11 Life Lessons from a Young Millionaire: How to Change Your Mindset and Achieve Success

1. What is the key to becoming successful?

2. How can I find a profitable business idea?

3. Should I get a job before starting a business?

4. How long does it typically take to become successful?

5. Can money really buy happiness?

see all the answers below

Becoming a millionaire at 24 was a pivotal moment in my life, but what I learned on the journey to that milestone was even more valuable. The path to success isn’t just about the money—it’s about mastering the mindset that will carry you through the highs and lows, making your success sustainable.

Here are 11 life lessons that transformed my way of thinking and led me to financial freedom, and they can do the same for you.

11 Life Lessons From A Young Millionaire by Jordan Welch

1. Take Accountability for Your Life

The most important lesson I’ve learned is that you are where you belong, and it’s all your fault—both the good and the bad. This may seem harsh, but it’s liberating once you accept it. Too often, people get stuck in a victim mentality, blaming external circumstances for their lack of progress. I was once that person, too.

As a teenager, I believed life was happening to me. I didn’t excel at sports, grew up in a financially struggling family, and felt like I was dealt a bad hand. But here’s the truth: blaming external factors only keeps you stuck. Once I took full accountability for where I was, I realised that I had the power to change my situation; you too do.

Your position today results from every choice you’ve made up until now. It will take time, effort, and, most importantly, responsibility if you want to be somewhere else. The sooner you accept that the sooner you’ll be free to take control of your life.

2. Change Your Mindset

When I was 17, I read The Obstacle Is the Way by Ryan Holiday, a book that introduced me to stoicism. Stoicism is a philosophy that teaches you to accept whatever happens without labelling it as “good” or “bad.” Once I adopted this mindset, I began to see that every obstacle was an opportunity in disguise.

Before this shift in perspective, I believed that life was happening against me. But after embracing stoicism, I started to view challenges as stepping stones toward success. The power of your thoughts is immense—by changing how you perceive your situation, you can turn setbacks into lessons that fuel your mental and financial growth.

What is the key to becoming successful?

The key is taking full accountability for your life. Once you accept responsibility, you can take control and create meaningful change.

3. Patience is Key

We live in a world obsessed with instant gratification, where everyone’s getting rich overnight. This is an illusion. Most overnight successes are years in the making. Take Samuel L. Jackson, one of the most successful actors in Hollywood—he didn’t become a millionaire until he was 43, despite acting for over two decades.

Similarly, Sam Walton, the founder of Walmart, was in his late 40s when he built his empire. Success doesn’t come quickly, and patience is one of the most valuable skills you can develop. I used to stress how long it would take, comparing myself to others who seemed to achieve wealth faster. But once I accepted that my journey would take time, I found peace—and, ironically, success came quicker because I stopped chasing it.

4. Pick the Right Vehicle for Success

Hard work alone doesn’t guarantee success. The right vehicle—whether that’s a business model, investment, or career path—makes all the difference. Millions of people work hard every day but don’t see financial success. Construction workers, for example, work under challenging conditions and long hours, but they’re often underpaid. Hard work matters, but working smart matters more.

In my case, I chose to build an online store selling products that were already trending. It wasn’t the most glamorous or innovative idea, but it worked. You don’t have to invent something new; sometimes, the most brilliant move is to follow a proven path. The key is to find something scalable with a high ceiling that allows you to grow your income as you improve.

How can I find a profitable business idea?

Look for proven business models that are already working. You don’t need to invent something new—just find what’s working for others and make it your own.

5. Get a Job If You Need To

In high school, I promised myself I’d never work a “regular” job. I thought it would hold me back from becoming an entrepreneur. So, I hustled on side gigs, trying everything from app development to starting my clothing line. But, by the time I graduated, I was worse off than my friends who took up part-time jobs.

Looking back, I wish someone had told me that getting a job doesn’t mean you’re giving up on your dreams. It could accelerate your journey by providing essential startup capital and giving you a better work ethic. Today, I advise young entrepreneurs to embrace part-time jobs while building their side hustles. You can do both—work during the day, do your business in the evening, and use the job to fund your dreams.

11 Life Lessons From A Young Millionaire by Jordan Welch

6. Focus on Developing Skills

One of the biggest traps you can fall into is focusing solely on making money without developing the skills to sustain your wealth. You don’t make money—you earn it. The only way to earn more is by providing value to the world, and the only way to do that is by mastering valuable skills.

Throughout my career, I’ve built businesses, created products, and entertained millions on YouTube. None of this would have been possible without developing skills. Find a problem that people are facing, get good at solving it, and you’ll get paid proportionately to the value you provide.

Should I get a job before starting a business?

Yes, if you don’t have savings or startup capital. A job can provide financial stability while you build your business on the side.

7. Appreciate the Journey

Success is not a destination—it’s a journey. For years, I was laser-focused on the end goal of becoming a millionaire, which made me miserable. I constantly compared myself to others and felt like I wasn’t good enough. But now, looking back, some of the most fulfilling moments were those late-night work sessions on my dusty old computer in my mom’s laundry room.

I still remember the feeling of staying up until 4 a.m., pushing through setbacks and working toward my dream. Those moments were pure, filled with passion and drive. Appreciate where you are now because one day, you’ll look back and realise these were the best days of your life.

8. Learn to Enjoy the Present

Money can’t buy happiness. It can solve many problems and make life more comfortable but won’t give you lasting fulfilment. I’ve made millions of dollars, but the happiest moments come from the simplest things—conversations with old friends, a walk around my neighbourhood, or watching birds fly outside my window.

If you’re always chasing external success, you’ll never feel content. Learn to appreciate life as it is, in its simplest, most mundane form. That’s where true happiness lies.

How long does it typically take to become successful?

Success takes time. Some people achieve it in their 20s, while others reach it later in life. Be patient and focus on consistent effort.

9. Stop Seeking External Validation

No one knows you better than you know yourself. Early in my journey, I used to seek advice from everyone, thinking someone else had the secret to success. But the best advice I ever received came from my intuition. When I learned to trust myself and follow my instincts, everything clicked into place.

You already have the answers within you. Cultivate and protect your inner wisdom. Don’t let the noise of the world drown out your voice.

10. Find a Balance Between Ambition and Contentment

There’s a constant push-pull between ambition and contentment. On one hand, I want more—more success, more achievements. On the other hand, I’m trying to enjoy life and appreciate what I already have. The key is to strike a balance between the two.

You can be driven to achieve your goals while still finding peace in the present. Don’t get so caught up in the chase that you forget to enjoy the life you’re living right now.

Can money really buy happiness?

No, money can provide comfort, but true happiness comes from appreciating life’s simple pleasures and finding fulfilment in your everyday experiences.

11. Serve a Higher Purpose

Lastly, and most importantly, serve something greater than yourself. Whether it’s through your faith, your community, or your business, find a higher purpose. For me, it’s about positively impacting the world—whether it’s through helping others start their businesses, entertaining millions on YouTube, or simply making the world a little bit better than I found it.

True fulfilment comes from knowing you’re contributing to something bigger than yourself. Find your purpose, and let it guide you.

Life lessons to becoming a millionaire

Conclusion

The journey to becoming a millionaire—or achieving any major life goal—is not just about accumulating wealth or success. It’s about mastering the mindset and habits that allow you to grow, evolve, and overcome challenges. The lessons I’ve shared aren’t just strategies for building a fortune; they’re principles for living a fulfilling, meaningful life.

Remember, success takes time, patience, and personal accountability. Along the way, don’t forget to appreciate the present moment, develop valuable skills, and balance ambition and contentment. Most importantly, aim to serve a purpose greater than yourself. When you focus on adding value to the world, success follows naturally.

Take these lessons to heart and apply them consistently, and you’ll find that the path to financial freedom and personal fulfilment is within reach. Your journey starts now, and every step forward is progress toward the life you envision. Keep going—you have the power to change your life.

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Sam Soyombo
Sam Soyombo

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I'm Sam Soyombo, your passionate Career Coach. I am dedicated to guiding you towards a fulfilling career path. My expertise empowers individuals like you to make informed decisions and achieve their professional goals.

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One comment

  1. Hello sir, I’m glad I read this blog. It provides a compelling blend of practical and philosophical insights on success, emphasizing personal accountability, patience, the importance of strategic choices, skill development, and the balance between ambition and enjoying the journey, while also highlighting the significance of serving a higher purpose for true fulfillment.
    Thank you for sharing sir.

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