How I Made My First Million in My 20s

Jul 2, 2024

How I Made My First Million in My 20s

Introduction

  • Achieved first million at age 26.
  • Sharing five key lessons to achieve financial success early.

Lesson #1: Have a Clear Goal for Financial Freedom

  • Traditional route: becoming a doctor and buying property.
  • Inspiration: "The Four Hour Work Week" by Tim Ferriss.
    • Introduced idea of becoming financially successful while young.
    • Emphasized value of time, freedom, and independence over just money.
  • Importance of a clear goal: financial independence and building passive or active income streams.
  • Setting a goal makes the brain attuned to opportunities for financial freedom.

Lesson #2: Start Your Own Business

  • Job analogy: being a cog in a machine, whereas a business owner owns the machine.
  • Few jobs make you a millionaire in your 20s.
  • Types of Businesses:
    1. Service Business: Do and charge for a service (e.g., accountant).
    2. Product Business: Make and sell products (e.g., bakery).
    3. Content Business: Create and monetize online content.
  • Advice: Build a business to achieve financial success.

Lesson #3: Have a Strong Bias to Action

  • Actively trying out business ideas is crucial.
  • Personal experience:
    • Started with freelance web design at 13.
    • Pivoted to private tutoring at 14-19.
  • Learning comes through doing – take action to build a business and learn along the way.
  • Move from service business to product business to content business.

Lesson #4: Consistently Learn and Improve

  • Bias to action is great but should be coupled with continuous learning.
  • Learning Resources:
    • Books, audiobooks, and podcasts on sales, marketing, delegation, management, etc.
    • Hire a coach or get a mentor.
  • Example: Overwhelmed with the first business until realizing the importance of hiring and learning from experts.
  • Investing in learning and coaching can have high ROI.

Lesson #5: Never Give Up

  • Achieving financial success takes time and persistence.
  • Income timeline: zero dollars at 13 to making millions from age 25.
  • Importance of not stopping even if results are slow.
  • Find enjoyment in the business process to make journey sustainable and rewarding.

Conclusion

  • Financial success and becoming a millionaire require clear goals, business building, action, learning, and persistence.
  • Make the process enjoyable to stay motivated and sustain long-term efforts.
  • Combine advice with learning resources for best outcomes.