do to become a millionaire by 32. Everything I will be sharing is coming through
- my own personal experience on what has worked and what HASN’T 2) tips that i’ve
gained from reading books of the biggest money and business experts in the world and 3) psychological
based evidence around the human brain. Later in this video I’ll also talk about
how one of these made me $40,000 better off within one hour. So the first thing I am going to do if focus
on my all-weather portfolio. This is based on the fact that most people
earn wages, but you’ll never get wealthy working for wages because wages grow linearly
- that is the amount you earn is directly related to the amount of time you work. On top of that, just relying on wages is risky
because the moment you decide to quit or get fired that income stream stops coming in. What I’ve realised over the past few years
is to also focus on building up passive streams, which have the potential to grow non linearly
because they dont require you trading your time for money. As soon as you make one on auto pilot and
let it run, it gives you time to focus others and grow your income more and more because
the ones on auto pilot are continuing to bring in money for you without you needing to devote
any time to it. The second thing I will be doing is thinking
in terms of first principles. I first came across this concept in an interview
with Elon musk. The idea of it is that just because things
have always been done a certain way that doesn’t mean it’s the best way and that we shouldn’t
be afraid to question the status quo. When someone tells me something isn’t possible
I have this knee jerk reaction to prove to them why it is possible. I used to host social events- and as part
of the marketing for one of the events i organised - I told my business partner at the time that
we need to make a really cool physical invite, one that people want to upload and put on
social media and we can get free marketing, and i remember him saying at the time oh we
cant do that because of this and we’ve always done it like this so it doesn’t make sense
to change it now it will take too much time. I feel like that’s this subtle messaging
is something that I’ve faced so many times in different facets of my life and its just
way of saying stick to the blue print, stick to convention and it’s these moments where
you’ve got to have some sort of restistance and say no I’m going to explore another
way. One person thought he can build rockets and
send them to mars- that person was Elon musk. Someone else thought they can bend a piece
of aluminium and get it to fly through the air - that was the wright brothers. In any concept, you can’t get extraordinary
results from ordinary actions. The world doesn’t offer outsized returns
for people and brands that serve up “more of the same”. The third thing I am going to be doing to
get to that million dollar mark is utilising other people strengths - and this is the one
that saved me £30,000 within an hour. There is a saying that is “if you are the
smartest person in the room, you’re in the wrong room”. I used to always think I could figure everything
out myself and that I can save money just by doing things on my own but now I’ve realised
that different people have completely different unique strengths and skills and that is essentially
how they make a living. I purchased a property under a company structure
and I needed to move it to another company and I realised to do that I would need to
pay $30k in different forms of taxes. So I tried to google why I needed to pay this
and whether there were any examples that proved i don’t need to pay it and there was a way
around this. I then spoke to my friend told me why don’t
you just speak to a tax advisor that’s what they’re their for - I forked out what killed
me at the time, $200 for a 1 hour chat with a tax adviser who is a specialist in this
field and gave me a completely legal tax efficient strategy which saved me from paying that $40,000
- and had I not done that I would’ve ended up paying that money away not knowing any
better. In a world where hard work is no longer a
competitive advantage - because everyone works hard, the competitive advantage is actually
in thinking expansively and connecting with the right people.The forth thing I am
going to keep in my mind until I get to my goal is the concept of the slight Edge. This is based on a book written by motivation
speaker Jeff Oslon. According to Jeff success and failure are
both a result of the slight edge - the idea that simple little things that we choose to
do or choose not to do on a daily basis have a compounding effect on who we ultimately
become. So I like to use the penny compounding parable
here - there are two people who are given the choice to either get one million dollars
at the beginning of the next month - thats it a flat cheque for 1 million dollars, or
choose to receive one penny at the beginning of next month but that penny doubles every
single day for the next 30 days. The person who chooses to go with the flat
one million dollars got that one million dollars, but the second kid who chose to go with the
penny that doubled every single day ended up with over $5.3mn. And if you take this and stretch it into a
longer timeframe, thats essentially how compounding in our life works. These small little things you choose to do,
or don’t do, every day matter because they have long-term ramifications that will eventually
show up. I now try to remind myself whats uncomfortable
now will become comfortable later. Lean into your money making superpower. I saw a YouTuber oliur talk about this one
and I really loved the way he described it. He talks about how everyone has this money
making super power to lean into. Most people don’t tap into it, they don’t understand
it or they haven’t yet figured it out but everyone does have it. The way I kind of see this and have interpreted
it is that you need to lean into our most valuable strengths, these strengths can come
from 1) our upbringing, your parents and what you’ve been surrounded with and knowledge
we’ve absorbed growing up 2) it can come through the skills you’ve learnt just through
doing or that you’re teaching yourself or 3) through your passions or interest but through
one of these avenues will unlock your money making superpower that you can lean into it. The way I see it is im still trying different
things, explore, discover new things - starting a YouTube channel being one of them - and
by doing this I am going to lean into my strengths and will eventually hone into my money making
superpower. Living below your means. It’s really easy to spend everything you
earn and living paycheck to paycheck. As you earn more you want a bigger house a
nicer car, and your lifestyle choices inflate as your monthly pay check gets bigger. When I first started working I’d spent everything
I earned and every single bonus would go towards material items and things that I couldn’t
care less about 2 months later, and then I realised if I keep doing this I’m going
to get to 35, having worked for 15+ years and have nothing substantial to even show
for it, so I massively changed my spending habits and I talk about how much i spend now
in this video here. do agree that your teenage years and early
20s are when you want to be really living your life to the max so i wouldn’t really
worry about saving the $5, $10 at this age - but then later there comes a time where
you want to be making some sacrifices in the short term and holding off on buying some
things now, with the aim to reinstate those things back into your life later when the
trade off isnt as big. So for example, I’ve wanted to buy a new
car for a while but I ran the numbers and actually I barely drive - i work full time
and i travel to work on the train and when i go out on the weekend i just grab an uber,
and the decision to sell my last car and wait a bit till i buy my new one has saved me a
ridiculous amount of money - i save money on insurance, maintenance, finance or a lease,
not to mention also the money that i would’ve lost in the depreciation. So for me -given having a car isn’t a necessity
for me right now, I’m using that money now to invest in assets instead to build a lifestyle
that i want, and then eventually have these assets and the cash flow coming in from those
assets pay for all the nice luxury things later on. If you liked this video I’ve made another
one on my journey so far and what I am going to be doing going forward. I’ll link that here, thanks for watching
- don’t forget to subscribe if you haven’t already. See you in the next video.