Valuetainment - February 17, 2023


10 Rules For Making Your First Million


Episode Stats


Length

14 minutes

Words per minute

246.78052

Word count

3,526

Sentence count

315

Harmful content

Misogyny

3

sentences flagged

Hate speech

2

sentences flagged


Summary

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

10 Rules To Make Your First Million Dollars In 10 Simple Steps To Earn $1 Million Dollars Today's Video Explains How To Earn A Million Dollars Fast or Slow. The Fast Method: The Average Method The Slow Method

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Okay, so we haven't done one of these videos in a long time, but you asked for what we're
00:00:02.600 doing here is 10 rules for making your first million.
00:00:14.260 Okay, so let's get right into it.
00:00:15.500 There's three different ways to do it.
00:00:16.900 One is the fast method.
00:00:18.080 The other one is the average method.
00:00:19.480 And the other one is the slow method.
00:00:20.780 The fast method, you'll make your first million within five to 10 years.
00:00:23.720 High risk, high chaos, low quality of life for three to five years.
00:00:27.480 You're maybe a startup founder, maybe a salesperson, sales leader, but a lot of pressure is on
00:00:32.380 you and you're working 80 hours every single week.
00:00:35.280 You're working on Saturdays, a little bit of Sunday, and you're going on this for like
00:00:38.220 five to 10 years, okay?
00:00:39.440 So the second one is the average method takes 10 to 20 years.
00:00:41.840 Here's how this looks.
00:00:42.620 You're a mid-level risk type of a person.
00:00:44.580 You're a supporting role in a chaotic environment with a decent life, meaning you don't want
00:00:48.680 all the pressure to be on you.
00:00:49.980 You don't want to be the person that 24-7 you're on call, people are calling you.
00:00:53.760 This didn't work.
00:00:54.420 That didn't work.
00:00:54.940 You're having dinner with your wife.
00:00:55.980 You don't want that.
00:00:56.820 You're okay with having some of it, but not full-on founder, founder, and you're okay
00:01:00.640 with that.
00:01:01.100 You do have equity, maybe in a startup that you have an equity in the company.
00:01:03.880 Eventually, maybe you earn that equity in the company.
00:01:05.400 That is your way of making the money, or you're a salesperson that's very good at being a great
00:01:09.080 market.
00:01:09.480 You're very good with clients.
00:01:10.440 You eventually make your first million.
00:01:11.940 Last but not least is the slow method.
00:01:13.680 Takes 20, 30, 40 years.
00:01:15.160 This is little to no risk.
00:01:16.680 You have a balanced quality of life.
00:01:18.240 You come home at five o'clock every night, maybe six o'clock every night.
00:01:21.460 You invest in a fund, maybe $300 a month at 12% rate of return over 30 years, which ends
00:01:27.140 up being a little over a million bucks.
00:01:28.620 Or you do $1,000 a month at 12% over a 20-year period.
00:01:32.220 You make your million dollars.
00:01:33.320 Maybe you buy a multifamily home and you never sell it.
00:01:35.820 Maybe your own home.
00:01:36.720 You buy it.
00:01:37.120 You never sell it.
00:01:37.640 Maybe you've got a couple different homes.
00:01:38.880 You buy the first one, take the equity into the next one, into the third one.
00:01:41.640 Buy the fourth one.
00:01:42.300 You're a millionaire.
00:01:42.900 That's the slow method.
00:01:43.700 Now, what I want to share with you is 10 rules on the fastest way to make a million
00:01:47.900 dollars with these 10 different mindsets.
00:01:49.520 I can come up with 50 of them, but I'm giving you just 10 of them in this video.
00:01:52.600 So let's get right into it.
00:01:53.580 I want to give a quick shout out to our sponsors, Gold Co.
00:01:55.520 Here's what I want you to think about when it comes down to gold.
00:01:57.460 My concern when it comes down to investments today is what can I invest in that's not duplicatable?
00:02:02.620 Here's why.
00:02:03.340 Because the more we see national debt, $31 trillion.
00:02:05.860 National debt's about to $32 trillion.
00:02:07.600 What does that mean?
00:02:08.280 They keep reprinting money because that's duplicatable.
00:02:11.000 Keep reprinting and reprinting and reprinting.
00:02:13.700 You can't duplicate and reproduce more gold.
00:02:16.820 There's a limited supply of it.
00:02:18.300 So for me, I use that as a way to hedge.
00:02:20.580 Yes, people say it's going to go to $4,000, $5,000, $10,000.
00:02:23.640 I'm not here to make any predictions.
00:02:25.380 What I will tell you is what I did is I invested a small percentage of my money into gold just
00:02:30.720 in case.
00:02:31.300 Just like I own a lot of life insurance, I also own gold.
00:02:33.880 So if you do want to kind of hedge yourself against what could happen with inflation as
00:02:38.260 well as what's happening with the economy today, I suggest you consider Gold Co.
00:02:41.680 when it comes down to buying your gold.
00:02:42.840 So vitamin viewers could get up to $10,000 in free silver and a free one-ounce silver
00:02:47.660 Ronald Reagan coin with a qualified order.
00:02:49.800 Call them today at 855-594-2758.
00:02:53.400 Again, 855-594-2758.
00:02:56.000 Or click the link below goldco.com forward slash PBD.
00:02:59.880 Here's the first one.
00:03:00.820 At the beginning, say yes to everything because later on, you're going to have to say no to
00:03:04.800 almost everything.
00:03:05.660 Here's what I mean by it.
00:03:06.440 Hey, you know, we're having this thing going on on Friday night.
00:03:08.740 There's going to be 100 people there.
00:03:09.820 You know, I want to invite you to come out and networking great.
00:03:12.100 You're like, I really don't want to go, but you go.
00:03:14.000 Hey, the Saturday afternoon, we got this one thing going on.
00:03:16.340 That's like, yes, no problem.
00:03:17.260 Obviously, outside of what your core business is that you have responsibility and commitments
00:03:21.240 to, don't drop your core responsibility running the company.
00:03:24.440 Hey, you want to meet this person?
00:03:25.580 Let's do Zoom.
00:03:26.080 Do you want to meet that person?
00:03:26.720 Let's go meet him.
00:03:27.260 You want to have a cup of coffee?
00:03:28.180 Yes.
00:03:28.420 I was doing six o'clock breakfast at Denny's, seven o'clock breakfast.
00:03:31.500 Like literally my 6 a.m. meeting would go till seven.
00:03:34.580 My 7 a.m. breakfast would show up.
00:03:36.260 On the first one, I would have eggs.
00:03:37.820 On the second one, I would have steak at Denny's and the same exact table.
00:03:40.660 Then eight o'clock, he goes to work.
00:03:42.320 I go to my office.
00:03:43.200 I have a meeting.
00:03:43.880 Then I have a lunch appointment.
00:03:44.860 I have three.
00:03:45.180 But I was, yes, yes, yes.
00:03:46.600 Late at night.
00:03:47.100 Hey, do you want to call me to this bar?
00:03:48.340 Let's meet at this 11 o'clock at night.
00:03:49.980 It's the only time I can meet you.
00:03:50.820 It doesn't matter.
00:03:51.660 Hey, I can meet you in San Diego.
00:03:53.400 And I want to introduce you to five months.
00:03:54.700 It doesn't matter.
00:03:56.280 I am driving.
00:03:57.200 I would put 30,000 miles per year on my car just to say yes to everything because I knew
00:04:03.480 I was one client away from making my first million.
00:04:06.700 I was one contact away, one relationship away.
00:04:09.320 That was my mindset.
00:04:10.280 So I was like, it's going to be this guy.
00:04:11.440 It's going to be that guy.
00:04:12.000 It's going to be this guy.
00:04:12.560 Eventually, I met a guy at a hotel near LAX who gave me 600 leads that made me my first
00:04:18.100 30, 40 million bucks just because of one contact.
00:04:20.760 But again, say yes to almost everything at the beginning.
00:04:23.260 I think later on when you make your 10, 100 million, you're going to have to say no to
00:04:26.640 almost everything.
00:04:27.640 Point number two, follow one religion. 0.99
00:04:29.280 What do I mean by this?
00:04:30.220 Like, think about what I see a lot of people doing that they don't create any momentum.
00:04:34.240 Like, I like the way how he does it.
00:04:35.540 Yeah, I'm going to do sales like this, but I want to do funnels like this, but I want
00:04:38.960 to do this like, but I want to do like this.
00:04:40.620 And what if we do this, but I like how this guy does it.
00:04:42.840 You're all over the place.
00:04:43.640 Pick one religion on how you're going to get your customers and clients and stop constantly jumping.
00:04:47.960 Oh, you guys do it this way.
00:04:49.440 Oh, I'm going to go to, oh, I'm going to go.
00:04:51.380 You're not creating any momentum.
00:04:52.460 So momentum is created from sticking to one philosophy and constantly fine-tuning your
00:04:57.180 philosophy and then constantly jumping all over the place.
00:04:59.540 Every time you see a new video with a new YouTuber that gives you a new idea, you switch your
00:05:02.900 philosophy of doing things.
00:05:03.920 You hurt yourself by doing that.
00:05:05.180 Pick a religion, stick to it, drive that philosophy until you create momentum.
00:05:10.680 Point number three is leverage.
00:05:11.900 Leverage is key.
00:05:12.580 And by the way, what I mean by leverage is leverage salespeople.
00:05:15.240 Leverage the right funnels.
00:05:16.540 Leverage the right contact.
00:05:18.040 Leverage the right relationship.
00:05:19.360 It doesn't matter.
00:05:20.260 Your main thing is to leverage.
00:05:21.960 It could be leveraging somebody else's money.
00:05:24.420 It could be leveraging somebody else that gave you an investment to help grow your business
00:05:27.740 at the beginning.
00:05:28.440 It doesn't matter if you want the faster way.
00:05:30.620 The key is to have some leverage.
00:05:33.080 You only have a certain amount of hours you can work in a week.
00:05:35.260 I would sit there and say, okay, I got 80 hours, 200 hours I can do.
00:05:38.140 How can I leverage this to be 100 hours?
00:05:40.080 Well, what if you got two salespeople that do 50 a week? 0.59
00:05:42.000 Okay, great.
00:05:42.500 How can I leverage?
00:05:43.180 Everything was about leverage, leverage, leverage.
00:05:46.220 So the ones that get there the fastest typically have the right leverage.
00:05:49.880 Tools, technology, software.
00:05:51.720 It doesn't matter.
00:05:52.520 Think, ask yourself, what can I do to leverage to expedite the process of making my first million?
00:05:57.920 And when you interview other people that are successful, ask them, what technology, tool,
00:06:02.020 relationship did you leverage to speed up the process of you winning?
00:06:05.380 You'd be amazed how much you can earn by asking people that question.
00:06:07.700 Point number four is protecting your credit score.
00:06:09.400 It's very, very important at the beginning stages of it.
00:06:11.440 It's kind of tough to do what you want to do if your credit score is in the 400s, 500s,
00:06:14.440 even 600s.
00:06:15.180 If you got a high credit score, that gains your credibility.
00:06:17.600 But also, credit score isn't just your FICO with Experian, TransUnion, or Equifax.
00:06:21.900 If you say you're going to be there at a certain time, be there earlier.
00:06:24.320 If you say you're going to send a certain email, do it.
00:06:26.200 If you make a commitment to certain people, keep them.
00:06:28.460 Protect your credit score because people will say, I can rely on this person because he is
00:06:33.480 very, very reliable.
00:06:34.820 When he or she says they're going to do something, they do it.
00:06:37.240 At the beginning, this matters.
00:06:38.400 It's always going to matter a lot, but it's going to matter even more at the beginning.
00:06:41.800 Point number five, at the beginning, it matters very much for you to specialize way before
00:06:45.640 you generalize.
00:06:46.500 Meaning, don't say, I do loans for $500,000, $10 million, $1 million, but I also do escrow,
00:06:52.040 I also do real estate, I also do this, I also do that.
00:06:53.920 Stop it.
00:06:54.480 Pick one.
00:06:55.000 Whatever it is, pick one of them and specialize.
00:06:56.940 You can generalize later on when you make your first million, but one of the biggest mistakes
00:07:01.240 to make before you make that is to constantly try to generalize.
00:07:04.500 Specialize.
00:07:05.360 One product, one niche, one market.
00:07:07.520 Master that, then generalize if you need to, but at the beginning, specialize.
00:07:12.060 Point number six, stop waiting for customers to come to.
00:07:14.520 They're not going to find you.
00:07:15.380 It's your job to go find them.
00:07:16.380 Meaning, prospecting's got to be to the roof.
00:07:18.160 Back in the days, I would go put fish bowls, and I would give away dry cleaners, and I would
00:07:22.060 put it up in five different places.
00:07:23.620 I would go to the local Subway, Quiznos.
00:07:25.420 I'm going to give away 10 foot long sandwiches for somebody that drops their business cards.
00:07:29.800 They would.
00:07:30.140 I would call one of them, win or send it to them.
00:07:31.800 Everybody else would love to take you out to lunch.
00:07:33.420 I'm a local business owner wanting to build relationship with yourself.
00:07:36.400 It doesn't matter what I was doing, but today, here's what I'd be doing today.
00:07:39.180 So, let's just say I live in a big city.
00:07:41.020 Let's pick LA, okay?
00:07:42.940 Let's pick Dallas. 1.00
00:07:44.380 In Dallas, metropolitan is the big city, right?
00:07:46.880 But I would go and look at the hashtags on Instagram outside of Dallas, say I'm a realtor.
00:07:51.200 Let's say Addison, I would go to the hashtag AddisonTexas, there aren't a lot of people
00:07:56.400 that are going to put a hashtag AddisonTexas, but then I would go on that hashtag AddisonTexas,
00:08:01.000 and I would see people that just use that hashtag, and I would network with them.
00:08:04.460 Hey, picture posted with the Cowboys jersey.
00:08:06.260 Hey, man, love the Cowboys jersey, got on, great to see another Cowboys fan.
00:08:09.600 And then you put those things out there, then you DM them.
00:08:12.460 So, what do you do?
00:08:12.980 I notice, I'd love to get together with you and talk to you and tell you what I'm doing.
00:08:15.960 You tell me, no problem.
00:08:16.800 And then maybe if you're real estate, you're developing relationships through that.
00:08:19.600 Maybe you're insurance, maybe you're finance, maybe you're product or something else.
00:08:22.540 But there are so many ways to prospect today.
00:08:25.960 Instagram, Twitter, LinkedIn.
00:08:28.440 To say prospecting has become easier than ever before is an understatement.
00:08:33.000 But you can't sound like everybody else.
00:08:34.780 You've got to figure out a way to do it in a more creative way.
00:08:37.140 It's almost like how a lot of people say, well, you know, he was kind of sliding in my DMs.
00:08:41.800 If you slide in people's DMs as a customer like everybody else is doing,
00:08:45.200 they're going to find that right off the bat.
00:08:46.400 You have to have a creative way to get to them where almost they're asking you,
00:08:50.960 what do you do for a living?
00:08:51.760 But anyways, if you want to make your first million the fastest, prospect, prospect, prospect.
00:08:56.640 Do not wait on people to find you.
00:08:59.120 You go find them.
00:09:00.200 Point number seven, make a list of the top 50 influencers you want to get close to
00:09:04.020 and then put a strategy on how to get close to them.
00:09:06.240 Let me give you an example.
00:09:07.080 So, let's just say hypothetically, you live in Kansas City.
00:09:09.660 And there's this realtor that's doing $3.2 million income last year.
00:09:13.180 And everybody knows who he is, right?
00:09:14.520 How do you get close to that person to have lunch or coffee with them, okay?
00:09:17.840 Maybe you're in real estate and you want to get close to the top three influencers who are in accounting
00:09:22.200 and they run an accounting firm and you want to get close to these guys
00:09:24.920 because accountants have clients who may want to purchase a home.
00:09:28.560 And so, that's your way of getting close to these influencers.
00:09:30.760 I put a list together of the top 50 influencers I wanted to get close to
00:09:34.860 and then strategy on how to get close to each one of them in my own creative way.
00:09:39.500 Once I got in front of them, you don't ask for nothing.
00:09:42.000 You don't sit there and say, let me tell you.
00:09:43.520 Here's what I'm looking for.
00:09:44.460 No.
00:09:44.720 All you say is, how can I help you?
00:09:46.460 You give them contacts.
00:09:47.740 You gift them a book, a relationship.
00:09:50.100 And then gradually, they're going to say, what do you do?
00:09:52.800 Once they ask you what you do, you tell them, here's what I do, X, Y, Z.
00:09:56.260 And then they say, I have somebody I want to introduce you to.
00:09:58.300 Fantastic.
00:09:58.880 But in a subtle way, you protect.
00:10:01.160 And you water these influencer relationships.
00:10:03.860 The more you water them, the more you water them, the more you water them,
00:10:06.600 all of a sudden, five of them are going to give you contacts that's going to change their life.
00:10:10.600 And that's exactly what happened to me.
00:10:12.200 Hang tight for this next one.
00:10:13.320 It's going to take me a minute to explain to you, but it's going to make all the sense.
00:10:15.520 For the right person, this may be the only point you'll remember.
00:10:17.660 I'm working at Bally's.
00:10:18.700 Bally's changes their comp plan.
00:10:20.240 This is 20 years ago, 23 years ago.
00:10:22.380 They changed their comp plan.
00:10:23.460 Guys that were making $150 are now making $50.
00:10:25.540 Everybody's looking at going elsewhere.
00:10:26.800 This is when Bally's went bankrupt.
00:10:28.540 24 Hour Fitness and LA Fitness bought a bunch of Bally's. 0.77
00:10:30.760 These five guys, I'm one of them, we're all looking to see where we're going to next.
00:10:34.820 One guy goes into real estate, works with this guy, picks up great habits from this guy,
00:10:38.480 makes $10 million, does very well, invested into real estate.
00:10:41.140 He's doing good now, makes, you know, a few hundred thousand dollars per year off his
00:10:44.520 investment properties.
00:10:45.460 He's very happy.
00:10:46.320 He's chilling.
00:10:46.800 He did the right thing.
00:10:47.640 10 years, he went on a 10-year run.
00:10:49.020 He did good.
00:10:49.460 The other two guys went after a cool guy to duplicate, who would always go to this club
00:10:52.960 called Garden of Eden.
00:10:53.940 Coke, drugs, X, everything.
00:10:55.980 They duplicated.
00:10:56.980 Oh, I closed this much money, but let's go do this.
00:10:59.580 Let's go do that.
00:11:00.280 Let's go do that.
00:11:00.920 These two guys were beasts.
00:11:02.360 I'm talking beasts of competitors.
00:11:04.200 Two of my favorite guys in a company that we were friends with.
00:11:07.140 So they went and worked under that guy for two or three years.
00:11:09.540 The next thing you know, they're starting their own company.
00:11:11.340 Guess what they're doing?
00:11:12.140 The same exact thing, except the worst.
00:11:14.160 One went to jail.
00:11:15.000 One lost three of his houses, a bunch of the Rolls Royce that he owned.
00:11:17.800 One got deported.
00:11:18.720 Tax situation.
00:11:19.320 Ugly, ugly situation.
00:11:20.720 Good people duplicated the wrong habits.
00:11:23.420 I chose to go to a different route, and I had, you know, good examples that I worked with.
00:11:26.820 A lot of personal life examples.
00:11:28.580 Those things, the things that matter the most.
00:11:30.020 Values, principles, all that other stuff.
00:11:31.640 That is almost as important creating your wealth as it is.
00:11:34.860 I'm going to work with a guy that's making millions, because you need the right principles.
00:11:37.940 It's not just about making the money.
00:11:39.000 It's also about keeping the money.
00:11:40.120 More is caught than taught.
00:11:41.820 If you do choose to work under somebody that's very, very good at what they do,
00:11:45.580 how they live their personal lives matters just as much as how much money and success they have.
00:11:50.140 This next one is so simple, but it's so hard to do.
00:11:52.360 Track your savings and your expenses.
00:11:53.900 Let me explain to you what I mean by this.
00:11:54.880 It was as simple as for me.
00:11:56.460 I liked a lemonade, but I would drink water, and I would put lemon in it, and sweet and low,
00:12:02.400 and turn that into a lemonade. 0.59
00:12:03.540 Tastes the same.
00:12:04.240 But I saved myself $2.
00:12:05.880 So if you did that three times a day, six bucks.
00:12:08.020 Over 300 times a year, you understand $2,000.
00:12:10.600 What's $2,000?
00:12:11.400 It was so...
00:12:12.200 I was driving a Ford Focus with a quarter million dollars in the bank, and everybody's
00:12:16.480 asking me, why the hell?
00:12:17.580 I eventually had to get a call from one of my chairmen who called me and said,
00:12:21.720 Patrick, it's embarrassing.
00:12:23.160 Go buy yourself a nice car.
00:12:25.080 I said, I don't want to.
00:12:25.800 I'm saving the money.
00:12:26.420 Why would I do it?
00:12:27.040 Trust me.
00:12:27.580 People are thinking you're broke.
00:12:28.840 I said, I just showed my statement.
00:12:30.020 I'm not broke.
00:12:30.620 Can you just get a car?
00:12:31.740 Finally, I bought a car.
00:12:32.960 Because for me, I understood.
00:12:34.860 Cash is king.
00:12:36.260 Cash allows me to work with a lot of confidence.
00:12:38.560 And if you're trying to grow at the beginning stages of what opportunities come along,
00:12:42.680 every 18th of the month, I would run my credit score.
00:12:45.060 I would track all my savings, all my funds, my investments, my expenses, my credit cards
00:12:49.880 with the highest paying, everything, every single 18th, I would do this report with myself
00:12:54.520 on this Excel spreadsheet that I track on a monthly basis.
00:12:57.720 So track your savings, track your expenses, and increase your income.
00:13:01.700 Point number 10, you're going to have a lot of distractions during this time.
00:13:04.160 A lot.
00:13:04.620 Girlfriends, parents, weddings, anniversaries, birthdays, bunch of distractions.
00:13:08.300 I eliminated negative distractions, and I replaced it with positive distractions.
00:13:13.260 Life is filled with distractions.
00:13:15.260 Being married is a form of a distraction, but hopefully it's a positive distraction.
00:13:19.460 Having kids is a form of a distraction, but is a positive distraction if done right.
00:13:25.120 Exercising is a distraction because it takes you a couple hours to spend time taking care
00:13:29.680 of your health, but it is a positive distraction.
00:13:31.600 The more positive distractions you have helps you eliminate negative distractions.
00:13:36.280 Negative distractions set you back.
00:13:38.240 Positive distractions help you go to the next level.
00:13:40.660 So find ways, make a list of all the distractions you have in your life today, and figure out
00:13:44.280 where to convert those to positive distractions.
00:13:46.160 Trust me.
00:13:46.620 Kids who go and finish high school without making any of the big mistakes, their parents did a
00:13:51.300 very good job creating positive distractions in their lives.
00:13:54.520 Just like you had some positive distractions in high school, you need the same old positive
00:13:58.860 distractions as an adult.
00:14:00.400 If you got value from this video, give it a thumbs up and subscribe to the channel.
00:14:03.500 I got another video I want you to watch, which I think I did five or maybe even six, seven
00:14:06.680 years ago.
00:14:07.260 11 skills to master as an entrepreneur.
00:14:09.480 If you've never seen this, click here to watch it.
00:14:11.040 Take care, everybody.
00:14:11.820 Bye-bye, bye-bye.
00:14:12.280 Bye-bye.
00:14:13.280 Bye-bye.
00:14:15.280 Bye-bye.