7 Personal Money Tips to Become a Millionaire

Jul 8, 2024

7 Personal Money Tips to Become a Millionaire

Introduction

  • Motivational videos/seminars alone don't make millionaires.
  • Practical 7 money tips after 7 years of business experience and making tens of millions.
  • Avoids common scarcity-based advice.

Tip 1: Stop Drinking

  • Quit drinking to save money and improve mental clarity.
  • Expensive habit: e.g., $100+ on a night out means you need to earn significantly more due to taxes.
  • Example of a tattoo and how it helped refuse drinks.
  • Not necessary to quit forever but vital when starting out.

Tip 2: Learn a High-Income Skill

  • Easier to increase earning potential rather than save tiny amounts.
  • Not limited to entrepreneurship; high-income skills are valuable in jobs too.
  • Examples of high-income skills: sales, copywriting, content creation, advanced analytics.
  • Learn more on recommended business models via a linked video.

Tip 3: Regular Investment Saving

  • Consistent saving for investments is crucial.
  • Starting small is okay; the habit matters (e.g., started with $5 per week at age 16).
  • Personal example of saving $100,000 a week now.
  • Compare to training for a marathon—build capacity gradually.

Tip 4: Coffee in Affluent Places

  • Go to expensive places to observe and learn from wealthy people.
  • Increases inspiration, understanding of mannerisms, and dress codes of the wealthy.
  • Encourages learning polite communication and conviction in interactions.

Tip 5: Pay Off Credit Card Debt Quickly

  • Credit card debt is a financial trap due to high interest.
  • Pay off debt ASAP before other investments or expenses.
  • Learn to use credit cards responsibly for rewards.

Tip 6: Invest in Self-Education

  • Books, seminars, online programs are worthwhile investments.
  • Self-education increases earning potential in the long run.
  • Consider the investment as a reflection of belief in oneself.

Tip 7: Increase Investment Percentage Over Time

  • Start small when income is low; increase investment as income grows.
  • Aim to live off investment dividends in the long run.
  • Strive for financial independence to cover living expenses via investments.

Conclusion

  • Implement these tips as a process towards becoming a millionaire.
  • Understand there are no shortcuts but methods to accelerate wealth-building.
  • Commit to improving velocity of income generation and investment.
  • Encouragement to take the first step and consistency in the journey.