HOW I MADE MY FIRST MILLION:

in #wealth9 years ago

I come from a middle class family. Well to do in many respects. Education was a priority in my family. Both parents achieved the highest levels of education possible in their respective fields. I was somewhat of a rebel and did things that my future self visiting me would have told me never to do.
If you want an example, here is one: I wanted to change the world. After exhaustive research, I published an article in a newspaper against a terrorist group. The article was a 2 page article published in the largest newspaper of a country ( not naming stuff). Then I had to run for my life, for years. I left home with 700 dollars in my pocket to make a life for myself but the primary reason was to be away from family so no harm comes to them. Crazy enough!
A few years later, I sit here writing this. My intention is to give some guidance to those just starting out. These are lessons I learned in life.

  1. BECOME A MASTER OF ONE ART: When starting out, you need to go after ONE SKILL ONLY. Don't try to do many things all at once. There will be time in life for that. FOCUS on becoming a master at one craft. Allow nothing to come between that goal and you. This will be the foundation of all things to come. So secure your foundation first. If you dabble in too much right from the start and don't master one art, a few things will happen. You will not find a secure, long lasting job. You will always work for someone and not for yourself. You will not find the top level job in any field and climbing up the ladder becomes an impossibility.
    Think of it this way: Every man and every woman has a ceiling of achievement. There are many factors that limit that ceiling. Perhaps the most important factor is education/skill/ mastery of the field. You want one ceiling in life that is very very high. Then you can enjoy other things with lower ceilings. You don't want to end up with a bunch of low ceilings.

  2. LERAN ABOUT MONEY: Whether you are a student or have a job, no one will teach you this. This basic skill is essential for success. You will need to read and understand the system. There is so much to learn. You will need to know the history of money and the history of currency. You will need to understand the Federal reserve and the banking system. You will need to understand the stock market, bond market, forex and the list goes on and on. In essence you need to know how a dollar is created and then know its journey. You need to know this to PROTECT the money that comes your way. Read, read, read!!!!.
    Something as basic as RICH DAD POOR DAD, is a good starting point.

  3. SAVING IS NOT ENOUGH. Whether you make 30k a year or 500k a year, you won't be able to save into wealth. Strange as it may seem, if you make the higher amount, the process of making it and the process of continuing to make it will obligate you to spend proportionally. It is a complex concept that I rather not go into detail in this post as it is off subject. Wherever you stand, you must immediately find the means to invest your money. Invest in land,stocks, bonds, precious metals or whatever you fancy. Just invest. You must do this to get rich and don't discount small regular investments. That is how most millionaires are made. Drop that damn Starbucks coffee and cake, drop eating out frequently. Anyone can find ways to save a little more everyday. Invest the money into your favorite coffee chain or your restaurant chain. I bet you your next coffee will taste better.

  4. SOME ADVICE THAT YOU MAY NOT LIKE: When investing, great knowledge is required. There are steps to investing. You must start with safe investments only. For example Johnson & Johnson or GE may be safer bets than Snapchat stock. Don't start looking for moonshots at the start. That leads me to the part where you might start not liking me. Crypto currency should be no one's first investment. Highly speculative, highly volatile. The market will disturb you in many ways and perhaps most importantly mentally. You have to understand investing first and have safe investments and be comfortable in your life before you go out doing this. If you do, please don't invest it all in cryptos. On this one, mathematically you may prove me wrong in time but the golden principal will stand forever.

  5. YOU CAN JUDGE A PERSON BY THE COMPANY THEY KEEP: This is as true today as it was when my grandma said it. It would be great if everyone could afford a paid mentor. As you go through life, allow others to be your mentors. Try to learn from your elders and the successful ones. Life lessons are precious and although they are not formally handed out, these are the low hanging fruits that you will glean if you have the right intent. So listen intently when the successful ones are talking. Listen intently when you are criticized. Listen intently when you are praised. Then analyze the situation and see what you can learn. I recently took one of my students to an award ceremony. I asked him to observe behaviors and analyze words of the speakers. You can do the same in any setting. Keep the OODA loop in mind ( google it). Observe, orient, decide, act. Although primarily a military term, it find it applicable anywhere.
    In order to learn from the masters, try to have the company of those who have achieved more than you. Walk away from bad company. Misery loves company. You must deny the company of a miserable person. One bad relationship can destroy your potential.

  6. DONT SET GOALS FAR OUT INTO THE FUTURE: When planning for far ahead in time, setting goals can be limiting. Know what you want in time. Being exact and specific to the minutest detail can be very limiting in my experience. When your want is far out in the future don't set goals but DEVELOP SYSTEMS that will get you there. It is so much more important to develop and master the system to get somewhere then to struggle with the goal. You will reach your goals beyond your expectations this way. For example, if you want to buy a house on an island, try not to limit yourself by setting a timeline such as five years. You know what you want and from here on you will develop all methodologies to get to a point where you can afford something like that. You may get there sooner than you expected. Your methodology may include saving the most you can per month or investing a certain amount per month or starting a second income stream. Your methodology will become your goals. In this way you are not satisfied by reaching a limiting factor.

  7. LAST FEW WORDS: Respect your elders, cherish your friends, always live below your means. Make reading a habit. Read great books like THE ART OF WAR, THE 48 LAWS OF POWER, THE BOOK OF 5 RINGS etc. I'm not asking you to adopt the lessons. I'm asking you to understand what may be used against you in life. Know the ways of peopleand the world. Be wise and lastly good night.

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understand what may be used against you in life.

This is something people wanting to move ahead in life really need to understand. They need to be aware of not only the things, the people, but also the thoughts, that will constantly be used against them. (especially their own thoughts)

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well done thank you for sharing

Appreciate it

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Great advices man, thanks

Right. Sooooo ... how did you make your first million?

Well I mastered an art, developed a program around it. Made good money doing it and invested it. Safe investment under gypuidance of fidelity. After that invested on my own.
I actually went back to school after working for 5 years to get the skills. It was mostly education in one particular direction

Thanks for the answer.

ED, you have my fathers in laws first name. Allow me to say. I had no idea when I started. I was in debt even though I had a job. Then I got married. My father in law was the head of a very large commodities trading company. Listening and learning helped a lot.

Appreciate you taking time and sharing these advices with the world!! Become a master of one art!! That is some real good advice.

Thanks so much.

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