- Hey there, I'm Dan Martell,
serial entrepreneur investor creator
saska me in this episode,
I'm gonna share with you
the secrets of the millionaire mindset
the money beliefs that millionaires have
that's probably a little different than what you have
to help you level up your game.
Be sure to say the air
we're gonna tell you how to get access
to my future living programme, which is literally
gonna teach you how to live into the future
so that you can take action today to create a life together.
(upbeat music)
When I first started in business
I had a challenge trying to figure out
how to grow, how to be successful.
My first two companies were complete failures
from the age of 17, till I was 24,
I literally stumbled trying different things and ideas
and there was no connection for me in my mind
that there was anything about beliefs, values, habits
actions that would dictate my success.
I just thought maybe I had to find the right business
to be in or the right business partners,
or maybe I just had to learn about financials
or whatever it was
and it was until I finally started investing in myself
through the form of books that I eventually realised
that the way I think the way I view money
the way I view the world was having 100% impact
on my inability to produce financial success.
And through that work, through that effort
by the time I was 27, I made my first million dollars
and since then have been involved
in building numerous companies
having friends that are multi-millionaires, billionaires
and seeing the way they look at money and creation
and themselves, and how to put all this together.
I wanna share that with you today
five strategies to help you rewrite your money, beliefs.
Number one, learn how to have money.
Now, I don't know if you've ever had anybody tell you this
but sometimes having money in your pocket
it's like it burns a hole in it
for some reason, some people can't hold on to money
they get, they get a paycheck,
they spend it all right away,
I don't know if you knew this but lottery winners,
70% of lottery winners
are back to the same level of economics
or even worse within a two year period
after they win a lottery,
why is that?
They didn't understand how to have money,
they didn't understand how to delay gratification.
Recently my son asked me to buy a toy,
we went to the store,
I said, each can buy a toy.
And as they were looking at these toys,
I said, hey if you buy the toy today, I will buy it for you,
but if you wait three weeks, I will actually buy you two,
and I wanted to see if they will delay the gratification,
and I got to tell you, it was a struggle.
My oldest literally was like, no, I want this,
and I said, fine, you can buy it
but again, your other brother
he's gonna wait three weeks and he's gonna get two
and I don't want you to say it's unfair
because I'm giving you both the same option right now.
And he was just this turmoil
and we were at this bookstore that had these toys
that really wanted these keynote pops,
I think they're called.
And he literally had it in his hand
we're walking to the checkout counter,
and as we're walking, he says, no, no, no,
I wanna wait, I'm gonna wait, I'm gonna wait.
Martell's wait, Martell's cause we talk
about what is a B2B and Martell.
and we were willing to save for a future day,
and I was so proud inside,
I was so excited for him to learn this gift
because a lot of people can't learn to just have money
without feeling like they have to invest it,
they have to spend it,
I had a kid reach out to me on Instagram
and he's like, hey I just came into some money,
and I was like, well, how much?
He's like $100,000,
I said, well, this is gonna sound crazy
but my suggestion to you,
'cause he was asking me for investment advice
and that's not my world.
I said, what I would suggest to you
is literally put that money in a bank account
and don't touch it for a year,
don't spend a penny of it for a year.
I know he couldn't do that,
he was like, I wanna buy a new car,
I wanna put a deposit on a house.
And I was like, that's fair
all those opportunities will be there for you in 12 months
but what won't be there is you learning
that it is okay to create wealth
to have money and not feel the need to spend it,
and even more this is what I told him.
I said, I want to encourage you
to take out $1000 in cash and put it in your pocket,
and for the next 12 months, walk around
with $1000 in cash and not spend it.
I want you to learn what it feels
like to have that kind of money on you
and feel that abundance and gratitude for that wealth
without spending,
a lot of people can not do that and that is the step one
of being wealthy is you need to learn how to have money
without spending it, or guess what?
You won't be a millionaire.
Number two, invest in yourself.
Now a lot of people have a challenge with this
'cause my prescription, I call it the 100K rule
is if you're starting off and you really don't have a vision
for what you wanna do or where you would put that money
you don't have a business idea or whatever,
I really, really, really wanna encourage you
until you have $100,000 saved in your bank account
to take every spare dollar per month that you can
put some money away definitely save that up,
but invest it in yourself, invest it in yourself.
That's through the forms
of books, seminars, training, coaching, et cetera.
Why?
Because at the end of the day,
it doesn't matter
if you're Jeff Bezos, Steve Jobs, et cetera
you need to learn how to become the person who can deal
who can deal with that level of success
that level of wealth becoming a millionaire,
and you're not gonna learn that
by just going through the motions,
you're gonna learn that
by being around other people like that,
you're gonna learn that by reading the books
that they've written,
you're gonna learn that by developing the habits
and the mindsets and the values
for somebody that can learn to deal
with that level of burden.
Some people realise
that having that kind of money,
the reason why lottery winners are quick to give it all away
and lose it, many of them ending up in lawsuits
and and frustrating relationships in their families.
Why?
Because they don't even know
how to communicate that well,
they don't even know how to help somebody else out
in the right way instead, they think they're doing it right
and then the person doesn't feel grateful
and they're pissed-off you didn't give them more.
How crazy is that?
So the big idea invest in yourself is this,
are you worthy?
'Cause a lot of people are gonna not realise
that when they don't read that book,
when they don't invest in that seminar,
when they don't hire that coach
it's 'cause in a deep part of their psyche,
they don't feel worthy of that investment,
and that's why I think it's so important to
be able to create an elevate your mindset
to the point where you can have $100,000
saved up from the effort and the knowledge
and the work that you've been doing
and feel comfortable with that
'cause you know that you're worthy of that savings
of that investment.
Number three, stay away from get rich.
So this is going to sound crazy,
but most people don't realise
that the reason why folks that have had money and lose it
is 'cause they're looking for
that get rich process,
they have a deal, they have an opportunity,
somebody comes to them and says, hey, I've got this
there's no brainer, business idea, investment,
you give me, you know, $15,000, $50,000
and I'm gonna return $100,000 or $500,000
in the next 12 months.
And the reality of it is everybody,
you look at the wealthiest people in the world
they didn't get rich quick,
they got rich by focus and compounding effort, okay,
this is literally all the tech people,
the Bill Gates, the Warren Buffett
the Mark Zuckerberg, you name them the per desk
the shark tank folks that you all know
it was literally daily effort over time,
they didn't go from like zero to a billion dollars,
they went from learning how to even create business,
learning how to save money, learn how to invest themselves,
learn how to build teams like slowly
but they focus and they compound it.
So to me, when people are like, hey man...
I had a friend recently, he said, look in 2007
I lost $20 million,
tell me why, what happened?
Well, brother-in-law this and I invested
and it sounded like a good idea and it didn't work out
and I kept putting money
so good money chasing bad ideas
and just kept putting until I realised
the whole thing went away and I lost $20 million.
Now here's my philosophy is you should invest
in things you understand,
if you don't understand it, stay away from it.
Same thing with real estate, a lot of people are like,
oh, I heard real estate is a good investment,
look, everything's a good investment,
if you understand it, if you put the time
and energy to truly understand how do people make money?
Like one of my favourite questions to ask people
is how do the people make money?
When they're like, oh, I have this a financial advisor
trying to suggest that I do X, Y and Z with my money,
perfect,
ask them how they make money, simple.
If you can't figure out how the people that are telling you
to do X, Y and Z make money, then stay away from it
because that to me is the part, it's the understanding,
it's investing in yourself to be able to dissect it
to know what a good deal or bad deal looks like
and not accidentally people do this,
they self-sabotage themselves
by delegating their success to somebody else
because they don't feel smart enough to understand this
trust me.
If you dig below the surface,
it's not that complicated people that are way less high IQ
than you have made it happen
and you have all the faculties,
all the abilities to make it happen for yourself,
just got to stay away from the get rich stuff,
get rich slow, but compound, check this out,
if you grew your personal situation, 25% per year,
now that might sound really aggressive,
it's not, I've been doing it my whole life,
even better,
most years, all my companies grow 100%.
But even if you just did 25%
what would happen is every three years you would double.
If you're able to pull off 25% annual compound growth
without losing your money
'cause that's a big thing,
you don't want lose the capital,
then over time you will and generate incredible wealth.
And I share that because if you do that for 10 years
and then some guys, some charlatan shows up and says
he has this incredible investment vehicle
and you're like, this is foolproof,
and he's in, and he's in for all his net worth
and all this stuff, trust me,
when I think it was Buffett that said
when something and something meet,
I wish I had the right language.
Anyway, you don't want to be the person
that meets another person has higher certainty
takes your money and then loses it,
and that's what happened
to a lot of people in 2001 and in 2007, and more recently
because they delegated their financial prosperity
to somebody else, not understanding
what they were invest in.
Number four, own a business.
Here's the reality.
If you look at all the wealthiest people
throughout life, the millionaires, most of them,
other than the wealthy doctors
that essentially just get high paying jobs,
they own a business.
Now this doesn't mean that you got to quit your job
and start a business, this just means that you need
to own an entity that has the ability to generate income
and write off expenses
so that you can change some of your tax exposure,
so you can be more efficient with your capital
so that you can build equity and value in an entity.
The cool part is a lot of people decide
to go down the real estate route
because each building is a business.
Literally think about it, a duplex, two units,
a one unit house like a single family home,
that thing, if you set it up as a corporation,
it is a business,
that means it has income from the rent,
it has expenses, you as the manager of that unit
having personal expenses that you have to incur
and for a lot of accountants
they're gonna find opportunities to write off things
that other people wouldn't have,
and as you build that wealth
you build that real estate or even a side hustle
you'll be able to take advantage of the tax efficiency
of the tax sheltering that a business affords you
the ability to not pay taxes today reinvest it
in things that are gonna allow you to create your wealth
and become a millionaire
a lot of people don't realise this,
that to become wealthy it's not about cashflow and cash,
those things are great,
but that's not where real wealth is created
is created in the equity that you own
in an entity that has what's called enterprise value.
Real estate is beautiful
because if you buy a building today for $200,000
in about 10 years depending on your market,
it could be worth $400,000.
So you pay down the mortgage, principal and interest
and over a 10 year period, now the assets worth more
but your ownership 100% is still in that thing.
And you can bring in partners
and you can do a lot of cool stuff.
A lot of people think
that owning a business is a complicated affair,
it's not the books exists, invest in yourself,
get the courses, be around other people that invest
in real estate or start a business.
And honestly, I'm not here to say network marketing,
multi-level I don't really care,
I'm just saying own a business, incorporate a business,
try to generate some kind of side hustle revenue,
to be in a better financial tax
position to leverage that business.
Number five, the more you have, the more you can give.
A lot of folks say to me,
Dan, why do you make it about money?
Is it really about money, et cetera?
Here's the reality,
if you tell me it's not about the money
then I know you're not the kind of person
that gives a lot of way
because if you tell me it's not about the money
it means you don't give enough away.
'Cause to me, the more I am blessed
the more I am able to create value in the world
and be rewarded financially for that value
then I'm allowed or able to give that back
to the people that I feel like I wanna serve the most.
So there's all this capital, everyday, trillions of dollars
get transacted in the world,
you go grab a piece of that
and then you can decide how you want to distribute that
to your family, to your church
to your organisations that you believe in.
I personally, my life was saved
by a place called Portage, New Brunswick
outside of Eastern Canada,
it's a rehab centre for adolescent youth
and I'm a huge contributor to Portage,
and my vision is to create a Portage
in many other provinces in Canada
and eventually into the US and that's the way I do it.
So you need to understand
that the more you have is not a bad thing,
the more you're able to create
it just gives you the option change to give more
and that actually results
in the more you give, the more you get,
it's kind of a crazy thing
and you shouldn't do it for that.
You should give without expecting anything in return,
but I believe the world rewards those that support life,
and if you do that, great things will happen to you.
So quick recap.
Number one learned have money,
number two, invest in yourself,
number three, stay away from get rich quick,
and number four own a business
and five more you have more you can give.
So as at the beginning of the episode,
I wanna share with you an exclusive resource
called future living.
So if you have a vision for your life
I'm going to challenge you to live six months
into the future
means today, act as if you've already achieved
that level of success at six months into the future,
by doing that you will make better decisions, better actions
surround yourself with better people
to ensure that that future becomes a reality.
Click the link below to grab your copy of my free training
on the future living playbook.
If you like this episode, be sure to like, and subscribe
and share it with somebody that you care about.
and as for usual I wanna challenge you live a bigger life
and a bigger business, and I'll see you next Monday.
That's so weird to say.