I Spent $500,000 on Gurus. Here’s What I Learned…

Summary

The speaker reflects on investing over $500,000 in gurus and coaching, sharing key lessons to avoid such expenses. They recount experiences from $7 book wisdom to $70,000 masterminds, emphasizing the importance of self-respect and action over passive consumption. The narrative underscores that successful investment in mentorship should address specific frictions in one's business journey, advocating for systems thinking—a cyclical process of input, output, and analysis—to systematically grow and solve problems, ultimately leading to financial success.

Takeaways

• 📚 Investing in knowledge can be valuable, as evidenced by the $7 book that taught sales presentations and led to significant earnings.
• 🤔 The importance of self-respect and taking action on what you learn, rather than seeking external validation or motivation.
• 🚫 Avoiding high-end masterminds that only reiterate content found in more affordable resources, like books.
• 🔄 The realization that success often comes from focusing on a single product or strategy, rather than spreading efforts too thin.
• 💡 Systems thinking as a process for continuous improvement, involving input, output, and analysis to optimize results.
• 🚀 The potential for a small investment to yield massive returns, as shown by the $50,000 event leading to over a million dollars in sales.
• 📉 Recognizing when to seek mentorship, such as during business downturns, rather than during periods of success.
• 🚫 Being cautious of gurus who promise wealth and avoiding those that don't deliver on their promises.
• 🔑 Understanding that the most successful people are the ones who take action and implement what they've learned.
• 🤝 The value of networking and building relationships, which can lead to business opportunities even without direct learning.
• 💼 The story of Alex Becker, who leveraged a mastermind session to create a $100 million company, emphasizing the importance of seizing ideas and taking action.

Q & A

What was the first investment the speaker made and how much did it cost?

The first investment the speaker made was in an old internet marketing book by Russell Brunson, which cost only 7 dollars.

How did the speaker's encounter with a billionaire influence his decision to buy the book by Russell Brunson?

The billionaire advised the speaker to read books on money and business and invest in mentorship, which prompted the speaker to buy the book after realizing the importance of such investments.

What was the outcome of the speaker implementing the sales presentation techniques from the book?

The speaker implemented the sales presentation techniques from the book and made 48 sales in a day, resulting in 48 grand in revenue, and later 52 sales, achieving a six-figure month from a $7 investment.

What lesson did the speaker learn about the difference between the 99% and the 1% in terms of achieving success?

The speaker learned that the 1% achieve success because they do things the 99% do not, such as reading books on wealth, investing in mentorship, waking up early, and maintaining focus through healthy eating.

Why did the speaker regret investing $30,000 in Russell Brunson's Mastermind?

The speaker regretted the investment because they found that the Mastermind did not cover any new material that wasn't already in Russell's book, and they felt it was not worth the cost.

What was the speaker's realization about the types of people who invest in high-end masterminds?

The speaker realized there are two types: those who want to hang out with the guru and those who need the guru to reinforce what they already know from the book or program but haven't implemented.

What advice does the speaker have regarding investing in mentorship?

The speaker advises to invest in mentorship when things are not going well, as that's when a course correction is needed, rather than investing when things are already going well and risking shiny object syndrome.

What was the turning point for the speaker's business after investing in Sam Ovens' Quantum Mastermind?

The turning point was when Sam Ovens advised the speaker to delete 90% of their products and focus on one, which led to a significant increase in sales and revenue.

What was the most significant lesson the speaker learned from investing in MyON Golden's two-day event?

The most significant lesson was not to invest based on personal perception of what works but to invest in what actually works, as demonstrated by MyON Golden's ability to generate substantial sales.

What is the speaker's advice on how to approach investing in gurus and courses?

The speaker advises to take action, encounter friction, and then invest in a guru who can help remove that friction, repeating this process systematically to grow.

Can you explain the concept of 'systems thinking' as described by the speaker?

Systems thinking, as described by the speaker, involves an iterative process of input, output, and analyzation. One makes a change (input), observes the result (output), analyzes why it happened, and then makes informed adjustments to improve the outcome.