Big Life

Dan Lok | 3 Reasons Why Most Entrepreneurs Fails | Big Life

2020-01-25T19:34:00.001-08:00

One of the hardest parts of entrepreneurship knowing where to get started. Everyone tells you, go ahead and start that business, or invest in some imaginary coin, or start that Shopify store in 15 minutes and it doesn’t cost you anything. Well here’s what they don’t tell you, inventory costs money. Or maybe it’s some digital marketing opportunities or some consulting opportunities that you can get clients overnight even though you have no experience and no credibility. Or maybe you have an idea, you have a great idea but you don’t know how to get started. So to give you some clarity I wanna share with you three reasons,

3 Reasons Why Most Entrepreneurs Fail.

1, Following Fake Gurus:

You see the great thing about the internet is there’s so much information out there. The sad thing about the internet is that nowadays everyone is an expert, everyone is a guru. They’re all telling you to do this and don’t do that, everyone and their brother-in-law, their dog has got an e-commerce store right now. And they’re telling you to hey just follow my system and you’ll live the life of your dreams. My question to you is if you ask yourself, if you think critically, what qualifies them to give you advice? Most of these so-called experts, they come and go. I’ve seen it for so many years, right? See the name of the game is not getting rich, the name of the game is staying rich. Most of these so-called gurus or experts, they’re gonna fly by night, they do not last. It’s like fireworks. (Imitates firework)A lot of noise and later on nowhere to be found. Isn’t it true? So if you notice, who you learn from is much more important of what you learned. Are they truly proven, are their models proven to work’ different market conditions and in different circumstances? And if you really think deeply, really think about it that will eliminate 99% of them. And these gurus are telling you trends that might disappear overnight. Then you’re building your future on quicksand instead of on a solid foundation. So ask yourself, are these trends going to be around one year, two years, three years, five years, ten years from now, that’s what you wanna focus on.

2, Trying To Doing Things In The Wrong Order:

Let’s take for example that you want to start a Shopify store, yes it kind of doesn’t cost you a lot but inventory costs you money. So you invest the last few thousand dollars you have, you go all-in into this particular venture. Hopefully, that will work, my question is, what if it doesn’t work? What if it, the product, don’t sell? You put all your life savings, the little bit of money that you have, into it and then now what, what do you do? Where do you go from here? You see instead of doing that and putting all your eggs in one basket, the best thing you can do is start investing in yourself first. Invest in a skill set that you can deliver to the marketplace in an exchange of money. This dramatically lowers your risk. And then when that is working then you can start your business.

3, The Inability To Turn Prospects Into Customers Or Clients:

Michael Gerber, from E Myth, talks about this. Most people, they’re actually not entrepreneurs. They are technicians suffering from an entrepreneurial seizure, meaning that they are very good at the technical work, at the thing, but they don’t understand how the business works. They do not know how to sell. See, the number one skill that you need as an entrepreneur, as a business owner, is the ability to close. If you don’t close sales, you will not bring in revenue. And with low revenue, you don’t have a business. And yet most people, they get into business without developing that skill set. Most people don’t know how to communicate. Fewer know how to sell, almost no one knows how to close. When you can close, anyone at any time, it means that you have the ability to generate revenue at any moment. Then you can create revenue for your company and that is the number one skill that you need to make sure that your business is successful. If you’ve made it this far, I hope you find this eye-opening and really consider these three reasons before you go out there and start your own business.

Dan Lok | How To Hit Your Biggest Goals In 2020 - Big Life

2020-01-11T06:10:00.001-08:00

Definition if you have a goal a definition if you know you've set a goal and you're very clear you know exactly how to accomplish it your goal is too small. Your goal is too small if you know what here's my goal and I see a very clear path getting there your goal is to fucking sue, you should have a such a big goal you know what man I have no clue how I'm gonna get there no ideas no context but that's what I want so bad. I'm gonna make it happen I'd only carry I don't care if It takes six months I think if it takes a year I don't think it takes ten years. So when it comes to goal-setting you have to be very specific so making money that's a wish that's a dream a goal is I want to make a hundred thousand dollars in income by the end of the year or in the next twelve months right that's a goal it has to be very specific and very precise.

What do I need to do what do I need to focus on what skills do I need to upgrade usually when you have a goal that you need to learn and upgrade your skills or upgrade your your mental capacity, because chances are whatever that you're capable of right now your skill your mentality gives you this kind of result but if you want to get to that next step the next level chances are you're gonna have to to be better to learn more to become more you don't need to wait till the end of the year you know how people in January we always have that new year resolution right.

I want to lose weight I want to be more successful I want to do this I'm gonna write that book I want to do whatever and then they have this new year resolution and then fed by February they're losing momentum by March they're like oh my god is not happening then they'd wait till December like Christmastime year-end it's all my god, I'm a loser I didn't accomplish my goal. I didn't set out what I was gonna do you don't need to do that with this mentality every single day you ask yourself what am I doing today to move they be closer to that goal so reverse-engineered.

Let's say you have a goal instead of just keeping that to yourself and say I'm gonna work on there I'm gonna work on there and when I get there then I'm gonna tell other people about it, no do the opposite do what I do kind of home worry about it declare to the whole world this is who I am this is what I'm gonna do this is who I want to be these are my goals and you tell the whole freak in the word about it. The world will hold you accountable just like my YouTube channel I declared, in the beginning, I'm gonna hit a hundred thousand subscribers we did that I declared their work we're gonna hit a million subscribers by the end of 2018 with it done. Now we've declared the word we're gonna hit ten million subs guess what we're gonna do that. I don't hide to myself and say oh I'm just keeping it to myself these are this is my goal no I'm gonna tell the world we're gonna do it we're gonna do and I, we're gonna do it together.

So if not just let me get busy let me do more shit I get frustrated you think a little bit deeper look we've seen yourself hmm do I have unrealistic expectations you want to adjust them look within maybe I need to work on my skill sets I need to get some training I need to get some consulting I need to take some courses work on that's how you don't get frustrated that's how you make shit happen you don't make shit happen just working and busy no you make shit happen but after adjusting this and upgrading your men talking you

Dan Lok | Why Aren’t You Successful Yet? - Warning: This Will Offend You | Big Life

2020-01-10T09:15:00.000-08:00

You’re watching my videos. You’re watching other people’s videos. And you watch other motivational videos every damn fucking day and you wonder to yourself, how come you’re not successful yet? What is missing? What is that missing key? Now what I’m gonna share with you might shock you, it might disappoint you, you might be offended, I don’t give a fuck. Let me give you the truth. You have to understand something here. Whenever someone on YouTube making a video, when I’m giving you advice, I am talking to you but I’m also talking-to millions of people. Because of that, that advice cannot be so custom-tailored. When I’m talking to a millennial who is still in school, trying to figure life out, or versus I’m talking to a CEO of a Fortune 500 company, the advice I would give them is very, very different. So one size doesn’t fit for all. So you have to learn when you’re watching anyone, including me, you’re learning from anybody, you need to learn to filter.

Does it make sense for me? How do I take direct action? How did this apply to me? Don’t take anybody’s advice as so literally. You need to learn to think for yourself, to think independently, and hey you know what does that make sense? How would that work in my situation? See the biggest problem is, there is no excuse, there is no excuse to be dumb, for you to be dumb, with so much information out there that you could find out things, you go to Google. You know back there when I had to learn something when I had no money, I had to go to the library. I had a library card. I would go to the library and I would borrow a whole bunch of books and every single week, I would go back to the same library and I would borrow different books. That’s how I learned because I was hungry for information, I was hungry for experience, I was hungry for knowledge and now with you, you can just go on YouTube, you can go to Google, you can just type, and you have access to so much powerful knowledge and information. There’s no excuse to be dumb. There’s no excuse not to know something.

You don’t have to like it, but you cannot know it. Being dumb is just bad. Being dumb and broke, that’s really bad. See I was broke, but I was never poor. You see, being broke, that’s temporary, simply a cash flow problem, but being poor, that’s eternal, that’s a mindset issue. That’s a difference between poor people and broke people. I was broke but my mindset, I always knew what I could accomplish. The excuse of not looking your best, not showing up professionally, that you’re not dressing to perform, you never get a second chance to make a first impression.

You have to understand it doesn’t matter how many videos that you watch, from me, from anybody, there’s one thing you have to know, watching a video, you will never get to where I am today just watching my videos, because when you’re watching someone, when you’re learning different concepts, yes you are learning, but there’s no skill being transferred. You could watch Michael Jordan slam dunk a thousand times, you’re not gonna be Michael Jordan. You can watch Michael Jackson perform a thousand times through video, you’re not gonna be Michael Jackson because it’s no skill being transferred. With this kind of media, the best you can get is what to do, at the very best. To me, when there’s skill transfer, it means that now I’m breaking down, I’m not just telling you what to do, I’m breaking it down, how I do it, why I do it, and most importantly, how you can do it.

My fans who watch me and follow me on social media, that’s good, that’s nice. But my students who learn from me, who I skill transfer to them, why their success, why their acceleration, why they accomplish so much more and so much faster than anybody else because I’m transferring my skills to them. I’m not just giving those bits and pieces of information, I’m downloading my skills to them, so they could do and they could perform at a very, very high level, that’s the difference. So you have two choices, do you keep watching videos and videos and videos and videos, and that’s all nice and its entertaining, and sometimes I call that it’s like mental porn, right its exciting, it’s cool, and you feel like you’re doing something. You ain't doing shit. Unless you’re developing your skill, unless you’re working on your skill, unless you’re getting better, it doesn’t matter.

Dan Lok | How To Make $500 A Day From YouTube - 3 Ways To Earn Money On YouTube In 2019 | Big Life

2019-07-27T02:44:00.002-07:00

Are you thinking of starting your YouTube channel and you're not quite sure exactly, how do you make money on YouTube? Or maybe you already have a YouTube channel and you have some followers and you have some subscribers and you're creating content and your uploading videos, but you're not quite sure exactly how do you monetize it. Today I'm going to share with you, three ways that you can earn money on YouTube. Now the first way is probably the most common way that YouTubers earn money and that is through

1.Google AdSense,

Now in case you don't know what that is, it's very simple. You have to know that Google owns YouTube, and Google, obviously you've seen those Google ads, right? Google is an advertising platform. So, what it means is when you click on a video, remember when you click on to watch one your favorite videos, right from your favorite YouTubers like, Dan Lok, and you will see an ad that pops up, it's called a pre-roll but before the video and you see little skip button right there, that skips the ad, that's an ad. Or sometimes you see the ad on the right side or see the ad when you click to type in a search keyword, you see the ad on the top, that's an ad. Now an ad means that an advertiser is paying to be there. And when you click on the ad, it means the advertiser's paying Google some kind of money and then Google will pay us the YouTubers a small percentage of that money for "featuring" that ad on a channel, it's that simple. Now, the problem is with Google AdSense you need a lot of subscribers and I mean a lot of views, to make any decent kind of money. It depends on your niche, your topic, what your channel is about, that will affect how much advertisers are willing to pay to run ads on those channels. So that's way number one, Google AdSense.

2.Merchandise

Now the second way is what I call Merchandise. I'm talking about selling mugs, tee shirts, right. Umbrellas, things like that that has your logo on it. That maybe your fans would like to own just a piece of that, right. They would want to buy that tee shirt, they would want to buy the little button, they will buy whatever the little merchandise, usually these are what I call very low ticket items. You sell them for five bucks, 10 bucks, 20 bucks, and if you have a lot of fans, I mean like millions of fans and for some of them they might wanna buy the tee shirt or you have a very strong personality-brand. That the people actually love what you do and they love what your message stands for, then you can make some money like 500 bucks, a thousand bucks, 2,000 bucks or more on YouTube, that's perfectly fine.

3.Brand Deal

The third way is Brand Deal, now what does that mean? It means brands, companies, they are willing to pay you, the YouTubers, a decent amount of money or even a significant amount of money, if you have a big YouTube channel that is the right demographics for the brand. Now they're paying you to create what we call a Sponsorship video, an endorsement video, where they're paying you to make a video to put on your channel for your fans to see. Maybe it's to create some more brand awareness. Maybe sometimes it's some kind of promotional campaign where they click on it to take advantage of some kind of a offer or some kind of free trial, whatever that might be. So, Brand Deal, that's another way that you can make money.

So, let's recap - AdSense, Merchandising or Brand Deal. Now those are very common ways that YouTubers try to make money. Make $500, a thousand dollars, 2,000 dollars. Now, personally I don't really make money from any one of those three ways. I don't like making money from those three ways. I make very, very little from these three ways, however, I have made a lot of money from YouTube.

Dan Lok | How To Introduce Yourself And Others | Big Life

2019-07-22T22:13:00.004-07:00

Yo man, this is Dan Lok, how are you doing, man? Give me a high five, nice to meet you! No. That is not how you introduce yourself in a business setting. Maybe your high school buddy, that’s okay, right? You never get a second chance to make a first impression, a good first impression. I am shocked because I’ve been to so many different business functions and networking events, and you see entrepreneurs and business owners are professionals, they meet people. Very often, it’s pretty awkward. They don’t know how to introduce themselves. They don’t know how to do the proper handshake. They walk up to people, maybe not that extreme. But sometimes they’re not so well-equipped with exactly what you just say, so today I wanna give you some tips, when you meet with someone, how do you make that good first impression? How do you introduce yourself or, sometimes, how do you introduce others? Maybe you wanna introduce this person to this person. What’s the proper way to do that in a, kind of business, more formal setting, and okay? So when you meet someone, like a stranger or someone that you just meet, you don’t want to be overly excited. You don’t want to be overly eager. Like,

#Example, you meet someone, Hey nice to meet you! You’re shaking their hand like, Oh yeah, very nice to meet you! (Fucking Fast Introduces Yourself)

You don’t want to do that. You want to be nice and calm. You want to be a professional. If you’re an introvert and you’re meeting someone, take your time, right? Slow down, just put your hand, just, Hey. And you can, let me give you a very simple way to introducing yourself. My name is...And you wanna take your time, I notice a lot of people, when they introduce their name, especially if your name, it’s more difficult to pronounce. Or maybe, with your last name, it’s not so common, right? Then, take your time. Enunciate it. Slow down.

So don’t just rush it, then people don’t understand. They don’t remember your name, so my name is, take your time. So, my name is Dan Lok. Lok, Dan Lok. From there, right? My name is, your hand, like this. Shake the hand, firm handshake, just like that. Sometimes you might do something like this, your handshake, and then you put your handover the shoulders like that, and that’s good too. My name is, so if you want to bea little bit more, right, just a tiny little bit more intimate from here to here. You want to build that connection.

It’s a pleasure meeting you. So, my name is Dan Lok, shake hand, It’s a pleasure meeting you. See that? Very, very simple. Very, very simple. When you’re introducing others, sometimes what you want to do is let me introduce you to my friend here. Right, and you want to introduce them. It’s almost you’re presenting someone. What you don’t want to do is this. Hey, here’s my friend here. You see how, like, who is this person? You want to set this person up for success, make an intro properly. It’s almost you present Hey, this is my friend, John here. From here, you’re presenting, like that, and from here. A very, very simple thing. But you notice, most people don’t do it well. So when you’re introducing yourself, now, sometimes you can say it’s a pleasure to meet you.

Sometimes you can say Nice to meet you. Depends on the setting. But you’ve got to practice it. You’ve got to be practicing the timing of it. As simple as that, the first few seconds, that’s how you make the first impression. And from there, you might say, transition that into a second questions. So, Hi my name is Dan Lok. Very nice to meet you. Right? What brought you to this event? From there, you can have a dialogue you can get to understand more of what they do, how you can add value, what business are they in, just go from there. And making eye contact, make sure when you’re making eye contact, you don’t, let me do a wrong way. Oh hi, yeah, my name is Dan Lok, and nice to meet you. See how I’m not making eye contact, you feel like you’re hiding something. Look at them, look them in the eyes. Hi, my name is Dan Lok. Very nice to meet you.See? So what brought you to this event? Boom, just like that. So, practice it.

Dan Lok | How To Invest: How To Invest Your First $1,000 | Big Life

2019-07-21T07:57:00.000-07:00

How to invest, investing your first $1,000.Maybe you’ve just earned you first paycheck, or maybe you have been working for some time, now you’ve put aside a little bit of money, what is the best way to invest the first $1,000? Now, let me give you a few options. There are a few things that you could do. Number one, you could just blow it, right? You could spend that money on drinks, or on a little trip, or you can spend that money on buying some video games, and things like that. You could, could just blow that 1000 bucks and you won’t get a return or anything like that, in fact, but you’ll get some pleasure out of it. Its leisure money, you could do that, but that’s not called investing. That is just spending money. Now, another thing that you could do is maybe you’re thinking about, well, maybe you can buy a little bit of mutual fund, you can buy crypto currency, or you know, you use that money for something, and you could do that, too. The question is even if you put that money aside and you invest it for long term, how much of a difference does it actually make to your financial future, right?

Another thing that you could do, which may be something you could do, maybe you have some credit card debt, right? Or maybe you have some debt that you want to pay off that has a high interest rate. Obviously if credit card, it’s gonna be very difficult for you to put that $1,000 to work that will get a better return than the interest that you’re paying for your credit card, so maybe use that money to pay off some debt. That may be a way to go as well. But, so I always say you don’t really actually have a debt problem, you have an income problem, right? Think about the debt that you have right now, right? The amount of debt. Maybe you have a few thousand dollars in debt, maybe you have tens of thousands of dollars. In some cases, maybe even $100,000,your student loan, your credit card, your mortgage, whatever that you have, but I want you to think about with your current income, how much you’re earning right now, how long would it take for you to pay off that debt?

How long would it take for you, with your current income, to pay off the debt, the money that you owe to other people? Chances are, a long, long time, so you don’t have a debt problem, you have an income problem, and at the end of the day, your income problem really is your skill problem. You don’t have an income problem, you actually have a skill problem. You don’t have a valuable skill that you can offer to the marketplace in exchange for more money so you can earn more income, so that $1,000, I’ll share with you what I did.

Number 01. I did not just go out there and just blow it and spend money on stupid things. I did not do that. Number 02 I did not use that money to pay off the debt, because I was owing people so much money that that little bit of money, that didn’t help, because all the businesses that I got into that I fail at, all the money I owe, that $1,000 didn’t even make that much of a difference. I know that wouldn’t make a difference. What I did is I invested money into myself. I believe the best investment that no one could compete is you invest that dollars into yourself, improving yourself. Now, for some, it maybe is taking a public speaking course, right?

Going to Toastmasters, spending a couple hundred dollars to improve your communication skills so you could be more confident when you talk to people. For some, maybe it’s going through a personal development course that would help you to develop that self-awareness, knowing yourself more. And for some, maybe it’s learning how to sell, or for some, it’s learning how to talk to people, for some, its learning how to do copy writing. Whatever it is, or how to do digital marketing, but invest that money in yourself. Buying that book, $20, $1,000 you can buy a lot of books, and if you buy Kindle and eBooks, you can buy even more. Maybe it’s going to a seminar, going to a workshop. Maybe it’s take an online course.

Whatever that is, invest in yourself? That’s the best investment that you can make. Imagine this, you are, let’s say, making $2,000 a month, $24,000 a year, but by using that $1,000 and you invest in yourself. Improving your skills, improving your confidence, improving different areas of your life so you can deliver more value to the marketplace. Now, let’s say, hypothetically, you double your income. Instead of making 2,000, now you’re making $4,000 a month. $4,000, that’s $24,000 in addition to income to you. That kind of return from $1,000 to $24,000 a year, my question is, what kind of investments would give you that kind of return? None in the world, and that’s just the first year. Once you get good, you can keep earning and earning, after year after year after year, you’re still producing income from something that you learned, could be two, three, five, 10 years ago. I am still creating wealth, earning more from the skills sets that I developed many, many, many years ago. No one could take that away from you.

The government cannot tax it, no one can steal that from you. It is yours. It is yours, so that $1,000, invest in yourself. It will never go wrong. Your first $10,000, invest in yourself. We invest in yourself. Believe in yourself. Bet on yourself. Don’t bet on others, don’t bet on a stock, right? Invest in yourself first. Once you earn more money, yes. Once you have developed the earning abilities, then yes, that extra, now, you don’t just have $1,000 put aside. You have way more that you put aside. Then yes, you can look into other investments, and that’s my suggestion for you. How to invest, investing your first $1,000.

Dan Lok | Stop Thinking Like This If You Want To Be Rich | Big Life

2019-07-20T08:26:00.000-07:00

Have you ever wondered why you work very hard yet you don’t get ahead financially? I remember when I was 18-19 years old that I was hustling and trying to do side jobs and try to make a living. Try to support my mom, but I could never get ahead financially. I was desperate for money. I wanted to make more money to be able to provide for my family, but I could never get ahead. And I realized that there is something in my belief system back then that was holding me back. So, you need to stop thinking like this if you ever want to get ahead financially. If you ever want to be successful, if you want to be rich. You see, moneys a very interesting thing. Money doesn’t go to the people who are desperate for it. It’s not enough to say, I want to make more money Oh, I want to increase my income I want to pay off that debt that’s not enough, right? If you want to make more money, money earned is a byproduct of value creation. So at the time I wanted to make more money, but I couldn’t make more money because I wasn’t upgrading my skill sets.

If you wanna make $1,000,000, solve $1,000,000 problem. Right? If you want to make $100,000,000, solve $100,000,000 problem, right? So don’t chase money. Chase problems. What are some of the problems in the marketplace that you could solve? Maybe only you could solve that you could bring to the marketplace? You’re unique skills, your expertise, and your talent you bring it out there, right. You solve people’s problems. Or you see a need in the marketplace that’s not being fulfilled. Your product, your service, your brand that could fulfill that need better than anybody else. You could also make more money. It’s not enough just to sit around and hope that things will change. To hope that you make more money, to hope that things will turn around. You need to be proactive about it.

I want you to think about money as a money tree. And most people want to have more fruit. They want to have better fruit, and they look at that tree, look at the money tree, and say, I’m not making enough money It’s no different than if they look at the fruit and say, I don’t like how it tastes Its bitter, its small, its dry, it doesn’t taste good, it’s not sweet, Right? And they complain and they act like a victim. And they don’t like the fruit, but if you don’t like the fruit looking at the fruit and complaining about it that’s not gonna solve the problem. What do you need to do? Call them below. You need to look at the roots. What is causing this? Moneys a result, it’s not a cause. It’s an effect. What’s the cause and effect relationship? What do you need to do to create and produce better fruit? You need to nurture the tree. Right? You need to plant the seed. If you have not even planted the seed how can you expect to have a fruitful tree? Right? That produces fruit that you want. You can’t. What is that seed taking your action? Taking that first initial step.

Upgrading your skill, learning how to deliver more value. Now, you may be saying, Well, Dan, how do I do that? How do I deliver more value to people? I’m just doing what I’m doing I’m going to school, I just have a dead-end job That’s the problem. You’re looking at the fruit, you’re looking at the root, you look at the fruit, you don’t like the fruit, and first you gotta change the roots. Right? You look at most big, tall trees. What do they have? They have a very good, strong foundation. They have a very strong root system. That’s the foundation piece. That’s something that you could change. That’s something that you could work on yourself and get better. So don’t complain and say, Hey, how come I cannot be rich? How come other people are rich, and I am not? How come they are successful and I’m not? Look at the roots. Work on the roots, if you work on that long enough, and you give yourself a little bit of time, eventually you will have fruit that you want.

Dan Lok | 3 Reasons Why Most Entrepreneurs Fail | Big Life

2019-07-17T09:07:00.000-07:00

One of the hardest parts of entrepreneurships knowing where to get started. Everyone tells you, go ahead and start that business, or invest in some imaginary coin, or start that Shopify store in 15 minutes and it doesn’t cost you anything. Well here’s what they don’t tell you, inventory costs money. Or maybe it’s some digital marketing opportunities or some consulting opportunities that you can get clients overnight even though you have no experience and no credibility. Or maybe you have an idea, you have a great idea but you don’t know how to get started. So to give you some clarity I wanna share with you three reasons,

3 Reasons Why Most Entrepreneurs Fail.

1, Following Fake Gurus:

You see the great thing about the internet is there’s so much information out there. The sad thing about the internet is that nowadays everyone is an expert, everyone is a guru. They’re all telling you to do this and don’t do that, everyone and their brother-in-law, their dog has got an e-commerce store right now. And they’re telling you to hey just follow my system and you’ll live the life of your dreams. My question to you is if you ask yourself, if you think critically, what qualifies them to give you advice? Most of these so-called experts, they come and go. I’ve seen it for so many years, right? See the name of the game is not getting rich, the name of the game is staying rich. Most of these so-called gurus or experts, they’re gonna fly by night, they do not last. It’s like fireworks. (Imitates firework)A lot of noise and later on nowhere to be found. Isn’t it true? So if you notice, who you learn from is much more important of what you learned. Are they truly proven, are their models proven to working’ different market conditions and in different circumstances? And if you really think deeply, really think about it that will eliminate 99% of them. And these gurus are telling you trends that might disappear overnight. Then you’re building your future on quicksand instead of on a solid foundation. So ask yourself, are these trends going to be around one year, two years, three years, five years, ten years from now, that’s what you wanna focus on.

2, Trying To Do Things In The Wrong Order:

Let’s take for example that you want to start a Shopify store, yes it kind of doesn’t cost you a lot but inventory costs you money. So you invest the last few thousand dollars you have, you go all in into this particular venture. Hopefully, that it will work, my question is, what if it doesn’t work? What if it, the product, doesn’t sell? You put all your life savings, the little bit of money that you have, into it and then now what, what do you do? Where do you go from here? You see instead of doing that and putting all your eggs in one basket, the best thing you can do is start investing in yourself first. Invest in a skill set that you can deliver to the marketplace in an exchange of money. This dramatically lowers your risk. And then when that is working then you can start your business.

3, The Inability To Turn Prospects Into Customers Or Clients:

Dan Lok | 3 Assets Rich People Have | Big Life

2019-07-14T10:13:00.003-07:00

The rich buy assets, the poor only have expenses, and the middle class, and they buy liabilities, thinking that they are assets. Today I’m gonna teach you the three assets that rich people have. As a media personality, I’ve had the privilege of sitting down and interviewing hundreds of some of the most successful people in the world through my podcast, The Dan Lok Show. Now, in spite, it doesn’t matter what industry they’re in and they are from all walks of life, what I’ve noticed is, all these successful people have created their wealth in three main asset classes.

-ASSET CLASS NUMBER 1

*BUSINESSES:

A business they start themselves, or a business that they are partner of. Or in some cases, someone else’s business that they have invested in, or it could be a business that they founded so many years ago that they sold. But most of the time, they have created their wealth in businesses.

-ASSET CLASS NUMBER 2

*STOCKS:

They have stocks, index funds, mutual funds, options. What I notice is, rich people, they like stocks. They have a stock portfolio because of liquidity that they could sell and get cash any time they want, they can turn that shares into money. And also in some cases, of course, future earnings and appreciations. Sometimes they invest for the dividends. So dividend stocks. So they have paper assets.

-ASSET CLASS NUMBER 3

* REAL ESTATE.

Now most wealthy people, they either have created their wealth through real estate or they hold their wealth in real estate. I’m talking about rental properties. It could be condos, houses, commercial properties, apartment buildings, right, there’s so many different kinds of real estate. It also could be land. Land that they lease out to farmers or vendors. It could also be mortgages, we call them notes, right, papers. That could be also part of their investment strategies. It could also be parking lots. Those are cool. Or self-storage units, those are cool, too. Or it could be REIT, R, E, I, T, real estate investment trust, right. So what I’ve noticed is they have their money, they hold their wealth in real estate, one form or another.

So those are the three main asset classes that rich people have. So I want you to ask yourself, what type of assets do you have? Are you working towards acquiring some kind an assets or building some kind of assets? Now, when it comes to investing, you want to keep it nice and boring. Don’t make it fancy. It’s like martial art, basic punch, basic kicks, they are the best. Yeah, you can do the jumping, flying kickstand all that stuff, but you don’t want to do that. You want to keep it very, very boring. If you’re having conversations with a buddy every weekend about, hey, look at my latest investment, look at my latest thing I just put my money in, that’s not a good sign. You want it to be boring, you want it to be like, same stuff, nothing changes. And a year later, sit down with them and say, yeah, kind the same. That’s the best. You want assets that are nice and boring that just chunks cash flow, right, day in and day out. Appreciates and produces cash flow for you. Very, very simple.