7 Things I Learned Hanging Out With 12 Multi Millionaires

Transcription

1 7 Things I Learned Hanging Out With 12 Multi Millionaires By Mourad Tellab ModernMoneyNinja.com

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3 Introduction Hi I'm Mourad Tellab, the founder of ModernMoneyNinja. In 2015, I decided to reach out to wealthy people to understand how they got there. I managed to meet and interact with 12 multi-millionaires in less than a year. What I learned from them is the opposite of everything we are being taught in the official education system

4 RULES For the purposes of my Investigation, I picked people who didn t start up rich. 1. All of them started as average people. 2. None of them inherited their money. 3. Some of them were even poor to begin with.

5 THEY DON'T WANT JOBS 1.

6 THEY DON'T WANT JOBS 1. They are not lawyers or doctors. Most of them don t even have a university degree. None of them have a job. None of them want a job. None of them would have got rich with a job.

7 THEY DON'T WANT JOBS 1. There s a joke that I heard many times, which is that having a job means being Just Over Broke. Believe it or not, there are only two ways to make money: Option #1: People at work - Option #2: Money at work When you have a job, you get paid for selling your time and therefore you are using Option #1 which is yourself at work. It s long, it s tiring and it s hard, especially if you don t like your job And your boss.

8 THEY DON'T WANT JOBS 1. And since there are only so many hours in a day, your earning potential will always be capped to your hourly rate and the number of hours you can work in a day. The irony is that in every single country in the world, earned income is the most taxed type of income. So in this case, working more is also getting taxed more That s why working harder is not the solution. Yet, this is what most people are trying to do. It s time to start thinking outside of the box that we have been conditioned to fit in.

9 THEY DON'T WANT JOBS 1. Financially speaking, I understood that there was nothing more dangerous than only having a job. FACT: All of them had 7 different income sources on average. HOW? This is because they have assets. An asset is something that puts money in your pocket, In other words it is an investment that generates money for you. The average person only has one source of income a.k.a. a job,a mortgage and many debilitating expenses also called liabilities.

10 THEY DON'T WANT JOBS 1. AVERAGE PERSON Salary No Assets LIABILITIES RICH PERSON LIABILITIES Assets

11 THEY DON'T WANT JOBS 1. Part of working smarter is about understanding how to leverage your time and your money to do more with less. It is about shifting from a consumer mindset, to an investor mindset. If you have never considered investing before, chances are you are probably thinking something along the lines of: "Invest? Why Invest? I Don t Like Capitalism!" Capitalism isn t perfect and definitely creates a lot of inequalities. But you can also use this system to your advantage instead of being used by it. We have been conditioned to think that time is money. But time is not money. Time is everything. This is what investing is about...

12 THEY DON'T WANT JOBS 1. Investing is not about money, it is about freedom.

13 THEY DON'T WANT JOBS 1. CONCLUSION

14 THEY ARE ENTREPRENEUR-INVESTORS 2.

15 THEY ARE ENTREPRENEUR-INVESTORS 2. Think about this: How many assets do you currently have? And how many liabilities? The financial trap Where most people Find themselves in Involves having a Single source of Income, no assets And many liabilities. This is also called the rat race

16 THEY ARE ENTREPRENEUR-INVESTORS 2. So What Is The Answer? WIN THE LOTTERY?... Most people think this way. There is an easier and more realistic way It is to understand how to create yourself different income streams and to have your money work for you by creating and acquiring assets.

17 THEY ARE ENTREPRENEUR-INVESTORS 2. CONCLUSION They understand the world of business and investing at a very high level. They don t want jobs. They create systems. They create businesses. They are entrepreneurs. They are also investors and have their money working for them while most people work for money. An entrepreneur adds value to the world by creating something and selling it while an investor knows how to recognize value and profit from it.

18 WHAT IS INVESTING EXACTLY? 3.

19 WHAT IS INVESTING EXACTLY? 2. Investing is simply putting your money to work in order to turn it into more money through the acquisition of assets. There are three types of assets: Business (creating your own) Paper assets like stocks and bonds Hard assets like real estate, precious metals and commodities. Part of becoming an investor is getting educated and choosing the type of asset that is right for you.

20 WHAT IS INVESTING EXACTLY? 3. CONCLUSION Is Investing Risky? In today s economic environment of constant faster overwhelming change, not being an investor is the real danger. Depending on your government for your retirement is the real danger. Depending on your job for your entire life is the real danger. P.S. How long 'till they push the legal retirement age to 100? Like everything, investing is something that you can learn. Remember that the goal of investing is to acquire assets for YOU. They don't teach you this in business schools.

21 THEY DON'T SAVE MONEY 4.

22 THEY DON'T SAVE MONEY 4. Although they use the mechanisms of capitalism to create businesses and invest their money, they are very critical of the banks. They want their money working for them and moving fast. They don t want it sitting in banks too long.

23 THEY DON'T SAVE MONEY 4. If you look at most European countries today, having your money in a savings account costs you more than the interest you earn on it. In addition to that, in today s economic environment where central banks can print money, inflation keeps rising and the value of your currency can shrink overnight. People who work hard and save money are being punished because prices keep rising while their salaries don't. And how unfair is it that all your hard earned currency s value can literally shrink overnight?

24 THEY DON'T SAVE MONEY 4. CONCLUSION

25 IT DOESN'T TAKE MONEY TO MAKE MONEY 5.

26 IT DOESN'T TAKE MONEY TO MAKE MONEY 5. Think about someone like J.K Rowling who was on welfare before she wrote Harry Potter. Sometimes an idea is all it takes. Your knowledge and your creativity can be the key to your wealth. And while everyone is not meant to be an entrepreneur we can all come up with creative ways to earn more and learn how to become investors. The world of investors is also the world of creative financing. Investors don t use their own money. They use debt. There is a famous saying among investors: "If the deal is right, the money will follow. So don t limit yourself.

27 THEY CONSTANTLY OVER DELIVER 6.

28 THEY CONSTANTLY OVER DELIVER 6. Something that really stuck with me to this day is that I always expected getting to interact with these people would be interesting, But it has been far beyond my expectation every single time. You expect them to be good and they are better. You expect them to give and they give even more. The extent to which they over deliver is mindboggling.

29 THEY CONSTANTLY OVER DELIVER 6. CONCLUSION

30 THEY GIVE BACK 7.

31 THEY GIVE BACK 7.

32 THEY GIVE BACK 7. CONCLUSION