Dan Martell - November 04, 2024


Billionaire Rules That Make It Impossible To Fail


Episode Stats

Length

7 minutes

Words per Minute

217.94188

Word Count

1,635

Sentence Count

88


Summary

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

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 I've met and spent over 100 hours with four billionaires.
00:00:03.260 And one thing that's always struck me,
00:00:04.880 they've set their life up so it's impossible to fail.
00:00:07.600 So I've put together rules I've learned
00:00:09.240 that you can apply to do the same.
00:00:11.080 Rule number one, invest in your skillset,
00:00:13.180 not your lifestyle.
00:00:14.280 If you spend your time and money on things,
00:00:16.640 you'll never be able to build your skills like a billionaire.
00:00:18.940 And these are the highest leveraged skills
00:00:20.980 that you should learn first
00:00:21.920 if you wanna make it impossible to fail.
00:00:23.820 Number one, sales.
00:00:25.420 Every billionaire has mastered this first.
00:00:27.380 they learn the skill of persuading somebody to give them money. It's not tricking them. It's
00:00:32.880 not convincing them. It's not taking advantage of them. It's communicating value. Everything you
00:00:37.800 want from hiring somebody, convincing a bank to give you money, a customer to buy is going to
00:00:42.220 require you to learn how to sell, how to communicate, how to persuade somebody to part
00:00:46.660 with their hard earned money. If you don't know how to do this, you're always going to be at the
00:00:50.020 mercy of somebody you hire to be the salesperson. You're going to sit back absolutely like, I hope
00:00:54.560 you can sell the thing I built. That's not how you move forward. You want to make it impossible
00:00:58.100 to fail? Learn how to sell. There's actually new techniques like sell by chat that my team uses to
00:01:02.480 make millions of dollars per year. If you actually want my full script, my team uses to generate over
00:01:06.960 2 million a month, just go over to Instagram and message me the word script and I'll send you the
00:01:11.500 full Google doc on how they do it. Number two, networking. In 2008, I moved to San Francisco and
00:01:17.980 for the first three weeks, I struggled. Nobody wanted to talk to me and I realized it was the
00:01:22.120 way that I was answering this one question. So what do you do? And my original response was,
00:01:27.380 well, I just sold my company. I just moved here and I actually don't know what I'm going to do.
00:01:31.280 And I'll be honest with you, people would stop talking to me and turn around and talk to another
00:01:34.820 person at a networking event or at a coffee shop. First, I just thought people were rude.
00:01:38.700 And then on reflection, I got some advice from one of my mentors and he said, it's because you
00:01:42.500 don't tell people how you can be a value to them. All I shifted was this one thing is I went from
00:01:47.820 new here, don't know what I'm going to do. Two, I helped startup founders with marketing. I helped
00:01:52.440 X with Y change the game for me and allowed me to start connecting with people, add value,
00:01:57.880 and then meet other very successful people. What I've learned is you can't be a billionaire
00:02:01.920 without meeting other billionaires. You need to see that it's possible. And if you lost it all,
00:02:06.800 as long as you didn't lose your reputation, you got to keep your relationships, you could
00:02:10.180 literally build it right back up two to three times faster because of those relationships.
00:02:14.580 Number three, leadership.
00:02:16.760 The difference between a millionaire and a billionaire
00:02:18.600 is that billionaires build people,
00:02:20.680 not systems and processes.
00:02:22.260 And I know a lot of entrepreneurs, when they start off,
00:02:24.320 they just build the processes, they build checklists.
00:02:26.860 And what they don't realize is that developing your people,
00:02:29.820 developing their skills,
00:02:31.220 helping them see the world differently, to wanna grow,
00:02:34.080 that's where the real ROI is, the return on investment.
00:02:37.040 They build their people and the people build their business.
00:02:40.360 Number four is vision.
00:02:41.500 The number one skill that I've learned
00:02:42.760 from so many incredible billionaires
00:02:44.700 is that you have to have a vision for your life.
00:02:47.520 And it's three parts.
00:02:48.400 It's 100% clarity, what do you wanna build?
00:02:50.640 100% belief that you can build it
00:02:52.520 and holding those two true 100% of the time.
00:02:55.300 If you can build those four skills early,
00:02:57.540 sales, networking, leadership, and vision,
00:03:00.100 you'll set yourself up for success
00:03:01.620 and make it impossible to fail in life.
00:03:03.640 But skills alone won't make you successful.
00:03:05.940 Timing and strategy is also involved,
00:03:07.980 which leads us directly to rule number two,
00:03:10.360 which is be fearful when others are greedy
00:03:12.600 and greedy when others are fearful.
00:03:14.720 This is one of Warren Buffett's most famous quotes,
00:03:17.080 but I actually saw it firsthand
00:03:18.220 with billionaires like Mark Cuban doing it at scale.
00:03:21.280 I mean, he sold his company to Yahoo back in the day
00:03:24.120 and he saw everybody getting super greedy
00:03:26.720 in the tech stock internet market.
00:03:28.680 And he said, this thing is going to pop.
00:03:31.500 So he called his financial advisor and said,
00:03:34.340 hey, we need to buy options,
00:03:35.800 essentially a bet against the market going down.
00:03:38.580 So he took some of the money he had to buy those options.
00:03:41.180 And when the whole thing crashed, he got to remain a billionaire.
00:03:45.760 And that's the whole thing.
00:03:46.920 Billionaires go left when everybody's going right.
00:03:49.720 And then they go right when everybody goes left.
00:03:51.580 The late Charlie Munger, Warren Buffett's business partner, would say all the time,
00:03:54.740 when the tide goes out, you'll see who's been swimming naked.
00:03:57.640 As an example, back in 2012, I'd been exposed to Bitcoin.
00:04:01.500 And I decided to run the largest event in my hometown.
00:04:04.880 Got an ATM machine so people could put their dollar bills in and get a little QR code for
00:04:09.420 their Bitcoin.
00:04:09.940 and it was trading at 12 bucks.
00:04:11.440 They all thought I was literally wearing a tinfoil hat
00:04:14.620 and nobody bought.
00:04:15.700 I think my buddy Denis bought.
00:04:17.060 And guess what?
00:04:17.760 He bought himself a brand new Ferrari.
00:04:19.300 Then everybody got into it and it got overinflated
00:04:22.000 and then crashed.
00:04:23.700 So then I went over and started looking at AI.
00:04:26.240 And AI, now, today, everybody's talking about it.
00:04:28.880 It's still a huge opportunity.
00:04:30.100 But again, you have to figure out
00:04:31.740 where's everybody focusing and where's the new opportunity.
00:04:34.960 If everybody's there, then you're in the wrong spot.
00:04:38.200 but I wasn't going all in on a new idea,
00:04:41.020 which leads us directly to rule number three,
00:04:43.000 which is diversify your risk.
00:04:44.560 But before we move into that,
00:04:45.740 we have a goal of hitting 500,000 subscribers.
00:04:48.360 So if you haven't subscribed,
00:04:49.780 click subscribe and turn on notification.
00:04:52.160 It takes just a second.
00:04:53.880 So a lot of people will say the best way to get rich
00:04:56.360 is you have to have multiple streams of income,
00:04:58.600 which is true once you're rich.
00:05:00.860 But what happens is most people diversify
00:05:03.340 when they're just starting.
00:05:04.820 It's called diversification, not diversification.
00:05:07.380 and the truth is is when you finally get a payday you then want to have a completely different
00:05:11.460 strategy i've learned this from the top billionaires anytime they've made big buckets of
00:05:16.020 money they take 50 and they put it off to the side and they say this is going into boring investments
00:05:22.020 i'm talking etf index funds stuff where it's like don't lose my money and then they take the other
00:05:27.620 50 and they pour it into new ventures new opportunities risky investments that way they
00:05:32.900 they don't lose the bucket of money that they just made. And they take the other half to actually go
00:05:37.820 add to it without putting their whole new portfolio at risk. And this was exact advice I got from one
00:05:43.480 of my billionaire mentors when I was 27. I made a bunch of money. I was worried I was going to mess
00:05:47.860 it up. I said, what should I do? Set 50% lock and load. Don't lose it. The other 50% use that for
00:05:53.580 angel investing to invest in your next startup. But that is all you got. So you got to make it
00:05:57.920 work. If you want to make it impossible to fail, you need to spread as many chips as possible on
00:06:02.680 poker table so that taking a risk isn't really risky which leads us directly to rule number four
00:06:08.360 which is be long-term greedy not short-term greedy i first heard this concept from one of
00:06:13.080 my mentors in my 20s who's one of the world's top investors in silicon valley and i tell it to my
00:06:18.360 team all the time when they're trying to build their world their wealth their opportunities i
00:06:23.160 always say be long-term greedy don't be short-term don't try to take advantage of all the situations
00:06:28.600 in front of you the most successful billionaires i've met all were greedy for the long term we're
00:06:33.480 talking 10 to 20 years they're focused on the future because they want to build momentum they
00:06:40.120 never get greedy in the short term short term is actually silly because the numbers are so small
00:06:44.040 they get really big the further out you project what's unique about them is they were actually
00:06:48.680 extremely generous in the short term which creates a massive amount of goodwill in the market people
00:06:54.280 want to see them win because they know they'll also win with them if you want to set yourself
00:06:59.080 up for guaranteed success extend the time horizon to hit your goal most people mess this up because
00:07:04.200 their time horizon is six months 12 months two years and when you're in business with people
00:07:09.480 that play small games you get small returns you want to decide to dedicate a decade 10 years
00:07:15.800 partner with somebody build people over the long term show them how the short-term goals and focus
00:07:20.760 you're asking of them is going to set them up for the long-term big goals. If you want to learn the
00:07:26.080 44 cheat codes I wish I knew in my 20s, click the video and I'll see you on the other side.