This book shows the statistics and refutes the myth that millionaires inherit their wealth from rich families being passed down generation-to-generation. It does happen but the majority of the time it is because someone earned it in their own lifetime, most often from creating their own business or saving. The top 1% didn’t cheat or steal from the poor. They provide value to a lot of people. Believing that you can make money in other ways besides a 9–5 is the first hurtle that must be overcome.
For every solution there is a criticism. Winners win, losers make excuses. You must change your mindset and control your thoughts.
Self Discipline
A dollar saved is a dollar earned. You must learn to have self control and delay gratification. Countless NFL and NBA stars as well as lottery winners have burned through their money in a number of years. If you constantly are spending every dollar that you earn you will never retain your wealth.
Money and Taxation
The biggest difference between Mike Tyson and Ice Cube is that one learned how to keep the money they earned while the other spent it all. Both have earned millions in their careers. One is bankrupt, the other makes money as he sleeps.
You can’t retain money if you don’t combat inflation by investing in assets. You will also need to learn how taxation is the number one killer of wealth. You need to learn about how to legally prevent Uncle Sam from taking all of your money.
Learning a skill that others will pay for
The fact is if you don’t have something that other people want, than they will not pay you for your efforts. Regardless if you are paid by the hour or if you invent something, you will still need to learn how to do something of value.
Being ahead of the curve and catching trends
Technology is crucial for entrepreneurs. If you ask what people wanted in 1885 they would have said a faster horse. We don’t ride around in horses today, we ride around in cars. This is what it means to be ahead of the curve.
Hustle
The hardest part is applying the knowledge and then creating something out of nothing. You must make it happen. It won’t be given to you. No one will think its a good idea but you. Haters will try to get you to stop. You must follow your dream. It is the most unromantic and difficult thing in the world. You have to have motivation beyond the average. You need a burning why.
This is the recipe to become a millionaire, most don’t know about it, many aren’t willing to follow it.