10 Rules For Making Your First Million
Summary
TLDRThis video outlines 10 rules for rapidly accumulating one's first million dollars, categorizing methods into fast, average, and slow approaches. It emphasizes the importance of saying 'yes' to opportunities, sticking to one business philosophy, leveraging resources, and protecting one's credit score. The speaker also advises on specializing early, proactively seeking customers, building relationships with influencers, choosing mentors wisely, tracking finances meticulously, and managing distractions to stay focused on financial goals.
Takeaways
- π The Fast Method: Aim to make your first million within 5-10 years with high risk and a chaotic lifestyle, often involving long work hours and high pressure roles like startup founder or sales leader.
- π€οΈ The Average Method: A balanced approach taking 10-20 years with mid-level risk, where you might support a chaotic environment but maintain a decent quality of life without being 'on call' 24/7.
- π‘ The Slow Method: A low-risk, quality life approach that takes 20-40 years, involving steady investments and property acquisitions that grow in value over time.
- π‘ Mindset Matters: The speaker emphasizes the importance of having the right mindset and being open to opportunities, which includes saying 'yes' to as many opportunities as possible early on.
- π Specialization Over Generalization: Focus on mastering one niche or market before expanding to others to build expertise and credibility.
- π€ The Power of Leverage: Use leverage in various forms, such as other people's skills, money, or technology, to expedite the process of making your first million.
- π‘ Protect Your Credit: A high credit score is crucial for credibility and accessing opportunities; ensure commitments are met to maintain reliability.
- π― Focus on One 'Religion': Stick to one method or philosophy for acquiring customers and clients to build momentum rather than constantly changing strategies.
- π Active Prospecting: Don't wait for customers to come to you; use creative methods to find and engage potential clients across various platforms.
- π Track Finances Closely: Keep a close eye on savings, expenses, and income, making adjustments to maximize financial growth.
- π Build Influencer Relationships: Create a list of key influencers and strategize on how to build genuine relationships with them for potential opportunities.
- π« Eliminate Distractions: Identify and convert negative distractions into positive ones to stay focused on the goal of making your first million.
Q & A
What are the three methods described for making the first million dollars?
-The three methods are the fast method, the average method, and the slow method. The fast method takes 5 to 10 years with high risk and low quality of life, often involving being a startup founder or sales leader. The average method takes 10 to 20 years with mid-level risk and a decent life, typically involving a supporting role in a chaotic environment. The slow method takes 20 to 40 years with little to no risk and a balanced quality of life, often involving steady investments and property ownership.
What is the main idea behind saying 'yes' to everything at the beginning of one's career?
-Saying 'yes' to everything at the beginning allows one to explore various opportunities and build a wide network, which could potentially lead to the first million. It's about being open to experiences and relationships that could be pivotal to one's success.
Why is it important to follow one 'religion' or philosophy for customer acquisition?
-Following one 'religion' or philosophy helps in creating momentum by sticking to a single approach and fine-tuning it, rather than constantly switching strategies and not gaining any traction.
What does the term 'leverage' mean in the context of making the first million dollars?
-Leverage refers to using various resources, such as other people's skills, money, or technology, to increase one's potential for earning and growing a business more efficiently.
Why is protecting one's credit score crucial, especially in the early stages of wealth creation?
-A good credit score enhances credibility and reliability in the eyes of others, which can be essential for securing investments, loans, and partnerships that are vital for wealth creation.
What does it mean to specialize before generalizing in the context of building a business?
-Specializing before generalizing means focusing on one product, niche, or market and mastering it before expanding into other areas. This approach helps in establishing expertise and a strong foothold in a specific area before diversifying.
Why is it important to proactively find customers instead of waiting for them to come?
-Proactively finding customers is important because it demonstrates initiative and increases the chances of making connections and sales. Waiting passively could result in missed opportunities and slower business growth.
What is the significance of creating a list of top influencers to get close to and strategizing on how to approach them?
-Creating such a list and strategy helps in building valuable relationships with influential people who can potentially introduce one to new opportunities, clients, or provide guidance that can significantly impact business growth.
Why is it crucial to track savings and expenses while building wealth?
-Tracking savings and expenses helps in understanding one's financial position, identifying areas of unnecessary spending, and ensuring that income is being allocated effectively towards wealth creation.
How can one deal with distractions while focusing on making the first million dollars?
-One can deal with distractions by identifying and eliminating negative distractions and replacing them with positive ones, such as exercising, building meaningful relationships, or engaging in activities that contribute to personal and professional growth.
What is the role of positive distractions in the process of wealth creation according to the script?
-Positive distractions, such as exercise, meaningful relationships, and personal development, help maintain focus and motivation, and prevent one from being derailed by negative distractions that could hinder progress towards financial goals.
Outlines
π Strategies for Earning Your First Million
The speaker introduces three methods for making the first million: the fast method, the average method, and the slow method. The fast method entails high risk and hard work over 5-10 years, such as being a startup founder or a salesperson. The average method involves a 10-20 year period with mid-level risk and a decent life balance, possibly involving equity in a company or being a skilled salesperson. The slow method is a low-risk, long-term approach, investing consistently over 20-40 years for a balanced quality of life. The speaker then outlines 10 rules for making a million quickly, starting with a mindset of saying 'yes' to opportunities and leveraging resources to expedite the process.
π οΈ Building Momentum and Leveraging Resources
The speaker emphasizes the importance of picking one strategy or 'religion' for acquiring customers and sticking to it to build momentum. He also stresses the value of leveraging salespeople, funnels, contacts, and relationships to multiply efforts. Protecting one's credit score is highlighted as crucial for credibility and reliability, especially in the early stages of business. Specialization is recommended over generalization to master a niche before expanding. The speaker also advises proactively seeking out customers and prospects rather than waiting for them to come.
π Cultivating Influencer Relationships and Financial Discipline
The speaker suggests creating a list of top influencers and devising strategies to build relationships with them, offering help rather than asking for it initially. He shares a personal anecdote about the importance of choosing the right mentors and habits, as duplicating the wrong ones can lead to negative outcomes. Tracking savings and expenses is presented as a simple yet effective habit for financial discipline, with the speaker sharing personal tactics for saving money. Lastly, he advises eliminating negative distractions and focusing on positive ones to maintain momentum towards financial goals.
Mindmap
Keywords
π‘Fast Method
π‘Average Method
π‘Slow Method
π‘Momentum
π‘Leverage
π‘Credit Score
π‘Specialize
π‘Prospecting
π‘Influencers
π‘Habits
π‘Expenses
π‘Distractions
Highlights
Three different methods to make the first million: fast, average, and slow, each with varying levels of risk and time commitment.
The fast method involves high risk, high pressure, and long working hours for a potential 5 to 10-year payoff.
The average method is a balanced approach with mid-level risk and a 10 to 20-year timeline to accumulate wealth.
The slow method emphasizes low risk, quality of life, and steady investments over 20 to 40 years to reach a million dollars.
10 rules for making the first million dollars, focusing on mindset and strategies for rapid wealth accumulation.
The importance of saying 'yes' to opportunities to increase the chances of finding the right client or contact.
Choosing one method or 'religion' for customer acquisition and sticking to it to build momentum.
Leveraging resources, such as salespeople, funnels, and relationships, to expedite the wealth-building process.
Protecting your credit score to maintain credibility and reliability in business dealings.
Specializing in one area before generalizing to master a niche market and then expanding.
Initiating proactive prospecting instead of waiting for customers to come to you.
Creating a list of top influencers and devising strategies to build relationships with them.
The impact of duplicating habits, emphasizing the importance of choosing the right role models.
Tracking savings and expenses meticulously to increase wealth efficiently.
Handling distractions by converting negative ones into positive ones to stay focused on wealth-building goals.
A call to action for viewers to apply the shared strategies and to subscribe for more entrepreneurial insights.
Transcripts
okay so we haven't done one of these
videos in a long time but you asked for
what we're doing here is 10 rules for
making your first million
[Music]
okay so let's get right into there's
three different ways to do it one is the
fast method the other one is the average
method and the other one is a slow
method the fast method you'll make your
first million within five to ten years
high risk High chaos low quality of life
for three to five years you're maybe a
startup founder maybe a salesperson
sales leader but a lot of pressure is on
you and you're working 80 hours every
single week you're working on Saturdays
a little bit of Sunday and you're going
on this for like five to ten years okay
so the second one is the average method
takes 10 to 20 years here's how this
looks your mid-level risk type of a
person your supporting role in a chaotic
environment with a decent life meaning
you don't want all the pressure to be on
you you don't want to be the person that
24 7 you're on call people are calling
you this didn't work that didn't work
you haven't dinner with your wife you
don't want that you're okay with having
some of it but not full-on founder
founder and you're okay with that you do
have Equity maybe in a startup that you
have an equity in the company eventually
maybe you earned that Equity company
that is your way of making the money or
you're a salesperson that's very good in
being a great Market you're very good
with clients you eventually make your
first Million last an elite is the slow
method takes 20 30 40 years this is
little to no risk you have a balanced
quality of life you come home at five
o'clock every night maybe six o'clock
every night you invest in a font maybe
300 a month at 12 rate of return over 30
years which ends up being a little over
a million bucks or you do a thousand
dollars a month at 12 over a 20-year
period you make your million dollars
maybe you buy a multi-family home and
you never sell it maybe your own home
you buy it you never sell maybe you've
got a couple different homes you buy the
first one take the equity into the next
one into the third one buy the fourth
one you're a millionaire that's the slow
method now what I want to share with you
is 10 rules on the fastest way to make a
million dollars with these 10 different
mindset I can come up with 50 of them
but I'm giving you just 10 of them in
this video so let's get right into it I
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first one at the beginning say yes to
everything because later on you're gonna
have to say no to almost everything
here's what I mean by it hey you know
we're having this thing going on on
Friday night there's going to be 100
people there you know I want to invite
you to come out and networking regular
like I really don't want to go but you
go hey this Saturday afternoon we got
this one thing going on yes no problem
obviously outside of what your core
business is that you have responsibility
and commitments to don't drop your code
responsibility you're running the
company hey you want to meet this person
let's do Zoom do you want to meet up and
let's go meet him you want to have a cup
of coffee yes I was doing six o'clock
breakfast at Denny's seven o'clock
breakfast like literally my 6 a.m
meeting would go till seven my seven a.m
breakfast would show up on the first one
I would have eggs on the second one I
would have steak at Denny's in the same
exact table then eight o'clock he goes
to work I go to my office I have a
meeting then I have a lunch appointment
at three but I was yes yes yes late at
night hey do you want to call me to this
bar and let's meet at this 11 o'clock at
night it's the only time I can meet you
it doesn't matter hey I can meet you in
San Diego and I want to introduce you to
five months it doesn't matter I am
driving I would put 30 000 miles per
year on my car just to say yes to
everything because I knew I was one
client away from making my first million
I was one contact away one relationship
away that was my mindset so I was like
oh it's gonna be this guy gonna be that
guy going to be this guy eventually I
met a guy at a hotel near LAX who gave
me 600 leads that made me my first 30 40
million bucks just because of one
contact but again say yes to almost
everything at the beginning later on
when you make your 1000 million you're
gonna have to say no to almost
everything Point number two follow one
religion what do I mean by this like
think about what I see a lot of people
doing that they don't create any
momentum I like the way how he does it
yeah I'm gonna do sales like this but I
want to do funnels like this but I want
to do dislike but I want to do like this
and what if we do this but I like how
this guy does it you're all over the
place pick one religion on how you're
going to get your customers and clients
and stop constantly jumping oh you guys
do it this way oh I'm gonna go with you
oh I'm gonna go you're not creating any
momentum momentum is Created from
sticking to one philosophy and
constantly fine-tuning your philosophy
then constantly jumping all over the
place every time you see a new video
with a new YouTuber that gives you a new
idea you switch your philosophy of doing
things you hurt yourself by doing that
pick a religion stick to it drive that
philosophy until you create momentum
Point number three is leverage let what
I mean by leverages leverage sales
people leverage the right funnels
leverage the right contact leverage the
right relationship it doesn't matter
your main thing is to leverage it could
be leveraging somebody else's money it
could be leveraging somebody else that
gave you an investment to help grow your
business at the beginning it doesn't
matter if you want the faster way the
key is to have some leverage you only
have a certain amount of hours you can
work in a week I would sit down now it's
okay I got 80 hours 200 hours I can do
how can I leverage this to be a hundred
dollars well what if you got two sales
people that do 50 a week okay great how
can I lever everything was about
leverage leverage leverage so the ones
that get there the fastest typically
have the right to leverage tools
technology software it doesn't matter
think ask yourself what can I do to
leverage to expedite the process of
making my first million when you
interview other people that are
successful ask them what technology tool
relationship did you leverage to speed
up the process of you winning you'll be
amazed how much you can learn by asking
people that question Point number four
is protecting your credit score and it's
very very important at the beginning
stages of it's kind of tough to do what
you want to do if your credit scores in
the 400s 500 even 600 if you got a high
credit score that gains your credibility
but also credit score isn't just your
FICO with Experian TransUnion or Equifax
if you say you're going to be there a
certain time be there earlier if you say
you're going to send a certain email do
it if you're making a commitment to
certain people keep them protect your
credit score because people will say I
can rely on this person because he is
very very reliable when he or she says
they're going to do something they do it
at the beginning this matters it's
always going to matter a lot but it's
going to matter even more at the
beginning Point number five at the
beginning it matters very much for you
to specialize way before you generalize
meaning don't say I do loans for five
hundred thousand dollars 10 million
dollars a million dollars but I also do
escrow also the real estate I also do
this I also do that stop it pick one
Whatever It Is pick one of them and
specialize you can generalize later on
when you make your first million but one
of the biggest mistakes to make before
you make that is to constantly try to
generalize specialize one product one
Niche One Market master that then
generalize if you need to but at the
beginning specialize Point number six
stop waiting for customers to come too
they're not going to find you it's your
job to go find a meeting Prospect things
gotta be to the roof back in the days I
would go put fishbowls and I would give
away dry cleaners and I would put it up
in five different places I would go to
the local Subway Quiznos I'm gonna give
away 10 foot long sandwiches for
somebody that drops their business cards
they would I would call one of them
winners send it to them everybody else
would love to take you out to lunch I'm
a local business owner wanting to build
relationship with yourself it doesn't
matter what I was doing but today here's
what I'd be doing today so let's just
say I live in a big city let's pick La
okay let's pick Dallas and Dallas
Metropolitan is the big city right but I
would go and look at the hashtags on
Instagram outside of Dallas I'm a
realtor let's say Addison I would go to
the hashtag Addison Texas there aren't a
lot of people that are going to put a
hashtag Addison Texas but then I would
go on that hashtag Addison Texas and I
would see people that just use that
hashtag and I would network with them
hey picture posted with the Cowboys
jersey hey man love the Cowboys jersey
got on great to see another Cowboys fan
and then you put those things out there
then you DM them so what do you do I
noticed I love to get together with you
and talk to you and tell you what I'm
doing you're talking no problem and then
maybe if you're real estate you're
developing relationships through that
maybe your insurance maybe your Finance
maybe your product is something else but
there are so many ways to prospect a day
Instagram Twitter LinkedIn to say
prospecting has become easier than ever
before is an understatement but you
can't sound like everybody else you got
to figure out a way to do it in a more
creative way it's almost like how a lot
of people say well you know he was kind
of slide into my DMs if you slide in
people's DMS as a customer like
everybody else is doing they're going to
find out right off the bat you have to
have a creative way to get to them we're
almost there asking you what do you do
for a living but anyways if you want to
make your first million the fastest
prospect prospect prospect do not wait
on people to find you you go find them
Point number seven make a list of the
top 50 influencers you want to get close
to and then put a strategy on how to get
close to them let me give you an example
so let's just hypothetically you live in
Kansas City and there's this realtor
that's doing three point two million
dollar income last year and everybody
knows who he is right how do you get
close to that person to have lunch or
coffee with them okay maybe you're in
real estate and you want to get close to
the top three influencers who are in
accounting and they run an accounting
firm and you want to get close to these
guys because accountants have clients
who may want to purchase a home and so
that's your way of getting close to
these influencers I put a list together
of the top 50 influencers I wanted to
get close to and then strategy on how to
get close to each one of them in my own
creative way once I got in front of them
you don't ask for nothing you don't sit
there and say let me tell you here's
what I'm looking for no all you say is
how can I help you you give them
contacts you give them a book a
relationship and then gradually they're
gonna say what do you do once they ask
you what you do you tell them here's
what I do x y z and then they see now
somebody I want to introduce you to
fantastic but in a subtle way you
protect and you water these influencer
relationships the more you water them
the more you water them the more you
water them all of a sudden five of them
are going to give you contacts that's
going to change their life and that's
exactly what happened to me hang tight
for this next one it's going to take me
a minute to explain to you but it's
going to make all the sense that for the
right person this may be the only Point
you'll remember I'm working at Bally's
Bally's changes their comp plan this is
20 years ago 23 years ago they changed
their comp plan guys that we're making
150 or not making 50. everybody's
looking at going elsewhere that's the
one Bally's was when bankrupt 24-hour
fitness and LA Fitness bought a bunch of
valleys these Five Guys I'm one of them
were all looking to see where we're
going to next one guy goes into real
estate works with this guy picks up
great habits from this guy makes 10
million does very well invested into
real estate he's doing good now makes
you know a few hundred thousand dollars
per year off his investment properties
he's very happy he's chilling he did the
right thing 10 years he went on a
10-year run he did good the other two
guys went after a cool guy to duplicate
who would always go to this club called
Garden of Eden Coke drugs X everything
they duplicated oh I closed this much
money but let's go do this let's go do
that let's go do that these two guys
were beasts I'm talking beasts of
competitors two of my favorite guys in a
company that was we were friends with so
they went and worked under that guy for
two or three years the next thing you
know they're starting their own company
guess what they're doing same exact
thing except worse one went to jail one
lost three of his houses bunch of the
Rolls-Royce that he owned one got
deported attacks that showed up the ugly
situation good people duplicated the
wrong habits I chose to go to a
different route and I had you know good
examples that I worked with a lot of
personal life examples those things and
things that matter the most values
principles all that other stuff that is
almost as important creating your wealth
as it is I'm gonna work with a guy
that's making millions because you need
the right principles it's not just about
making the money it's also about keeping
the money Morris caught then taught if
you do choose to work under somebody
that's very very good at what they do
how they live their personal lives
matters just as much as how much money
and success they have this next one is
so simple but it's so hard to do track
your savings and your expenses let me
explain to what I mean by this it was as
simple as for me I liked a lemonade but
I would drink water and I would put
lemon in it and sweet and low and turn
that into a lemonade tastes the same but
I saved myself two dollars so if you did
that three times a day six bucks over
300 times a year you own is that two
thousand dollars was two thousand
dollars it was so I was driving a Ford
Focus with a quarter million dollars in
the bank and everybody's asking me why
they have I eventually have to get a
call from one of my chairmans who called
me and said Patrick it's embarrassing go
buy yourself a nice car I said I don't
want to I'm saving the money why would I
do it trust me people are thinking
you're broke I said I just show my
statement I'm not broke can you just get
a car finally I bought a car because for
me I understood cash is King cash allows
me to work with a lot of confidence and
if you're trying to grow at the
beginning stages of what opportunities
come along every 18th of the month I
would run my credit score I would track
all my savings all my funds my
investments my expenses my credit cards
with the highest paying everything every
single 18 I would do this report with
myself on this Excel spreadsheet that I
track on a monthly basis so track your
savings track your expenses and increase
your income Point number ten you're
gonna have a lot of distractions during
this time a lot girlfriends parents
weddings anniversaries birthdays bunch
of distractions I eliminated negative
distractions and I replaced it with
positive distractions life is filled
with distractions being married is a
form of a distraction but hopefully it's
a positive distraction having kids is a
form of a distraction but is a positive
distraction if Done Right exercising is
a distraction because it takes you a
couple hours to spend time taking care
of your health but it is a positive
distraction the more positive
distractions you have helps you
eliminate negative distractions negative
distractions sets you back positive
distractions help you go to the next
level so find ways make a list of all
the distractions you have in your life
today and figure out a way to convert
those to positive distractions trust me
kids who go and finish high school
without making any of the big mistakes
their parents did a very good job
creating positive distractions in their
lives just like you had some positive
distractions in high school you need the
same old positive distractions as an
adult if you got value from this video
give it a thumbs up and subscribe to the
channel I got another video I want you
to watch which I think I did five or
maybe even six seven years ago 11 skills
to master as an entrepreneur if you've
never seen this click here to watch it
take care everybody bye bye
[Music]
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