A lot of people ask me, "Why do you teach people how to be millionaires? Not everybody wants to be a millionaire." Honestly, I do it because I really wanted to be a millionaire. Growing up, I wished I could find somebody to teach me this stuff I'm teaching you, so I really want to take the benefit of my experience and give it to the people who really are looking for it. Can't help everybody; none of us can be all things to all people.
If you're interested in being a millionaire, you might have some questions for me. Is being a millionaire enough? What happens if you become a millionaire and it's not enough? Let me be honest with you, there's a whole conversation around, is a million dollars enough? Because, in reality, it comes down so much to, what are your goals? What are you investing in to create that wealth? Is it highly profitable? Is it high-risk or low-risk? Ideally, when we're helping people come up with a plan for how to become a millionaire, what we're looking at is, what is their skillset? What do they love to do? What are they starting with? Do they have an investment nest egg they can then start to leverage and grow into a low-risk, high-return wealth portfolio? What do you need to be aware of?
Obviously, you always want to be thinking of, what's the worst case scenario? What can I lose? If you think about it in terms of, if you've been working all your life, which most of us do… Most of us get out of school, and we get into a job, and, if we're lucky, we like the job, and we then continue to grow and mature in the job, and evolve, and maybe get promoted. But there's still no guarantee of a golden future for you when you have a job. It's the same thing with running your own business and being an investor to create wealth. There is never any 100% guarantees. There are ways you can protect yourself. When you have your own business, at least you have a little bit more control of your future, or you have your own investing business, you can make more decisions about what you get into and how you protect yourself. There's insurances and things you can do to make sure you've covered your divesting; having a diversified portfolio, for instance.
If you have your own business, you don't want to just be doing one thing. You might want to have multiple ways of generating revenue so if something comes along like what we just went through, which was a global pandemic, which affected retail businesses all over the world, and the travel industry, and the hotel industry, and that kind of thing, it's good to have another way of generating income to keep yourself going, and have that all built-in. Always be thinking about your risk. When you work for other people, you have very little control over your future, and I did work for many companies over the years.
I have taken time out of running my own businesses to go and work in other companies, and to be honest, I just am not cut out for it. Because I've had my own businesses and I've had control, I get really frustrated with the way other people run their businesses, as I'm sure people get frustrated when they're working for me. But I find that, once you've been an entrepreneur, once you've had your own business, you become almost unemployable, because you want more control, you want more say, and you don't always like the way other people run their businesses, and you definitely don't like being told what to do, is generally what happens. I don't really regret leaving the companies I worked for to go out and do my own thing.
I'm the kind of person that, at the end of my life, I would rather say, "I tried everything. I didn't make the best of everything I tried." I'm the kind of person that would have more regrets over having not tried a lot of different things, and had a lot of adventures, than being the kind of person that came to the end of their life and said, "Well, look, I loved, and I lived, and I had a good life." For me, I just want to push boundaries, I want to find out, what else can I do? What other difference can I make? What's possible that I haven't tried yet? I'm always surprised at how a few basic, principle business skills can be applied to so many different areas of your life to achieve success, and learn, and grow.