Master the Income-First Approach
Most people think about wealth backward. They focus on cutting expenses, living frugally, and trying to save their way to wealth. This feels safe, but the math simply doesn’t work.
If you save $500 monthly (more than most people manage), it would take 167 years to reach a million dollars. Even saving $2,000 monthly would take over 40 years. I learned this the hard way during my nine years in banking—despite earning a good salary and living below my means, I wasn’t even close to my first million.
The truth is that you can’t save your way to significant wealth. While budgeting has its place, if your goal is to hit a million dollars in a reasonable timeframe, you need to flip the script and focus on increasing your income.
Every hour you’d normally spend hunting for deals or trimming costs should be redirected toward earning more money. Ask yourself:
- What skills can I learn that translate into higher earnings?
- Where should I invest my money to make it work harder than I do?
- Which existing skills can I monetize or use to create a business?
This shift in thinking changed everything for me. There’s a huge difference between being smart with money and being penny-wise but pound-foolish with your time and energy.
Say No to Almost Everything
Once you’ve adopted an income-first mindset, creating multiple income streams becomes essential. But here’s where most people fail: they try to create too many income streams simultaneously.
I made this mistake with my YouTube channel. Initially, I posted inconsistently while exploring other opportunities and maintaining my full-time job. After nine months, I had only 300 subscribers. Nothing was gaining traction.
In August 2022, I decided to commit completely to one thing—YouTube—for exactly three months. I went all in. Social events that didn’t help grow my channel? No. Side projects? No. New business ideas from friends? No. Anything not directly tied to growing my channel was off the table.
That’s the difference between being interested in something and being committed to it. When you’re interested, you do what needs to be done when it’s convenient. When you’re committed, you do whatever it takes.
Pick one income stream, set a timeline (three months, six months, whatever feels right), then say no to everything else that doesn’t move that needle forward. This approach gives your venture the best possible chance of success.
Learn One High-Value Skill Per Quarter
Your day job probably won’t make you a millionaire. Unless you’re in finance, tech, or another high-paying industry, there’s usually a ceiling on how much you can earn from salary alone.
The bigger issue? The skills you learn in most corporate jobs aren’t valuable enough to help you build wealth outside your job either. They might help you climb the corporate ladder, but they won’t help you create wealth quickly.
Instead of focusing solely on becoming better at your current job, learn skills that can solve expensive problems or create scalable value. These “leverage skills” don’t just make you marginally better—they completely change what’s possible for you.
If I were starting today, I’d pick four different leverage skills and learn one every quarter:
- Quarter 1: Sales and persuasion (everything in business comes down to your ability to influence outcomes)
- Quarter 2: Digital marketing (understanding how online attention works is a massive advantage)
- Quarter 3: Basic coding or data analysis (the ability to interpret data gives you a superpower in almost any field)
- Quarter 4: Content creation or public speaking (communicating ideas effectively creates opportunities)
Each quarter, learn a new high-value skill and pair it with what you already know to open up completely different opportunities.
Protect Your Mental Energy
Building wealth is about 80% mental game and 20% strategy, but most people burn through their mental energy on things that don’t matter—judging others, consuming negative news, or comparing themselves on social media.
I’ve learned to be ruthless about protecting my headspace. This isn’t about being antisocial; it’s about recognizing that your mental state directly impacts your ability to take action. When you feel defeated or distracted, you don’t make good decisions or spot opportunities.
Surround yourself with content that helps you learn about business, finance, and building wealth. Your environment shapes your thinking more than you realize.
Get Obsessed With the Process, Not the Outcome
When chasing a million dollars, it’s incredibly easy to get discouraged. The gap between where you are and your goal can feel impossible to bridge. When you’re constantly measuring yourself against this massive end goal, every day feels like a failure because you’re not there yet.
My advice? Instead of obsessing over the million, fall in love with the daily actions that create wealth. For me, learning something new about investing became my evening entertainment. Creating valuable content became my creative outlet.
Once I started doing this, every day felt like a win—not because I was suddenly making millions, but because I was getting better, moving forward, and building the skills and habits that millionaires have.
If you’re doing the right things every day and you’re committed to the process, the million becomes almost inevitable. It’s not a question of if, but when. On the other hand, if you’re constantly stressed about the outcome, you’ll probably quit before you even get there.
The process is what you can control. The outcome is just what happens when you get the process right.
Frequently Asked Questions
Q: How long did it take you to reach your first million?
It took me about 12 years total—nine years working in banking plus three more years of intentionally building multiple income streams. However, most of my wealth accumulation happened in those last three years when I changed my approach to focus on increasing income rather than just saving.
Q: Isn’t cutting expenses important for building wealth?
Yes, managing expenses has its place in personal finance, but it has limitations. The math shows that saving alone takes decades to build significant wealth. A balanced approach that prioritizes increasing income while maintaining reasonable spending habits will accelerate your wealth-building journey much faster than focusing on frugality alone.
Q: What’s the most valuable “leverage skill” you’ve learned?
For me, learning effective communication and content creation has been transformative. The ability to clearly explain complex financial concepts has opened doors to multiple income streams. However, the most valuable skill varies by person—sales skills might be more valuable for someone in business development, while data analysis might be crucial for someone in a technical field.
Q: How do you stay committed to one project when there are so many opportunities?
I set a specific timeframe (like three months) and make a non-negotiable commitment to focus exclusively on that project during that period. I track progress weekly, which helps maintain motivation. At the end of the timeframe, I evaluate results and decide whether to continue or pivot. This structured approach prevents the “shiny object syndrome” while still allowing for strategic shifts when necessary.
Q: How do you protect your mental energy in a world full of distractions?
I’ve created strict boundaries around my information consumption. I schedule specific times to check social media rather than browsing randomly throughout the day. I’ve curated my content feeds to focus on educational material related to my goals. I also practice regular digital detoxes and prioritize activities that replenish my energy, like exercise and meaningful conversations with positive, ambitious people.
