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

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. 0.94

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. 0.97

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. 0.83

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.

Dan Martell - February 08, 2021

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

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