Not everyone wants to rule the world, but nearly everyone wants to become a millionaire. And while there are hundreds of ways you can try to achieve that, not everything works, so how about taking advice from those who were just in your place and were able to accomplish their wildest dreams!
Think and Grow Rich
by Napoleon Hill
⏱ 13 minutes reading time
🎧 Audio version available
Silicon Valley has changed the world. Before 1901, before the incorporation of US Steel, not one single billion dollar company existed, never mind a plethora of billionaires. Now, there are around 2,755 billionaires around the world. Somehow, a suburban area in the United States is practically a factory that produces these billionaires.
These people have discovered a shortcut to tapping into gold mines. There’s a reason why people are flocking from Wall Street to the west and to Silicon Valley. Here is what those millionaires and billionaires have to say.
If You Have Stock, Sell Half and Keep Half
Smart tech millionaires have this smart trick that ensures they don’t keep all their eggs in one basket. Many have around one million dollars worth of their company’s stock.
If you were in their place, you may be tempted to sell the stock and enjoy the temporary riches. However, what if in the next year or so, the stock actually doubles? You’ll be left with bitter regret that if you had waited a little longer, you wouldn’t have missed out on millions of dollars.
But, on the other hand, a completely different scenario can take place. What if you hang on to the stock for too long and the company fails? You’ll be left with a different regret: not cashing out and getting your money’s worth when you could.
This contingency plan will have your back either way. If you find yourself rich in stock, sell half of it and keep the rest. If the company tanks, you’ll have something to fall back on. If it beats the odds, you’ll benefit.
Spend Intentionally
Did you know that some millionaires, even though they’re technically millionaires, don’t consider themselves that way? Some see that as long as they have expenses that make it too high a price to afford an indulgent lifestyle, it’s best to live a humble life.
Silicon Valley is notorious for the extravagant lifestyles it encourages, the high-cost rent prices of its homes, and the number of flashy cars driving around its streets.
However, on your journey to become certifiably rich, it’s important to know where you should put your money. In other words, spend intentionally.
Millionaire experts advise soon-to-be millionaires to keep a budget. This budget will help you keep track of your progress, of how much you spend, and where you should spend it. In the present, your ultimate goal should be to spend intentionally while minimizing costs as much as possible. Financial advisor and president at Sierra Ocean advises people to
“ravenously find ways to limit your lifestyle costs and save 25% of your income.”
Have A Side Hustle
A lot of Silicon Valley was built on side hustles, believe it or not. The fastest way to get rich is to, again, not put all your eggs in one basket.
If you can spare the extra time, find any kind of side hustle you can work on for a few hours every week. Some take up two to three side hustles to truly see a difference. Before you know it, your income will increase dramatically, especially if you save as much of that income as you can.
Become a Dreamer
Yes, being a dreamer is one of the fastest ways to become rich! Who says? Only the likes of Bill Gates, Jeff Bezos, and Mark Zuckerberg. Being a dreamer is a rewarding path towards millionaire-dom. Including the billionaires just mentioned, around seven of the world’s top ten wealthiest people built their own companies based on following their dreams.
It’s true. Following a dreamer’s path may not always pan out, and it may be one of the more riskier and stressful paths to take, but that just makes it all the more worth it when you find yourself benefiting from your passion. Your dream turns into your everyday life.
Work Harder Than Your Competition
You’re bound to have a competitor working for the same goal as you are. How hard are they working? Start by working harder and smarter than them. Put in the work and find ways to become more efficient.
Elon Musk, who alternates between the world’s richest and second richest man, regularly works 80 to 100-hour weeks to stay ahead of the competition.
Practice “Stealth Wealth”
After you become a millionaire, there will be a million chances to show off your riches, but for now, “Stealth Wealth” is the way to go. You may find yourself with a bunch of money on your hands and a shiny Tesla you can afford at the moment. You can buy it, of course, but then again, growing wealth isn’t about spending right away.
Studies show that making it in Silicon Valley depends on both hard work and a little bit of luck. Those who made it super big had lucked out in choosing the right college major, in befriending the right people, or in founding or joining a startup when it was still small before it turned into a billion-dollar company.
The uncertainty that hangs over people’s heads in Silicon Valley means that you may have money now, but not forever. It may also mean that you can earn even more in the future, but somewhere else than where you are. So even though you can afford lavish things, as Jay-Z put it
“If you can’t buy it twice, you can’t afford it.”
Enjoy your success when it occurs, but don’t overdo it. Remember that a lot of these million dollar companies have gone through ups and downs, seemingly insurmountable hurdles, and rewards when their patience panned out.
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