If I Wanted to Be a Millionaire Before 30, I'd Do This
- Reached first million at age 26.
- Sharing key lessons that could have accelerated financial success.
- Five lessons for achieving financial freedom at a young age.
Lesson 1 (00:00:11)
- Wealth in the past equated to working in high-profile jobs and investing in real estate over time.
- Realization that financial success isn't just acquiring money but also achieving time freedom and independence.
- Inspired by Tim Ferriss's "The Four Hour Work Week," which emphasizes on financial freedom at a young age.
- Emphasizes importance of having a goal for financial freedom, even without a specific monetary target.
- Building passive and active income through businesses as a path to freedom.
- Significance of presence of like-minded individuals or content consumption in aiding the pursuit of financial freedom.
- Authored a new book titled "Feel Good Productivity," which encapsulates years of productivity experience and research.
Lesson 2 (00:04:42)
- Need to understand that conventional jobs are limited in their financial potential.
- Own business creation is essential to becoming a millionaire in the '20s.
- Businesses solve problems in exchange for money and can be broadly categorized into service, product, or content businesses.
- Recommendation to start a service business, product business, or content business to achieve financial success.
- Once financially successful, investment is the next step.
- Introduction of Trading 212, a commission-free investing app with beginners' features and options to practice with fake money.
- Trading 212 also offers an auto-invest feature where users can replicate investing strategies of others.
- Recommends broad stock market index funds but uses a small portion of the portfolio for individual stock investments using Trading 212's app.
- By using a promo code, users can receive a free share worth up to £100 on Trading 212.
Lesson 3 (00:09:45)
- To achieve financial independence, starting a business is essential
- A service business is recommended as an easy way to begin earning money
- The speaker started at 13 with freelance web design and then tutoring, which evolved into a more significant tutoring operation
- Action is key to learning how to build a business, more so than formal education or passive learning
- The progression from service to product business led to creating a course to help with medical school admissions
- At 19, the speaker embraced product business, earning significant revenue which grew substantially year over year
- Transitioned into a content business at 23, starting a YouTube channel originally meant to promote courses, which became a more enjoyable and profitable venture
- Emphasizes the importance of taking action in the pursuit of financial goals
Lesson 4 (00:12:32)
- While bias to action is beneficial, a balance with learning is critical to success
- Lack of sales, marketing, and business operations knowledge initially hampered business growth
- Upon recognizing stalling revenue, the speaker identified sales and marketing as areas to focus on for improvement
- Overwhelm from handling too many tasks highlighted the need for hiring and delegating to grow the business
- Laments not reading business books earlier, which would have informed about planning, delegation, and growth strategies
- Stresses the importance of continual learning, through books, audiobooks, coaching, and mentorship
- Recommends investing in learning opportunities like events, masterminds, and coaches
- Reflects on personal growth and emphasizes that while action is foundational, supplementing it with learning is vital to advancing a business
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