Zero to Rich E-Book

Fiona Smith

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Veröffentlichungsjahr: 2024

Beschreibung

An invigorating and fresh take on building a bright financial future

In Zero to Rich: Secrets to Becoming a Millionaire by 30, celebrated personal finance blogger Fiona Smith delivers an energizing new approach to achieving financial security and independence without living like a monk. You'll discover how to improve your emotional, social, intellectual, and—most importantly—financial wellbeing as you implement the straightforward lessons taught by the author. From clarifying your money goals to paying off high-interest debt, you'll get step-by-step guidance on how to achieve your most critical money milestones.

The book provides personal anecdotes, illuminating stories from real people, informational graphics, and engaging end-of-chapter challenges and exercises to help you get started on your new path to financial freedom. You'll also find:

• Easy-to-follow advice on how to start investing, including the use of tax-advantaged accounts and 401k plans
• Strategies for maximizing your earnings, like negotiating your salary and building a business or side hustle
• Techniques for improving your financial security right now, including budgeting and insurance planning

An essential financial self-improvement resource for anyone interested in building a brighter future for themselves, their family, and the people they love, Zero to Rich is packed with the expert personal finance knowledge you'll wish you learned in grade school.

Leseprobe

Table of Contents

Cover

Table of Contents

Title Page

Copyright

Dedication

Acknowledgments

About the Author

Disclaimer

Chapter 1: Introduction

So Let Me Tell You a Secret

Fact or Fiction: Is Building Wealth Hard?

If anything, I hope you remember this:

Chapter 2: Determine Your Purpose

To help you get started, I've created an 8‐Step Guide to Finding Your Purpose

Chapter 3: Think of Money as Time, Not Money

In Time

Overview

Chapter 4: Stealth Wealth

Note

Chapter 5: Pay Yourself First

Notes

Chapter 6: Growth versus Fixed Mindset

Chapter 7: Find a High‐Quality Mentor

How to Choose a Mentor

Note

Chapter 8: Stop Procrastinating

How to Cut Procrastination

Notes

Chapter 9: Embrace Failure

Chapter 10: The Biggest Financial Decision of Your Life

Notes

Chapter 11: Increase Your Millionaire Odds

Wealth Lessons

Building a Business

Notes

Chapter 12: Play the Tax Game

Note

Chapter 13: Roth IRA versus Traditional IRA

Notes

Chapter 14: Assess Your Risk Tolerance

Note

Chapter 15: The Eighth Wonder of the World

The Power of Compound Interest

Notes

Chapter 16: Become a Master Budgeter

Budgeting Rules of Thumb

Your Net Worth

Notes

Chapter 17: A Discussion about Debt

Credit Card Balance Transfer

How Fast Should I Pay Off My Mortgage?

How Fast Should I Pay Off My Car?

Note

References

Index

End User License Agreement

List of Illustrations

Chapter 14

Figure 14.1

Figure 14.2

Figure 14.3

Figure 14.4

Figure 14.5

Guide

Cover Page

Title Page

Copyright

Dedication

Acknowledgments

About the Author

Disclaimer

Table of Contents

Begin Reading

References

Index

Wiley End User License Agreement

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Zero to Rich

Secrets to Becoming a Millionaire by 30

Fiona Smith

Copyright © 2024 by John Wiley & Sons, Inc. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per‐copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750‐8400, fax (978) 750‐4470, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748‐6011, fax (201) 748‐6008, or online at http://www.wiley.com/go/permission.

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Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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Library of Congress Cataloging‐in‐Publication Data is Available:

Names: Smith, Fiona (Blogger), author.

Title: Zero to rich : secrets to becoming a millionaire by 30 / Fiona Smith.

Description: First edition. | Hoboken, New Jersey : Wiley, [2024]

Identifiers: LCCN 2023037626 (print) | LCCN 2023037627 (ebook) | ISBN 9781394222612 (cloth) | ISBN 9781394222636 (adobe pdf) | ISBN 9781394222629 (epub)

Subjects: LCSH: Strategic planning. | Risk management. | Finance, Personal. | Success in business. | Wealth.

Classification: LCC HD30.28 .S55875 2024 (print) | LCC HD30.28 (ebook) | DDC 658.4/012—dc23/eng/20231103

LC record available at https://lccn.loc.gov/2023037626

LC ebook record available at https://lccn.loc.gov/2023037627

Cover Design: Paul McCarthy

Cover Art: © Shutterstock|Masson

Dedicated to my loving, supportive family and my ray of sunshine, Louis.

Acknowledgments

To my mom and dad. I am so thankful to have you as parents. You are my rock, and I don't know where I would be or what I would do without you both. Through life's many ups and downs, you both have been by my side and I would not be here without your undying love, support, and wise words (although I may not have always listened to them initially!). Thank you for educating me, for sacrificing everything you did for me, and for shaping me into the person I am today.

To Callum, who left behind everything he knew, took a leap of faith in me, encouraged me daily, and blindly stood by my side through thick and thin. Your encouragement, words of wisdom, humor, and reality checks have kept me going. I would never be where I am today without you. You built up my confidence and you are the person I turn to during the tough times. Thank you for your love, understanding, and continuous support.

To my baby, my French bulldog, Louis. Louis, you are my ray of sunshine. You bring happiness, luck, and love everywhere you go. From hearing your snores echoing through the hallway to seeing your funny facial expressions while writing my book. Even if I have a bad day, you infuse it with laughter, cuddles, and love. I don't know what I would do without you. Thank you for holding me together when I'm about to fall apart and for loyally always being by my side.

To my big brother, Finley. You are always there for me and more importantly for my parents. You see the simple things in life – from sparkling sunflecks to the ephemeral buzz of a butterfly – as the magical wonders of the world. Thank you for only seeing the good in us and for showing us how to enjoy life's daily treasures. Don't ever change the way you are.

To my mentor, who took me under his wing and taught me invaluable lessons about entrepreneurship, mindset, and winning. You saw me as a kid who was hungry to learn, hungry to grow in life, and hungry to leave a lasting impact. You encouraged me along the way – to embrace those difficult choices and to never fear failure. Thank you for helping me believe in myself to make the right choices, especially when there is a fork in the road.

To Kevin, Stacey, Shannon, and everyone else at the Wiley Crew who was there every step of the way. I'm honored to be a part of your team; thank you for believing in me, and for helping me write my story.

And finally, to everyone else who has been a part of my journey: it really does take a village and I want to sincerely thank everyone who has stood by me, who has mentored me, helped me grow, and encouraged me to pursue my dreams.

About the Author

Author | Entrepreneur | Personal Finance Ninja | Forbes Contributor | Dog Lover

Hey, friends!

I'm Fiona Smith (aka The Millennial Money Woman). My purpose is to help you find your path to financial freedom.

My journey started back when I was about 10 years old, when I witnessed my grandparents, who had worked extremely hard all their lives and were about to retire, lose every cent they saved due to poor financial planning.

Although I didn't know exactly what this event meant for me or my future, all I knew was that I would try my best to help others – and my family – avoid going through the same financial difficulties my family once did.

After earning my Master's Degree in Personal Financial Planning, working as a wealth advisor for seven years, advising 453 millionaires on how to build wealth, and after going through the turbulent times of COVID‐19, I knew it was time for me to start my personal finance platform, The Millennial Money Woman.

Three years and counting, The Millennial Money Woman could not have achieved the following without your help:

Gained 230k+ followers on Twitter.

Listed as a Top 500 Entrepreneur of 2023.

Gained over 2.5k YouTube subscribers in just two months.

Featured articles on Forbes, Benzinga, Experian, MSN, and others.

Featured as a speaker at an international event with 1,000+ attendees.

So thank YOU for your continuous support.

While this world may be cruel and harsh, you are NOT alone.

And that's why I've written this book – dedicated to YOU.

The reader who is dedicated to improving their personal financial situation.

This book and my blog will help break down difficult financial topics into simple and step‐by‐step guides to help you pursue and realize your financial goals.

Let's get started.

Disclaimer

Before you start diving into this book, please keep in mind that:

I'm not a financial advisor.

I don't know your personal financial situation.

I cannot provide you with customized financial advice.

The lessons in this book are:

From my knowledge base.

From my millionaire mentor.

From my personal experience.

If you are seeking financial advice that is:

Specific,

Actionable, and/or

Customized,

… then I would suggest after reading this book you consider researching a local financial professional who can review your financial situation and discuss customized recommendations for your personal scenario.

Here's a tip for when you search for financial professionals:

Consider looking for a Certified Financial Planner® (aka CFP®). Typically speaking, CFP®'s are fiduciaries (which means that by law a CFP® has to do what is in your best interest … in other words, they should not be selling you financial products where they would earn nice commissions, unless those products genuinely fit into your financial picture).

If you do decide to hire a financial professional, I would also suggest interviewing several professionals before you decide to hire them.

The interview meeting (aka introductory meeting) is almost always free, but I would confirm that with your financial professional before you move forward.

Always make sure to do your research before hiring a financial professional.

The information within this book should not be considered financial advice. Do not rely on the information and advice within this book as an alternative to the advice provided to you by a Certified Public Accountant (CPA), financial advisor, CFP®, or other licensed financial professional.

The goal of this book is simply to provide you with a guide to help you understand some of the steps that you may want to pursue to build wealth.

Before you make any drastic changes to your financial picture, you should consider consulting a financial professional so that you can receive a customized financial plan.

Now that you read my not‐so‐exciting disclaimer, let's get to it!

Enjoy!

Chapter 1Introduction

Who here feels that learning about money is like learning a different language?

I certainly did.

When I first started learning about money, I honestly thought that the financial professionals wrote everything in secret code.

Seriously.

If you don't have prior financial experience, try tuning in to a professional finance talk show or read a finance college book.

… You'll soon see that pretty much EVERY sentence will have an abbreviation like:

RIA.

IRA.

IAR.

ETF.

EFT.

403b.

401k.

DAF.

QCD.

RMD.

IDGT.

What's worse is that many of these abbreviations mean something different if the letters are switched!

Talk about making things complicated!

Oh, and for those of you who are wondering what the preceding terms mean, I created a quick table for you below:

Term

Decoded

In Plain English

RIA

Registered Investment Advisor

Investment firm that advises high‐net‐worth clients

IRA

Individual Retirement Account

A tax‐advantaged retirement account

IAR

Investment Advisor Representative

Investment firm that works for an RIA

ETF

Exchange Traded Fund

Basket of investments in one fund that's traded on the stock exchange

EFT

Electronic Fund Transfer

A way to move funds from one account to another – electronically

403b

N/A

A tax‐advantaged retirement plan offered by your employer (which is typically a government or public school employer)

401k

N/A

A tax‐advantaged retirement plan offered by your employer (which is often a private employer)

DAF

Donor Advised Fund

A tax‐advantaged investment account you can open to contribute money (tax deductible) and later withdraw for qualified charities

QCD

Qualified Charitable Distribution

If you are 70.5+ and want to withdraw money from a pre‐tax account and don't want to pay taxes on the withdrawal, a QCD is a legal way to avoid paying taxes by donating your withdrawal directly to a qualified charity

RMD

Required Minimum Distribution

The amount of money you have to, by law, withdraw from most retirement accounts when you turn age 72 (per current laws); you will likely have to pay taxes on your RMD

IDGT

Intentionally Defective Grantor Trust

An estate planning strategy to help you save money on estate taxes, among other fees and taxes

If you decided to skip over this big box of terms and definitions, that's totally cool … you'll be reading more about them later in the book.

My point is that someone who has not studied finance will likely avoid financial topics since there are so many abbreviations and foreign words … and I don't blame them.

It's scary.

And oftentimes, we have no idea where to even start learning.

I sure didn't when I started my finance journey.

So Let Me Tell You a Secret

There's one wealth‐building formula that is proven.

The formula is this:

That's it.

It's really that simple.

But, not many of us actually stick with this formula – just like many of us don't stick to a regular diet.

To build wealth, you need to spend less than you earn.

Instead, we often spend $100s, if not $1,000s on “get rich quick” schemes just like we spend $100s, if not $1,000s on “lose weight fast” schemes.

When, in reality, you shouldn't have to spend any money. Just like the winning formula to wealth is earning > spending, the winning formula to losing weight is caloric burn > caloric intake.

And yet, we simply can't seem to stick to those simple equations – that's just human nature.

Why?

Because we are emotional beings.

If we were Spock (from Star Trek), then it would be easy to stick to these logical, non‐emotional formulas.

But we're not Spock.

We're human … and humans are driven by emotion.

Emotions are the No. 1 reason why we tend to:

Eat more.

Go broke.

Procrastinate.

Exercise less.

Spend impulsively.

And because of our emotions, we often have trouble sticking to a single plan.

So, let's get down to the real question.

Fact or Fiction: Is Building Wealth Hard?

Your definition of wealth may be completely different from someone else's definition of wealth – and that's perfectly OK.

For the purposes of this book, the definition of wealth simply means that you build a net worth where you don't stress about money.

That could mean you build a net worth to support your $20,000 per year lifestyle or that could mean you build a net worth to support your $200,000 per year lifestyle.

So is building wealth hard?

The answer is no.

Technically.

The reason why most people struggle with building wealth is because of:

Laziness.

Lack of purpose.

Analysis paralysis.

No system in place.

And honestly, I think many people are just too scared to start.

That's why I am writing this book.

To help guide you through the labyrinth of making money.

The very first step if you want to build wealth is to find your purpose (which we discuss in the first chapter of this book).

If you don't have a purpose and have no idea why you're actually trying to build wealth … then you're probably not going to be very motivated to start your journey.

My purpose to building wealth is:

My

parents

(I want to retire them early).

My

family

(I don't want them to stress about money).

My

future

(I want to have time to do the things I want).

And finally, I think many people struggle building wealth because there is so much information in today's world that many of us just stop before even starting.

Think back to that list of abbreviations.

For anyone who is not from the finance world, that list probably looked like a bunch of gobbledygook (aka a different language).

If I listen to the media spouting off abbreviations and terms like the ones I mentioned, I probably would tune out the information too.

I don't blame you.

That's why so many people have trouble starting: There is too much noise.

And that's why I hope this book will help break down money matters for you in plain English manner.

This book's simple goal is to help you get started.

Here's what my book is not:

Technical.

Filled with jargon.

Difficult to understand.

For advanced investors.

On the contrary, here is what my book is:

Basic.

Step‐by‐step.

Breaks down finance jargon.

For beginner to intermediate investors.

This book is designed to motivate you to:

Pay off debt.

Start investing.

Continue investing.

Think like a millionaire.

Start on the wealth‐building journey.

Build the future you want, while still having fun.

And ultimately, I'm not here to tell you to stop drinking your $5 Starbucks coffee or to stop indulging in your $15 avocado toasts.

But, I am here to help point you in the right direction, give you the right motivation, and use simple mathematics to discuss why investing today is so important if you want to achieve the goal of building wealth tomorrow.

Ultimately, you'll learn about these key messages:

Failure is not fatal.

Become a lazy millionaire.

Your purpose is your motivation.

A small leak can sink a big ship – watch out for small, recurring costs.

To be above average, you'll have to do what the average person won't.

But, the most important message is this:

If you want to make a change in your future, start by laying the foundation today.

In other words, start now.

Stop procrastinating.

After every chapter in this book, I leave you with a few fun follow‐up steps that you can take to crush your goals and start your path to building modern wealth.

And most importantly, remember to have fun, enjoy the book, and take notes if you want.

If anything, I hope you remember this:

You don't have to be a professional Wall Street hedge fund manager to win with investing.

Anyone can do it, as long as you start.

Let's dive right in.

Chapter 2Determine Your Purpose

So what's your secret?”

I had just ordered a foaming cup of hot coffee at the bakery and seated myself opposite my mentor.

“What secret?” he asked, not expecting my question.

“What's your secret to getting so rich?” I asked, holding my warm cup, leaning into the conversation, in an effort not to miss a single word that my mentor would say.

Enter my millionaire mentor:

He grew up without a father.

He grew up speaking Spanish.

He is an immigrant from Cuba.

He worked his way through a small state school for college.

He came from the toughest, poorest, and most crime‐ridden part of town.

Most would argue that, given his background, my mentor would have virtually NO chance at succeeding in life.

Yet, he proved every single person wrong.

At 13, he had to start working to help his mother put food on the family table.

At 24, he was fired from his first real job after working there for just two years.

At 26, he started his first business, and went bankrupt after just four years.

At 29, he started his second business, selling business health insurance.

At 50, he sold his second business, netting $75 million in the process.

At 51, he founded three new start‐ups, specializing in health insurance.

At 62, after growing his start‐ups, he sold them at $50 million each.

At 79, he continues his business ventures, running seven new start‐ups.

Let's be real …

Based on how – and where – my mentor grew up, the odds of becoming somewhat successful, let alone a deca‐millionaire and beyond were tiny.

Pretty much nonexistent.

But my mentor did not let a single doubter get in the way of starting his journey.

And what's even more crazy is that at almost age 80, he loves his work.

And work he does.

Every single day.

It's hard to tell that he is almost 80 years old because he continues to have a passion for what he does.

“My secret to getting rich?” He asked again, surprised by my direct question.

He sits back in the squeaky, wooden bakery chair and pushes his thin metal glasses up his nose, squinting at me as if he didn't know how to start answering my question.

After a long pause, he finally said, “It's not a secret, Fi,” referring to my nickname (pronounced “fee”), which is short for my full name, Fiona.

“What do you mean?” I asked.

My mentor smiled and said, “I don't have a secret formula that will help you get rich. The only reason why I am where I am today is because of my purpose.”

“Your purpose?” I was a little confused.

“I started my very first full‐time job out of college at 24. I was a used car salesman. I hated every second of that job. I was paid decent money, but I hated my job.”

My mentor took a sip of his hot tea.

“Why did you hate it so much?” I questioned.

“The truth, Fiona, is that I didn't have a purpose in that job.

All I did was sell used, overpriced cars to customers for a fat bonus check. That's it. There was no other reason for me to be in this job other than the money.”

Slowly my mentor's words started making sense.

He continued, “Because I had no purpose in my job, I felt lost. I worked for the weekend. I dreaded Mondays. And I felt like I was in a prison. Those were the most boring, dullest years of my life.”

Let me pause the story here.

Do you ever feel like:

Your tie is your chain?

Your cubicle is your prison cell?

Your business suit is your prison jumpsuit?

If you said yes, then this book – and especially this chapter – is for you.

“So, what happened?” I asked.

“I got fired!” He chuckled, which was not the reaction I was expecting.

“My boss could tell how much I dreaded the job. So, he fired me. And honestly, I cannot thank my boss enough today. He did me a favor because if he didn't fire me back then, I don't think I would have been where I am today.”

This part of our discussion had so much significance to me. Let me share why.

If you are worried about:

Losing your job.

Losing your friends.

Losing your relationship.

… then remember this lesson:

Rejection is just another form of redirection in your life.

When you are rejected, try to understand why.

Learn from the rejection, and move on to bigger and better things.

“So what changed between the time you were fired and the time that you started your own business?” I had already finished my first cup of coffee at this point and had just ordered another one.

My mentor sat back into the old, wooden bakery chair and thought for a moment.

“I took some time off of work. I actually moved back with my mom. I had lost myself completely. Instead of focusing on my family, I focused on partying. Instead of caring for my mental health, I focused on the money. It was time I went back to my roots, and going back to where it all started was really where I found myself again.”

And my mentor is right … sometimes you just have to go back to the basics if you feel like you're getting too far down the rabbit hole.

“At my mom's place, I finally had time to really take some time to think again for once. And that's where I found my purpose.”

If I got a quarter for every time my mentor said the word purpose, I may have had a few dollars by now to pay for my coffees!

“Why do you place so much importance on finding your purpose?” I asked, almost done with my second cup of coffee.

“My purpose is the very reason why I do what I do. My purpose is the reason why I am so successful today.”

I nodded, asking, “So what is your purpose?”

“Well, Fiona, it took me 26 years to figure that out. After my terrible experience working in corporate America, I went back home, to my roots, to have some time to think.”

My mentor continued, “I knew that if I wanted to get anywhere in life, I needed to figure out the key that would unlock a burning desire and passion within me to succeed. And at 26, I was a very unmotivated fellow.”

He laughed while he finished eating his croissant.

“One day, while I was caring for my aging mother at home, my purpose hit me like a baseball in the forehead,” his eyes were distant, as if he was looking into his past so many decades ago.

“She had a bad fall. Hit her head on the wooden kitchen table and went unconscious. I didn't know what to do other than call 911. I have never felt so helpless and so scared in my life.”

Sighing, he continued, “We couldn't afford the hospital bills because we couldn't afford insurance. We had no money. That fall destroyed my mom financially.”

My mentor shook his head, crossed his arms, and sat up in his chair.

“That was when I realized I could not let another family go through what we were about to go through – financially, physically, emotionally, and mentally. That was when I knew my purpose.”

He looked straight into my eyes, saying “My purpose is to help protect families from suffering financial ruin caused by medical bills.”

And it's true.

The healthcare system in the United States is so expensive.

I once had a friend of mine break her arm through a random fall (while walking to the bathroom!) and without having health insurance, my friend had to pay $20,000 in medical bills!

Healthcare is very expensive in the United States.

Now my mentor had built his first business at 26, specializing as a door‐to‐door private health insurance agent.

He didn't study finance in school, either, and he didn't know what health insurance was before his mom had that tragic fall.

All he knew was that he wanted to help prevent people from facing financial ruin from medical injuries like his mother had.

“I stayed up late every night, studying to become a licensed health insurance agent. Every morning, I woke up at 4 a.m. to continue studying. I didn't do it because of the money – like my car sales job. I did it because I knew firsthand that one trip to the hospital can cost you everything you've ever worked for if you don't have the right health insurance.”

My mentor's mom was in debt by over $150,000 after she was discharged from the hospital. She was healthy, but she had lost her life savings – and then some.

“But your first business wasn't successful … ? So maybe your purpose wasn't that strong?” I was looking for some guidance.

I really wanted to get a clear answer as to why my mentor became so successful.

“You're right, I completely failed at my first business. It was a disaster. I went knocking on our neighbors' doors, and received one yes for every 200 nos. Apparently everyone thought I was a dishonest insurance salesman and they had enough of me.”

“But,” he continued, “my first business taught me so many things about life. I learned how to negotiate, how to make friends and allies, and how to keep a keen eye on my business income – or in my case, business losses.”

Experience really can help you build more knowledge than any formal education can.

Even if that experience is negative.

After failing – and going bankrupt – with his first business, at 29, my mentor had started his second business, which he would later sell at a net profit of $75 million.

“So tell me about your second business,” I asked as I began to eat a fresh, chocolate‐rich croissant the baker had just brought out for us.

“Well, I took the lessons I learned from my first business failure to heart. I realized that people just weren't interested in the service I was selling. But I knew I had to help people. It was my purpose. My mission. So, I started a new business, with a different structure, but the same mission.”

At 29, my mentor had founded his second business, which specialized in selling affordable health insurance to small businesses.

His business had tapped into a hyper market niche, which did two things:

His business was one of the pioneers to sell health insurance to small businesses.

His business model stayed true to his purpose: helping people find affordable health insurance.

“The first three years in business were absolutely dreadful. I was so young that no one took me seriously. None of the CEOs and executives whom I pitched my business idea to thought I was bright enough. They didn't believe in me. At one point, I was even thinking about dying my hair gray so they would think I was older,” he chuckled.

“But I believed in my purpose. I knew I had to help people – and I wasn't going to give up that easily,” he continued.

And that's where it clicked for me.

I realized that to find success – whatever success may mean to you – you really do have to find your purpose first.

If you're only in it to earn money, you're doing it for the wrong reason. And chances are, you'll start dreading your job, just like my mentor did back when he was a car salesman.

You have to be in it for a greater reason than just money.

Sure, your 9 to 5 may pay your bills. But your day doesn't just stop at your 9 to 5 job. You have 16 more hours to your day.

Use those 16 additional hours to build a side business, network with like‐minded people, or find a mentor who can unlock your inner potential.

When you find your purpose, every other aspect in your life will fall into place.

But here's the thing:

Finding your purpose isn't that easy.

Don't expect to sit down for a few minutes, think very hard, and then have a “lightbulb” moment where you identify your purpose.

It might take days.

Or weeks.

It might even take months to finally pinpoint your purpose.

And that's OK.

To help you get started, I've created an 8‐Step Guide to Finding Your Purpose

1. Reflect on what people appreciate about you

Think about the feedback you receive from others.

What do others appreciate about you?

How do you help make a positive impact on their lives?

2. Find your community

Look at the people around you.

What are their goals?

What do you have in common?

What is their impact on the world?

If your community inspires you, think about their purpose and how you can contribute to the impact they leave on the world.

3. Talk to one new person each week

Instead of only hanging out with the same people every day, try to expand your network.

Try to meet one new person each week – that's 52 new people in your network by the end of the year!

You could meet new people online or in person.

It might feel awkward and weird to start a conversation with someone new – but keep an open mind:

You can learn new things.

You can gain new perspectives.

You can find new opportunities.

4. Try one new thing each weekend

Don't settle.

Dare to push your limits.

To find your purpose, you have to start being comfortable being uncomfortable.

The more you push yourself to learn new things, the more you find out about yourself, your likes, and your dislikes.

5. What makes you shudder at night?

Figure out what truly bothers you in this world.

Is it an injustice?

Is it animal cruelty?

Is it homelessness?

Is it a civil rights issue?

Is it immigration policies?

Is it about senior citizens?

Is it people suffering from debt?

Take some time to think about what truly bothers you.

Perhaps you can make a difference in this world by finding what bothers you and by putting a stop to it.

6. What makes your heart skip a beat?

Take some time to truly reflect on what brings you joy.

What do you enjoy?

What makes your heart pound?

What's something you do that is fun?

What's something that you think about constantly?

That “thing” you think of constantly, that gets you going, and brings a smile to your face could actually be your purpose.

Sometimes, you just have to dig deep within yourself to find what you are truly passionate about.

7. What job would your 10‐year‐old self choose for you today?

Sometimes, we forget our childhood passions. We tend to have society and our life experiences squeeze our childhood dreams out of existence and replace them with dull, grim realities.

What if you could go back to your childhood passion and build that into a business?

Could that be your purpose?

It may or may not, but it's certainly worth revisiting your childhood dreams and exploring whether these could be recycled for your newfound purpose.

8. If you were to die two years from now, what would you want to be remembered for?

The two certain things in life are taxes and death. Your time is finite on this planet.

If you knew you were going to die in two years, what would you want to be remembered for?

Think about the following things:

What do you value most?

What is most important to you?

What will your lasting legacy be?

Ultimately, finding your purpose comes down to working toward a mission that is bigger than yourself.

When you truly find your purpose, you will find peace in realizing that you are spending your finite time on this planet doing something that will leave a lasting legacy – no matter how big or how small.

My mentor told me his advice regarding purpose back when I was just about to head into college. But I only heard him, I didn't listen and understand.

Once I graduated from college, I worked for money.

Just like my mentor.

I joined a financial firm and worked as a wealth manager for the ultra‐high‐net‐worth clients (typically ranging from $5 million to $100 million in net worth) for several years, helping the rich get richer.

It was a glamorous lifestyle:

Being invited to elegant dinners.

Playing golf with local celebrities.

Getting a fat, bonus paycheck at the end of the year.

But let me tell you right now, money doesn't buy happiness if you don't have your purpose. Sure, it paid my bills, but my job left a hollow feeling inside of me.

Here was my truth:

I felt like I lost all motivation.

I hated golf (and I was terrible at it).

I was always being judged by my colleagues.

I am an introvert, so attending dinners was painful.

I had to spend my bonus checks to keep up with my lifestyle.

I was working for a paycheck. Not for my purpose.

And after about five years of hard work, I realized I had to change something about my life or I would lead a very miserable, unfulfilled life.

My goal wasn't to help the rich get richer.

I wanted to make an impact in people's lives that really needed my help.

I knew I had to figure out what I wanted out of my life.

What my legacy was going to be.

And I went back to that conversation I had with my mentor and back to my roots – my family.

So I booked a flight over the upcoming Thanksgiving weekend. Four days of family time. Going back to my foundation. Where it all started.

During those four days away from work, I felt like my soul was being cleansed.

I felt like I could be myself again, away from the glitz and the glamour.

The Thanksgiving Day weekend was dreary and rainy, but it was exactly what I needed.

My true passion was helping the everyday person find their path to financial freedom.

A world where financial worries don't keep them up at night. A world where they can work toward their goals. A world where they understand basic financial ideas.

And that's when I closed one chapter of my life and opened another. I started building my financial planning platform: The Millennial Money Woman.

To find your purpose, first you have to explore new things, meet new people, and think new thoughts. If the old you didn't find a purpose, then you need to stop doing what the old you did. Push your limits; explore new depths.

In short: you have to be comfortable being uncomfortable.

Only then, when you push through new boundaries, are you able to find your true purpose and passion.

And when you find your purpose and passion, you can start anything, build anything, and do anything – regardless of the ups and downs.

That's because your actions are defined by your purpose.