How to get SO rich you question the meaning of making money

Making Money is Not About Working Hard

• The speaker claims to have made more money in a year than the CEOs several well-known companies combined.
• The speaker believes that expressing this success may create envy, anger, skepticism, confusion, or inspiration in different people.

“I was able to take home more in a year than the CEOs of McDonald’s, Ikea, Ford, Motorola, and Yahoo combined.”

Challenging the Notion of Working Hard

• The speaker questions the belief that one has to work hard to make money.
• The speaker disagrees with the idea that no one can outwork them.
• The speaker wants to prove this belief wrong.

“Who believes that you have to work hard to make money? Who believes that no one can outwork them? Well, I’m going to attempt to prove you wrong.”

Redefining Work

• The speaker believes that the traditional definitions of work, such as force times distance or the amount of time put into work, do not apply to knowledge workers.
• The speaker proposes a new definition of work: outputs equal volume times leverage.
• Outputs refer to how much you can achieve, and leverage refers to maximizing the results of your actions.

“Work equals outputs. Outputs equal volume times leverage.”

Working Faster and Getting More Output

• The speaker explains that working faster means increasing your output per minute of time.
• He emphasizes the importance of increasing leverage rather than just doing more activity.
• Examples are given to illustrate how leverage can significantly impact the amount of work done.

“To work faster, work rate equals the same thing divided by time. That is how you work faster.”

Outworking Your Competition through Leverage

• The speaker challenges the notion that working harder than your competition is the key to success.
• He proposes that outleveraging them is a more effective approach.
• Examples are provided to show how leverage can lead to more output even with the same amount of work or skill.

“If you want to outwork your competition, what you really should be doing is outleveraging them.”

Maximizing Output through Volume and Leverage

• The speaker explains that to increase output or enterprise value, one can either increase their activity volume or maximize their leverage.
• Volume refers to the number of times you take action, while leverage refers to the effectiveness of each action.
• Examples are given to illustrate how different factors, such as skill, dialer, and timing, can affect output.

“You can either do more activity or do it with more leverage to get more output.”

The Importance of Leveraging Time and Resources

• The speaker highlights the example of Warren Buffett, who made significant dividends from Coca-Cola despite spending less time working on it than the CEO.
• He emphasizes that leveraging time and resources can lead to greater output and success.
• The speaker encourages the audience to rethink their approach to work and industry competition.

“If you want to outwork your competition, what you really should be doing is outleveraging them.”

Using Leverage to Maximize Output

• The speaker provides examples of how leveraging different factors, such as automated dialers, skill, and timing, can lead to higher output.
• He emphasizes that more leverage allows for more output even with the same amount of work.
• The importance of focusing on high-leverage actions is highlighted.

“More leverage, same work, more output.”

Overall, the speaker challenges the traditional notion that working hard is the only path to success. He proposes that understanding and maximizing leverage is a more effective strategy for increasing output and achieving financial success.

Leverage is key to making more money

• Leverage is the difference between what you put in and what you get out.
• It is about maximizing your output for the time you invest.
• The game is rigged and leveraging your resources is the way to beat it.
• The more leverage you have, the more money you can make.

“Leverage is the difference between what you put in and what you get out.”

The importance of time in making money

• We all trade time for money.
• Money divided by time equals the rate of output.
• How we allocate and trade our time determines our financial success.
• Time is the one resource we all have equally.

“Time is the thing we all have, it’s about how we allocate them and what we get back for them.”

The journey of making money

• Making money is about leverage and trading your time for more output.
• It involves progressing through stages, from uninformed optimism to informed optimism.
• Many people get stuck in a cycle of starting something new without learning the necessary lessons.
• The key is to persevere and overcome the challenges along the way.

“The difference between video games and real life is that when you die in the video game, you restart a few seconds later. In entrepreneurship, you start years later.”

It’s Normal to Start Broke

• The speaker shares from personal experience that having multiple businesses doesn’t guarantee wealth.
• The faster you can get through the initial struggle, the faster you can start making money.

“I had nine businesses and I was broke. So I say this with the pain of experience… the faster you can get through it, the faster you will start making money.”

Grass is Not Always Greener

• People often believe that other industries or businesses are more profitable, but the reality is that challenges exist everywhere.
• The speaker’s CFO, who has experience in various businesses, emphasizes that all businesses have obstacles.

“Everyone thinks the grass is greener, but the other side’s still aligned with [ ___ ]. There’s [ ___ ] everywhere… Doesn’t matter what business it is, they all got [ ___ ].”

Focus and Specialize

• The speaker advises against diversifying too much and spreading oneself thin across multiple businesses or industries.
• Specializing in one area, becoming the best at it, and maximizing potential is the key to success.

“Just pick one… Why do you think you can’t build a billion-dollar roofing business just doing roofing and just getting better at doing roofing?”

Learn from Others and Avoid Mistakes

• Getting help and learning from other successful people allows for faster growth and reduces the chances of repeating mistakes.
• Making the same mistakes repeatedly hinders progress and prevents learning.

“Number four, make all the mistakes and own it. It’s the best way to do it… Don’t repeat it, especially if you’re like, ‘I’ve been here before.’ Do the same thing.”

Consistency and Compounding

• Building something extraordinary requires doing the same thing consistently over an extended period of time.
• The power of compounding allows for exponential growth and compounding results.

“If the vehicle you are in right now does not compound with time, then change the vehicle. Get into something that if you stick with it for an extended period of time, it would be unreasonable that you will be poor.”

Focus on One Business

• Waiting for one of many businesses to take off is a fallacy.
• It’s crucial to pick one business and focus on it to maximize its potential for success.

“The reality is that any of them could take off… but you can’t have them all. So you gotta focus, you gotta pick one.”

“You could have a billion-dollar roofing business, you have a billion-dollar GC business, you have a billion-dollar householding business, but you can’t have them all.”

The Power of Focus

• Being able to say “no” and focus on one thing is what leads to growth and success.
• It’s not about the things you pick, but who you are as a result of your decisions.
• Competing with someone who specializes in one thing is a losing battle.
• Focus means doing one thing all in.

“It’s who you are as a consequence of the decision that changes the outcome, not the vehicle.”

The Temptation of Shiny Objects

• Many people fall into the trap of trying to do multiple things at once.
• The temptation of shiny objects distracts and spreads your energy thin.
• Competing against someone who is trying to do many things is easier since you only have to do a fraction of their efforts.

“This is me with the red hair going to this guy who’s hopefully my competitor and handing him more plates… I’m just going to do this one thing.”

The Power of Focusing on One Thing

• True focus means putting all your energy and efforts into one thing.
• If you were to eliminate all side projects and only focus on one thing, it becomes much easier to grow and succeed.

“One thing all in… How easy would it be to grow that thing? Really f***ing easy.”

The Importance of Saying “No”

• Being able to say “no” to distractions and opportunities is crucial.
• The woman in the red dress represents alluring opportunities that can divert your attention.
• Saying “no” becomes harder as the opportunities get bigger and more tempting.

“You need to become the person who can say no to the woman in the red dress… The woman in the red dress becomes more seductive, more attractive the better you get.”

Flexing the Muscle of Saying “No”

• Learning to say “no” at every level of success is essential.
• Even if it means turning down big opportunities, it is necessary for long-term strategic vision.
• Saying “no” requires having difficult conversations and making tough decisions.

“All the riches you want are on the other side of a few hard conversations… and most people spend the rest of their lives not having them and being poor and wondering why.”

Becoming Resistant to Distractions

• Being able to resist distractions is a valuable skill.
• The woman in the red dress represents distractions that can spread you thin and make it hard to focus on your goals.
• Learning to say “no” to distractions requires discipline and perseverance.

“The woman in the red dress becomes more seductive, more attractive… and distract you and spread you thin so that you can’t keep your eye on the ball.”

Patience is About Behaviors

• Patience is not about not feeling impatient, but about controlling your behavior.
• It is the ability to resist acting on impulsive decisions and waiting for the right opportunities.
• Patience requires doing the activities that align with long-term goals despite feeling impatient.

“Patience is not not feeling impatient… it’s about not jumping on the opportunities despite feeling like shit about it and wanting to.”

The Seduction of Shiny Opportunities

• The more successful you become, the more tempting opportunities become.
• The woman in the red dress becomes more seductive as you gain more status and success.
• Learning to say “no” to attractive opportunities becomes harder as you progress.

“The better you get, the more status you get, the hotter the girl you attract… the woman in the red dress becomes more seductive, more attractive.”

The Danger of Spreading Yourself Too Thin

• Pursuing too many opportunities and not focusing can spread you thin.
• It becomes challenging to maintain clarity and focus on your goals.
• Eventually, being spread too thin can lead to feeling overwhelmed and getting stuck.

“The woman in the red dress spreads you so thin that you don’t know how to get out… and it feels like quicksand.”

The Importance of Behaving Loyally

• Loyalty is not about never feeling attracted to other opportunities.
• It is about not acting on those attractions and remaining loyal to your long-term goals.
• Behaving loyally requires making choices that align with your strategic vision.

“Loyalty is not necessarily about the fact that your eye doesn’t get caught every once in a while… it’s about what you act on.”

The Importance of Action Despite Feelings

• Just as courage is not the absence of fear but action despite it, patience is the same.
• It is not about not feeling impatient, but about acting in a patient and strategic manner despite the impatience.
• Patience requires aligning behavior with long-term goals, regardless of how you feel.

“Patience is not not feeling impatient… it’s about not jumping on the opportunities despite feeling like shit about it and wanting to.”

Gaining the mindset

• By repeatedly exposing oneself to uncomfortable situations, the negative feelings associated with them can fade away over time.
• Acting like the person who possesses the desired traits and beliefs can eventually lead to internalizing those qualities.

“To become that person, you just start acting like the person who has those beliefs and you behave in that way and then it will sink in.”

The importance of focus

• Distractions hinder progress and keep one poor, while focusing intensifies the results.
• Being better at the current activities can create leverage and yield greater outcomes.

“New distractions kill leverage and keep you poor. Focus multiplies it.” “You can create leverage in your business by being better.”

Embracing the mundane

• Doing the less exciting tasks that are known to be effective, such as split testing or following up on leads, can lead to increased profitability.
• Choosing to prioritize and focus on the known essential tasks rather than chasing new and exciting opportunities.

“Better comes from boring. It is not exciting to run your 38th split test on a landing page, but it does make you more money.” “Better is boring, and better gets you more for what you put in.”

Implementing what you already know

• The work that needs to be done is often already known but not acted upon due to a desire for more stimulating or exciting tasks.
• By taking action on the known essential tasks, one can achieve better results.

“Most of us know what to do and we don’t want to confront it because we want to do something more stimulating and exciting that makes us feel alive.” “Better is boring and better gets you more for what you put in.”

Coaching oneself

• Adopt a coaching mindset and ask oneself what advice would be given if coaching oneself.
• Often, the advice given to oneself is more intelligent than the decisions made in the moment.

“If I were coaching me right now, what would I tell me to do?” “Take your own advice. If you do that, I promise you’ll make more money.”

Avoiding distraction

• Being distracted and dividing focus can lead to a lack of financial success.
• Choosing to stick with and focus on one business or opportunity yields better results.

“The thing that forced you to jump into the next thing is the very thing that’ll make you jump out of the opportunity that could become your billion-dollar thing.” “The business becomes impossible if it’s not done right. Just do it right.”

“Don’t let your distractions dilute your focus.”

Focusing on One Thing

• Focusing on one thing makes it easier to stack the deck in your favor.
• When you focus on one thing for an extended period of time, it becomes unreasonable to fail.
• Doing one thing more than anyone else has done it makes you better.
• It becomes unreasonable that you would not be the best if you focus on one thing for an extended period of time.

“When you focus on one thing you make it unreasonable to fail if you do one thing for an extended period of time it becomes unreasonable to suck if you do it more than anyone else has done it you’ll be better than that.”

Putting in the Work

• Putting in the work is key to becoming the best.
• Taking massive action, such as making thousands of sales calls, is how you become skilled.
• To be the best at something, you need to do more of it than anyone else.
• The output you desire will become unreasonable to not achieve if you put in the necessary work.

“If you want to be the best salesman in the world, then have more sales conversations than anyone else has.”

Building a Solid Foundation

• Many people fail because they want to move fast and take shortcuts.
• It is important to have a solid foundation before trying to grow quickly.
• Building a strong product and focusing on quality takes time.
• Shortcuts and shortcuts only lead to failure in the long run.

“So many people start a restaurant, slap two pieces of wonder bread together, put a slice of bologna in there, and then market it like crazy. But everyone who has your food literally tells everyone that it sucks and never come back.”

The Power of Word of Mouth

• Negative word of mouth can undermine advertising efforts.
• Reputation and word of mouth can have a significant impact on the success of a business.
• Negative referrals result in higher costs and fewer customers.
• Shortcuts in marketing and promotion can lead to failure.

“If you run ads and it has become more expensive for you, disproportionate to the increase in cpms, then it means that you have negative word of mouth.”

Playing the Long Game

• Taking the time to build a strong foundation pays off in the long run.
• People struggle because they can’t see the big picture and want immediate results.
• Shortcuts and quick fixes may seem appealing, but they ultimately lead to failure.
• Waiting and taking the time to get things right will lead to long-term success.

“But on the long game 10 years from now, the guy who takes the first year to break even on that year just to get the product right makes everything easy.”

Boring but Better

• Boring tasks, such as split testing and role-playing, lead to better results.
• Leverage and efficiency are key to success.
• Going the extra mile and taking more time in the short term pays off in the long run.
• Doing what you already know you should be doing will lead to financial success.

“Doing all the un60 [__] that you aren’t doing but you should is the secret to success.”

Setting Unrealistic Business Goals

• The speaker had set a goal for himself for the last day of 2021.
• The goal was unrealistic and seemingly impossible to hit.
• However, he committed to surpassing it in Q3.
• The key was to commit to daily activities, rain or shine.
• The speaker advised the listener to do the same thing every day without worrying about the outcome.

“Who you are is forged in the repetitive act.” “It divorces the actions from the outcome.”

Leveraging Your Work for Success

• The speaker emphasized that work works on you more than you work on it.
• Becoming the person who isn’t satisfied with the outcome is important.
• Commitment to the activity you are doing is crucial.
• The speaker mentioned that the outcome is not irrelevant but being committed to the activity matters more.

“Your work works on you more than you work on it.” “Who you are is forged in the repetitive act.”

The Difference Between a 7/10 Book and a 9.5/10 Book

• The speaker discussed the significant difference between a seven out of ten book and a nine and a half out of ten book.
• He highlighted that the difference in sales between the two is about a thousand times.
• To achieve a 9.5/10 book, it requires about 20 times the work of a 7/10 book.

“About 20 times the work.” “About a thousand times the sales.”

Leverage and Opportunity

• Leverage is often missed because it looks like work and can be seen as distressing.
• The speaker highlighted that leverage is a 50x increase per unit of input.
• It is worth it, but it requires 20 times more work.

“An opportunity is missed by most because it looks like work.” “It’s a 50x increase per unit of input.”

Demonstrating Leverage Through Better Offers

• The speaker promised to cover three things.
• Number one is how making money really works through leverage.
• Number two is why making new things can make you poor.
• Number three is why better is leverage.
• He concluded with a demonstration of leverage in the real world by showing the leverage of a better offer.

“Number one is how making money really works leverage.” “Number two why making new [ __ ] is making you poor.” “Number three is why better is leverage.”

Leveraging Better Offers

• The speaker focused on the leverage of better offers.
• He used the example of selling a book for a thousand dollars.
• The point was to show how much money can be fetched for the same activity through leverage.

“The point is leverage of a better offer.” “Leverage is how much money it fetches for the same activity.”

Demonstrating Leverage Through a Book Sale

• The speaker performed an exercise to demonstrate leverage in real time.
• He took a single action and increased the leverage in front of the audience.
• The exercise involved selling a book for a thousand dollars.
• The goal was to show the riches that lie unlocked within their businesses.

“I’m going to take a single action and increase the leverage in real time.” “The exercise involved selling a book for a thousand dollars.”

Increasing Leverage with Added Value

• The speaker emphasized the value of a better offer.
• He highlighted the leverage of a book by adding additional value, such as positive reviews and autographs.
• The goal was to show the importance of increasing leverage to maximize the outcome.

“The leverage of a book by adding additional value.” “The importance of increasing leverage to maximize the outcome.”

“Please stand if that’s worth it for you with the book.”

Selling and Advertising

• The speaker wants more people to sign up for the calls.
• The speaker wants more people to buy at higher prices.

“People to sign up for the calls more”

Advertising Value

• The speaker will feature the audience member on his channel and distribute it across all channels, which currently gets about 10 million impressions.
• In terms of real advertising dollars, this translates to about a hundred thousand dollars in advertising.

“Right now that gets about 10 million impressions so in real advertising dollars it’s about a hundred thousand dollars in advertising”

Money Back Guarantee

• If you don’t make three times what you pay for the book, the speaker will give you all the money back and keep all the work that was done.

“If you don’t make three times what you pay me for this book, I’ll give you all the money back and keep all the work that we did”

Increasing Leverage and Volume

• The speaker explains how to increase leverage to sell and offer.
• Output comes from volume times leverage, so you must do more and get more from what you do.

“Output comes from volume times leverage. You must do more and get more from what you do”

Focusing on One Thing

• The speaker suggests focusing on one thing for a long time without distractions.
• By lining all actions to a single outcome, and saying no to everything except what matters most, success will eventually come.

“Anything can become big with time when you line all actions to a single outcome and you keep working at it. Your success will look effortless and obvious from the outside, but you will know that it came from years of saying no to everything except that which mattered most”

Scaling with Leverage and Acquiring Skill Sets

• The speaker explains how companies grow through leverage at acquisition.com.
• At acquisition.com, they recruit the right people (the “who”), provide them with the necessary information (the “what”), and show them how to scale their business (the “how”).

“Most entrepreneurs like the who, the what, and how to scale. At acquisition.com, we recruit the who, we give them the what, we show them the how, and once an entrepreneur has all three, the business scales by default”