Do you really understand how to become a millionaire?
There are tons of books, videos, online courses and seminars today that teach you how to become a millionaire. But one of the most profound concepts that I’ve learned in my life, is that becoming a millionaire has nothing to do with how much money you have.
It’s a concept that almost no one teaches, and has helped me become a millionaire by the age of 27 and a multi-millionaire by the age of 30. Today I’m going to explain to you exactly what this concept is, so that you can understand exactly how rich people think and achieve millions as well.
The Concept of ‘Get Rich Quick’ And Why It Matters
One of the most toxic ideas that you have been exposed to is that ‘getting rich quick’ is BAD. To most people, if you can make money easily or become rich quickly, it must mean one of three things:
1) You are involved in ‘illegal’ activities
2) It is a SCAM
3) You are lying about your actual net worth
In society, we believe that making money quickly is impossible. We believe that to become rich, you have to struggle everyday, spend long hours working, or be involved in criminal activities that are against the law. To most people, that is their perspective.
But the reality is that money can be earned quickly, and through legal means. In fact, there are more millionaires today than there ever were in past history. In the U.S, there are currently 13.6 million people with $1 million or more in wealth, and by 2021, this number is projected to reach 18 million. Technology has rapidly increased the number of opportunities present in the world today, allowing people to take advantage of them to create wealth quicker than ever before.
Money Is The Root of All….
Society has warped how we view money. Most people believe those with money are greedy, selfish, and willing to do anything to get more money. Those who are wealthy and successful are instantly seen as people with no morals, ethics, and the embodiment of evil. As a result, when someone says they became a millionaire within 2 years, no one believes them.
Money has turned into a taboo subject, something that should not be discussed because it offends people. Instead of being motivated and inspired by people that have made it, people become jealous and gossip behind their backs. The reason for this is because most people can’t stand seeing someone else do better than them. They feel the only way to make themselves feel better about their lives, is to put others down. That’s why one of the core philosophies I teach my students is that you should discuss about money proudly and freely.
If you have money, you should feel free to talk about it, and if you don’t have money, you should be even more motivated to talk about it. The things you discuss about the most, are the things that will manifest themselves in your life. This is why you rarely see successful people gossiping about other people or complaining about their life. They focus their time, energy and thoughts on the things that matter most to them, instead of keeping up with the latest antics of the Kardashians.Money is the root of all good. Click To Tweet
The One Asset That Is More Valuable Than Money
Contrary to belief, money is not the most important thing in the world. Like most people, when I was younger I thought this was a ridiculous statement. If money isn’t the most important thing in the world, why do so many people spend their lives chasing it?
But once I became older, I realized it was true. Once I understood this concept and implemented it into my life, it was the biggest factor that helped me become a millionaire by the age of 27. This concept is that time is infinitely worth more than money. Time is limited, money is not. If you lose a million dollars you can always make that money back, but if you lose a year, that is something that will never return. The time you spend reading this article is time you will never get back, so spend your time wisely.
You see, wealth is not measured by how much money you have, wealth is measured more in time than money. For example, if you compare a millionaire at the age of 25 to a millionaire at the age of 50, who has more wealth?
The person who makes their money at 25 is much more wealthy than the person at 50. This is because it took 50 years for that person to make a million dollars, whereas the 25 year old managed to do it in half the time. Assuming that it took 25 years for them to make a million dollars, they would easily be able to make another million by the time they hit 50.
How Much Wealthier Are You Than Your Peers?
Here’s another example – let’s say you make $25,000 a year. If you worked for 40 years, you would be able to make a million dollars. A million dollars is a lot of money, but the question is, are you rich? NO. The reason why is because it took you 40 years to make that million dollars. Now, let’s assume that you made the same amount of money, but you did it in only a year. In this scenario, you would be rich because it only took you 1/40 of the time to make it. You are 40X richer than if it took you 40 years to make it.
The best thing about making money in a short period of time, is that you have more time to enjoy it. Instead of waiting till you have retired and are no longer able to move like you used to, why not enjoy it while you are still young, and able to do things like travel without anything holding you back?
That’s why rich people value time more than money. Rich people understand the value of time, and that your wealth can grow significantly over a period of time. However, the time you use to acquire that wealth will never come back. That’s why more and more young entrepreneurs are spending their time focusing on making money, instead of partying or hanging out with friends. They realize that the best time to make money is when they are young and full of energy, instead of when they are older and have more responsibilities.
Why I Don’t Do My Own Laundry
If you’ve been following my work you’ll know that I don’t do my own laundry – my wife Jennie takes care of it for me. In fact, I have no idea how to operate the washing machine and will most likely never learn how to.
Going back to the concept of how time is infinitely more valuable than money, you might start to understand why. You see, as a businessman I am very busy in my everyday schedule. Certain tasks such as taking out the garbage, taking my Bentley to get an oil change or buying groceries, are things that are not worth my time. For example, if it takes me an hour to buy groceries, that is time that I could be spent doing something else – like making more money. Because I value time more than money, I am more than happy to delegate that task to someone else, so that I can spend that time doing something more productive.
Money can do almost anything. You can hire a butler to handle your daily tasks, or contract a maid to clean your house. Instead of trading your time for money, like most salary employees do at a 9-5 job, you are trading your money for time. With the ability to make a lot of money, you can even buy more time for yourself, by delegating your tasks to other people. That’s why rich people are rarely seen doing things that are not worth their time – they are busy running their businesses and making more money. For them, the only life skills they need are the ability to make money. Whatever skills they don’t possess, they can always hire someone who has that skill to do it for them.
Poor People Don’t Value Their Time
When I first explained this concept that people should value their time over money, I was met with a lot of skepticism.
“Well that’s easy for you to say, you’re Dan Lok! You are already rich!”
And the truth is that I would never have become rich if I didn’t value my time. It’s not that I value my time because I am rich, I am rich because I value my time. You see, poor people do not value their time. They would rather trade their time to save even the slightest amount of money – what I call a ‘saving mentality’. I know of a friend who spends hours cutting up her toilet paper into strips so it lasts longer. By doing so she is able to save $10 every month for her hard work and efforts.
Now I don’t know about you, but I would much rather spend my time and energy buying a brand new roll of toilet paper, than to save $10 measly bucks by cutting them into strips. Not only is it much more efficient to just buy more when you need it, but it is also much more comfortable to live your life without having to worry about saving a few dollars here and there. In the end, that small amount of savings that you made is not going to make a difference. You aren’t going to be able to afford the lifestyle you want with a saving mentality, so you may as well think of ways to generate income instead of saving what you already have.“If you’re going to be thinking, you may as well think big.” - Donald Trump Click To Tweet
Successful People Are Very Strict With Their Time
Because successful people understand how important time is, they do everything to make sure every minute of their time is spent wisely. Some examples of famous people who are very strict with their time are Barack Obama, Benjamin Franklin, Steve Jobs and Elon Musk.
For example, Elon Musk values his time and the time of his employees, to the point that it is ingrained into the culture of his work environment. Musk once called an employee out during a meeting, because that employee hadn’t contributed or said anything valuable to the meeting.
Elon Musk: “You haven’t said anything. Why are you here?”
For most people, his words may seem rude. But for the employee, he understands what his boss is really saying – he values his time. If there is no reason for someone to be in a meeting, they shouldn’t be there in the first place. The time that is spent in that unproductive meeting, could be better used somewhere else.
Why Millionaires Are Never Late
Poor people do not understand the concept of time. They show up late to meetings, don’t plan ahead and make excuses for their behavior. In reality, poor people are saying that they don’t value your life.
The time that you have on this planet is limited. If you are meeting someone and they show up 15 minutes late, that is 15 minutes of your life that is gone. I know some successful businessmen that charge hundreds of dollars per minute for consulting. Being late to a meeting by even 5 minutes, means that you are costing that person $500 in income. This is why successful people are almost never late – they respect other people’s time. They understand that showing up late means that you are taking away someone’s life, money, and energy, which is something there is no excuse for.
In order to become a millionaire, you need to understand and respect the value of time, as well as everyone else’s. In the business world, showing up late is unacceptable, and in some cases, your meeting partner will simply cancel the meeting if you aren’t on time. When you value your own time and take it seriously, other people will do the same.
Get Rich Quick vs. Get Rich Slow
Wealth is measured in time. A person who makes a million in just a year is wealthier than someone who takes ten years to do the same thing. Most people don’t realize how little time they actually have left. They take it for granted, and spend it doing things that don’t provide them a return on their time investment.
If you want to become a millionaire, you don’t have time to get rich slow. You don’t have time to wait until you are older to make money – you should be focused on making it now. Every hour you spend doing unproductive things such as playing video games, hanging out with friends or going to the club, is an hour you will never get back. If you are truly passionate about becoming a millionaire, you must realize the time you use for fun, is much better spent working on your business and skills.
This is why rich people invest their money in assets instead of buying things like a new car or fancy house. By investing their money into assets that will generate them a return on their investment, they are increasing the amount of time they have, by taking them closer to their financial goals.
The Biggest Secret Banks Don’t Want You To Know
Now I’ve recently come across one of the best investment secrets that banks don’t want you to know about. It’s a safe way to double your money in less than half the time – allowing you to become wealthy at a very young age and spend your time enjoying your wealth. In fact, here’s what two attendees were able to do right after learning about it:
- Percy Folkard from BC, Canada made $20,000 on his first deal in a matter of weeks.
- And Joan Pilon bought 6 residential lots for just $12,000.
If you want to learn about how to create everlasting wealth in a short period of time, click here to learn more about the best kept secrets of the rich.