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Dan Martell
- January 23, 2025
10 Simple Laws That Will Make You Rich
Episode Stats
Length
22 minutes
Words per Minute
225.4752
Word Count
5,065
Sentence Count
134
Misogynist Sentences
3
Summary
Summaries generated with
gmurro/bart-large-finetuned-filtered-spotify-podcast-summ
.
Transcript
Transcript generated with
Whisper
(
turbo
).
Misogyny classifications generated with
MilaNLProc/bert-base-uncased-ear-misogyny
.
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I'm gonna share with you the 10 laws of making money
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that took me from a broke 23-year-old
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to a multi-millionaire.
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And anyone can start using them today
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to get rich fast, even if you're broke.
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Law number one, sell before you build.
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I've seen it a thousand times.
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I even had a buddy recently that made the same mistake
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where he had a software idea, went into his basement,
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wrote a bunch of code, spent months on this software,
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finally launched, nobody bought.
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The key is try to sell it before you build it.
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If you sell before you build, your future is filled.
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meaning that all the hard part that you need to figure out you start with that you don't wait
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till the end building something is actually not hard the hard part is actually finding out if
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anybody wants to buy what you've already built it's actually exactly how crowdfunding has been
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doing it forever kickstarter does this indiegogo does this i'm actually involved in a company where
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they pre-sold 20 million dollars of a physical hardware before they ever shipped their first
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unit why is that important it proved that there was customers that wanted to buy the product before
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they ever spent any engineering time on building it. Tesla did it too. They pre-sold the Roadster.
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Back in the day, it was a $100,000 deposit to say I'd buy the rest of the car once it gets built,
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and they proved that people wanted to buy that Roadster before they ever built one.
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This can be applied to literally anything. I've seen it with consumer goods. I've seen this with
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coaching. I've even seen it with a car parts company. You might have heard the shoe company,
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Zappos. They're a billion-dollar company that got bought by Amazon. Before the founder ever bought
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a pair of shoes they sold them on the internet first to prove that people would buy shoes over
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the internet and when they got their first order you know what they did they ran down the street
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they bought it and they shipped it did they make any money no did they prove that the customer was
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willing to buy that way without trying them on first yes and that's why selling before you build
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is the only way to build your business if they don't pay then they won't pay attention anyways
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it's like my book if i just give my book away thinking people are going to read it and get
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value from it they won't it's a bad strategy a better strategy is to make them pay anything
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because when they do they'll pay attention with their time to get the value from the book but what
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if you don't have a product or service to sell that's where law number two of making money comes
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in make someone else rich my top salesperson cold emailed me a long time ago he ended up in my inbox
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with a proposition that said you pay me nothing let me send an email and if i sell anything you
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you give me a percentage of that.
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Now he works with me and he makes over seven figures
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a year in commissions alone.
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Why? He helped me make more money.
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I gave him a piece of that.
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It doesn't require a product or service to sell.
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It requires that you're good enough
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to make that proposition.
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The way it works is you connect someone else's product
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to a buyer and then you get paid.
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This is how real estate works for a lot of people
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that do wholesaling.
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They find a property or project, they lock it up
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and they sell it to somebody else
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that's looking for projects.
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It's how affiliate marketing's worked forever.
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It's how network marketing's worked forever.
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You can sell somebody else's product
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and get a piece of that.
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Build a whole team of people selling the product
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and get a piece of it.
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And here's a tip if you're a world-class salesperson
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and you're like, well, what product should I sell?
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Pull the list of the fastest growing companies in the US.
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It's called the Inc. 500.
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I would sort it by software
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because software is a great product to sell
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and then go join their sales team.
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Why?
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Because they've already proven
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that their product has product market fit,
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has high demand,
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and what they're looking for is skilled salespeople
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that can sell, you'll literally be taking orders,
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selling somebody else's product,
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getting rich while you're doing it.
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But here's a big issue broke entrepreneurs face,
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their time.
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And that's where law number three comes in.
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Sell value, not time.
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You've probably heard the analogy of the plumber
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that came into an emergency situation at somebody's home
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and he fixed the problem in like 15 minutes.
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And then when he gave the invoice to the homeowner,
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it said $5,000.
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And the homeowner's like, what the heck is this?
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You were only here for 15 minutes.
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And he replied by saying, it's not the 15 minutes I spent,
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it's the 15 years of experience I have
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that told me exactly where I needed to look
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to solve the problem.
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He knew what his experience was worth.
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If you took everything you know up to this point
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about the thing you do, and it got taken away from you,
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and you had to pay to get it all back,
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how much would you pay for that experience?
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How much would you pay for that knowledge?
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How much would you pay for all of those little hacks?
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You take all this stuff for granted.
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Whatever you would pay for that is what your value is.
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and for a lot of you it's a lot of money and you don't charge enough you have to value yourself
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there's only three levels of trading money the first level is employee and the employee trades
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time for money that's essentially your income your salary and most people start out here it's
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where i started because it's the easiest and you just find somebody that's willing to pay you to
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do a job and you trade your time doing the job and you get paid now it's the easiest place to upgrade
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because you're pricing yourself on time and if you learn to be more valuable then you can start
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figuring out how to charge for your value not your time level two is entrepreneur which is where you
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start trading money for time this is leverage if you think about every business owner if they have
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an employee what they're doing is they're taking dollars they're hiring somebody to do something
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for them buying time so that they can take that time and go invest it somewhere else that might
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make them more money than what they paid but if you get really good at becoming more valuable and
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creating more value for other people then you keep trading money for more time and that's how you
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scale your business the third level is investor and that's about trading money for money and that
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is truly freedom the day that you're able to live off of the income that your money generates not
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your time not the business because you have leverage with people but actually the capital
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and cash you've saved up and invested that's when you finally can look around and say what do i
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really want to create with my life what impact do i want to have how do i want to show up what are
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the opportunities in front of me where do i want to spend my time and that makes you dangerous
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because now you don't do anything for anybody
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that you don't wanna do.
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And I believe the person that needs nothing
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can't be controlled.
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So you wanna move as fast as you can
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from time for money for money for time to money for money
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as you improve your ability to trade up.
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But if you are trading your time for money,
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law number four is how to leverage your time to get rich.
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Find rich customers.
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I coach a lot of entrepreneurs
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and one of the things I always get pushed back on
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is when I tell them to raise their prices.
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They always say, my customers will leave me,
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they'll find somebody that's cheaper,
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They'll be upset with me.
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I've been working with this person for 12 years.
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I can't do that.
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And the reality of it is,
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if you keep working with people that don't pay you
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what you need to be paid to invest in your business,
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then you'll always have a small business.
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And you'll be more worried about your customers
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being upset with you than actually having a team
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that you love to work with
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because you can't afford to pay for great people.
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You should always be looking for better customers
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because people that pay more are just easier to work with.
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They ask less questions.
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They always pay their bills on time.
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they're usually a lot more emotionally stable
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and they're more likely to refer you to their friends
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because they're happier,
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which means they're gonna tell people about you,
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which makes the whole thing better.
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You should always be raising your prices.
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A good rule of thumb is every six months,
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you wanna change some aspect of your product pricing.
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It could be individual products,
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it could be the overall setup pricing, whatever it is,
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some aspect of what you charge should go up
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so that you're always able to invest in the business
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to be able to grow.
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So if you're struggling with the idea of raising your prices,
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let me ask you a few questions did your company get bigger in the last few years because my gut
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tells me you're probably better did the world get more expensive yep which means everything you pay
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for got more expensive did you add more value to your product or service did you give your team any
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raises i'm hoping you did did you increase your prices no you got better for your customers for
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your team for everybody around you except for you and the customer hasn't been paying that and guess
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what everything else in their life got more expensive except for your service because of
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of your fear of raising your prices. But you can't just magically get rich customers. You need a
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strategy. Which brings us to law number five of making money. Find bigger rooms. When I was 28,
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I moved from my hometown where I grew up my whole life to San Francisco where I didn't know a soul.
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The main reason? I wanted to get around better people. I realized the better people I got around,
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the better it would force me to be. And if you are the smartest person in the room, you're in
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the wrong room. If you're the smartest person on your street, move streets. You can't grow if you
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have people around you that are growing way past where you're at and they help pull you forward
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once you expand you can't contract you just need to be around people that make you feel expansive
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they'll show you by their actions how they've grown it might even mean moving cities pretty
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much every seven years i've moved the city i've lived in because i'm always trying to expand i'm
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always trying to learn i'm trying to be around people that inspire me and oftentimes after a
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few years i might make some good friends but i know i've gotten what i needed out of a certain
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area and i moved to go find and experience new things you need to get comfortable being the
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smallest person in the biggest room and i understand imposter syndrome is a real thing
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i've been there where i got invited to things and before the day started i was thinking i just got
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to keep my mouth shut there's only one direction from here and it's down as long as i don't say
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anything stupid i remember i got invited by a buddy to go hang out richard branson for a week
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and here's tim ferris and the founder of square and brian johnson the blueprint guy and all these
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famous people and i was like i'm a nobody canadian tech entrepreneur if i don't say anything then
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maybe they won't realize i don't belong in this room but i showed up and that's the key i think
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too often we sit on our bed in our hotel room we sit on the couch in our house and we don't go out
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because we don't feel worthy and you will never grow if you don't push yourself outside your
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comfort zone a long time ago i read a book called never eat alone by keith ferrazi in that book even
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though at first i thought was bananas he argued that not only should you break bread with other
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people that you're trying to build relationships with or network with but you should maybe even
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consider having them come and work out with you and i was thinking that is so crazy today i host
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founders dinners i do a founder psych every tuesday it's open to the world it's in Kelowna
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british columbia at knox mountain park we leave at 6 20 in the morning in the parking lot and i
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would never imagine doing meetings with people that didn't involve physical activity if you feel
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like you don't have that peer group it might require you to do a friendmentory which is auditing
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the people in your life and asking yourself are these people closer to my goals or closer to my
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past oftentimes it's the people you know the best that are comfortable because they know who you are
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but they're not the right people because they're not on the journey of where you want to go so if
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you feel inspired to do something big with your life take action and move asap but making money
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isn't just about being around better people it's about what you can do for them which brings us a
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law number six become more valuable the ability to create value for other people is everything
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and some of you might think well i don't have a lot to offer other people and i would say
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not true my favorite example is of a homeless person in our community named oscar and even
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though he has nothing that he can give any other person he goes to the mall every day
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and he stands there at the entrance and opens the door for people coming in and he sits there
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he opens the door he smiles sometimes people give him stuff for doing that but he literally has
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nothing and found a way to be valuable to other people so how can you do that for yourself even
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if you're starting at zero or even further along here's why creating value is so important when
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people choose who they spend time with they're going to choose the person that solves problems
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for them and the valley could be entertaining you it could be teaching you about the world it could
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be holding space to listen these are all skills that you could build these are all skills you
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could acquire they're all skills you can get better at and what's crazy is some people think
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well i need equipment to do the thing like shoot videos i need to buy all this gear no you don't
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you just need to pull out your phone and talk to your camera post it on social media just do the
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reps so many people think that to get a skill they have to spend money and the truth is they
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just have to spend time broke people have tvs rich people have libraries learning how to solve
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problems for other rich people is a great way to add value to their lives and those solutions to
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the problems are in books so even if you don't have a business that you're building for yourself
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think of some people you want to network with and add value to reading books to help them to provide
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perspective or teach them things about their industry that they may not know because you went
00:12:03.880
down the rabbit hole and studied it is a really great way to become more valuable but here's the
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deal don't just read the books study the books one of the things that i do every day is i read
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and i study study means underlying cataloging writing things down in my phone that i'm going
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to teach other people referencing it trying to rewrite certain passages in a way that i understand
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for my brain that way i integrate it into my life and my being so it's not just getting the task of
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reading a book done it's integrating the lessons into my life the number one investment you can
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make is in yourself i have young entrepreneurs coming to me every day asking me hey i get an
00:12:40.200
extra 500 bucks what should i spend it on and i always say in yourself in you the course the
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material the knowledge the experience to fly somewhere to go to an event because you will take
00:12:51.080
you with you for the rest of your life every business every interaction every communication
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with another person whether it's this business or the next business you will always be there
00:13:00.360
make more bets on you because your personal income is tied to your personal development
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more you grow the more you'll earn but even with all of this i see some broke entrepreneurs
00:13:10.200
making a huge mistake they think they have to build everything themselves from scratch
00:13:14.280
which brings us to law number seven of making money model then modify when i was 28 i decided
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to move my life to San Francisco.
00:13:22.220
The only reason I moved is I wanted to learn
00:13:24.900
what the best of the best did
00:13:26.640
to build their software companies,
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to raise $100 million, to exit for a billion dollars.
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I wanted to see how the best did what they did.
00:13:34.000
Here's why, and Tony Robbins says it best.
00:13:35.920
He says, success leaves clues.
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You wanna study what successful people do
00:13:40.600
and do exactly what they do.
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I like to think about it as like copy the container,
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not the content.
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If you see somebody winning that competes against you,
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just look at the container they've built for how they've won don't copy exactly how they're doing
00:13:53.660
it put your own content inside of it make it your own but why would you reinvent the wheel somebody
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else has shown you the pattern to be successful i think about this all the time make it your own
00:14:02.780
maybe you choose a different market to be in maybe the way the product's built is your own product
00:14:06.700
maybe the stories or the personalities you can take the blueprint make it your own and customize
00:14:12.380
it so that everybody sees it as a unique idea but you're following best practices you're modeling
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other people's winning formula but making it your own here's the truth i'm not that smart the reason
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i win bigger than most is because i'm willing to pick up the phone and call others who have done
00:14:28.540
the thing i'm about to do before i ever start before i have ever started a new company and
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i've started several before i've ever gone into a new market and i've done this dozens of times
00:14:37.260
before i've ever invested in a certain company that i've never invested in before i pick up the
00:14:41.580
phone i call the people and i ask questions i say if you were my situation what would you consider
00:14:47.260
What's changed in the market?
00:14:48.720
Knowing what you know now, what would you do different?
00:14:51.060
Knowing what you know about me,
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how would you suggest that I start?
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And I listen to them.
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I don't argue with them.
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I don't complain about what they said.
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I don't pretend like I didn't hear it.
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I copy it word for word because they're the expert.
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I'm the student and I was here to learn.
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I called them to learn.
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It's so fascinating that people think,
00:15:07.960
oh, I already know how I'm gonna make this work.
00:15:10.020
And then they launch
00:15:10.740
and the whole thing falls on their face.
00:15:12.240
Why didn't you just copy the Chipotle menu?
00:15:14.600
Why didn't you just copy the number one HVAC company
00:15:17.220
or lawn care company in your city?
00:15:18.980
There's a reason why they price things the way they price
00:15:21.480
because they've been doing it for longer
00:15:23.340
and you come in thinking you're gonna undercut
00:15:25.040
and win everybody's business by being the cheapest.
00:15:27.160
That's a fast way to lose your business.
00:15:29.180
Use ChatGPT to give you the answer to the test.
00:15:32.520
If you've never built a business before, ask ChatGPT.
00:15:35.680
AI has access to all the knowledge.
00:15:38.620
It's all there, all the information,
00:15:40.220
all the experience, all the blog posts, all the books.
00:15:42.360
And if you ask it a question,
00:15:43.400
and it'll give you a pretty darn good first draft,
00:15:45.460
way better than what you have
00:15:46.720
because you've never done it before.
00:15:48.120
But even though you know what to do,
00:15:49.800
maybe you're stuck in a planning loop.
00:15:51.820
Preparing, researching, learning.
00:15:54.160
Which brings us to law number eight, default to action.
00:15:57.300
I've worked with a lot of over planners in the past.
00:16:00.420
There's a time for research and planning,
00:16:02.680
but almost everyone takes it too far.
00:16:04.680
My philosophy is that as soon as it speaks in my soul,
00:16:07.180
if I feel like I have the strategy, I default to action.
00:16:10.320
I move to the next step.
00:16:12.400
anything to validate my riskiest assumption most people prepare way too long to get ready to finally
00:16:18.560
take a shot on goal i say start before you're ready the truth is if you're not embarrassed by
00:16:23.660
your first draft your first prototype your first thing then you've waited too long to show it to
00:16:28.660
somebody else the better bet is to take small quick bets shoot the bullets towards the target
00:16:34.060
so you can find out where the target is in the first place and once you land a couple bullets
00:16:38.040
you load up the cannon and you shoot doing it this way creates a forcing function because it
00:16:43.800
shrinks the time frame if you force yourself to do the work in the next three days not 30 days
00:16:49.720
then you'll at least get some feedback on what's working or what's not anybody that works with me
00:16:54.600
they will tell you dan's knowing doing gap doesn't exist i've been in meetings where i've asked
00:16:59.640
somebody to leave the meeting to go make a phone call to get the answer to come back to let us know
00:17:03.480
because there was a decision that was blocked because we didn't have the answer why wait why
00:17:07.400
schedule why tell me end of the week how about right now what's missing for us to do it right
00:17:12.120
here right now to move it forward too many people sit there and ruminate about all the different
00:17:17.560
ideas and then they get in their head and they get scared and then fear shows up and fear gives
00:17:21.800
bad advice because it's false evidence appearing real and then they never take action in the moment
00:17:27.320
when you're inspired when you're ready to make a move do it before your brain convinces you not to
00:17:33.480
it's essentially jfdi if you don't know what it stands for google it it's a license plate on my
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car it's been my core philosophy at everything it's on my manifesto it's on there because it is
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everything it's what's allowed me to win at a higher level because while everybody's getting
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ready to start i've started and already won but if you're anything like me i've always struggled
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with adhd and specifically stay in focus and this next one is critical to making money law number
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nine stay focused when i decided to move on from sas academy my previous company and hire ceo johnny
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to run that to start martel media my whole calendar had to change the reason why i had to reset my
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focus i knew that what i focus on would expand if i wanted this thing to be successful i had to go
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all in make it a priority show up in my calendar and put the blinders on and go here's why it's
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important first off focus stands for follow one course until successful i can't tell you how
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important this is some people say to me well i have focus i go you have three businesses yeah i
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know but all three businesses support the same customer and they're super integrated and it makes
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a lot of sense and i'm like no it doesn't because anybody that's built a business knows that every
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product has to be written up and supported marketed sold and each one of those things provides
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overhead that is three times bigger than the initial decision to do the thing that one little
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side business is not one little side business it's a new business that's going to distract you
00:18:59.240
from your primary business because you're not focused the whole idea is single focus single
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file but if i tried to get you to count one to 26 1 2 3 4 5 6 7 8 9 10 you'd do it really fast
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a b c d f g all the way to z really fast if i made you go 1 a 2 b 3 c it would be 10 times slower
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so you might think you're focused but you keep context switching which is going to slow you down
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and it's proof the math maths this is how i know what your priorities are first off you need to
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invest there's two places that you need to invest in your bank account and your calendar if i can't
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see by the transactions that you spend every day every month on what you say is a priority because
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i can see by the investment of dollars or i look at your calendar and see where you've allocated
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your time to that project to that initiative to a loved one then don't tell me what your priorities
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are i can decipher it by what you spend time and money on if you want to demonstrate focus and
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priorities start your day with what's a big rock i call it the five to nine strategy if something is
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new and it's a side hustle show me five to nine five a.m to nine a.m five p.m to nine p.m don't
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tell me you don't have time you have the time just make it a priority start your day with that
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initiative work your rest of the day doing whatever your other thing is and then come back at it
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But there's one part that might be missing,
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a rich mindset that hasn't shifted yet.
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Which brings us to the last law of making money,
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the law of 300%.
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Growing up, I loved to skateboard.
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As a teenager, that's what I spent most of my time doing.
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And there was this big set of stairs called the big five.
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And the vision I had was to backside heel flip this thing.
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And it was crazy.
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I remember I tried it a hundred times.
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I just wasn't able to do it.
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And I remember there was this older skateboarder
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that always hung around.
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His name was Morris.
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And he was sitting there one time watching me.
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He goes, Dan, do you know why
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you're not able to land that trick?
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And I said, no.
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He goes, because you don't believe.
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I watch you approach it and you hesitate
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as if you have no confidence in actually landing the trick.
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What you need to do is visualize and believe
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that you can do it.
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A week later, I pull up by myself,
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charge it, backside heel flip, catch it,
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stomp it right away.
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Freaked out.
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See, I had 100% clarity,
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but what I was missing was 100% belief
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100% of the times I tried it.
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And that's why most people aren't successful.
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Here's what I've learned over the years.
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If you can have 100% clarity and you can believe that vision
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and you can hold that 100% of the time,
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it will pull into your life what you want.
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Now, I know some of you don't have the whole plan.
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I'm not asking you to have the whole plan.
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I'm asking you to dream, to have a vision,
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to actually go to the end and look around
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and ask yourself, how does this feel?
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Be in that energy.
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And once you know what that is, hold that belief,
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have that clarity and try to hold it 100% of the time.
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go another level deeper and even shop your dreams if you want to drive or own a really cool car
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go look at that car if you want to live a certain lifestyle go spend time in that place
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be in that energy visualize it act as if you've already gotten it because you'll never get a
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penny more than you think you deserve and the problem is if you don't go and shop your dreams
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you definitely don't feel like you deserve it because you're not even pretending like someday
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it'll be yours you need to create from the feeling of having already achieved your goals
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you actually got to go to the place and ask yourself if i got the car if i got the house if
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i got the money how would i feel with that energy create your dreams create your business create
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your life the law of 300 having 100 clarity 100 belief 100 of the time is how entrepreneurs go
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from broke to being rich if you want to learn the nine rules of the top one percent click the link
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link and I'll see you on the other side.
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