8 Money Rules I Wish I Knew in my 20s

About this video

Martell gives the honest advice he would offer his 20-year-old self, contrasting being broke, overweight and hating his job then with, as he claims, now running a $100 million a year company. His eight points are: (1) Work smarter, not harder — he says he once worked 80 to 100 hours a week until his fiance left, and now works less than 40 hours while making, by his account, 40 to 50 times more; build the machine instead of being part of it, and let 80% of your calendar look different in 12 months. (2) Create like you’re rich but spend like you’re broke — he says even while making millions he paid himself $50K a year, advocates living on 10% of income, and recalls having a million dollars cash while driving a 12-year-old Volkswagen Jetta. (3) Don’t run away from problems — use speed to decision and identify the next action step instead of ruminating. (4) No one cares about your story until you win, so go win; after rehab his first mission was simply to stay sober until it was undeniable. (5) Don’t shrink yourself to make others comfortable, illustrated by finally buying a supercar at 38. (6) Don’t blame anyone — take extreme ownership and look in the mirror, including crediting his parents for the good as well as the hardship he describes from his youth. (7) Don’t compare your chapter 1 to someone else’s chapter 10; compare yourself to yesterday, noting he has been building businesses for 27 years. (8) Ask for help — his dad taught him to factor receivables when he could not make payroll at his third company, and mentors can shave years off the learning curve.

Key takeaways

• Work smarter, not harder: work on the business rather than in it, do work that scares and expands you, and aim for 80% of your calendar to look different in 12 months.
• Create like you’re rich but spend like you’re broke: delay gratification, live on a small share of income, and keep cash available for opportunities and investments.
• Face problems head-on with speed to decision: stop ruminating, identify the next action step, and take it.
• Take extreme ownership instead of blaming others, and do not shrink yourself to make other people comfortable.
• Compare yourself only to yesterday’s version of you, and ask people who have already achieved the result for help to move faster.

Episode details: published August 13, 2024 · 16:05 long. Summary written by Self Growth Videos from the episode itself. Business results and any income figures mentioned are Dan Martell’s own claims, shared for education — they are not typical or guaranteed.

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