I Asked Millionaires How They Got Rich

About this video

Dan Martell says he has met over a thousand millionaires and they shared six traits. He defines a real millionaire not as someone with a million dollars in paper valuation, balance-sheet value, home equity, or business revenue, but someone with a million dollars in cash in their bank account after taxes. First, millionaires are crazy, unreasonable big dreamers — he names Travis from Uber, Richard Branson, and Mark Cuban — because ‘weird is rich and normal is poor.’ Second, they think they deserve it, illustrated by a coach who confidently charged a million dollars to work with him. Third, they are risk-takers who seek asymmetrical risk where downside is protected and upside is uncapped; he says Elon Musk gave Tesla only a 30% chance of succeeding despite, as he tells it, putting 60 million into each of Solar City, SpaceX, and Tesla from about $180 million. Fourth, they take health seriously, since health is wealth and fitness builds mental capacity to push through. Fifth, they say no far more than yes, avoiding vices and distractions to protect their priorities. Sixth, they think in decades not days, planning over 5, 10, and 25 years so time can compound their effort.

Key takeaways

• Martell defines a real millionaire as having a million dollars in cash in the bank after taxes, not paper valuation, home equity, or revenue
• Millionaires are described as crazy and unreasonable big dreamers willing to disagree with 99% of people
• Wealthy people believe they deserve wealth — ‘you’ll never get a penny more than you think you deserve’
• They take asymmetrical risks where the downside is protected but the upside is uncapped
• They think in decades not days, and Martell links the length of a person’s planning horizon to their wealth

Episode details: published March 1, 2024 · 5:57 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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