HOW TO BECOME A MILLIONAIRE WHILE YOU’RE STILL YOUNG
“Become a millionaire not for the million dollars, but for what it will make of you to achieve it.” – Jim Rohn
A couple of years ago, I and some of my friends had the rare privilege of meeting some fine young business people to discuss business, economy and the challenges therein.
It was a conference solely for the young people.
The purpose was to enlighten the young people on the opportunities that are present in the business world and how they can benefit from such opportunities while THEY WERE STILL YOUNG.
In short, how they can be rich before age 40.
Many young successful entrepreneurs were present and their presentations were superb.
That was the first time I heard someone use this BILL GATES’ fabulous quote:
“IF YOU’RE BORN POOR, IT’S NOT YOUR MISTAKE. BUT IF YOU DIE POOR IT’S YOUR MISTAKE.”
Huge mistake…
We were deliberately targeting the youth because the juice that produces strength, creativity, tenacity and passion are at their peak in youth.
And if you cannot make your money when you’re still young, then it will be twice as difficult to make it in old age.
NOW, getting rich and becoming a millionaire is a taboo topic. Saying it can be done before the age of 40 seems like a fantasy, especially in a country like Nigeria.
It shouldn’t be a taboo… and it’s possible.
Here are the 10 steps that will guarantee you will become a millionaire while you’re still young, as shared by an entrepreneur:
1. FOLLOW THE MONEY
In today’s economic environment, you cannot save your way to millionaire status.
The first step is to focus on increasing your income, and in increasing and repeating that.
My income was N3,000 a month and nine years latter it was N20,000 a month.
Start following the money and it will force you to control revenue and see opportunities.
2. DON’T SHOW OFF, SHOW UP
I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flow of income. I was still driving a Toyota Camry when I had become a millionaire.
Be known for your work ethics, not the trinkets that you buy.
3. SAVE TO INVEST, DON’T SAVE TO SAVE
The only reason to save money is to invest it. Put your saved money into secured sacred (untouchable) accounts.
Never use these account for anything, not even an emergency. This will force you to continue to follow step 1 (ie increase income).
To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.
4. AVOID DEBTS THAT DOESN’T PAY YOU
Make it a rule that you never use debts that won’t make you money. I borrowed money for a car only because I knew it could increase my income.
Rich people use debts to leverage investments and increase cash flow. Poor people use debts to buy things that make rich people richer.
5. TREAT MONEY LIKE A JEALOUS LOVER
Millions wish for financial freedom, but only those that make it a priority have millions. To get rich and stay rich you will have to make it a priority.
Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.
6. MONEY DOESN’T SLEEP
Money doesn’t know about clocks, schedules or holidays, and you shouldn’t either. Money likes people that have a great work ethics.
Most times you could work till 11.00pm making an extra sale. Never try to be the smartest or luckiest person - just make sure you outwork everyone.
7. POOR MAKES NO SENSE
I have been poor, and it sucks. I have had just enough and that sucks almost as bad. Eliminate any and all idea that being poor is somehow OK.
Bill Gates has said: “If you’re born poor, it’s not your mistake. But if you die poor, it’s your mistake.”
8. GET A MILLIONAIRE MENTOR
Most of us were brought up middle class or poor, and then hold ourselves to the limits and ideas of that group. I have been studying millionaires to duplicate what they did.
Get your own personal millionaire mentor and study them. Most rich people are extremely generous with their knowledge and resources.
9. GET YOUR MONEY TO DO THE HEAVY LIFTING
Investing is the Holy Grail in becoming a millionaire and you should make more money off your investments than your work. If you don’t have surplus money, you won’t make investments. Investing is the only reason to do the other steps, and your money must work for you and do your heavy lifting.
10. SHOOT FOR N10MILLION, NOT N1 MILLION
The single biggest financial mistake I’ve made was not thinking big enough.
I encourage you to go for more than a million. There is no shortage of money on this planet, only a shortage of people thinking big enough.
“Become a millionaire not for the million dollars, but for what it will make of you to achieve it.” – Jim Rohn
A couple of years ago, I and some of my friends had the rare privilege of meeting some fine young business people to discuss business, economy and the challenges therein.
It was a conference solely for the young people.
The purpose was to enlighten the young people on the opportunities that are present in the business world and how they can benefit from such opportunities while THEY WERE STILL YOUNG.
In short, how they can be rich before age 40.
Many young successful entrepreneurs were present and their presentations were superb.
That was the first time I heard someone use this BILL GATES’ fabulous quote:
“IF YOU’RE BORN POOR, IT’S NOT YOUR MISTAKE. BUT IF YOU DIE POOR IT’S YOUR MISTAKE.”
Huge mistake…
We were deliberately targeting the youth because the juice that produces strength, creativity, tenacity and passion are at their peak in youth.
And if you cannot make your money when you’re still young, then it will be twice as difficult to make it in old age.
NOW, getting rich and becoming a millionaire is a taboo topic. Saying it can be done before the age of 40 seems like a fantasy, especially in a country like Nigeria.
It shouldn’t be a taboo… and it’s possible.
Here are the 10 steps that will guarantee you will become a millionaire while you’re still young, as shared by an entrepreneur:
1. FOLLOW THE MONEY
In today’s economic environment, you cannot save your way to millionaire status.
The first step is to focus on increasing your income, and in increasing and repeating that.
My income was N3,000 a month and nine years latter it was N20,000 a month.
Start following the money and it will force you to control revenue and see opportunities.
2. DON’T SHOW OFF, SHOW UP
I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flow of income. I was still driving a Toyota Camry when I had become a millionaire.
Be known for your work ethics, not the trinkets that you buy.
3. SAVE TO INVEST, DON’T SAVE TO SAVE
The only reason to save money is to invest it. Put your saved money into secured sacred (untouchable) accounts.
Never use these account for anything, not even an emergency. This will force you to continue to follow step 1 (ie increase income).
To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.
4. AVOID DEBTS THAT DOESN’T PAY YOU
Make it a rule that you never use debts that won’t make you money. I borrowed money for a car only because I knew it could increase my income.
Rich people use debts to leverage investments and increase cash flow. Poor people use debts to buy things that make rich people richer.
5. TREAT MONEY LIKE A JEALOUS LOVER
Millions wish for financial freedom, but only those that make it a priority have millions. To get rich and stay rich you will have to make it a priority.
Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.
6. MONEY DOESN’T SLEEP
Money doesn’t know about clocks, schedules or holidays, and you shouldn’t either. Money likes people that have a great work ethics.
Most times you could work till 11.00pm making an extra sale. Never try to be the smartest or luckiest person - just make sure you outwork everyone.
7. POOR MAKES NO SENSE
I have been poor, and it sucks. I have had just enough and that sucks almost as bad. Eliminate any and all idea that being poor is somehow OK.
Bill Gates has said: “If you’re born poor, it’s not your mistake. But if you die poor, it’s your mistake.”
8. GET A MILLIONAIRE MENTOR
Most of us were brought up middle class or poor, and then hold ourselves to the limits and ideas of that group. I have been studying millionaires to duplicate what they did.
Get your own personal millionaire mentor and study them. Most rich people are extremely generous with their knowledge and resources.
9. GET YOUR MONEY TO DO THE HEAVY LIFTING
Investing is the Holy Grail in becoming a millionaire and you should make more money off your investments than your work. If you don’t have surplus money, you won’t make investments. Investing is the only reason to do the other steps, and your money must work for you and do your heavy lifting.
10. SHOOT FOR N10MILLION, NOT N1 MILLION
The single biggest financial mistake I’ve made was not thinking big enough.
I encourage you to go for more than a million. There is no shortage of money on this planet, only a shortage of people thinking big enough.
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