- [Presenter] Dan Lok is a multimillionaire
serial entrepreneur, and one of the most
engaging public speakers I've ever come across.
His social media presence is growing fast.
And his book F.U. Money is a book I've read multiple times,
and loved it even more than the classis
Rich Dad Poor Dad by Robert Kiyosaki.
There is a hidden message on the book cover, can you see it?
Now, let's dive into the video
where I share my favourite lessons
that you can apply to your own life,
so you can as much money as you damn well want,
and live your life as you damn well please.
Let's head to the first lesson.
What's F.U. money, and why does it matter?
F.U. money is the enough is enough number.
When you get to a point when you don't
have to take (duck honks) from anybody.
When you make enough money that you're able
to say (duck honks) you to anyone, anywhere,
including your boss, without consequence, it's freedom.
How much F.U. money do you need to make
to live your dream lifestyle?
Let's go to lesson two, your magic number.
The reason you're not making the kind of money
that you want, and the reason you're not working the amount
of hours you want is because you have not made it a point
to continually increase the worth of your time.
Ask yourself how much money you want to make this year.
Let's say six figures, so 100K.
Now, let's say you work eight hours
a day 220 days a year, that's 1,760 hours a year.
Now, take 100K, and divide it
by 1,760 hours, that's about $57 dollars.
To get your magic number take $57 and multiply it by 3
to allow for unproductive hours versus productive hours.
We multiply it by three because you need
to be real with yourself.
Not all your eight hours in a day
are productive ones, so to make 100K
a year each of your hours has to be worth $171.
So why the hell would you spend an hour mowing the lawn.
It costs your $171 to do that when you
could hire someone to do it for 20 bucks.
I have a bunch of Podcast episodes to be edited,
but it takes a lot of time, so I applied Dan's advice,
and hired one of my subscribers
who was over the moon to do it for 40 bucks.
I'm using that time to work on projects
for clients that are earning me 10 times more,
and beyond, for the same amount of time invested.
So, what's your magic number?
Let's move on to lesson three, hit ya' dig.
Have weekly, monthly, and annual income goals,
but focus on hitting your dig, or daily income goal.
Why wait until the end of the month
to see whether you're on track.
If you focus on hitting your daily income goal,
then that ensures you're hitting
your weekly, monthly, and annual goals.
Lesson four, condition your mind
to be comfortable with your F.U. money.
One of the most bizarre things I learned
from Dan was that you can ride in a stretch limo
for just twice the price of a taxi,
not too much if you think about it.
I thought only millionaires could do that
until I tried it out myself on my trip to Sydney.
Stepping into a limousine by myself felt strange,
but it showed me that my grandiose ideas
of a luxury lifestyle are closer to reality than I thought.
I took things a step further and spent
an uncomfortable amount on a luxury executive suite
at the Hilton Hotel after I heard Dan would hang out
in the lobbies of hotels in his younger years.
It was a surreal feeling walking around with businessmen
in suits, and well dressed families while stuffing myself
in the endless supply of gourmet treats.
It felt like I was in a movie.
So, coming out of those experiences showed me
what's possible, but the unexpected lesson
was that it also gave me more clarity
on what I want and what I don't want.
A luxurious hotel room isn't all it's cracked up
to be without somebody to share it with.
And, for me, a limousine is completely unnecessary
in comparison to a less expensive,
but still comfortable sedan.
The key takeaway here is to put yourself
in uncomfortable situations, so you can become comfortable
with the opportunities that your F.U. money will bring you.
You'll be more likely to get it
when your mind is conditioned this way.
Now, for the fifth lesson, in Dan's own words,
most of your customers suck. (laughs)
Now, I know that sounds brutal, but stay with me here.
Generally speaking, 80% of your revenue
comes from 20% of your clients.
The other 80% are not the right fit for you.
In my own experience I have taken on
a client who was pleasant to work with,
but I completely undersold myself.
I was simultaneously working with another client
who I also enjoyed working with.
But I was earning literally six times more
for the same amount of time and effort.
That's when I realised you don't have
to start with low-paying clients.
You can start serving high-paying clients
from the get-go if you position yourself correctly.
You're doing yourself and them a disservice
by serving low-quality or low-paying clients.
Clients are replaceable, your time is not.
Getting clients isn't actually
difficult when you figure it out.
I can now score a new high-quality client within 24 hours.
To do this I've learned to use a stack
of principles from Dan's other book,
Influence! 47 Forbidden Psychological Tactics You Can Use
to Motivate, Influence and Persuade Your Prospect.
So spend no more time serving clients
or customers you don't want.
The final lesson, the market you sell to
is more important than the products or services you sell.
Now, the reason this channel grew
to over 120K subscribers was because I served a market need,
which was, and is animated book summaries like this one.
I knew the market wanted it because there were channels
like FightMediocrity who were making
animated book summaries and getting a tonne of views.
So when he stopped posting videos there
was a hungry market waiting for more,
so I ended up filling the gap.
As the old saying goes,
"There's no need to re-invent the wheel."
The same can be applied to making sales.
A simple search on Amazon or Upwork.com can show you
what the market is already buying,
so sell what's already being bought.
These were my favourite lessons from F.U. Money by Dan Lok.
In lesson one we learned what
F.U. money is and why it matters.
To get our F.U. money we learned that we need
to be taking actions that adhere to our magic number.
We also learned that we should be focusing
on our daily income goal instead
of weekly, monthly, and annual goals.
And lesson four, we learned the importance
of putting ourselves in uncomfortable situations
to condition our mind to be comfortable
with our F.U. money lifestyle.
And lesson five, we learned that 80% of your customers
or clients are not the right fit for you,
so you should stop serving them.
And, last of all, we learned that the market you sell to
is more important than the products or services you sell.
If you learned something from this video be sure
to check out Dan's channel by clicking here.
For a limited time you can also
download F.U. Money for free
by heading to fumoneybook.com
There's a link in the description.
Thanks for watching, and I hope
this video made you one percent better.
(rhythmic hip-hop instrumental)