17 Money Secrets to Make Your First Million

Introduction

• Lecture focused on 17 money secrets to achieve and grow wealth.
• Not typical advice like saving on small expenses or investing in traditional accounts.
• Emphasis on a mindset geared towards long-term wealth growth.

Key Money Secrets

Money is a Never-Ending Game

• Treat money as a continuous game to stay sane and motivated.
• Understand you will never fully be content, which propels continuous effort.
• Avoid seeing money as a final destination.

Learn When to Say "I Don't Have the Appetite for That Right Now"

• Only pursue opportunities you are ready and willing to commit to fully.
• Accept that it's okay to defer certain ventures until you're prepared.
• Select opportunities that align with your career stage and capacity.

It's Never Possible Until You See It

• Spend time in affluent environments; it shifts perception about what's possible.
• Observing wealthy people can change your financial mindset.

Aim to Make Money Fast, Build Wealth Slowly

• Seek opportunities to grow wealth quickly but understand true wealth takes decades.
• Build wealth patiently to ensure it is enduring.

Ignore Financial Advice from the Financially Illiterate

• Only take financial advice from those who are knowledgeable and successful with money.
• Well-meaning loved ones may not always give sound financial advice.

Money is Energy and Should not be Stagnant

• Avoid hoarding money; circulate it wisely back into the economy.
• Save and invest but don't let the money sit idle.

Build Your Peace of Mind Part

• Maintain a safety net to fall back on, providing peace of mind.
• Peace of mind comes from financial security, not just high income.

Money is an Identity

• Adopt the identity of someone worthy of wealth to influence actions and outcomes.
• Changing your surroundings can alter your mindset and expectations.

Reputation Can Never be Rebought

• Prioritize maintaining a good reputation in all dealings.
• Avoid harming your long-term reputation for short-term gains.

Ask the Hard Questions

• Before entering business relationships, ask difficult, fundamental questions.
• Understand personal backgrounds as they reflect professional behavior.

One Man's Opportunity is Another Man's Downfall

• Different opportunities suit different people based on their unique strengths and risk tolerance.

Money Flows Where Attention Goes

• Focus attention on productive activities that increase earning potential.
• Audit your environment and habits to enhance financial growth.

If It Hurts to Lose It, You Can't Afford It

• Do not purchase anything that, if lost or damaged, would significantly impact your mood or finances.

Constraints Are Your Friend

• Resource limitations foster creativity and can offer competitive advantages.

The Velocity of Money Increases Over Time

• Earning the first amounts (like the first $100k or $1M) is hardest; it gets easier with time.

Moving Money In is Easy, Moving Money Out is Difficult

• Assess the complexity of retrieving investments before committing to them.

Broaden Your Timeline

• Aim for long-term financial goals, allowing 3-5 years or more for substantial milestones.
• Supports a learning curve where earning increases and becomes easier over time.

Conclusion

• Review these 17 secrets periodically to ensure the key principles are internalized.
• Patience and continuous effort are essential for long-term financial success.