How To Unlock Your Millionaire Mindset (The 5 Money Beliefs of The Wealthy)

About this video

Martell shares five money beliefs he says separate wealthy people, based on his own path: his first two companies were failures from age 17 to 24, he began investing in himself through books, and, as he claims, he made his first million by age 27. One: learn how to have money — delay gratification and hold wealth without spending it. He claims 70% of lottery winners return to the same or worse economic level within two years, tells how he offered his sons one toy now or two if they waited three weeks, and says he advised someone with $100,000 to leave it untouched for a year and carry $1,000 cash for 12 months without spending it. Two: invest in yourself under his ‘100K rule’ — until you have $100,000 saved, put spare money into books, seminars, training and coaching to become worthy of and able to handle success. Three: stay away from get-rich-quick schemes, invest only in what you understand, and compound slowly — he illustrates 25% annual growth doubling roughly every three years, and recounts a friend who said he lost $20 million in 2007 chasing a brother-in-law deal. Four: own a business or business-like asset, such as real estate, for equity and tax efficiency. Five: the more you have, the more you can give, citing his support for Portage, a youth rehab centre in New Brunswick.

Key takeaways

• Learn to have money without spending it: practise delayed gratification so wealth does not burn a hole in your pocket.
• Invest in yourself first — books, seminars, training and coaching — under his 100K rule until you have $100,000 saved.
• Avoid get-rich-quick deals and only invest in things you understand, including how the people pitching it make money.
• Aim for steady compounding over time rather than delegating your financial success to someone else.
• Own a business or business-like asset to build equity and improve tax efficiency, and use greater wealth to give more.

Episode details: published February 8, 2021 · 15:19 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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