Dan Martell - November 04, 2024


Billionaire Rules That Make It Impossible To Fail

Topics
learn how to sell be long-term greedy
Hosted by
Dan Martell
Mentioned
Warren Buffett Bitcoin Charlie Munger Mark Cuban Denis
How to start your business as fast as possible I returned a comic book after 30 years

Episode Stats


Length

7 minutes

Words per minute

217.94

Word count

1,635

Sentence count

93


Summary

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

In this episode, I talk about the 4 skills you need to learn to become a billionaire and how to make it impossible to fail. I've met and spent over 100 hours with 4 billionaires and one thing that's always struck me is that they've set their life up so it's impossible for them to fail, so I've put together rules I've learned that you can apply to do the same.

Transcript

Transcript generated with Whisper (turbo).
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
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.