If I Wanted to Become a Millionaire In 2024, I’d Do This

June 6, 2024

If I Wanted to Become a Millionaire In 2024, I’d Do This

MrBigMoney Big Money Mindset, How To Think Like A Big Money Millionaire 48 Comments

Video Transcript

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you’ll never become a millionaire unless you understand this concept right this is where you are right now and this is where you want to be now you see this space in the middle I call this the performance Gap the difference between someone who becomes a millionaire and someone who’s just getting by lies in their obsession with closing this Gap most people’s paths look something like this up and down all over the place and they never reach their end goal a person who becomes a millionaire in their 50s will have a part path a bit more like this eventually getting to their goal now my path was a little bit different now I managed to go from point A to point P pretty quickly to be honest I think the only reason I managed to bridge this Gap was because I didn’t have any other options I wasn’t particularly talented or smart I didn’t have any qualifications to lean on and after getting bullied by my first boss I quit the usual 9 to5 grind so I made a promise to myself to become wealthy as fast as possible I did everything my power to bridge the performance Gap and I became a millionaire in my 20s if you only remember one thing from this video then let it be this the amount of money you make is always directly proportional to the amount of perceived value you give to put it simply the bigger the problems you’re able to solve the more money you’ll make and the faster you’ll Bridge the performance Gap so the first thing I want you to do is draw out a VIN diagram like this in this section I want you to write down the things you like to do do so if I was doing this I’ll put down racing cars flying planes traveling and playing golf I’m sure you have a lot of others you can add so just go crazy with it in this next one write down the things you’re good at off the top of my head I’d say having conversations building and designing models leading teams and carpentry and finally write down the things that people will pay you a lot for let’s put down Consulting building structures and designing complex mechanics the Trap that most people fall into is only considering one of these factors when they’re deciding what they want to do with their life I mean imagine choosing a job just because you love it but you’re stuck making minimum wage and before you know it you’re hating what you once loved talk about a passion killer or picture this you’re good at something so you make it your job but you’re working your fingers to the Bone and still not making enough money you’re stuck in your comfort zone not really going anywhere and then there’s this scenario where you pick a job just because it pays well which sounds good right well not if you’re miserable every single day that’s why the only solution to becoming rich and happy is to find something that’s in all sections I call this the value Zone I managed to find this early on by combining my passion for model helicopters with my skill for building models and advice people would pay for this led me to opening multiple model shops and designing my own brand of models that I sold across the globe the problem with the way way most people look at business is they want to find the side hustle or the method first and then try to fit themselves around it rather than nailing down their value Zone and then finding the correct side hustle to start for them so now you know how to find your value Zone it’s time to pick the right vehicle to drive you in a straight line to your [Music] destination let me ask you a question would you rather have a million dollar in assets or earn a million dollar per year think about that for a second of course you want both right well to do this you’re going to need two different Vehicles one for making money and the other one for investing money let’s start with making money this should be your active vehicle think of it like a motorbike you can choose between a product based business like I started a Content business like making YouTube videos and my alltime favorite a service-based business so why is a service-based business my favorite when I produce products and also make YouTube videos might seem a bit strange right one word timing and I’m not talking about time in the market but instead your career timing your initial side hustle should have the potential to rake in about 100K a year but remember the Venture that catapults you to 1 million or even 10 million a year is not going to be the same when you’re starting resources are usually pretty tight so it’s smarter to launch a service-based business business as it has minimal setup costs even better if you could do it from a laptop in your spare time so take a look at your diagram again and brainstorm a service you can offer within your value zone now for investing money this should be your passive vehicle think of it like the side car on your motorbike you know like the one in Harry Potter loads of people treat inves in like it’s just another side hustle chasing it with that same getrich quick mindset but here’s the real deal investing isn’t about overnight riches it’s a tool to grow your wealth and if you do it right you can just set it and forget it after you’ve made your free account all you have to do is Select pies these pies represent different slices of stock for instance if you have a pie with 25% Tesla 25% meta and say 50% Google and you invest $100 it will be divided amongst those stocks this means $25 $ would go into both Tesla and meta and $50 would go into Google you can choose to make these Investments at a frequency that suits you daily weekly or monthly let’s set one up together so you can follow this video step by step you have the option to use pre-made pies and there’s lots of options in here such as this one that focuses on companies that pay dividends and this one here that invest in AI companies although this looks simple please always do your own research into stocks you want to invest in rather than just trusting the P creators this pre-made option is great to give you some ideas but I encourage you to make your own so let’s go back to select build a custom pie now you can select whatever stocks you want to include in your pie so if you’re just a beginner then simply click the S&P 500 Index Fund this allows you to invest in around 500 of the largest public companies in the USA with just one click this value projection is really awesome as well as it shows you just how much you could make based on historical averages I mean say we invested £5 a day for 25 years this says that you will have only invested £45,000 and your portfolio could be worth 1.04 million and if we expand that to 40 years Co you could have a portfolio worth 17.34% even when the market dips all past dips since 1950 have been made up for by market rises in simple words the S&P 500 shows that play in the long game and sticking with your Investments can be really worth it it’s personally made me Millions with without me having to do any work that’s why I’m such a big fan since I’ve planning to talk about the trading 212 app 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 free stock worth up to £100 to anyone that uses the code tilb when they create an account plus you get more free Stocks by inviting your friends both of you will get a free share as long as they fund their account right now you’ve nailed down your value Zone got your active money generating vehicle and set up your pass Investment app it’s time to think about the next [Music] section one of the biggest lies gurus tell you is that you need seven different income streams to become successful and reach your end goal this causes people to get so caught up juggling multiple income sources and their social lives that they end up slowing down and losing their focus completely you have three main limited resources money time and energy if you want to do this with me grab a piece of paper and three different colored pens firstly make a list of everything you do in your life this should include everything now draw a graph like this and divide it into segments corresponding to the number of items on your list for my example that would be six segments but for you it could be more or less first use a color to shade in the proportion of money you spend on each segment every month then use a different color to shade in the amount of time you spend on each activity monthly lastly use yet another color to show the amount of energy each task requires you should have something that looks a bit like this here’s the key your resources will always be limited while it might be possible to increase the amount of money you have increasing your energy and especially your time just isn’t possible when I do this activity with people it’s amazing how much they spread their resources to all different areas of their life now I do get work life balance but when you’re trying to build your wealth at a quick Pace you really can’t spread yourself too thinly when I was building my first business I put my head down and I worked like crazy when I snapped out of it I’d lost a last chunk of my social life I was out of shape and I hadn’t spent very much time with my family now was that healthy probably not but did it make me successful very I devoted all of my resources towards a single business for an extended period once I achieved my dream of becoming a milliona in air I began to restore balance to my life however in the early days when I lack money and a team any distraction could have derailed my efforts focus is underrated nowadays I see so many motivated youngsters jumping from side hustle to side hustle falling for something that’s known as shiny object syndrome if I constantly switch business model every time something got a little bit difficult then I’d have kept going back to square one and never made any real progression so have a look at your your graph of Truth and ask yourself could you give up any of the things that you’re spending time on and allocate your resources elsewhere looking at this example I’ll get rid of Tik Tok Xbox and dating straight away now look how much more time money and energy I can allocate to side hustles this will dramatically reduce the time it takes for you to achieve your [Music] dreams there’s a great quote by Jim Ron that goes like this if you really want to do something you’ll find a way if you don’t you find an excuse so if you want to close the performance Gap then you need to understand the difference between obstacles and excuses this is you and these are your dreams between you and your dreams are obstacles and these are what you need to overcome to make your dreams into reality looking back on my younger years boy did I have it rough I was dyslexic and my teachers would often label me as lazy and stupid I left with no qualifications to fall back on and when I finally entered the workforce I was bullied by my manager these were the huge obstructions between me and my dreams but I never allowed them to be my excuses you may also be facing huge obstacles in your life but you must make it your mission to overcome them in order to achieve your dreams because if you don’t then those obstacles become the excuses that block the path to your dreams and then you’re just left staring at your biggest excuse exuses with your dreams just out of sight excuses not obstacles are the single biggest reason for people never closing the performance Gap whenever someone says to me I can’t do something I say this I know you can’t right now but if you could what would you do if you’re ever facing an obstacle that seems impossible to overcome try and ask yourself the same question come up with lots of different solutions and write them all down the next step is to try those Solutions you might find that many of them don’t work but persist and you will eventually [Music] succeed if you’ve been watching my channel for a while then you’ve probably heard me say that you’re net worth goes crazy after 100K and the biggest reason for this is The Compound Effect it’s rumored that Albert Einstein even said compound interest is the eighth wonder of the world he who understands it earns it he who doesn’t pays it I’ve shown in the past how true this is for investing money but this is even more important when it comes to your knowledge bank account most people fail to bridge the last section of the performance Gap because when they leave school they stop St learning let me show you why this is a huge mistake these initial blocks symbolize the basic concepts and principles you learned at school for me that was the basics of English and maths continuing to place yourself in challenging situations enables you to keep learning and growing after school I began working as a carpenter’s apprentice and also had multiple side hustles this experience taught me practical skills on how to persuade others to pay for my services as you expand your know know you’ll start to notice patterns that were previously invisible each new piece of information builds upon the last if you never stop learning you accumulate a wealth of knowledge by the time you reach my age this is why wisdom can only be acquired through time and experience now every decision I make is supported by Decades of learning if you never had the foundations then you can’t start the compounding knowledge magic then you’ll end up with huge gaps in your knowledge which will eventually lead you to to crashing and burning closing this performance Gap is going to be painful but remember this if you aren’t willing to make sacrifices for your dream then your dream becomes the sacrifice if you want to understand the compounding effect even more then you should watch this video next where I explain how net worth goes crazy after 100K 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

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