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If you don’t want to end up like everyone else—broke, frustrated, and stuck—you’ll need to make sacrifices most people aren’t willing to make.
That’s what my mentor told me in my early twenties, and it’s advice that stuck with me ever since.
I started with no qualifications, no money, and no special connections. Yet today, I’ve built a multimillion-dollar business—and much of that success came from avoiding these seven traps that keep most people broke.
Let’s dive into each of them, starting with the most common one.
1. Working Just for Money
Let’s imagine two paths:
- Path A: You take a boring but well-paid job. You stack cash quickly, your friends think you're killing it, and your parents are proud. But over time, your income plateaus.
- Path B: You take a lower-paid but challenging job that builds your skills. The money’s tight, the bills are tough, and people think you’re falling behind. But over time, your earning potential skyrockets.
What’s the difference?
Path A prioritizes money. Path B prioritizes skills and equity. Every self-made millionaire I know took Path B.
When I was 16, I left school with zero qualifications. I got offered five job opportunities. I chose to become a carpenter’s apprentice—not for the pay, but for the skills. Even though I was bullied and eventually quit, I still use what I learned in that role today, especially in designing my bestselling line of radio-controlled planes.
Each job added a new tool to my skillset—like building a Swiss Army knife. Now, I recommend online-based high-income skills like:
- Copywriting
- Video editing
- Coding
The demand is huge, and most people doing it aren’t up to standard. That’s your opportunity.
2. Ignoring Equity
Equity means owning a piece of a business. It’s one of the most powerful wealth-building tools.
I built equity by starting my own company. But you can also earn it through sweat equity—contributing your skills in exchange for ownership—or by buying into a business (though only if you can actively help it grow).
You must be realistic. Don’t expect equity as an apprentice. Focus on becoming someone worthy of it first. Master high-value skills, prove your worth, and then ask the right way—"How can I help this business grow so much that giving me equity makes sense?"
3. Buying a Lifestyle
You’ve seen it—people flexing Lamborghinis, luxury trips, and $500 dinners.
But here’s the truth: most of them are broke. They’re swimming in debt, paying for it all with credit, and trying to impress people on Instagram.
It’s all smoke and mirrors.
Stats don’t lie:
- 37% of Americans can’t afford a $400 emergency
- 60% can’t buy a new car
- 39% worry about making monthly bills
Once you're truly wealthy, buy whatever you want. But until then? Stop pretending and start investing.
Instead of buying:
- Flashy cars
- Designer clothes
- Pricey dinners
Start building your asset base:
- Stocks
- Crypto
- Real estate
These generate income and appreciate over time. Your future self will thank you.
4. Doing Everything Yourself
Even the most successful people didn’t go it alone.
Take Elon Musk. You might think he built everything solo. In reality, he was part of the PayPal Mafia—a group that went on to build LinkedIn, YouTube, Yelp, and more. They supported each other, invested in each other, and built success as a team.
You can do the same—even with small side hustles.
Many older business owners don’t understand tech. They still run websites from 2005. That’s your opportunity.
With tools like Odoo, you can:
- Modernize their websites
- Set up systems for invoices, projects, and more
- Offer real value (and charge well for it)
Odoo even offers a free app for life, hosting, and support. Learn the platform, and you can build a solid income helping small businesses go digital.
5. Taking Too Many Inputs
Everyone has an opinion. Too many voices can paralyze you.
Let’s say you’re here—trying to build your future. Now imagine a dozen people pulling you in different directions:
- Be a doctor!
- Start a business!
- Work a safe 9–5!
- Travel!
- Settle down!
This causes cognitive overload. Your brain freezes. You do nothing.
The fix? Start with your goal and work backwards. Only listen to the inputs that help you reach that destination. Tune out everything else.
Seek expert advice, not random noise. And take it one step at a time.
6. Being Driven by Ego
Ego is a silent wealth killer.
Arrogant people think they already know it all. They skim through advice instead of applying it. They dream big but ignore the steps needed to get there.
But success comes from humility—being willing to learn, listen, and grow.
What you know today is just the tip of the iceberg. The real gold lies beneath the surface—what you’ve yet to learn.
Stay teachable. Be curious. Always look for the next lesson.
7. Staying Static
Your comfort zone might feel safe, but it’s also a trap.
Most people live inside this self-built prison, afraid to break free. They stick with what’s familiar—then regret it later.
I broke out of mine early on. I struggled in school and didn’t fit the mold. So, I tried something different—an apprenticeship.
From there, I launched side hustles, took a risk with a bank loan to start my business, and even traveled to China to find suppliers.
Later, when my business was stable, I started over again—posting YouTube videos at age 53. That’s how you're reading this now.
Every time I pushed outside my comfort zone, my life expanded. Yours will too.
Final Thoughts
If you want to build real wealth, avoid these traps:
- Chasing money without building skills
- Ignoring the power of equity
- Flexing a lifestyle you can’t afford
- Trying to do it all yourself
- Letting too many voices guide you
- Letting your ego run the show
- Staying stuck in your comfort zone
You have everything you need to build a different life—if you’re willing to make different choices.
Want to know what to do every time you get paid?
Check out [this video] for a step-by-step breakdown—and make sure to subscribe if you're serious about building your wealth.
See you there.