Millionaire Explains: How To Get Rich In Your 20s

About this video

• Video Title: Millionaire Explains: How To Get Rich In Your 20s
• Channel: Jordan Welch
• Speakers: Jordan Welch
• Duration: 00:20:48

Overview

This video features a 27-year-old multi-millionaire, Jordan Welch, who outlines nine principles he followed to achieve his financial success, particularly in his twenties. He aims to provide viewers with actionable advice to improve their financial standing and achieve wealth.

Key takeaways

• Detest Poverty: Develop an intense aversion to poverty and a strong desire for a successful life. Recognize that there is no inherent nobility in being poor, and many wealthy individuals contribute positively to the world.
• Develop Self-Image: Cultivate a self-image of success. Inspired by "Psychocybernetics" by Maxwell Maltz, the speaker emphasizes that believing in your success, regardless of current circumstances, is foundational.
• Ignore Unhelpful Advice: Disregard advice from those who have not achieved what you desire. Trust your own vision and intuition, as others may project their limitations and fears onto your aspirations.
• Understand Money: Grasp the principle that income is proportional to the value provided. Shift from a victim mentality to a proactive approach by developing valuable skills and offering them to the market.
• Embrace AI and Future Trends: Focus on acquiring skills in high-demand areas, such as AI, which are shaping the future and have significant market value.
• Start Before You're Ready: Overcome the tendency to wait for the perfect moment. Take action on ideas, understanding that failure is a crucial part of the learning process and leads to valuable experience.
• Generate Income Early: Prioritize earning money as soon as possible, even through side jobs or hustles, to reinvest in your business aspirations. Choose employment that offers transferable skills if a traditional job is necessary.
• Learn from Failure: Reframe failure not as an end, but as a teacher. Successful individuals fail often and quickly to learn and iterate, rather than being paralyzed by the fear of it.
• Plan Your Day: Implement a "power list" of five significant tasks to accomplish daily, planning the night before to gain clarity and focus.
• Think Bigger: Set ambitious, even daunting, goals. The shift from "Can I do this?" to "How can I do this?" is critical for problem-solving and achieving extraordinary results.