If I Wanted to Be a Millionaire Before 30, I'd Do This
Ali Abdaal・30 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.
