- Hi, it's Mark.
Recently, I've been seeing this question pop up
on my Instagram posts.
If someone took everything away from me,
my business, my investments, all my money in the bank
would I be able to start from scratch
and become a multimillionaire again?
Well, funnily enough,
that's the exact same question.
I asked Richard Branson
when I was around his house having lunch.
Well, the short answer is the same as his.
Yes, I would be able to achieve it again.
But what I really think is
I'll be able to achieve it
in around about half the time or less.
But, of course, the interest, in part,
is not if I think I could do it
but it's how I could go about doing it.
So, here are the three basic rules
to this challenge.
One, I have to do it from a starting date of 2020.
Two, I go back to being 16 year old.
And three, I keep all my business and investing knowledge.
Now, the challenge will be
to find the fastest way to move
from employee, to self-employed, to business owner
and, finally, investor.
By watching this video all the way through
you'll have access to the exact roadmap
I would personally use to become a millionaire
from scratch in the modern age.
If you listen and use the information
I'm about to share with you,
you could be the next millionaire.
But the first step
along the path is to smash that like button.
Okay, then.
So, we've got to get ourselves into that age pod
which is going to make me 36 years younger.
I like the sound of that.
Just imagine a 16 year old me.
I've just left school
with no qualifications.
I don't have any money
but I do have a dodgy hairstyle.
To top it all off
the world has experienced a global pandemic
causing unemployment to rise
to near the levels
of the Great Depression
and the stock market
has become so unpredictable
things might not look great at the moment,
but in my opinion
this new world offers opportunities
more than you might first think,
especially, if you know where to look.
So, you can keep track of the challenge.
I'm going to put a counter down here.
It's going to track the time
and my net worth
for every stage in the video.
So, let's set it to zero
and get started.
Where's all my money gone?
(television beeping)
- My first move will be getting
the highest paid job possible.
Now, if this is at minimum wage working for McDonald's
or Walmart or anything like that,
that'll be fine.
The aim isn't to be comfortable.
That's actually the worst thing it can be.
When you get paid just enough
to make you comfortable
your salary becomes a drug
and that makes you forget all your dreams.
The only purpose of this job is
to establish an income stream.
Without money, it's very, very hard
to accomplish anything.
Instead of thinking of it as a drug,
I will be using it as fuel
to propel me towards my goals.
My second move will be to establish a side hustle
or side job of some sort.
The pandemic has fast tracked the digital revolution.
Online shopping is more popular than ever.
And the internet is an unbelievable tool
for our new entrepreneurs.
Online marketing would be the number one high-income skill
that I would want to learn.
The best way for me to do that
and make some money on the side
would be to set up a drop shipping store.
Drop shipping is when you take a product from a supplier,
market and advertise it online
and then get the supplier to ship it directly
to the customer for you,
allowing you to make a small profit
without even physically touching the item.
On YouTube, drop shipping is advertised
as this awesome way to make lots of money
without doing any work.
Do you know what?
That's not really the reality.
Running a profitable drop shipping store
requires you to learn the basics of business,
how to run ads on social media,
how to build a website,
how to write in a way
that makes people want to buy, graphic design,
and, in some cases, video editing.
I've approached lots of local businesses and shops
and talked to them about the stock
they've got sitting around
that they can't sell.
Almost every business has stock
it wants to get rid of.
And, normally, this will be, you know,
the end of the line product, for example.
Some of it has gone a bit out of date
and with all my online marketing knowledge.
I've been the perfect position to help them.
So, you can say, look, I'll tell you what,
I'll give you 50% of what I sell it for.
Now, if that's in cash
any business owner's going to be very happy.
It's a win-win situation.
I'm a big fan of learning while you're earning.
And this is where I would take a real step back here
and take a deep breath
before taking on the hurdle
so many people fall at.
And that's the lifestyle inflation.
This is when people increase the amount
that they're spending on their lifestyle
as their income increases.
Maybe to impress their friends
or they see it as rewarding themselves.
They end up living a lifestyle
that's paycheck to paycheck
even on a good income.
To avoid this
I would create a budget and stick to it religiously.
I need to have enough money
to do three extremely important things.
One, I'll build myself an emergency fund.
This is a savings account
with three to five months of living expenses
to be used if something unexpected comes up.
And that will help me stay out of debt.
Two, invest in a pension account every year, without fail.
Three, open a Vanguard account
and start consistently investing
in low-cost index funds
like the S&P 500.
I mean, this is a collection
of top 500 companies in the USA.
You can't go wrong
by owning a part of all of them.
The money will grow with the USA economy
which long-term has always increased
but starting at such a young age
I would be able to take advantage of compound interest.
And if you're familiar with the snowball effect
you already know that something can build upon itself.
My third move would be building
a strong network of connections.
This means cutting off the people
that holding me back
and making friends
with people that are going to push me forward.
An important part of this
would be finding new mentors
to help guide me.
Their insights would be extremely valuable.
If they're able to see my situation
from a different perspective
I could bounce ideas off them
and hear their opinions.
Now, we'll do this by using social media
to grow my personal brand
and documenting my journey.
Everyone is online now,
and I'd want to take advantage of that attention
and publish as much content as possible.
This is the fastest way to expand your network
and attract like-minded people.
When people feel a personal connection towards you
then it opens up many, many doors.
Even more than you could imagine.
My fourth move would happen the day I turned 18.
It will be getting a credit card.
In my opinion, this is one
of the best things you can ever do
as long as you use it correctly.
A credit card has so many benefits,
including protection on purchases,
points you can use for free travel, cashback,
and, most importantly, building your credit score.
The younger I'm able to start building my credit score
the better, because it means in the future
that when I'm ready to invest
in property and things like that,
I'll have better access to better loans.
But, be warned, credit cards are like fire.
They keep you warm
but they can burn you
depending on how you use them.
So, only ever buy the things
that you would be buying anyway,
like gas or groceries.
I would make sure to pay them off
in full at the end of every month,
in order to avoid paying any interest
or late fees.
Move number five,
we'll be asking you
to smash that thumbs up button
and ring that bell,
If you haven't already done it.
It really helps YouTube show my videos to new people.
My fifth is where things really start coming together.
I would use the money, the skills
the connections I've built
during the all of this start-up time.
And then I'll make a scalable business
once I've identified a gap in the market,
most likely within an online or a software niche.
As soon as the business shows promising signs
I would go full throttle at it
and grow it as fast as possible.
There was no point in growing slowly.
As my competitors would be catching up to me.
And every day I wasn't sending
to as many customers as possible.
I'd be effectively just losing money.
I would reinvest as much of the profit as possible
back into my business.
The main name would be setting it up
in a way that is not reliant on me and my time.
I'd also want to make sure
that there were more multiple income streams
within the business, in case,
for any reason that one of them was cut up.
Once my business was able to support itself
and it was making money on almost autopilot,
it will be time for my sixth move.
Diversify and focus on my personal portfolio.
50% of my portfolio will consist of real estate.
As rental properties can generate income all year round.
I'd make sure to take into account the school links,
income level of the area,
and also if it's an up and coming area.
The rental income is great
and it will pay off your mortgage,
but the increase in the value
of the property, generally, is fantastic.
if you buy right.
The wealthiest people, nowadays,
collect property the way they used to collect classic cars.
Interest rates are low,
prices have fallen,
and you don't have to tie up a lot
of cash in the investment.
And with apps like Airbnb,
I could also consider short-term renting.
25% of my portfolio would be in low cost index fund,
like the S&P 500,
as this will allow me to be growing my wealth
with the stock market.
Pension accounts would make up 10%.
I always think the word pension sounds like old-age old
and I think that's the reason why it puts a lot
of young people off doing a pension.
The truth is the word may be old,
but they're one of the best,
the most tax efficient long-term investments
you're likely to ever make.
12% will consist of investing my money
into businesses seeking investment.
This would be, you know, a lot like Dragon's Den
or Shark Tank.
In return for a percentage of their business
I'll be offering my money, mentoring and connections.
I would use two and a half percent of my portfolio
to dabble in individual stock.
This is money that I can afford to lose,
so, I can have a bit of fun with it.
Maybe purchasing a bit of Tesla,
a bit of Apple, who knows.
But you can just have a little play
and you never know where it's going to take you.
I'd reserve half a percent
for the most risky investments, such as cryptocurrencies.
Now, you've gotta be careful here.
You've got to do an established brand like Bitcoin.
Although, I wouldn't recommend this to anyone
that doesn't already have
a strong investment portfolio established
and can afford to take the risk.
I'm opening myself up, a little bit,
to the possibility of reward
without worrying about any losses.
If cryptocurrencies see another boom,
like the last 10 years,
then I want to make sure I get my fair share.
If you liked this video
then you're going to love this next one.
I'm going to leave it right here for you,
but don't click on it just yet.
If you liked the video,
drop a like on it for me
and subscribe to the channel
and ring that old bell if you want to grow your wealth.
Okay, so, you can click on it now.
I'll see you over there.