The people running Planet Fitness are smart.
They figured out that most people who get gym memberships never bother with showing up.
This allows them to charge a ridiculously low membership price and still remain profitable.
I know the feeling…
But I’m not going to spend anymore time talking about them…they know what they have to do…it’s up to them.
Instead, I want to talk to those who are doing the right things and are seeing the results.
In the beginning, you’re so focused on making it…that’s all that matters.
But what happens when you do?
You realize there’s a new set of challenges you face.
And if you don’t address them…all that hard work can go down the drain.
The last thing you want to do is start from square one again.
That’s why I want to discuss the five biggest challenges my millionaire students have…and how to deal with them.
Table of Contents
#1 Dealing With Newfound Wealth
A majority of my new millionaire students are in their 20s. And I believe that’s due to the fact that they have less responsibilities in life and more free time to dedicate to trading.
Most of these millionaire students made it in less than five years.
Going from a few thousand bucks to seven figures in a few short years is life changing.
I know, because I made seven figures as a college student.
People start treating you differently and you become more cautious on who you trust.
Should you be helping your friends out financially, or shelling out hot stock picks and strategies to family?
It’s a slippery slope.
I’ve learned that giving money to friends and sharing stock picks with family is difficult. You’ll never make everyone happy…and that’s something you’ve got to understand.
If you want to give money to family and friends that’s fine. Just don’t expect to get that money back. You’re not a bank and you shouldn’t be giving out loans.
#2 Spending Too Much Money
A lot of folks have wishlists…
If I ever make it in the stock market… I’m going to buy ___________.
Maybe it’s designer clothes, watches, a car, or a home.
You have to be very careful here. Whenever you make a big purchase, it likely means you’re taking money out of your trading account, which could impact your future income potential.
I didn’t buy a Lambo until I was a decade into being a millionaire because I want to work on building my account.
Now, I’m not saying you shouldn’t buy a house…just understand that big purchases come with new responsibilities. Those responsibilities may take time away from your trading.
#3 Betting Bigger On Their Trades
Once you make a lot of money…it’s natural for you to think that it’s only going to get bigger and better after this.
The problem with trading bigger is that it adds to your risk exposure. Sure, you could win bigger, but the losses will also be bigger.
And that’s to handle emotionally.
It’s like the old adage on Wall Street: Stocks take the steps up and the elevator down.
When you start trading bigger, prepare yourself emotionally.
A few of my students have discovered that trading bigger doesn’t work for them. They prefer to keep their account a certain size, try to build it up, and once they reach that uncomfortable level…they restart again.
I’ve done that in the past…and it works for me.
#4 Adjusting To Changing Markets
In 2021 I made over $1 million in trading profits. And in 2022, I barely cracked six figures in trading profits.
Did I become a significantly worse trader?
The markets changed.
It wasn’t a big deal for me.
But for a lot of new successful students it can be.
If you’re used to making a certain amount of money…and all of sudden you’re not…that can be difficult to deal with.
I made a ton of money in 2000 while I was a college freshman. I thought I would be making that amount of money or even more…
But little did I know…I was participating in one of the greatest bubble markets in history. And there was no way that opportunities like that would last forever.
A lot of my millionaire students became millionaires in 2020 and 2021. Looking back, that too was a bigtime bubble.
Now, things are super slow, and opportunities are more scarce.
When things heat up again, you’ll be ready to strike.
You need to be aware that markets change and that there’s a time for learning…and a time for earning.
#5 They Don’t Know What To Do
When you have one goal in mind and you reach it…you might experience a let down after.
I know…it happened to me.
One of the worst feelings I had with success was buying my second Lambo. After purchasing it…I felt nothing.
The thrill of buying stuff no longer made me happy.
Luckily, I was able to get into charity and find fulfillment there.
But I know for a lot of new millionaire students it’s tough right now.
Do you continue trading, trade bigger or smaller, start traveling more, get into other businesses and investments, or what?
The great thing about money is that it buys you some time.
You don’t necessarily have to make a quick decision on your next move.
Like it or not…more money equals new problems.
But understand if you’re one of my students that I’ll be here for you to guide you on this next journey.
By the way, I made a YouTube video about this post…you can watch it below.