- How to become a millionaire.
Welcome to another episode of Boss In The Bentley.
This is Dan Lok.
Today I'm gonna share with you:
How do you become a millionaire?
(energetic hip hop music)
This is an interesting question:
When someone asks us, "How do you become a millionaire",
it's like asking Michael Jordan,
"Well, how do you become Michael Jordan?"
It has so many factors...
Obviously, people hear about, like, hard work, timing,
many, many, many things that contribute to the success
of someone becoming a millionaire.
First of all, I want to tell you the truth:
Chances are, you're not gonna be a millionaire.
That's just the truth.
Because statistics is against you.
Statistics show less than six percent of the population
makes over $100,000 a year.
Less than one percent of the population
makes over $325,000 a year.
So, to hit the millionaire status...
Now, it depends on how you define it.
Some people, is it a million in net worth?
Well, if you're in Vancouver,
let's say in any of the major cities...
New York or Los Angeles...
You own a house, net worth-wise you're a millionaire, right?
It's just, so to me, how to define that.
Is it a millionaire in terms of cash in the bank?
Is it a million in income?
Is it a million dollars in revenue?
We'll come back to that, but for now,
I want you to know that, chances are,
you're not gonna become a millionaire.
Because chances are your parents,
unless you come from a rich family, are not millionaires.
Your relatives are not millionaires.
Your friends are not millionaires.
So, chance of you becoming a millionaire is slim to none.
Let's just start with that, okay?
I don't wanna give you some false motivation.
"Oh yeah, yeah, you're gonna be a millionaire!"
No, fuck, you're not gonna be a millionaire, okay?
Just start with that.
So, chance of that, you becoming one, is slim to none.
But if you are willing to do what it takes,
you're willing to...
to get yourself out of that toxic environment,
meet some new friends, program your mindset,
develop new skills, start the business,
deliver value to the marketplace,
then you might have a chance.
Not a high chance, but you have a chance
that you might get it.
But knowing, it's...
It's like, not everyone can be an Olympian.
It's only a small percent of the population.
No different than this.
But somehow, in business,
people have this false motivating,
"Oh yes, fuck, you can do it!
"Yes, for sure set that goal!"
No, chances are you're not gonna make it.
I'm just telling you point blank.
It takes so much tenacity.
It takes so much persistence.
Again, no different if you want to win the Olympics.
How many hours did they practice?
How many years did they practice to get there?
In financial world, in the business world,
it's no different.
People work many, many years
to get to that millionaire status.
So, let's define millionaire.
So, how do you define?
Is it a...
Is it a million in cash?
Is it a million in net worth?
Is it a million revenue?
Is it a million in income?
I have a different definition from everybody else.
The way I define a millionaire is:
A millionaire is someone
who makes a million dollars a year, joyfully.
Someone who makes a million dollars a year, joyfully.
Now notice, I didn't say, "passively".
I didn't say "passively".
I said "joyfully".
That they enjoy what they do.
That they like what they do, they're good at what they do.
They deliver value to the marketplace with what they do.
So, that's my definition.
It's not the only definition.
I'm just sharing with you my definition.
Someone who makes a million dollars joyfully.
So let's say that's your goal.
You wanna make a million dollars a year, joyfully.
Because no point trying to make money...
You have people, even in Wall Street,
or in certain financial sectors,
they do stuff, they make money, but are they happy?
I mean, I have friends who are very successful financially,
but you talk to them, they're not happy.
They're miserable.
They're not happy.
They don't like what they do, family's falling apart,
wife is getting a divorce, like, all the whole thing.
It's like it's a mess, right?
Kids don't like them.
That, to me, it's not the definition of success.
So that's my definition.
So, in order to do that, I think you need three things:
First thing you need, you need the millionaire mindset.
The millionaire mindset.
Now, if you want to watch my millionaire mindset playlist,
click on the "I" button, check that out.
I spend hours explaining what's the millionaire mindset,
how millionaires, we think differently from the poor
and the middle class.
The abundance mindset versus the scarcity mindset.
How we think about the event versus process.
All these things...
Watch that, 'cause I don't wanna repeat that here,
you can watch those videos.
But first, you got to think like a millionaire first.
How we think.
'Cause we look at things very, very differently.
We look at things...
We look at problems very differently.
We look at people differently.
We look at opportunities differently.
Just the way we see the world.
So, how we think, how to have that abundance mindset,
that millionaire mindset.
The second thing that you need, once you have the mindset...
And I'm not just thinking about...
I'm not just saying, "thinking positively".
That's not good enough.
It's a very different level of thinking.
Once you have the millionaire mindset,
then you have to have...
second thing you that you need to have
is a millionaire skillset.
A millionaire skillset.
So, the millionaire skillset, it could include the...
your leadership skills, your communication skills,
your marketing skills, your...
Management skills, many, many different types of skills
that you need in order to deliver your product or service
to the marketplace.
What brings your idea...
turns your idea into reality.
Put together a group of people
that can bring you out into the marketplace.
So, that's a millionaire skillset.
Problem is, most people, they have no millionaire skillset.
They have no...
Actually, they have a poor person's mindset,
and they want to have a millionaire outcome.
You cannot become a millionaire with a $50,000 a year habit.
You cannot be a millionaire when you go in
and watch Netflix for three hours.
You just can't, right?
You cannot be a millionaire and be lazy.
You cannot be a millionaire and be...
have this, you know, negative attitude.
It just doesn't work.
So, millionaire mindset, millionaire skillset;
once you have those things, you have developed the skillsets
to deliver the great value to the marketplace.
The third thing you need is you need a millionaire vehicle.
A millionaire vehicle.
So, what I'm talking about is a business,
but not just any type of business.
Probably some kind of a scalable business
that you can put your skillset to work.
Some kind of a vehicle that you can...
Some kind of platform that you can exercise your creativity
and your innovation, your ideas, your talents,
where now, that's what's gonna get you
to the million dollars.
So, millionaire mindset, millionaire skillset,
millionaire vehicle.
Those are the three things you need.
If you have all those three things,
if you have those three things, and you take massive action,
and you don't give up, and you don't fucking give up,
and you keep going and going,
there's a chance that you might hit the millionaire status.
But knowing, I'll say it again, the world is against you.
The odd is against you.
The odd is not good.
Like, even though, if you work very hard, you practice,
you train, you go on a diet,
chances of you becoming an Olympian, it's slim to none.
Because there are a lot of people that are doing it
all over the world.
They've put in the same amount of hours.
They've put in the same amount of effort,
maybe more than you.
They're competing with you, trying to compete on that.
So, just because you put in hours,
doesn't mean you'll definitely get there, not necessarily.
But I know you definitely won't get there
if you don't put in the hours.
That's for sure.
So, that's how you become a millionaire.
It's not a magic formula, it's not a...
You don't need some magic pill.
That's what it takes.
Three things.
And to have that mentality of, "Hey, you know what?
"That's what it takes."
That's what it takes.
Well, we just got to the dealership here.
We are picking up a new car for my wife.
A Porsche Cayenne.
I'll bring you inside to just check out her new car.
Kind of like a bonus.
You'll come along with me.
It'll be cool.
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