Seven Personal Money Tips from a Millionaire

Introduction

• Watching Tony Robbins seminars or motivational videos can be useful, but practical tips are better.
• The speaker shares seven personal money tips after 7 years of successful business experience.

Tip 1: Stop Drinking

• Alcohol is expensive and wastes money.
• Avoiding alcohol helps save substantial amounts and maintain mental clarity.
• Drinking less can lead to significant savings over time.
• A story about a "my cup runneth over" tattoo and how not drinking helped the speaker.

Tip 2: Learn a High-Income Skill

• Focus on increasing earning potential rather than saving pennies.
• High-income skills (sales, copywriting, content creation, analytics) are crucial.
• Joining the right organization can also lead to substantial financial rewards.

Tip 3: Regular Investing

• Set aside a specific amount each week for investments.
• Personal anecdote: Started with $5 a week at age 16.
• Investing helps maintain wealth and achieve millionaire status quicker.
• Consistency in investing creates lasting wealth.

Tip 4: Spend Time in Affluent Places

• Have a coffee in expensive hotels or cafes to observe and learn from wealthy people.
• Observe their behavior, fashion, and how they interact with staff.
• Being in prosperous environments can change your mindset and habits.

Tip 5: Pay Off Credit Card Debt

• Credit card debt enslaves; pay it off as soon as possible.
• Financially irresponsible people subsidize those who use credit cards wisely.
• Use credit cards responsibly to reap benefits without accumulating debt.

Tip 6: Invest in Self-Education

• Spend on books, seminars, online courses, etc., to learn new skills.
• Belief in oneself and capacity to earn are crucial in making these investments worthwhile.

Tip 7: Increase Investment Percentages

• As income grows, increase the percentage of it that you invest.
• Early 20s: 70%, mid-20s: 60%, late 20s: 50% of income into investments.
• The aim is to live off investment dividends eventually.

Conclusion

• Implement all seven tips to grow personally and financially.
• Understand that the journey to becoming a millionaire is a process.
• Focus on both increasing income velocity and investment velocity.