I made my first $1,000,000 at 26. Here's how,
Ali Abdaal explains how he made his first million by 26, focusing on three strategies: raising your income, investing in assets, and building things that earn passively.
The gist
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Cutting expenses alone is too slow; Abdaal says focusing on earning more is far more effective for reaching financial freedom.
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Once you've invested in your own skills, Abdaal recommends putting spare cash into stock market index funds to benefit from compounding.
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Building assets like a personal brand, business, or intellectual property creates passive income and is more likely to lead to financial freedom.
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Abdaal warns that relying only on saving, without owning income-generating assets, could push financial freedom back to age 75 or later.
"At that point, you can plow that money into things like stock market index funds."
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"At that point, you can plow that money into things like stock market index funds."
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