. The script addresses issues like fear of risk, embarrassment, and the need for multiple income streams. It also encourages overcoming distractions, managing debt, and learning from failed investments. The key takeaway is the necessity of starting now and having a step-by-step plan to achieve financial goals.
Takeaways
- π The journey to the first million is time-consuming and requires becoming a different person from the majority, while the second million is more attainable.
- πΌ Working a single job with limited savings will take a very long time to reach a million, suggesting the need for additional income streams.
- π§ Achieving a million requires a specific mindset that is disciplined, focused, and not easily swayed by fear of missing out or immediate gratification.
- π¨ A strong work ethic is crucial, which is demonstrated by setting and achieving personal and career goals over time.
- π³ Overcoming embarrassment is key to progress, as societal judgment and fear of failure can hinder the journey to wealth.
- π€ Developing social skills is important for networking, which can be as valuable as being highly intelligent or obsessive about one's work.
- π« Fear of risk can prevent starting a business, which is one of the fastest ways to make a million, but managing this fear is essential.
- π° Relying on a single income stream can slow down wealth accumulation; diversifying income sources can accelerate the process.
- ποΈ Lifestyle inflation can erode savings and slow the journey to a million; maintaining previous living standards despite increased income is advisable.
- π³ High debt levels can impede wealth growth due to interest payments; eliminating or managing debt is crucial for financial progress.
- π’ Starting a business, even if not successful, provides valuable lessons in financial management, resilience, and other skills necessary for wealth accumulation.
- π Distractions from social plans and clutter can consume time and energy needed for wealth-building activities; minimizing these is important.
- π Mindset should not shut off after work hours; using spare mental energy for further learning or business development can be beneficial.
- π Bad investments are a setback but not a disaster; learning from them and continuing to invest wisely is key.
- π« Believing it is too late to start wealth-building activities can be a self-fulfilling prophecy; maintaining a positive and proactive attitude is crucial.
- π Starting today and maintaining consistent progress is vital; even small daily steps can lead to significant achievements over time.
Q & A
What is the main obstacle mentioned in the script for accumulating the first million dollars?
-The main obstacle is becoming a completely different person from 90% of the world, which involves developing a strong work ethic, mindset, and discipline, and overcoming various personal and societal barriers.
Why is it suggested that the second million might be more attainable after reaching the first million?
-The second million is considered more attainable because by the time one reaches the first million, they would have transformed into the type of person capable of generating wealth, and the habits and mindset developed during this journey facilitate the accumulation of further wealth.
What is the significance of time in relation to saving and investing to reach a net worth of one million dollars?
-Time is significant because if one only saves a certain amount each year without additional income streams or investments, it could take an unfeasibly long time to reach a million dollars, such as 50 years in the example given.
How does the script suggest improving one's mindset to reach a million dollars?
-The script suggests developing a mindset that is disciplined, focused on long-term goals rather than immediate gratification, and not easily swayed by fear of missing out (FOMO) or societal pressures.
What is the role of work ethic in accumulating wealth according to the script?
-Work ethic is crucial as it involves setting clear goals, sticking to timelines, and persisting through difficulties to achieve those goals, which applies to all aspects of life, not just career.
How does the script address the issue of embarrassment in the pursuit of wealth?
-The script acknowledges that embarrassment is a common barrier but advises to overcome it by accepting that people will judge, making oneself so busy that gossip becomes irrelevant, and embracing the embarrassment until it no longer affects the pursuit of wealth.
What is the importance of social skills in the journey to a million dollars as per the script?
-Social skills are important because they can help in networking, which is a valuable tool in business and wealth accumulation. Charismatic individuals can leverage their social skills to build connections that contribute to their financial success.
Why does the script suggest that having multiple income streams is beneficial for reaching a million dollars?
-Multiple income streams are beneficial because they provide a more consistent and potentially larger flow of money, which can be invested and contribute to wealth accumulation more effectively than relying on a single income source.
What is the impact of lifestyle inflation on one's ability to save and invest towards a million dollars?
-Lifestyle inflation can significantly hinder savings and investments because as income increases, so do expenses, often leading to the same or even reduced savings despite higher earnings.
How does the script view the role of risk in the pursuit of wealth?
-The script acknowledges that risk is inherent in wealth accumulation, particularly in entrepreneurship. It suggests that while fear of risk is natural, it can be managed by starting early, having an emergency fund, and maintaining a stable income stream.
What advice does the script offer for those who believe it is too late to start their journey to a million dollars?
-The script advises against the belief that it is too late, emphasizing that while starting late makes the journey more challenging, it is not impossible. It suggests leveraging experience, involving family in the effort, and maintaining a strong belief in one's ability to achieve the goal.
What is the final piece of advice given in the script for those on the path to a million dollars?
-The final advice is to start today and not delay any further. It encourages taking immediate action towards goals, researching, and planning, emphasizing that consistent, even small progress is better than no progress at all.
Outlines
π° The First Million: Transformation and Inevitability
This paragraph discusses the difficulty of acquiring the first million dollars and the personal transformation required to achieve it. It suggests that reaching this financial milestone turns one into a person who is vastly different from the majority of the world. The speaker emphasizes that the journey to the first million is steep but once achieved, the second million is almost inevitable. The paragraph also touches on common obstacles such as health issues, job loss, and lack of financial knowledge, asserting that these do not have to be permanent barriers.
π Time and Mindset: Keys to Wealth Accumulation
The second paragraph focuses on the importance of time and mindset in accumulating wealth. It provides a hypothetical scenario of working a single job and saving a portion of the income, illustrating that without additional efforts, it would take an impractical amount of time to reach a net worth of one million dollars. The speaker then suggests that dedicating extra hours to earn more and investing in compound interest can significantly reduce this time. Furthermore, the paragraph delves into the mindset necessary for financial success, including discipline, avoiding 'fear of missing out' (FOMO), and the willingness to miss out on certain life experiences for the sake of financial goals.
π¨ Work Ethic and Overcoming Embarrassment
This paragraph examines the concept of work ethic and its measurement, encouraging individuals to set and pursue goals diligently across various aspects of life. It suggests that a strong work ethic is not just about the hours worked but about setting clear objectives and adhering to them. Additionally, the paragraph addresses the issue of embarrassment, which can hinder one's financial journey due to societal judgment and fear of failure. The speaker advises to embrace potential embarrassment, use it as motivation, and stay focused on one's goals despite external opinions.
π€ Social Skills and the Fear of Risk
The fourth paragraph discusses the importance of social skills and the ability to network as a means to wealth accumulation, citing examples of successful individuals who are not necessarily known for their social skills but have achieved great success. It also touches on the fear of risk associated with starting a business and the potential financial loss that comes with it. The speaker provides strategies to mitigate this fear, such as starting early, maintaining an emergency fund, and keeping a stable income stream until the business is successful.
πΌ Diversifying Income Streams and Managing Lifestyle Inflation
This paragraph emphasizes the necessity of having multiple income streams for those not born into wealth, using the example of Phil Knight, the founder of Nike, who maintained a stable job while growing his business. It also warns against 'lifestyle inflation,' where increased earnings lead to higher living costs, thus reducing the ability to invest and grow wealth. The speaker advises revisiting old budgets and living modestly according to current earnings to prevent lifestyle inflation from impeding financial progress.
π³ The Burden of High Debt and the Importance of Starting Businesses
The fifth paragraph highlights the impact of high debt on one's journey to accumulating one million dollars, explaining how debt can consume a significant portion of one's income, leaving little room for investment. It also stresses the value of starting a business, regardless of its success, as a learning experience that provides invaluable financial and life skills, such as budgeting, expense tracking, and resilience.
π« Distractions, Mindset Post-Work, and Learning from Bad Investments
This paragraph identifies distractions and the habit of mentally shutting down after work as barriers to financial growth. It advises eliminating unnecessary social engagements and digital distractions to focus on wealth-building activities. Additionally, it addresses the issue of bad investments, encouraging learners to view them as setbacks from which to learn rather than as insurmountable failures, and to invest safely within their means.
π° The Illusion of Starting Too Late and the Urgency of Starting Now
The seventh paragraph dispels the myth that it is too late to start working towards financial goals, especially for those in their 30s with families. It suggests leveraging life experience and working closely with partners to find a balance. The speaker insists that the belief that it's too late is a self-defeating notion and encourages starting the journey immediately, emphasizing that even small, consistent steps are progress.
π The Importance of a Step-by-Step Plan and Community Support
The final paragraph concludes by underscoring the importance of having a step-by-step plan to guide one's journey to a million dollars. It introduces the alux app as a tool for creating personalized learning paths and emphasizes the value of community support throughout the process. The speaker offers a 7-Day free trial of the app and invites the audience to engage with the community for a more guided and less isolating experience.
Mindmap
Keywords
π‘Millionaire
π‘Mindset
π‘Work Ethic
π‘Financial Knowledge
π‘Compound Interest
π‘Social Skills
π‘Risk
π‘Income Stream
π‘Lifestyle Inflation
π‘Debt
π‘Entrepreneurship
π‘Distractions
π‘Investment
π‘Starting Today
Highlights
Achieving the first million requires becoming a different person, distinct from 90% of the world, which is a steep climb.
The journey to the first million shapes you into a person capable of earning the second million more easily.
Working one job and saving a fraction of your income can take over 50 years to reach a net worth of one million dollars.
To accelerate wealth accumulation, one must find ways to make money that do not solely rely on time.
A millionaire mindset involves avoiding FOMO, not prioritizing work-life balance, and resisting the urge to constantly reward oneself.
Discipline is key to breaking poor financial habits and requires time and practice to instill.
Quantifying work ethic involves setting and achieving personal and career goals within a defined timeline.
Overcoming embarrassment is crucial for the journey to wealth, as societal judgment is inevitable.
Developing social skills can be as important as being smart and obsessive for achieving wealth.
Fear of risk, such as starting a business, is a common barrier to wealth accumulation but can be managed with strategy.
Having multiple income streams is essential for the journey to a million dollars, not just a single job.
Lifestyle inflation can hinder wealth accumulation by increasing unnecessary expenses.
High debt levels can significantly slow down wealth accumulation due to interest payments.
Starting a business, even if not successful, provides invaluable financial and social skills.
Distractions from social plans and clutter can take up time that could be used for wealth-building activities.
The habit of mentally shutting down after work can prevent progress towards financial goals.
Bad investments can be a setback but are not as detrimental as other wealth-slowing factors.
Believing it's too late to start wealth accumulation can be a self-fulfilling barrier.
Not starting today is a common mistake; immediate action is crucial for progress towards a million dollars.
A step-by-step plan can guide those who struggle with the bigger picture approach to wealth building.
The alux app offers a free trial and step-by-step learning paths for wealth-building, designed by experts.
Transcripts
you know the first million that first
million is hard the second is pretty
much inevitable to get to your first
million though you have to become a
completely different person you have to
become different from 90% of the world
and that climb is steep but by the time
you reach your first million you've
become that person so the second million
just
flows something things seem out of your
control because that's how they started
like health issues job loss and ack of
financial knowledge but they do not have
to be out of your control forever okay
here are the 15 things slowing down your
journey to $1
million so first of all pretty basic you
don't have the time working one job that
pays 60,000 a year paying 40,000 for
your living expenses and saving 20,000 a
year will take you
104,000 hours to get to a net worth of 1
million that's 50 years okay so you're
right you don't have the time if you
want to make 1 million doing what you're
doing right now we know this because
others have done it after your 8-hour
workday you come home and you put in
three to four extra hours to make money
on the side the extra earnings goes into
compound interest reducing your overall
time to 1 million you're not just going
to have the time okay you have to make
the time by finding ways to make money
that doesn't depend on your
time number two you don't have the
mindset what kind of mindset does it
take to reach $1 million anyway well
it's a mindset that doesn't suffer from
fomo doesn't think about work life
balance and isn't focused on the treaty
yourself Mantra you're okay with missing
out on trips you don't need the latest
gadgets or clothes and you don't have to
reward yourself for every single
achievement it's okay to do these things
if you're goal is to focus on having a
good time but if your goal is to reach
$1 million as quickly as possible then
caving into this kind of behavior shows
a lack of discipline all things bleed
into poor financial habits breaking
these habits well it takes time and
practice but doing so will change your
life
forever number three you don't have the
work ethic now it's hard to quantify and
measure your work ethic but we're going
to try how many goals did you set for
yourself this year not just in your
career but in your personal life too
work ethic applies to all aspects of
your life so look at your goals and then
give them a difficulty level ranging
from like 1 to five with five being the
most difficult so what were the steps
you outlined to reach these goals now
look at the Timeline that you gave
yourself if you didn't set any goals
outline your steps or give yourself a
timeline and then your work ethic is one
maybe zero but we'll be nice this time
it's not about how many hours you put
into your job it's about setting clear
goals and sticking to them until you've
achieved them if you didn't do any of
those things as soon as you finished
watching this video go do that okay if
you have done these things give yourself
a point for each goal you've reached if
you faced setbacks and still reached
that goal give yourself another point if
you're halfway there give yourself half
a point if your goal was very difficult
or very easy decide for yourself how
many points you think you deserve
between one and three there's no set
perfect number but the greater your
number the better your work ethic and if
you're starting at zero then you know
what you need to
do number four you're
embarrassed embarrassment is the cost of
Entry okay and if you can't handle that
well you're going to slow down your
journey maybe even put the breakes on it
it's embarrassing when you're rejected
from a higher paying job a business idea
or collaboration it's embarrassing to
advertise and Market yourself for your
business it's embarrassing when you fail
right it's even embarrassing when you
succeed and people start asking for your
advice there's unnecessary societal
shame on every corner of this journey
and you've just got to ditch the
embarrassment genan okay people are
going to judge you you and so what they
might laugh they might talk about you
maybe they'll feel sorry for you or
something because it's not cool okay and
then what nothing that's what you'll
still be totally fine so first of all
come to terms with people doing this
okay secondly embarrass yourself so much
it becomes boring for them to talk about
it and third keep yourself so busy you
don't even have time to focus on the
Mindless chatter
number five you lack social skills or an
obsession now some might say this
simplifies the path to $1 million too
much but we say simple as best if you're
not a nerd with some kind of obsession
then you need to become great with
social skills Steve Jobs and Elon Musk
are billionaires because they're
incredibly smart and obsessive about
their work but they do not have great
social skills okay job was known for his
demanding and Rive management style and
so is Elon Musk so if you're as smart
and obsessive as them then keep going
they were born with that intelligence
and vision and not many people are if
you're born with it you can only work on
it so much the better option is to work
on your social skills those are way more
achievable Richard Branson Oprah Winfrey
and Warren Buffett are smart but they're
also very charismatic so work on active
listening empathy and great
conversational skills and you can
Network your way to $1
million number six you fear risk so one
of the quickest ways to make $1 million
is to start a business but starting a
business takes money and time and you
might lose all of the money you put into
it that is unbelievably scary right
there goes your safety net you are right
to fear that risk everyone does when
they start it's stressful there might
even be night when you can't sleep or
days when you don't eat properly most
people on this journey are scared of
that risk but they do it anyway okay
that fear is always going to be there
but there are ways you can limit or
control it first of all you start early
so that only your life is affected by
your choices second you have an
emergency fund that you use to survive
only if you don't meet your timeline and
third you keep one income stream usually
your normal day job until you're making
more than
enough number seven you only have one
income stream look we cannot stress this
enough unless you're a trust fund baby
or you're young and fresh out of college
and happy to live on Peanut Butter and
noodles your journey to $1 million needs
to go hand inand with a consistent
stable income yes it eats into your time
and energy but it also gives you peace
of mind which you need as you're
starting your journey Phil Knight the
founder of Nike started selling shoes
back in
1964 he worked at his accounting job for
5 years while running Blue Ribbon Sports
which is now known as Nike he only left
his job once it started to gain traction
your journey to $1 million will go at a
glacial Pace if you close your laptop at
5 p.m. in beine for the sofa with your
evening
snacks number eight
lifestyle
inflation you pretty much don't even
notice this happening you make way more
money than you did a few years ago yet
you walk away with the same amount maybe
even less what has even happened here
well small simple things okay you go for
the slightly more expensive organic
groceries you don't go to the movie
theater on discount days only anymore
your date nights are the restaurants
with the nice reviews instead of cooking
at home home on the bigger things you
don't go for the hiking and camping
trips anymore no you plan for 3 weeks
abroad you trade in your Audi A3 for a
BMW X5 and you no longer share an
apartment with two other housemates your
lifestyle costs have significantly
inflated holding you back from putting
all that money into Investments it's
time to pull back look through your old
budgets and live the life you did a few
years ago on the money you make right
now
number nine high debt now if you don't
have student loans then your first year
of working is pretty flexible then your
bank starts to notice you're making
money and not paying them any interest
so they soon send you an offer for a
credit card you're young new in the
workforce you don't fully understand
interest rates and you love the sound of
extra money so you jump at this chance
the next thing you know though it's a
few years down the line and you're
putting your basic daily expenses on
your credit card and Str Ling to pay it
off you've got no room to invest what
you have left because well it's all
going to the interest on your credit
card or loans it's like carrying a
massive amount of extra weight as you're
trying to climb your way up to 1 million
you have to get rid of that weight first
otherwise you're going to move at a
snails
pace number 10 you've never started a
business so besides entrepreneurship
being the fastest way to $1 million even
if you ultimately decide it's just not
the root for you the lessons you learn
from starting your own business are
totally invaluable no matter how small
your business is or how long it's been
around if you've sold to Just One
customer then you learn some Financial
lessons that would take you years of
experience to figure out in traditional
jobs you learn effective budgeting
expense tracking and profit maximization
you learn to be resilient and adaptable
and you learn social skills to be able
to Network better you also learn how to
manage your time solve problems and
Market something to be attractive to
other people not just to you these are
all skills that will help you reach $1
million and starting a business whether
it's successful or not is the quickest
way to learn
them number 11 you've got too many
distractions your weekend Festival plans
your midweek dinner plans all the things
laying on your floor that need to be
picked up before you can even start
these are all distractions and
distractions take up your time okay you
need that time to work your way to one
million so you either need the focus and
willpower to say no to these
distractions or you need to remove them
so tell your friends not to invite you
anywhere for the next few months unless
it's really important or special remove
social media from your phone so you're
not tempted to Doom scroll get rid of
the Clutter completely so it never has
the chance to create a big Mech
these things all seem small okay we get
it but these are small things that steal
your focus in subtle but very effective
ways number 12 your mind shuts off at
5:00 p.m. now this is a tough one
because look okay we get it your workday
takes up so much of your mental energy
that your brain feels fried at the end
of it the habit of shutting everything
off when the work day ends is a relief
but then you worry Don't you you worry
about your workload the next day about
your finances for this month about your
goals and about the future your thinking
power is still being used except this
time it's for hours of rumination which
doesn't solve or help anything but if
you can direct that energy even if it's
just a little bit to a course a business
idea or a second job online you only
need to do for one two maybe 3 hours
something easy that allows you to work
from home then you'll work towards
solving those problems you keep worrying
about don't completely shut your mind
off when the work day ends okay direct
that energy towards something that's
going to benefit you something that will
give you a sense of achievement and help
you to earn some additional
income number 13 you made some bad
Investments now as bad as this sounds
and as stressful as it is when it does
happen making a bad investment isn't as
detrimental as some of the other things
on our list if you've made a bad
investment it means you already had the
money to invest and you were investing
it you already have the necessary
mindset you just faced a setback which
is basically inevitable what's important
is that you learn from it if you're
fresh starting out play it safe take the
risks with the money you can afford to
lose never use borrowed money to invest
and stay safe with the money that you're
banking on for your
future number four 14 you fundamentally
believe that it is too late to start now
we've spoken about the importance of
starting early right and if you've
watched our previous video on
accelerating your journey to $1 million
well you'll know that we spoke about
waiting to start a family until you're
halfway to your first million but what
happens if you're in your 30s you
haven't started saving or investing and
you already have a family well as much
as you want it and even though you know
you have what it takes to achieve it
there's just this nagging doubt that
you've woken up too late and that's a
normal feeling okay it does make things
harder but it definitely doesn't make it
impossible you do have to make some
adjustments maybe waiting to start your
business until your children are older
involving your family in the business to
make it a collective effort and bringing
everyone onto the same page so they
understand the sacrifices you have to
make you also have to rely on your
experience more by this time you spent
years in your industry learning the ins
and outs so you've got a different kind
of advantage and you have to work
closely with your partner to find a
balance for your workload and through
all of this what you absolutely cannot
afford to do is believe it is too late
there's no drive or motivation in that
and if this is the path you're going to
take you have to believe you're doing
this at the best time for you forget
other people's timelines this is about
you my my
friend and on a similar note number 15
not starting today this sounds so cliche
okay we get it start today see the
results but really okay we mean it start
today right now when you're finished
with this video go back to your goals
and work through them like we spoke
about in the work ethics section
register your investment brokerage
account and transfer whatever amount you
can afford this evening while you're
watching TV spend an hour looking for a
second job or doing research for your
business plan come back to everything at
the same time tomorrow and then the next
day even slow progress is progress okay
never skip a day and since you stuck
with us until the end here's your bonus
you don't have a step-by-step plan on
how to start you know some people do
well with an outline and a bigger
picture and they work from there but if
you've been struggling then maybe you're
not one of those people maybe you need a
stepbystep plan something that guides
you through everything getting your
mindset right getting your energy levels
up generating business ideas finding
clients marketing the whole thing so you
have to do that you have to create your
stepbystep guide first well the alux app
is a great place to start with this
basically you fill in a survey and from
there we give you step-by-step learning
paths for everything you need to work on
each point has a course designed by
experts in their field they start off
easy and progressively get more
challenging it can be a scary and
isolating Journey but it doesn't have to
be we'll be right there with you every
single step of the way and if you'd like
to test it out you don't have to pay a
single dime okay we give you a 7-Day
free trial and within that seven days
you're going to get so much value it'll
be a no-brainer to subscribe we can't
wait to help you accelerate your journey
to $1 million we'll see you you on the
inside all right those are our 15 things
slowing down your journey to $1 million
and the bonus and as always we'd like to
hear from you at this point what things
have slowed you down on your own journey
and how did you work through them we
can't wait to hear from you my friend
we'll see you next time until then take
care
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