Millionaire Habit #4: Better Skills = More Money

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Millionaire Habit

So you want to be a millionaire? Great, that’s awesome! You see, millionaires and billionaires think differently, and today we’re going to talk about a millionaire habit.

Millionaire Habit: Better Skills = More Money

There’s one thing that you can do that will help you to make more money: Acquiring better skills.

Let me explain.

Example

The other day I asked my son, “Julius, I’m curious, what do teenagers do these days to make some money?”

Because I remember in the very beginning, when I was still going to school I was working at McDonald’s. Here’s what my son said. He said, “Most of my friends work at Firehouse Subs.”

You know, where you can get the sandwiches, and he says, “And they make $8 and 25 cents an hour,” 8 and a quarter, right? And I guess that’s the minimum wage.

And you see, the compensation is appropriate for that skill level, because after all, how much skill do you need to slap together a sandwich?

Not much, right? You can probably learn how to do this in 30 minutes or less.

Now let’s take another extreme

Tim Cook, the CEO of Apple, last year in 2018 he made a little more than 15 million dollars.

Now I assume that Tim Cook is probably a busy dude, so I would say he’s maybe working 60 hours per week, right? Maybe 52 weeks per year.

So I did a little bit of magic math and this means that he is making $5,000 per hour.

What’s the difference? Why does one person earn $20,000 per year and the other person is earning $15 million per year?

millionnaire habit

The difference is skill.

Tim Cook, the CEO of Apple, he’s responsible for a company that makes 265 billion dollars per year.

By the way, if you’re confused with the numbers, $265 billion is $265,000,000,000.

So I guess it’s okay if he’s making 15 million dollars but he is responsible for making $265,000,000,000,000, right?

Anyhow, wow, you get dizzy from all these numbers.

But on the other hand, my son’s friend is responsible for putting together a sandwich. So, we already know one factor that is influencing how much you make and that is your skill.

However, there is a little bit more to it.

You know that you need better skills and your skill has to be useful.

As an example, it’s great if you can say the alphabet backwards, but this will probably not earn you more money.

And it’s great if you can assemble a Firehouse Subs sandwich with your eyes closed, right? But it won’t you earn any more money.

And it doesn’t matter how difficult you think your skill is.

As an example, it’s great if you can solve one of these Rubik’s Cubes, right? In 17 seconds. I bet that’s difficult, but it’s useless.

Do you know anybody with a useless skill? Leave a comment and let me know what do you know that somebody can do is an absolutely useless skill, I’m just curious.

So we talked about making more money, and we talked about how a millionnaire habit is that you need to have a skill and you need to have a useful skill.

There’s a huge difference between knowledge and skill.

Yes, some people go to college and get a business degree or even an MBA. So in theory, they know how to run a business.

But until you actually run a business and grow it you don’t have a skill, you only have knowledge. Now, knowledge is good, but it’s useless until you turn it into a skill.

Let’s talk about trading for a second

There are many people who know that you should buy low and sell high, right? And I’m sure that they know some techniques on how to do it.

But until you actually apply this knowledge and successfully grow a trading account, the knowledge is useless.

 But once you have the skill to actually buy low and sell high you will make money.

To learn how I trade, including how I pick stocks, when I enter and when I exit, with a profit or with a loss, visit mytradingroutine.com now for a free, 35-minute training video.

Let’s recap

A millionaire habit is that f you want to make more money you need to have better skills. And your skills need to be useful.

So how do you get better skills?

Here is the quickest way, hire a mentor.

If you want to know how to make money with real estate, hire somebody who is making millions with real estate and ask him to mentor you.

And if you want to know how to make money with trading, hire somebody who is a successful trader and ask him to mentor you.

Yes, of course, you will have to invest some money. And yes, with a mentor you acquire the skill that you need to make money in record time.

Is this making sense? Leave a comment below and let me know if this millionaire habit is helpful.

Read Next: How To Follow Through With Your Goals


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