so this guy his name is Jake and Jake really wants to be rich but he comes from a pretty poor background was raised by a single mother and lacks any positive male role models despite this he's still ambitious and always looking for advice on how to make it big recently Jake started working at one of my favorite cafes and while I was sitting in my usual corner I saw him approach an older guy dressed in a suit let's call him Mr Grumpy because I've seen him around but he never has a smile on his face so when Jak asked him for some advice I knew it wasn't going to go well Mr Grumpy just bluntly told him that the younger generation was lazy and didn't know the first thing about hard work Jake tried to tell him that he's working hard to pay for college and has big plans for the future but things aren't the same nowadays but it was no use old grumpy didn't even let him finish and snapped back he said that younger people are just full of excuses and want everything handed to them on a silver platter coming from a humble background and having made my first million in my 20s I saw lots of similarities between myself and Jake so I couldn't just sit idly by I got up and approached them I looked Mr Grumpy directly in the eyes and said something along these lines times have indeed changed and so are the challenges young people face today yes our generation worked hard but that doesn't mean young people aren't working just as hard today Jake is juggling school and a job and planning for his future the world is honestly more complex now the path to success isn't a straightforward as it used to be we need to support and encourage the younger generation not belittle them they're the backbone and Future Leaders of this world we should be guiding them with our experience not dismantling their efforts I wish I could tell you I Chang his views on youngsters but honestly I reckon my words pretty much entered one ear and went right out the other some older people are just so stuck in their ways but we're not all like that later when Jake was grabbing a bite on his lunch break I sat with him for a good hour sharing some real world advice to help him get ahead this whole experience with Jake really got me thinking there must be thousands actually probably millions of young motivated people like Jake out there so I thought today I'd break down the advice I gave Jake into five principles that anyone can follow to become wealthy [Music] for the first 10 years of your life you're just a kid having mindless fun and the next 10 years you're stuck in a classroom being taught mostly useless information like Pythagoras's Theorem and Shakespeare it's only when you hit your 20s that you step into the big bad world and start figuring out how to earn money so when you see 20-year-olds driving around in Lambos on social media it can make you feel pretty bad but don't blame blame yourself for not having it all figured out yet the school system didn't prepare you for the real world really and truly you're just getting started if this sounds like you then don't just focus on earning Millions at this stage you need to obsess over sharpening your act so it looks a bit more like this lots of people ski this part of the process and just try to start a business as they've heard it's the way to become rich however they're doing the equivalent of trying to cut down a tree with a blunt axe it's simply just not going to work so how do you sharpen your ax so that when you go for the big money you can easily cut down the tree with a few strong swings well it all comes down to mastering High income skills these are the skills that can make you at least $10,000 per month some great examples nowadays are video editing copyrighting High ticket closing and software development the amount you can make with skills like these will change depending on supply and demand but mastering one or two of these skills can put you in a really great POS position early on in life my son Curtis honed his videography and editing skills while still in school upon graduating he quickly acquired clients and was earning $10,000 a month within a year however the money wasn't as important as the opportunities his skills provided they allowed him to interact with extremely successful people and gain access to valuable information that others paid thousands for this is the true power of a high income skill it opens doors so think about what doors you want to open and pick one or two high income skills that'll help you get there don't rush this step sharpening your ax takes time and dedication this is a marathon it's not a Sprint you don't have to make a ton of money really fast and just show it off you should aim to last and not become a one hit wonder so extend your timeline stop thinking you need to become a millionaire in one or two years if you learn the right skills then the millions will follow just trust the process once you have a sharp ax it's also quite nice to know that even if somebody took away all your money you'll still be able to make far more money than the average person most self-made millionaires say they can make it all back faster a second time around as they already have the knowledge and the skills to do [Music] it your money is like this stack of cookies the more you handle them the more they'll just crumble away the key is to stop messing with your money thinking I'm going to put it here trade this buy that as a harsh reality is you're probably making the wrong decisions how do you think Warren Buffett made 99% of his 137 billion net worth after his 50th birthday is because he understood that real money is made through compound interest however this can't happen if it's too easy to access your money as it's just too tempting M that's why you need to lock it away somewhere where it can grow in peace but you can't just lock your money away in a bank account and expect it to grow you need to invest it in assets there are lots of different asset classes you can choose from like real estate high-end watches and gold however my favorite has to be the stock market I've personally made Millions doing this but here's the thing youngsters these days dream about popping bottles and zipping around in flashy sports cars saving money not so much but take it from from me making a million dollar once is nothing special you're only a legend if you can do it again and again so after you pocketed your first million the real game begins can you keep it and more importantly grow it into a fortune the best thing you can do is get that money away from you and into Investments as soon as possible that's what I did when I was younger and I made a rule never to sell my long-term stocks I'm now at the point where these Investments make me around 177,000 a week in passive income which means I can more than live off what my investments generate and I never have to touch the money I work for once I invested my money I never saw it as mine and you know what it lit a fire inside me that you wouldn't believe I was always hustling for more because I constantly felt like I was broke it's like a boxer who's training in some beaten down old gym often that's the guy who ends up beating the boxer who's got access to the most luxurious training facilities so if you want to start invested then firstly decide how much of your income you're going to invest every month don't make it an exact amount but instead a percentage as an example if you invested $250 a month in a lowcost index fund and got an average annual return of 10% then in 40 years you'd have over $1.5 million of course Investments can go up and down however the S&P 500 Index Fund has actually given a 10.98% aage average annual return over the last decade it doesn't really matter what you choose to invest just make sure it's an amount you can stay consistent with here's a fun experiment my son's been doing he set his trading 212 app to Auto invest £5 every single day the price of a Starbucks coffee and guess what after about 10 months he's already made £164 which is about $200 with an impressive 11.14% return the app also gave him a 12mon value projection when he started and he's bang on target to hit it in a couple of months since I was planning to talk about trading 212 anyway I reached out to them to see if they'd be interested in sponsoring this portion of the video they agreed and are offering a fractional free share worth up to100 to anyone that uses the code Tilbury when they create an account plus you can get more free Stocks by inviting your friends both of you will get a free share as long as they fund their account also don't worry if you've already opened an account within the last 10 days you can still use the promo code tilb in the app and receive your free [Music] share this is the biggest thing stopping you becoming rich you might think you fear failure however in reality you're probably more concerned about how others will judge you if you fail you see I I've spoken to so many young people like Jake who have big dreams but are too scared to take a risk and step out of the norm as they're so paralyzed by fear however taking calculated risks is the only way to get ahead of everyone else think about it for a second if you're just doing the same thing as the majority of people then you're going to get the same results right these risks might not always pay off but luckily when you're younger you have one huge Advantage time this is the most valuable thing you have if you have this much time your fear level should be at their least look I know the real world isn't this logical I remember feeling scared when I considered quitting my job as a carpenter due to the constant bullying from my manager after much thought I decided to take the risk quitting turned out to be the best decision I ever made if I'd allowed my fear to overcome me then I wouldn't be sitting here today this applies to investing as well when you're younger you don't really want to be invested in bonds and gold these Investments are more of for older folks like me that want to protect our wealth and not experience big Market crashes I don't have years to wait if my portfolio loses a lot of value however you probably do which means you can afford to take more risks as your leveraging your time sometimes you just have to go for it not taking opportunities can lead to regret and you may find yourself wondering how your life could have been different as you get older the ability to take risks will get smaller and smaller so be adventurous don't worry too much about what might or might not happen don't find yourself saying I wish I'd done that or I once had a great idea for a business as long as you have time on your side then failure really isn't a bad thing you should just see it as testing most successful people you look up to have failed hundreds of times before achieving success you can't have one without the other success is just the reward you get for enduring and learning from failure so if your scales look like this then stop worrying and overthinking things be brave and seize the opportunities that come your [Music] way this is known as a done in Krueger effect curve and it shows how our level of knowledge affects our confidence most people never get off Mount stupid this isn't because they're lazy or unintelligent it's because of their arrogance they believe getting rich is down to luck when actually it's a learnable skill it's a NeverEnding process of learning and applying even at my ancient age I still do my best to learn about what's currently going on I use YouTube Tik Tok and I keep up to date with financial news this allows me to spot opportunities before other people of my generation so remain a student for as long as you can not in the traditional way just make sure to learn from those that are ahead of you this is a long process and you have to earn your stripes you can't just jump to the Finish line so learn and respect the process even now whenever I meet someone new I challenge myself to learn something from them that I didn't know before this helps me stay humble because when you get to my age you still don't know everything if you get into the habit of constantly learning then I guarantee you'll make far more money I mean if I didn't know about crypto back in 2019 then I wouldn't have invested a small portion of my portfolio and made crazy amounts of money but we're taught the opposite in the Western World with we're told to go to school till we're about 18 then choose a college or university go there for 3 years and then our learning's done so that means most people stop learning when they're in their 20s this approach to learning is completely broken the world is progressing faster than ever and if you want to keep up then you need to keep giving your brain software updates just like computers if you don't keep updating your brain and keeping it clear of viruses which in this case is outdated knowledge it will eventually break down the phrase if you don't use it you'll lose it has never been more true if I didn't start thinking this way when I was younger then right now I probably be sat on the porch dribbling into my dinner not knowing what's going [Music] on if you want to become the first millionaire in your family then you need to break the poverty cycle this 2024 study by the National Bureau of economic research says you can improve your chances of becoming rich by befriending a specific type of person any guesses who that might be of course it's wealthy people but maybe not for the reasons you're expecting they found that every 10% increase in wealthy friends was associated with nearly 3% greater chance of stock market participation for that person and a 5% increase in the chance they save money this makes sense as when I post videos explaining how to invest in the stock market I'm always shocked at how many comments I get saying if it's that simple why isn't everyone investing in the stock market the truth is everyone should be doing it however they're being held back by their circle of influence people are nervous about investing and starting side hustles but once they start making friends that can help guide them and explain things they don't understand in plain English it dramatically improves their chances of becoming rich look I'm not saying you should ditch all your old friends and I'm also not saying that you should become friends with someone just because they're rich maybe just consider joining clubs where rich people often spend time and you'll naturally become friends with these kinds of people without having to force anything if you've made it to this part of the video I'm sure you'll be successful in life as you're young ambitious and clearly want to make it big I love young people like you you're the backbone of the world be that in America the UK Africa or China I don't care what country you live in without your brains ideas and drive the world would just fall apart I'm going to die along with the other older people and then it's over to you you are the Future Leaders of this world so don't be afraid to go after what you want and remember there are still some older people like myself that understand and care about the younger generation and you have my word I will always defend you if some old fart is talking down to you guys if you to learn how to invest for beginners then you should watch this next video but don't click on it just yet make sure to subscribe if you want to grow your wealth okay I'll see you over there