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 going to break down exactly what i would do right now to become a millionaire in my 20s for the purpose of this video, i'm going to 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 going to 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 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're 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 skill set is more effective. Elsewhere, my 10-year aim is to complete the cash flow quadrant, the cash flow wrench - or 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 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 going to be the master of my own schedule and deliver food for ubereats or doordash. I'm going to assume.

I have some kind of bike or electric scooter from my school days. Super speedy scooter super speedy scooter. 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. It's extremely important that i save as much of my money as possible, as well as opening 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 going to 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 going to 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 31 688 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 each 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 dog because 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 going to start a social media agency and offer my services to influencers i'll 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 marks marketing magic makes influencers millions. 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 each job. I just slowly ease back when i'm all up and running brands will pay me a commission for landing and influencers and vice versa, there's a ton of money to be made here. I just know it: i'm also going to open up an isa or roth ira, which is a tax advantage, account allowing me to invest in a 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 a hundred thousand dollars per year with this side hustle and my ubereats job things are really starting to pay off.

So after doing this, for three years minus my living expenses of seventy five thousand dollars i'll be left with two hundred and twenty five thousand 000, excluding tax phase 3 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 are 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 gon na loan, the business a hundred thousand dollars and deduct it from my net worth. I would need to find a way to create passive income is 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 that's a bit cringe, 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 a hundred and fifty thousand dollars second year, three hundred and fifty thousand and third year over seven hundred thousand dollars. Obviously, this isn't all profit, so i need to deduct about 300 000 for staff, a hundred thousand for marketing and around 180 000 for tax phase 4 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 percent 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'd be very interested in acquiring brands like this and leveraging my relationships to get great influence on marketing. With a kickback commission for my agency, this would boost the profitability of both businesses i'll 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 up. 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 a thousand dollars. If i was in the usa i'll leave that link below also, i make sure to pick up my ten dollars worth of free bitcoin from coinbase i'll 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 going to 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.