From crypto to the latest business guru, from investments to side hustles and good habits, I answer the questions I get asked the most. Keep reading to find out what questions people ask a millionaire and my answers!
When you get to be good at anything, people want to ask you questions. They want to know what you did, what you do, and what you think. I love helping people – so answering these questions is always a pleasure. I’m happy to share what I know. Because I can tell you that I wish I’d known some of those answers when I started out! I thought I’d collect some of the most common questions I get asked as a millionaire – and here they are! The 11 Questions People Ask a Millionaire.
1. How do I get a passive income?
To me, this is the sort of question people ask a millionaire when they just aren’t prepared to put the graft in. The only real passive income comes from assets you’ve already earned actively. That could be an investment property, bonds, whatever generates an income, or a yield.
People sprouting this sort of stuff about passive incomes online are usually selling a dream. They’re saying if you buy their product or subscribe to their webinar, you’ll never have to make an effort, never have to do anything – you’ll just wake up to a magic money tree growing at the end of your bed.
Now, if you know me, you’ll know I think that sort of stuff is absolute bollocks. I love talking about my strategies for making money, and my ideas about how I make money. But ultimately, it comes down to hard work, creative ideas, building a business and taking some risks. I can’t give you a get-rich-quick passive income scheme. But if you apply my strategies and you make some money, then invest that – then one day, you can get a passive income. But it’ll take a lot of work!
2. What should I stop buying?
Don’t get me wrong. I’m not into wasting money. Especially in business. And I love to spend money on the things I want to spend it on. And you should spend your money on things that make you happy, enrich your life, and move you forward. I think a much better question is not ‘what should I stop buying’ but ‘how can I earn more money, so I can afford to buy what I want?’
You should already know when you are wasting money. Some online gurus say, ‘don’t go to Starbucks, buy this special kettle that’ll save you money’. Let me tell you if you’re at the stage where you need to save the price of a cup of coffee, something has already gone pretty wrong with your business. You can only cut expenses so far – but you can increase your income exponentially…
I’d rather tell you how to make more money than save a few quid. And having the money you need means freedom. That’s what we all aspire to – to feel that, you are free. Freedom means something different to everyone – It could be the freedom to travel, and spend time with the kids, but especially not having to worry about the cost of a coffee.
3. What is the next big thing?
Lots of young people always ask me “what’s the next big thing?” If you are looking for the next big thing, it’s a distraction. If you jump from the latest idea to a new fad to a trend –you might end up doing one thing this week, something else another. It’d be better to spend this time looking at the key skills you need for any business.
Key business skills are sales, marketing, finance, communication, managing people, and motivating people. Most businesses have the same skill sets and now is the time to learn these skills, so that when you come into a business you have what you need to succeed. Because if you have the skillset and the attitude you can make money in any area. Believe me, I know people in all sectors and all areas, and they share so many qualities. if you have these skill sets you can be the next big thing and create your own market… now is the time to learn.
4. What kind of side hustle should I be doing?
People often miss the fact that a side hustle is just an opportunity to make money alongside your main job. It shouldn’t be a difficult thing to come up with because it is just monetising a skill set. We all have something we can do. During covid – people were losing jobs – and they looked for new ways to earn income. Remember, you don’t need to be a world expert to earn money doing something – just better than the next guy. You don’t have to be a perfectionist – but if you follow your passion, that makes all the difference.
I was a magician when I was a kid – from about eight to 15 – and I was obsessed! By the time I was 16, I worked in a restaurant – for free – doing magic and getting good tips!
So just ask yourself, have you got a skill you can monetise? We all have something we can monetise.
5. What’s the best business book
The last book I read was “The Hard Thing About the Hard Things” by Ben Horovitz. He built and sold tech biz for 100s of millions. So, this is a book about how hard it is to make tough decisions, the times you face the brink of bankruptcy. Basically, you only learn from the tough things – that go wrong.
I’ve read business books since I was a kid. Staying awake at night reading Trump’s autobiography. Mostly, books by people who have been there and done it. Business biography, autobiographies of successful businesspeople. I only read books by people who have suffered the real life of doing business – not theoretical professors. Too academic. Business is all about learning from mistakes. Now, it’s cheaper to learn from someone else mistakes… so I like to learn from mistakes in business books.
6. What are your best business habits
Sorry folks, it’s a cliché, but there’s nothing like good old-fashioned hard work. I started work at 18 or 19 – and I’ve always worked long hours. I put the time in. And I didn’t think of it as work because I loved every moment. You need to pick something you love – because if you don’t, you won’t put in that time. In a modern world of instant (Insta!) gratification, there is no silver bullet, no single habit that guarantees success. How you see me now – I look like I’m having the time of my life on socials – and I am! But it’s something I have earned. You look at me on social media – you don’t see the hard work of 25 years, the bankruptcy, and sleepless nights.
And sure, I’ve always done cool things along the way. But it’s a sort of a snowball of know-how, picking up skills and experience as you roll along, moving to the next level. Years of work, making mistakes, losing it all, nearly losing it all. And hard work.
7. What’s the best way to save?
I can’t recommend stock and shares – not my bag. I see it as gambling – you can never tell how things are going to go. And you can lose a lot. What I can say, is that whatever you invest in, you should try to look at the method or structure, and choose something that lowers, limits or preferably eliminate the tax. Something like ISAs. If you can save money tax-free, after 10 years or so, you’ll be staggered. Warren Buffet once said something like ‘Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.’
Tax is often the biggest expense in a business – if you can eliminate it, it makes a massive difference. And try to find something that gives you compound interest. Warren Buffet (again) calls compound interest the eighth wonder of the world. If you can apply multiple years of compound interest, without the tax, you can turn something solid into something spectacular.
8. How important are mentors?
Mentorship is one of the most important things in business. If you want success, you can do a lot worse than find a suitable mentor. I have always had mentors. In my youth, they were mostly informal. And I was full of ego back then, but what they gave me was invaluable. Now I still have mentors, but it’s all a bit more formal.
You’d be foolish not to take advantage of mentors if you can – learn from their know-how, their experience and their mistakes! A mentor has been there before – they can speed you up, smooth the path and help you achieve.
Try to get under the wing of an entrepreneur. Build up a full skill set in your toolbox. It’ll be timeless. You might not get your first choice of mentor. The main thing is not to give up. If the first person says no, ask the next one – you’ll find someone. Maybe you could join a group, or even look on YouTube! It’s worth keeping going because this kind of advice will make a big difference.
Maybe if I’d gotten the advice I needed earlier in life, I might have avoided some of the big mistakes I have made – and I’d be a lot richer than I am now!
9. What sort of business should I do?
If you don’t already know, maybe that’s a sign. Now could be the time to be learning, absorb and trying as many things as you can. You are on stage one. And in the nicest way, you haven’t got a skill set yet, because you haven’t made the mistakes and found your skill set. You can learn business skills from books, courses, youtube whatever – learn about finance sales, comms, marketing, hiring, and firing management. But also test some ideas, to find what you like. Your business may well be a sort of derivative of you. Monetise your skill set, make some mistakes, learn, develop, make some money, find what you like, and then one day you’ll be hit with the big idea. By then you’ll have some capital and some skills – to make the next leap to the next business – and that could be the one…
I was at dinner the other day. We were talking about whether our kids should go to university. You know, when I was a teenager – I didn’t want to go to university, even though my parents were very keen. But you know, when you are young, you really don’t know what you want to do. This is the time to experiment and try things.
Sure, there’s always something new and hot to make money from. But it’s better to just learn, find out what you are good at, build up your skills, and be an apprentice (there’s so much value in being an apprentice!).
10. How can I stay focused and productive?
The best way to keep focused is to do something you love, something you have a passion for. There are lots of distractions in life. More than ever. Mobiles, TV, working from home etc. Sure, small things can be done – maybe turn off the TV, put your mobile on silent, and tell your family you don’t want to be disturbed. But ultimately, if you are doing what you really love, nothing in the world will distract you, and you will be laser-focused…
My big turning point was making a plan about what I wanted to achieve that day. Then I made sure I got that done in time. Once I had achieved that, I could go and really enjoy myself.
Fitness is important too. I like to exercise in the morning. Then once I’ve done a good, hard workout, I feel alive and invigorated. I know fitness is not related to business, but that feeling gives me plenty of focus and energy.
11. What about crypto?
I first bought Bitcoin in Feb 2021. If I look at how I buy – it’s how I invest in general. I am a holder. It’s long-term, I’m not looking for quick flips. I buy just Bitcoin and Ethereum. I have invested in other ones such as NFTs, but I lost money – probably because I listened to the guys in the gym. They felt like stocks and shares, or horses I’ve backed!
It’s not a quick get-rich scheme. You should never make decisions without doing the research yourself. And that takes hard work!
Crypto for me, has been a learning experience. It has taught me about monetary systems and policies, central banks, and big finance. I’m actually a bit embarrassed to be learning about all this now! I wish I’d known about these things 25 years ago. Now, I buy crypto with a view to never selling. So, things go up or down – I don’t get excited.
In the future, I could take loans against my crypto – but I am leaving them right where they are!
If you like what you read and would like to learn more from me, invest or introduce me to new opportunities, then don’t hesitate to get in touch and we can begin talks.
