Seven Personal Money Tips for Becoming a Millionaire

Introduction

• Watching motivational videos won't alone make you a millionaire.
• Aim: Share practical money tips after seven years of business experience.

1. Stop Drinking

• Significant expenses on alcohol can hinder financial growth.
• Personal story: Used a tattoo as an excuse to avoid drinking.
• Drinking impacts your capacity to think and work effectively.

2. Learn a High-Income Skill

• Focus on increasing earning potential, not on saving small amounts.
• Can be an entrepreneur or work in a high-value role within a company.
• High-income skills examples: Sales, copywriting, content creation, advanced Google Sheets skills.
• Reference to a video on best business models.

3. Set a Specific Amount to Invest Weekly

• Consistent investing is crucial for long-term wealth.
• Story: Started with a small amount weekly and gradually increased.
• Investing helps maintain millionaire status.

4. Spend Time in Affluent Areas

• Have coffee in affluent places to observe and learn from wealthy people.
• Benefits: Seeing how they dress, behave, and communicate can provide valuable insights.

5. Pay Off Credit Card Bills Quickly

• Credit card debt can trap you financially due to high interest rates.
• Use credit cards responsibly for benefits without falling into debt.

6. Invest in Self-Education

• Investing in knowledge and skills can greatly increase your earning potential.
• Courses, books, seminars can offer significant value if you use the knowledge gained.

7. Increase Investment Percentages Over Time

• As income grows, increase the percentage of income invested.
• Early 20s: Invest 70%, mid-20s: 60%, late 20s: 50%.
• Goal: Live off investment income eventually.

Conclusion

• These tips won't make you rich overnight but will accelerate wealth creation.
• Focus on increasing the velocity of earning and investing.
• The journey to becoming a millionaire requires practical steps and consistent effort.