Original question from Quora:
I’m 19 and I want to be a multi-millionaire. I have no work experience, no job, no money. I want to start my own business. What’s a good field to get into?
Look, you are missing something important and most of these questions are focusing on the wrong thing. If you want to go into business for yourself there is a critical secret you need to master…
But first I need to rewind time back to sometime in the 90’s when I was watching a movie that I can’t even remember its name but I do remember a name and a funny phrase.
The name Willie Sutton.
The phrase… “Why did Willie Sutton rob banks? Because that’s where the money is!”
Now, Willie Sutton was a real bank robber and with a little bit of googling you can find out all about him, but this isn’t about Willie Sutton or bank robbing.
It’s about the money.
You want to be a multi-millionaire and the way to do that is to be about the money.
If you want to be a multi-millionaire, you have to go where the money is. No, I don’t mean go rob banks.
I mean, there are some places where money flows through more readily than others. For example, if your business is selling ice to eskimos, it’s gonna be a cold broke existence.
In fact, most business ideas you hear about are HORRIBLE for one reason…
They never get the money.
If I were you and I were 19 and I wanted to make millions I would get really good at two simple skills…
First, I’d get good at selling things.
Second, I’d get good at stacking up piles of money and not touching it.
Without those two skills, you will be forever not a millionaire.
And now you might be wondering, how do I develop those skills? Well, with practice of course!
For step one, pay attention to what people are buying. And not just everyday people, also look at how businesses spend their money.
After that, start selling what they are buying!
And after that, keep improving your sales ability every day with more practice!!
Eventually, you will find yourself a competent salesman, able to make sales and bring in money almost at will (with appropriate hustle of course).
And along the way, you must develop the skill of keeping and growing your money.
That could be an entire answer unto itself, but here is the shortest version I can give you…
- Save 10% of every dollar you make and never spend it.
- Give 10% away to the church or charities of your choice.
- Live on the other 80%.
- After each “pay period” (if you have one) take whats left and put it into savings/investments.
- Invest as cheaply/broadly as you can in a way that you won’t interfere with - Margaritaville is a good choice.
- Pay off ALL your debt as fast as possible and stay debt free.
Between those two skills, you will be making more than 90% of people - probably $100,000+ a year by age 30 or sooner and you’ll be saving more than 90% of people - probably $20–50,000+ a year.
And when you do that long enough 10–20 years maybe, you’ll be a millionaire.
It’s entirely possible for you to speed up the process by reading books like:
- Think And Grow Rich
- The Richest Man In Babylon
- The Boron Letters
and really mastering the knowledge contained inside.
So, that’s how you do it. It takes work, but it doesn’t matter what field you are in or even want to be in. It matters where the money is and if you are standing there to get some of it.
P.S. I unpack more ideas in Creative Genius.