- All right, so when I was at university
studying computer science, I came across this book,
the "Secrets of the Millionaire Mind."
And on page 73, I filled in this statement
where I said I'm gonna be a millionaire
by the 1st of January, 2023,
which is also the time when I'm gonna be 25 years old.
And since writing that statement,
I have generated around 800,000 pounds
through all my sources of income,
and I'll most likely hit that millionaire status
by sometime next year.
Now if you're thinking I got here by pure luck,
then you are 10% right.
But the other 90 was because of this three-step system
which I followed.
And so in today's video I'm gonna share with you guys
how I will become a millionaire by 25
using the three-step system.
If you're new around here, my name is Jatin
and I own multiple online businesses
that generate six figures in profit every single year.
And on this channel we discussed everything
related to personal finance, personal growth, and business.
So let's begin with step one,
which is setting the destination.
So the first thing I did when I started my journey
to become a millionaire in 2019 was I set a destination.
In other words, I set a goal.
Now there's a great analogy to explain this,
that if you get to a car and you start driving
without having a destination in your mind,
then you're technically gonna keep driving endlessly
without reaching anywhere.
But if you know what place you wanna go to,
when you want to reach there by,
and why you want to get there,
most likely you will get there.
When I filled in the statement,
I basically wrote what I want to achieve and by when,
and if you see on the side, I actually wrote down my why,
which was basically the fuel to the goal which I set.
And setting a goal also gives you a sense of focus
so you know what you are working towards,
and there's a saying that what you focus on expand.
So if you're focusing on nothing,
then technically you're not gonna achieve anything.
Goals also help us to measure our progress.
For example, when I set that millionaire goal
to achieve by 2025,
I can measure my money and by when I'm gonna get,
and as I'm progressing,
I will know if I'm achieving that or not.
And by seeing that progress, if I'm doing bad or good,
it will also give me a sense of motivation
to either work harder
or just stay focused and keep me motivated to keep going.
And lastly, a goal will help you stop procrastinating,
or at least reduce your procrastination,
because similar to you having homework from school,
the only reason why you've done it
is because you knew you had to get it done
by a set amount of time.
And that is what motivated you
in a way to also get your work done.
So this is kind of the same analogy which you can apply
when it comes to setting a goal.
Step two is choosing the fast lane.
Now this step has been inspired from a book
called "The Millionaire Fastlane,"
which is one of the top, top best-selling books in business.
So I would highly recommend you read it,
but it is basically a book about getting wealthy in 10 years
rather than 40 years.
In this book, MJ DeMarco who is the author of the book,
explains how there's only three roads to wealth
and only one of the roads lead you
to becoming wealthy faster.
And that is the fast lane,
which is the lane I'm on, or the road I'm on.
In life, we can take the three financial roads.
The first one is the side walk.
This is the road I was on in the start of my journey
when I was working at my IT job,
living a paycheck-to-paycheck life
and buying things just to impress others
which I couldn't even afford.
And I feel like majority of the people
in the world are on this road,
and with this road,
you need to simply forget about becoming a millionaire
because there is no way you're becoming a millionaire
unless you reach the corporate ladder really high
and start getting bonuses
or equity in the business and all stuff.
But other than that,
I don't see you becoming a millionaire with this.
The second road is a slow lane.
Now while side walk sacrifices your tomorrow for today,
with slow lane, you're sacrificing your today for tomorrow.
This road does make you a millionaire
but it will probably take you 40 to 50 years,
depending on when you start investing
in stuff like S&P 500.
Now the problem with this road
is that you are sacrificing your today just for tomorrow.
In other words, you are gonna be saving
each and every penny just so you can invest.
So by the time you reach probably 60 or 50,
depending on when you started investing again,
you're gonna enjoy that money.
Now another problem with this
is that, yes, you are becoming millionaire
by the time you're 60 or 50,
but by then you will have the time
but you won't have the energy, the health,
or you could even be dead by that time.
So no one knows.
And also the variables
which this slow lane relies on is your job,
so you not getting kicked out,
the stock market always going up,
and the last one is you not dying, as I just mentioned.
The slow lane and the side walk is insane
because you are simply selling your soul
from Monday to Friday just to get a two days off
which is Saturday, Sunday, and then repeat the cycle again.
Basically like you're giving $5 to someone
and they're giving you two pounds or $2 in return.
You would not do that with your money.
So why are you doing that with your time?
And time is the most valuable asset you have in your life
because that's the only thing you're not getting back.
Remember that, all right?
And the third and final road is the fast lane.
This is the road
which can make you a millionaire the quickest,
and it's the road which I chose back in 2019.
In the fast lane, we basically build and scale a business
that will make us millions in 10 years or less.
Now, by the way, I know 10 years is not quick,
but to become a millionaire,
I think a 10 years timeline doesn't overwhelm you
because it just helps you to know
that, okay, I have 10 years to achieve this milestone.
I've done it in five years
and some people I know who have done it even less time.
It's just that 10 years is a pretty decent timeline
for you to say,
"I'm gonna become a millionaire in 10 years,"
and is faster than 40 years.
So, yeah.
The main difference between the fast lane
and the other two is that in fast lane,
you are not selling your time working for someone else,
just like how I did when I was working for the IT job.
Instead, you are your own boss,
and when you are your own boss,
you're able to produce wealth with your own business.
And by business, we are not talking about a business
that is small and enslaves you
into working every single hour of your day
and being stressed and tired.
We are talking about a business
that leverages to create massive amount of wealth.
Now, leverage here is super important
because you don't want the business
to rely on your time,
because, for example, if you're an accountant,
you only have a certain amount of time in a day,
which is 24 hours.
And if you only work for,
you can only work for 12 hours,
which means you can only serve your clients
within that time unless you then go ahead
and hire more people, this and that.
Whereas if you made a software
which allows accountants to manage their clients,
then you technically have a business
which doesn't rely on you and it's a software-based platform
which means you can give it to as many accountants
as you wish and you basically don't have to worry.
My YouTube is an example of a fast lane business
because I create these videos one time
and then they're up on the internet
and as long as they're up on the internet,
I will keep making money from these.
Similar to a course if I put up.
A course will stay on the internet.
I'll create it one time
and then it will keep making me money.
And with a business,
you are able to impact people at much larger scale.
For example, if you're a receptionist in a company,
then the only person you are impacting/helping is the boss
and he'll be the only one who'll be paying you.
Whereas if you started a YouTube channel just like this one,
then once the video's out,
it can go to millions of people
and when they watch the video, I'm getting paid.
So I have impacted them
and they all are basically paying me,
and I can do the same when I want to release a product.
I can release a product
and I will have millions of people who will buy the product.
Whereas in a job you don't really get that impact.
So in the fast lane,
make sure you start or choose a business which has leverage
and here's few example businesses
which you can choose and start from.
The third and final step of the three-step system
is making your money work.
Now one thing you have to understand
is that millionaires don't stay millionaires
because they keep working forever
or their business is generating them
thousands and millions every single year.
They stay millionaire and grow their wealth
is because they make their money work.
In other words, they invest that money.
For example, you made a million
and you invested half of that 500,000 pounds
into a savings account
which gives you a 5% annual return.
Then you'll be basically making 25,000 pounds
in just holding your money in that savings account
which equivalents to around 2000 pounds a month,
which is what most people make in the UK,
well, not most, average UK person makes.
So you see the power of investing, making your money work.
But the biggest problem I see with people
is that they start investing
when they have like 1000 pounds in their bank account.
The problem is that when you invest low amount,
your returns are low.
Investing is only worth it when you are investing a, sorry,
let me phrase it better.
You can only live off your investments
if you're investing a high amount
and if your investment amount is 1000 pounds,
in return on 5%, you're gonna get, what, 50 pounds,
which is not gonna help you live your daily life
or monthly expenses.
So once you choose your destination
and you choose the fast lane and start a business,
and your business starts generating money,
then you can use that money
to start investing into the stock market
or a high-interest savings account.
But most importantly, before you start investing
in high savings account,
invest that money in your business
because I feel like in the start,
if you don't invest that money in your business,
then your business will just stay at same level.
You won't be able to grow it.
And if you wanna scale it, make it bigger,
then you need to kind of use the money
from the business again back into the business
to bring out more money.
And so do that once you generate enough money
from your business, then you can start investing that.
This is what exactly I did in the start of my journey.
Every single penny I made, my first 250,000,
or even 300,000 pounds
literally has gone back into running my businesses,
hiring more people, getting better equipment,
like all these cameras, microphones, lights.
I done that and I was able to grow my personal brand overall
and it generates me more money than I was making
right in the start.
I have just recently started investing my money
and started building my crypto portfolio.
And now I'm planning to get my first real estate property
at just the age of 23.
Well, I'm gonna be 24 next year,
so by the time I get that property, probably I might be 24.
But that is the thing,
only invest once you have invested enough
in your business and you've grown your business
to a decent amount.
Following this three-step system,
I'll definitely become a millionaire by 25.
But that came with a lot of sacrifices.
Sacrifices just spending time with my parents,
my relationships with friends, and everyone around me.
I was never able to spend enough time
and I was always in this hustle minds,
which for me was fine.
But that's something I wanna let you know
that if you are gonna do, or use this system,
you might have to sacrifice a few things.
And so you can take it easy.
You can take 10 years to achieve it
or 20 years or choose the slow lane
and become a millionaire by the time you're 50.
Whatever works for you.
This works for me.
This is what I wanted to achieve.
And that's the reason why I followed the three-step system.
And by the way, this three-step system
is something I came up with
because I realized these are the steps I took
and now I'm gonna become a millionaire
probably sometime next year as I just mentioned.
And if you're interested in making money
and you want to build passive income streams,
then go check out this video
where I share 21 passive income ideas.
I'll see you in that video.
Take care, have an amazing day, and peace.