Dan Martell - March 01, 2024


I Asked Millionaires How They Got Rich

Hosted by
Dan Martell
Mentioned
Travis Kalanick Richard Branson Mark Cuban Elon Musk Ray Dalio Buffett Munger Tesla
Stop Giving Your Time Away Be Careful. Labels Are Powerful

Episode Stats


Length

5 minutes

Words per minute

214.37

Word count

1,273

Sentence count

77

Harmful content

Misogyny

1

sentences flagged

Toxicity

4

sentences flagged


Summary

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

In this episode, I talk about what a millionaire is, what it takes to become one, and why you should be one. I've met over a thousand millionaires and they all have the same 6 traits. 1. They are crazy 2. They think they deserve it 3. They take massive action 4. They're risk takers 5. They make fitness a priority 6. They set new intentions for the new year

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
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, 0.97
00:00:33.040 number one is millionaires are crazy. 0.87
00:00:35.320 I've met so many millionaires that are wacky, 1.00
00:00:38.740 crazy, big dreamers.
00:00:40.480 I mean, Travis Kalanick from Uber, 0.73
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 0.98
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.