Editor’s note: James Altucher is an investor, programmer, author, and several-times entrepreneur. His latest books are I Was Blind But Now I See and 40 Alternatives to College. Please follow him on Twitter @jaltucher.
Recently, a 25-year-old reader emailed me to ask where I was financially when I was his age. If you find value in benchmarking yourself against me, and depending on your number it’s probably irrelevant, you can use this chart:
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Too many variables go into becoming successful. If you’re lazy, undisciplined, or unmotivated, you will not succeed here—or anywhere else for that matter. Everything around you has made someone very rich. The computer or phone you’re using now, the pencil and light bulb nearby, the chair you’re sitting in has made millions for someone. You must master the game you’re playing to be successful.
“Just do it” is imprinted in the minds of many as is the swoosh logo. In the early days of Nike, putting customers first was paramount. The Nike Moon shoes were a classic example of not only building great products but also highlighting the health benefits of wearing the jogging shoe. The audience wasn’t looking for better running shoes but a better way to get in shape.
The right answer is, “It depends.” The so-called experts make us believe that we need $3 million before we can retire, to draw a reasonable $130,000 a year. So that’s a true statement if you spend $11,000 a month.
If you’re like every other red-blooded human being, you dream of a life of leisure and pleasure, one steeped in wealth and financial means rather than replete with stress, bills and a near-endless fear of impending fiscal collapse. However, attaining what we’ve coined as financial freedom is no small feat. Many have tried, but only few have succeeded in this endeavor.
We want what we want, when we want it, isn’t that right? Isn’t that why, as a culture, we’re so impatient? Isn’t that why we have fast-food joints around every corner? Isn’t that why we demand instant service before taking our business elsewhere? Isn’t that why we complain when we don’t get our way as quickly as feasibly possible? Yes, it most certainly is. We’re simply a byproduct of our own culture and society.
But this isn’t a quick moneymaker: You’ll need to do plenty of research and find a supplier before you start slapping on labels and actually making money. One TPH contributor made more than $1,000 a month, even after paying for Amazon to fulfill his orders.
You may feel that your piggy bank of savings is smart saving. However, it truly isn’t. All you are doing is have your money sit there unproductively. It isn’t gaining interest. This is the case even for many standard savings accounts. Simply having a savings account isn’t enough, but it is a good start.
Everybody wants to become a millionaire; but nobody wants to follow the success principles. People who drives expensive cars and wear expensive suits are not millionaires, these people are usually in heavy debt. People who look rich may not actually be rich. They are just over-spenders.
“Listen, I realize your time is valuable, so I am happy to pay whatever you think is appropriate for an hour of your time even if that’s more than your normal rate. Whatever you feel is appropriate, I am happy to Paypal that to you. Can I get on your calendar in the next two weeks?”
As a “looker”, you join a family of over 20,000 who are dispatched based on their skills and experience. You must pass a background check, dress and appear professional, work with the onsite contacts in a friendly way and have the ability to do your “looks” via a smart phone.
You’ll need experience in the medical or legal fields to get those transcription assignments, but plenty of researchers, reporters and Average Joes are willing to pay for someone to type up their recordings.
I’m a student attending an ART COLLEGE and you gave me a few tips I needed to help me develop a little bit of confidence for what I can do to make a little bit of money especially in my situation, money is a huge pressure that has been on my shoulders since i started college. I will try the istock photo, webdesign for twitter and other artistic ideas. Even if it doesn’t work out, it definitely will help me build skill in fields that I have little knowledge of doing. TIME TO START DOING SOMETHING I”M NOT USE TO! I CAN DO THIS. YEEEEEEEEOOOOOSSSSSSSSSSSSSSSSSSSSSSSSSSSSS.
You don’t have to be lucky to create your own financial security. Some things in this life are outside your control, https://youtu.be/P0rkPqdibV8 you’ll doubtless encounter unexpected setbacks on your road to wealth — a car or home repair or a medical emergency that delays your savings or investing goals, for example. But you can overcome even bad luck by using your desire and self-discipline to direct the things you can control.
“In the early days, I treated Instagram like a blog. I posted consistently, shared my story, my experiences as an entrepreneur, and found that motivational quotes with pictures of cars, luxury items, and public figures would get a lot of engagement” – Jason Stone –
Correct, it’s not… yet. Remember, the learning never ends. So what if you could get your name in front of not 9% but 20% of dog owners? What if 6% of all of those hire you? And if you begin making $150 per month, on average, from those customers?
Getting rich and becoming a millionaire is a taboo topic. Telling someone that you can get it done in five or ten years sounds like an unrealistic and outrageous fantasy. Pull it off and society will suggest that keep your financial success on the ‘down low’ or be labeled a greedy, gluttonous elitist.
EQ includes our self-awareness (knowing our own feelings), self-management (controlling our feelings), motivation, empathy (the skill of understanding other people’s emotions and reacting to them appropriately) and our social skills (negotiating the needs of others with your own and applying empathy).
Ok, so you have income but now what? It doesn’t matter how much money you make if you spend it all or spend even more than you make. It might be nice to eat out at nice restaurants every night, or to always be on the cutting edge of designer fashion but, this will only make you look like millionaire to others instead of actually being a millionaire. This doesn’t mean you have to live a miserable and miserly lifestyle, but you simply need to live reasonably. The bottom line is buying things and acting like a millionaire if you aren’t will simply empty your bank account and give people a false impression of your status, but that’s it.
Great tips. I agree that the process for becoming a millionaire is not very difficult when one takes the time to step back and look at it in a methodical manner. Spend less than you earn, save and invest the difference, and repeat the process. The biggest factor after that is adding time and compound growth.