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No one gives a shit about your seven-figure revenue. It's all

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about profit margin and net worth. 13% of

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the Australian population are considered millionaires, meaning they've got a

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net worth over a million dollars. But I would say almost all of

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them did it through property. And how they did it was they, I could have bought

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real estate, but I didn't know where I was going to live. I didn't want a mortgage to

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be anchored to. I felt like it was going to corner me and

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hold me down. One day, I sat down and thought, I want to

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become a millionaire. What do I have to do? How long is it going to take me? I'm

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Lloyd James Ross, seven-figure investor and entrepreneur, and I've helped thousands

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of business owners and professionals turn financial stress into

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success. If you're stuck in old money habits, overwhelmed by investing,

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or unsure where to start, this is for you. I'll give you the mindset

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and strategies to take control, grow your wealth, and achieve

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financial freedom. It's time to make your money work for you.

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How I made my first million. That's the episode.

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It's going to be fun to tell a little bit of this story. And throughout the story, I'm going to

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impart pieces of lessons for you so you can also make your first

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million. Now, when I talk about making my first million, I don't mean my first million

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dollars of revenue coming in from my job or my business. I mean my

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first million dollar net worth where my assets minus my liabilities equal

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to a million dollars. And I didn't do it alone. Success as a team sport. So

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I don't like those terms like self-made millionaire. If you're using your

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phone, Steve Jobs invented that, Steve Jobs helped you. So I

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did this with my wife, Alicia, who was on one of our episodes recently you saw, and

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this is how I did it. In fact, I wrote this book, this one

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you see here. showing the exact process by which

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I did make that first million. So people often say when they see a

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book that gets promoted and people buy, they

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think that their money making is from the book about how

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to make the money and it's not. I actually wrote that book after we became millionaires.

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And so this is where it started. I was in a job. I was in Abu Dhabi working

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there. I was 22, 23. It was August

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2008 when I took that job. I didn't have much to my name, maybe 10 grand,

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I think I had at that point. And this story is to how I started

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there and became a millionaire by the age of 36. So

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I guess it was about 7, 6, 13 years it took me

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to go from $10,000 net worth to a million dollar net worth.

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And I didn't know how I was going to do it. I just knew that I wanted to do it. It was

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a fun goal. And back then, before inflation, that was quite

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a bit of money. But now it's not. What's

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interesting about my story that's different to others to give you a bit of a unique look

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at it is that I did it without property and I think in Australia that

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is a very unusual thing because most people are millionaires in

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fact I think the stats are about 13% of the Australian population

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are considered millionaires meaning they've got a net worth over a million dollars but

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I would say almost all of them did it through property. And how

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they did it was they bought a property many years ago and did nothing. And

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that's how the property grew up as well. They didn't do nothing. They didn't sell it,

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which is good. But the growth in the property from the immigration and

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the lack of land supply created that million dollar net worth, right? So

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I did it differently. I didn't do it with property. Back when I started, firstly,

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I knew that I had to underspend my income. Without a doubt, that's the only

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way you can build wealth. I don't know anyone that spent more

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than their income end built wealth. This is

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not possible because there's a delta. There has to be some

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money left over for you to then buy assets or

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invest in a business or whatever it might be. So that's what I started to

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do first. Rented a cheap car. rented out my rooms,

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room shared, didn't go on lavish holidays, didn't buy lavish

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clothes, and I just underspent my income to save money. I saved

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about $40,000 to $50,000. I repatriated back to Australia,

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got into business with my dad in property. I was selling houses, so

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I was making more money. But it was

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still a job for me. It was six days a week. And of course, I continued to underspend

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my income. And what I decided to do was that extra bit of money I

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was saving, it allowed me to go into that new career without borrowing

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any money. It allowed me to buy happiness,

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so to speak. I talk about it in that book, Money Buys Happiness. And I decided

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I need to put the money away. So I could have bought real estate. But

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I didn't know where I was going to live. I didn't want a mortgage to

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be anchored to. I felt like it was going to corner me

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and hold me down, having all that debt. And I don't like stress

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in my life. I don't like worry. So I'm like, well, that's just going to create more

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of that. So I'm going to avoid that. What should I do? And I picked up this book by Warren

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Buffett. Well, it's actually by Alice Schroeder called The Snowball. And

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it's about Warren Buffett's life. Fun fact, I'm going to see Warren

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Buffett this week. I'm flying out Thursday to go and see Warren Buffett.

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So that's cool. For the first time in Omaha. Anyway, I read this book and he was investing

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in shares. And it really gave me this, like the penny

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dropped for me that I understood that straight away. I was like, I get this concept. This makes

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sense for me. Buying pieces of undervalued businesses. Ha ha. This

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is better than buying a house. So I took some of that extra cash I

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was saving from my job initially and then into the property game where

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I was marketing and selling property, running a small business with my dad. And I would always,

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if I did a settlement or did a deal and got paid, I would get

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paid about $10,000 or $12,000 back then each time I did a real

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estate settlement. And I'd take half of it and pay myself and

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I'd take half and buy shares. And I did that. Deal

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in, deal out, deal in, deal out, deal in, deal out,

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deal in, deal out. Every time I got paid, pay myself some, bought

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shares, pay myself some, bought shares, pay myself some, bought shares. And

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like I just played that game for quite a while, I still underspent

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my income. So whilst my wife Alicia and I could go on holidays, she was

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working full-time as a paralegal, I was working six days a week, we

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didn't go and buy Range Rovers, we didn't, we still live

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in the same apartment. that we did 12 years ago.

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We still haven't left it. And there's a real secret there with wealth creation, which

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is pretty much the sameness of sameness of same. So the

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way that I invest my money now is the same as what I did 15 years ago.

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The same place we live in is the same we did 12 years ago. The same,

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the same. You would see me in these episodes, I'm wearing the same t-shirts. The

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same cut, the same, the same, the same, the same, the same, the same, the same.

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There's a lot of magic with wealth

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building, which is the same. Once you figure out what works, why

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change it? And that's what happens to people a lot. They'll

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change direction so much, they just don't get any traction. And

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you see this in how many times they shift where they live, what car

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they drive, what clothes they're buying, what type of

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investments they're buying. They do it over multiple businesses. Oh, there's another

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shiny business, I'll go there. And they get no traction. So what happened

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to me when I was in the property industry and buying these shares, I started

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to see my portfolio grow. And my portfolio was

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probably at about $300,000 by then in 2014, maybe

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$250,000. It wasn't massive because remember, I didn't buy a house. So I had the equity

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that would have gone into a house and I was paying about $550 a

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week rent. But I was also splitting it between my wife and her sister who was living with

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us at the time. So my rent was like $200 a week. When you think about it,

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that's crazy low, right? So I've always tried to keep my costs

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low It's just the most effective way to almost guarantee

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you're gonna get ahead It's easier to manage the cost than it is

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to increase your income in my opinion You have more control over that and

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so 250,000 roughly in the portfolio working

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six days a week in property and I remember one day I

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sat down and thought Just quickly, if you're ready to take control of your finances but

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feel stuck on where to start, I have a solution. My

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book, Money Buys Happiness, simplifies investing and

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wealth building with practical steps to help you achieve financial peace.

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Get your copy via the link in the show notes and let's get your money working for

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you. Now back to the episode. I want to become a millionaire. Now

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I want to do it. What do I have to do? How long is it going to

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take me? And I remember sitting in the office at 7 o'clock at night. I pulled up an Excel spreadsheet,

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and I put in $250,000, whatever the portfolio was.

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I'm saving $25,000 a year, buying stocks. I have no debt. This

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is my income. I think it's probably going to stay very similar. Hopefully, it goes up

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if I can do more deals. And I realized it was going to take me

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15 years to become a millionaire. And at the time, I was probably about 30, 31. I was like,

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oh. Oh my God, I want to be a millionaire at 45, 46. Like

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what am I going to do? And I realized I can't cut them anymore. Like

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I still want to have a reasonable life, but I was like,

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well, I need to increase my income. So how was I going to do that? And

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then my sister introduced me to a business model called network marketing,

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accidentally fell into it. And I tried the products, got in shape, actually went on

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to win a bodybuilding competition using the products, which is really life-changing for me.

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And then I helped other people get the products and use them. And

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so my wife and I with my sister built this network marketing business on the side

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with the objective to increase my income by $25,000 a

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year, which is, by the way, only 500 bucks a week. It's

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not like heaps. So what if we could keep doing my

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real estate deals six days a week, and then make

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an extra $500 a week network marketing, and take the extra money and invest it into shares.

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And by doing that, I was doubling my saving rate and doubling my investing rate,

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which means I was going to cut the

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time in half. So I was going to be a millionaire in seven and

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a half years instead of 15 years. It was simple math.

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So I was like, this is going to be the strategy. This is my strategy. This is

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it. So we got after it. I stayed working. I

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didn't jump out of my job. I would do appointments in

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the office and go downstairs and get on the phone and do network marketing. Go back upstairs, do an

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appointment, do marketing. It's just boom, boom, boom. On weekends, we'd

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drive and fly to Sydney to learn more about network marketing. We would do things on

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the weekend. In the evenings, I'd pick Alicia up from work, go home, sit in the car, do

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the work, do the work, do the work. And we did that for four

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years from when we started in 2014, 2018. And in that

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time frame, we reinvested a lot back into building that business. But

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what we developed is about $180,000 a year of extra money

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on the side while we're in our jobs. And I realized at that

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point, we were able to add about another half a million dollars to the

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portfolio, maybe $400,000. And by the time I

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left my job in the property business in 2018, the

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portfolio was at about $650,000. And as I left that in 2018, by the

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time 2020 rolled around, the portfolio had lifted from $650,000 to $700,000 up

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to a million dollars. So I'd left my job We

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went full-time in our network marketing business in 2018. The portfolio

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was at about $650,000, was paying us passive income from dividends, which

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is what allowed us to get out of our jobs as well. It wasn't just the side hustle, it was a

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combination of that for me to pay my rent and everything, and then also the

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side hustle of $180,000 a year. Alicia left her job, so

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we're basically financially independent. And the portfolio then

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grew as COVID hit. And I remember picking up my phone one day

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before I wrote this book. I was like, I really want to write a

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book about how we did this. Because if you think about it, we became financially

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free out of the rat race in our 30s. Completely

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free, which is unbelievable, really, when you think about it. And

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back then, especially. And I had a million dollar portfolio. I was like, well,

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this is interesting. Didn't own any property. I'd like to be able to get it

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to a million bucks before I write this book. And I remember before we launched this

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book down in Corumban, I looked at my phone, pulled up my portfolio, and

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it was like $998,000. It was just sitting

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there. I was watching it, I was watching it, and watching it. I was like,

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oh my God, I want it to be a million bucks, I want it to be a million bucks. And I scrolled

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the phone down, hit the record button, And I recorded, and

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I'm sure if I pull up the recording now on my phone and go back far enough, I could find

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it. And I recorded it as it clicked over to a million bucks. And

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I remember sending the video to my little sister and saying, look at this, it's a million dollars. And

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at that time, it's like, you kind of, you have this fantasy of

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what happens when you become a millionaire. You're like, oh, my life's gonna change and it's

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gonna be amazing. And then the marching band never came in.

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And I was like, oh, we're

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millionaires, that's it. No debt, million

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dollar net worth, free. And then

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I wrote that book about it, about how other people could do the same thing. And I've been

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helping people ever since to do the same thing, following the same system, the same strategy

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as what we've done. And it's in that book. And

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then beyond that, we do other things. now multi-millionaires. But

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what's interesting is the strategy really changes. Underspend your income, find

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ways to add extra money with a side hustle or business, invest

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the proceeds consistently into the same sort of asset class that you understand

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and be patient and it will grow over time. Those

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three steps of underspend your income, find ways to make extra money

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and invest in assets that you understand are the three components and

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steps that I talk about in this book, and they're repeated in this book. There's

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two extra steps in here for mindset and mentorship, which speeds things

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up. But the concepts remain

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the same. And that's where this sameness comes into

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wealth building that people really underestimate, that gets them in a lot of trouble because

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they get bored. And one of the things you got to do when you're trying

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to build wealth is keep the mundane exciting. And so what's great

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about this is that little network marketing business we built and started in

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2014 is now still in great condition and growth and it

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pulls in so much money still every week for us. And we're still

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the number one leaders in action for the company in the country. People don't really realize that

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either. Last month, number one in the country. And this is a side

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hustle for us. And we've been able to take that extra cash, put it

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in shares, of course, but we've got to be on other businesses. We've built a financial education business.

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We've authored three books. We've got this podcast. We

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just bought a laundromat business, which produces passive income for us.

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We just started a little partnership events business. Now we have four

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businesses. Books, podcast, education and

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investments. And so all that stuff kind of compounds over

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time, but it started with that decision to make the

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first million. But you see when I did it, there was an actual measurable

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like, shit, I need to increase my income here. Okay, now we need to invest it.

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Now we need to not do anything else. And I think it's in the not doing anything else

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and sticking to your knitting and focused on what's working and

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repeating it. That's where the magic lies. That's the story of how we

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became millionaires initially. It's a real life story. It's in our

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books. And if you haven't heard it, I'm sure if you go back on

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the podcast at the very first episode I did, I perhaps speak about

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these three stages and money grows on trees, which is where

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I got the name of the podcast show from. Because what I discovered was

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if you know how to invest money, it produces dividends, which

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is like pulling the prevailing $100 off the money tree you

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plant in the backyard. I'm so excited to share this with you because this

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is a real measurable path to wealth that doesn't require

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you to buy property. And it's doable because I've done it. And

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that's why you can see a lot of my ads and so forth on Instagram. They

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talk about anti-property. Not that I don't believe in it, it's just... I

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wanted to do a different way, and you're welcome to as well. So I hope you've enjoyed the episode and

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you've taken some lessons from that story. It's a real story. There's ups

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and downs. It's not smooth. But if you really wanted to go out and become a millionaire,

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the first step you've got to do is decide. And that will make all the difference.

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Once you decide, if your why is strong enough, the how will look after itself. So

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if you've enjoyed this, share the episode. Hit the Subscribe button. Leave me a question or

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a comment below if you're watching on YouTube. And I'll talk to you in the next episode

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of the Money Grows on Trees podcast. Thanks for listening to Money Grows

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on Trees. If you enjoyed the episode, leave a five-star review on Apple

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Podcasts and Spotify and subscribe to us on

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YouTube so you never miss an episode. And if you're serious about building wealth,

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make sure to check out the links in the show notes and follow me on all

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social media platforms at LloydJamesRoss for