- Be a go-giver. Impact a million people, give a ton value to people, you will make a million dollars.
- The Law of Effection: the more you affect people’s lives (# of people affected), the richer you will become. It’s all about scale and magnitude.
More Value + More People = More Money
The 5 Laws of Effection:
- Commandment of Need: Don’t invest in businesses that don’t solve problem or fulfil needs
- Commandment of Entry: Have something unique or an unfair advantage that prevents your competitors from entering the same market/niche.
- Commandment of Control: Don’t relinquish control. Be in full control of your business. If you depend on one manufacturer, one customer, one franchiser, an affiliate program, or another business that gives you business. You don’t have control. If you don’t have control in your business, you don’t have control over your finances. The one person that you depend on has all the control over your business and your finances.
- Commandment of Scale: Don’t trade time for money. Don’t operate on a small scale. Create something that can scale.
- Commandment of Time: Don’t let the startup be an event instead of a process.
- If you’re not getting wealthy, then STOP doing what you’ve been doing.
- Don’t wait for 40 years, draw one paycheck, and become wealthy, to not being able to enjoy at 60. Do what makes you wealthy now. You won’t have the energy that you have now to enjoy or do good to others with the wealth that you will get in the future rather than if you get it now.
- Wealth is a process. Not an event. Wealth, like fitness, requires hard work, discipline, and delayed gratification. You have to keep trying and doing stuff even if it doesn’t pay off immediately. PATIENCE is the keyword. Being risk averse, quitting early, not putting in the hard work is not the way towards wealth.
- “By working faithfully eight hours a day you may eventually get to be boss and work twelve hours a day” — Robert Frost
- Create a money tree. i.e. Build a business system. Not just a business. e.g. Rentals, Software Products, Video Content, Distribution Systems, Franchise Systems. A system that makes money while you sleep.
- If you want extraordinary results, you need extraordinary thinking. Have a decision-making process for everything. Use the Worst Case Analysis (WCA) or the Weighted Average Decision Matrix (WADM) [Google them]
- Your time is finite and always decreasing — treat it as such. Focus on the right things.
- Focus on one thing at a time. One business at a time.