Dan Martell - February 04, 2025


The 7 Wealth Killers That No One Talks About


Episode Stats

Length

12 minutes

Words per Minute

235.6787

Word Count

2,980

Sentence Count

177

Hate Speech Sentences

2


Summary

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

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 I'm gonna share the seven wealth killers
00:00:01.640 that no one is talking about.
00:00:03.120 Most people think it's credit cards and caramel lattes.
00:00:05.900 It's not, because the first wealth killer
00:00:07.920 keeping you broke is saving money.
00:00:09.960 Rich people have learned to let money flow through them.
00:00:12.760 They don't hoard money, they don't collect money,
00:00:15.200 they use it to reinvest in themselves, in their business.
00:00:18.480 That is the big mistake that most people make.
00:00:20.820 They don't wanna spend on the right things
00:00:22.240 because they're so worried
00:00:23.120 they're gonna make the wrong decision,
00:00:24.240 so they make no decision.
00:00:25.620 When I was 23 building my first company,
00:00:27.520 I spent all my extra money paying for speed.
00:00:30.580 I needed to move faster.
00:00:31.720 It's why I hired my first coach, Bob.
00:00:33.340 He was a certified e-myth coach
00:00:35.120 and he taught me how to build the business.
00:00:37.440 I could have learned it.
00:00:38.240 It would have took me 10 years.
00:00:39.460 Instead, he took 35 years of experience
00:00:41.940 building and exiting his company
00:00:43.600 and put it into a blueprint and gave it to me.
00:00:46.080 I moved very fast.
00:00:47.520 Broke people use money to impress.
00:00:49.540 Rich people use money to invest.
00:00:51.600 Invest in their skills to become more valuable,
00:00:53.940 their business so they can get more customers,
00:00:55.680 their team, so they can get more time back. When you invest, you show the universe that you're not
00:01:00.600 here to hoard. A couple of years ago, I was talking to my assistant and I realized I had
00:01:04.480 millions of loyalty points. And it occurred to me that I knew better. So I told her, I said,
00:01:08.740 in the next 12 months, we're going to take those 30 million points across all the different
00:01:12.420 programs I had and use them to bless people, to bless my team, to bless my family for my own
00:01:17.140 travel if I need them, but to keep them to myself, because I was playing this weird game of collecting
00:01:21.440 points was not going to serve or tell other people that I was participating in the economy.
00:01:26.780 One of the easiest ways to invest in yourself for free are videos like this. So if you haven't yet,
00:01:32.020 hit subscribe. But once you started investing in yourself, most people get lost on direction,
00:01:36.960 which brings us to wealth killer number two, diversification. One time I was on a call with
00:01:41.400 a client and they were having a hard time progressing in their business. And when I dug
00:01:45.060 deep, I found out not only did they have one business, they actually had three businesses.
00:01:48.980 The worst part is the one business was the rich uncle
00:01:51.540 to the two others that were sucking all the profit
00:01:53.920 from the first one and creating the most distraction.
00:01:56.440 Most people think that wealth creation
00:01:58.500 requires diversification.
00:02:00.380 The problem is that it actually takes concentration.
00:02:03.100 See, diversification is diversification.
00:02:05.580 The mistake most people make that kills wealth
00:02:07.760 is starting multiple businesses at the same time
00:02:10.040 because they have a fear of failing in any one of them
00:02:12.440 and they don't know which one
00:02:13.420 is actually gonna be the winner.
00:02:14.660 This morning, I was wrapping up a hike
00:02:16.100 with a bunch of founders and as I was leaving,
00:02:17.900 one of the entrepreneurs ran after me to ask me a question.
00:02:20.240 And just by the way they were asking about,
00:02:21.920 should I partner with this person?
00:02:23.080 Should I do this?
00:02:23.660 I was just like, what's your revenue at?
00:02:25.160 Top line for the year total.
00:02:26.680 And I thought he was gonna say like three or 4 million.
00:02:28.840 He said 90,000.
00:02:30.160 If you're at 90,000 and you're talking to me
00:02:32.220 about multiple businesses, you don't even have a company.
00:02:35.420 You probably barely make enough money to live.
00:02:37.660 You're distracted by multiple businesses
00:02:39.580 and you think you're an entrepreneur.
00:02:41.360 You're not.
00:02:42.320 You're using diversification, stop it.
00:02:44.920 But being broke isn't always about your behavior,
00:02:47.180 which brings us to the third wealth killer stagnant friends i grew up in a small town east coast of
00:02:53.060 canada 100 000 people and at the time everybody was nice i really loved everybody around me i felt
00:02:59.000 like they were friends and they were supportive the challenge was is that as i continued to want
00:03:03.400 to be better and grow i noticed that they weren't on that same path what used to be them cheering me
00:03:09.320 on because they wanted to see me try as soon as i actually started succeeding all of a sudden now
00:03:14.520 what I was doing was too much. And what I discovered is you're not the average of the
00:03:19.180 five people you spend the most time with. You're the average of the five people you allow to
00:03:22.760 influence you. If your friends don't have what you want, don't do what they do. So what I suggest
00:03:27.440 to people that want to create real wealth is to do a friendventory. At the beginning of the year,
00:03:31.900 look at the list of your goals that you want to go achieve and ask yourself of your friends that
00:03:36.140 you spend time with, or you allow to influence you who've achieved those goals. Are these people
00:03:40.460 closest to you are closest to the goal. If you don't have anybody in your corner that's done
00:03:45.520 the thing you want to do this year, you got to go find those people. My buddy Cole Da Silva had
00:03:49.520 this great talk he gave at my King's Club program, and he shared with these kids a simple premise.
00:03:54.200 He said, I'd rather have four quarters than 100 pennies. He was talking about people. He was
00:03:59.620 talking about friends. He said, I could have 100 friends, but if they're worth one penny because
00:04:03.440 they're not there to support me, they're not going to encourage me, they're not going to inspire me
00:04:06.840 versus I could have four people of high integrity,
00:04:09.520 high value, high support, I'm taking the four quarters.
00:04:12.200 That idea encapsulates the whole concept
00:04:14.820 that stagnant friends is a huge wealth killer.
00:04:17.560 But it's not just about being around the right people,
00:04:20.380 which brings us to wealth killer number four,
00:04:22.640 doing everything yourself.
00:04:24.060 I'm like 29 and I have a business partner, Ethan,
00:04:26.400 and we have a major issue at work.
00:04:28.300 And we had to go in and start working
00:04:29.660 on the strategy to resolve it.
00:04:30.920 And it's a Saturday and I call him up and I was like,
00:04:32.860 hey, let's meet at the office.
00:04:33.800 And he says, I'll be there
00:04:34.840 after I'm done doing my laundry.
00:04:36.040 This is a CEO of a venture-backed company
00:04:38.520 that tells me he can't meet with me
00:04:40.240 because he has to do laundry.
00:04:41.700 Ethan, you walk by three or four wash and folds
00:04:44.460 on your way to the office.
00:04:46.320 Can you please pay somebody $12
00:04:48.020 so that we can get to work on this?
00:04:49.740 Most people spend time to save money.
00:04:51.820 You have to spend money to save time.
00:04:54.020 You can always make more money.
00:04:55.700 You can't make more time.
00:04:57.100 Growing up, I watched my dad.
00:04:58.260 He had a couple of rental properties
00:04:59.560 and every Sunday he would mow the lawn.
00:05:01.260 And I remember asking him, why do you mow the lawn?
00:05:03.020 You can pay somebody else to do this.
00:05:04.200 Most people do.
00:05:04.840 He's like, I enjoy doing it.
00:05:06.180 Problem was, is he didn't realize that instead of paying somebody to get that time back to
00:05:09.400 look at more real estate deals, he was occupied by doing something that was low value.
00:05:13.880 He didn't understand the value of his time.
00:05:16.240 In many ways, that inspired me to write the book, Buy Back Your Time, because I wanted
00:05:19.620 to inspire entrepreneurs to understand how to get leverage in their work.
00:05:23.600 It's why I teach this concept called the buyback loop, which is auditing your time for energy
00:05:27.980 and what makes you money, transferring the things that takes your energy and doesn't
00:05:31.540 making money to somebody else and then filling it up with activities, skills, investing in yourself
00:05:35.860 that makes you more valuable. And you can start as simple as looking in your home, having somebody
00:05:39.740 clean a couple times a week or do meal prep for you or hire somebody to run errands. The key idea
00:05:45.060 is learn how to delegate and have somebody else support you so that you can become more valuable
00:05:49.760 to your business. Wealth follows those that invest in themselves. When you start off, you might spend
00:05:54.600 dollars to make $10 and then you spend thousand to make a hundred thousand. Eventually you're
00:05:59.100 to have to invest a hundred thousand to make a million. It's always been that way. And it's
00:06:03.420 always going to be that way. And if you understand how wealth is made, there always has to be an
00:06:07.260 investment to get a return, but you might ruin your chances of success. If you don't watch out
00:06:11.200 for this, which brings us to wealth killer. Number five, being humble as a Canadian, I can tell you
00:06:16.520 I was humble to a fault. I was so humble. I didn't tell anybody about anything I was up to.
00:06:21.620 I was scared to come off as braggadocious and I kept all my goals to myself. How is somebody else
00:06:26.800 in my life, next to me on a plane, in a meeting,
00:06:29.580 at a conference, supposed to maybe help me
00:06:31.760 for me to potentially get them as a customer.
00:06:33.620 If I don't tell them what I've done that I'm proud of,
00:06:35.980 if I'm hiring a real estate agent
00:06:37.120 and they didn't do anything impressive out of 100,
00:06:39.960 who am I gonna pick?
00:06:40.840 The one that I feel is the most talented.
00:06:43.380 Keeping your dreams, your goals,
00:06:44.800 your accomplishments to yourself doesn't impress anybody
00:06:47.440 and will hurt your ability to create wealth.
00:06:49.500 I believe everyone is one conversation away
00:06:51.820 from achieving their dreams.
00:06:53.080 Most people have vague goals in their head.
00:06:55.180 That's why they don't express what they are.
00:06:57.240 I want to invite you to consider to be very specific
00:06:59.780 around what you want to accomplish and write them down.
00:07:02.380 Once you've got them written down, you have to tell people.
00:07:05.040 Tell people that'll support you.
00:07:06.800 Successful people talk about their goals.
00:07:08.980 It's how it's always been.
00:07:09.880 When you actually sit down at a dinner with multi-millionaires,
00:07:12.620 they're not talking crap about other people.
00:07:14.520 They're not talking about the news.
00:07:15.880 They're not talking about other things in politics.
00:07:18.000 They're literally sitting down saying,
00:07:19.540 here's what I'm up to.
00:07:20.500 What are you up to?
00:07:21.280 How can you support me?
00:07:22.280 I want to support you.
00:07:23.220 It sounds so crazy, but the more specific and big your dreams and goals are, the more you'll notice
00:07:28.100 other people will want to help you. My favorite thing to do is once I know what my goal is,
00:07:33.060 give it a mantra. So for example, last year when I wanted to get abs, I called it Project Visible
00:07:39.020 Abs. I went from 16, 17% body fat down to four or 5% absolutely shredded, gave it a mantra,
00:07:46.500 repeated it, told everybody about it, documented it, and I achieved my goal. 90 days. Am I surprised?
00:07:51.940 no. When you talk to successful people, being humble is actually a massive wealth killer.
00:07:56.880 And there's a difference between coming out of the gate in a new relationship with a person you've
00:08:01.160 never met before and telling them all the things you've done. Be curious first. Ask more questions
00:08:05.940 about the other person. Through that, they'll ask you what you do. In that moment, tell them. Be
00:08:11.120 proud of yourself. They asked. They gave you the floor. Share your achievements. Holding back is
00:08:16.420 holding you back from achieving wealth. But talking about your goals won't be enough if your beliefs
00:08:21.380 get in the way. Which brings us to wealth killer number six, low self-worth. I have a friend that
00:08:27.380 is so talented. Every time he interacts with friends of mine or even myself, he creates so
00:08:32.580 much value. He's one of the smartest guys we all know, yet I've watched him year over year over
00:08:37.700 year. Never ask for a piece of the action. Never insert himself into the project. Why do you think
00:08:43.840 that is? It's because he doesn't feel worthy of it. He doesn't believe he deserves it. And that's
00:08:48.300 what I believe holds most people back from being wealthy. Unworthiness fuels self-sabotage. If you
00:08:53.640 took everything you know, everything and knowledge that is you, and you put it into a pile that's
00:08:58.580 outside of yourself, all the relationships, all the knowledge, what would you pay for that? Is it
00:09:02.500 a hundred thousand? Is it 500,000? Is it a million dollars? For me, it would be a crazy number. That
00:09:07.580 number is your value. And I bet it's way more than what you've been asking for. And it's way more than
00:09:12.100 you think you deserve. And you should ask for it. There's this one strategy I teach my clients when
00:09:16.220 coach them to create an achievement list the reason why is i want them to have a place that
00:09:20.460 they can reflect on all the incredible accomplishments that they've done that they're
00:09:24.460 proud of and they could be small it could be the first time they landed a kickflip like one for me
00:09:28.940 or the time they graduated from university or maybe the first sale they ever got in their
00:09:32.940 business doesn't matter what it is if you felt proud of it you write it down and then what you
00:09:37.100 do is when you're about to go into an important meeting when you're about to have a really
00:09:40.220 important conversation when you feel a little beaten up and your self-worth is really not there
00:09:44.460 just open up that achievement list
00:09:46.240 and just review all the incredible things that you've done.
00:09:48.760 It doesn't matter if you're in your early 20s,
00:09:50.620 you're in your 60s.
00:09:51.640 You've probably done some things that to other people,
00:09:53.900 if you reminded yourself, would be so impressive.
00:09:56.380 Read that list and get energized by it.
00:09:58.620 Now, this is what my friends should be doing to participate.
00:10:01.500 And it'll change everything for you if you start doing it.
00:10:03.420 It's called just freaking ask.
00:10:05.260 If you're in a deal or you have a potential customer,
00:10:07.820 just ask them, would it be unreasonable
00:10:09.900 to get a piece of the deal?
00:10:11.720 Would it be unreasonable for me to ask
00:10:13.460 to get some equity in that?
00:10:14.500 Would it be unreasonable for us to work together?
00:10:16.600 Would it be unreasonable to get paid for that work?
00:10:18.780 Or another one of my favorite questions
00:10:20.100 is what would need to be true?
00:10:21.780 What would need to be true to get paid for that work?
00:10:23.540 What would need to be true to get equity in that deal?
00:10:25.420 What would need to be true to be partners with you?
00:10:27.660 Asking the question, even if they say no,
00:10:30.160 at least puts you in a position to participate.
00:10:32.420 Your self-worth comes down to your internal belief
00:10:35.980 of you doing the work.
00:10:37.620 Consistency to the commitments you make in private
00:10:40.260 builds your self-confidence.
00:10:41.840 And I learned that the more you work,
00:10:43.460 the more it instills the worth.
00:10:45.160 So if you wanna become more worthy and have self-worth,
00:10:47.560 you gotta do the work on a daily basis,
00:10:49.900 even if you don't want to,
00:10:51.060 because that's gonna build that self-worth.
00:10:53.120 But the hardest part is actually
00:10:54.660 when you have a little bit of success.
00:10:56.340 Which brings us to wealth killer number seven,
00:10:58.420 fear of loss.
00:10:59.780 I lost 3 million in my first couple of years
00:11:02.020 as an angel investor.
00:11:03.300 What I learned is that losing was part of the game.
00:11:05.400 Was I proud of that?
00:11:06.220 No.
00:11:06.640 Did I have shame?
00:11:07.320 For sure.
00:11:08.020 I thought I sucked.
00:11:08.760 But it turned out that investing in losing
00:11:11.320 was how you got the spins on the wheel
00:11:14.000 to figure out what worked.
00:11:15.520 See, most people that have had success,
00:11:17.760 they go from playing to win to playing not to lose
00:11:20.580 because now they have something to lose.
00:11:22.180 I know I have a lot of friends
00:11:23.340 that are the big dogs in their communities
00:11:24.740 where they have the house and the toys
00:11:26.360 and all the accolades from their friends
00:11:28.040 and they're the person that hosts the barbecue
00:11:29.620 and they always have the people over
00:11:31.100 because they get the nice place.
00:11:32.220 The problem is they wake up every day
00:11:33.720 wondering what could be.
00:11:35.260 See, to make 100K when you started off,
00:11:37.340 you needed to risk like $10,000.
00:11:39.300 If you wanna make 100 million,
00:11:40.600 you need to learn to risk 5 to 10 million. There's a ratio for investment, not an absolute dollar
00:11:46.420 amount. The more you want to go create, the more wealth you want to create, the more you're going
00:11:50.260 to be willing to take risks. It's never been any other way and it's never going to change,
00:11:54.140 except most people change why they're playing the game. Most successful people have been broke
00:11:58.720 multiple times. Eventually they learn how to win and the ones that really create wealth learn how
00:12:03.820 to reinvest and take risks and they never stop. You got to get to a place where you're willing
00:12:08.100 to take more risk. The world rewards those who make courageous decisions. I have so many examples
00:12:13.500 throughout my career where most people said, I'm dumb. Why would you do that? And I had it in my
00:12:18.380 heart. I made one of those decisions today. I literally passed on an opportunity that didn't
00:12:23.120 feel aligned. It made me feel sick in my stomach doing it. But when I asked my heart, what do I
00:12:28.120 really want? I knew it was the right decision. On the back end of that, like every other time I felt
00:12:32.700 this way, that's where the reward comes from. If you want to learn the seven high income skills of
00:12:36.380 the top 1% click here and I'll see you on the other side.