I made a million at 30...here's 7 things I learnt
Summary
TLDRIn 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
💭 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.
🎯 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.
Mindmap
Keywords
💡High Income
💡Profit Center
💡Deep Learning
💡Scalable Efforts
💡Work Smart and Hard
💡Lifestyle Inflation
💡Financial Traps
💡Passive Income
💡Mastery
💡Frugality
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
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