Dan Martell - March 01, 2024


I Asked Millionaires How They Got Rich


Episode Stats

Length

5 minutes

Words per Minute

214.36992

Word Count

1,273

Sentence Count

77


Summary

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

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 I met over a thousand millionaires
00:00:01.900 and they all had these six traits.
00:00:04.200 So what's a millionaire in my books?
00:00:06.540 Well, first off, I'll tell you what it's not.
00:00:08.500 It's not somebody who's got a million bucks
00:00:10.520 in paper value because they raise a bunch of money
00:00:13.280 on a valuation that all their friends
00:00:15.160 just kind of agreed on.
00:00:16.080 It's not somebody who's got a million dollars
00:00:17.600 on a balance sheet.
00:00:18.660 It's definitely not somebody who's got a million dollars
00:00:20.360 in equity in their home.
00:00:21.500 It's not somebody that's got
00:00:22.640 a million dollar revenue business.
00:00:24.300 For me, a real millionaire is somebody
00:00:26.500 who's got a million dollars in cash
00:00:28.680 in their bank account after taxes.
00:00:31.240 So now that we got that out of the way,
00:00:33.040 number one is millionaires are crazy.
00:00:35.320 I've met so many millionaires that are wacky,
00:00:38.740 crazy, big dreamers.
00:00:40.480 I mean, Travis Kalanick from Uber,
00:00:42.520 Richard Branson, Mark Cuban, you name it.
00:00:45.420 There's all something about them
00:00:47.000 that makes them a little wacky.
00:00:48.400 They're kind of like a mad scientist.
00:00:50.400 They say, I don't agree with 99% of the people
00:00:53.460 that are doing this.
00:00:54.260 I'm willing to go change.
00:00:55.100 See, what I've learned is wealthy people are unreasonable.
00:00:58.680 They look at the world and they go,
00:00:59.920 that is unreasonable, I'm gonna change it.
00:01:02.060 In many ways, rich people are weird.
00:01:04.080 Weird is rich and normal is poor.
00:01:06.440 So most millionaires, honestly, including myself,
00:01:09.000 we're a little crazy.
00:01:10.100 And the only reason that it works is because of number two,
00:01:13.220 which is millionaires think they deserve it.
00:01:15.220 I remember one time I was at an event and I met a guy
00:01:17.460 and I was asking him what he did.
00:01:18.620 He was a coach, he works with a lot of finance people
00:01:20.860 and what do you charge people?
00:01:21.960 And he goes, well, I only work
00:01:23.600 with a handful of people at a time
00:01:24.860 and it's a million dollars to work with me.
00:01:26.460 People pay him a million dollars,
00:01:28.320 but the way he said it,
00:01:30.100 he said it with confidence, certainty, conviction.
00:01:33.460 Like he said it as if somebody else said,
00:01:35.800 it's 25 grand to hire me as a coach.
00:01:37.720 And this is what I realized.
00:01:39.240 People that are wealthy,
00:01:40.540 they get there because they think they deserve it.
00:01:42.640 See, you'll never get a penny more
00:01:44.180 than you think you deserve.
00:01:45.380 But the only way you can think you deserve it
00:01:47.620 and actually be successful is to take massive action,
00:01:51.020 which is number three, millionaires are risk takers.
00:01:54.400 So when Elon Musk started Tesla,
00:01:56.820 he said this publicly.
00:01:57.860 that he only gave himself a 30% chance of succeeding.
00:02:02.800 That's crazy.
00:02:03.940 Think about it.
00:02:04.460 I think at the time he had like $180 million
00:02:06.700 and he put like 60 million in SolarCity
00:02:10.080 and 60 million in SpaceX.
00:02:11.640 And then he took 60 million, he put it into Tesla.
00:02:14.140 But he only gave him one out of three chance of winning
00:02:17.300 because he's a risk taker.
00:02:18.740 There's this great quote that says,
00:02:19.800 the fortune rewards the bold.
00:02:21.560 You have to be bold if you wanna become a millionaire.
00:02:23.900 These are people that decide to build
00:02:25.540 and don't need anybody to believe in them.
00:02:28.360 They don't need support from their friends,
00:02:30.060 their family, even their mentor sometimes,
00:02:32.600 but it doesn't mean you take dumb risks.
00:02:34.740 See, we call it asymmetrical risk reward,
00:02:37.320 where you can stack the deck in your favor.
00:02:39.580 You're never gonna figure it out if you're not in the game,
00:02:41.640 but this is what people like Ray Dalio, Buffett, Munger,
00:02:45.700 all these incredible investors, all the hedge fund managers,
00:02:48.620 they're all looking for opportunities
00:02:50.380 where they can take risk, where the downside is protected,
00:02:53.240 but the upside is uncapped.
00:02:55.540 And for many of you, it's taking a risk on you.
00:02:58.940 And taking risks only works
00:03:00.440 when you take your health seriously
00:03:01.940 to get through the hard times, which is number four.
00:03:04.440 What do people do at the beginning of the year?
00:03:06.180 Every one of them, they all set new intentions
00:03:08.480 for this is the year that they get in shape.
00:03:10.860 They decide to take their energy and their fitness
00:03:13.480 and their health and make it number one.
00:03:15.380 What I've learned is from all these millionaires
00:03:17.500 is you might look at them and not think they're in shape,
00:03:20.000 but I'll tell you, they take their health seriously.
00:03:22.480 To operate at the top, you need to be fit.
00:03:24.660 millionaires know better than anyone that health is wealth. You got to exhaust the body to tame
00:03:30.320 the mind. So it's not only the physical energy, it's the mental capacity. You got to push through
00:03:36.320 and everybody else would give up because you've made your health a priority. But the only way you
00:03:40.840 can get fit is number five, which is saying no way more than you say yes, especially when you
00:03:46.560 want to stay fit. See, I get asked all the time, you've met all these millionaires, what did they
00:03:50.400 do to become wealthy and here's the reality it's not what they did it's what they don't do see i
00:03:55.600 watch a lot of people that have these aspirations to become wealthy and have better relationships
00:04:00.400 they do things that rich people don't do they don't stay up all night drinking they don't stay
00:04:04.480 up all night eating junk they don't drone out and watch the news they don't stay up late and then
00:04:09.360 sleep in and just drag their feet wealthy people spend more time saying no to the vices to the
00:04:15.760 things that are going to hold them back you have to say no to all that stuff so you have the space
00:04:19.520 to say yes. See, I'm still spontaneous. Only when it aligns with my priority. Millionaires know how
00:04:24.340 to evaluate those opportunities fast and they can say no really quick so that they keep their
00:04:29.300 optionality open for something that might be more aligned to hit their vision. They only say yes to
00:04:34.520 things that align with their priorities and priorities need to be set on a long time horizon,
00:04:38.780 which is number six. Millionaires think in decades, not days. You know, when I hire new
00:04:43.480 employees, one of my favorite question to ask them is if you woke up in five years, I want you to
00:04:48.140 describe your dream life. You've achieved all your goals, magic wand, everything's there. What
00:04:53.300 does that look like in five years? And the truth is, is that most people I interview, they can't
00:04:58.640 describe that future. They actually don't know exactly what that looks like. And that is the
00:05:03.360 challenge. See, most people can only think about the month. Millionaires think in decades. See,
00:05:09.020 your bank account is a direct correlation to the timeframe you plan it. You know, it's not one week,
00:05:14.240 It's not one month. It's one year. It's five years. It's 10 years. It's 25 years. You can
00:05:19.720 almost tell the wealth of the person based in the language they use to describe their timelines.
00:05:24.700 The longer you set your time horizon, the wealthier you probably are because you're
00:05:29.460 willing to use time to compound your effort. Most millionaires are willing to invest over
00:05:34.780 a long period of time without seeing a result right away, knowing that they're building the
00:05:39.760 foundation towards the future because they understand how hard the big things are to
00:05:44.140 accomplish. That's the difference between millionaires and average people. That's what
00:05:47.660 I learned from meaning over a thousand millionaires. And if you want to learn what I learned from
00:05:51.980 spending a hundred hours with four billionaires, click the link and I'll see you on the other side.