How to become a millionaire step by By Dan Lok
In this article I’m gonna teach you one of the most profound concepts that I’ve learned in my life that has helped me become a millionaire by the age of 27 years, and a multi-millionaire by the age of 30.
Now you may not realize this, but one of the most toxic concepts and one of the most toxic ideas that you have been exposed to is this. That somehow if you make money in a very short period of time, that somehow if you make money quickly it is a bad idea.
You’ve heard of the term, get rich quick. Somehow in our society that we believe if you make your money, if you build wealth quickly it must be something shady, you must be doing something illegal,it must be a scam, right?
Get rich quick, ooh, that’s a bad idea.
When people say oh, is this get rich quick, you better hope that it is. Because you don’t have time to get rich slow.
Now what do I mean by that?
Wealth is not just measured by how much money you have, wealth is measured more in time than in just money.Let’s say you make $25,000 a year and let’s say you work 40 years.
How much money you’ve made?
One million dollars.
Now is one million dollars a lot of money?
Absolutely, you’ve made a million dollars.
The question is, are you rich? The answer is No
Why not? Because it took you 40 years to accumulate a million dollars. Now let’s look at a different scenario. Let’s say you still make a million dollars, but instead of taking you 40 years you make that same million dollars within 12 months, within one year. Now, are you rich?
Yes! Now you are a millionaire. So what is the difference? It’s the same one million dollars.
The only difference is the time that it takes for you to make it, and the cool thing is this, when you make your money in a relatively short period of time, guess what? Now you have more time to enjoy it instead of waiting for 65 years old then you may enjoy your money for the like 10 years, why not enjoy it for 30, 40, 50, 60 years? That’s the only difference. That’s why wealth is not measured in how much money you make, it’s how fast you make that money.
What if you make a million dollars a month? Let’s think bigger, a million dollars in a month. The person who makes a million dollars a month is 12 times richer than the person who makes a million dollars in a year. And he or she is richer than 480 times richer than the person who makes $25,000 for 40 years, that’s the difference, and that’s why rich people, we value time more than we value money. But poor people, they value money more than they value time. And that’s why if there’s something, you know, with my Bentley, an oil change or I gotta go do something or fix the car, I’m not gonna do it, because it’s not worth my time. My time is much more valuable.
I have other activities that I could do that could bring in more money.
Now you may be saying that well, easy for you to say, you’re Dan Lok.You’ve got money, of course you could do that. That is not true. You might be thinking ’cause you are rich, that is not true. I got rich when I started valuing my time.
Most people never get rich because they never value their time. So think about that.