Self-made millionaire advises: "You should do these 5 things now - or you will regret it later in life"
Created: 07/11/2022, 16:30
By: Nadja Pohr
Self-made millionaire Steve Adcock has learned a few life and money lessons throughout his career.
Looking back, he would do five things differently if he could.
(symbol photo) © IMAGO/Veam
A self-made millionaire reveals the things he hasn't done in the past - and which he now regrets.
That's why he now shares his advice with others.
Arizona - Former software engineer Steve Adcock retired early in 2016 at the age of 35 with a net worth of $900,000.
In 2021, he finally achieved his goal - becoming a self-made millionaire with a net worth of $1.4 million.
He now lives a "happy, simple and frugal life" with his wife in Arizona, as he himself writes on
cbnc.com
.
“From the outside, it may look like I made the right decisions.
But there were some lessons about life and money that I had to learn the hard way," says Adcock.
According to another self-made millionaire, buying a car at a young age is one of the worst financial decisions.
He admits that if he could start all over again, he would have done some things differently and sooner.
He therefore passes on his five pieces of advice so that you don't have to regret anything later in life.
The self-made millionaire advises these 5 things - "or you will regret it later in life"
Tip number 1 of the self-made millionaire: "Say 'yes' more often than 'no'." Especially at a young age, the fear of failure is great and you often hide your potential instead of addressing what you are afraid of.
"It wasn't until later that I realized that my constant avoidance of risk was far more damaging than any kind of rejection I thought I was protecting myself from," says Steve Adcock.
“When my employer offered me a promotion to a director level position, I wanted to say 'no';
I didn't feel safe and ready.
But I decided to take the risk anyway.” That decision changed his life.
In retrospect, he regrets that he did not say "yes" to opportunities and promotions more often, Adcock explained.
Another piece of advice is to stop competing and comparing yourself to others.
This leads to jealousy and an unproductive mindset.
"When I stopped caring about what everyone else was doing, I had more time to focus on what I was good at.
I started to feel more powerful and self-confident,” he says of his experience.
That's why you should always make decisions for yourself and not try to please everyone - that's lesson number three.
When you stop worrying about how other people might perceive you, you'll have more clarity about what you want and you'll make more decisions that make you happy.
1. Say "yes" more often than "no".
2. Stop competing and comparing yourself with others.
3. Make decisions for yourself and don't try to please everyone.
4. Reduce your expenses and try to save more than 50 percent of your income.
5. Be more confident and train your emotional intelligence.
Source: cnbc.com
Steve Adcock's fourth piece of advice is: "Cut your expenses and try to save more than 50 percent of your income." The self-made millionaire loved to spend his money, but his wife taught him to be frugal.
Your additional savings were channeled into accounts.
Through their thrift they achieved new financial freedom.
Last but not least, he recommends increasing self-confidence and training emotional intelligence.
The intelligence quotient is only a small part of the equation for success
The former software developer has long believed that intelligence quotient (IQ) determines future success.
"I tried to impress people with my knowledge of random things," he says.
However, as his career progressed, he realized that IQ was only a small part of the equation for success.
On the other hand, it is much more important to have emotional intelligence (EQ) or an increased awareness of the emotions of other people as well as of your own.
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People with high EQ are able to grasp new concepts quickly, react calmly and rationally to complex situations, and work with many different personality types.
“Practicing EQ has helped me communicate effectively and build rapport with my bosses and peers.
Ultimately, that got me a long way in life,” says Adcock.
So now he has been passing on his knowledge to others for a long time.
It certainly doesn't hurt to heed some advice from a self-made millionaire.
