Making More Money than 99% of People Over 30 Is About One Thing
Backed by the leading psychologists, supported by science
In my 20s, I tried every different way to make money and ended up broke.
I kept jumping at shadows and following trends, looking for my lottery ticket to fame and fortune. Many people accidentally fall into this trap.
Once I got past 30 years old everything changed financially.
The unlikely factor in your financial success
When people think of wealth or making more money, their minds immediately jump to strategies. This keeps them from their goal of being wealthy.
The most basic level of making enough money to become wealthy comes down to one thing: MINDSET.
No one wants to hear it.
It sounds cheesy or overused. But hear me out. One of the largest financial institutions in the world, Fidelity, recently did a study. They found that mindset is what drives people’s financial decisions.
So if they make bad money decisions, they will likely make less money than those who improved their money mindset. WOW.
I won’t rip apart the whole study other than to say there’s one big takeaway: the ability for our money mindset to be affected by FOMO (fear of missing out) is unquestionable.
If you don’t learn to block the feeling of FOMO, you’ll be driven to spend every dollar you have instead of investing in financial assets.
The power of mindset is nothing new
A few years back, author and psychologist Carol Dweck came up with the fixed versus growth mindset. She found that some people are unwilling to change their thoughts on certain topics about money.
For example, they’re skeptical of every investment opportunity so they do nothing. They leave their money in a savings account and let taxes and inflation destroy everything they’ve worked for.
They just won’t change. They refuse. They’re too smart for their own financial good.
Growth mindset is nothing new. You’ve heard of it before, but the question is, are you using it to make more money than 99% of people over 30?
The answer I’ve learned is probably not.
For this reason many people avoid obvious investments like Bitcoin, Ethereum, Tesla, and other tech stocks. It all looks like a scam. They haven’t upgraded their thinking from the 2008 financial crisis or the 2008 invention of Bitcoin.
Bitcoin was a scam in 2008.
In 2023 it’s sold by Wall Street to everyday investors and banks. If you stay trapped in 2008 thinking, then you can’t see this obvious trend. You have to be willing to accept things have changed. Markets have matured.
Or that perhaps you’ve been wrong for all these years.
Whether you think you can, or you think you can't–you're right – Henry Ford
The next level above mindset will make you wealthy
Mindset alone isn’t enough.
If it was then all great thinkers would be billionaires with Gucci handbags. You need one other tool: a compounding level of passive income.
That means an income source that earns you money while you sleep. It sounds like money p*rn…but it’s not. It’s the only way. Once you have the right mindset you can see passive income opportunities – until you do, you won’t see them.
Passive income looks different for everyone.
Some do it in old school real estate. Others do it with bonds or dividend stocks. Each option has its advantages and disadvantages.
I do it in crypto because I’ve worked in the space since 2013 on the banking side. I’ve done my 10,000 hours of research and know it’s right for me. What I do isn’t what you should do. But everyone needs to make a passive income decision and start building.
Because if you don’t then wage stagnation, currency devaluation, inflation, and poor interest on your savings will destroy you financially (often without you knowing).
How 30 year olds make more in a year than the average person
I’m in my 30s.
Sometimes I’m a little too loud and proud about financial freedom and retiring at 34. It’s not because I’m smart. Nope. It’s because I spent time with other 30 years olds who thought differently.
Let me give you an example. My fellow writer friend Dan Koe drives a $500,000 AMG Mercedes. I told him he’s an idiot and that luxury cars are stupid. That’s my mindset about cars and why I drive a crappy 9 year old Honda Civic.
Dan challenged me.
“Tim, when I roll up to an office the car makes people think I’m more successful than I am. It’s a conversation starter. People want to work with me because the car caught their attention.”
The car acts like a piece of viral social media content. It gets eyeballs.
After Dan told me this it somewhat f*cked with my world view of luxury cars. I can see how the stupid Benz may ACTUALLY be useful.
This is why mindset is so powerful. Unless you’re willing to change, you’ll miss all the opportunities others are using that you’re not.
The more I spend time with people like Dan the more my mindset changes.
I never thought I could get a website to show up #1 in google for popular search terms. Now my website does.
I never thought I could make a dollar from affiliate links. Now I do.
I always thought coaches were scammers until I hired one.
I always thought masterminds were a pyramid scheme until I joined one and met my business partner.
Everything I think about the internet has changed, so my income has changed, too.
My wife got angry with me yesterday.
I jumped on a late night call and my potty mouth woke her up. Luckily my baby daughter didn’t wake up, too, or I’d be homeless and writing this Substack from a tent.
The call I had was with a 20-something year old. He’s the generation behind me. He couldn’t understand why I’d reach out to him. He thought he had nothing to give.
What he misunderstood is he had youth to offer me.
I’m a 30-something year old grandpa. I still say internet. I say making money online. I talk about websites. He doesn’t understand any of that.
The internet is like air. He can’t see it. The whole world uses it and everything is “online” to him. When I say “social media” he laughs at me. And when I send him an email with a moving GIF image, he thinks I’m a loser.
One thing people over 30 do – who make more money than everyone else – is they pay attention to the younglings. They were brought up in a different era.
20 years olds see some things we older folks don’t.
So it should be your habit to make friends with more 20 year olds, or even date one if you must to hijack their sexy brains and learn from them.
Yet many older people do the opposite.
They fling dog poop at the younger generations and tell them they should stop buying coffees and eating smashed avocado sandwiches. Dumb.
You’ll learn more from 20 year olds than, perhaps, any other group of people.
Conclusion
Most people don’t need more ideas to make more money.
Nope. They need to throw a spanner at their money mindset and rewire their brains to think differently. Only then will the money opportunities enter their heads and prevent them from becoming financially dead.
Upgrade your money mindset. Make friends with 20 year olds.
This article is for informational purposes only, it should not be considered financial, tax or legal advice. Consult a financial professional before making any major financial decisions.
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I began building passive income streams at 32. Nowadays, 20-year-olds have investment portfolios. I wish I'd been this smart in my 20s.
Tim, I want to thank you. Your articles have filled my sails with wind. Just days before I had Substack, I was floating without direction. Life is a lot brighter and I’m in the place to cherish it. Have a good one my friend