Sleepless nights worrying about money.
Having to work at a 9-5 that you hate, just that you can get that paycheck at the end of every month.
Not being able to afford the best health care for you and your loved ones.
Being a slave to an alarm clock in the morning.
Having to say no to vacations with your best friends because of financial limitations.
Wouldn't you just want to say f*** you to all these situations? Then I have good news for you. You can!
But first ...
you need a F.U. money.
The formal definition of F.U. money is: Any amount of money
allowing the infinite perpetuation of wealth necessary to maintain a DESIRED
lifestyle, without needing employment or assistance from anyone.
In this video, I will present the top five greatest takeaways from the book F.U. money by Dan Lok.
All of them will take you one step closer of reaching F.U. money status.
If you want to be free to do whatever you want, whenever you want,
wherever you want, with whomever you want, for as long as you want, without having to worry about money you need F.U. money
So let's find out how we can get it. Shall we?
Take away number 1: Allow yourself to dream: What's your Hollywood lifestyle like?
You can't hit a targets, which you cannot see. It's that simple.
Therefore Dan Lok suggests that you should make your own so-called F.U.M.T. list.
It's the F.U. money targets list.
Allow yourself to drift off into the future, where you have true F.U. money.
Perhaps imagine yourself living like a Hollywood movie star. What would your ultimate lifestyle look like?
How much would it cost you to live that lifestyle yearly?
Now here's Dan Lok's own list, which he IS living now, by the way.
Luxury condo, $160,000
Leasing 2 sports cars, $36,000
Exotic vacation every quarter of a year, $40,000
52 extravagant meals, at $200 each, $10,400
Dance lessons once every week, $75 each, $3,900
Name brand clothes, $3,000 per month at a $36,000 total
Home theater system, $10,000
Maid service $26,000
Lavish Christmas, $20,000
Lavish birthday, also $20,000
Personal chef for 5 meals per week, $30 each, $3,900 in total
Personal trainer 3 times a week, $40 each, $7,800
One concert per month, $6,000
Charity, $50,000
52 spa treatments, $100 each, $5,200
Flight lessons and rental, $50,000
Limousine rides, $5,000
Random bills, $50,000
Buy-whatever-I-want-money, $100,000
In total, Dan Lok's Hollywood lifestyle costs him about $640,000 per year.
Now this is a lot of money, but obviously some people manage to spend way more than this.
Dan Lok is clear on this point: He wants to pay for freedom of choice and quality, not for prestige.
What's important to notice here is that you probably don't need as much as you think to live your ultimate lifestyle.
As you can see, Dan Lok must work pretty hard to get rid of those $640,000.
Alright.
Now that we have something to strive for, which hopefully gives us motivation, let's see what we can do to make this ultimate lifestyle possible.
Takeaway number 2: The slow way to F.U. verses the fast way to F.U.
There are two proven ways to achieve your F.U. status.
There's the slow way.
And there's the fast way.
The slow way is the traditional way:
Build a nest egg slowly by saving as much as possible of your monthly salary and putting that money away in a mutual fund.
Hopefully, when you've retired in, say, 30 to 40 years,
you've got enough money in this nest egg so that it can support your Hollywood lifestyle for the remaining years of your life.
This is the "proven" method that you've probably had shoved down your throat by your peers while growing up:
your parents, your grandparents, your older siblings,
your younger siblings, your teachers, your fill-in teachers, the cashier at the local mall,
your occasional cab driver, that guy with the hotdog stand ....
The problem with the slow way comes in two forms:
1. It's slow
2. You lack control
First and foremost, the source of your income will always be dependent on an employer.
Secondly, you are dependent on a money manager to grow that money for you.
Now, HOPEFULLY you won't get laid off.
And HOPEFULLY that money manager doesn't suck, but why take your chances? When you can go for theeeeeeee ...
Fast way!
The fast way is to build your own automated income vehicle.
This vehicle should generate money for you without consuming your time.
When it generates the same amount of money as your Hollywood lifestyle from takeaway number 1 costs, you
officially have F.U. money.
There are multiple vehicles that you can use:
Become a savvy investor/trader in the stock market
Flip houses and do real estate investments
Create your own business
It goes without saying I think that Dan Lok prefers the fast way, and
specifically the vehicle of creating your own business. So let's concentrate on that in the remaining takeaways.
Takeaway number 3: Focus
The number one reason why people don't make their F.U. money is because they get sucked into the latest money-making schemes, and
because they can't maintain focus.
If last month was selling MLM products from Amway,
this month is learning a bit about cryptocurrencies, and you're already thinking about starting a drop shipping business next month,
you know what I mean!
Getting rich is simple. If you choose creating a business as your vehicle, the secret formula is:
Having a great vision,
Deliver a ton of value to people, and solve a lot of problems. It's that simple.
The problem is that people don't like simple! They want the magic pill that will do all the work for them.
Therefore, they become opportunity seekers - jumping from one hot money-making scheme to the next.
We can see the same pattern in the health industry.
Take building a great physique, for example. All you have to do is eat (a proper diet), sleep, gym, repeat
it's that simple, yet people waste so much money on infomercial products, fancy equipment, the latest programs,
fat burners - you name it.
Just take all the rich people on the Forbes list as an example.
I dare you to find a single one of them who's become rich through some hot money-making scheme.
(in fact, please leave a comment if you do)
Only you can make yourself rich. No one else will.
So when you hear things like:
"It's the opportunity of a lifetime"
"This CAN'T fail"
"Don't miss the boat"
"I'll take care of everything for you. Don't worry!"
Avoid it like the plague!
You'll never make a F.U. money jumping from one thing to another. Not even close.
Therefore, stay focused.
In takeaway number 4 and 5 I will discuss how you should direct that focused energy of yours.
Takeaway number 4: The nine characteristics of an ideal business.
Before you start to spend your focused energy,
make sure you choose an endeavor where the chances of making a few money are as high as possible.
Such a business should fulfill the following 9:
1. Do what you love. Doing something only for the money is okay, but it's short-sighted.
Pick a business where you have at least some interest. You'll be much more competitive that way.
2. Stable, growing long-term demand
Pioneers often end up with arrows in their backs.
Competition is good. It gives you the best clue you can get - that there's money to earn in that market.
3. Be portable
This allows you to say F.U. to the leech which keeps you tied to a certain location.
How does working from the beaches in Bahamas sounds to you?
4. High profit margin
Low profit margin means no room for error.
You need room for error.
5. Scalability. If there is essentially no difference in effort on your side to sell
100, instead of 10 units of your product, you have a scalable business.
Since you strive for an AUTOMATED income vehicle, this is a prerequisite. It allows for you to decouple time spent, and income.
6. Low startup costs
If there's need for co-investors already from the get-go, it just makes the whole startup process much more complicated than necessary.
Avoid this, especially as a beginner.
7. Requires little or no staff.
Dan Lok prefers contractors over employees, because they cause less hassle.
8. Low overhead. Avoid costs that aren't directly tied to income.
Use affiliates and contractors as much as possible.
9. Money coming in while you sleep
If you ever want to be able to achieve freedom you must decouple time spent and income.
As mentioned before, most scalable businesses fulfill this.
I might be shooting myself in the foot here, but YouTube (and other internet-based businesses)
typically fulfills all nine of these.
If you decide to start a YouTube channel in the field of investing because of this, just remember who got you started.
I'm expecting weekly shoutouts in return.
And ... should we save 50 percent of your future ad revenue? You're welcome :)
Takeaway number 5: The seven golden rules to internet riches
Okay, so we've established that an internet based business often fulfills all the characteristics of an ideal business.
Naturally, the next step will be to look at what you should prioritize.
So here follow the seven golden rules to internet riches.
1. The market comes first
If you want to find out where money is being made, look no further than where money is being spent.
2. Create a simple, easy-to-navigate website that sells
Your website is not a brochure.
It's a 24/7 virtual salesperson.
3. Build a business, not a moneymaker
Don't focus on quick money deals.
Focus on assets - such as customer lists, products and brands.
4. Create multiple income streams in one business, not diversified businesses
Serve the needs of one group of people to the greatest extent possible.
Avoid jumping from market to market.
5. Leverage the time and resources of others
Outsourcing is one of the most powerful tools there is.
Think about it. You only have 24 hours a day.
But through outsourcing, you can make that seemingly static variable a scalable one.
6. Use your personality to sell. People do business with people they know, like and trust.
Someone who's incredible at this is Mike Tornabene, from the YouTube channel Broscience.
What makes a good PWO?
I DO!
Gnar Pump!
What's in it?
Ingredients!
With dosages!
Now you're probably asking yourself: "Is this too good to be true?"
No.
But it is too good to be free. So go to BroSupps.com to buy one.
7. Position your business for automatic growth
Automate as much as possible.
There's a lot of inexpensive technology available for running your business, such as automated emails and chat-bots.
Here's a quick summary.
Write down your Hollywood lifestyle and determine how much money you must make a year to have true F.U. money.
Choose the fast way to wealth, not the slow one.
Jumping from one get rich scheme to the next is a surefire way of never getting F.U. money.
Don't make it more complicated than it is! Have a clear vision, deliver tons of value, and stay FOCUSED.
Choose a business where the chances of making F.U. money are as high as possible.
Follow the seven golden rules to internet riches.
Now what do we say to these five situations? Say it with me:
F.U.
Have a good one.