It's that time of year when so many of us sit through boring graduation ceremonies where academics give career advice to hung over listeners that care more about making a lot of money rather than compiling academic accolades. The following video is my advice to graduates on how to get rich. This applies to high school, college and even masters level graduates so feel free to pass this advice along to anyone you know who is graduating this year. I wish someone gave me this advice on my graduation day. It would have helped get to where I am today that much faster.
My advice to graduates on how to get rich in the video above centered around the idea that you have to own your business (or businesses) if you truly want to make some real money in life and that unfortunately, school doesn't teach you how to run a business. Instead, high school, college and graduate school teach people how to be great employees and how to be wonderful lemmings to make the owners of businesses wealthy. The best way to learn how to successfully own and operate a business is done through the tutelage of a mentor, but certainly the wisdom to be a productive business owner can be obtained through the school of hard knocks too. It's just faster to not have to learn all those valuable lessons yourself. A smart person learns from their own mistakes, a wise person learns from the mistakes of others.
Choose a Business You Will Enjoy
The best book ever written on how to get rich is The Millionaire Mind by Thomas J. Stanley. It's a prerequisite for anyone looking to become wealthy. It proves the fact that the majority of millionaires own their own businesses. Even doctors, attorneys and other highly educated professionals typically don't achieve high levels of wealth without owning and operating their own practices.
Choosing what business to operate is not easy. You want to choose something that you will enjoy (since you will be spending a lot of time doing it). But it also needs to be highly profitable. A business that you love that makes no money won't help you get rich. And if choosing the right business was so easy, everyone would be rich so don't expect the decision to be easy. In fact, you may have to fail a few times before you hit pay dirt.
And becoming rich has its sacrifices too. You may not be able to hang out with friends as much, you may not be able to attend as many parties and you may work long hours in the beginning. But the trade off is that in a relatively short period of time, you can have a tremendous amount of freedom that everyone you graduated with won't have. The costs of becoming a successful business owner are worth it.
Simple but powerful, that's my advice to graduates on how to get rich.
omg, i totally love you for this video, thanks alot…………………on my way to becoming a mil………….no wait a minute, on my way to becoming a billionaire……thank you so much for this video
Emmanuel Dumaguing says
Phil you inspire me and give me so much motivation. I want to be wealthy above anything else. Money is really the greatest thing in the world and the love of money is not the root of all evil. The lack of money is the root of all evil. I believe that pursuing to be wealthy is the most non selfish thing a person can do. You can’t help anyone with you can’t even help yourself and you are running the rat race like everyone else. The richest people are the most generous and the poor are the ones that are greedy. I will definitely start a business one day but now I need to become successful in Real Estate Investing. I agree with everything that Phil has said in this video. School never trained us to be business owners, since day one school has programmed us classroom rules of how to act normal, when to talk only when raising your hand, someone is always above you, these are all programming us to be a useful citizen for the country which is not a bad thing because we need a functioning society but I only live once and that’ lifestyle is not for me. Freedom!
Victor ivovo disengomoka says
Thank you for your advices.
Thanks for affirmations, Phil!
You are the best!
Thanks Phil. You are making a difference in many people’s lives with your videos.
Phil I just read what you wrote and I don’t think setting out with a goal to be rich is what most of us are after. Its more of a reward of being able to do a good job at several things and help several people in the process. I am having to learn through the school of hard knocks because I have had no luck finding mentor. I’ve ask several people with no real luck ,but I’m working for myself and its no easy task. I have found that its best to strive for internal peace ,because at times when I’ve had nothing I’ve been the happiest . everyone has a vision of success and if you learn through hard knocks or mentor as long as your honest ,hard working, respectful and are grateful always humbling yourself then it might or might not pay off for you. But even when life kicks you square in the balls if you have a strong woman who loves you and looks forward to your calls then you will get back up and you will fight for the next job.
Phil Pustejovsky says
As my mentor would say, “Spoken like a true broke person.” This video is not contemplating the larger issues in life such as a personal relationship with Jesus Christ, top notch physical health, a wonderful family, etc. This was advice on getting rich. WHY someone would want to be rich is a different subject and is not dealt with in this video. But to say that your goal is not to be rich is probably not telling yourself the whole truth if you are trying to be a successful real estate investor. Usually in life, if someone says, “It’s not about the money,” you can be sure of one thing…it’s about the money.
Thanks so much Phill!
I’m so stoke to hear this. It brings clarity to me. Would be much better to talk to you in person but your videos still do a powerful job!
Thanks again bro!
Rudy Perez says
Great advice, I think school is a way waste of time they dont u how to run a buisness not every one can be a buisness owner some were meant to be slaves or may I say enployees .
David P. Kushner says
Thank you Paul
Very common sense, but you removed the years of fog. Seems that in life, we make things too complicated. You opened my eyes to the enjoyment I once had in ownership, but became tired of the total responsibility.
Time is now to re-evaluate and move forward, thank you.
Alvin Singh says
Great Advice and Presentation.
Nihl Bulkley says
Most people, who have knowledge or wealth, are pretentious and proud. Throughout all your videos you are so “down to earth”. Your humility, sincerity, and desire to help others become you. Good advice in the video – as always.
Tiffany Drakes says
I just wanted to know do you have a guide about what steps in requiring the level one paperwork to start a business. I’m not a graduate
Phil Pustejovsky says
What is level one paperwork? I own many different businesses and I have never heard of that phrase.