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I’m an entrepreneur and these are the three steps to becoming a millionaire Credits: Social Media
By Ellissa Bain

I’m an entrepreneur and these are the three steps to becoming a millionaire

By Ellissa Bain

Everyone wants to be rich, but earning money requires lots of hard work, determination and clever decisions.

An entrepreneur has shared how to become wealthy in three steps, and they are things that anyone can do.

Businessman gazing out of window aboard flight
Credit: Flashpop (Getty Images)

Entrepreneur’s 3 steps to get rich

In the latest episode of Steven Bartlett’s Diary Of A CEO podcast, entrepreneur Scott Galloway shared exactly how to build wealth.

1. Lean into your advantages

First up, he said all young people should lean into their advantages and make the most of the incredible opportunities they have in their 20s.

This includes flexibility and time, which are both key in getting rich as they allow you to take risks, find your talent.

However, that doesn’t mean you can’t get rich when you’re older, you just need to use the advantages you have at that point in life.

Whether it’s living in a big city or having savings to launch a business, there are always things that will give you the upper hand, you just need to lean into them.

2. Become an owner, not an earner

The next step to building wealth is to become an owner, not an earner. That means to be rich, you need to be the boss not work for someone else.

To do that, you need to start a business and “develop an army of capital” that will earn you money even when you’re sleeping.

Earners can live a happy, content and stable life, but you’ll never become a millionaire by earning a monthly wage.

Owners get rich through profits from investments, stocks, property and other income streams formed through the ownership of assets.

@steven

In today’s episode, I have the pleasure and honour to welcome back the Money Expert @Scott Galloway for the third time on The Diary of a CEO. Scott is a NYU professor, global business thought leader, best-selling author and serial entrepreneur amongst many other things. In this conversation, we discuss: * Why. side-hustles don’t work? * Why your character is the best personal investment that you can make? * How to become a millionaire without any work. * How to understand how to invest and understand the markets. And so much more! #podcast #podcastclips #clips #scottgalloway #business #businesstok #biz #teacher #teach #learn #money #moneytok #interview #diaryofaceo #rich #advice

♬ original sound – The Diary Of A CEO

3. Invest, invest, invest

Once you are an owner, the most important thing you need to do is not spend your money – and invest it instead.

“98% of us will spend everything we get our hands on,” Galloway said. “It is very hard to have the discipline to take money that is within your grasp and invest it.”

He added that people don’t understand or appreciate the power of investing and how compound interest can make you rich.

Compound interest is when�you earn interest on both the money you’ve saved and the�previous interest you have already earned.

Follow those three steps and you could be well on your way to becoming a millionaire.

Scott Galloway is a successful entrepreneur who started many companies including Prophet, Red Envelope, L2, and Section4. He is also a clinical professor of marketing at the New York University Stern School of Business.