Dan Martell - April 20, 2024


If I Wanted to Go From Broke to Millionaire, Here’s What I’d Do


Episode Stats

Length

14 minutes

Words per Minute

216.50316

Word Count

3,222

Sentence Count

113


Summary

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

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 I went from a broke 17-year-old with 15 bucks in my pocket to a 27-year-old millionaire with over
00:00:06.280 a million cash in my bank account. But if I had to do it over again starting today and go from
00:00:11.520 zero to a million dollars by the end of this year, this is exactly how I would do it. So to get to
00:00:16.860 seven figures, first I have to get to six figures. Step one, I would build one of the five six-figure
00:00:22.000 skills that have the most demand this year and they only take a few hours a day to learn. I built
00:00:26.920 my first six figure skill when I was 17 years old in rehab. That's where I found a book on Java
00:00:32.560 programming and I got obsessed with programming software. I built the skill knowing it was going
00:00:38.060 to be valuable. This is 1997. I get out of rehab and discover this small thing called the internet
00:00:43.420 and it turns out to be a very big deal. And this is actually one of the six figure skills that are
00:00:48.760 most in demand this year. So number one is software engineering, learning how to build
00:00:53.760 products, code systems. Two is video editing, taking content like this and making it engaging
00:01:00.140 for people to want to start watching it and continue watching it. Three is copywriting,
00:01:05.040 learning the skill of persuasion, communication, getting people to purchase without anybody having
00:01:10.800 a conversation with them. Number four is graphic design. How do you take images and make them
00:01:16.520 beautiful? How do we create more content, social media, build audiences? And number five is data
00:01:21.800 analysts there's people that take the information and massage it in a certain way and structure it
00:01:26.680 so that the ai algorithms know how to talk to the data to make sense of it all which brings us to
00:01:32.760 number two which is follow one course until successful see once i started to see that my
00:01:38.360 skill could make six figures i put my head down and started focusing on actually how to make it
00:01:43.400 happen and this is how i did it follow one course until successful is actually part of the focus
00:01:49.560 acronym get it focus follow one course until successful so instead of acting on all the crazy
00:01:55.720 ideas i focus on one path and for me that was building my software company multiple streams of
00:02:01.880 income will not make you rich not when you're starting off entrepreneurs typically die from
00:02:06.360 indigestion not starvation meaning they take on too many things they say yes to all these
00:02:10.840 opportunities instead of understanding what is the focus and going all in learning what to say
00:02:16.680 no to is just important to what to say yes to see when you're starting off you need to figure out
00:02:21.400 how to do one thing that you can sell that people will buy and continue building that process trying
00:02:27.960 to start selling other products other business ideas getting involved with their friends those
00:02:32.600 are all distractions away from being focused on building your revenue so if you actually want to
00:02:38.440 build a million dollar a year business do one thing commit to it go all in put the effort to
00:02:43.720 to a point that it would be unreasonable
00:02:45.540 for you not to achieve that outcome if you focused.
00:02:48.300 Which brings us to number three,
00:02:50.000 which is to audit your social circle.
00:02:52.020 While following one course took me from zero to 100K,
00:02:55.480 it's only when I expanded my circle
00:02:57.420 that I saw massive leaps in my revenue.
00:02:59.740 100K to 250K came on the backside
00:03:02.640 of looking at who I spent time with,
00:03:04.620 cutting out all the wrong people,
00:03:06.440 and then adding the right people in.
00:03:08.520 I call it doing a friendventory.
00:03:10.260 So three groups of people that you should evaluate
00:03:13.160 to start building relationships.
00:03:14.880 Number one is peers.
00:03:16.520 And these are typically people that are in your industry
00:03:19.260 or building similar type companies
00:03:20.700 that are about two years ahead
00:03:21.940 so that they can give you feedback on what you're doing
00:03:24.540 that are still very relevant strategies in today's world.
00:03:28.280 The second group is advisors.
00:03:29.740 These are people that have specialized skillsets.
00:03:32.240 Think accountant, recruiters, lawyers.
00:03:34.880 Yes, you can pay them,
00:03:35.720 but I would also try to find people that could advise you
00:03:38.340 on these different areas of your business
00:03:40.260 as you start getting going.
00:03:41.720 And then the third group are mentors.
00:03:43.540 And I always joke mentors are people
00:03:44.980 that you turn to instead of your parents.
00:03:46.760 And the reason why is because mentors are people
00:03:48.400 that have done the thing you wanna do.
00:03:50.080 They've created the outcome that you're striving to achieve.
00:03:53.380 And if you turn to your parents for advice,
00:03:55.020 you'll get the exact same life they had,
00:03:56.820 which if your dad is wealthy and your mom is incredible,
00:03:59.800 great, but for most people,
00:04:01.040 we wanna create a future that's bigger
00:04:02.440 than the one we experienced in our childhood,
00:04:04.680 which means going to your parents for advice
00:04:06.380 is actually a flawed strategy.
00:04:08.080 So mentors are people that have been to where you wanna go
00:04:10.640 and can give you advice on how to think
00:04:12.700 through the sequencing in the steps.
00:04:14.680 Which brings us to number four,
00:04:16.700 which is to quit your time assassins.
00:04:18.820 At that point in my life,
00:04:20.160 I was hovering around 250K in revenue
00:04:22.480 and had to take a serious look at my life.
00:04:25.060 Where I was spending my time, what time was being wasted.
00:04:27.840 This is when I realized that there's five time assassins
00:04:30.620 holding entrepreneurs back.
00:04:32.140 The first one is the staller.
00:04:33.700 And this is people, entrepreneurs that can't make decisions.
00:04:36.940 They have analysis paralysis.
00:04:38.620 These are people that it takes them 15 minutes
00:04:41.080 to decide how to reply to an email.
00:04:42.820 I remember one time, one of my mentors,
00:04:44.680 this guy named David Allen,
00:04:45.660 he wrote a great book called Getting Things Done.
00:04:47.520 His rule is if it takes less than two minutes
00:04:49.860 to reply to somebody or to make a decision,
00:04:52.180 if you've got all the information,
00:04:53.420 then you must make that decision,
00:04:55.100 at least the next step to move it forward.
00:04:57.380 Number two is the speed demon.
00:04:59.160 This is kind of the opposite.
00:05:00.340 This is the person that needs to hire somebody
00:05:02.320 and they go on their Facebook post and they say,
00:05:03.660 I need to hire somebody that looks like this.
00:05:04.960 And then all their friends reply.
00:05:06.340 And then as long as the person can fog a mirror,
00:05:08.160 they have a heartbeat, they're willing to take the pay the person's offering, they just hire them.
00:05:12.080 No process, no systems. And then the person completely falls apart. And then they got to
00:05:16.120 hire somebody new. And they wonder why they keep wasting all their time with bad hires because of
00:05:20.820 the way they do things. They're trying to move too quick instead of moving with intent. Number
00:05:25.120 three is the supervisor. This is the micromanager. This is the person that hires somebody to do a
00:05:30.120 job and then tells them how to do the job, checks that they did the job, and then tells them what
00:05:34.320 to do next. If I hire somebody to do the job, I let them do the job. So I don't tell people what
00:05:38.840 to do. I train people to what to do. And that's how we avoid becoming the supervisor, not actually
00:05:44.140 getting our time back when we hire people. Number four is the saver. This is the person that walks
00:05:49.120 over dollars to pick up dimes. These are people that don't understand that hoarding money in their
00:05:54.120 bank account is not actually productive. They're not putting their money to work and they have all
00:05:58.440 these money beliefs and scarcity beliefs instead of an abundance personality that causes them to
00:06:03.380 go slow in life and waste time instead of investing to buy back that time to move faster.
00:06:09.240 Number five is the self-medicator. And for me, this used to be one of my biggest problems where
00:06:13.180 I couldn't even celebrate a win or deal with a loss without drinking, not wanting to feel the
00:06:19.820 feelings. I just felt like I deserved it. I had a long day, so I deserve a drink. And drinking
00:06:23.820 caused more pain and created more time suckage in my life than anything else. And honestly created
00:06:29.540 a path where if I didn't quit 12 years ago that I know it would have created some major issues for
00:06:35.120 me in my life. So what's cool is these five time assassins cost nothing to implement to overcome
00:06:40.460 and can save you a ton, a ton of time, which brings us to number five, which is to feed your
00:06:45.660 mind. After quitting my time assassins at this point, I was 24 years old at 300k in revenue in
00:06:51.040 my software business. And I realized that I needed to feed my mind. I started reading multiple
00:06:55.860 business books like the e-myth secrets of the millionaire mind and thinking grow rich i started
00:07:01.220 learning about these ideas and inserting them into my mind and these are the four channels i use to
00:07:06.740 feed my mind number one is podcasts and videos i mean it could be youtube or your gym first off
00:07:12.420 i'm going to tell you a little productivity hack go buy yourself a membership for youtube red why
00:07:18.180 it gets rid of ads and allows you to download videos from youtube offline so you could watch
00:07:24.020 them when you're traveling you don't have internet connection it's probably the best 10 bucks a month
00:07:28.020 that i spend but if you don't want to do that podcasts are free my favorite podcasts are podcasts
00:07:32.980 that teach me the skill that i need to learn next if i'm trying to figure out marketing go subscribe
00:07:37.540 to the top five top 10 marketing podcast if you want to figure out sales go subscribe to the top
00:07:42.020 10 sales podcast if you want to figure out teams or leadership go subscribe to the top 10 podcast
00:07:47.620 so you have the feed and you're always listening while you're driving while you're working out
00:07:51.620 while you're in commute so that you're feeding your mind the second is books and i consider books
00:07:56.340 a little bit more dense in information than podcasts i consider podcasts and youtube videos
00:08:01.700 kind of the fast food of information still good motivational but not as good high nutrient dense
00:08:06.900 information as books the best books are again the top five in the category you need to learn
00:08:12.180 and this is how i still do it to today if i want to go deep on an industry deep on a vertical deep
00:08:16.740 on a skill set i always google top five books i read those books even a few years ago i realized
00:08:22.500 one of the areas i wanted to really double down on was my mindset so i decided to start with
00:08:26.740 thinking grow rich that was published in 1937 and researched the top 150 books that were written that
00:08:32.980 influenced that book and started reading those for the last two years because to me that's how
00:08:38.180 i learned information i want to go deep on something so books will give you frameworks
00:08:42.980 to feed your mind, to improve your skills.
00:08:45.460 The third is courses and training.
00:08:47.280 So if you wanna go even faster,
00:08:49.300 buy the courses who have already read the top 25 books
00:08:52.480 or have 25 years of experience
00:08:53.940 and put it into a training methodology for you to absorb.
00:08:57.880 Training courses are way more potent than a book.
00:09:01.080 And the fourth is events and seminars.
00:09:02.960 And the reason why I think seminars specifically
00:09:05.400 that are designed, that are very transformational in nature,
00:09:08.320 they have the impact of a course or a training program
00:09:11.840 and the peer group and the energy of having other peers
00:09:15.420 that can show you what's possible.
00:09:17.440 So you have the information plus the vibe of the room
00:09:20.460 and you get to make new friends
00:09:21.840 and you get to really transform
00:09:23.280 some of those negative beliefs
00:09:24.640 or those limiting beliefs that could really push you forward.
00:09:27.040 I cannot stress how important getting in a room
00:09:29.380 of other people that are on the same journey as you
00:09:31.760 and feeling that energy and meeting those people
00:09:34.200 and being inspired for what they've done with their life
00:09:36.460 for you to bring that into your business.
00:09:38.080 Which brings us to number six,
00:09:39.880 which is to use the achievement roadmap process.
00:09:43.060 Although feeding my mind
00:09:44.080 helped me grow my business substantially,
00:09:46.040 it's only when I extended my time horizon
00:09:48.280 and set my goals using the specific framework
00:09:51.020 that I unlocked over 500K in revenue in my software business.
00:09:54.960 This is the process that helped me get there.
00:09:56.780 First off, I believe there's three things
00:09:59.180 you need to achieve any goal.
00:10:00.840 You need 100% clarity on what you're trying to achieve.
00:10:03.640 You need 100% belief that you can achieve it.
00:10:06.140 And you need to think about those two things
00:10:07.960 100% of the time.
00:10:09.460 And to the degree that you have 100% clarity
00:10:11.920 on what you wanna achieve, 100% belief you can do it,
00:10:14.180 and you hold that together 100% of the time
00:10:16.760 is how fast you're able to pull forward
00:10:19.360 into your life that outcome.
00:10:22.120 Here's the four-step process I use to achieve anything,
00:10:25.960 like the brand new Lamborghini I just got,
00:10:28.160 or the new Ferrari Pista for the people that like fancy cars,
00:10:31.840 or the jet, or my homes, like whatever it is,
00:10:34.400 I use this exact same process.
00:10:36.240 So the first thing is the standards.
00:10:38.020 If I think about a goal of getting in shape,
00:10:40.540 like I did Project Visible Labs,
00:10:42.020 which is essentially I went from 15% body fat
00:10:44.900 down to four and a half percent body fat.
00:10:47.000 The way I did that is I asked myself,
00:10:48.760 what would be the standard on a yearly, monthly,
00:10:51.540 weekly, daily, hourly basis that I would hold
00:10:54.420 and to create a simple standard.
00:10:56.140 And for me, what I realized that if I eat 200 grams
00:10:58.360 of protein, 2000 calories a day,
00:11:00.560 and I train and I work out every day,
00:11:02.280 that standard would enable me to achieve Visible Labs.
00:11:06.100 So you gotta ask yourself, whatever your goal is,
00:11:08.260 what activity, what work, what process
00:11:10.820 could you implement the standard on a daily basis,
00:11:13.600 on a weekly basis, on a monthly basis
00:11:15.320 that would make the achievement of the goal inevitable?
00:11:18.260 So that's number one.
00:11:19.140 Number two is resources.
00:11:20.560 If my goal is to get in shape,
00:11:22.180 I need to ask myself, what are the people or the systems,
00:11:25.580 maybe it's courses, or tools, maybe they're apps,
00:11:28.240 that I know about that I can go and ask or acquire
00:11:31.520 to help on the outcome that I'm trying to achieve?
00:11:34.140 So if it's people, I might ask myself,
00:11:35.760 who are the fittest, most jacked people I know in my life?
00:11:38.420 Make a list of them.
00:11:39.440 Systems, what are the different dieting programs,
00:11:42.080 workout programs that I know about
00:11:43.460 that I can maybe go buy?
00:11:44.680 Or tools, what are the apps that I could install on my phone,
00:11:47.800 like a meal tracking app or a workout app
00:11:50.040 so that I can have some more accountability?
00:11:51.720 When you look at the resources,
00:11:53.220 you actually probably already know what they are.
00:11:55.220 Pull those into your life,
00:11:56.560 tell the people what your goal is,
00:11:58.720 ask them to hold you accountable,
00:11:59.940 and then use the tools and the systems
00:12:01.960 to achieve that goal even faster.
00:12:04.140 The third is triggers.
00:12:05.080 So what I do is I've anchored different outcomes
00:12:08.940 to things I do in a day.
00:12:10.660 So for example, I review my goals three times a day
00:12:13.080 and I've connected them to when I sit at my desk here
00:12:16.740 or I sit in my car and I review them.
00:12:19.200 Because what I wanna do is I wanna keep my focus
00:12:21.380 of my outcome top of mind.
00:12:23.120 See, most people, they write down goals
00:12:24.480 and then they forget about them.
00:12:25.480 They don't ever ask themselves,
00:12:26.560 does my calendar reflect my priorities
00:12:28.040 or do I have the right resources
00:12:29.480 or did I ever follow up on this person
00:12:31.060 or am I on track, have I weighed myself lately?
00:12:33.020 So you wanna connect the triggers to reviewing your goals
00:12:36.160 so that you always keep them top of mind.
00:12:38.200 And then what I do, which is number four, is rewards.
00:12:40.620 This is next level stuff,
00:12:42.040 but essentially anything that I wanna buy,
00:12:44.740 things like experiences for my family
00:12:46.660 or for myself or my friends,
00:12:47.980 or possessions, cars, houses, et cetera,
00:12:50.700 I put on the backend of achieving a goal.
00:12:53.320 Usually I do a physical goal
00:12:55.760 or some kind of spiritual goal
00:12:57.000 is experiences with my family.
00:12:58.780 And any business goals,
00:13:00.360 I always usually give myself a possession,
00:13:02.080 like a car, a property, or some art.
00:13:04.760 For example, Project Visible Labs,
00:13:06.480 I put my new Lamborghini Urus on there
00:13:08.380 because again, I could buy them at any point,
00:13:10.240 but the challenge is that then I don't appreciate it
00:13:12.320 and I didn't gamify the achievement.
00:13:14.380 So I do that on the backend of those outcomes
00:13:16.900 so that I have something to work towards
00:13:18.920 and then reward myself to build that process.
00:13:21.920 Which brings us to number seven,
00:13:23.440 which is to trade money for money.
00:13:25.680 While Dreaming Big got me to 500K in revenue,
00:13:28.120 I wasn't a millionaire yet in cash in the bank after taxes,
00:13:31.540 but that's when i learned there was only three trades you could make so understanding how to
00:13:35.540 reinvest these trades allowed me to multiply my money making me a millionaire at 27. i'm talking
00:13:41.860 cash money in my bank account taxes paid not a paper millionaire not a equity millionaire real
00:13:47.220 cash in my bank account using these three trades so number one is i traded time for money so i
00:13:52.420 would do programming and maybe you're a graphic designer or a copywriter and you do that skill
00:13:58.180 and you get paid for it that is trading time for money which is great and you want to keep putting
00:14:02.340 your prices up until you get paid top dollar but that's the first level trade second trade is money
00:14:07.700 for time and this is really about understanding how to get leverage where you take money you've
00:14:12.260 made and then buy back more time so you can go invest in yourself in the skills so you can become
00:14:17.220 better to actually generate more money with the amount of time you're spending in your business
00:14:21.700 but then eventually you want to reinvest the money you have into the business so that you can increase
00:14:26.980 more money generated from the business this is money for money this is where you're investing
00:14:31.620 in the business not in buying back your time but in opportunities and strategies to grow the business
00:14:36.660 so that you can make more money and if you live below your means like i did i became a millionaire
00:14:41.140 within three years building that company and that's what allowed me to become a cash millionaire
00:14:44.900 at 27 years old that's what i would do if i wanted to become a millionaire today if you want to learn
00:14:49.540 my 15 laws of success, click the link
00:14:51.880 and I'll see you on the other side.