If I Wanted to Be a Millionaire Before 30, I'd Do This

Ali Abdaal2 minutes read

The speaker shares advice on achieving financial success, emphasizing setting clear goals, starting a business in your 20s, and finding enjoyment in the work to build a sustainable venture. They highlight their journey from starting a web design agency at 13 to earning their first million at 26 through various business ventures and continuous learning.

Insights

  • Setting a clear goal for financial freedom is crucial for intentional actions and opportunities, with starting a business being essential for achieving millionaire status in one's 20s, as traditional jobs can limit financial growth.
  • Balancing continuous learning with taking action is emphasized for business success, with finding enjoyment in the work and viewing it as a form of play while solving problems, building a business, and being the owner being crucial for sustainable and fulfilling results over time.

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Recent questions

  • How can I become a millionaire in my 20s?

    By setting clear financial goals, starting a business, and taking intentional actions.

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Summary

00:00

Accelerate Wealth: Lessons from a Young Millionaire

  • The speaker made their first million at 26 but shares advice that could have expedited the process.
  • Growing up, the speaker was surrounded by doctors who were seen as financially successful due to property investments in London.
  • At 17, reading "The 4-Hour Work Week" by Tim Ferriss changed the speaker's perspective on financial success.
  • Lesson one: Setting a clear goal for financial freedom is crucial, leading to intentional actions and opportunities.
  • Lesson two: To become a millionaire in your 20s, starting a business is essential as jobs limit financial growth.
  • Businesses can be categorized into service, product, or content types, each solving a problem for profit.
  • The speaker recommends starting with a service business as the easiest way to begin making money.
  • Trading 212 is endorsed as an app for commission-free investing in stocks, shares, and funds.
  • The app offers features like practice investing, pies, auto-invest, and multi-currency accounts.
  • Using the code "Ali" at checkout on Trading 212 gives users a free share worth up to £100.

10:17

Young Entrepreneur's Journey to Millionaire Success

  • Started a web design agency at 13 years old, marketing services on getacoder.com
  • Earned money through web design services, charging $5-$10 initially
  • Transitioned to private tutoring from ages 14 to 19, earning £4-£6 per hour
  • Started tutoring for GCSEs and A-levels, earning £15 per hour
  • Emphasized the importance of taking action to learn business rather than traditional education
  • Transitioned to a product business at 19, creating a course to help people get into medical school
  • Gradually increased revenue from the business, reaching £150k annually with 30% margins
  • Pivoted to a content business at 23, starting a YouTube channel to market courses
  • Stressed the significance of balancing action with continuous learning in business growth
  • Highlighted the slow but steady income growth over 13 years, reaching the first million at 26

20:33

"Enjoy work like play for financial success"

  • To achieve financial success, it is crucial to find enjoyment in the work, viewing it as a form of play while solving problems, building a business, and being the owner of that venture, which ultimately leads to sustainable and fulfilling results over time.
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