If I Learned This at 20, I Would be 10x Richer”
Imagine being 20 again, just starting out in life. If I could go back, here’s the advice I’d give my younger self. Let’s dive in.
Understand How Money Works
First, understanding how money works is crucial. It’s a system, and if you grasp it early, you know how to play the game. People with the least financial education keep their money in banks, with wealth managers, and in the stock market.
That money is what Wall Street uses to fund their ideas. The money I use to fund my ideas comes from the same source. It sits in Main Street and gets utilized by those who see the opportunities.
Discover Opportunities
Opportunities are everywhere; it just depends on what you see. Wisdom, study, financial education, and having mentors, coaches, and partners play significant roles.
For instance, I recently flew into Nashville, Tennessee, and saw numerous construction cranes. I wondered who was behind these projects. Who bought that city block? Who found the debt and equity to redevelop it?
Who buys a regional mall once occupied by Macy’s and Kmart and turns it into a hotel, multifamily property, or commercial space? These are the people who see potential and use other people’s money to create change.
Gain Real-World Experience
Let me share some personal experiences. When my kids were young, I encouraged them to find ways to make money. My son Kyle bought Beats headphones in bulk and sold them at school for a profit.
Another son wanted a $30 knife, so he got three friends to buy it at $40 each and got his for free. The key is to see the opportunity right in front of you.
Kyle also saw broken iPhone screens as a business opportunity. He learned how to fix them from YouTube videos and made money repairing them during college. This taught him how to earn money independently by solving problems for others.
Start Small, Think Big
One day, I wanted my car detailed at home. A 16-year-old kid showed up and offered a monthly subscription at a discount. He set a high price to make the discount attractive and secured long-term clients.
That kid eventually expanded his business, bought several cars, and started renting them out. His first business won’t be his last, but he learned valuable lessons along the way.
The difference between him and his peers? Education and action. Taking action is key. You don’t necessarily need money to start. Find customers and sell your services. Start small and expand as new opportunities arise. As your network grows, so will your net worth.
Learn by Doing
Learning through action is crucial. Watching videos and reading can help, but real learning happens through doing. By taking action, you’ll learn a lot. Some jobs are invaluable for the lessons they teach. Right now, we’re hiring a graphic designer to expand our YouTube channel.
Take the First Step to Success
At 20, I wanted to get rich quick, but this isn’t a get-rich-quick strategy. It’s a long process of becoming a good business person, understanding the money system, and using other people’s money to grow your net worth. Just start, even if it doesn’t work out. You’ll learn more from failures than successes.
Surround yourself with successful people. Avoid theoretical advice; seek mentors with real experience. Align with those who have succeeded and learn from them. They might even invest in you if you ask.
How to Become a Billionaire
How do you build a billion-dollar company? Start, learn, and grow. Your first business won’t be your last. The key is to begin. Take action and learn from every step. That’s the path to success.
And always choose your mentors carefully. Real-world experience trumps theory any day. Seek out those who have succeeded and let them guide you. Your journey to success starts with a single step, so take that step today.
That’s the advice I’d give my 20-year-old self. I hope it helps you as much as it would have helped me.
