The SIMPLE Way People Make MONEY Without Working Harder! | The Money Making Expert

Summary

The video discusses how to earn more money and achieve financial freedom. The first principle is that income follows assets - you need to accumulate assets like property, stocks, and brands in order to generate passive income streams. It's also crucial to invest in relationship building, as money flows through networks. For someone with a small amount of disposable income each month, the advice is to use it to take influential people out for meals and build connections that way. For larger sums, Daniel Priestley simplicity invests spare capital into the S&P 500 index. The most exciting route for him is creating investable assets that others want to put money into, rather than just placing his own chips.

Takeaways

• 😀 Income follows assets - the more assets you have, the more income you can generate
• 💰 Invest in yourself first - build skills, knowledge and relationships
• 🤝 Money is relationships - build your network to increase money flow
• 🍽 Host events and take people out to dinner to build relationships
• 👥 Reach out to people more accomplished than you for mentoring
• 📈 Getting a return on $100/month is difficult - focus on personal growth
• 🎸 Cleverly personalized outreach can grab someone's attention
• ❤️ With or without you energy - try many things, some will work out
• 📉 Daniel hates investing, he prefers expanding businesses
• 📈 Daniel's investment portfolio is simple - 100% in S&P 500 index funds

Q & A

What does Daniel mean when he says 'income follows assets'?

This principle means that the more assets you accumulate, the more potential income streams you can create. Assets like rental properties, shares, brands, etc. can generate passive income over time. So building assets allows income to effortlessly flow later.

What does Daniel suggest as a good way to invest $100 per month?

Daniel suggests using that $100 per month to invest in yourself, your skills and relationships. For example, taking a course to improve negotiation, sales or public speaking skills. Or using the money to take influential people out for coffees/meals to build relationships.

What stood out in the cold outreach email that made Daniel want to respond?

The person had clearly done research on Daniel, noticed a guitar in his videos, and offered to give Daniel a lesson to help him improve his guitar skills. The offer of value in an area Daniel was interested in made it a genuine connection attempt.

How does Daniel actually invest his own spare capital?

Daniel puts any spare money into an S&P 500 index fund. He believes government money printing will eventually make its way back to the top US companies. So the S&P 500 is a simple way to invest without needing to analyze individual stocks.

Why does Daniel prefer expanding businesses rather than traditional investing?

He enjoys the creativity and optimism of building businesses. Whereas investing requires more risk analysis which he finds boring. Daniel would rather create an investable asset that others want to put money into.

What was the briefcase and landing page campaign that Daniel mentions?

At a conference, Daniel's team gave custom briefcases to all the speakers. Inside was info leading to a personalized landing page for each speaker. It was an attempt to start a relationship and conversation.

Why doesn't a cold outreach attempt always work?

You can't expect every person to respond positively. The goal is to contact several potentially good connections, provide value, and if even 1 or 2 respond that can lead to fruitful relationships.

What assets does Daniel suggest accumulating?

In his book '24 Assets' Daniel talks about digital assets like brands, databases, company culture etc. that can be formalized and made investable. The more diverse assets you own, the more income streams open up.

How can you access relationships with wealthy people?

Daniel gave the example of joining an entrepreneurs program at a private bank, even though he didn't qualify at the time. It granted him access to networking events to build relationships.

Why focus on building assets rather than trying to invest small amounts each month?

Building assets allows for scalable income streams later. Trying to invest tiny amounts each month won't make a significant difference. Better to use that money to improve skills, relationships and develop assets.