A Letter to My Son: Your Journey to Becoming a Millionaire(Opens in a new browser tab)
Ever wondered what sets millionaires apart from everyone else? It’s simpler than you think. This one habit can make you a millionaire and change your life.
I get asked all the time, “How did you become a millionaire?” People are eager to uncover the magic formula, the secret that can turn their dreams into reality. Well, here it is Reading. Yes, reading. It’s the habit that has propelled me to wealth, and it’s something you can start doing today.
The Millionaire Formula: Applied Knowledge Equals Income
Let’s break it down: Applied knowledge equals income. You read with a purpose – to acquire knowledge. But knowledge is useless unless you apply it to your circumstances to improve your life and increase your income. Here’s how my reading habit turned into millions.
Example 1: Reading Upon the Bookkeeping Business
At 24, fresh out of Business School, I wanted to start a bookkeeping business. Despite my accounting degree, I knew nothing about bookkeeping. So, what did I do? I hit Border’s bookstore, grabbed a couple of books on bookkeeping, and read them cover to cover. Armed with this new knowledge, I launched my bookkeeping business. Within five years, I was grossing about $20,000 a month. All because I read and applied what I learned.
Example 2: Building a Tax Preparation Business
Next, I saw an opportunity in tax preparation. Again, I knew nothing about preparing taxes. So, I enrolled in tax courses at Houston Community College. I devoured the material and mastered the subject. But I needed to be efficient, so I got demo software from Taxwise and practiced until I was an expert. Over five years, my tax preparation business was raking in hundreds of thousands annually. Knowledge applied equals income.
Example 3: Flipping Houses: My Way to Millions
With my bookkeeping and tax business generating significant cash flow, I needed a smart investment. I chose house flipping. Enrolling in a two-day seminar, I soaked up every detail. The seminar came with binders of information, which I studied meticulously for six months. I then partnered with a realtor client. He found the deals; I financed them. Over eight years, we flipped around 300 homes. Reading and applying knowledge made this possible.
Example 4: Building a Real Estate Empire
Flushed with cash from flipping houses, I turned to apartment complexes. Once again, I knew nothing about this investment. I bought books from Borders on valuing and managing apartment complexes. With my CPA background, I quickly grasped the valuation process. I hired a commercial real estate broker, and by 1998, I purchased my first complex. Over the next decade, I acquired several more, culminating in a portfolio valued at approximately $40 million, grossing several million annually.
The Millionaire’s Secret: Read, Learn, Apply
Here’s the bottom line: reading is the habit that can make you a millionaire. But it’s not just reading for the sake of it. You must read with the intent to learn and then apply that knowledge to your ventures. That’s the key to transforming knowledge into wealth.
So, what are you waiting for? Grab a book, dive into it, and start applying what you learn. The reading habit can help you become a millionaire is right in front of you.
Now, go out there and make it happen.
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