Dan Martell - August 13, 2024


8 Money Rules I Wish I Knew in my 20s


Episode Stats

Length

16 minutes

Words per Minute

207.30872

Word Count

3,330

Sentence Count

102

Hate Speech Sentences

1


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 When I was 20 years old, I was broke, overweight, and hated my job.
00:00:04.660 Today, I run a 100 million a year company in the best shape of my life, and I love what I do.
00:00:10.820 But if I had to give my 20-year-old self honest advice to transform his life twice as fast,
00:00:15.780 here's what I'd say. The first piece of advice is you don't have to work harder,
00:00:20.700 just work smarter. See, back when I started in business, I was working 80 to 100 hours a week
00:00:26.520 to the point where my fiance left me.
00:00:29.480 I was burning the candle at both ends.
00:00:32.220 I thought the way you win is to go all in.
00:00:35.600 And here's the challenge with that.
00:00:37.180 Longer hours doesn't equal productivity.
00:00:40.140 Now I work less than 40 hours
00:00:42.380 and make 40 to 50 times more.
00:00:44.680 See, the game isn't to grind it out.
00:00:46.660 The game is to do things that expand you,
00:00:49.640 that push you, that scare you.
00:00:51.640 When people say they're hustling
00:00:53.060 and all they're doing is just working 16 hour days,
00:00:55.480 they're not hustling because they're doing things
00:00:57.500 that are simple and easy.
00:00:59.100 If you wanna grow your life and you wanna grow your business,
00:01:01.800 work on the business rather than in the business.
00:01:05.120 Learn to build the machine, not be part of the machine.
00:01:09.140 That's the game of buying back your time,
00:01:11.120 focusing on only the work that you like doing
00:01:13.880 that makes you money.
00:01:15.220 Anything else that's just busy work
00:01:17.040 is actually gonna hold you back from achieving your goals.
00:01:19.980 Most people just put their heads down and grind it out
00:01:22.400 because that's all they know how to do.
00:01:24.020 they feel like they're doing something
00:01:26.140 which is better than nothing.
00:01:27.280 When they're confused about the path forward,
00:01:29.760 they go and reorganize their office supplies.
00:01:32.660 They go and process their emails.
00:01:34.600 They go and respond to messages on social media.
00:01:37.540 Not saying that those things are bad.
00:01:39.560 I'm just saying if that's what you've been doing
00:01:41.380 for two, three, four, five years,
00:01:43.840 thinking you're gonna get rich,
00:01:45.420 that's not the winning strategy.
00:01:47.140 Every time you wake up, you should ask yourself,
00:01:49.500 what scares me?
00:01:50.980 What makes me feel uncomfortable?
00:01:52.880 What gives me anxiety about what I'm about to do today?
00:01:56.600 Because if it does,
00:01:58.260 then you know you're on the right path.
00:02:00.280 If what you're doing is the same thing you did last year,
00:02:02.480 then I can tell you, you're never gonna be able to grow.
00:02:04.780 Because if you wanna grow,
00:02:06.080 80% of your calendar in 12 months
00:02:07.720 has to be completely different
00:02:09.000 than what it looks like today.
00:02:10.280 Which brings us to number two,
00:02:11.760 which is to create like you're rich,
00:02:13.480 but spend like you're broke.
00:02:15.300 Even when I was making millions a year,
00:02:17.360 I was still only paying myself 50K a year.
00:02:19.940 Why?
00:02:20.260 I didn't need a lot to live.
00:02:21.620 I was in my late 20s, I didn't have anybody else to impress
00:02:25.200 and I just saved my money.
00:02:27.100 It just felt like a better strategy
00:02:29.000 than trying to expand my lifestyle to keep up to people
00:02:33.060 that I didn't even know or honestly like
00:02:35.300 to impress them with things that I didn't even need.
00:02:37.680 So my whole philosophy now is to live on 10% of your income
00:02:41.480 because if you can go long periods of time
00:02:44.100 delaying gratification,
00:02:45.780 that is what's gonna allow you to win.
00:02:48.240 Some of the wealthiest people,
00:02:49.700 they didn't need anything fancy.
00:02:51.120 when you look at jeff bezos from amazon in his office he made his desk out of used doors there
00:02:56.960 was no fanciness if they needed stuff they bought second hand there was nobody to impress there was
00:03:02.400 work that had to get done there was skill sets to acquire there was the person that they needed to
00:03:07.760 become most people want to spend the money as soon as they get it so then they don't have any cash
00:03:13.760 available to take advantage of opportunities i mean i had literally a million dollars cash in
00:03:18.320 my bank account i was still driving around in a 12 year old volkswagen jetta which i loved wasn't
00:03:24.240 as nice as my friend that went to college and got a really nice job driving around in a fancy bmw
00:03:29.440 3 series but the money i saved by not wasting on those things ended up making investments that
00:03:35.680 paid a hundred times over which brings us to number three which is don't run away from problems
00:03:41.280 face them head on i have a friend every time they run into an issue they ruminate on the problem
00:03:48.400 they talk about it they go over it with anybody who's willing to listen it spirals literally out
00:03:54.000 of control because they keep repeating the story over and over again and there's this great saying
00:03:58.960 that says misery loves company and it turns out the people that are willing to listen to the story
00:04:03.520 are also people that are negative that ruminate that just spiral out of control see most people
00:04:09.680 make problems worse by ignoring them the game here for me is speed to decision if there's an
00:04:15.280 issue you have to ask yourself what is the next action step that i can take to solve this problem
00:04:21.120 that is it if you get clear on the next action even though you may not know how to solve the problem
00:04:27.120 and then just do it it will literally resolve the emotions that are coming with it while everyone
00:04:32.880 else is still thinking about how to solve it you've already moved on to the next one it's a
00:04:37.920 massive upgrade in your life most people run away from problems because they love to tell them
00:04:44.080 stories about why the problems exist i've seen people in love with setbacks in love with being
00:04:51.760 held down in love with blaming other people for what's happened in their life and because they're
00:04:57.200 they're literally sold on those stories their identity of who they are and the challenges they
00:05:02.080 face they just sit with these problems over and over again because they feel normal they would
00:05:06.960 actually the question to ask themselves is who would you be if you didn't have this problem
00:05:11.040 who would you be it sounds crazy but a lot of people are not willing to literally let go the
00:05:16.000 story that they've told themselves about who they are with that problem which brings us to number
00:05:20.400 four which is no one cares about your story until you win so go win i see people coming up to me all
00:05:26.880 the time and they're like dan here's what i went through here's the impact i want to have in the
00:05:31.040 world here's what i want to go do and i'm like that's cool but you're not going to be able to
00:05:36.080 help as many people as you just said if you don't go and succeed first just because you went through
00:05:41.440 a setback and you haven't shown to the world that you've taken those lessons and those learnings and
00:05:46.480 applied them to your life to go and win in life then you don't have the complete story nobody's
00:05:52.000 gonna watch a superhero movie about a superhero that doesn't defeat the villain and until you go
00:05:57.840 win massively you haven't become that hero yet when i left rehab i had one mission stay sober
00:06:05.440 just stay sober everybody that was doubting me that was thinking i was going to relapse
00:06:09.680 i just had to overcome the doubters so they couldn't doubt me anymore i had to stay sober
00:06:14.640 for so long so that it was undeniable that that was just my new future that was how i was going
00:06:20.160 to be and everyone goes through hard times and in those hard times i kept stepping forward i kept
00:06:24.720 making better decisions i kept showing and proving to everybody around me that that was who i was
00:06:28.800 going to be but that wasn't enough because then i'm just normal i may not be in jail anymore i may
00:06:33.840 may not have a drinking problem anymore,
00:06:35.660 but I'm still not successful in the eyes of other people.
00:06:38.920 The difference is, is upward spiral or downward spiral.
00:06:41.940 Here's the massive difference.
00:06:43.500 In life, you're either spiraling upwards
00:06:45.780 or you're spiraling downwards.
00:06:47.300 And what's crazy is,
00:06:48.780 if you realize you spiral downwards so far in your life,
00:06:51.800 there was a day where you made a decision
00:06:53.980 that started that negative spiral.
00:06:55.780 Every day you wake up to try to win,
00:06:58.080 you keep the upward spiral going.
00:07:01.180 Knowing that your story of winning
00:07:03.320 could be the most valuable thing
00:07:05.120 that you ever create in your life.
00:07:06.960 Your ability to overcome setbacks,
00:07:09.760 that narrative will be one of the most powerful tools
00:07:13.220 you have to support and change other people's lives.
00:07:16.140 Here's what I believe.
00:07:16.980 The worst thing that's ever happened to you
00:07:19.060 could be your biggest motivation to achieve,
00:07:21.840 to win, to tell that story.
00:07:24.120 And I know for some of you guys, that's crazy,
00:07:25.660 but my experience has been is your purpose in life
00:07:29.420 could sit right next to that worst thing
00:07:32.460 that's ever happened to you.
00:07:33.760 Which brings us to number five,
00:07:35.640 which is don't shrink yourself
00:07:37.020 to make other people feel comfortable.
00:07:39.200 This one hurts my feelings
00:07:41.060 because watching you play small
00:07:43.980 to not make somebody else feel less
00:07:48.100 is literally hurting you and it's hurting them.
00:07:51.760 See, if you truly love somebody
00:07:53.240 and you wanna see people win,
00:07:55.420 then the most powerful thing you could ever do for them
00:07:57.820 is to inspire them and people playing small never inspired anybody here's a crazy story when i
00:08:04.540 finally gave myself permission to buy a supercar at 38 the reason i hadn't done it prior is because
00:08:10.140 i was worried how it would make other people feel i didn't want anybody to feel less than
00:08:14.700 or uncomfortable or feel like i was showing off and then i realized after i drove it for a couple
00:08:20.300 weeks is that the truth is is my real friends were happy for me and the people that weren't just
00:08:26.460 showed me who they were and that was an incredible lesson because what i've learned over the years is
00:08:31.900 your good friends will be your biggest cheerleaders so don't dim your light to make other people feel
00:08:37.180 brighter shine yours as much as you can to inspire a select few don't play small i i love saying this
00:08:45.020 that if you're too much let them go find less because the too muchness is appreciated from
00:08:50.940 other people that are on that journey i love your too muchness i want you to be that person
00:08:56.380 and you have to be willing to go long periods of time being misunderstood see people that get
00:09:01.180 upset with you it's because your truth shows them where they've been living a lie the way you show
00:09:06.220 up in the world will demonstrate to them where they haven't stepped up you winning shows them
00:09:11.660 where they gave up and that will hurt they will respond by taking shots at you but understand
00:09:17.420 that's showing their character not revealing yours which brings us to number six which is
00:09:22.460 don't blame anyone or anything go look in the mirror so here's what i've learned when i was
00:09:29.260 growing up i grew up in a really challenging environment and for a long time i blamed my
00:09:34.140 parents for that life i blamed them for the hardship for putting me on ritalin when i was 11
00:09:39.740 diagnosing myself with adhd putting me in group homes foster homes crisis centers because they
00:09:44.700 didn't know how to deal with me not visiting me in jail when i ended up there two times before i
00:09:49.420 I was 17. And then at one point when I looked at my life and I realized all the good that was there
00:09:55.220 that I had forgotten to blame my parents for the good. See, if who I am is a byproduct of who I was
00:10:01.320 and my parents were the reasons I was blaming them for shaping my life, then I have to give
00:10:07.000 them credit for who I've become, which sounds crazy. But the person in the mirror is responsible
00:10:12.500 for the life. Take responsibility for everything. Have extreme ownership. And I know this sounds
00:10:19.120 absurd but if i was walking down the street and i got hit by a car i would first off go why was i
00:10:24.560 walking down the street because i could have decided to go on a trail i could have decided
00:10:28.320 to drive i could have decided not to be out at that time and that for some people they don't
00:10:32.560 understand if something happens to me i want to be a hundred percent control into my response
00:10:36.800 i can't control what happens to me but i can control my meaning i give to that and what's
00:10:41.440 cool is that if you do that people around you will change you know when i finally got sober
00:10:46.640 in my 20s, I started looking around and my little brother, my other brother, my sister, they all
00:10:52.020 started making different life decisions. Was it because of me? I don't know. But here's what I've
00:10:56.940 learned. When you heal yourself, you heal other people around you indirectly. And you're the only
00:11:02.280 person that can affect that change. It's easier to blame other people than to say I'm accountable
00:11:07.220 for my situation. You know, it's easier to say I can't do this because of these reasons than to say
00:11:12.840 hey, I haven't gotten these results
00:11:14.360 because I'm not good enough yet.
00:11:16.660 You know, I had a friend of mine
00:11:17.660 and he was talking about growing his business
00:11:19.260 and he's saying, well, why would I grow my business
00:11:21.240 to have more time to spend with my kids
00:11:22.920 when I have the time now
00:11:23.780 if I just don't wanna grow my business?
00:11:25.640 And I laughed, I said, the truth is,
00:11:27.160 is you can have both, but you're just not good enough yet.
00:11:29.540 You see, instead of him being accountable
00:11:31.420 for not getting that result,
00:11:32.960 he was trying to blame some other situation.
00:11:35.540 He's trying to blame that, oh, I'd have to sacrifice
00:11:37.940 all this time with my kids to get this result.
00:11:40.120 And I'm saying, no, you just have to be accountable
00:11:42.320 that you're just not good enough yet.
00:11:44.440 The cool part is, is you can get good.
00:11:46.380 You can resolve that.
00:11:47.580 You are in control of your perspective,
00:11:49.600 your life, your energy, your emotions.
00:11:51.500 And the person who is accountable for that
00:11:53.460 can actually affect change and grow faster.
00:11:56.420 Not being accountable at 100%.
00:11:58.080 Some people are 60%, 70%, 80%,
00:12:00.680 but 100%, you get to move a lot faster through the world.
00:12:04.300 Which brings us to number seven,
00:12:05.780 which is don't compare your chapter one
00:12:07.560 to somebody else's chapter 10.
00:12:09.520 When I was coming up,
00:12:10.620 I realized comparing myself to other people was taking joy out of my life, was making me feel
00:12:17.020 insecure, was making me feel unhappy. And then I decided, you know what? I'm just going to compare
00:12:23.460 myself to one person. And that was me from yesterday. If every day I woke up today and said,
00:12:30.120 am I a better version of me? If I look at myself compared to a week ago, a month ago, last year,
00:12:35.920 can I say honestly to another person that I am better today?
00:12:41.360 If I continue to compare myself to me from yesterday,
00:12:43.960 then I can take action against that.
00:12:46.140 And see what happens oftentimes,
00:12:47.480 especially in the entrepreneurial world,
00:12:49.180 people compare their chapter one
00:12:51.280 to somebody else's chapter 17.
00:12:53.340 You know, in the entrepreneurial age,
00:12:54.780 it's not actually how old you are,
00:12:56.440 it's how long you've been doing something.
00:12:58.420 And you see these people with overnight success
00:13:00.720 and maybe a new business, a new venture,
00:13:02.500 not realizing that they've been doing something
00:13:04.380 in that industry for 20 years,
00:13:06.160 that's just the new version of their company.
00:13:08.220 Everyone has their own path and journey.
00:13:10.540 And I've been building businesses for 27 years.
00:13:12.780 And honestly, what I've built is not that impressive
00:13:15.440 considering how long I've been doing it for.
00:13:17.740 So imagine what could you do in 10 years, 20 years,
00:13:21.460 30 years, if you just decided to focus.
00:13:25.100 You know, I always say
00:13:26.000 there's two types of people in this world.
00:13:27.780 One is successful, the other one is distracted.
00:13:30.620 Dedicate a decade, go all in on you
00:13:33.760 and compare yourself to you from yesterday.
00:13:35.900 And I'm telling you,
00:13:37.000 that consistency will unlock your success.
00:13:39.620 Which brings us to number eight,
00:13:41.320 which is that it's okay to ask for help.
00:13:43.360 Back when I was starting my first company,
00:13:45.220 I was a couple months in
00:13:46.300 and I realized that I wasn't able to make payroll.
00:13:49.720 I was freaking out.
00:13:50.940 This is my third company, first two complete failures.
00:13:53.820 And I'm only a couple months in
00:13:55.240 and I tried to do everything right.
00:13:56.780 I had some money saved up.
00:13:58.240 I hired these people.
00:13:59.260 I had customers ready to go building this software.
00:14:01.720 and I'm looking at my cash and my bank account
00:14:03.860 realize I'm not gonna be able to make payroll.
00:14:05.820 So I swallowed my pride and I called my dad.
00:14:08.080 And I'll tell you, having the attitude
00:14:10.300 to wanting to build this business
00:14:11.940 without anybody else's help, especially my dad,
00:14:15.200 it was a tough pill to swallow.
00:14:17.560 But I gave him a call and he gave me some great advice.
00:14:20.000 He said, you know, you can factor your receivables.
00:14:22.920 So I had customers in the US who had bought some software,
00:14:25.600 but the way the payment term works, it took a while.
00:14:28.200 And he taught me that I could sell those invoices
00:14:31.160 to somebody else that would take a big piece of this cut but at least i'd have the money to be
00:14:35.240 able to make payroll so i listened to his advice swallowed my pride sold my receivables and was
00:14:40.680 able to make payroll if i didn't ask for help i would have never known that was even a thing what
00:14:46.520 i've learned over the years is most people will not ask another person for help they don't want
00:14:51.240 to bother them they don't think they're worthy of it they feel like it would cost them money they
00:14:55.320 make up all these reasons why they don't ask anybody else for help but what i've learned is
00:15:00.200 people who've done it before will literally shave years off your learning curve finding somebody
00:15:05.480 who's already gotten the result you want and getting them to give you the strategy will save
00:15:10.040 a third of the time just think about anything you've done maybe you're a musician an athlete
00:15:14.440 etc if you had to start from zero know what you know now how much faster could you teach somebody
00:15:18.600 else that skill that exercise that business think about for yourself if somebody came to you starting
00:15:24.040 from scratch and you're an expert at something how much faster could you teach them to get to where
00:15:28.840 you're at knowing what you know now for most people it's three times faster so here's the deal
00:15:34.360 if you want to just go as fast as possible and get a bunch of bumps and bruises then go alone
00:15:38.920 just go as fast as but the problem is it's only going to get you so far it's going to be a small
00:15:43.000 outcome but if you want to go far and you want to create something massive and you want to not
00:15:48.040 have all these small little setbacks from things you could have learned from somebody else
00:15:51.640 go find the people that have been there before and ask for help that was my honest advice to my
00:15:56.920 20-year-old self that many of you need. If you want to learn my 17 rules of success,
00:16:01.860 click the link and I'll see you on the other side.