Act As If You'll Become Successful - How To Invest Like A Millionaire Ep.7

Summary

In this motivational talk, Dan Lok encourages entrepreneurs to embrace an abundant mindset, act as if they're already successful, and prioritize generosity over frugality. He contrasts a scarcity mindset, focused on cutting costs, with one of abundance, where investing in skills and relationships leads to greater success. Dan highlights the importance of 'relational capital' and emphasizes how acting generously and resourcefully can open doors to wealth. Through personal examples of upgrading his lifestyle and viewing expenses as investments, he demonstrates how a mindset shift can pave the way to lasting prosperity.

Takeaways

• 😀 A high-level investor operates differently from a lower-level investor, with a focus on upgrading skills and generating relational capital.
• 😀 Act as if you are already successful and wealthy, adopting an abundant mindset rather than a scarcity one.
• 😀 Being frugal or cheap won't make you rich; you can't get to the top 0.1% by being tight-fisted and overly cautious with money.
• 😀 Generosity in business helps build strong relationships, while being a cheapskate leads to a poor reputation and fewer opportunities.
• 😀 Relational capital, or the value of your relationships, can generate infinite wealth and is often more important than actual capital.
• 😀 Saving money by cutting expenses and being cheap can lead to financial stagnation, while investing in growing your income and upgrading your lifestyle is key.
• 😀 Developing an abundant mindset can help attract wealth more easily, while being fixated on saving or being frugal can create a feeling of scarcity.
• 😀 Wealth is about making money through valuable skills and opportunities rather than focusing solely on saving it or being conservative with spending.
• 😀 Making money is not that hard if you have the right skills in sales, marketing, and business. The real challenge is in keeping and investing it effectively.
• 😀 Shift your mindset from 'I can't afford it' to 'How can I make it make me money?' This approach leads to resourcefulness and growth.
• 😀 Comfort and success come from aligning your lifestyle with abundance, setting higher standards for yourself, and pursuing opportunities to increase income rather than cutting corners.

Q & A

What is the main message of the video?

The main message of the video is that in order to succeed at a high level, one must adopt an abundance mindset, focus on upgrading their skills, and act as if they are already wealthy and successful. The speaker emphasizes the importance of being generous in business and not holding onto a 'cheap' mindset.

What does 'act as if' mean in the context of the video?

'Act as if' refers to adopting the mindset and behaviors of someone who has already achieved success or wealth. The speaker uses the example of choosing a limousine over a cab to infuse himself with the feeling of wealth, which helped boost his confidence and performance.

Why does the speaker criticize the idea of 'saving' as a means to get rich?

The speaker criticizes the idea of saving as a means to get rich because he believes that saving small amounts (like cutting back on daily expenses) will not lead to significant wealth. He argues that entrepreneurs should focus on increasing their income by improving their skills, not by being frugal and cutting expenses.

What is the difference between being frugal and being generous in business?

Being frugal can create a reputation of being a 'cheapskate,' which makes it difficult to form lasting business relationships. On the other hand, being generous can build trust and relational capital, leading to more opportunities and a positive reputation, which helps to generate more wealth.

What does the speaker mean by 'relational capital'?

Relational capital refers to the value that comes from relationships and networks in business. It is more valuable than just financial capital because it can open doors to more opportunities, deals, and partnerships.

How does the speaker approach business decisions differently than those who think in terms of scarcity?

The speaker focuses on opportunities and solutions rather than thinking about what is 'too expensive' or 'unaffordable.' He prefers to ask how he can make something profitable or how it can make him money, instead of simply rejecting opportunities due to cost.

Why does the speaker choose to fly private and how does this relate to his mindset?

The speaker chooses to fly private as part of his mindset of living abundantly and surrounding himself with the success he wants to achieve. He believes that acting as if you're already wealthy, like choosing a private flight, aligns with his goal of achieving that lifestyle.

What is the significance of the speaker's new home purchase?

The new home purchase is part of the speaker's strategy of making assets that support his lifestyle. Instead of viewing the house as a liability, he finds ways to make it profitable, such as saving time and money by working from home and avoiding external expenses like a gym membership.

How does the speaker define wealth creation?

The speaker defines wealth creation not as simply saving money, but by constantly upgrading skills, taking risks, and making smart investments. It involves thinking in terms of abundance, making money through sales and marketing, and not letting small expenses hold you back.

How does the speaker's approach to money differ from traditional views?

The speaker's approach to money focuses on abundance, generosity, and making money through smart investments and opportunities. Traditional views, in contrast, focus more on frugality, saving, and living below one's means, which the speaker believes limits potential for true wealth.