Best Financial Advice From Millionaires

Money Mastery 101

Author

Millionaire Syrup
April 25, 2024

Best Financial Advice From Millionaires

Money Mastery 101

Invest in Yourself First

The big takeaway from entrepreneur Alex Hormozi is: prioritize investing in yourself. See, the usual advice is to put your cash into something like the S&P 500, which spreads your investment across 500 different companies, giving you a slice of a big, diverse pie. It's a solid, traditional move because it's diversified, and you're likely to get a decent return—about 7% a year.

Instead of just playing it safe with the S&P 500, he suggests putting your money into the best asset you have—you. The logic is simple: when you invest, you're looking for a return, right? You want your money to grow. By investing in your own skills and knowledge, you're potentially setting yourself up for way bigger returns than that 7% from the S&P 500. It's about betting on yourself to increase your value and, in turn, your earning potential.

Find Work at a Startup

By working at a startup, you have the opportunity to learn and gain practical knowledge that can be applied to your own business in the future. Unlike larger corporations, where you may just be one cog in a machine, working at a startup allows you to be more involved in various aspects of the business and learn firsthand how to navigate the challenges and opportunities of entrepreneurship.

When Daniel Priestly was young, he spent two years working at a startup before starting his own marketing agency and becoming a multi-millionaire at the age of 23. He believes that working at a startup provides a unique learning experience that can greatly benefit aspiring entrepreneurs.

Take The Third Door
Tim Armoo started his company at just 21 years old and eventually sold it for a mind-blowing amount, somewhere between 20 and 50 million dollars! In an interview, Tim shared his journey and how he developed the skills of entrepreneurship, even as a broke student. He started an entrepreneurship magazine in high school, interviewing entrepreneurs and seeking sponsorships for the magazine. This principle of "The Third Door" emphasizes the importance of finding creative and unconventional paths to success, rather than just following the traditional ways. Tim's story shows that with determination and innovative thinking, even young entrepreneurs can achieve incredible wealth and success.

Everything's Downstream of Lead Generation

Many businesses struggle because they don't have enough people coming in through the door. And that's where lead generation comes in. Imagine you have a financial planning business, and you want to sell your services to people.

Well, what you can do is run introductory events, like workshops on investing and budgeting. People can attend these events for free, and some of them might become interested in your financial planning services. This process of generating interest from the market is called lead generation. Instead of directly asking people to buy your services, you're giving them a taste of what you can do and letting them come to you.

Extraordinary Results Require Extraordinary Inputs

Aaron Maney, who has a popular YouTube channel, says that extraordinary results require extraordinary inputs. He emphasizes the importance of consistency and longevity. He had been on YouTube for a long time, since around 2007, and that played a significant role in his growth. So, the main takeaway here is that putting in consistent effort over a long period of time can lead to extraordinary results. It all happened because he dedicated himself to his channel for years, consistently creating content and building his audience.

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