DO THIS If You’re Young and Broke

Summary

In this motivational video, the speaker shares his entrepreneurial journey and insights on achieving financial success. He emphasizes the importance of learning over earning, especially for young individuals, and suggests that becoming an apprentice to gain insider knowledge is a time-tested path to prosperity. The speaker debunks the myth of quick wealth and advises patience, strategic planning, and hard work as essential ingredients for long-term success.

Takeaways

• 🚀 The speaker emphasizes the importance of a 'Surefire' method to make the first million within 5 to 10 years, especially for broke students.
• 📈 With a decade of entrepreneurial experience, the speaker has witnessed various business principles and owns several companies, which gives credibility to the advice given.
• ⏳ The speaker clarifies that 'quick' in the context of becoming a millionaire means a 5 to 10-year timeline, not months, and is considered fast in the real world.
• 💼 Historically, two common paths to wealth were being a valuable employee in a fast-growing company or learning and then starting a business in a similar industry.
• 🧑‍🎓 The speaker stresses the importance of prioritizing learning over earning in the early years, especially for students and young entrepreneurs.
• 💡 The speaker mentions the difference between apprenticeships and internships, advocating for the former where one can gain in-depth knowledge and experience.
• 💰 The speaker warns against the rush to become a millionaire at a young age, as it often leads to reliance on luck rather than skill and can have negative consequences.
• 🤔 The speaker suggests that the best time to make significant money is between the ages of 25 to 30, with a focus on building a solid foundation of knowledge and experience first.
• 🛠 The speaker highlights the value of gaining insider knowledge and work ethic, which can be achieved by working at a company that invests in employee training and development.
• 🔑 The speaker advises young people to seek opportunities where they can learn the most, rather than focusing solely on the salary, as this will pay off in the long term.
• 🚀 Finally, the speaker reiterates that there is no secret technology or shortcut to wealth, but rather a commitment to learning, gaining experience, and applying business principles effectively.

Q & A

What is the main message the speaker is trying to convey in the video?

The speaker emphasizes the importance of learning and gaining insider knowledge in one's early years rather than rushing to make a million dollars quickly, especially for young students and teenagers.

What is the speaker's perspective on the timeline for becoming a millionaire?

The speaker suggests that a realistic and 'quick' timeline to become a millionaire in the normal world is five to ten years, not months.

According to the speaker, what is the first route to wealth mentioned in the script?

The first route is being an employee at a fast-growing company and bringing so much value to the company that they have to compensate you adequately.

What is the second route to wealth that the speaker discusses?

The second route is working inside a fast-growing company, learning a lot, and then using that knowledge to start one's own business in a similar industry.

Why does the speaker believe that making money at an early age can be challenging and potentially harmful?

The speaker believes that making money at an early age can lead to others perceiving it as luck rather than skill, and it can attract the wrong kind of attention, which may not be beneficial in the long run.

What does the speaker suggest is the best age range to make money?

The speaker suggests that the best time to make money is from the age of 25 to 30, as it allows for more stability and maturity in handling wealth.

What is the difference between an apprenticeship and an internship according to the speaker?

An apprenticeship involves being trained and learning a craft closely with time and attention, while an internship in a large company may not offer the same level of personal learning and mentorship.

Why does the speaker recommend joining a company with 100 or fewer employees?

The speaker recommends smaller companies because they are more likely to provide personal training and learning opportunities, as opposed to larger companies where one might get lost.

What does the speaker mean by 'insider knowledge' and why is it important?

Insider knowledge refers to the understanding of the inner workings of a business or industry. It is important because it gives one a competitive edge and is a valuable asset when starting one's own business.

How does the speaker define 'work ethic' and why is it essential for young people?

Work ethic is defined by the speaker as the discipline and commitment to work hard and efficiently. It is essential for young people as it prepares them for the demands of entrepreneurship and self-employment.

What advice does the speaker give regarding the choice of a company to work for?

The speaker advises choosing a company that is willing to invest in one's training and learning, rather than focusing solely on the salary or the company's size or prestige.

Outlines

00:00

🚀 Entrepreneurial Insights for Millennial Wealth

The speaker, an experienced entrepreneur, promises to share a surefire method to amass one's first million dollars within five to ten years. They emphasize that this strategy is particularly effective for broke students and young adults, drawing on their decade-long entrepreneurial journey and involvement in over a dozen companies. The speaker highlights the importance of timeless business principles and the distinction between quick wealth accumulation and the traditional 20-30 year timeline to become a millionaire. They also introduce their Instagram account for personalized Q&A sessions.

05:00

💡 Prioritizing Learning Over Earning in Early Career Stages

The speaker discusses the historical and modern approaches to wealth accumulation, advocating for a focus on learning and gaining insider knowledge in one's early career. They differentiate between apprenticeships and internships, stressing the value of the former for acquiring deep industry knowledge. The speaker advises young individuals to seek companies that invest in employee training and development, rather than prioritizing immediate earnings. They also touch on the importance of work ethic and the potential pitfalls of early, luck-based wealth accumulation.

10:03

🛠 Building a Foundation for Future Success Through Apprenticeship

In this paragraph, the speaker reinforces the idea of gaining insider knowledge through practical experience in a company of optimal size, where one can learn effectively without getting lost in a large organizational structure. They argue that the right company is one that values employee development and provides opportunities for learning and growth. The speaker also shares personal anecdotes about the importance of work ethic, the challenges of managing time effectively, and the benefits of being part of a company that invests in its employees' education and skill development.

Keywords

💡Entrepreneur

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. In the video, the speaker identifies as an entrepreneur with 10 years of experience and multiple companies, emphasizing the role of entrepreneurship in achieving financial success.

💡Millionaire

A millionaire is someone whose net worth or wealth is at least one million units of a currency, typically dollars. The video's theme revolves around the concept of becoming a millionaire, with the speaker sharing insights on how to achieve this status within a 5 to 10-year timeframe.

💡Apprenticeship

An apprenticeship is a system of vocational training where an apprentice works with an experienced person to learn a trade or skill. The speaker contrasts apprenticeships with internships, advocating for the value of apprenticeships in gaining in-depth industry knowledge and skills.

💡Internship

An internship is a temporary job placement with an organization to gain work experience. The speaker points out the difference between internships and apprenticeships, suggesting that internships in large companies may not offer the same level of learning and mentorship.

💡Value

In the context of the video, value refers to the worth or usefulness an individual brings to a company. The speaker advises that one should ensure their value is recognized and rewarded, highlighting the importance of renegotiating for fair compensation based on the value one provides.

💡Fast-Growing Company

A fast-growing company is an organization that experiences rapid expansion in terms of revenue, market share, or size. The speaker mentions that working in such a company can be a pathway to wealth, either through learning and then starting a business or by adding significant value to the company.

💡Insider Knowledge

Insider knowledge refers to the understanding of the inner workings of a business or industry. The speaker emphasizes the importance of gaining this knowledge through work experience or education as a foundation for future business success.

💡Work Ethic

Work ethic is the idea of working diligently and putting in effort above and beyond the minimum required. The speaker shares a personal anecdote about the importance of developing a strong work ethic, especially when transitioning from working for someone else to running one's own business.

💡Confidentiality Agreements

Confidentiality agreements are legal contracts that protect sensitive information from being disclosed. The speaker mentions these as an example of respecting the company that helped one grow, cautioning against breaching such agreements when starting a new venture.

💡Investment Portfolio

An investment portfolio is a collection of financial assets such as stocks, bonds, and cash equivalents. The speaker uses the term to describe the diverse assets that contributed to their wealth, including a significant gain from cryptocurrency investments.

💡Cryptocurrency

Cryptocurrency is a digital or virtual currency that uses cryptography for security. The speaker discusses their experience with cryptocurrency, cautioning against relying solely on luck in investments and emphasizing the importance of a diversified approach.

Highlights

The presenter claims a surefire way to make your first million in 5 to 10 years, especially for broke students.

The presenter has been an entrepreneur for nearly a decade and has experience with over a dozen companies.

Emphasis on the timeless nature of certain business principles despite the changing world.

The traditional path to wealth involved being an employee at a fast-growing company and adding significant value.

Learning from a fast-growing company and then starting your own business is suggested as a viable route to success.

The importance of prioritizing learning over earning, especially in early years and as a student.

The presenter's personal experience of making the first million at 18 and the misconceptions that come with it.

The presenter's Instagram account 'talk with Iman' for Q&A sessions and live interactions.

The societal rush to millionaire status and the flawed beliefs associated with it, especially among teenagers.

The reality that making money at a young age often isn't as impressive as one might think.

The risks associated with getting rich quick, especially through luck-based ventures like cryptocurrency.

The ideal age to start making money according to the presenter is between 25 to 30.

The distinction between apprenticeships and internships, with apprenticeships offering more learning opportunities.

The value of gaining insider knowledge and work ethic from working within a company before starting your own.

Finding the right company size that offers a balance between learning opportunities and not being lost in the crowd.

The importance of choosing a company that invests in employee training and development.

The presenter's rule in his companies to pay for any books employees wish to buy for self-improvement.

The necessity of having insider knowledge to succeed in business, which can be acquired through investment in education or experience.

A reminder that there are no shortcuts or secret technologies to guarantee wealth, only tried and tested business principles.

Transcripts

ladies and gentlemen in today's video

I'm going to reveal to you the Sure Fire

guaranteed way to make your first

million in the next five to ten years if

right now you're a broke student this is

genuinely 99

guaranteed to make you rich if you watch

the entire video and really take in what

I'm trying to tell you here and listen

I'm coming up to my 10th year as an

entrepreneur I have seen everything and

I have over a dozen companies that I

personally own or my holding company has

Equity stakes in so I've kind of seen it

all and I can tell you for a fact that

this is pretty much the most Surefire

route but as I said if you watch this

video If you truly take it in and if you

truly apply what I'm about to tell you

now listen times have changed and the

world is extremely different to what it

was like a hundred years ago that said

some business principles are Timeless

now a hundred years ago if you wanted to

get rich quickly and by the way when I

say quick most people think quick means

two months or five months I'm talking

quick in the normal world is hey I made

the intention that I am going to go from

nothing to something go from having

average income to becoming a millionaire

quick is five to ten years it's not five

to ten months normally a hundred years

ago even right now if you want to become

a millionaire you know from the point in

which you get your degree it'll take you

20 30 years so trust me when I say five

to ten years that is a good timeline now

I say five to ten but it will probably

be a lot quicker for you but getting

back to my point 100 years ago the way

you would do it is you would either be

an employee at a fast growing company

and bring so much value to the company

that they just can't help themselves but

now obviously you need to continue to

make your value known and renegotiate

with your company and just say hey I

know what I'm bringing to the table so

make sure that I'm getting paid

adequately so that's the first route but

that's not really what I want to talk

about here today the second route is you

work inside of a fast-growing company a

company where you can learn a lot and

you work in that company for two years

three years four years five years and

then you take everything that you've

learned and you go and you start your

own business in a similar industry and

from there you add in hard work and you

absolutely take off and you may even

bring in one percent the amount of

business that the company used to work

for but that's fine because you have a

hundred percent ownership now as I said

100 years ago 200 years ago 300 years

ago this would have been the path the

path would have always started with you

working at a company or an organization

and understanding that in your early

years you need to prioritize learning

over earning earning can come a little

later but in your early years I'm

talking specifically here as a student

as a teenager someone in your early

early 20s learning should always be the

priority now before I get into real meat

of this video on the topic of learning

so many of you guys ask very business

specific questions or questions that are

specific to your situation and

unfortunately on YouTube I just can't

really answer them so that's why earlier

this year I started an Instagram called

talk with Iman on there I try to do q

and A's once a week I'm gonna be honest

sometimes I get busy so it's not weekly

sometimes it's two or three times a

month but I try my best so I do free q

and A's on there and every once in a

while I will also do a live q a and just

answer some of your guys's questions

live so you can just type on your phone

talk with Iman follow the account and I

will try to answer your question on the

next q a that I do but getting back to

the main point here the reason I wanted

to talk about 100 years ago is I want to

explain really what I'm seeing right now

in society and why that is keeping you

poor that's keeping you dumb and it's

keeping you stuck you see the issue is

in modern society everyone is in such a

rush to become a millionaire and the

reason they're in such a rush is because

of the things that they think it will

give them and by the way I'm

specifically speaking to the teenagers

and the students here you've got kids

who are 16 who are in such a rush to

become a millionaire because I know

exactly what they're thinking they're

thinking hey once I'm a millionaire I'm

gonna get all the girls or people are

going to be impressed and I'm going to

be able to buy these things and I'm

going to talk to you very frankly as

someone who made their first million

dollars in cash in the bank at the age

of 18. I'm going to tell you this right

here right now when you make money at an

early age and I'm not talking early like

25 or 27 28 because that's still earlier

or maybe even 23 or 24. I'm talking

early as in 18 21. no one is impressed

they just think you are a lucky kid I

can tell you this because I experienced

this very few people thought he was a

genius they're like oh he got lucky at

an early age and he's probably gonna

lose all of it because honestly that's

what happens 98 of the time so that's

number one and number two girls don't

want you at that age either you have

someone like your high school Suite

heart who loves you no matter what so it

doesn't matter if you make your first

million at 18 or a 28 this girl's in it

for the long run or if you're trying to

pick up new girls they're more concerned

with like the 28 year olds the 30 year

olds the sort of girls that you think

money is gonna attract they don't want a

guy who's 18 or 21. so the reason I make

that clear is because everyone who's 16

18 20 is in such a rush you know let me

make my first million let me make my

first million and it's so stupid because

they would rather make their first

million in something that is pretty much

just luck let me let me give you an

example they would rather make their

first million at 18 or 19 or 20 by some

lucky crypto pick you know they put a

thousand dollars into one coin and

then it turned into a million dollars

let me tell you something that will ruin

your life forever because first of all

making a good amount of money at a young

age is already a massive challenge

what's even worse is if you got lucky

and let's call it what it is and that is

luck and by the way I've made a crap ton

of money with crypto but I never thought

that was me being a genius I just knew

hey there's a small part of my

Investment Portfolio and cool in two

years I made almost 10 million dollars

from crypto but that wasn't my career

and let me tell you something if that

was my career I would be very depressed

right now considering everything that's

going on in the crypto markets and if I

didn't get out at the right time and all

of this stuff but for me I was always

very chill about it because I planted my

seeds I've been an entrepreneur for 10

years I have all of these businesses so

I know that I'm going a little bit side

tangent here but that's all to say that

the best time truly I can tell you the

best time in my opinion to make money is

from the age of 25 to 30. now I happen

to make money a lot younger but also

bear in mind I started my first

entrepreneurial Adventure when I was 14.

so 14 15 16 17 18 five years it took me

five years to make my first million

remember what I told you earlier on I

said five to ten years to make your

first million what happened to me five

years so I'm talking and I'm telling you

guys from experience so going back to my

main point the trajectory whether it's

now or 100 years ago I believe that if

you are young and when I say young I

mean really below the age of 23 the

trajectory has always been very clear

first you are an apprentice you are

sponge you're learning as much as you

can you're absorbing everything and then

you can become the master now let me

tell you something these days we rarely

have apprenticeships we have internships

and there's a big difference when you're

an intern when you're an intern in a big

company I've even had friends of mine

especially when I was younger you know

friends of mine that were my age you

know obviously you know for me by the

age of 21 I was making millions and

millions of dollars a year but my

friends that I grew up with were looking

at internships and they were telling me

Oh you know what internship do you

recommend and this and that and I had to

tell them very honestly I said listen if

you go to a company that's more than 200

employees you're gonna be lost No One's

Gonna train you you're not gonna really

learn anything but if you look back 200

years ago let's say you were even a

locksmith you would be an apprentice you

would be young and you'll be studying

the craft and even in places like Japan

this stuff still goes on you're young

and you work for a company that's not

massive not too big where you get lost

and you learn things and you get to see

the back end and you get to see how a

master of their craft does something and

you get to take all of this in as a

sponge I mean it's the best thing you

could do for yourself at the age of 17

18 20 21 so just understand the

difference between an apprenticeship and

an internship really the difference is

this one you're going to get time

attention and you're going to get to

really learn the craft of this one

you're just thrown in with the dogs and

you have to fend for yourself no one is

really going to take the time and care

and attention to show you the ropes so I

really think that if you're 21 or

younger when you're making the decision

hey what's my next career move what's my

next step forget about how much you will

earn from it I want you instead to

evaluate how much are you going to learn

from it I want you to look at the thing

that you're going to learn and go hey

you know if I work at this company for

one or two years what skills will I

learn that will make me so much money

it's not even funny at the age of 35.

because listen if you can spend even two

to three years working at the right

company and working your way up through

the ranks you should then take that

experience and use that to launch pad

your own business when the time is right

and listen it's nothing personal with

your old company you should never breach

a confidential quality agreements you

should never be disrespectful to your

old company you should never step on

toes if that company made you who you

are but you take that knowledge you do

something different you offer something

different to the market you offer a

different service a different product or

maybe you even take that information and

partner up with someone and go into a

totally different industry but the point

is you take those skills that you have

learned and you understand and you

realize that this is the most valuable

asset that you have and you use that to

launch pad the next phase of your career

I don't think that people especially

young people truly understand how

important it is to get Insider knowledge

you need to get knowledge of the inner

workings of the business of the industry

now listen the quickest and easiest way

to do that is by investing in education

either investing in your own learning to

properly educate yourself or by getting

a coach mentoring guidance that is by

far the easiest and most effective way

now not everyone has funds for that I

understand some people are not position

so if you don't have funds for that the

best thing that you can do is go out

there associate yourself with a good

company work your ass off you also need

to learn work ethic because here's the

thing once you start working for

yourself or once you start having your

own business I remember what this was

like when I was 17. it's crazy I worked

so much on my company and then also

managing school at the same time but

when I was 17 I already had my company I

already even hired my first employee and

I dropped out of school and it was so

crazy for me to go from such a hectic

schedule to almost having the entire day

free and I actually became so

unproductive because I had too much time

I didn't even know what to do with it so

learning that work ethic and that

schedule is something that's also going

to be extremely valuable for you so as I

said associate yourself with the right

company and by the way the right company

doesn't mean the biggest company or the

company that makes the most money or the

company that even has the most prestige

but the company that is willing to

invest in you and the company that is

willing to give you the best training

and that you'll get the closest

proximity to whatever it is that you

want to learn now here's the thing there

are some companies that are too small

and you're really not actually going to

learn that much and those companies that

are too big that once again you're not

going to learn that much you want to

find that sweet spot of a company that's

not too too big I'd say anything 100 or

less you're still going to learn a lot

and by the way when you're looking to

join these companies even in the

interview process even while you're

trying to secure the job make it clear

that you care a lot less about money and

instead you care a lot more about

training and learning specific skills

and even asking the company hey is there

a budget you know in my companies

there's actually specific budgets for

training listen at some of my companies

I spent a hundred thousand dollars to

train one department on a specific thing

in other companies I spend thirty

thousand dollars for them to all meet up

three days and for them to Mastermind

about a specific problem we're facing

all the way down to small things at my

company every single person can buy as

many books as they want and the company

will pay for it that's just a rule I

have in my companies so whether it be

big or small you want to make sure that

the company is willing to invest in you

because for right now listen if you're

32 it's a different story it's a very

different story I'm not saying 32 you

know you should drop everything work for

free or work for very little and be an

apprentice no no you have very different

priorities at 32 you're in a very

different life phase I'm talking

specifically if you are 21 or younger

you have so much time it is ridiculous

but as I said in life you will not be

able to go far unless you have Insider

knowledge and this knowledge is behind a

wall and that wall means that you either

have to pay to play you have to pay to

actually learn this stuff or you join a

company and work through the ranks and

over the space of months and even years

you get this Insider information so

ladies and gentlemen I know that you

want me to come here and tell you that

there's a secret AI technology that

guarantees that you're going to become a

millionaire and all this BS that's not

the way it works listen the world has

changed of course it is the

opportunities have changed the way that

we conduct business all of these things

have changed but at the end of the day

there's still business principles that

are tried and tested and will always

remain and I don't care if it's 100

years ago I don't care if it's now or I

don't care if it's in 100 years from now

you can never ever ever go wrong by

being a teenager being an apprentice

soaking in as much information as you

have getting The Insider knowledge in an

industry and then a few years later when

you're ready use that to Launchpad and

start your own business start your own

idea start your own Venture and with

that being said as always I'm watching

you from afar

and I'm rooting for you