You can spend money enjoy life as long as this is the most important slide of the entire evening. Write it down. The king of high ticket sales. World’s highest-paid consultant . Media celebrity. Multi-millionaire entrepreneur. Acclaimed TEDx speaker. International best-selling author.
Dan Lok. You can spend money enjoy life as long as your first goal every year you keep increased — you keep you increase your earning ability your high income skill by at least 10%. By at least 10 percent.
Your second goal every year you were saved more than you saved last year.
Every year set a goal you will save more and more than you saved last year. Your third goal every year you will increase the amount you save in terms of a percentage of your income. That’s the most important piece. Your third goal every year you will increase the amount that you save in terms of a percentage of your income. I’m not asking you to to be cheap and to be frugal no I love my credit card. It’s not about that.
It’s about increasing your earning ability you follow the ratio as long as you have you put aside a certain percentage and you’re investing. Spend what you want. Enjoy life. How many of you like nice things? Yeah I like nice things I like I like I like nice things. I don’t look good in cheap suits. Yeah I like nice things so it’s okay to get the nice things.
If the problem is people making this much and then they spend that much. When I’m making that much and I’m spending this much I get by what the fuck I want. It doesn’t matter as long as I keep within that it’s okay yes? So next important slide this is it is it. Save more much more. That’s why the 10% stuff doesn’t work it is not enough. If you’re making 30- 40 K you save 10% doesn’t mean shit in 20 years.
It does not mean anything. You have to keep increasing your income and every year you want to save more much much more. So if you’re making less than $50,000 a year save what percent? What percent? 10 percent if you’re making $50,000 or more but less than 200 K save 15%. If doing 200 K or more a less than a half a million save 25%. If you’re doing half a million’s or more of a less than 2 million save 25 35 %. If you’re doing 2 million or more but less than 5 million say 40% if you’re making 5 million or more you should be saving at least 50%.
The rest you can spend whatever you want. Blow it however you want we reward yourself that’s okay.
But you need to increase your earning ability and that’s a combination of your scalable business and suppose your high income skills. That’s the sly that’s the sly this is how we have many people in the audience. Jeremy has experienced this he’s made a lot of money flow a lot of money. Earl has – where’s Earl? Come to the mic. Come to the mic, come to the mic my friend. A round of applause.
How much money I just saved you man? Shit I wish I knew this by then. I know okay go ahead yeah whatever story you didn’t follow this what happened. I did not follow this I didn’t follow the wealth triangle thing either I totally didn’t. I actually skipped all three steps somehow made fifty million bucks and then screwed everything. Yeah so so yeah so the worst day of my life I lost 48 million dollars was a bad day. So so yeah so yes this this system makes so much more sense now like like all the pieces that he’s kind of puttin together and the puzzle here makes absolute sense right that high-end scam skill. Guess I’ve rebooted I’ve come back I’ve done the high income skill.
I’m actually sitting around the 200 ish thinger but I’m not saving 25 so shit. I gotta do that so with you but yeah so so all the stuff that all these stuff he’s talking about here this this all makes much so much more sense. It’s it’s like that compounding effect and you’ve got backup plans for everything which is what’s really key right.
So the the stuff I’m getting from this from this this this this talk is really that high income skill is super super super important and that that growing of that high income skill I can see now that that’s what you’re falling back on but since it’s growing year-over-year you’re not falling back on something less. You’re not falling back on something that’s negative that’s right so so yeah but if you guys if you if you if you want I’ll share the story over a beer whatever. I’ll let you know how I lost forty eight million bucks just don’t do that just. Question yes yes okay good question.
When I say save it means put money aside. I know what I do okay I like to spend so I would have multiple accounts I make sure once the money is safe because he will talk I will pay yourself first right nobody does it. This is theory nobody does it. So what I do just see for myself that when I make the money I pay truly move the money into account that I don’t touch it.
Yeah it sits in the bank, then when I accumulate enough then I’ll go to other investments I want to make right so that’s been saving.
Put it — so I have some people are than entrepreneurs that they actually have a like a bank account and tell the manager once I put money in don’t let me take it out. Like I don’t care you need my thumbprint whatever one its in don’t let me touch it. I don’t care if they say my house burned down need the money don’t let me touch it right. Like it said they elected discipline that happens too but once you put it away no but now with personal income of course it’s not personal income it’s business income because whenever you get taxed right so guys like us we taxed to the highest income bracket anyway right so it’s business income. Yes Yes yes yes but that also again I’m not your accountant right talk with the accountant depends on where you are in income bracket but consult with a professional or what’s the most tax advantage way of do it and depends on what type of investments you want to make as well right.
So consult with with a professional important thing is the ratio the problem is most people’s the income grows their spending increases. You can increase but just follow the ratio. Anything below that you can spend Oh spent have some fun but as your income grows you should have this. Make sense? Now there’s a most important slide now I know yes? It’s up to you if you want to accumulate wealth faster of course right. You can do all the tricks well Dan there’s an after tax after expense and all this after the bank fee you can play all that game.You know right it’s all to you truly is up to you but the more you save and I’m not keep in mind I’m not saying being cheap I’m not talking about that I’m talking about your how you manage your money.
If as your business grows the income grows you put aside money and here’s what’s interesting about money I’ll talk about the psychology of money for a second that people talk about that a lot of the theories you get from different financial books it’s very logical. Yes it’s very logical the problem is we are human beings we are emotional we are not logical so I have people who are very very cheap have you ever watch Extreme Couponing and those sappy shows? It dive in a dumpster and they buy like 200 toothpaste and then 300 shampoo right the problem with that is you are training your mind although you feel like you’re saving money but you’re actually training your mind to have a lot of scarcity and fear about money. Versus the abundant mindset that I know I’m making more I’m putting money aside and here’s what’s very interesting that’s why I talk about the FU money idea.
It’s not it’s not so much always it’s it’s the attitude or you know not care about the world is you are yeah you have such financial confidence when you and when you have money when you’re putting money aside that discipline that any business deal any client you’re talking to you you’re not desperate. You come across confident you come across you know what I’ve got a solution you’ve got a problem I could help you in exchange of money you want my help glad to help you. You don’t want to do business doesn’t really affect me when you have that kind of attitude when you’re at that place guess what money comes to you much faster.
Money comes to you when you don’t need it money doesn’t go to the people who desperately need it. Because all money does all the people in Hastings will be filthy stinking rich. Money goes to people who don’t need it. Money goes to people who can multiply it so when you’re from psychology wise when you are well you know what that’s okay I mean are they happy now putting I have my money aside. I’m saving I’m investing I’m okay well you know what let’s do some business from that place of strength people love it.
People go then how many can sense when you’re dealing business with people and they’re just get spread and they need it in any money right now having seen those people?
Do you like doing business with those people no on the other hand how many sense you’re doing business with a professional and you know they’re professional they know their shit and they got the goods and you know they charge a lot but you know they can produce results right yeah and you’d like to do business with those people. Because success attracts success Success attract success and that’s why I kind of elevate you guys come here dressed up can’t get rich looking poor.
You cannot get rich looking for you can’t get rich feeling poor either. That’s why the elevate it’s not about the suit is not about the policies about upping your game. You want to charge more money be more professional. Dress nicer casual doesn’t matter you know at home doesn’t matter in business never get a second chance to make a first impression.
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