Hello everyone, I’m Abdullah Al Muti. And in this episode, I’ll show you a variety of strategies for becoming a billionaire. Make sure you subscribe to this blog before we begin. You will be informed in this manner as I produce new content similar to this. Additionally, click the alert notification option on YouTube. We will discuss money today, namely how to make more of it and various methods I’ve used to make over a million dollars in my lifetime. Now, if you’re struggling to make ends meet or are drowning in debt, you probably believe that you’ll never be a millionaire until you hit the lottery or receive a sizable quantity of money. And it’s accurate. You will never become a millionaire if you keep spending all of your income or working in a dead-end job as you currently do. But if you make a strategy, begin right away, and cultivate the necessary behaviors.
Millionaire’s Behaviour
. Depending on the route you choose to take, you can easily discover how to become a billionaire within the next ten years or perhaps sooner. This episode will now outline all the various ways in which I have personally earned a million dollars over the previous 20 years. Also bear in mind that this is not about saving every lesson, reading your pennies, or giving up your job. Being a cheapskate is hardly a fulfilling way to live your life, after all. Instead, I’ll demonstrate many strategies for making a million dollars while still spending money on the things, people, and activities you enjoy. But before we get started, you need to be aware of the following guidelines. Therefore, you must reiterate after me that your day job wage will never result in wealth that will change your life before you start your quest to become a billionaire. Now, with a few exceptions, your wage is typically not enough to support you financially or to keep you alive. Now you might earn enough to occasionally treat yourself. However, your job won’t ever result in an unanticipated windfall of cash. But it’s crucial to remember that you can’t become wealthy until you spend less than you make. And because I’m Asian, one of my core ideas is that you should prioritize spending money on things that make you happy before making harsh cuts to every other outlay. Eliminate spending on non-essential items and strive to get the greatest bargain on every purchase, even if you can afford to pay full price. Above all, regulating your expenditure is the key to accumulating long-term wealth, especially if you start generating a lot of money. As soon as they start generating money, many of the successful entrepreneurs I know start spending it recklessly; do not be one of them. Because you’ll be far ahead on your path to becoming a millionaire if you earn more money overall and spend less. The other thing you need to understand is that producing money that might change your life nearly always happens slowly and steadily. A millionaire does not become one overnight. And if you’re about to go off on a voyage that promises enormous wealth in a short amount of time. Stop straight away. Building a solid foundation for money generation is never simple or fast. It is a gradual procedure that calls for persistence and patience. Furthermore, there are no assurances. The mere fact that you put a lot of effort and money into a project does not guarantee its success or your financial success. The best method to become a millionaire is to sow as many money seeds as you can in the hopes that a few may bear fruit. Because chance is always a major factor.
Millionaire’s Strategy
The first strategy is to work for a business that offers equity. Now keep in mind what I stated about having a day job never making you enjoy exchanging money. There are a few exceptions to this rule. For example, if you work for a startup firm that gives you ownership in the form of stock options, those options may end up being worth a lot of money in the event that the business experiences a liquidation event, such as going public. In truth, this was my original plan for achieving the wealth that would change my life. when I originally received my electrical engineering degree from Stanford. My strategy was to take a massive portfolio of stock options from various tech businesses, work for as many startup companies as I could for roughly three years each, and then just take a chance. Sadly, I never got around to executing my strategy. I ended up spending 17 years at the same little business.
So what took place there? What can I say? The team I work with and the technology I was developing genuinely made me fall in love. Anyhow, at this business. I experienced two significant recessions in the early 2000s and 2009. I overcame several layoffs and eventually came into a respectable sum of money. When my startup firm was acquired in 2013, I received just under $1 million in stock options and retention bonuses. As you do this, start earning a million dollars. Sounds decent enough. I really received a few offers at these other companies, some of which are worth multiple billions of dollars, so if I had stuck with my original plan, I definitely could have earned 8x more. I actually came close to leaving the company twice throughout my 17 years there for two other startups. I was just considering this the other day because the stock in one firm that I hold has risen to more than $200. Don’t get me wrong; if I had worked for both of these companies, my stock options would now be worth at least high seven figures. I have absolutely no regrets about working for this company because I made so many wonderful connections there that I still treasure now. But ultimately, it all comes down to a little bit of luck; the bigger your A stock options portfolio, the better your chances of being wealthy are.
The second way is to actually purchase stocks in the companies you adore and hold onto them indefinitely. I consider it a great blessing that my parents got me interested in stock investment at a young age. And in the 1980s and 1990s earlier. I can still picture myself reading Investor’s Business Daily while having supper with my family and chatting about stocks and my parents all day. Additionally, I could only afford to purchase stocks in blocks of five to ten shares when I initially started investing in equities. My parents would actually provide me with additional loans so that I could make greater purchases and offset the exorbitant trading commissions. Trade used to cost $50 or even more per transaction, depending on the amount of the transaction. Anyway, starting in elementary school, I invested all of my lucky money in Microsoft and Oracle, and I kept the stocks for a very long time. In fact, I still own stock in these companies, and these two investments alone made me almost $400,000. I’m not suggesting that you invest all of your funds in the stock market, mind you. However, it is worthwhile to invest some of your money and hang onto that stock for a while if you have a firm that you love and are convinced will succeed in the long run. As I’ve acquired businesses like Facebook, Article, and Tronics, which together with Microsoft and Oracle have helped me earn close to a million dollars, this method has worked incredibly well for me over the years. Tesla is currently one of my holdings, and it has only lately begun to perform nicely. Currently, I actually invest primarily in tech firms because I am familiar with them. Therefore, if you choose to pursue this course of action, you should probably just stick with what you already know. Billy Murphy, a friend of mine, actually made a large investment in Apple after Steve Jobs unveiled the iPhone. And today, he essentially subsists on this cash. However, if you’re viewing this right now, kindly remember to treat whatever I say regarding stock investing with skepticism. However, investing in stock for a firm you support might potentially result in significant gains over the long term; however, avoid the trap of day trading. During the 2001 dot-com bubble. I actually made a lot of money at first by buying and selling stocks carelessly, but I eventually lost virtually all of my games. But over time, all of the equities I did hold on to performed extraordinarily well. My e-commerce company and other online businesses are how I made over a million dollars in a third way.
Now, if you haven’t read The Millionaire Next Door, which I really recommend, 66% of millionaires are self-employed, according to the book. Most of these people are also business owners. Since entrepreneurs are the foundation of the economy, this is no coincidence. And those of you who have been following me for a while are aware that my first lucrative venture was an online shop selling handkerchiefs. And the fact that starting an internet store cost so little capital was one of the reasons my wife and I decided against opening a physical and-mortar store. In addition, we hope to generate a sizable profit within a year, which is a reasonable amount of time. therefore, with only $630. My wife and I were able to grow our tiny shop into a seven-figure enterprise with the initial startup money. And we have been operating our shop for more than ten years. We didn’t begin our entrepreneurial path until we were well into our 30s, which is crazy to me right now. And now that we’ve started, we wish we had done it much earlier. However, it took us close to ten years to understand how little money we were making at our day jobs in comparison to what we could be earning from our own firm. Additionally, beginning an internet business in general—or an e-commerce firm specifically—is definitely one of the best methods to earn money that can change your life. Start a YouTube blog or a podcast on your site as your fourth method. Right now, my mother still does not get how I profit from my wife quitting her job.com. However, this is all you need to know. You can make money that can change your life if you can produce content that draws an audience. Now, the majority of people have the incorrect belief that in order to draw an audience, you must be an authority on any given topic. However, this is not at all the case. For instance, my friend Josh Dorkin, who operates the most popular real estate podcast and website on the internet, has bigger pockets. He had little knowledge of real estate. So all we do is set up a forum where he may ask other real estate investors for assistance.
In 2009, I began blogging about my experience with online shopping. I could hardly claim to be adept at marketing tangible goods. And, to be really honest, I had no idea what I was doing. But readers were drawn to my writing because it was honest and real, which helped me gradually grow an audience. And my wife resigned from her job today. com earns over seven figures annually, the majority of which is in profit. When it comes to producing internet content, you must first understand that you must have a talent or a craft that you are very good at and that you are able to impart to others. You don’t have to be an expert, though. You simply need to be more knowledgeable than the audience you’re speaking to. There are innumerable examples of folks who decided to put themselves out there and started earning money that changed their lives on my podcast right now.
For instance, my friend Joe Jitsu Kawa and his friend Bart Kwan began posting amusing skits on YouTube and now earn seven figures each from doing so. My Stanford friend Eric Chang, who was interested in underwater photography, started a successful website called Wet Pixel. My friend Tan decided to share his productivity tips online and started a seven-figure blog at Asian Efficiency. Now, if you want to earn money that will change your life and you have between three and five years to do it, start publishing material. Now, it doesn’t matter which media you select as long as you decide on one and keep with it regularly. Investing in real estate is the fifth strategy. The primary issue with real estate investing right now is how much money is needed upfront to get started. You might not be able to invest in real estate because you’re living paycheck to paycheck. And the only reason I became interested in real estate in the first place is that my parents used a few well-placed property assets to help them put my brother and me through college without accruing a lot of debt. In fact, when it came time to pay for our college tuition, my parents sold up the properties they had held onto for more than 15 years to buy one for each of us while we were young. The right way to invest in real estate, however, is outside the purview of this episode. And I strongly advise you to go to bigger pockets if you’re curious to understand more. However, I must admit that all of my real estate success has been largely due to luck. I do this because Silicon Valley is one of the most absurd locations to live in the entire globe. The value of the homes bought during the past two decades has multiplied many times, adding up to well over a million dollars in appreciation. Real estate investing is also only a waste of money until you sell, just like stocks. However, there are a few points about real estate that merit discussion. One reason real estate is a great inflation hedge is that, with a 30-year fixed loan, the mortgage on your home is fixed. and depreciating the worth of a dollar owing to inflation.
Many thanks, Lars. I’m grateful for that, buddy. Grant Baldwin, a different friend of mine who has appeared on the program, introduced me to online webinars, which I probably use to make more than $60,000 each year. My business colleague Tony Anderson advised me to launch my own event right away. And right now, working with her to host the seller summit is one of the most fulfilling things I do each and every year. Even if being around millionaires may not make you rich, you can still learn a lot by connecting with those who are striving for success. People who are always learning and developing will influence you and help you become wealthy if you spend time with them. Okay, so when I reflect on how I’ve earned money that has changed my life over the years, it all comes down to taking a gamble on yourself. Because ultimately, learning how to become a millionaire is more about the abilities you acquire along the path than it is about the money. Because of the knowledge I’ve acquired over the years, I’m actually very certain that even if I lost all of my riches, I could easily make it up. and ultimately. Anyone can become a millionaire, in my opinion. But in order to succeed, you need the right attitude, consistency, and a dash of good fortune. So long as you keep sowing the seeds of money, you’ll finally succeed. I hope you like the article. There is actually a lot more where that came from if you liked what you saw. If you’re interested in learning how to sell physical goods online and you subscribe to my blog down below, click here to enroll in my free six-day mini-course, in which I’ll walk you through all you need to know to start working in e-commerce. I appreciate you coming.