HOW TO BECOME A MILLIONAIRE STEP BY STEP (Even As A Teenager!) #Best Education Page #Online Earning

- So, you wanna become a millionaire.

I mean, who doesn't these days?

That's gotta be, like, the biggest thing

that you see on social media these days,

is all these pictures of people

driving these expensive cars, or having expensive houses,

and it's just like, that's the American dream, now,

is to be a millionaire,

and there's a lot of conspiracies out there,

there's a lot of misinformation out there

about what it means to actually be a millionaire,

because it's a different thing to want to be a millionaire

and then to appear like you are a millionaire,

those are two completely different things.

Now, before I get into this video,

I just want to throw this out there to anybody,

'cause I know this is how people are sometimes.

Personally, myself, no, I'm not a millionaire,

I'm 21 years old, but I would like to think

that I'm on the path of becoming a millionaire

because I am doing all of these things

that I have listed out here.

And what it is that I do, is I study millionaires,

and I learn from what they're doing,

because every single person that becomes successful

leaves a trail of breadcrumbs,

and there's little things you can learn from each person

and that's what I've been doing,

so I think I have a lot of good information

I can bring to the table,

otherwise I wouldn't be making this video,

because I'm not just simply making videos here to get views,

I'm making videos to bring value forward

and to help people on their path

to becoming successful themselves.

But, becoming a millionaire is actually

largely based on these two factors,

that is restraint and discipline.

So it's not so much about how much money you can spend,

how big your house is, how much money

you're spending on your car, it's not about that at all.

In fact, if you're focused on having cars,

and houses, and toys, whether it's guns

or whatever it is you want,

or expensive vacations, the lavish life,

if this is what you're focusing on,

you're never gonna be a millionaire.

You might appear to be a millionaire,

you might have people thinking you're a millionaire,

and if that's what you want then go after that,

but that's a separate dream than actually becoming

a millionaire, somebody who's worth a million dollars.

Having an expensive car and a mortgage that's huge,

and a lot of expensive toys,

does not make you a millionaire.

But if you want to be worth a million dollars,

these are the things that you should be doing,

I got 10 things here that I wanna share with you guys.

So the first thing here is to plan.

You want to, your focus, oh sorry,

I couldn't remember what I wrote here.

A plan focuses you to take action, okay.

If you were gonna start a business,

would you just fly in blind?

Would you just say, okay yeah, I wanna start a bakery.

I don't know the first thing about a bakery,

but I'm gonna go ahead and find a building

and I'm just gonna open up a bakery.

Those are the businesses that fail.

That's the same reason that people

who don't have a plan for their finances,

a plan for how they're gonna earn money,

they fail as well, they end up in debt

or they end up not making any money.

So just as you would a business,

you want to plan out your own life.

This makes you take action,

this makes it so that it's not just a dream of yours,

'cause there's a lot of dreamers out there, guys,

there's a lot of people who dream of becoming successful,

people who dream of becoming a millionaire,

and if you're just a dreamer,

you know, you're never gonna take action,

you gotta have a plan to take action.

You have to have a carefully outlined plan

with a date, and with a lot of factors in there,

that make it a real thing and not just a dream.

So you wanna basically figure out in this plan

how much money are you saving,

how much money are you spending, okay?

And then you wanna focus on what it is

that you can control, which for the most part,

at the very start, that is your expenses.

I don't care if you're making $1000 a month,

alright, it doesn't matter.

I don't care if you're making $100 a month,

alright, I know that's a bit extreme,

but you can still figure out what your expenses are

and get them as low as possible,

that's going to allow you to save more money.

That should be your main focus, what you can control,

and at the beginning that's gonna be your expenses.

If you've screwed up in the past,

let's say maybe you made some bad decisions,

you have, you know, maybe you originally

bought into that idea of buying millionaire status,

you bought the nice cars, you bought the toys,

and now you're in debt, who really cares?

There's nothin' you can do about that now,

other than forget the past and work forward,

build a plan for the future, you know.

Even if you're in debt right now

you can still come back and end up having a lot of money,

but if you let that define you, you will never get anywhere.

So just say the past is the past,

we really can't control that,

let's figure out what we can do goin' forward.

That should be your main focus.

But like I said, guys, you wanna run your life

like a business, you wanna have a business plan,

and you wanna have a plan for your life,

you don't just go in there flying blind,

otherwise your business is gonna fail

and ultimately you won't be a very successful person.

You wanna look at your life as a business.

If you had a business, would it be responsible

for the business to spend a lot of money

on things that you really didn't need?

Likely you wouldn't be buying those things,

but people do this in their own lives for some reason,

this is the way their mind is wired.

A lot of it has to do with what they see online,

what they see on Facebook,

all these people driving these new cars,

all these luxury car commercials.

They tell you that this is what you need

to feel this type of way, and you don't need it,

it's not the key to happiness.

What they're trying to sell you

with those luxury car commercials

is what you expect to feel when you drive that car,

and those are always empty promises, guys.

Just wanna throw that out there.

Okay, so number two, step number two

on becoming a millionaire is your income,

is it is incredibly difficult to simply

save your way to millionaire status.

I mean, maybe if you spend 45 years

and your dream is to become a millionaire by retirement,

that is very easily doable just by

being responsible with your savings.

But if you're trying to become a millionaire

sooner, rather than later,

it's difficult to just simply save your way

to millionaire status,

so you have to start to increase your monthly income.

So this is what I'm gonna tell you guys,

and this is actually something that,

he's kind of a controversial guy,

but this is something that Tai Lopez says.

He says, "Everybody's focused on making a million dollars.

"You're starting a million dollar business,

"when you haven't even started a $100 a month business."

Okay, so start by figuring out

how to make $100 a month, okay.

Once you figure that out, learn how to make $500 a month,

and once you've figured that out,

learn how to make $1000 a month.

Don't focus on starting a million dollar business,

'cause you probably have no idea how to do that,

but could you figure out how to make $100 a month?

Most of us can, so start with that,

and then either scale that idea

or come up with a new idea after that.

That's some of the best advice I ever got, guys,

I gotta say, 'cause that was always something

that held me back, I was like, look,

I wanna have a lot of money, I wanna be rich,

but how do I start the next huge thing?

It's like, why are you focused on that

when you can learn how to make $100 a month,

learn things in the process, and then build from there?

And it's so true, guys.

So that's what I would suggest.

If you wanna get started with increasing your income,

figure out how to make $100 a month,

and then move forward from there.

So, but here's the trick, guys.

If you're making $1000 more a month

and then you're spending another $1000 a month,

you're just breaking even, you're not working

towards becoming a millionaire at that point.

You're just basically raising your income,

and then raising your standard of living with it.

You want your standard of living to stay the same

while your income increases,

that's the only way that you're ever going to get ahead.

So if you make another $1000 a month

and then you say okay, well I'm making more money,

I deserve a nicer car, that is how you fall behind,

and that's how you end up breaking even,

you're never gonna get ahead if you have that mindset.

That's the mindset of buying millionaire status

with these cars, and with the houses,

and with the lavish life.

You can't have that as your focus,

it has to be, how to save more money,

how to let your money work for you.

Okay, so how do you go about starting

a little side business,

or how do you go about starting to get more income?

So you could start a side gig, start a side business,

you could educate yourself,

that way somebody pays you more money for your skills.

You could invest, and you could acquire assets.

I just wanna throw this out there as a plug.

If you guys have not read the book Rich Dad, Poor Dad,

that should be like the very first thing you do

after you watch this video.

That guy is a genius, and that's one of

the best books that I ever read,

that was like the first personal development book

that I ever read, was Rich Dad, Poor Dad,

by Robert Kiyosaki, so I would highly recommend that book

for anyone looking to understand

how to build longterm wealth.

That book basically defines for you

what is an asset, what is a liability,

and it teaches you how to build your assets

and how to avoid liabilities,

and how you can maybe afford that expensive car

but by using your assets to pay for it.

So, that is one of the best books I ever read,

I highly recommend checkin' that out

if you guys are looking to learn more

about saving money and working towards becoming successful.

Number three is investment costs and taxes.

Now, I know there's a lot of bad, like,

people have a lot of, there's a lot of bad stigmas out there

about millionaires and rich people,

it's like, oh, they're rich people,

you know, they don't have to pay taxes.

But the truth is the rich people

can afford the lawyers that figure out the tax loopholes.

If we all had the money for lawyers

that could figure out how to get as much money

through the system without paying as much in taxes,

then we could all do what these rich people are doing,

but we can't afford the lawyers.

The difference is, these rich people

can afford these lawyers that help them

not spend as much money on taxes as possible.

That is like the biggest focus of millionaires

is to spend as little money on taxes as possible,

keep as much of their earned money

in their pockets as possible,

and they're very good at doing this.

So that's something you have to start to consider,

is how much money am I actually paying in taxes?

So one of the first things you can do,

and you can do this right now,

you wanna maximize your contributions to a 401k

because that is tax deferred.

That means you don't pay taxes on it

until the age of retirement.

The beauty of this is that, with a 401k,

you take advantage of compounding interest

and your interest is allowed to grow tax deferred,

so the compounding takes place faster.

And then obviously with compounding,

the more time you give it the more it will grow,

so the earlier you start with this, the better.

So you want to first of all maximize

your contributions to a 401k tax deferred.

Second of all, you wanna maximize contributions

to Roth IRA outside of your 401k.

This is basically the principle

of put away as much as you can tax free.

Keep as much money away from Uncle Sam as possible,

this is how you have to start structuring your brain,

the things you have to think about.

As far as your investing goes,

you wanna keep your investment costs as low as possible,

so you wanna try to trade less frequently

and trade as cheaply as possible,

because every time you're paying investment costs

that's money coming out of your investment itself

that isn't going to continue to earn money

and earn interest and dividends down the road.

So you wanna keep those costs associated

with your investments as low as possible.

And then also you wanna take advantage

of any tax deductions,

so don't be lazy when it comes to your tax returns,

don't just pay the taxes because it's gonna take

a lot of time to itemize stuff and figure stuff out.

You gotta take advantage

of every tax deduction that you can,

and keep as much of your money as you can for yourself.

Number four, income streams.

So this comes along, this kinda ties in with income,

but this is somethin' people don't realize,

is that millionaires have multiple streams of income,

not just one.

Most of us have one stream of income, and that is our job,

and that's all we have as an income stream, alright.

Here's a couple of facts here to throw at you.

65% of self-made millionaires have three income streams.

45% of self-made millionaires have four income streams.

And 29% of self-made millionaires

have five income streams.

So, that just goes to show,

they know what they're doing,

they know you need multiple streams of income

to ever build longterm wealth,

and if you have one stream of income

it's gonna be extremely difficult

to just save your way to that millionaire status,

so you have to start developing other streams of income

by letting your money work for you at that point.

So, like I said, that could be a side business,

a part time job for the time being,

it could be investing, it could be renting out properties,

it could be building online income,

building passive income.

Passive income is really the best,

because that's money that kind of,

that's something you don't actually have to

put in the hours for, you know.

At first it does take a lot of effort

to build passive income,

because a lot goes into it initially,

but then down the road it may become passive

at a certain point to where you're just collecting a check,

so those are the best income streams

because then you're able to use your time

to make money in other ways,

and that continues to earn you money

without your involvement,

so that's the best type of income to develop.

A part time job is probably the worst,

because you have to work every hour

for the money that you're making,

and that's kinda what you're trying to avoid.

Okay, number five is to automate,

so the number one thing here with this

is to automate your contributions to a 401k,

and automate contributions towards your own savings, okay?

You want to have it automatically come out of your account,

automatically come out of your paycheck,

before you even have a chance to touch it

and spend it on something stupid,

like cars, houses, toys, lavish life.

You want to save your money,

you want to pay yourself first

before you spend your money on stupid stuff.

Everybody has this problem,

where when you see more money in your account,

well, most of us have this problem.

Even I have this problem.

When I have more money in my bank account,

I'm like, okay, you know what,

maybe I can go out and have drinks tonight,

maybe I can go buy that new shirt or clothes or whatever,

you know, you end up buying stuff that you don't need.

But if you put that money where you can't see it,

you forget you have it,

and then you're not gonna be making those stupid purchases.

But, basically the other thing that goes along with this too

is you wanna automate all of your bill payments to save time

because, I can't tell you how much time I wasted

going in, making my car payment,

going in and making my payments to my bank,

and like, for my credit card that I have.

And just so you guys know, too,

I don't have credit card debt.

What I do, I actually made a video on this.

I put all my purchases on my credit card to earn cash back,

and I pay the entire balance at the end of the month,

that way I get that free cash back.

'Cause if you're paying interest on your credit cards

you're losing money, but if you're actually

using credit cards the right way

you can make a little bit of free money that way,

so that's what I do.

But I was actually going in and writing checks

and giving them that check, and it's like,

why are you wasting your time?

You could be using your time making your money,

or doing something productive,

and instead you're standing in line in a bank.

So automate all of your payments.

Number six is going to be investing in yourself,

so this is all about increasing your knowledge

and learning from anything you can possibly.

Just consume knowledge, just anywhere

you see something and you're curious about it,

ask that person questions.

If you see a book and it piques your attention,

read that book.

The only thing I want to try to tell you guys to avoid,

is just useless information.

So one of the biggest sources of useless information

is like news headlines,

so if you're just sittin' there

scrolling through, reading news articles,

unless you're reading like business articles

because you're investing,

I read a lot of business articles because I invest in stocks

so I read a lot of business articles

and I follow up on company news

of the companies that I've invested in,

just to keep track of where

I think the stock price is headed.

So that kind of news is okay,

but I would avoid reading, like, political news

and just that constant stream of headlines

and just fill your mind with mass information.

What that kind of does, is it makes you,

it gives you a very broad knowledge

but you're not very deep,

so you have a vast knowledge of stuff,

you're kind of a Jack of all trades,

but you don't know a lot about anything specifically.

So you want to kind of tune out a lot of that noise,

and focus on that really good information,

so my focus is more on books, podcasts,

and maybe longer, I don't know,

reports and stuff like that.

I tend to try to avoid news articles

unless I'm reading about business articles specifically.

But, yeah, so like I said, read the books,

and the thing with books too,

I know this probably sounds like a joke,

but when I was researching this

I was watching a couple other videos out there

about tips for becoming a millionaire,

just 'cause I kinda wanted to see

what areas I can improve on.

Somebody else said read books,

and this is something a lot of people say

because it's so true, but somebody actually commented below

and said, well, like when you say books

do you mean like Harry Potter?

And like, I actually like laughed out loud

and nobody had replied to the guy,

so I replied to him, and I was kinda like,

umm, I think he means like personal development books.

So let me just specify to you guys,

Harry Potter is not gonna make you a millionaire,

unless you wrote Harry Potter.

So when we say read books,

what we're talkin' about is like personal development books,

books like Rich Dad, Poor Dad,

Think and Grow Rich, the Four Hour Work Week,

any books like that, that really help you

learn skills or anything like that,

that helps you develop yourself as a person.

Maybe you read Harry Potter for a leisure activity,

and it's important to have leisure activities,

so if you're doing that continue to do so.

But if you're not somebody who reads

and you're trying to become a millionaire,

I would not recommend starting with Harry Potter,

I'm just gonna throw that out there.

So also important is to write and start a journal.

So, as you know with history, history repeats itself,

so if you find that you have habits that are really bad,

maybe you have bad spending habits,

start a journal about how you feel

and maybe you can start to figure out

what it is that triggers you

to spend money on things you don't need,

and you can learn from the past

as to not repeat it in the future.

And it's also good just to start a journal

to keep track of your own life and your own development,

so I recommend reading as well as writing,

and also I have up here listen to podcasts.

I listen to a lot of different podcasts.

Learn new things, and what you wanna do here

is become a well-rounded genius,

you don't wanna become somebody

who is just like, you have a very vast knowledge

but you don't have a very deep knowledge,

that's the kinda person who sits and reads news articles

and they can pull little tidbits out,

but they don't really have a deep knowledge of stuff,

they're just kinda like,

they're good for parties 'cause they can pull out

little tidbits and they're creative,

but if you ask them something deep about a topic

they probably will have no idea what they're talkin' about.

So you want to basically consume knowledge

like it's food keeping you alive.

I mean, look at people like Warren Buffett,

he's like one of the richest people in the world,

and I know he reads like multiple books every single day,

so that just goes to show, you know,

knowledge brings you wealth

because it just helps you learn, and continue to learn,

and be able to identify things,

and it just grows your brain.

So just focus on getting knowledge into your brain

and learning as much as you can

from the world, and from books, and resources,

I mean, if you wanna become a millionaire

read books about millionaires,

read books about how they did it.

Read biographies, learn from people's mistakes.

So this is probably the most important one,

I can't stress this one enough, is invest in yourself.

Number seven is your lifestyle and credit,

so you wanna be frugal with your lifestyle

and you wanna avoid luxury as much as possible.

You wanna buy what you need, not what you desire,

okay, so buy the bare minimum.

I'm not telling you you have to live inside a cardboard box

and eat white bread every day,

it's very important to take care of your health

and to eat good quality foods

and to reward yourself once in a while.

I'm just saying, avoid blatant luxury,

like you don't need to spend $50,000 on a car

maybe you could spend a lot less

and avoid all those luxury features

that are going to depreciate in value.

I wouldn't be frugal when it comes

to what you're eating and your own health,

because if you're not healthy,

what's the point of even being a millionaire

if, let's say, you're rich and you're in poor health

and you're at risk for a heart attack,

who wants that life?

I certainly don't.

So don't be frugal when it comes to your own health,

but unnecessary luxuries, definitely be frugal with those.

What you're doing, basically,

is you're sacrificing today for a better tomorrow,

because all of the money you're not spending

on these luxury items is money you can save,

and money that can grow interest over time,

and it ends up being a lot more money down the road.

You want to avoid credit like the plague,

so do not put anything on credit cards.

The only reason, like I said, that I do it,

is because I'm gettin' that cash back bonus

and I pay it off every single month,

so it's just a way for me to get some free money

and help me build my credit.

But, if you can avoid credit, don't use it,

you know, and if you're not responsible with credit cards

don't even use them for that cash back,

just don't even use 'em, don't even open them.

If you can't afford it right now

and you really don't need it,

don't use the credit card.

I'll just throw an example out there

of like a time when, I had a friend of mine

who really did need to use credit.

He was, like, completely out of money at this time.

His car battery died, and he ended up

having to take out a credit card to buy that car battery,

otherwise he literally could not have left the store.

He was getting an oil change and his car battery died,

they could not get it to go back,

he could not get his car to turn over again.

So that's a scenario where, yeah, you have no choice.

If you don't take out a credit card

to pay for your battery,

you're not leaving that store that day,

so yeah, if you need it for something that's a necessity,

that's different, but don't use credit cards

to buy clothes and stuff that you really don't need.

Number eight is your exposure.

I'm sure you've heard the saying before

that you become what you surround yourself with.

I'm sure you've seen, like, in high school,

maybe the kids that hung around

those older kids that were doin' drugs,

did you ever find that those kids ended up the ones

that were older and doing drugs as well?

You tend to become what you surround yourself with,

and if you surround yourself with successful people,

you tend to become successful.

If you surround yourself with people who are below you,

people who are not high achievers,

you don't tend to be a high achiever either,

you tend to fall where they are as well.

So you want to surround yourself

with people who are more successful than you,

people who have more money than you.

You wanna surround yourself with success.

If you're trying to get in shape,

the best thing to do is surround yourself

with people who are in shape, so they can teach you,

and you are basically trying to keep up with them,

that's what's gonna help you get in shape.

The same principles apply to saving up money

and becoming wealthy.

You want to remember this, too, guys.

Millionaires think differently about money

than the middle class and the lower class do,

so you wanna ask a lot of questions

and figure things out from them

and learn from what they've done and what's worked for them.

Number nine is to experiment.

You don't want to be afraid of risk,

as long as it is well-thought out,

and as long as you learn something from it, okay?

One of my favorite sayings out there is,

there is no lose, you're either going to win

or you're going to learn, and it's so true.

I've made a lot of money and I've lost a lot of money,

but every time I've lost money I've learned something,

so I don't even care about it.

I mean, I'm not saying go out there

and like, as an experiment say, okay,

my experiment this weekend is I'm gonna take $1000

to the casino and see if I make any money.

That's not learning, that's gambling, okay.

But if you really wanted to invest in certain stock

and you spent a lot of time researching it,

and you were like yes, it's risky,

but I really want to do this and try it out,

that's a good idea, because you're gonna learn something.

But going and just throwing money away

and going and being like okay, I'm gonna go gamble

and see if I learn anything,

that's just stupid, don't do that.

But if you're actually gonna learn from it,

it's a good idea to experiment.

What I say is that you wanna treat your life

like a science experiment, you wanna try new things,

and you also wanna test your new ideas

as quickly as possible.

So if you have an idea, go all in,

and if it doesn't work, nip it in the bud

and come up with another idea.

That'll help you come across to your big idea sooner,

because a lot of people don't realize this,

I didn't realize this for a long time,

but some of the biggest failures out there

are millionaires in terms of the fact

that they fail over and over and over

and over and over again, until they finally are right.

So you wanna just make sure you're failing forward,

so if you have an idea and it's a complete terrible idea,

just forget about it and come up with a new idea

and learn as much as possible about it,

test it as fast as possible.

If it works, congratulations,

if not, come up with a new idea,

don't let the past affect the future

as far as saying oh, I failed five times,

I should just give up.

Just keep pushing forward, keep testing new ideas,

and treating your life like a human science experiment.

Okay, number 10.

This is one we already touched on,

talking about Rich Dad, Poor Dad,

this is assets versus liabilities,

this is a pretty simple one.

You just wanna learn the difference

between assets and liabilities,

then increase your assets and decrease your liabilities.

I'm not really gonna get into this,

because I just, I highly recommend that book,

and I just wanna throw this out there,

I am in no way being paid by Robert Kiyosaki

to push this book, I just,

this book was so beneficial to me

and it helped me realize a lot of the problems

I had with my own finances

that I just recommend this book to anybody

who ask me about books,

it's generally the first book I recommend to people.

There's YouTube videos out there

that'll talk about assets versus liabilities

that would, I'm sure, help you learn

the difference between these two,

but I just know there's a lot of good resources out there

and I don't think I can do it justice

by talking about it here, so I'm gonna just kinda

point you guys in the right direction,

as something you wanna learn about

to kind of like a point of interest here for you guys,

but alright, that's pretty much all I got for this video.

If you guys enjoyed it, please consider dropping a like

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