Seven Trends of Young Millionaires
There are some 16, 17, and 18-year-old millionaires who can afford 28 grand a month for rent and not even sweat. And there are some 40 and 50 year olds who can't pay their mortgages. It's just crazy how our world works and what's going on right now.
The reason I’m talking about the trends of young millionaires is because I want to create young millionaires. The world needs millionaires.
Millionaires provide jobs and inspire people. I've studied a lot of millionaires. I made my first million before turning 27, so I know exactly what it takes, and I love teaching young entrepreneurs like you how to create your first million.
One of my mentors, Jordan Wirsz, made his first million when he was only 21 years old. Just close your eyes and imagine your checking account having one million dollars in it from your efforts and hard work.
How much confidence would you have? How much impact could you create? What kind of businesses could you build? That’s a pretty amazing feeling, isn’t it? I want you to start thinking like a millionaire.
Millionaires are no different than you. It’s their habits and perspective that separates them from the rest of society. There are certain trends that all millionaires have in common.
A lot of people don't even go for a million because they've heard so many people validate why you shouldn't go after money.
They'll say things like I don't care about money, millionaires aren't happy, or I don't need that much money.
I'm sure you could think of about 100 other validations, right? But I want you to realize that it's a good thing to want to become a millionaire. It's a good thing to want to make more money.
Don't let those people, especially those who are in debt, talk you out of becoming a millionaire. You don't make a million by accident or by luck.
Even if you win the lottery, you’ll most likely be broke in less than two years (The National Endowment for Financial Education cites research estimating that 70 percent of people who suddenly receive a large sum of money will lose it within a few years) BECAUSE they didn’t earn it, so their money mindset was capped at their previous income.
The number one thing millionaires have in common is urgency. Every successful person has a sense of urgency. They feel like they don't have time to waste and they never stop growing or learning. The best companies on the planet love young talent and those who have purpose and a sense of urgency.
Google is hiring more teenagers than college students. If you want to get your dream job, you need to show you have urgency. What does having a sense of urgency really mean? It means you realize that now matters more than any other time in your life.
The "someday" mentality is killing many people's goals and ambitions. I know people who have been in the same company for years, and they are not growing or really taking advantage of their opportunities, and they're wondering why they don't get paid more. People always say, “I have 20 years of experience”, but the reality is they only have one year of experience repeated for 20 years.
If you do the same work you’ve always done, you’ll get the same pay you’ve always gotten. You must have a sense of urgency if you're serious about your first million, and if you're serious about success.
I was recently in Hawaii because an owner of a large company asked me to come and talk to his sales staff in order to motivate them. Hawaii has a pretty laid back culture, but I can motivate anybody so I jumped at the opportunity.
The reality was that many were just really laid back and had no sense of urgency, but there were many people in the company who didn't have the job they wanted, the money they wanted, and they weren't fulfilled.
The most interesting part about this is that none of those people had a sense of urgency. They didn’t understand that by not having a real urgency to make more, do more or be more was exactly what was keeping them stuck in their positions and their salaries.
The second trend of young millionaires is they all have an elevated influence. Behind every young millionaire, you're going to find an educated and very wise mentor.
I have yet to meet, speak to, or study any millionaires or billionaires who don't have mentors to guide them, challenge them, and really push then to think bigger. You have to have someone guide you if you want to be successful.
Successful people inherently understand that it's impossible to grow, learn, or become the person necessary to reach the million-dollar mark without having an exceptional mentor network behind you.
Success really rises and falls based on who you associate with, so make sure you stay aware of who surrounds you. Jordan, one of my mentors, told me you can systemize a lot of things, but you can't systemize time, so make sure you're spending your time with the right people.
He also said you can't systemize relationships, so make sure you build the right ones.
I see companies trying to automate and systemize everything and they're failing because they're trying to systemize relationships with people, but that simply doesn’t work.
Millionaires understand that they can't systemize time or relationships, so they're spending both really wisely, whether they're 14, 26 or 60 years old. So the third trend of successful millionaires is they manage their time and their relationships wisely.
The fourth trend of young millionaires is they maximize their strengths. As Gary Vaynerchuk says, "I suck at 99% of stuff I do, but I go all out on that 1% I'm good at." We're conditioned by our teachers, our peers, our parents, uneducated coaches, and everyone who gives advice to work on and strengthen our weaknesses. This is very bad advice.
All millionaires focus 100% on what they're best at and they delegate the rest to others. They find people around them who are good at what they are not.
They naturally learn to surround themselves with people who complement their weaknesses.
You'll never get wealthy focusing on things that you suck at, so focus your attention and your time on your strengths. Use them as an advantage and find others to do the stuff you don’t like or you’re not good at.
This will be a game changer for your life and your business.
Think about what you can become the best at. What's your one strength you can focus on? Once you master one strength and start producing real results, you can move on to mastering another strength. The key is to focus on maximizing your very best strengths.
The fifth trend is young entrepreneurs never trade time for money.
They quickly realize they'll never become wealthy trading time for money, and you won't either. It's okay for a while, but at some point, you have to focus on scaling and leveraging your business. One of the main reasons entrepreneurship, direct sales, internet businesses, coaching, speaking, and network marketing are growing exponentially right now is because you don't have to trade time for money. It's not easy, and it takes some risk, but if you see past the risks and focus on the rewards, you’ll see some pretty amazing results.
I know 18 and 19-year-olds who are making $20,000 a month by leveraging their businesses. Focus on the power of leverage and building teams to create consistent income without trading time for money and you'll be amazed at what you can accomplish.
One of the best books I've ever read, is by MJ DeMarco, called, The Millionaire Fast Lane it’s a true game changer in understanding exponential monetary growth.
For example, he encourages investment properties, membership sites, building a brand, joint partnerships, affiliate marketing programs, products, speaking engagements as ways to earn income without trading your time.
Take a moment to analyze if you're maximizing your time now and if you’re trading time for money.
Make sure it's an intelligent trade. If you're at the mall working or at the clothing store trading your time for $12 an hour, that’s not an intelligent use of your time.
Now, your parents may think this is the only way to earn a living or make money because they didn’t have the luxury of today’s economy and global possibilities when they were younger.
You are in a different economic and technological time. You have the choice in how you earn your money, how you use your time and how you live your life.
Don’t get down on your parents though or expect them to understand.
They were simply raised in different times with different societal expectations. about your time and how you want to spend it.
Be open to the possibility of creating an online program, community, or product that can earn income while you sleep. It is more than possible.
Millionaires become millionaires because they've added more value to the marketplace than anybody else, and they understand the power of leveraging and scaling their businesses.
And the sixth trend of these millionaires is they could care less what anybody else thinks about them.
They are neither concerned with being liked nor concerned with getting approval. You have to drop the need to be liked if you want an extraordinary life.
People who care what others think about them will always be limited by other people’s opinions. Millionaires take very few opinions and are extremely thick skinned.
When you pursue greatness, you can't expect people to support you all the time because you're representing the strength, courage, passion, and vision that oftentimes they don't have.
As Steve Jobs said, “your time is limited so don't ever waste it living someone else's life”.
Young millionaires trust in their vision and have a lot of confidence in what they do even when everyone else doubts them. I challenge you to be fearless with your vision regardless of what people say. Stay focused on what you want.
A huge key to your success is not worrying about what others think about you. The seventh trend is that entrepreneurs are producers first, consumers second.
Most people are consumers first and consumers second. They don't produce anything. MJ DeMarco talks about this in The Millionaire Fast Lane.
Instead of buying products on TV, sell products. Instead of digging for gold, sell shovels. Instead of taking a class, offer one. Instead of borrowing money, lend it. Instead of taking a job, hire for jobs. Instead of taking a mortgage, hold the mortgage.
Break free from consumption, switch sides and go through the world as a producer not a consumer.
To consume richly, you must produce richly first if you're really serious about becoming wealthy.
Unfortunately, most people have it backwards: all consumption and no production. Producers get rich and consumers get poor.
Focus on being a producer first, and you’ll build and attract more wealth.
Entrepreneurs focus on building something bigger than them, are consistently on purpose and are always producing instead of buying, buying, buying. They're actually producing products and services that solve people’s specific problems.
Now you have the seven trends of young millionaires. If you're serious about being a millionaire or even making your first six figures, become more intentional and start applying these seven trends to your life.
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