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5 Truths That Made Me A Millionaire At 22

There is no work/life balance. You need to dedicate yourself to the work. You need to be all in.

Timothy Sykes

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Timothy-Sykes

One of the reasons I am fortunate enough to get to do what I loved and teach students each and every day, is because I found a great deal of success in penny stock trading at a young age.

By the time I was 22 and graduating from college, I had turned around $12,000 of Bar Mitzvah money into $1 million, all from penny stock trading. So many of my students turn to me for help because they too want to find this type of success.

One of the greatest things that came from me making all of this money at such a young age is that I made a lot of mistakes along the way, and I learned from these mistakes. When I started trading, I was just a teenager with no idea of what I was really doing.

If there were mistakes to be made, I was going to make them. Now, I can pass the insights I have gained from my own setbacks on to my students, in hopes that they can not only make their own million, but that they can do it faster, younger and better than I ever did.

While I did make a lot of mistakes, I also stumbled upon a lot of great tips that really guided me and lead me to my success.

Related: These 3 Simple Strategies Will Better Your Odds Of Becoming A Self-Made Millionaire

Here are five of the best tips that I learned along my own journey to becoming a millionaire by age 22.

1Go where the money is

It is really that simple. Back when I first started and when I first became a millionaire, the stock market was the place to go and was in a bubble. Now it’s all about social media.

2Age is just a number

Age really means nothing. In fact, when I was a college freshman and just a teenager, I made $100,000 in one day. It had nothing to do with how old I was. If you have the skills and the knowledge, then your age, or your fancy and expensive degrees mean nothing.

If you have the skills and the knowledge, then you have everything that you need to succeed.

Related: 7 Reasons Why You Must Become A Millionaire

3Preparation is key

timothy-sykes-millionaire

Photographer: Andrew Hetherington for Bloomberg Businessweek.

Whether you want to call it preparing or studying, you need to be willing to put in the time and do your homework. For me, it meant putting friends, family and other areas of my life on hold. I wanted to be an expert, so that is where I dedicated all of my time. Everything else took a backseat.

4There is no work/life balance

You need to dedicate yourself to the work. This doesn’t mean you have to completely abandon everyone and everything in your personal life, but it does mean that you need to be all in. I learned at an early age that if you want extraordinary monetary gains, you can’t be half in.

You can’t just try to fit trading into your life like an after thought. Unfortunately, this is what most people do. They assume that they can just do a little trading for a few hours a day on the side and they will automatically start making millions. This isn’t how it works. You need to be all in.

Related: 5 Millionaire Traits That Will Help You Get To The Top

5Don’t just do it for the money

It may sound like a funny tip to come from a college student who just made a million dollars, but it is something that I really did learn at a young age. If you are only motivated by money, you are going to hit a ceiling and you are going to limit your potential.

If you really want the sky to be the limit, then you need to be willing to challenge yourself and see what you can do with your knowledge and skills. Money is just the reward for your journey. Think about it this way and your experience will be much more fulfilling.

This article was originally posted here on Entrepreneur.com.

Timothy Sykes is an entrepreneur and a penny stock expert, trader and advocate. He has been featured on CNN, Fox News, CNBC and more and has spoken at prestigious institutions such as Harvard University.

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Personal Finance

6 Ways To Develop A Millionaire Mindset

Chasing money has remarkably little to do with getting rich.

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If you truly want to have a million dollars, you must first be and think like a millionaire. By doing so, you will attract the necessary resources to you.

So, you want to become a millionaire entrepreneur? You’re not alone. Many dream of leaving their job and becoming their own boss, enjoying the various millionaire lifestyles we watch on TV. But there’s a difference between those who dream of becoming millionaires and those who do. And it begins and ends with mindset. If you don’t develop that mindset, you will continue to spin your wheels, working just as hard, but never going anywhere.

Developing a millionaire mindset requires you to stretch your thinking. Start by developing the following six attributes.

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Personal Finance

4 Ways To Become A Millionaire Even When You Start With Little

It costs nothing to take advantage of the limitless opportunities online.

Timothy Sykes

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The hardest part of becoming successful is getting started to begin with. But despite the challenges ahead of you, there’s a way to become a millionaire when starting with little. I’m going to show you four reasons why you can become a millionaire with just a small investment.

1. First focus on learning, not big gain

Education is your greatest weapon. Focus on learning in the beginning. Don’t make the mistake of focusing on making huge gains in the beginning. Learn everything you can because this is how you build the foundations for long-term gains.

Related: 21 Choices Millionaires Make That You Aren’t Making But Should Be

They say that if a millionaire goes bankrupt they’ll nearly always be able to get it back. And that’s because they might have lost their money, but they have the knowledge of how to get back to where they need to be.

2. You can learn loads about any topic online

online-learning

I’m grateful for the internet. It’s the single biggest library in the world. You’re reading this article right now and you’re acquiring knowledge you wouldn’t have been able to acquire 40 years ago.

Use the internet to its fullest extent, whether that’s through reading books, browsing articles or watching video tutorials. Set some time aside every day to learn something online. It could be a video series or a favorite blog.

When you get into the habit of learning regularly you’ll find that you advance much faster.

3. Focus on the niche you love

These days you can learn about anything and target the niche you’re passionate about.

This is what I was able to do with penny stocks. I found a gap in the market and provided knowledge to people who wouldn’t have otherwise being able to access this sort of information.

You can do that with absolutely any niche. When you find a niche you’re passionate about and you use the reach of the Internet you start to make huge gains.

4. Prove your expertise by creating free content

Your reputation as an authority is the new business card. There’s a reason I created a penny stock guide and made it free for all. You may have already seen ads for it on social media. The way to succeed with little is to create a reputation through your content.

Related: How To Become A Millionaire, Explained In 1 Minute

It’s the gateway to success because through free content you start to build relationships with others who value your work. And from there everyone gets richer.

You can do lots with a little

The days when you needed a huge investment to become successful are long gone. These days you can do so much with just a little. Find what you love, advance your knowledge in that area, and create a product that fulfills a need. Finally, work on building up relationships through portraying yourself as an authority on your subject.

Combine everything together and you can accomplish anything.

This article was originally posted here on Entrepreneur.com.


Related: 13 Habits Of Self-Made Millionaires You Could Adopt Today

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Personal Finance

10 Tips To Become A Millionaire This Year

Becoming a millionaire requires changing your mindset and implementing some changes.

Murray Newlands

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Becoming a millionaire may seem out of your reach, but it’s possible with the right attitude and guidance. The fact of the matter is your income can only grow as quickly as you do, so you need to change your mindset to achieve your goal of becoming a millionaire.

Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way. To get yourself there, you’re going to need some structure. To help you, I’ve outlined the top ten tips you should follow to become a millionaire this year.

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