8 Things I’ll Never Do as a Millionaire

About this video

• Video Title: 8 Things I’ll Never Do as a Millionaire
• Channel: Yidan Unlocked
• Speakers: Yidan
• Duration: 00:08:31

Overview

This video outlines eight principles the speaker, Yidan, would adhere to as a millionaire to preserve and grow wealth. Drawing from her personal journey from financial struggle to financial freedom, she shares insights on avoiding common pitfalls that quietly destroy wealth, emphasizing strategies for financial independence and smart wealth management.

Key takeaways

• Diversify Income Streams: Relying on a single income source is risky. Millionaires aim for at least three to five income streams (e.g., investments, side businesses, real estate) to ensure financial stability and faster wealth growth.
• Understand and Leverage Taxes: Instead of resenting taxes, view them as a roadmap for building wealth. Utilize legal strategies like business expense deductions, lower tax rates on investments, depreciation, tax-deferred retirement accounts, and charitable donations to reduce tax obligations.
• Create Before Consuming: Prioritize creating value and generating income over passive consumption. Wealthy individuals focus on building businesses, writing, investing, or creating courses before indulging in entertainment to maximize their time and attention.
• Discuss Money Openly: Avoid shying away from money conversations. Openly discussing investments, strategies, and mistakes with others can lead to better ideas, more opportunities, and accelerated wealth building.
• Focus on Net Worth, Not Just Income: High income doesn't equate to wealth. Building net worth through consistent saving, wise investing, and spending less than you earn is crucial for financial freedom.
• Utilize "Good" Debt: Differentiate between good and bad debt. Good debt, such as leveraging loans for appreciating assets or business growth, can be a tool for wealth creation when managed strategically.
• Avoid Money as a Status Symbol: Wealthy individuals prioritize freedom (financial, choices, opportunities) over appearing successful. Keeping lifestyle spending behind income allows wealth to grow quietly over time.
• Transition from Trading Time for Money: While trading time for money is a starting point, the ultimate goal is to make money work for you through systems, income streams, and assets that generate income passively, allowing for financial freedom and early retirement.