All right, so obviously, there’s a lot that goes into financial success, like luck and privilege and unfair advantages. But because one of our goals on this site is to help you get to financial freedom. because it makes for a nice clickbait title, in this title, I’m gonna go over eight habits that have helped me become a millionaire.
Habit number one is more of a mindset shift really (about money). And that is that most people don’t become millionaires or achieve large amounts of financial success through their day job. Usually, if you wanna acquire wealth in a short amount of time, you have to, A, have multiple streams of income and, B, and have streams of income that do not rely on you trading your time for money. I first came across this idea in Tim Ferriss’s fantastic book, “The 4-Hour Workweek,” which is really all about how to build these multiple streams of income in a way that doesn’t take over your life. And since about the age of 17, when I started looking at the world in this way and thinking that, “Okay, I need to not be reliant “on my day job to make money.” I need to make money through multiple streams of income.” That habit that mindset change allowed me to see lots of different opportunities in the world that I might not have seen otherwise.
Habit number two I call strategic laziness: This firstly relies on us recognizing the value of our own time. Time is our most valuable non-renewable resource. It’s the only thing we can’t make more of. We can always make more money but we can never make more time. And that’s why, again, since I discovered this book and came across this idea, I’ve been Trina do whatever I can to optimize my time as much as possible. And I call this strategic laziness, right? Because a lot of the time there are things that we can do to automate processes that we do fairly regularly, things that we can do to speed up or be more productive in our tasks. So people see me as someone who’s completely obsessed with productivity. That’s possibly true to some extent. But the reason that I love productivity so much is because it ultimately helps me save time. And so if there is an app or an automation or a macro that I can set up on my computer that makes doing a repeated task more efficient. then I’ll put in the investment of time to set that up because I know it’s gonna save me time further down the line. The other way in which I use strategic laziness is to really ask, what is the point of this thing that I’m trying to do? As I was going through university, as I was going through school, as I’ve been setting up my businesses. I always have in my mind, “What is the outcome that I want?” And for example, in my first year of medical school, I wasn’t thinking like this. I was thinking, “Hey, I need to learn all of medicine “because that’s what makes me a better doctor.” And I realized that that’s actually, A, not what the exam’s about and, B, being a good doctor is not about just learning the entire textbook. And so the way I was approaching med school was in a very kind of heavy-lift kind of fashion. I thought it had to be really, really hard to learn the textbook. But then for my second year onwards for the next five years, I really asked myself, “Okay, “how do I be strategically lazy about this? ”How do I make sure the stuff that I’m doing “is the most efficient way of getting to my goal “of, A, being a good doctor, hopefully, “and, B, doing well in the exams?” And I think you can apply this habit and this general principle to everything across business. Often when someone starts up a business for the first time, and I was guilty of this myself, we spent absolutely ages making a website and making a business card and making sure the logo is legit, and spending hundreds of hours on this pointless the stuff. Whereas, if we’re being strategically lazy, we recognize the end goal is to get customers and to sell them something. And so, fancy website, logo, business card, it really doesn’t help with that particular end goal.
Habit number three is to develop an entrepreneurial diagnostic mindset: Now, this is the sort of thing that if you’re interested in starting up businesses, which you probably want to be because that’s the easiest and quickest way to get wealthy very quickly in this day and age. Again, it’s not gonna be through your job. But if you’re interested in the idea of setting up businesses you need to have a decent idea for what business to set up. And the thing that dictates whether something is a good business idea is number one, identifying a problem that people have, and number two, figuring out a way to solve the problem. And three, ideally people will wanna pay you money for the solution. And so the habit here is that as you’re going out into the world and going about your day-to-day life, you wanna be recognizing whenever you notice that something really sucks or that there is a specific problem. Like for example, if at one point you thought, “Oh, it really sucks that to order a takeaway “I have to phone up a restaurant. “I wish there were a better way to do it.” That might give you the idea for something like DoorDash or Deliveroo or Just Eat in the UK. If you had the idea that, “Oh, ordering a taxi really sucks. “Why do I have to phone up this company “and be on hold for five minutes?” that might have given you the idea to start something like Uber or Lyft. And the more you approach life with this entrepreneurial mindset, you start seeing these ideas in absolutely everything. And I get so many emails from people being like, “Hey, I wanna make money, “but I don’t have a good business idea.” And the reason you don’t have a good business idea is ’cause you’re not looking at the world from this lens of what are the problems? What really sucks out there in the world? And therefore, what are the problems that I can create solutions for?
Number four is the growth mindset: Which you might’ve come across. And the way I like to think of this is that everything is figureoutable. Often the non-entrepreneurial-minded people will think about doing something like, I don’t know, starting a YouTube channel and think, “Oh, I don’t know how to do that. “That feels quite hard,” and it will stop them there. Whereas the more entrepreneurial people will have an idea for, “I wanna make this business “or this app or this YouTube channel,” and instead of thinking, “I don’t know how to do it, “Therefore I can’t,” there’ll be thinking, “I don’t know how to do it, but that’s fine “’cause I’ve got the internet and I can figure it out.” Everything in the world is figureoutable. Stuff feels like much more of a black box than it actually is. If you’ve ever thought about doing something but you’ve been stopped by this idea of, “I don’t know how to do it,” then the everything is figureoutable approach is a great habit to adopt, which is that your default is to Google something and figure it out because literally everything on Earth is available on the internet and you can teach yourself any skill that you want.
Number five, Ask the right people: Which is that although everything is a skill and everything can be learned and you can Google absolutely anything you want, there is a point at which you can accelerate the process of learning or doing anything by asking the right people. And there’s a great book by Ben Hardy and Dan Sullivan called “Who Not How,” which kind of embodies this approach when it comes to business. Like when you have a problem you wanna think, “Who can help me solve this problem?” rather than necessarily, “How can I solve this problem by myself?” If you’re young and you’re just getting started out in business and you don’t know many people, then you kind of do have to do things by yourself. And that makes a lot of sense. Like you can figure out how to video edit or podcast edit or make a website or learn to code or any of these things for free using the internet. But when you get to the point where you have a certain amount of success or if you know people who are entered into this business thing as well, you can really start adopting the who not how habit which will really help you accelerate your results ’cause now you’re taking advantage of your network. For example, with me, a few months ago, I started out an initiative called the Part-Time YouTuber Academy, which is a live online course that I’ve been teaching for two live cohorts now. And I was reading the book “Who Not How,” at that time, and I really thought, “Okay, “I could try and figure this out by myself, “but instead I’m gonna reach out “to friends that I’ve made on Twitter, “or people are part of my network, “and ask them how they’ve done the same thing.” And this massively accelerated our learning curve for the Part-Time YouTuber Academy. Our first launch was like $300,000. A second launch was like $500,000. It made a stupidly insane amount of money and got really, really good reviews. And I think a big part of that was that we got the right people involved, rather than me and my team trying to think, “Hey, let’s do everything ourselves.”
Habit number six, learn to make friends: Which is to make friends with people in real life and more importantly, well, not more importantly, but additionally, on the internet. And the single best way I find for doing this is Twitter. Twitter is an incredible, incredible, incredible invention that you can use to make friends with people all around the world. And the nice thing about Twitter is that it’s different to Instagram. Instagram is very sort of visual and based on posting pretty pictures, but Twitter is very much based on sharing good ideas. And if you are sharing interesting ideas and you’re connecting with other people who are sharing those similar ideas, that automatically leads you to kind of becoming internet friends, and then they follow you, you follow them, you chat a little bit in the DMs. And over the last year, I’ve met up with so many people who I initially met on Twitter. And I’ve got friends all around the world who I’ve never ever met in real life, but we’ve talked on Twitter. We know we liked the same stuff. We share the same ideas. And, A, this just makes life much more fun. But if we’re talking about habits to get to become a millionaire, I can point to lots of these different connections that have really accelerated the growth of my business. For example, I and my mate Thomas Frank became friends on Twitter like two weeks ago. Thomas Frank then introduced me to Standard which is the YouTuber agency that I’m now part of and that completely changed the game for my business. Secondly, there’s two chaps, Tiago Forte and David Perell who run their own online courses. We became friends on Twitter after I took their courses and started engaging with them on Twitter. And then I DMed those when I wanted help for my own Part-Time YouTuber Academy and they really helped with that. And again, that really accelerated the growth of the business to becoming a $2 million business. And when it comes to this making friend’s thing, it’s one of those things that’s very hard to like, if you make friends with someone, then it will lead to this. It’s more like you have this general habit, this general attitude towards making friends with whoever shares the same ideas as you and just generally trying to be a nice and helpful person, and you know that, eventually, that’ll lead to really interesting things happening in your life further down the line. On a somewhat related note.
Habit number seven is reading a lot: And just like we can get wisdom from our real life and our internet friends via Twitter, we can get a lot more wisdom from people who have written books about stuff. You know, if you speak to anyone who’s successful in almost any way, they will almost always say that they read a lot of books. And they will also almost always say that everyone else that they know who’s successful also reads a lot of books. So if you’re telling yourself, “I don’t have time to read,” then you’re kind of screwing yourself because (laughs) basically every millionaire you ask will have spent tonnes and tonnes of time reading books. And again, the great thing about books is that you’ve got five, 10, 20 years of experience that someone has boiled down to a thing that takes you a few hours to read. Like Tim Ferriss was doing the entrepreneurial thing for 10 years before he wrote the book. That’s pretty sick. That’s 10 years of wisdom that you can read in a few hours. And if you read lots of books of this or entrepreneurship, like business, finance, basically anything you’re interested in, you can just get a huge amount of value from them. And it doesn’t really cost very much. You can find PDFs on the internet for free if you’re really averse to paying for books if that’s your vibe. And it’s just such a great way to accelerate your learning in almost anything. If you didn’t know, I am also writing a book, which is probably gonna come out in two years’ time. But I’ll put a link to my book mailing list newsletter, which is where I share my book journey and what it’s like to write and research a book and sample chapters and getting the audience’s opinion and stuff.
Habit number eight for becoming a millionaire is to acquire financial literacy: Now, this is one of those things that no one teaches us in school or university or college, but it’s just one of those things that you have to learn for yourself. And you can get it through reading books, such as, for example, this book, oh crap, “The Psychology of Money” by Morgan Housel, which is now a little bit dilapidated. I read this recently. It’s really, really, really good. 20 bite-sized lessons about money. Gonna make a video about that. But also just generally taking your financial life into your own hands. I know so many people who have sort of relegated their financial life to, you know, “Oh, it’s just something that the government will sort out.” Or “Oh, you know, my hospital “will figure out what taxes I need to pay “and then I’ll just kind of do it from there.” Money is such an important part of life. It’s one of the biggest sources of stress in anyone’s life if you don’t have much of it. And so much of our life is spent in the pursuit of money and financial freedom, financial independence, that if we don’t have financial literacy, if we don’t understand the basics of saving or investing or how the stock market works or how taxes work, any of that kind of stuff, again, we are just screwing ourselves. Because if you wanna become a millionaire you have to have some level of financial literacy to know what it takes to become a millionaire and how that might actually work. So recommend reading a book like “The Psychology of Money by Morgan Housel. Or, if you like, you can check out this video over here, which is my ultimate guide to investing in stocks and shares. That’s like a half an hour-long crash course on everything you need to know about investing.
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