Make a business plan for your life.
Your entire career is a business plan. You should make one early. This must cover the following:
- What do you want to accomplish?
- How soon do you want to accomplish it?
- How much are you willing to pay?
Stay out of consumer debt.
Minimal debt is all right for a business, but only if you have a detailed business plan.
Never pay retail for anything with a price tag in triple digits.
This especially includes tertiary education.
Get into the job market immediately after secondary school graduation.
If required, get a fast-food job, but if you do, learn everything about how to run it. Keep your eyes open. Do this with whatever job you get. If you can be mentored by someone who owns a business that makes $1,000,000+ a year, take that job.
Do not move into the first house you buy.
Buy it as an investment. It will serve as your first step to a comfortable retirement.The best way to become a millionaire is to borrow a million dollars and have your renters pay it off.
You can beat the competition if you do three things.
- Do exactly what you promised.
- Complete the project ahead of time.
- Do it for the price you agreed to.
You may notice that there are applications of the three tasks in any business plan.
Compound growth is the key to success.
These seemingly simple steps are not intuitive. Your peers do not understand more than two, and they will probably violate all of them. This will give you a lifetime competitive advantage. This advantage will increase over time, due to compound growth.
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