How easy is it to become a millionaire?
The stats show that millennials stand to become the richest generation in history, after $90 trillion wealth transfer.
But what happens if you are not inheriting money - well the next set of millionaires are self-made. This is usually through starting a business with the funds either raised or using their 9-5 job to pay the bills.
I spoke to a handful of self-made millionaires who used the money from their 9-5 job to fund their businesses and here were their POVs…
Own capital
Owning capital comes in many forms. It could be owning a stack in a business, buying businesses (Codie Sanchez is a stan of this), owning property, stocks + more…
In essence, you want to own something that can generate money without you having to trade your own time in exchange for money. You also want to own something that you can scale.
Abundance mindset
You need to check your psychology.
$37 trillion is how much money we think the world has in its different forms. $37 trillion is a significant amount of money so surely money is not the root of our problems.
If you do not have money, there is someone who has access to the money that you are looking for – you just need to find them. Steve Bartlett always says you need to know the who not the how.
With a mindset of abundance you genuinely believe that there is an abundance of resources so there is no need for scarcity thinking or competition because there is more than enough for everyone
Compounding
Compounding is your best friend when your goal is financial freedom. The compound effect refers to the principle that small actions, taken consistently over time, can lead to significant results or outcomes.
When you have a sum of money invested, you will earn interest. If you invest the interest you made then the interest earns interest and your money pot grows bigger and bigger.
The bigger your pot gets, the more fun it because you are playing around with money to make even more money.
To get the rest… watch the rest of my YouTube video if you have not done already 😉
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Money does not make you happy, it’s the autonomy that it gives you that makes you happy
Being poor is when you over consume on depreciables without producing nothing
You don’t need money to make money - you actually need an idea, energy & service to make money
Have a lovely week ahead.
Signed,
Dr Uyiosa xo