Thread by @OhHaiAndy

30 Lessons from someone who became a millionaire in their 30s

(After starting $86k in debt at 29).

// THREAD //

1. Everyone wants to be a millionaire in their 20s/30s.

Very few are willing to do what it takes to get there.

"Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do." - Pele

2. Everyone talks about patience, but very few practice it.

You want to know the secret to investing?

The secret to progress?

The secret to success?

Patience.

Those who can live the long-term and avoid decision by instant gratification win. Every time.

3. Compound interest will either make you succeed or it will destroy you.

Invest money and let compound interest make you richer.

Take on credit card debt and watch it ruin your life.

Be the person who pushes the snowball. Not the one standing in its path.

4. You have to train your brain to feel pleasure when you invest your money.

You have to train your brain to find joy in owning assets.

Associate pleasure with investing and you will win.

5. You will not get there because of your job.

Your 9-5 will not make you a millionaire in your 30s.

Your ability to work 5-9 will.

6. Side hustles are overhyped, over-talked about, and a cringey phrase.

Do you know what else they are? Rocket fuel.

Do you want to become a millionaire? Increase your income by wide margins and watch the years melt away.

7. We live in the single most resource-filled era to ever have existed. We live in the internet era.

There are never-ending sources of education and information online that cost absolutely nothing.

You are a fool if you aren't soaking up knowledge as much as you can.

8. The goal of $1M by your 30s may seem impossible, but it's just math. Break it down and all the mystery vanishes.

Cold hard math will burn away the fear and show you the truth.

“Math is the only place where truth and beauty mean the same thing.” @danicamckellar

@danicamckellar 9. Money will not make you happy.

Money will absolutely relieve stress if you are in a paycheck to paycheck situation

Money will fix things like that.

What it won't fix is you. Money will only magnify the good or bad.

Money is just a tool.

@danicamckellar 10. You have to bet big on yourself.

"I don't like to gamble, but if there is one thing I'm willing to bet on is myself," @Beyonce

If you won't bet on yourself. No one else will.

@danicamckellar @Beyonce 11. You will not become a millionaire by saving your money.

You will get there by investing every spare dollar you can.

Every dollar you invest is one step closer to freedom.

@danicamckellar @Beyonce 12. Look for opportunities. Look for asymmetric bets.

I bet big on #Bitcoin and I became a millionaire in less than a decade.

Keep your eyes open and follow your gut.

https://twitter.com/OhHaiAndy/status/1379458735295238151

@danicamckellar @Beyonce 13. If you don't have a budget, you are walking a tightrope while blindfolded.

You might think budgeting is dumb, but if you don't know where your money is going or what it is doing, you will fail.

@danicamckellar @Beyonce 14. You have to be antifragile. If your whole life hangs on a single job, a single income, or a single failure waiting to happen, you will not make it.

You have to be able to absorb the hits and keep on moving.

“Wind extinguishes a candle and energizes fire.” @nntaleb

@danicamckellar @Beyonce @nntaleb 15. You need to internalize this truth:

No one is coming to save you.

It's all on you.

@danicamckellar @Beyonce @nntaleb 16. Consumerism will kill you.

All the people around you spend what they make.

You have to spend way less than you make. You have to go against the grain.

If you do what the world tells you to do with your money, you will be just like everyone else in it.

@danicamckellar @Beyonce @nntaleb 17. There is no "right" or "wrong" way to invest or manage your money.

There is only your way and your plan that you feel is right for you.

And it's completely on you to follow it.

@danicamckellar @Beyonce @nntaleb 18. You are a time billionaire. Your clock is ticking and every day is an opportunity.

There isn't a single billionaire in their 80s who wouldn't give up all their money to switch places with you.

"Your time is limited, so don't waste it living someone else's life" -Steve Jobs

@danicamckellar @Beyonce @nntaleb 19. Financial freedom is just an abundance of options.

The ultimate freedom that money can give you is options.

The option to:

-Live anywhere you want
-Buy anything you want
-Do anything you want

@danicamckellar @Beyonce @nntaleb 20. Early investing is brutal. Returns suck. Motivation sucks.

You will feel like nothing is happening.

Push through that long enough and get to the place where you are earning a full-time salary with your returns, and your eyes will be opened to the pure magic of investing.

@danicamckellar @Beyonce @nntaleb 21. Wealth is not what you wear, drive, or own.

Wealth is what you keep.

You don't get a million dollars from spending a million dollars. You get it by keeping it.

@danicamckellar @Beyonce @nntaleb 22. You can work every waking hour. You can burn all your energy. You can work towards your goal.

But if you don't stop every once in a while and just enjoy life. Travel to beautiful places. Meet interesting people. Do fun or stupid things.

What's the point of the destination?

@danicamckellar @Beyonce @nntaleb 23. There are so many things I have started that people doubted or told me "you have too much time on your hands."

I ignored those people and I did what I wanted to do anyway. Those are some of my most profitable decisions.

@danicamckellar @Beyonce @nntaleb 24. Doubters are attracted to people striving for success like flies to food.

The moment you want something more for yourself, doubters will come out of the woodwork.

But so will the supporters. This is when you find out who your true friends are.

@danicamckellar @Beyonce @nntaleb 25. Creating the life you truly want and building success, isn't just about overcoming challenges and competition.

It's also about overcoming yourself. If you can do that, you will win.

@danicamckellar @Beyonce @nntaleb 26. If you cannot get past your fear of failure you will never be successful.

Failure is just life lessons in disguise.

@danicamckellar @Beyonce @nntaleb 27. Successful people are eternal optimists.

If you want success and to achieve your dreams, you have to believe you will.

You have to believe that your future will be bright.

“When it rains look for rainbows when it's dark look for stars” - Oscar Wilde

@danicamckellar @Beyonce @nntaleb 28. Smart people. People who want to get ahead in life.

They have no problem saying the words "I don't know."

"I don't know" is the beginning of knowledge. And corny/cliche or not, knowledge is power.

@danicamckellar @Beyonce @nntaleb 29. It's not too late. I financially wasted away my 20s. I kicked off my 30s with a ton of debt, no savings, and barely any investments.

Six years later I was able to add the second comma to my net worth and call myself a millionaire. I'm not special. You can do it too.

@danicamckellar @Beyonce @nntaleb 30. When you finally get there. Maybe it's at 28 or maybe it's at 38. But when you hit that $1M mark.

Enjoy it. Celebrate it. Give yourself permission to pat yourself on the back and tell yourself "well done."

I believe you can do it.

@danicamckellar @Beyonce @nntaleb Smash that retweet button on the top tweet if you enjoyed this thread and give me a follow for more content like this. 👉 @OhHaiAndy 👈