How to Get Rich—Advice from Millionaires

2 years ago, YouTuber Brandon Williams spoke to 30 millionaires about what it takes to get rich. Though my bank balance is a few decimals less than these entrepreneurs, I've now started my own journey towards success and enrichment, and their advice resonates with me.

1. Do what you love

By far the most popular recommendation was to build a business around what you're passionate about. This makes sense, as the sacrifice, hard work, and total commitment being a successful entrepreneur requires is only possible if you enjoy what you're doing.

2. Find a mentor

Several millionaires regret not doing this sooner. Being humble and willing to learn will encourage talented people to help you. Simply ask suitable candidates if they'd be willing to give you their knowledge and time—you'll be surprised how many say yes!

3. Be willing to take risks

Deciding to go all in on an idea takes a degree of fearlessness. Playing it safe may keep you in your comfort zone, but true success happens when you step over the threshold. Don't stop taking chances. The more you do the better you'll get at it.

4. Use your network

Today, technology allows us to reach people all over the world—never was there a better time for leveraging relationship capital. Whether it's collaboration, advice, or business propositions, human connections are still the adhesive of a successful business.

5. Get to know yourself

Being an entrepreneur isn't glamorous. According to one elderly millionaire, it's like child raising: "The fun’s in the conception!" However, you have a fiduciary duty to put that child in front of your own interests, so ensure you're prepared for that.

6. Be patient

Starting a new venture can be exciting, but it's important not to immediately expect the moon on a stick. As one entrepreneur put it: "Be prepared to go through a period of time when no one is buying what you’re selling." The most important thing is to keep at it.

7. Ensure you have reserves

Risk-taking doesn't mean foolhardiness. Given the slow beginnings of most businesses, a financial cushion is needed to help you through a potential fallow period. 20% of businesses fail within the first 2 years, so have something to fall back on.

8. Read, read, read!

Knowledge is power, and Warren Buffet allegedly devoured 500 pages a day. So, read about your market, business in general, and cross-pollinate by absorbing info about other areas. You can never be too prepared, so bury your head in those pages!

Conclusion

One prevalent view about the rich is that they're greedy and cutthroat. However, while certainly true in some cases, this is far from the rule. The takeaways above are well-judged, and the result of years of business experience. I hope you can put them to good use!