Question
How did people go from broke to their first million, according to these interviews?
Response
The interviewees describe a mix of grinding it out, starting small, and finding a niche or an edge. One Atlanta guest who became wealthy as a business owner said he got there by working every day and paying attention to what was going on, and another said the key was to make sure you cash flow and stay productive. A New York multimillionaire who sold a marketing company said he got started selling Yellow Pages door to door and built his business in his basement with nothing. A Chicago guest who sold bath bombs said selling made him a millionaire after he started a bath and body business in 2015 and sold millions of them, and a Chicago insurance seller said he quit his W2 job and started doing the same job for himself. Several stressed bootstrapping: one New York guest said you can bootstrap a business, start small, prove the concept by selling to a stranger, and then invest to scale what already works. Another Atlanta guest said he went from nothing to a multimillion-dollar business by starting with a $12,000 retail store, and the Andy Frisella video noted the first decade brought in very little money before growth came.
Sources & references
- 01Asking Wealthy Americans How They Got Rich! (Atlanta)5:27(opens on YouTube in a new tab)
Just working hard, man.
- 02Asking Mega Mansion Owners How They Got Rich!6:19(opens on YouTube in a new tab)
Started out in my basement.
- 03Asking Millionaires How They Got RICH! (Chicago)2:56(opens on YouTube in a new tab)
So, in 2015, I started a bath and body business, sold millions of them. Selling bath bombs made me a millionaire.
- 04Asking Millionaires How They Got RICH! (Chicago)9:18(opens on YouTube in a new tab)
I quit my job as a W2 employee working for someone else and I started doing the exact same job but did it for myself and made myself rich instead of other people.
- 05Day in the Life of a Billionaire5:35(opens on YouTube in a new tab)
We started with $12,000. And uh our first store was the size of this exact size of this flag.