Question
How did people go from broke to their first million according to these interviews?
Response
The common path from broke to a first million, as these people describe it, was to start small, reinvest every dollar, and keep working other jobs while the business got going. Andy Frisella started his business with $12,000 and no investors, made almost nothing for years, and took bartending and side hustles to keep things going. Anastasia Beverly Hills' founder put every dollar back into the business and did not buy cars, while the Spanx founder started with $5,000 she had saved from selling fax machines door to door and self-funded the company. Others got their start by leaving a W2 job to do the same work for themselves, or by reading their current job as paid training before striking out on their own. One Chicago guest built a bath and body business that sold millions of units, and that was what made him a millionaire.
Sources & references
- 01Day in the Life of a Billionaire5:35(opens on YouTube in a new tab)
We started with $12,000.
- 02Day in the Life of a Billionaire5:52(opens on YouTube in a new tab)
And the first 10 years total, I made $58,380.
- 03Day in the Life of a Billionaire6:02(opens on YouTube in a new tab)
And then we worked other jobs, bartending, side hustles, and things like that to really just keep things going.
- 04Asking Billionaire Women How They Got RICH!8:07(opens on YouTube in a new tab)
Every money I will generate I will put back into the business.
- 05Asking Billionaire Women How They Got RICH!17:12(opens on YouTube in a new tab)
I had $5,000 that I had saved myself from selling fax machines doortodoor for seven years.
- 06Asking Millionaires How They Got RICH! (Chicago)2:59(opens on YouTube in a new tab)
Selling bath bombs made me a millionaire.
- 07Asking Millionaires How They Got RICH! (Chicago)9:42(opens on YouTube in a new tab)
Start looking at your job today as paid training.