What to Do to Become a Millionaire

Unless your family owns a business or you have assets to inherit, the harsh truth is that in this life you are on your own, no one can give you anything and everything you achieve will depend only on you, so with this truth in your hands It is very likely that you are wondering what I should do to be a millionaire, according to multiple studies, the millionaires of the world created their fortune in five different ways, 40 to 50% are millionaires thanks to the fact that they have their own business or have property in one, obtaining Their wealth as the business grows, examples are Elon Musk, Jeff Vesos and Bill Gates, 20 to 30% grew. Their wealth and they became millionaires through investments, this includes vehicles such as the stock market, real estate and other assets that increase in value, examples are Warren buffett Ray dalio and Jim simmons 10 to 20% are millionaires because they earned large salaries in their professions and invested and saved a good part of their money this is the case of Tim Cook Bob iger and Cristiano Ronaldo, another 5 to 10% inherited their fortune from their relatives and some examples are royal families or large business families such as the Hermes family and another 5 to 10% achieved it through intellectual property, royalties and other events, personalities such as jk rowling Stan Lee and Justin Bieber But then what should I do to be a millionaire There are several paths to Rome, however today we are going to divide them into the three most important ones work undertake and invest let's go to the first one work the corporate ladder is the term given to starting from the lowest point of an industry such as an analyst position and little by little moving towards the highest positions in the hierarchy such as the general management of the company, this is usually a long and difficult path, however if it is done well This is the case of Elliot Hill who joined Nike in 1988 as a clothing sales intern in a store after 36 years of work and 19 positions within the company Elliot managed to advance from moving boxes in the winery until he is the new CEO of Nike, however, this is not the case for everyone who begins this path since to move up the position you have to go through many processes, people and difficulties that unfortunately make you dependent on someone else on a corporate ladder, hard skills get you the job but soft skills get you promoted hard skills are all the hard skills that are necessary to operate, such as a university degree that shows that you know a subject or having a valuable skill such as knowing how to program, however to move up the position you do not need be the best at the job but rather be the Better with people, knowing how to lead teams, having responsibility, being a good leader and having good touch with clients are key skills for corporate leaders. These are called soft skills. There are many cases that managed to become millionaires in this way, but it usually takes a long time now. Let's move on to the second method. Entrepreneurship. There are many types of businesses. However, these three models are the most prominent. First, the service business in a service business. Generally, you start by selling your time in exchange for something that the market considers valuable. For example, let's say you are a designer. website that sells its site building services to people and you earn money by exchanging it for your time and work. Generally, this is the cheapest business to start because you do not invest money but you do invest time and skill. Professions such as financiers, lawyers, nutritionists, psychologists or even content creators can enter here. Let's just understand that if we do the work They are not really business owners but rather self-employed the key in this model is to have a valuable skill that you can sell then we have the second model a product business an example here would be to have an online store and sell sunglasses normally you you would make the website and you would decide what products to sell So you would have to take inventory, have different models and manage shipments, all of this has a high initial cost and although it may not take as much time as the first model, you need an initial monetary investment to get it afloat here. I recommend that before assuming high investment costs in products, you first test the market demand, that is, do not invest a lot of money in something that you are not sure if someone wants to buy since it is very easy to get excited about the idea of ​​​​having your own business. But Remember to try before investing, you don't always have to Being a non-perishable product can also be something related to the food industry as a first business, however, if the goal is to be a millionaire, you have to think about a scalable business. The key in this model is to have a product with high demand and good distribution throughout Lastly, we have the third model, an intermediation business, this is quite interesting because it consists of being the man in the middle of many businesses, for example, instead of designing the websites or selling products on them, you would be the provider of the platform to do the things. web pages in this way you provide the tools and the servers for entrepreneurs to create their businesses on your platform, charging a monthly fee or a commission per transaction. These are the businesses of companies like shopify, Amazon, Uber and Airbnb where they do not own any product or service but rather facilitate marketing in their platforms of the three models, this is usually the most scalable and where it comes from, they have many fortunes today, however, it is usually the most expensive and difficult to start since we not only need money or skill but also traffic and relevance in the industry to being able to attract clients and companies when everything the world sells gold you sell shovels the key in this model is to focus on the creation of the product and be relevant in the industry now let's move on to the third item to be a millionaire invest let's do the calculations if you invest 1,000 pesos monthly for 25 years in an investment that It generates 10% annually, which is the average return that the sp500 has generated in the last 20 years. Thanks to compound interest, we managed to collect 1,180 1664 Mexican pesos and The more you invest, the more you earn over time. With pure mathematics, we can calculate how much money and time we have to invest to become millionaires. And if you have reached this part of the video, comment on the eye emoji so that I know that you are seeing all the valuable content. If you you become a millionaire, do what pays the most, do what you like the most, what you can spend hours doing without getting tired, what awakens your curiosity and always motivates you to be the best, and all the income you generate, whether from your job or business, invest it directly in assets that generate compound interest and thus you can mix two or more methods at the same time. As you will see, there is no magic formula to be a millionaire since this does not depend so much on what you know but rather on what you do with what you know. Accountants can graduate from the same university and have completely different destinies because knowledge is only the basis, there is no millionaire career and there is no easy path to money, so the question is no longer what should I do to be a millionaire but rather what to do with what I have. I know to be a millionaire and for this you need tools, things that, regardless of what you do, can help you be valuable in any market and today I am going to introduce two very important ones, the Triangle of Value and Leverage. The Triangle of Value indicates that whatever you do has to have three characteristics first a high demand you are not going to sell snow at the North Pole you are going to sell it in the Sahara desert if you are very good but there is no need for your product or service you are out for example if your skill is video editing do not edit any type of video edit those who are in a high growth industry like content creation or personal branding second the ability to be the best whatever you do you will have competition So you have to have the real and feasible ability to be the best regardless of what What you do, you are in the same industry as thousands of people. What are you going to do to stand out? And being the best is not an absolute. There will always be someone better than you, but you have to be the best for your ideal client. The iPhone is not the best product. It has the best technology but is the easiest to use and That is why it is the best for its consumer and thirdly you have to be irreplaceable with Artificial Intelligence our skills are going to be increasingly replaced we have to be irreplaceable and unique I will give you a real example My accountant is specialized in content creators a high industry demand that requires a lot of accounting service at the same time he is not the best accountant in the world but he is the best accountant for content creators since he makes and creates strategies specifically for this industry lastly the human treatment that I receive and the ease with which they answer my doubts does it irreplaceable for me because although I am with him because of his extensive knowledge, I am also with him because I feel accompanied. You see how the three characteristics are met, no matter what you do, always connect with the Value Triangle and tool number two, Archimedes leverage has a great phrase that says Give me a lever long enough and a point of support strong enough and I will move the world and leverage is not working harder, it is with our own work enhancing the results and in the modern world there are four ways to Leverage Number One Capital A 10% return on an equity of 1 million pesos is 100,000 pesos of profit While 10% of 1000 is only 100 pesos of profit, however the strategy and knowledge necessary to generate That 10% is exactly the same, the person who generated the 100,000 is not more intelligent than the one who generated the 100, his decision simply has more impact because he has a greater capital number two the team You only have 24 hours in a day and in that time you can only serve a certain number of clients so your service will always be limited imagine that you are an accountant and you can serve a maximum of 10 clients a month however if you develop a methodology you hire a new accountant and you train him now because there are two on the team you will be able to serve 20 clients a month more equipment and more service means more reach you are not working more you are doing more with what you already know these two forms of leverage are quite obvious And although they are functional the The reality is that not all of us can replicate them, that is to say that we cannot get more money overnight or grow our work team, however the next two s are in our power number three, technology Yes, instead of manually attending to all your clients, you focus on creating a tool or software that facilitates accounting, you will be able to serve not only 10 or 20 clients but thousands or millions at the same time and it is not that you are smarter, you are simply putting what you already know in the correct tool to enhance your service and number four The content A piece of content can be seen by one or a million people, however the effort to create it is exactly the same, the same words and the same knowledge, only now more people reach it Thanks to leverage and this last form was the that I used thousands of people graduated from the same degree as me but unlike the others I enhanced my knowledge thanks to the leverage of social networks using what I learned to help more people in this part of the video comment on the portfolio emoji so you know that Now you know about business and that very soon you will put yours, money is not made, it is transmitted and people give it to you because they consider you valuable, the question is not How to be a millionaire Because here it is about how You receive more than how you take from others. Otherwise the correct question is how do I serve others? The Bible says in Mark 9:35 that when Jesus sat down he called the 12 apostles and told them if anyone wants to be the first, he must be the last and the servant of all, the owner of the business. always Receive your pay in the end you will be a millionaire the day you help a million people so before being the first be the last and the servant of all ah