This is a quick post talking about how someone I know and respect became a millionaire. There were 3 very clear elements to his success and today I wanted to talk about the basics of how to do this and WHY people need to do this. Not only for themselves and to have financial freedom and all that. But more than that, this offers us a way to improve our families forever. Leave a lasting memory.
1.) Job / Work
The first stage in “how to become a millionaire was to get a job. This seems really counter intuitive for most people and when I say this they always look really confused.
The reason I say get a job is because this gives you security. This gives you what you need to live (and barely at that.)
For example if you try to dive straight into stage 2 without having any savings or income you will not only fail but you also be very limited by your personally situations, meaning you won’t be able to grow very quickly. In the long term having a job at first actually drastically increases your chances of becoming very successful and rich later on.
Stage 2 is without a doubt business. I asked my friend what he felt was most important to his success. Below is a long quote sounds like something I would have said anyway.
Honestly I think my success is not down to luck or hard work. That’s a strange statement but it’s down to educating myself. Education helped me learn about how to make 30%+ a year in investing and how to build a well run, systematised business. When I started Ecoflor I didn’t have that much knowledge of business, If I had stopped learning or stopped reading and building my mind I would 100% not be where I am today! I have no doubts about that.
From the business point of view, I can say that testing things and just taking action was my biggest issue. As soon as I just started I became a lot better. Most people think you need the perfect business plan or a great USP and obviously those things are important in a way, but if you spent 6 months planning whilst someone else spent 6 months implementing their business, the person implementing will be 1000 times more valuable.
It’s not all that difficult to become a millionaire from the 2 steps above. There are businesses that have sold for 100 million that people didn’t even know about. And the number of businesses that make their owners over $1,000,000 a year is huge. More than you probably think too. Even from a job point of view. There are executives that earn over $500,000 a year with bonuses, in 2 years congratulations you are a millionaire. The issue I think is lifestyle. In business there is always the risk that your business might go under, in your job you could lose your job AND you are paying the tax man 40%+ of your earnings over a certain amount (that’s bad)
There is a better way. Invest.
Invest in whatever you want but remember 1 specific key: BE SPECIFIC. Don’t be a generalist in business. I personally had a meeting with an IFA about 3 years ago. He told me “maybe” and “if the market goes” way too many times. Numbers like 10-15% were thrown around liberally and eventually I thanked him for his time and walked out. These are the people that are “successful” not the ones that have the lifestyle that you want. Become the best in a very specific element of investing and you will be successful. Learn. Grow. INVEST IN YOURSELF.
Thanks for reading.