Sunday 4 December 2022

5 skills to learn to become a Millionaire

To earn money, you have to create value for people. To earn more money, you have to create more value for more people. So, the skills required to become a millionaire, are essentially the skills that one requires to add a lot of value to the lives of a lot of people.

Here are the most important skills that you need to learn today to become a millionaire:

  1. Sales: You need to learn to convince people to buy from you. You should be able to talk to people, identify their pain points, offer a solution, and convince them that your solution will help them solve their problems. It is quite straightforward to understand that the more you sell your solution, the more money will you make.
  2. Recruitment: You only have 10 working hours a day. If you are a workaholic like me, you might stretch to 12 or maybe even 14 hours a day. Going beyond that is quite impossible and might lead to burnout. So, if you take 1 hour to sell a unit of your product, you'll be restricted to 14 - 15 sales a day. How do you sell 150 units a day? Hire 9 others like you and so, now you have 10x the capacity. Learning to recruit is one of the highest-leverage activities that you can do to earn more money.
  3. Technology: Technology helps you scale faster in those areas where hiring will take time. Basically, technology will help you achieve your million-dollar goal faster. You don't have time to track your work? Get a Todolist App. You don't have time to make notes? Get a Note-taking App. Don't have time/money to hire a Personal Secretary? Use Google Calendar. Use Technology to solve 50% of your problem at 5% of the time and cost. Sure, a smart Personal Secretary can do a lot more than a Google Calendar. But then you can start using Google Calendar today, but it will take you a month to get a Personal Secretary onboard.
  4. Investing Time: You can spend time searching for that Rs. 200 discount coupon for your flight ticket. Or you can invest your time in your next sale. If you earn Rs. 1 lakh a month and you waste 30 minutes searching for Rs. 200 discount coupons, you effectively lost Rs. 50 because your 30 minutes were worth Rs. 250. Start understanding the value of your time and utilize it in learning skills, hiring people, leveraging technology, educating yourself, building products, etc. Don't be penny-wise and pound-foolish.
  5. Investing Money: The best-earned money is passive money. If you have Rs. 20 lakhs sitting in your bank and you invest it in a Mutual Fund that grows at 15% a year, you will earn Rs. 3 lakhs a year, or Rs. 25k a month. That's roughly Rs. 1,000 per working-day worth of passive money. Who doesn't like that?
I have shared a lot of my learnings about Business and Entrepreneurship on my YouTube Channel. Please check it here:

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