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10 life lessons from the man who became a millionaire at 27

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A revelatory article Multi-millionaire at 27. What I learned from Duncan Reich, an American engineer and programmer who worked for a large Silicon Valley company. At 27, he became a multimillionaire. This article is about the life lessons he learned from being in the position of a person who can afford everything.

Lesson 1. Money Doesn’t Make You Happy

The author of the article has everything: a big house, an expensive car, a good wife, respect in society. It would seem, what else is needed from life? However, the presence of big money instilled in him not confidence in the future, but on the contrary, excessive discontent and irritability. He was constantly worried that at any moment he would lose everything, that his usual way of life would be destroyed. Conversely, he received immense satisfaction from working on complex projects and successfully completing and launching them. Life is much more difficult than the banal desire to make more money and retire. Wealth, on the other hand, awakens the strongest fears in people and brings out the most important flaws that were hidden when a person was more modest.

Lesson 2. Don’t help if you are not asked

Perhaps this will be familiar to many rich people. You have made a lot of money and you want to help your family and immediate relatives. And they, instead of thanking, ask for more or take offense. The author of the article fell into the same trap. He bought a large house for his relatives in another country, and also saved them from having to pay for utilities for several years. Also, for a long time he sent them money orders of several tens of thousands of dollars each. However, after a while, he found out that instead of gratitude, his relatives were offended by him. They didn’t like the house, they didn’t like the fact that he decided everything for them, did what they asked of him. This life lesson allowed him to understand that there is no need to help those who do not ask for it. And the one who asks needs help just as much as he asked.

Lesson 3. There will always be someone richer than you

At some point in his life, the author began to notice that he was spending much more than reasonable. He had a lot of wealthy friends, and he tried to be like them. And besides, he wanted to appear cooler than his colleagues, who earned less money. However, this brought moral satisfaction only for a short time, and then I wanted more and more. After completing a course of psychotherapy and professional coaching, the author realized that it was necessary to develop inner integrity. Limit spending to reasonable limits. It is important to understand that there will always be people who are richer. However, you shouldn’t be equal to them. They have their own way, and you have yours.

Lesson 4. Luxury is addictive

According to the author of the article, you need to live wisely, spend less, invest more. He came to this conclusion after buying a very expensive sports car. From that moment on, his life changed a lot. He became literally obsessed with an expensive car. But the addiction to luxury didn’t end with the purchase of an expensive car. The author became addicted to expensive things, spent money left and right, buying whatever came into his head. But the purchases did not give him much satisfaction and after a while he wanted to buy a more expensive thing. The author writes: “When you have a Porsche Cayenne Turbo, you will soon want a Bentley Continental. An addiction to luxury is like a hard drug. It takes more and more to satisfy your needs. ” Instead of chasing expensive things, Duncan Reich recommends a conscious approach to the process of spending money, investing finances only in what will bring real benefit.

Lesson 5. Many people are too petty

Duncan recalls how at one of the parties a very attractive girl approached him and asked what he was doing, to which the author replied that he was a student. Before he had time to continue his speech, the girl turned away from him and quickly disappeared into the crowd. If she had stayed a moment longer, she would have learned that the author is receiving a doctorate from a prestigious university and is preparing to open her own business. The funny thing at that moment was that he was probably the richest person in the audience. At that moment, Duncan realized that some people might be too petty. They will only need money or other material values ​​from you.

It is worth remembering, however, that many rich people do not flaunt their wealth. They may come in old, tattered clothes, while at the same time they will have millions in their accounts. What matters is not how a person looks, but how he behaves with people and what is in his soul.

Lesson 6. Everyone Respects Wealth

The author knew many people who admired him. True, only after they found out how rich he is and how much money is supposedly in his account. Money is a terrible force that pushes human qualities into the background.

Lesson 7. Most financial advisors are not experts at all

The author learned this lesson after he lost several tens of thousands of dollars by trusting stock brokers. During their work, these “specialists” showed appalling incompetence. And once they even bought shares in one of the companies that Duncan did not give his permission to buy. The author writes that the incompetence of the people who work on Wall Street is overwhelming. They seem to be cut off from reality and live in some kind of illusory world. By the way, a lot is written about this in the book “Selling the Short” by Michael Lewis, the key ideas of which we highly recommend you read.

After this incident, the author stopped trusting such experts and decided to study the “investment world” on his own. In this he was greatly helped by books by Warren Buffett, who advised beginners to invest in index funds or in tracking stock indexes. As Duncan began to read more books, became less gullible and developed his critical thinking, his business on the stock exchange took off and he was able to make good money in this field.

Lesson 8. Don’t Trust Banks

Performing various transactions on their bank accounts and deposits, the author of the article discovered that banks charge huge fees for money transfers, especially for cross-currency transfers between countries. Some commissions for particularly large transactions could be up to $ 50,000. These are absolutely unnecessary expenses. And while banks start out to make rich people feel special, they later make very good money off of them. What to do, this is their business model. Delving deeper into the topic, the author realized that there are less costly ways to make money transfers. Anyone who owns large sums and keeps them in banks, the author recommends that they familiarize themselves with the policy of charging commissions, as well as more seriously delve into the issues that relate to various financial transactions.

Lesson 9. Numbers always remain only numbers

Making money is good, but don’t forget about your personal life. The numbers in your bank account will always be just numbers and nothing else. Much more important is how you feel about yourself and your environment.

Lesson 10. Wealth is constant work

Many people think that rich people can afford to relax and do nothing. In fact, this is not the case. Wealth implies constant control over your money: you will have to keep track of your assets, protect and maintain them. You will need to hire people, consult with financial experts, delegate authority, and oversee tasks. Being rich means working 24/7. However, the goal is not only to make more money, the goal is to constantly grow and develop, be conscious of your money, be able to take risks and take responsibility for your actions.


In our opinion, this article is an excellent illustration of the fact that money, no matter how much money, is not at all capable of making a person happy. The most important thing is how a person relates to himself and to life, what he spends his money on, whether he is able to develop. Certain conclusions may sound somewhat trite, but in general, the author has obtained excellent inspiring material that allows the reader to look at himself from the outside and draw certain conclusions.

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