Have you heard the name ‘Iman Gadzhi’? This guy is a successful British entrepreneur, social media personality, and digital marketing expert. More than that, Iman established himself as a youngster able to become a millionaire at the age of 18.
Iman shares his strategies, life lessons, principles, and motivation on his YouTube channel, especially targeting youths who have the dream of becoming rich.
In this blog, I have extracted, and explained 7 tips offered by Iman Gadzhi on ‘How Teenagers can make $1 million?‘.
If you are a teenager with an aspiring dream to become a millionaire, these could be life-changing strategies for you.
So, let’s get started with the first one which is ‘Stop Drinking’.
Table of Contents
Stop Drinking
Iman says the first and foremost step to becoming a millionaire as a teenager is to stop drinking. Why does he say so?
In the first few years of starting his business, he was not drinking at all.
Now, when someone asks Iman to drink, he declines it politely. If his friends insist he is joking he would show the tattoo on his hand which says ‘My Cup Runneth Over’ which means he has more than enough, and he is abundant.
He says that he didn’t drink for two main reasons: thinking about how much money you have wasted, and how much you have spent on useless drinks at the bars.
While giving an example, Iman says people sometimes give advice on saving $4 for a coffee to become rich which he finds it stupidest ever. But, when it comes to alcohol, he highly recommends avoiding or spending money on it. This is because it is $4 (for coffee) compared to $40, $80, $150 or even more (for alcohol)!
Not only you will spend money on alcohol, but you will decrease your performance the next day as you will wake up feeling tired and exhausted. This in turn slows you down from becoming a millionaire.
IF YOU ARE SERIOUS ABOUT BECOMING A MILLIONAIRE THIS YEAR, QUIT DRINKING!
Iman Gadzhi
This takes us to the second tip which is to learn a high-income skill.
Learn a High-Income Skill
The way you earn a good income today is by learning a high-income skill. Iman claims his employees make thousands of dollars, even close to a million dollars by offering value to his company.
Becoming a businessman or entrepreneur is not mandatory to become a millionaire. If you have a high-income skill, and leverage your skill for the betterment of the company you work for, you will get paid higher.
For example, if you are an expert at Google Sheets, and you can integrate a good analytics tracking tool, that is a high-income generating skill. This skill is highly demanding and valuable to many companies.
Investing is the third tip offered by Iman Gadzhi.
Invest Every Week
People make millions, and millions of dollars, and still lose it all. So, investing is one of the lucrative ways to plan your journey towards millionaire status. Investing may be slightly tedious, boring, or require patience however, it is a gateway to becoming a millionaire.
Iman shares his experience of investing, and making huge profits!
He started with a 5-pound investment when he was 16 years old. He created a separate bank account for investment purposes while he had his main account running.
Iman used to transfer 5 pounds every week from his main account to the investment account.
I knew that if I didn’t get in the habit of putting away five pounds a week I would never get in the habit of you know years and decades later you’re putting away hundreds of thousands of dollars a week into Investments so it’s just about getting the Habit
IMAN GADZHI
Once you start investing a certain amount, and getting good results, you will start earning more to invest more.
With that, let’s dive into the 4th tip which is ‘Coffee in Affluent Places’.
Coffee in Affluent Places
If you’re aiming to ascend the ladder of wealth and become a millionaire, consider this next financial tip: indulge in coffee experiences in wealthy places.
Here is an explanation given by Iman Gadzhi:
Rather than frequenting your typical Starbucks where a cup may set you back four dollars without much ambiance to inspire you, opt for a more lavish setting like an opulent hotel or a chic café nestled in a prosperous neighborhood.
Picture this: imagine yourself sipping coffee in a luxurious hotel lobby, perhaps in bustling cities like Dubai or London. You needn’t book a room that costs thousands per night; instead, relish the atmosphere over a cup of coffee, which may cost a bit more, say eight to ten dollars. But what you gain from this experience is invaluable.
In these high-end establishments, you’re surrounded by an aura of prosperity. Take a moment to observe the attire of the patrons. While you might expect flashy logos and designer labels, what truly distinguishes the affluent is their subtle elegance. Brands like Loro Piana, Zegna, Brunello Cucinelli, and Tom Ford adorn their attire, exuding sophistication without ostentation.
Through this immersion, you absorb more than just the aesthetics. You begin to understand the nuances of wealth—the way rich individuals carry themselves, their mannerisms, and even their interactions with others.
Contrary to stereotypes, you’ll likely notice a higher level of courtesy and respect, even towards service staff. Politeness reigns supreme, with pleases, thank-yous, and genuine inquiries about one’s day becoming the norm.
Consider, too, the intriguing atmosphere of upscale cigar lounges. Even if you’re not a cigar enthusiast, you can glean valuable insights simply by observing.
Listen closely to how the rich people place their orders—there’s a confidence, a certain cadence to their speech that sets them apart. It’s not just what they say, but how they say it—their tone, their pacing—that reflects a level of assurance and sophistication uncommon in more pedestrian settings.
In essence, by immersing yourself in these environments, you undergo a subtle transformation. Through osmosis, you absorb the culture of wealth, gaining insights that extend far beyond the realm of finances.
So, the next time you crave a cup of coffee, consider elevating your experience. Who knows? It might just be the catalyst for your journey to millionaire status.
Pay Off Credit Card Bills
Among the most valuable pieces of advice on your way to becoming a millionaire is to get your credit card debts paid off as fast as possible. Learning about the hidden dangers of credit card debt is the most important thing of all.
It is a tool that can take you hostage, making you do a repayment cycle long-term. If you are not vigilant, the interest on credit card debt could soon be the largest chunk of what you initially owed.
While credit cards can offer significant advantages, particularly in Western countries and especially in the US, it’s crucial to employ them responsibly to reap their benefits.
Think of the ways that credit card firms earn their money. You may be tempted by the cash bonuses and reward points you get, which appear attractive, but just remember that these companies don’t give their customers rewards just because they like you.
This means that they are ultimately funded by the interest payments of those who carry balances and lack intelligence in their finances.
Being accountable for your credit card use, you can take advantage of these benefits without getting into any undue debt. Those who can only afford minimum payments will have to pay interest while you can have upgrades, benefits, and rewards without bearing further expenses. At the end of the day, bad credit behavior gets paid by those who spend money on credit cards wisely.
So, should you fall into a credit card debt trap, make sure you don’t postpone repaying it. Being free from debt quickly is not only about the elimination of the shackles of your debt but also about getting an advantage of responsible credit card use.
Invest In Self-Education
A very next important step towards millionaire status is to prioritize self-education. Whether it’s through books, seminars or online programs investing in the learning process is of the utmost importance.
Consider this: imagine yourself investing so much as a $100, a $1000, or ten thousand dollars on your own learning experience. Whether it’s only depending on one piece of advice you received from it, would you believe it has an impact on the amount people make in the next 365 days, 1,095 days, or even 12,095 days?
For example, suppose you need to develop a new skill that will help you attain promotions or move ahead in your career. Moreover, there exists a professional education program you can enroll in at US$ 150 but it seems a little pricey.
Thus, you need to calculate if this investment can bring more than US$ 150 over one year in monthly increments. Is it the third quarter, would it affect your five percent, ten percent, or even thirty percent salary increase if in the right position?
Moreover, can the opportunity costs be put into the equation? How about this — instead of going out for one night to drink, you could deploy such funds to invest in yourself instead, which will be a resourceful way of becoming the type of person that society values and one who fetches high wages in the job market.
Finally, the choice to invest in self-education relies on seeing the resource as not only an estimation of the value it offers but also seeing yourself as capable of using the knowledge it offers. In short, self-education is a gamble in oneself—do you believe in your ability to achieve personal goals and make the most of available opportunities?
Not merely is it about believing in the business, product, software, book, seminar, or another event, but it’s also about believing in your capacity to transform those investments into achievable returns.
Now, it’s time to explore the 7th and the last tip from Iman Gadzhi.
Increase the Percentages That You Invest
What is going to be your way to millionairehood is to forget about the scarcity mindset and keep increasing the percentage of your income that you invest.
Let me simplify this based on Iman’s advice.
If you’re currently living paycheck to paycheck, you are not suggested to start by investing half of everything you earn. However, as time goes on, it’s crucial to ramp up your investment percentages.
Iman advises to allocate almost 70% of your income towards investments in your early 20s. As you move into your mid-20s, you can aim for somewhere around 60%, and by your late 20s, target 50%. What precisely is the reason for this strategy?
In reality, life is all about doing both things simultaneously: having the life of your dreams and financial stability. It is the thing that has shaped Iman Gadzhi. He doesn’t want to get caught up in the trap of accumulating money only to later lose all of it and also doesn’t stand for aspiring to such a frugal lifestyle that you only live to a certain extent. It Is About Being In The Middle.
Imagine you’re earning five thousand, six thousand, or even ten, twenty, thirty thousand dollars a month. Iman says he understands these figures might seem daunting right now, but the goal isn’t to achieve these numbers overnight, but rather to prepare yourself mentally for what’s possible.
As you gradually reach higher income brackets, he urges you to incrementally increase the portion of your income that you’re investing.
In Conclusion
Among all the money tips, these seven tips are a guide to generating millionaires. It’s imperative to implement each of these strategies as soon as possible. Nevertheless, it’s necessary to say that millionaire status is a process and it won’t occur in just one night.
While there’s no such thing as getting rich quickly, there certainly is the concept of getting rich quicker. To have this, it requires you to concentrate on raising both the speed at which you’re receiving money and the speed at which you spend it to create more wealth.
Understand that this journey towards financial success is a gradual process. It is based on tolerance, dedication, and persistent engagement. Each step you take, no matter how small, brings you closer to your goals. Well, you better embrace the trip, start from where you are and this is the process of building your ordinary wealth.
