I share step by step how I became a millionaire, my net worth breakdown and the biggest lessons I have learned in this video.
If you want to become a millionaire by 30, there are two principles that you need to understand: Creating Assets and Exponential Income Growth. I will also share my story and my net worth breakdown in this video.
Creating Assets
An asset is anything you own that makes you money. A lot of people think of real estate, but I think it is a good asset for staying rich. It’s because it takes money to buy real estate. What you should do instead is create an asset. The best kind of asset that you can create is business. However, not all businesses are the same. There is one principle that you have to keep in mind when you start your entrepreneurial journey. You want to build something that one day when you’re sick of running it, you can sell it.
Exponential Income Growth
Most people will either never become rich or they are on a slow path to becoming rich. Most people have a typical salary job and maybe they get a 5% raise every year. Over time, they are going to save money, put it away in their 401(k), or buy a house. When they are in their 60s, maybe they will become a millionaire. The difference is if you work for yourself, you can use Exponential Income Growth. You have the potential to double, triple, or even 10x your income every year.
Net Worth Breakdown
Cash/Liquid Assets – $200,883.23 ($25,300 in personal bank account, $130,000 in business bank account, $30,583.23 in stocks, $15,000 in bitcoin)
BDancewear – $75,000
YouTube channel – $235,200 ($9,800 average per month)
Performance Nut Butter – $466,171.92 ( $12,949.22 average profit per month)
Product Inventory – $83,699.91
Total: $1,060,955.06
When you plan to sell your company, you have to know that there are two types of buyers.
Financial Buyers – they are people who have money and they are going to buy your company because they know if they do, it is going to make them more money.
Strategic Buyer – this is someone who is already in the food business and is already selling lots of food. They are going to buy PNB because it is Keto-friendly and they are already selling Keto-friendly products. A strategic buyer will pay more for a company.
My Story
I had a corporate job before. During my first year, I enjoyed it. It was fun and I was traveling all over the place. Then the second year came and I realized that if even if I work my butt off, the most I can get is a 5% raise. There was not a lot of incentive for me to work hard.
I read the book “The 4-Hour Work Week.” It basically talks about living your dream life by only working 4 hours a week by creating a company that will help you make passive income. However, when I read this book, I did nothing. I had a good job and I was making really good money. What ended up happening was I got depressed. Around this time, I met somebody who was doing exactly what the 4-Hour Work Week is talking about. He was making $300/day online. I eventually decided to quit my job.
The next few months after quitting my job were terrible. Around this time, I created my first asset, BDancewear. It was a dance clothing company that I created with my mom. However, it was pretty hard to run. It was also a bad idea because I had no passion for dance clothing. I’m a huge fan of if you’re going to create something, be passionate about what you are doing. It’s going to make it easier. I spent some years working on BDancewear, but it was never enough to reach my goal of $300/day of passive income.
It was around at that time that I created my second asset, this YouTube channel. It is one of the easiest money I’ve ever made. Whatever you are doing, if you create a YouTube channel, document your journey, and share your tips along the way, you can help out a lot of people. You can make a lot of money easily by doing that.
I eventually moved from Valencia to Santa Monica. It was also around this time that I met my girlfriend. It was one of the most important things that helped me with my financial success. She helped me to start enjoying life. One thing that I want you to get out of this video is to not wait until you’re a millionaire to start enjoying life.
At this point, I thought of starting a company that I’m passionate about. I saw that a lot of people were making money off of Kickstarter and a lot was also having success on Amazon. Eventually, I decided to create a company that I was passionate about, launch it on Kickstarter and sell it on Amazon. I also decided to go for only one SKU, unlike the dance clothing company, and outsource the manufacturing. The idea I had was to create a premium nut butter company. I wanted to create a healthy fat snack and this time, the Keto and Paleo diet was just starting to take off. Performance Nut Butter eventually came to be because of this.
I created an Instagram to start gaining a following and market the product. I created a Facebook Launch Group. Another big lesson that I would like to share is to use the help of the people around you. Use the insights of your potential customers. I launched it on Kickstarter and raised $15,000. I used it for my first production run. In my second month, I made $30,000 in sales. The cool thing about Amazon is that they do all the fulfillment for you. Once you get the ball rolling, you’re pretty set. You can sit back and relax.