#32: 13 Millionaire Lessons I’ve Learned From Being Around Successful Entrepreneurs
Episode Shownotes
How do you cultivate a millionaire mindset?
Regardless of your personal financial goals, there is so much you can learn from those who have built lives where they CAN earn over 7-figures.
In this solo episode I share the 13 key lessons that have transformed my mindset and approach to business. I dive into my observations and insights on the mindset, lifestyle, and approach to wealth of some incredibly wealthy people that I have had the privilege to spend time with.
These lessons gave me the tools and the confidence to create massive impact on the world, and to do it on my own terms. What I realized most is that creating massive impact on the world is possible for anyone who wants it. It's not about the money, the material things, or the fancy lifestyle, but about the person you get to become in the process of creating massive impact.
“So many people are afraid that money will change them, but it really just, you know, amplifies who you already are.”
I’m passionate about sharing wisdom with more heart led humans who want to create a positive impact on the world and consequently not be poor in doing so.
I've had the privilege of meeting and hanging out with some incredibly successful millionaires and entrepreneurs. Through my interactions with them, I've gained valuable insights and lessons that have forever changed the way I approach wealth creation.
I’ve brought together the 13 most impactful lessons I learned from being around millionaires. Really let these land so that you too can make the biggest impact in your life.
#1 Money doesn't change who you are; it just amplifies more of who you already are.
This means that if you're kind and impact-driven, you'll become even more so with more resources. And if you're selfish and greedy, you'll become even more so with more money (which I’m sure none of you are).
#2 Give more than you take, and work in favors.
Generosity builds goodwill and value, which can come back to you in unexpected ways. Millionaires often work in favors, building goodwill and value that can come back to them in unexpected ways. This is a powerful reminder that generosity and collaboration can lead to more opportunities and growth for everyone involved.
#3 Millionaires trade money for time, not time for money.
Time is a finite resource, and it's important to use it wisely and efficiently. We don’t all have the same 24 hours in a day, but how can you make the changes in your life to get the MOST out of your 24 hours. Where are you finding energy leaks in your days?
#4 Cash flow is king.
It's not about how much you make, but how much you have left over after all your expenses every month. Owning many assets that generate cash flow is key, but make sure that very few of them are personal assets.
#5 Health is wealth.
Taking care of your physical and mental health is essential for productivity and creativity. Perhaps the most surprising lesson I learned was the importance of health. Millionaires are crazy about their health because their health is their wealth. Taking care of your physical and mental health is essential for productivity and creativity, and it's something that I've personally started to prioritize more in my own life.
#6 Use other people's money and leverage it to minimize risks and maximize returns.
This can be done through partnerships, investments, and loans. There are many different ways you can explore doing this in a way that suits you and your goals.
#7 Money is neutral, neither good nor bad.
It's essential to give more than you take, and to use money for positive impact. Money mindset is everything.
#8 Be kind and impact-driven.
Making a positive impact on the world should be the ultimate goal. Your sole goal cant only be to ‘make money’. What’s your why? What’s driving you to make more money, and what are you planning on doing with it?
#9 The goal isn't to have many things to show off…
but to own many assets that generate cash flow. Tying into number 6.
#10 Be willing to take calculated risks…
and learn from failures. Every millionaire I know has experienced failures—both big and small.
#11 Invest in yourself and your business.
Knowledge and skills are valuable assets. You are your biggest asset, so be sure to invest in yourself and growing your skills!
#12 Build strong relationships and collaborations.
Trust and goodwill can lead to more opportunities and growth. Let the goodwill build itself and at some point that karma will come back to you.
#13 Creating a massive impact on the world is possible for anyone who desires it.
It's not about the money, the material things, or the fancy lifestyle, but about the person you get to become in the process of creating a massive impact. These lessons cover everything from the importance of cultivating a positive and impact-driven mindset to the value of investing in yourself and your business.
Overall, my interactions with millionaires have taught me that money is neutral, neither good nor bad. It's essential to give more than you take, and to use money for positive impact. And perhaps most importantly, the goal isn't to have many things to show off, but to own many assets that generate cash flow.
If you're interested in learning more about these lessons and how they can help you create massive impact on the world, be sure to listen on the go! This blogpost is taken from my full length podcast, Free Wild Souls.
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Episode Transcript
Emily Peilan: “When you realize that a million dollars is actually not a lot of money, it completely changes the way you play the game and the way you show up.”
Hello, Hello and welcome back. My beautiful human. I am actually quite excited about this episode and no, I am not a millionaire yet. However, I have had the privilege of hanging out. F very wealthy people and extremely successful entrepreneurs. And through, through being around them, observing them, the way they speak, the way they act, the, the way they think, their perspectives on the world and on reality, I have learned so much.
It's just something I felt called to share and it also feels super weird to say that, you know, I hang out with people who like make millions. Because before last year, before 2022, I didn't know a single millionaire, at least not personally. It's not something I like ask people, you know, either it's, I don't really, I've never really sought out rich people.
It doesn't really matter to me how much money someone makes. I'm more intrigued by the way someone thinks and. The, the impact that they have on the world. And so it was really interesting when I moved to Lisbon I was suddenly surrounded by so many digital nomads as well as, you know, successful entrepreneurs who made money doing things that I didn't even know was possible which was already pretty next level because, you know, prior to me moving to Lisbon, I'd never been surrounded by so many like-minded, driven people.
And somehow, Luck. The universe blessed me with some incredible humans who also happened to be millionaires and run successful businesses, which they built from scratch. And sometimes it was a fleeting encounter. Sometimes it was a deeper friendship or relationship that formed from it, but. Honestly, the way they think, the way they see the world, the way they live and move through life has forever impacted me and the way I see the world.
And so I'm sharing these stories with you because, The 22 year old me would've appreciated insights like these , but also because I think these lessons are absolute gold, and having had the access to such high level thinkers and entrepreneurs is just so priceless. And I'm just. Passionate about sharing negative wisdom with more heart led humans who want to create a positive impact on the world and consequently not be poor in doing so.
And I believe really that the mindset and the reality slash perspective that you have on the world plays a huge part in whether or not you succeed in your pursuit. So I want this kind of wisdom and knowledge to be accessible. , all my heart led humans out there, which is you. And yeah, just I want this to be accessible to people who actually give a damn about the world, the environment about humanity so that you can use this to create the impact that you desire on a much, much larger scale.
So in this episode, I'm going to be sharing the 13 most impactful lessons about how millionaires think and act. And these are lessons that I learned personally from being around millionaires or successful entrepreneurs observing their mindset, lifestyle, and approach to wealth. And for those of you who hear the word millionaire, and you're immediately like, oh, gross.
Like those people, you know, It's totally not my kind of thing. I don't want a million dollars. I don't need a million dollars. And honestly, I implore you to come at it from a different perspective, right? This episode isn't just for people who wanna be millionaires. Like it's for people who want to create massive impact on this world and think about, you know, what, , what kind of projects or impact do you want to see in the world?
What do you want to create and how can you have the most impact? And these people are able to have this massive impact. They do because of the way they view reality, because of these lessons I'm about to share with you. And so, also for me personally, like I'm not interested. it for the money or for the material games.
Like, I don't wanna be a millionaire because I wanna like flex and, and all that shit. Like I don't care about having a fancy car or I don't know, mansion or wearing fancy clothes. Like I don't, I really don't give a shit, right? But I do desire to create massive impact and I do desire. Meet that Emily, who is able to grow a business from zero to millions.
I wanna meet the, the, the version of me who's able to lead a team. The Emily that I get to become in the process and evolve into is what gets me most excited, because truthfully, like I don't need any of that fancy shit, right? I'd be happy living out of a van, like a fucking hippie surfing every day.
And I used to live. $600 a month. Oh, 600 euros a month. Right. And that's like covering Rent . If I had a place to stay covering rent, food and I just didn't go shopping and I was perfectly content. I fucking loved Van Life, and I know that, you know, if I had to start from scratch and I lost it all I wouldn't be super phased.
Right? And so for me it's really not about the. The the person I get to become in the process of that and the impact I get to create as a result of that. So, without further ado, here are the 13 lessons I've learned from being around a millionaires. Number one, money doesn't change who you are. It just amplifies more of who you already.
So if you're selfish and you're greedy, then you are gonna be more selfish and greedy. If you're an asshole, you're gonna be more of one. If you are kind and impact driven, you're gonna be even more. So now that you have the resources, you can actually increase your donations or invest in more impact driven causes.
If you're a giver, you're going to be an even bigger giver. And, and, and just as an example, you know, I was dating a guy who, you know, when we'd out for coffee or, or brunch, you know, he would tip upwards. Five euros sometimes, and I was just, I, it was, and, and there was like consistently and it just blew me away.
And so I think so many people are afraid that money will change them, but it really just, you know, amplifies who you already are. And, you know, if you. You know, are able to tip maybe just a little bit. Now imagine if you had like more resources, more money, you could tip so much more and you could give so much more.
And so money is neutral. It's neither good nor bad. We as humans just love to put labels on things and we say things like Money is the root of all evil. Just to cover up the fact that perhaps we just had the evil. And it was due to our weaknesses that we made bad choices. But of course, it's easier to label money as the villain and ourselves as the victim instead of taking full responsibility.
Number two, give more than you take. And consequently, millionaires work in favors. Now this might be a little bit controversial depending on what, what kind of millionaires, you know, but in my kind of the circle. Of millionaires that I personally know. What I see is that they give, give, give, give, give so much, and then they take a little bit.
Right? And because they give so much that, that's precisely why they have so much money they build up so much goodwill and they give so much value that it just comes back to them. So really what you get is what you give in a way, if that makes sense. And this is a. That has taken me years to learn, and I'm still learning it because especially when you're starting out and you kind of have the scarcity mindset and you're like, oh, like money, I, I need to kind of, you know, hoard it a little bit because you're so scared of it just leaving.
Right. And so you don't want to spend more than you. Like making, or you don't, you know, you, you, you're quite frugal in that beginning stage. But what I'm learning slowly is that the more you give, the more favors you do. You don't always have to, it doesn't always have to be a monetary exchange, right?
You can also just offer someone so much value offered to. , give them a free consultation call or offer to redesign a specific page or a section for them. And you don't always have to bill people. It doesn't have to always be transactional. Let the goodwill build itself and at some point that karma will come back to you.
Right. And so what I've noticed is that a lot of my million friend, millionaire friend, they work in favors. So that was one of the more surprising lessons that I. Third lesson is most people trade time for money millionaires or rich people. trade money for time. Not going to expand much more on that.
I think it's pretty straightforward. Number four, cash flow is king. Now it's, this is a lesson that took me way, way too long to learn despite having. accounting and, and business at university. I just still didn't get it until recently. I was listening to this book by Robert Kiosaki. I read his Rich Dad Poor Dead Book, and then the second one was like the quadrant cash flow or something.
And like somewhere in that book I was like, oh, I get it now. It's not about like how much you make. It's not about your top line revenue and whatnot. It's about how much you have left over after all your expenses every month. And it's like, , obviously that makes sense, but you would be surprised when you have a very, when you're in the service industry and it's quite volatile, you know, some months you do exceptionally well.
Like some months what, 10 k plus. And then the next month might be like, I don't know, two, three K or something. Some months you might have zero. In the next month you might make like 15 k. And so it's so volatile. and it's so hard to measure that cash flow and to correctly forecast that. And so for me it's been really difficult and because it's difficult, I just didn't really want to think about it and I just completely avoided my cash flow analysis together.
And it bit me on the as. Multiple, multiple times. So cash flow is king, and those who know it my millionaire friends, they, they know cash flow is king and they will not spend if they do not have the cash flow to match that. And so, and there's this interesting quote it said think once before investing, but think twice before spending number.
Always invest in yourself and back yourself, right Over the stock market, over crypto. I was having conversation with a guy, a friend of mine and I was saying, so what do you invest in? You know, like, do you invest in crypto? Cause everybody's talking about crypto and it's like the biggest thing. And he said to me, why would you invest in other businesses?
You know, you have your own business. Invest in yourself and. Don't invest in crypto cuz you are a really nice person and you're gonna lose a lot of money. . But you know, there's a lot of truth in what he said because a lot of people say they put in a hundred dollars towards the stock market every single month.
Right. Over the course of a year, that's like what, you know, 1200. that you could have invested in yourself or in your business invested in a course to level up your skills or in a mastermind or something, right? And you could grow your business like three x, five x, 10 x. Like, who knows? Like the sky's the limit, right?
And so why bet on other people? Why bet on other businesses when you have no control over how other businesses do, but you have full, complete. Over yourself, your business, and its growth. So that was, that was a great lesson to learn and a wonderful reshift because I just have this FOMO of like, oh, I should be investing in the stock market.
I should be investing in the crypto world. And if I'm not, I'm like missing out, right? But all of the extra money that I. Goes back to investing in myself, my education in masterminds and coaches and, and just in my business. So yeah. Number six, health is wealth. One of the most interesting shifts and, and I've been kind of reflecting on why recently I've become such a health freak, such a health nut, and like super into biohacking and working on and all these things, and it's because the people I surround myself with have changed and I would say most of the millionaire.
Friends or just people that you know, either I've met in passing or are my friends. What I've noticed is that they're all super, super vigilant, crazy about their health because their health is their wealth, right? It. , you know, it results in how productive you are and results and how creative you'll get to be that day.
And and I've seen a massive shift in myself as well, just by changing what I eat and things like the, the types of oil that I use, the, the component of like my food, right? I used to be vegan and vegetarian for like a really long time. Sadly, completely fucked down my health. And I'm just slowly, like, I love experimenting with myself, so biohacking is perfect for me.
So literally, like, I just love experimenting, seeing what works, what doesn't work, trying this, trying that. And I'm like slowly finding what works for me. And I've seen a huge shift in my productivity. I'm able to like, wake up earlier and I'm like super sharp. I'm like super sharp every day, all day, right?
And. . There was this one guy I, I met in Costa Rica and I like asked him, I was like, so what, why? Like, why, why buy a hacken? Like, what is all this fuss about? Like why don't you, why don't you eat out? Cuz he was like really adamant about like cooking for himself, like cooking at home and eating really clean.
And I was like, oh, isn't that boring? Like, you know, you're in Costa Rica. Like why, why don't you go out and like eat local food or something? And he said, I just. Feeling 10 outta 10 optimal all day every day. That I just, the thought of feeling subpar just for like one meal out, it just du it just not worth it for me.
And I looked at him and I was like, holy shit. What an interesting perspective. Like, and, and here I was like eating out like two, three times a day, right? And yeah, he completely shifted my per. Of on that. And from that point onwards, I was like committed to just experimenting with this and yeah, it's been what, a couple months now eating really clean, being really like focused on my health and I've never felt like more energy to do my work.
It's, it's incredible. And yeah, this is truly. A gem like you are just, yeah. Invest in your health, invest time, invest energy into understanding nutrition and where your food comes from. And when you feel 10, outta 10, just feeling anything subpar that you just, you are not available for that anymore, right?
So anyway, number seven, share more of the. Well, when you share more of the pie, the pie will actually grow bigger. If you hoard it all, it will actually get smaller. Very self-explanatory in this one, so I'm not gonna dive into it. Apart from the fact that a lot of people think that if they share too much of the pie they will get a smaller and smaller piece.
And so a lot of people from a place of scarcity kind of just wanna hoard it all. And and I've been guilty of this myself obviously. But as I see these people who run like multiple companies, I'm like, fucking millions and like, you know, hundreds of employees. And I'm like, how do you do that? And one of the biggest advice, pieces of advice I got, Share the pie, like share more of the pie and the more you share, the bigger the pie will actually grow for everybody involved.
Right? And I thought, wow, like that is a sound piece of advice. Number eight. So the goal isn't to have many things to show off, right? Because a lot of people are. More interested in flaunting their wealth than they are having their wealth. So number eight is own many assets, but make sure that very few of them are actually personal assets.
So, good example could be like you own lots of apartments, but not you personally, yourself under your name, but like, you as a, a business entity owns lots of apartments, but none of them are. Yours. They all generate cash flow for the business. So like the house for example, a lot of people think that their house that they buy to live in, you know, personally is an asset, but actually it's a liability because you have to pay back the bank every single month you've got a mortgage, right?
Unless you pay for the house down, like, you know, in cash. , then it is a liability, not an asset but a house that you buy and as, as a business, let's say, and then you rent it out. And occasionally, you know, you can stay there, but the, the goal of it is to rent it out and generate cash flow. Then that house is the asset.
Right. And I think a lot of. Don't quite understand. An asset isn't just a thing that you have or a thing that you own. An asset is a thing that generates you money or generates you cash flow, right? If you doesn't do that, then you actually have a liability. Number nine, being fucking protective of your energy and time and guarding it wisely.
I think one of the biggest factors. To being a successful entrepreneur is to be very intentional about where your energy and your time flows, right? If it's constantly going towards little insignificant things in being in the weeds of your business and everything like that, like you are never gonna grow and your business is never gonna grow, right?
And if you are at the beck and call. Every single person or employee, or you know, just customer who's wanting your time and your energy, then you are consequently also never going to be able to have that impact and work on the most important things in your business which you know you want to be doing.
Right. Number 10, using other people's money, and this was a really fascinating one. What I, and I just, ugh, this. Jim it blew my mind when I learned this lesson is most of the, most millionaires, let's say are just wealthy, rich people in general know how to use and leverage other people's money.
And what that means is, and, and this is why, you know, the whole investment world is, is a thing. It's like, if you want to. This project or building or school. Most people who you know are not of that mindset and don't realize that you can leverage other people's money. Think that you have to use your own personal money and savings to make this happen.
And so a lot of people would go to the bank and basically put their entire house mortgage, everything on the line, right? thinking that they have to go all in on it themselves. But in reality, like what most of these, what, what the the smartest people do is that they get a whole bunch of people together who have money to invest and they don't really have to do anything apart from just lend their money into this project, which obviously has to be.
successful or cashflow positive, and there has to be like a good plan laid out. But what you do is then you leverage other people's money so that you ha minimize your own risk. And consequently, you are. What you're doing is you're sharing the pie. You're saying, Hey, look, if this project becomes successful, then every.
or is gonna get a share of that pie of the, of the returns, right? And that person who's say creating this project might get less of it, but also they minimize their risk of a loss at the same time and it's kind of worth it. And you've got more people to back you, you've got more support. You are minimizing your risk.
And, and if it's successful, then it. Keep growing and in the long run you might actually be more profitable than if you just try to like hoarder all and, and risk it all. Right. So that was a really interesting perspective that I got. Last thing I'll say on this is, well is it doesn't always have to be like other peoples money.
And generally when I say people, I mean other. This is money, right? It can also be the government, for example, like every year different government, like, departments have a certain budget actually to meet, right? They have to spend it all. Otherwise, if they don't, next year they'll get less because they didn't need it all right?
And so they have this pressure to actually spend this money. And so if you are in an, if you can like understand System and you want to, and you've got a project that would benefit, you know, society, the community and whatnot. Like it's worth a chance to like reach out to the department and also have the government then fund your project.
Right. I know, I actually know a lot of people who do this and it's absolutely possible. So that is also an option. It doesn't always have to be, you know, your own personal. Number 11, differentiate between facts and opinions, right? And that investments are only risky because of what you don't know because of what you think you know, or what other people have told you that are actually opinions rather than facts.
And this is a lesson that hit me quite hard because I, I tend to be quite an opinionated person. . And upon reflection I realized that I wasn't seeing reality. It took quite a few heated debates for me to finally see that I would take opinions from other people and then kind of state them as fact.
Right. Whereas the person I was having this debate with is like, that's not a fact. It's an opinion and. How do you know? Like, you know, like what, what differentiates even between a fact and an opinion and so you really have to. Do your due diligence when it comes to business and investments and things like that.
And I think a lot of people, so I'll just give you an example. Like a lot of people who go to their, I don't know, financial advisor or someone, and it's like, what do you think I should invest in? You know, do you think I should invest in crypto or in the stock market or in real estate? And depending on. Person's personal experience and their emotional attachment to one or the other, they will tell you, oh, I think you should get into real estate because X, Y, Z.
And then you'll suddenly like, think most people will be like, oh, okay, cool. I should do this because he said this and he's a professional and so therefore it must be fact. But it's not fact. It's an opinion, right? And it's his opinion based on his life experience. and his skillset. Because if you are somebody who is more knowledgeable in the area of crypto, then you know the best thing for you to do is actually invest in crypto.
Right? But it doesn't mean that it's the best thing to invest in for everybody. It's just for you. That is true. Right? And so it's, yeah, I'm trying to get better and I think I have gotten better at discerning between opinions and. And with facts, it's like when it comes to an investment, then, for example, and you need to do your due diligence.
Like somebody might, you might get a whole group of people who are like, oh, you know, it's a great investment. You should do it, you should invest in it because X, Y, Z, and we're all doing it. Right, right, right. But like, that's not enough, you know, for you to make base your decision on. Right. It's, it's money, it's possib.
A significant amount of money as well. And you know, the less, you know, the higher the risk. And so you will never not benefit by doing your research and like digging, digging, digging, and really trying to get the facts and the reality of what, you know, the reality of, and the, the entire picture. Rather than just listening to people.
This is yeah, a lesson that I'm currently still learning, and I hope that it will be useful for you too. Number 12. So most people trade time for money for what they do, right? Action. But you make money when you know how to leverage your time and you get paid for how you. Then lastly, you make returns AK passive income or passive cash flow on what you own.
And I'm just gonna let that land, I'm gonna repeat that as well actually. So most people trade their time for money for what they do, right? So work, labor, the amount of hours they do working nine to five, for example. But you make money when you know how to leverage your time and get paid. You think, and this could look like if you are, for example, for me, running a creative agency, I used to be in the weeds like doing, doing, doing.
Now I get to be more in the creative direction, role, the, the strategy coming up with, you know, the bigger picture and then knowing how to make this happen, right? The how to create the process, how to create the experience. And this is like getting paid for how you think. Then lastly, you make returns.
So aka you know, cash flow without your active involvement in making that money on what you own. So if you had, like, if your business owned 10 different apartments and each of them generated cash flow like that, you owned that and that cash flow is yours and you didn't have to work for it. You also didn't have to really think for it.
You just did the upfront work. Once you own it, you put in the money and it generates returns for you for. until you decide to sell it. And it's the same with a business like you own your business and so you make returns on that business depending on also how much you are doing in it, , and how much money you are, uh uh, yeah.
And also how much your your involvement in it, but on a larger scale. Right? A lot of people invest. Businesses and startups, right? And they own a share. And because they own it, they make the returns on there without actually having to do any work in that business or in that startup. They just simply own a share of it and therefore they own the returns on that.
So yeah, number 13, $1 million or Euros is actually not a lot of. You, and I know this is gonna be a really controversial one to end with, but I used to think that a million dollars was a lot of money. I used to think a hundred thousand was a lot of money. I was like, there's no way I could ever make a hundred thousand dollars just no way.
And within like, you know, 18 months of my business, I was like, oh, I, I hid that right? And I was like, ah, interesting. And it's just, it's. A scale of relativity. Right? And it also depends on who you surround yourself with. Because if everybody you surround around yourself with is like making what tops 80,000 like tops, then that is your ceiling.
That's like, that is, you cannot imagine yourself being earning more than that. But if the people around you, like on average, are earning millions, , then you suddenly feel like, ah, like if they can do it, so can I. Right? And why not? Why not me? And again just prefacing from, you know what I said at the very start, it's not about the money.
It's about who you get to become and the process of that, right? It's like why? It's, it's about kind of breaking through those upper limits and these, these limiting beliefs that you have for your. Why is it only reserved for certain people? Why can't you have it? Why can't you make the impact that you want to create in the world?
Why is it only reserved for people who come from wealthy families or. Oh, all those other excuses that you make for yourself. You know, if you really want to make a huge impact on this world, then you need to know how to make a lot of money. Because money is resource. It is a tool. It is not good, it is not bad.
You get to amplify and direct that resource into creating the impact that you want to see in the world. So with that, I will. Episode. I would love to know what you think about this. I'm extremely curious to hear your thoughts on lessons from millionaires. Do you know any yourself? If so, what was the, some of the lessons that you took away and what resonated with you, you know, from this episode?
Please yeah, send me a d. At Emily Peilan on Instagram, and I'd love to jam more with you on this topic. Until next time…
