The SIMPLE Way People Make MONEY Without Working Harder! | The Money Making Expert
Summary
TLDRThe 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.
Outlines
😀 How to earn more money and become financially free
The first principle is that income follows assets - the more assets you accumulate, the more income you'll earn. Some assets to accumulate: brand, databases, company culture. For someone starting out with little money, invest in your own skills and development. Money is also about relationships - build relationships with people who have money flowing. Host networking events and dinner parties to meet new people.
😊 What makes someone stand out when reaching out cold
Cold outreach messages stand out when the sender shows they've done research on you, offers you something valuable in return, and has an interesting profile showing they're proactive. But you can't expect a high response rate - it's a numbers game. If someone doesn't respond, don't take it personally, just keep reaching out to others.
😃 His personal investment strategy and business creation approach
He finds investing boring so just puts spare capital into index funds like S&P 500. He prefers expanding businesses optimistically based on ideas he likes rather than analyzing risks like typical investors. His excitement comes from creating investable businesses, not just placing his own chips.
Mindmap
Keywords
💡Assets
💡Relationships
💡Invest
💡Income
💡Passive Income
💡Formalize
💡Capital
💡Inflation
💡Optimist
💡Romanticize
Highlights
The first principle is income follows assets - the more assets you have, the more income you'll earn.
Money is relationships - if you don't have a lot of money, you typically don't have a lot of relationships with people who have a flow of money.
If you have $100 a month to invest, trying to invest $100 a month is not going to change your life - instead, invest in yourself by developing skills.
Host dinner parties and reach out to influential people you don't know yet to build relationships.
Don't reach out to famous people who get tons of requests - instead reach out to accomplished, successful mentors.
Personally with $100 a month I would take interesting people out to dinner to invest in relationships.
When doing an outreach, show you've done research on the person and offer them something valuable in return for their time.
Don't get hung up if someone doesn't respond to an outreach - try more people as it always comes around again.
My personal investment strategy is extremely boring - I just put available capital into index funds like the S&P 500.
I don't like investing, I like creating expansive businesses. I'm an optimist, while great investors are often pessimists analyzing risks.
I make money by pouring energy into businesses I romantically want to exist rather than thinking about where to invest money.
The exciting thing is not placing my own investment chips, it's creating businesses where others want to invest.
Become part of the small % of viewers that have subscribed - it helps us tremendously.
The bigger this channel gets, the bigger the guests I can get.
Please subscribe if you love the dver CEO brand and watch this channel.
Transcripts
let's talk about money let's talk about
it we're in a cost of living crisis in
the UK and many countries around the
world are either in or on the brink of
recession so one of the most popular
questions we've had at the dire of CE in
the last 3 to six months is about money
people's concern about their own money
spending finance and saving if I'm
someone out there now that has I don't
know $100 or1 pound worth of disposable
income every month or if I have ,000 or
£10,000 what should I be thinking about
as it relates to creating more money and
making myself financially free the first
thing is you just want to earn more um
people massively settle for how much
they could earn um so the first place to
I think to invest is in yourself but
here's the first principle the first
principle is uh income follows assets
income follows assets means that the
more assets you have the more income
you'll earn if I own if I want rental
income first I need a house if I want
dividend an income I need shares um if I
want to be paid as a brand ambassador
first I need a brand so essentially the
more we can accumulate assets the more
easy and effortless the money flows so
um we have to figure out well what
assets could you accumulate and what
assets could you formalize and own I
wrote a book called 24 assets and I
listed out all the different digital
assets that are new economy assets that
people could have things like brand and
positioning things like databases things
like company culture is an asset now so
I talk about how do you formalize those
things if someone's just starting out
and they've got 100 a month to be to be
perfectly honest trying to invest 100 a
month or any of that it's not going to
do anything it's not going to change
your life but if you put that into your
own skills and your own development um
let's say you don't have negotiation
skills well there are courses that you
can take for $100 that give you
negotiation skills let's say you don't
know how to close sales you can take a a
course on how to make sales let's say
you don't feel confident public speaking
you could do public speaking course
um so there are things that allow you to
gain your skills the other thing too is
money is relationships so if you don't
have a lot of money you typically don't
have a lot of relationships um you might
have a limited number of relationships
or a limited number of relationships
with people who have a flow of money
when you have a high degree of
relationships with people who've got
money flowing it's very effortless for
that to flow to and from you as well so
you might have to invest in
relationships um when I arrived in the
UK I knew that that uh one of the places
that I would meet interesting people
would be private Banks so I didn't
qualify for private bank but I went into
a private bank and I said I'm going to
be launching a business and of course
it's going to be great and successful I
want to bank with a private bank um can
I do you have an entrepreneurs program
oh yeah we did and they start selling me
joining the entrepreneurs program now it
cost me £600 to open an account with
that private bank but they immediately
invited me to dinners and they invited
me to
networkingsocial of the things that I've
recommended a lot of people do is host
dining uh dinner parties uh and reach
out to people who you don't know uh
here's a here's a silly story I was just
in Dubai and I know someone who has a
100 foot yacht so I said Jeremy can I
borrow your Yacht for the evening um I'm
going to be putting 15 really
influential people for a dinner party uh
we're going to have burgers on the boat
and he and he said oh great can I come
and I said of course you can come it's
your boat right and he
so he said great that'll be exciting so
he basically said you can you can host
this party on on my 100 foot boat so I
reached out to all the people who I
didn't know and I said hey we're putting
together burgers on the boat would you
like to come along and have some burgers
with interesting people and then they
came along and I made the investment
into relationship um now the funny thing
is a lot of people say oh but you know
someone with 100 foot yard funny thing
is I I think plenty of people who have a
boat especially in Dubai it sits empty
most of the time you could reach out to
30 people and say we're going to do it
on someone's boat would you like it to
be your boat with or without your energy
so making investments into
relationships is a really powerful thing
for $100 a month personally what would I
do with $100 a month take people out to
dinner that would be my number one
investment i' I'd probably be taking
people out to dinner why the investment
into the relationship so I would be
inviting the most interesting people I
could possibly invite uh if I had the
ability for $100 a month I guess that's
one dinner so I would reach out to
someone interesting and say I've seen
your story I've seen what you're
interested can I take you out for lunch
can I take you out for dinner it's my
shout I'd love to get to know you a
little bit better obviously don't do
that with someone who's famous you get a
hundred of those a day I get plenty of
those a day reach out to someone who's
not famous but who's accomplished who's
successful who's who's a mentores type
person not necessarily a superstar but
someone who's a few steps ahead take
those people out to lunch take them out
to dinner what you say in that message
that you know you talk about calls I
talk about emails
what what would someone have to say to
you considering where you are in your
life now with all the inquiries you get
for you to actually go for a coffee with
them
um so bear in mind everyone's going to
email you and say this yeah yeah well it
happened today actually someone said um
Daniel I noticed in the background of
one of your photos that you have an
amazing Fender Strater I teach people
how to play guitar um I would love the
opportunity to do a guitar lesson with
you and help you to shred on that guitar
and it was really nice he had watched my
podcasts in the past he had noticed the
guitar he reached out with something
that was valuable for me and he said I'd
love to have a chat with you and teach
you how to play some guitar and I
obviously I'll have a chat with him
while we do that but that was a really
it was it was a very sense uh it was
very it felt like a a good connection I
also had a look at his um profile and he
looked like a really lovely person you
know who's who's getting on with doing
stuff there's a bit of With Or Without
You energy as well in terms of you know
I can see this person's up to stuff so I
look at that and I go he did some
research on you MH he offered you value
in an area where you were potentially
seeking or looking for the value yep oh
that's definitely true if you've seen me
play
guitar but that's that's like the core
component and I I feel the same way that
I I I try and figure out why sometimes I
reply to these cold Outreach messages
but 99.9% of the time I don't and it
tends to be the case that the person
will say they'll show that they've done
some kind of research on me which is
good for your ego like everyone has an
ego you want to feel like someone
actually cares and then they'll offer me
something in return for way do you know
I did this to you I don't even know if
you remember you and I were both
speakers at a conference right and we
were in the elevator and I prepared for
you a really nice leather um briefcase
and it had your uh created the happy
sexy millionaire thing and we we gave
all the speakers one of those you
weren't that special we had we had some
for all the but anyway it was
interesting cuz I actually have done
that with you and we never ended up
following up with you and you never
followed up with us but here's here's
the thing I want to share that no I want
to share that because sometimes it
doesn't work right sometimes you have to
send out like when I sent out 3,000 cold
DMS to launch a business I didn't expect
3,000 people to respond I expected 30 or
40 people to come back to me when I gave
gave that to you do you remember it I
remember getting a briefcase and I'm I'm
trying to I do I do quite a lot of
public speaking these days so um we only
had like a five like a two-minute
interaction and I said hey this is a
little gift for you inside we've created
something for you have a look um was it
something I had to scan was there
something scannable in there yeah we'
we'd built you a little landing page
campaign yes I remember yeah I remember
getting in the car and saying to my team
oh this is cool yeah and then of course
it gets past the team and they're like
yeah yeah fair enough put that on the
pile of cool things um so the point is
is I'm saying that to say these thing
you don't want to get hung up on the
idea that one person's like in that same
event we gave that same thing to another
really well-known person they've gone
with it and they're like um you know
millions of followers and they're one of
our clients now so we have With or
Without You energy which is when when my
team do this we pick 30 or 40 people
who'd make amazing connections and
contacts in our VIP Outreach team and
then we reach out to them and we expect
maybe two or of them to get back to us
so it's that idea of you know don't like
if someone messages you and you don't
message back it's not the end of the
world there are other people you can
message and there's a and look what
happens there you go it comes around
again it always comes around again if
it's if it's meant to happen it'll
happen so what about people you know so
many members of my team speak to me and
ask me about investing they might have
tens of thousands to invest or whatever
but I'm curious about your personal
investment thesis with a with a capital
that you have spare what you you do with
it to create more money
so what does your portfolio look like
it's extremely boring I just stick any
available Capital into S&P 500 what's
the S&P 500 for anyone that doesn't yeah
the top 500 stocks in the US so
essentially any government that inflates
its currency anywhere in the world that
money will hit the economy and it will
eventually make its way back to the top
500 companies in the US through spending
or that Capital will end up being put
into the S&P 500 which inflates it so
one way or another it's going back to
the top 500 companies in the US so it's
almost impossible to beat the S&P 500 I
hate investing it's not my thing I like
expansive business creation I'm an
optimist uh great investors are often
pessimists they're very good at thinking
what could go wrong and they analyzing
risk I hate that so for me
personally I want to as much as possible
expand the portfolio of businesses that
I think should exist in the world and
and I've always made my money by just
saying I romantically like the idea of
this business existing and I'm going to
pour my energy into it and it's going to
become worth millions rather than think
about where I want to invest money I
want to create something that's
investable for other people to put money
into because that's how you really make
money so the exciting thing is not
placing my own chips the exciting thing
is creating something where others want
to place chips into that if you love the
dver CEO brand and you watch this
Channel please do me a huge favor become
part of the % of the viewers on this
channel that have hit the Subscribe
button it helps us tremendously and the
bigger the channel gets the bigger the
guests
5.0 / 5 (0 votes)