Dan Martell - February 08, 2021


How To Unlock Your Millionaire Mindset (The 5 Money Beliefs of The Wealthy)


Episode Stats

Length

15 minutes

Words per Minute

200.44878

Word Count

3,067

Sentence Count

156

Misogynist Sentences

2

Hate Speech Sentences

1


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 .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.120 Hey there, I'm Dan Martell,
00:00:01.120 serial entrepreneur, investor,
00:00:02.400 and creator of SaaS Academy.
00:00:03.400 In this episode, I'm gonna share with you
00:00:05.440 the secrets of the millionaire mindset,
00:00:07.960 the money beliefs that millionaires have
00:00:09.840 that's probably a little different than what you have
00:00:11.920 to help you level up your game.
00:00:13.320 Be sure to stay at the end
00:00:14.160 where I'm gonna tell you how to get access
00:00:15.360 to my future living program,
00:00:17.760 which is literally gonna teach you
00:00:19.080 how to live into the future
00:00:21.000 so that you can take action today
00:00:23.000 to create a life together.
00:00:30.000 When I first started in business,
00:00:39.340 I had a challenge trying to figure out how to grow,
00:00:42.460 how to be successful.
00:00:43.500 My first two companies were complete failures
00:00:45.220 from the age of 17 till I was 24.
00:00:48.040 I literally stumbled trying different things and ideas
00:00:51.140 and there was no connection for me in my mind
00:00:53.560 that there was anything about beliefs, values, habits,
00:00:56.900 actions that would dictate my success.
00:00:58.940 I just thought maybe I had to find the right business to be in
00:01:02.020 or the right business partners,
00:01:03.480 or maybe I just had to learn about financials
00:01:05.840 or whatever it was.
00:01:06.500 And it wasn't until I finally started investing in myself
00:01:09.860 through the form of books
00:01:11.280 that I eventually realized that the way I think,
00:01:14.320 the way I view money, the way I view the world
00:01:16.740 was having a 100% impact on my inability
00:01:20.000 to produce financial success.
00:01:22.560 And through that work, through that effort,
00:01:24.260 by the time I was 27, I made my first million dollars
00:01:27.480 and since then have been involved
00:01:29.000 in building numerous companies,
00:01:31.620 having friends that are multi-millionaires, billionaires,
00:01:34.680 and seeing the way they look at money
00:01:37.700 and creation and themselves
00:01:39.960 and how to put all this together.
00:01:41.740 I wanna share that with you today,
00:01:43.580 five strategies to help you rewrite your money beliefs.
00:01:47.260 Number one, learn how to have money.
00:01:50.140 Now, I don't know if you've ever had anybody tell you this,
00:01:52.140 but sometimes having money in your pocket,
00:01:54.520 it's like it burns a hole in it.
00:01:55.700 For some reason, some people can't hold on to money they get.
00:01:59.980 They get a paycheck, they spend it all right away.
00:02:02.080 I don't know if you knew this, but lottery winners,
00:02:04.720 70% of lottery winners are back to the same level of economics
00:02:09.140 or even worse within a two-year period after they win a lottery.
00:02:13.280 Why is that?
00:02:14.260 They didn't understand how to have money.
00:02:16.440 They didn't understand how to delay gratification.
00:02:20.560 You know, recently I had my son ask me to buy a toy.
00:02:24.120 You know, we went to the store.
00:02:24.980 I said, you each can buy a toy.
00:02:26.500 And as they were looking at these toys,
00:02:28.620 I said, hey, if you buy the toy today,
00:02:31.160 I will buy it for you.
00:02:32.420 But if you wait three weeks, I will actually buy you two.
00:02:36.620 And I wanted to see if they will delay the gratification.
00:02:41.060 And I gotta tell you, it was a struggle.
00:02:43.360 My oldest literally was like, no, I want this.
00:02:46.220 And I said, fine, you can buy it.
00:02:47.440 But again, your other brother,
00:02:48.940 he's gonna wait three weeks and he's gonna get two.
00:02:50.980 And I don't want you to say it's unfair
00:02:52.040 because I'm giving you both the same option right now.
00:02:54.580 And he was just this turmoil.
00:02:56.360 And we were at this bookstore that had these toys
00:02:57.940 they really wanted, these Kino Pops, I think they're called.
00:03:00.640 And he literally had it in his hand.
00:03:02.920 We're walking to the checkout counter.
00:03:06.120 And as we're walking, he says, no, no, no.
00:03:09.120 I wanna wait.
00:03:10.260 I'm gonna wait.
00:03:10.920 I'm gonna wait.
00:03:11.900 Martell's wait.
00:03:12.820 Martell's, because we talk about
00:03:14.340 what does it be to me and Martell.
00:03:16.100 And we were willing to save for a future day.
00:03:19.320 And I was so proud inside.
00:03:20.980 I was so excited for him to learn this gift
00:03:24.240 because a lot of people can't learn to just have money
00:03:27.020 without feeling like they have to invest it,
00:03:28.700 they have to spend it.
00:03:29.480 I had a kid reach out to me on Instagram
00:03:31.580 and he's like, hey, I just came into some money, you know?
00:03:35.000 And I was like, well, how much?
00:03:35.840 He's like, $100,000.
00:03:36.980 I said, well, this is gonna sound crazy,
00:03:38.980 but my suggestion to you,
00:03:40.640 because he was asking me for investment advice,
00:03:42.540 and that's not my world.
00:03:43.820 I said, what I would suggest to you
00:03:45.560 is literally put that money in a bank account
00:03:47.360 and don't touch it for a year.
00:03:48.820 Don't spend a penny of it for a year.
00:03:52.020 I know he couldn't do that.
00:03:52.960 He was like, I wanna buy a new car.
00:03:54.480 I wanna put a deposit on a house.
00:03:56.080 And I was like, that's fair.
00:03:57.280 All those opportunities will be there for you in 12 months.
00:03:59.420 But what won't be there is you learning
00:04:02.220 that it is okay to create wealth,
00:04:04.760 to have money and not feel the need to spend it.
00:04:07.340 And even more, this is what I told him.
00:04:08.960 I said, I want to encourage you
00:04:10.300 to take out $1,000 in cash and put it in your pocket.
00:04:14.260 And for the next 12 months,
00:04:15.880 walk around with $1,000 in cash and not spend it.
00:04:19.440 I want you to learn what it feels like
00:04:21.800 to have that kind of money on you
00:04:23.400 and feel that abundance and gratitude
00:04:25.360 for that wealth without spending.
00:04:27.300 A lot of people cannot do that
00:04:29.400 and that is the step one of being wealthy
00:04:31.820 is you need to learn how to have money
00:04:33.940 without spending it or guess what?
00:04:35.540 You won't be a millionaire.
00:04:36.940 Number two, invest in yourself.
00:04:39.440 Now, a lot of people have a challenge with this
00:04:41.540 because my prescription, I call it the 100K rule,
00:04:44.520 is if you're starting off
00:04:46.060 and you really don't have a vision for what you wanna do
00:04:49.040 or where you would put that money,
00:04:50.140 you don't have like kind of a business idea or whatever,
00:04:51.980 I really, really, really wanna encourage you
00:04:53.760 until you have $100,000 saved in your bank account
00:04:56.740 to take every spare dollar per month that you can,
00:04:59.100 put some money away, definitely save that up,
00:05:01.120 but invest it in yourself, invest it in yourself.
00:05:04.060 That's through the forms of books, seminars,
00:05:06.520 training, coaching, et cetera.
00:05:08.320 Why?
00:05:09.420 Because at the end of the day,
00:05:11.000 it doesn't matter if you're Jeff Bezos, Steve Jobs, et cetera,
00:05:14.000 you need to learn how to become the person who can deal,
00:05:17.120 who can deal with that level of success,
00:05:18.600 that level of wealth,
00:05:19.580 becoming a millionaire.
00:05:21.180 And you're not gonna learn that
00:05:22.880 by just going through the motions.
00:05:24.320 You're gonna learn that
00:05:25.180 by being around other people like that.
00:05:26.940 You're gonna learn that by reading the books
00:05:28.520 that they've written.
00:05:29.480 You're gonna learn that by developing the habits
00:05:31.280 and the mindsets and the values
00:05:32.800 for somebody that can learn to deal
00:05:34.960 with that level of burden.
00:05:37.260 Some people don't realize that having that kind of money,
00:05:39.480 the reason why lottery winners
00:05:40.660 are quick to give it all away and lose it,
00:05:43.220 many of them ending up in lawsuits
00:05:44.560 and frustrating relationships in their families.
00:05:47.500 Why?
00:05:47.680 Because they don't even know how to communicate that well.
00:05:51.060 They don't even know how to help somebody else out
00:05:53.240 in the right way.
00:05:54.320 Instead, they think they're doing it right
00:05:55.620 and then the person doesn't feel grateful
00:05:57.020 and they're pissed off you didn't give them more.
00:05:58.640 How crazy is that?
00:05:59.960 So the big idea behind investing yourself is this.
00:06:04.040 Are you worthy?
00:06:06.460 Because a lot of people are gonna not realize
00:06:08.420 that when they don't read that book,
00:06:10.420 when they don't invest in that seminar,
00:06:12.440 when they don't hire that coach,
00:06:14.340 it's because in a deep part of their psyche,
00:06:17.620 they don't feel worthy of that investment.
00:06:20.340 And that's why I think it's so important
00:06:21.960 to be able to create and elevate your mindset
00:06:24.520 to the point where you can have $100,000 saved up
00:06:27.140 from the effort and the knowledge
00:06:28.640 and the work that you've been doing
00:06:29.900 and feel comfortable with that
00:06:31.380 because you know that you're worthy
00:06:32.500 of that savings of that investment.
00:06:34.660 Number three, stay away from get rich.
00:06:37.320 So this is gonna sound crazy,
00:06:38.820 but most people don't realize
00:06:41.640 that the reason why folks that have had money
00:06:44.280 and lose it is because they're looking for that get rich process. They have a deal, they have an
00:06:50.360 opportunity. Somebody comes to them and says, hey, I've got this no-brainer business idea,
00:06:55.960 investment. You give me $15,000, $50,000, and I'm going to return $100,000 or $500,000 in the next
00:07:03.860 12 months. And the reality of it is, is everybody, you look at the wealthiest people in the world,
00:07:08.800 they didn't get rich quick. They got rich by focus and compounding effort, okay? You know,
00:07:16.420 this is literally all the tech people, the Bill Gates, the Warren Buffetts, the Mark Zuckerbergs,
00:07:22.220 you name them, the Shark Tank folks that you all know, it was literally daily effort over time.
00:07:30.740 They didn't literally, they didn't go from like zero to a billion dollars. They went from learning
00:07:35.260 how to even create business, learning how to save money,
00:07:38.580 learning how to invest in themselves,
00:07:39.700 learning how to build teams, like slowly,
00:07:41.740 but they focus and they compound it, right?
00:07:44.580 So to me, when people are like, hey man,
00:07:47.260 you know, I had a friend recently, he said,
00:07:49.820 look, in 2007, I lost $20 million.
00:07:53.520 Tell me why, what happened?
00:07:55.320 Well, you know, brother-in-law this and I invested
00:07:58.120 and it sounded like a good idea and it didn't work out
00:08:00.780 and I kept putting money.
00:08:01.680 So good money chasing bad ideas
00:08:04.060 and just kept putting until I realized,
00:08:06.280 you know, the whole thing went away
00:08:07.820 and I lost $20 million.
00:08:09.160 Now, here's my philosophy,
00:08:12.720 is you should invest in things you understand.
00:08:15.440 If you don't understand it, stay away from it.
00:08:18.360 Same thing with real estate.
00:08:19.340 A lot of people are like,
00:08:20.180 oh, I heard real estate's a good investment.
00:08:21.740 Look, everything's a good investment.
00:08:23.760 If you understand it,
00:08:25.180 if you put the time and energy to truly understand
00:08:29.120 how do people make money.
00:08:31.060 Like one of my favorite questions to ask people
00:08:33.680 is how do the people make money?
00:08:35.580 When they're like, oh, I have this financial advisor
00:08:38.460 trying to suggest that I do X, Y, and Z with my money.
00:08:41.660 Perfect, ask them how they make money.
00:08:44.320 Simple, if you can't figure out how the people
00:08:48.300 that are telling you to do X, Y, and Z make money,
00:08:51.820 then stay away from it
00:08:52.900 because that to me is the education part.
00:08:56.100 It's the understanding, it's investing in yourself
00:08:58.960 to be able to dissect it,
00:09:00.320 to know what a good deal or bad deal looks like
00:09:01.960 and not accidentally, people do this.
00:09:04.880 They self-sabotage themselves
00:09:05.880 by delegating their success to somebody else
00:09:09.020 because they don't feel smart enough to understand this.
00:09:12.120 Trust me, if you dig below the surface,
00:09:14.580 it's not that complicated.
00:09:16.080 People that are way less high IQ than you
00:09:19.100 have made it happen and you have all the faculties,
00:09:22.400 all the abilities to make it happen for yourself.
00:09:24.180 Just gotta stay away from the get rich stuff.
00:09:26.440 Get rich slow, but compound, check this out.
00:09:29.820 if you grew your personal situation 25% per year, okay?
00:09:35.040 Now that might sound really aggressive.
00:09:37.100 It's not.
00:09:37.600 I've been doing it my whole life, okay?
00:09:39.300 Even better.
00:09:40.040 Most years, all my companies grow 100%, okay?
00:09:43.080 But even if you just did 25%,
00:09:45.260 what would happen is every three years you would double.
00:09:48.420 If you're able to pull off 25% annual compounding growth
00:09:52.260 without losing your money,
00:09:53.440 because that's a big thing, you don't want to lose the capital,
00:09:55.900 then over time you will create
00:09:57.540 and generate incredible wealth.
00:09:59.420 And I share that because if you do that for 10 years
00:10:03.560 and then some guy, some charlatan shows up
00:10:05.240 and says, I have this incredible investment vehicle
00:10:06.860 and you're like, this is foolproof and he's in
00:10:09.160 and he's in for all his net worth and all this stuff.
00:10:11.140 Trust me, you know, when, I think it was Buffett
00:10:15.300 that said when, you know, something and something meet,
00:10:19.640 I wish I had the right language.
00:10:21.180 Anyways, you don't wanna be the person
00:10:23.320 that meets another person that has higher certainty,
00:10:26.560 takes your money and then loses it, okay?
00:10:28.860 And that's what happened to a lot of people in 2001
00:10:30.640 and in 2007 and more recently
00:10:32.880 because they delegated their financial prosperity
00:10:35.260 to somebody else not understanding
00:10:36.880 what they were investing in.
00:10:38.120 Number four, own a business.
00:10:40.240 Here's the reality.
00:10:41.180 If you look at all the wealthiest people throughout life,
00:10:44.820 the millionaires, most of them,
00:10:46.660 other than the wealthy doctors
00:10:47.940 that essentially just got high paying jobs,
00:10:49.880 they own a business, okay?
00:10:51.580 Now this doesn't mean that you gotta quit your job
00:10:53.200 and start a business.
00:10:53.860 This just means that you need to own an entity
00:10:56.540 that has the ability to generate income
00:10:58.520 and write off expenses
00:10:59.860 so that you can change some of your tax exposure
00:11:02.560 so you can be more efficient with your capital
00:11:04.940 so that you can build equity and value in an entity.
00:11:08.680 And the cool part is,
00:11:09.640 a lot of people decide to go down the real estate route
00:11:12.180 because each building is a business.
00:11:15.020 Literally, think about it, a duplex, two units,
00:11:17.360 a one unit house, like a single family home.
00:11:21.520 That thing, if you set it up as a corporation,
00:11:24.000 it is a business.
00:11:24.880 That means it has income from the rent, it has expenses.
00:11:27.680 You as the manager of that unit
00:11:29.840 have personal expenses that you have to incur.
00:11:32.420 And for a lot of accountants,
00:11:33.840 they're gonna find opportunities to write off things
00:11:35.800 that other people wouldn't have.
00:11:37.880 And as you build that wealth,
00:11:39.940 you build that real estate or even a side hustle,
00:11:42.360 you'll be able to take advantage of the tax efficiency
00:11:45.840 of the tax sheltering that a business affords you,
00:11:49.920 the ability to not pay taxes today,
00:11:52.040 reinvest it in things that are gonna allow you
00:11:53.920 to create your wealth and become a millionaire.
00:11:55.860 A lot of people don't realize this,
00:11:57.320 that to become wealthy, it's not about cashflow and cash.
00:12:01.200 Those things are great,
00:12:02.240 but that's not where real wealth is created.
00:12:04.660 It's created in the equity that you own in an entity
00:12:08.000 that has what's called enterprise value.
00:12:10.480 Real estate is beautiful
00:12:12.060 because if you buy a building today for $200,000,
00:12:15.320 in about 10 years, depending on your market,
00:12:17.900 it could be worth $400,000.
00:12:20.380 So you pay down the mortgage, principal and interest,
00:12:23.140 and over a 10-year period,
00:12:24.680 Now the asset's worth more,
00:12:26.620 but your ownership 100% is still in that thing.
00:12:29.780 And you can bring in partners,
00:12:31.140 you can do a lot of cool stuff.
00:12:32.460 A lot of people think that owning a business
00:12:35.100 is a complicated affair, it's not.
00:12:37.060 The books exist, invest in yourself, get the courses,
00:12:40.300 be around other people that invest in real estate
00:12:42.520 or start a business.
00:12:43.840 And honestly, I'm not here to say network marketing,
00:12:46.120 multi-level, I don't really care.
00:12:47.860 I'm just saying own a business, incorporate a business,
00:12:51.420 try to generate some kind of side hustle revenue
00:12:54.760 to be in a better financial tax position
00:12:58.380 to leverage that business.
00:13:00.220 Number five, the more you have, the more you can give.
00:13:03.180 A lot of folks say to me,
00:13:04.440 Dan, why do you make it about money?
00:13:06.580 You know, is it really about money, et cetera?
00:13:08.640 Here's the reality.
00:13:09.480 If you tell me it's not about the money,
00:13:11.140 then I know you're not the kind of person
00:13:12.660 that gives a lot away.
00:13:13.840 Because if you tell me it's not about the money,
00:13:15.840 it means you don't give enough away, okay?
00:13:18.120 Because to me, the more I am blessed,
00:13:20.940 the more I am able to create value in the world
00:13:23.880 and be rewarded financially for that value,
00:13:27.020 then I'm allowed or able to give that back
00:13:30.660 to the people that I feel like I wanna serve the most.
00:13:33.000 So there's all this capital.
00:13:34.260 Every day, trillions of dollars get transacted in the world.
00:13:37.860 You go grab a piece of that
00:13:39.120 and then you can decide how you wanna distribute that
00:13:42.300 to your family, to your church,
00:13:43.960 to your organizations that you believe in.
00:13:45.900 I personally, my life was saved
00:13:47.240 by a place called Portage, New Brunswick,
00:13:49.320 outside of Eastern Canada.
00:13:50.540 It's a rehab center for adolescent youth
00:13:52.540 and I'm a huge contributor to Portage.
00:13:55.140 My vision is to create a Portage
00:13:56.560 in many other provinces in Canada, okay?
00:13:59.320 And eventually into the US.
00:14:01.140 And that's the way I do it.
00:14:02.480 So you need to understand that the more you have
00:14:04.820 is not a bad thing.
00:14:05.660 The more you're able to create,
00:14:07.080 it just gives you the opportunity to give more
00:14:09.520 and that actually results in the more you give,
00:14:12.220 the more you get.
00:14:12.820 It's kind of a crazy thing and you shouldn't do it for that.
00:14:14.880 You should give without expecting anything in return.
00:14:17.460 But I believe the world rewards those that support life.
00:14:20.540 And if you do that, great things will happen to you.
00:14:22.920 So quick recap, number one, learn to have money.
00:14:26.060 Number two, invest in yourself.
00:14:28.140 Number three, stay away from get rich quick.
00:14:30.900 Number four, own a business.
00:14:33.280 And number five, the more you have, the more you can give.
00:14:36.100 So as I mentioned at the beginning of this episode,
00:14:37.580 I wanna share with you an exclusive resource
00:14:39.540 called Future Living.
00:14:40.980 So if you have a vision for your life,
00:14:42.740 I'm going to challenge you
00:14:44.160 to live six months into the future.
00:14:46.680 It means today, act as if you've already achieved
00:14:49.720 that level of success at six months into the future.
00:14:52.420 By doing that, you will make better decisions,
00:14:54.840 better actions, surround yourself with better people
00:14:57.300 to ensure that that future becomes a reality.
00:15:00.700 Click the link below to grab your copy of my free training
00:15:03.580 on the Future Living Playbook.
00:15:05.780 If you like this episode, be sure to like and subscribe
00:15:08.400 and share it with somebody that you care about.
00:15:10.540 And as per usual, I wanna challenge you
00:15:11.860 to live a bigger life and a bigger business,
00:15:13.520 and I'll see you next Monday.
00:15:17.080 That's so weird to say.