By Jorge Vazquez
01 Dec 2023, 10:31 AM EST
Chris Choi is an entrepreneur who became a millionaire at age 26 and “financially free” at age 30, by building a prosperous empire based on the Airbnb platform.
BestLife revealed the story of the entrepreneur who shares content on TikTok, with advice for other people to do the same and obtain excellent income.
Choi says there are a few key ways to get on the path to wealth, and they’re relatively easy to do.
1. Live below your means
The first piece of advice involves people from all financial backgrounds and says that you should always live below your means, regardless of how much money you make.
Recommends stopping buying “silly” things. “If you don’t earn more than half a million dollars a year, you shouldn’t drive a German car. Instead, you should drive a Toyota or Hyundai. Also, you shouldn’t wear LV, Gucci or Diors. Instead, you should use H&M or Zara,” says the successful entrepreneur.
2. Earn money while you sleep
For Choi “You have to find a way to make money while you sleep. If you don’t, you will have to work until you die.”
Choi recommends creating a passive source of income by investing in real estate and clarifies that you don’t have to own your own home to start making profits.
“Nowadays you don’t need much capital to invest in real estate,” says the young millionaire. “You can start using a strategy called rental arbitrage.”
With $8,000 in capital, Choi strategically invested in rental apartments and asked the owners for permission to rent them out on Airbnb. He then furnished them and supervised the sublets, making significant profits.
3. Don’t follow the flow
Choi advises “going contrary” in order to make money: “Stop following the crowd. “People who walk alone are usually the ones who go the furthest in life.”
He also comments that you should disabuse yourself of the notion that you can only become a millionaire if you already have a lot of money: “Lack of money is not your problem. Lack of money is simply a symptom of what is really happening beneath you. Beneath you, there is probably financial illiteracy, bad habits, lack of self-love, lack of confidence,” he says.
Keep reading:
· How much money does a host who rents their home on Airbnb earn on average?
· New York could lose 10,000 Airbnb rental homes due to new regulations
· Airbnb used an idea from Steve Jobs to avoid bankruptcy: the secret