I've lost everything.
My net worth is now zero
and I'm starting again from scratch.
People often say to me,
"You're only a millionaire because you're a boomer
and things were easier back in your day.
If you were to try and do it in the current,
more competitive landscape, you wouldn't stand a chance."
So it's time to prove them all wrong,
and also show you that it's possible
to become a millionaire from scratch in this day and age.
So I admit, becoming a millionaire is no easy task.
However, I believe without a shadow of a doubt
that with the right plan, it's absolutely possible.
But what is the right plan?
Well, that depends on a variety of factors,
so I'm gonna break down exactly what I would do right now
to become a millionaire in my twenties.
For the purpose of this video,
I'm gonna leave a counter down in the corner
to count up how much my net worth is
as we go through the video.
Everything that I'm gonna be talking about
will be actionable, meaning you can take any of these ideas
and do it yourself.
I understand everyone is different,
so there will be a few different options
for you to consider.
However, I'll be settling in on a plan
that will work best for me and my strengths,
and you're welcome to copy it if you like.
Phase one, employment.
This is between 18 and 20 years old.
When you're between these ages,
you are extremely rich in one way,
you've got all the time in the world.
If I could trade all of my millions for more time,
then I would do it in a heartbeat,
and I imagine this is true for a lot of other rich people.
If this doesn't prove to you that your time is valuable,
then I don't know what will,
so my main aim at this phase in my life
is to extract as much of that value as I possibly can.
This is probably a good time to mention
if you can start before the age of 18, then do it.
I'm just picking this age
because it's where most people would leave school.
I was a bit of a naughty boy and I left at 16,
but don't tell anyone.
I truly believe these early years in your life
are for grafting and what I call hard work.
This can mean a few different things,
depending on your specific skills.
Personally, I wouldn't choose
to go to university or college,
as I believe my skillset is more effective elsewhere.
My 10-year aim is to complete the cashflow quadrant.
The cashflow what-rant?
Well, this is when you go from employed to self-employed,
then business owner, and finally, investor.
When it comes to getting a job at 18,
I'm happy with anything.
As long as it's putting money into my pocket each month,
I'm not too bothered.
One of the biggest problems I see
with kids leaving school nowadays
is they think they're too good for certain jobs.
I think it's got a lot to do
with that everyone's a winner mentality,
when even the losers get trophies.
- [Curtis] Yeah, you always used to tell me
when I came second, I was the first loser.
Well, it pushed you to do your best, didn't it?
That's for sure.
Providing you live in a first world country,
getting a job at 18 shouldn't be too difficult.
Even if you have no qualifications,
many companies like Amazon, for example,
are actually experiencing staff shortages,
which means they have far more demand than they can manage.
This puts me at a huge advantage for getting a position
and starting to earn.
However, I've got a better idea.
Sorry, Mr. Bezos, you can't have me.
In my opinion, having control of my time is crucial.
so I'm gonna be the master of my own schedule
and deliver food for Uber Eats or DoorDash.
I'm going to assume I have some kind of bike
or electric scooter from my school days.
(imitates engine) Super speedy scooter,
super speedy scooter. (laughs)
The average Uber Eats wage in London is $33,000 per annum,
and what's so amazing about this
is you can work as little or as often as you please.
This means that I can grind and make lots of cash,
but I can also choose to work less
once I've got my side hustle going.
While earning this income is extremely important,
I save as much of my money as possible,
as well as open up a credit card account
and putting some essential expenses on there
to boost my credit score from an early age.
This will really help me when I want to buy a house
or get a loan in the future.
As this is my first job,
and I'm really grinding for a better future,
it's important I've got some brilliant savings strategies,
so I can use this income to start a side hustle
in the very near future.
I'm gonna be creating a budget,
as well as tracking my expenses.
This might seem like overkill,
but if you don't keep track of where your money is going,
then it can easily slip through the cracks.
Provided I make $33,000 a year from 18 to 20,
that's $52,800 including tax.
I'm only accounting for 20% corporation tax,
because, depending on where you live,
tax can be a nightmare to sort out.
I'm gonna be generous and live off 40% of my income
during this two year period,
which is actually a lot more than I need
if I was living at home with minimal rent.
This is why living at home for as long as possible
can be so beneficial.
It leaves me with 31,680 saved.
Phase two, self-employment.
This is between 20 and 23 years old.
There is no shame in working for someone else,
but I personally want to become self-employed
as soon as possible, so with that said,
I need a side hustle.
You could definitely argue that the Uber Eats job
was a side hustle, as I was technically self-employed,
but I want a proper side hustle, not a second job.
I'm talking about finding something
that has the ability to transform
into a highly scalable business.
I would argue there are far more possible side hustles
nowadays than when I was younger because of the internet.
Before my assistant started working for me,
he was selling gaming accessories on eBay,
and he turned over 350,000 in his first year of trading.
Another great idea is to go around business parks
in your area and offer to sell off the old stock
that they can't seem to shift,
in exchange for a commission, of course.
There are just so many boomers running big businesses
that don't know how to list their unwanted goods on eBay.
You could soon become the go-to guy
that everyone knows for selling old stock,
and make a hefty income each week.
Just don't come knocking on my door,
'cause I may be a boomer,
but I know how to work the internet.
But I'm thinking even further into the future.
Social media is on the rise
and I don't see it slowing down anytime soon.
Along with that, more and more people are realizing
the true potential of having a personal brand,
but not everyone knows how to market themselves correctly.
Some people are extremely creative
and great at building audiences.
However, they might not have many business skills.
Because of this, I think there's a gap in the market
for entrepreneurs to sweep in and become the bridge
between influencers and big brands.
In other words, I'm gonna start a social media agency
and offer my services to influencers.
I'd start off by focusing on a particular niche of creators
and then branch out.
Once I land a few big names and prove my worth,
then I can leverage their credibility,
and maybe even get featured in some articles.
Imagine the headline Mark's marketing magic
makes influencers millions.
- [Curtis] I'd hire you.
- Thank you very much.
That's my first contract.
I'm quite aware that in order to land these big creators,
I may have to work for free initially
and get my foot in the door.
That's why I wouldn't completely quit my Uber Eats job.
I'd just slowly ease back.
When I'm all up and running, brands will pay me a commission
for landing them influencers and vice versa.
There's a ton of money to be made here.
I just know it. (cash register clinks)
I'm also gonna open up an ISA or Roth IRA,
which is a tax advantage account,
allowing me to invest in the stock market
and pay completely no tax on my gains.
It's a great idea to get this started at a young age
to take full advantage of compound interest.
Even if I'm only investing a tiny amount each week,
it really does pay off in the future.
At this stage, it's still very important
to keep my costs low by living at home.
I think $25,000 is more than enough
for me to live on each year.
For clarity, here's a breakdown of the figures.
I think I could make $100,000 per year
with this side hustle and my Uber Eats job.
Things are really starting to pay off.
so after doing this for three years,
minus my living expenses of $75,000,
I'd be left with $225,000 excluding tax.
Phase three, becoming a business owner.
This is between 23 and 25 years old.
You may think that being self-employed
and being a business owner is the same thing.
However, that couldn't be further from the truth.
I see a lot of young entrepreneurs
getting stuck in the self-employment phase,
as they're too scared to hire employees.
In my opinion, if you don't have any employees,
then you've just created another job for yourself
with no time off, strict deadlines, and no sick pay.
Becoming a business owner requires a total shift
in the way you're thinking.
It's all about viewing the business as a machine,
and you're just putting cogs in place.
So once my side hustle is profitable
and paying me a decent amount of money
that I can live on and reinvest, then I would quit my job
and really double down on building the business,
with a focus on creating multiple income streams.
I believe, in order to get this business up
and firing to the max,
I'd need to invest some money in paid advertising,
so I'm gonna loan the business $100,000
and deduct it from my net worth.
I would need to find a way to create passive income,
as this is what many businesses are built on.
This reoccurring revenue is essential for expansion
and hiring new employees.
It's all about thinking, how can I do something once
and then continue to get paid for it?
There are solutions for every business,
such as subscription fees and real estate.
Personally, I'd spot a few up and coming influencers,
and in return for helping them with their channels,
I'd request some equity.
For larger channels, I may even offer to invest in them
for a share of their business,
meaning every month I would receive royalties
from lots of different YouTube channels
without ever having to film a video myself,
which is a shame, because I really love working with my son,
making these videos.
- [Curtis] That's a bit cringe.
- Yeah, but it's true.
Additionally, I'd focus on closing 12-month long brand deals
for my clients and take a 15% cut of the revenue,
which is actually less than the industry standard.
I personally feel like a lot of agencies
take advantage of influencers, as it's a very new industry
and people don't know their worth.
Therefore, I feel that being fair
will make my business stand out.
When you're breaking into any market,
you really need a good USP, a unique selling point.
While I'm doing all of this,
I'm also going to be building
my personal brand on social media.
I didn't know the power of this until a few years ago,
when my son, Curtis, helped me build this YouTube channel.
Once people know who you are,
a lot of opportunities open themselves up to you.
Just to explain the numbers,
I'm confident in my first year, I would take $150,000.
Second year, 350,000.
Third year, over $700,000.
Obviously, this isn't all profit,
so I'd need to deduct about 300,000 for staff,
100,000 for marketing, and around 180,000 for tax.
Phase four, investor, age 25 to infinity and beyond.
Many business owners think they don't have to worry
about investing in other areas,
because they have their business income.
I'm going to invest 50% back into the business,
and then 50% into other assets.
I think the key to great business investments
is looking for other businesses
to bolt onto my existing empire.
So I'll be interested in buying businesses
that can benefit from my agency and vice versa.
I can then use the infrastructure
that I have spent years building to increase profitability.
A really good example of a business
that does this well is Facebook.
They've acquired many different companies over the years,
such as Instagram, and have shared their user base
to build both platforms at a much faster rate.
It's harder to think of a business
that aligns with my social media agency.
However, I think I've got it.
Many influencers are now building out brands
that should live on way past their social media success.
I'm talking about Beast Burgers
and Prime by Logan Paul and KSI.
I'll be very interested in acquiring brands like this
and leveraging my relationships
to get great influencer marketing,
with a kickback commission for my agency.
This would boost the profitability of both businesses.
I'd be doing this all at the same time
as investing in the stock market, crypto, and real estate.
Of course, I'd be first making sure
to fill out my tax advantaged accounts.
By the way, one thing I would definitely do
as soon as possible
is pick up my free stock from public.com,
worth all the way up to $1,000 if I was in the USA.
I'll leave that link below.
Also, I'll make sure to pick up
my $10 worth of free Bitcoin from Coinbase.
I'd split my portfolio between 40% real estate,
35% index funds, 15% individual stocks,
and 10% into Blue Chip crypto coins,
like Bitcoin and Ethereum.
Once I have all these income streams up and running,
it's extremely hard to give accurate figures.
However, I am confident I would become a millionaire by 26.
Obviously, a lot of this has had to be simplified.
However, if you commit,
then this is certainly a path you can take.
So I'm gonna leave the next video right up there,
but don't click on it just yet.
Make sure to subscribe if you want to grow your wealth.
Okay, I'll see you over there.