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Seven Principles for Teenagers and Young Adults to Become Millionaires

Introduction

In today's blog, we will discuss seven principles for teenagers and people in their early 20s to become millionaires. These principles are based on personal experience and have helped the author make his first million dollars at the age of 18 and amass a net worth of tens of millions of dollars by the age of 23. While luck and timing played a significant role in the author's success, following these principles can increase the chances of achieving financial success at a young age.

Principle 1: Be a Pawn before Becoming a King

The first principle emphasises the importance of starting at the bottom and earning your way up. The author shares his upbringing in a culture that taught respect for elders and the value of paying your dues. He encourages young individuals to listen to their elders, even if they may be less successful, as it fosters humility and a willingness to learn. Starting as a pawn allows one to gain experience, earn respect, and eventually ascend the ranks to become a successful "king."

Principle 2: Dress to Elevate

The second principle focuses on the significance of dressing appropriately to combat stereotypes associated with youth. The author advises against spending excessive amounts on branded clothing, suggesting instead to opt for classic, timeless attire without visible labels. By dressing in a mature and professional manner, young individuals can counteract age-related biases and project an image of competence and maturity.

Principle 3: Maintain Humility Through External Challenges

The third principle highlights the importance of having external experiences that humble individuals. Engaging in activities like combat sports or venturing into the business world can provide valuable lessons in humility. These experiences teach individuals that success is not guaranteed and that they must continuously prove themselves. By facing external challenges, young individuals can develop a grounded perspective and avoid becoming complacent.

Principle 4: Choose Serious Relationships Over Casual Dating

The fourth principle advises young individuals to prioritise serious relationships over casual dating. The author acknowledges the allure of casual dating but advises against it during the building phase of one's life. By focusing on personal growth and accomplishments, individuals can lay a solid foundation for their future. When the time is right, they can seek fulfilling and committed relationships without distracting from their goals.

Principle 5: Small Circles and Large Influence

The fifth principle emphasises the importance of maintaining a small circle of close friends while expanding one's influence. While many people may know of an individual, true friends are scarce. It is crucial to surround oneself with loyal and trustworthy individuals who will support and uplift during challenging times. By keeping the circle small, one can cultivate deep and meaningful connections.

Principle 6: God's Tests and Handling Success

The sixth principle acknowledges that success at a young age is a blessing but also a test. God's tests come in the form of challenges and obstacles to determine if individuals can handle their success responsibly. The author encourages young individuals to remain humble, continually challenge themselves, and avoid succumbing to arrogance. It is essential to understand that success must be earned and sustained, and complacency can lead to its swift departure.

Principle 7: Early and Wise Investments

The final principle advises young individuals to invest their earnings wisely and at an early stage. The author suggests investing in assets like real estate or physical gold, which are less liquid and provide stability. By diverting money into such assets, individuals can ensure long-term financial security and resist the temptation of impulsive spending. This principle emphasises the importance of building a strong financial foundation early on.

Conclusion

These seven principles offer valuable guidance for teenagers and young adults aspiring to achieve financial success at an early age. Combining humility, self-discipline, and wise decision-making can pave the way for a prosperous future. By following these principles, individuals can navigate the challenges, capitalise on opportunities, and realise their dreams of becoming millionaires.