When Daniel Ally was 21 years old, he was struck with an idea that he believed could change the world. He noticed that the education system had gaps, and saw a need to teach students valuable life skills outside the classroom. Ally knew that if he completely dedicated himself to making the idea a reality, it would lead him to success. Three years later, Ally was the CEO of his own highly successful business. He was able to spread the word about his company via public speaking, and was a self-made millionaire at the age of 24.
"I've found that there were strange secrets about millionaires," he told Business Insider in a guest article. "Once you see these common trends, you'll be able to leverage all your current opportunities." Read on for the eight steps to self-made success from a 24-year-old millionaire who did it himself.
- Become a student. "When I commuted to work, gym, and school, I would listen to audio programs, absorbing as many ideas as I could," says Ally. He researched basic principles that weren't taught in school, such as time management, goal setting, and decision-making.
- Take action. After reading about the skills it would take to build a successful business, Ally was eager to take the next step. He decided to quit his studies and start giving thousands of free speeches. Were it not for this bold decision, he would have never known his potential.
- Acknowledge there will be lows. The most challenging period for Ally was when he was trying to break through as a speaker. He would spend days speaking to a near-empty room without compensation. Acknowledge that building success will take time, and there will be low periods where you'll need conviction to stay on-track.
- Learn to live cheaply. Before you can become a millionaire, you must first learn to live cheaply. Ally says when he was starting out he invested all his money into his business and building his skill set, leaving little else for food or spare time.
- Competence breeds confidence. Don't aim to fake it until you make it. According to Ally, if you invest in growing your competence, true confidence will follow. By being skills-focused, he was able to improve his pubic speaking and grow his business.
- Don't be afraid of creating a side business. Despite booking more speaking jobs, Ally was still struggling to make ends meet. His solution? A side business that would generate revenue, which would help him focus on his passion project. Considering a side business won't dilute your success, it could give you the ability to channel more funding and effort into your dream.
- Trust that your big break will come. For Ally, this only happened after he'd given his time, effort, and money to his business idea. Keep your thoughts on the end goal and be open to meeting new people along the way. You never know, they might be the one to give you your big break.
- Money follows passion. Chasing wealth is fruitless, but working on something you are passionate about will ultimately lead to profit. "I learned that when you do what you love, the money will follow," he says. "When you start reaching for people's hearts, rather than their wallets, you'll be more successful."
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