The Ladder of Wealth: How to Climb Your Way to Financial Independence
August 31, 2018
The Ladder of Wealth: How to C...
– Let’s do another one. This is fun. This is good.
– Hi Dan, hi everybody, my name is Lea
– Lea. Yeah, we’ve spoken before.
– Hi Lea. (audience murmurs in agreement)
– And my partner for this exercise is Danny and we both,
I work in a, for a
I work for an incredible mortgage broker
and Danny is a business and life coach,
and we are both professionals in a hugely saturated market.
You can’t go to any networking event and find 3 or 4
mortgage brokers, 3 or 4 business/life coaches.
I don’t know Danny well, but my business-
my mortgage broker partner’s phenomenal,
he’s been lending for over 10 years, he could get
a cat approved for a mortgage, I’m kidding.
He’s just phenomenal, his contacts, his resources,
his abilities, people find him on LinkedIn, they seek him
on LinkedIn, people I met at networking events bounce me
and they connect with him months later on LinkedIn.
I was like “I know that person, I met them” and he’s like
“well they came after me.”
How do we market ourselves, brand ourselves in-
– [Dan] Very good question.
– A very very saturated market of similar professionals.
– So, life coaches, mortgage broker, real estate agent,
or consultant, or you know, all these things,
what’s your name sir?
– [Danny] Danny.
– Dan. Good name. (audience giggles)
So, Dan, not to put you down, but you know what I mean,
like when people tell people “oh I’m a life coach”
people say “fuck oh you’re one of those” right?
It’s like there’s so many, so many coaches out there.
The problem with those types of professions is that,
from most people’s point of view, that they can’t tell
the difference; maybe you do care about your clients more,
maybe you are smarter, maybe you have more experience,
but from the consumer’s point of view,
they can’t tell the difference,
they can’t tell the difference.
So to differentiate yourself, its–
let me share a couple of principles with you,
and that applies for everybody.
Number one is you wanna call yourself anything but that,
because the minute you say, I’m a life coach,
oh people have a preconceived idea what that is.
So to differentiate yourself, I would do a couple of things.
Number one, knowing that,
in any industry,
this is a framework that I teach,
I’m trying to see if I can remember, so bear with me okay?
Bear with me, I may not get it 100 percent right.
So you have what I call a generalist.
A generalist is someone, a doctor alright, a lawyer,
a mortgage broker, a coach, that’s a generalist, okay?
And then you have what I call a specialist.
A specialist may be like Andre,
a lawyer specifically for trademark right?
Or a merger and acquisition lawyer,
or a doctor, you have surgeons,
cosmetic surgeons maybe.
Now let me ask you a question. in our society,
who makes more money: generalist or specialist?
– [Audience] Specialist
– Specialist, okay? So then, so from there, you have
generalist, specialist, so the first step you gotta do is
how can you niche what you do.
So, instead of– Dan, what kind of coach– who do you coach?
– [Dan] I coach between 45s and 60 year olds.
– 45 to 60 year old? What type of people?
Like what problems do you solve for them?
– [Dan] People who are stuck or who–
I overcome people’s fears.
– Yeah. People’s fears? You see how fucking broad that is?
That is like broad. 45 to 60 years old.
How can you specialize it some more?
How can you narrow it down and say, you know what,
this is who I serve, who is your ideal client?
You might think, “wow but Dan, then am I
turning business away?” Yes, you are.
But then in the, from the marketplace point of view,
when you say I do this, people can’t– people like to
pitch and hole you, they wanna know that you are expert
at something. When you say you do such a broad thing,
it’s like, it’s like, imagine you go to your dentist
and your dentist checking your teeth and
you can’t talk right? Checking your teeth and you’re like
you know what, your teeth is pretty good, you wanna–
let me check your foot as well, while I’m at this right?
And by the way, why don’t I give you a little bit of massage
and also I can kinda crack your back and you know,
I can do a little bit of chiropractor work on you.
You’re like, what the fuck is this?
Right? Cos you’re trying to be everything to everybody.
So you wanna be a specialist, that’s the first step okay?
And then you wanna, what I call, become the expert.
This is kind of the ladder of wealth,
so experts in any industry makes more money
than a specialist and more money than a generalist.
An expert, people, is the go-to person.
It’s just like the partner you work with.
He’s an expert, like he says-
– [Lea] He totally is.
– Yeah, people talk about him,
on LinkedIn people seek him out,
and does he have to chase business?
– [Lea] Never.
– No. So, as an expert, business comes to you, okay?
So, as an expert, that’s good,
and then the highest ladder of wealth is what I call
That’s the one that makes the most amount of money.
– [Audience Member] Is that where you’re going?
– I think, yeah. I think I’m somewhere between here.
Yeah, give it three or four years, I’ll be here, yeah.
So, celebrity authority, so give me some examples
of someone who’s a celebrity authority
that you can think of.
– [Audience Member] Tony Robbins.
– Tony Robbins, yes.
– [Audience Member] Dan Kennedy.
– Dan Kennedy, yes. Tony Robbins for sure, yes.
– [Audience Member] Oprah Winfrey.
– Oprah Winfrey, yes. Gordon Ramsay? Absolutely right?
Any other names? So you know, in any category,
there’s usually only one or two of them
and they’re the ones who make a majority of the money.
You have, how many Tony Robbins wannabe copycat–
you think about motivational speakers,
you know how much Tony makes? Do you know by the way?
Take a guess. Do you know?
– [Audience Member] A million an hour?
– Huh? No, a million a year.
He charges one-on-one for coaching, a million a year.
No that’s not– but how much he makes, do you know?
– [Audience Member] Millions?
– Guess. Guess, just have fun.
I know the numbers, do you know? (audience mutters)
Okay, so let me compare other motivational speakers–
by the way, Tony comes from,
do you know where Tony comes from? The NLP industry.
Neural Linguistic Programming.
All the NLP guys hate him, they hate him,
cos he thinks he’s not very–
he doesn’t follow the traditional NLP path,
he kinda comes up with his own thing, so these guys,
speaking of which, I had, actually, back ten or 11 years ago
in Toastmasters, there’s an NLP guy by the name David,
wannabe NLP guy and he hates Tony,
he’s like “aw Tony is a disgrace to NLP community,
he’s blah blah blah, blah blah blah.
I said “he’s fucking Tony Robbins.” (audience laughs)
Whatever you complain doesn’t matter,
anyway, so Tony, Tony, from his seminar,
how do I know these things?
Because I’m a friend with his son, Jared Robbins.
So Tony, his empire, from Unleash The Power Within,
Date With Destiny, the seminar, coaching, all that,
it’s 100 million a year.
But that’s only part of what he does.
Tony own 20 something plus companies. Total,
his group of companies do about six billion dollars a year.
The seminar business is actually just a tiny percentage
of actual money that he makes,
but that’s what he does right?
He’s a celebrity authority. Gordon Ramsey, same thing.
So, then the question is “well Dan, how do you get to that?”
– [Lea] Well, what we’re doing with mine is,
we take on the hard mortgages, we take on
construction mortgages and–
– Nice, so that’s being more a specialist right?
Construction mortgage and what type of mortgages?
– [Lea] And commercial mortgages.
– Commercial mortgages
– [Lea] Lot of brokers can’t, not able to, whatever,
– So other people who can’t approve the mortgages,
you’re like, you know what, other people can’t do it,
we can do it, the tough ones. Awesome.
So that’s being a specialist, that’s awesome.
So from here, for you, for yourself,
how can you go from here then to here,
so my question to you is how do you go from here to here?
– [Audience Member] A book?
– Write a book. Yes, that helps. A book would be good.
What else? Hmm?
– [Audience Member] Add value.
– Adding value– how?
Yes, speaking for free, speaking, that’s good, yes.
– [Audience Member] Workshops?
– Workshops. Yes, that’s good. Yes.
A blog. Yeah.
Publish content online, articles.
Videos, yes. Videos.
Interviews. Interview other experts.
That’s actually very powerful.
Many years ago, when I was getting started as a copywriter
and I was trying to get clients, and I was,
I still remember, open up the yellowpage
and I would call the business owners.
“Hey, do you need an ad? I can write you an ad.
I charge 300 bucks, I charge 100 dollar.”
A lot of rejection, a lot of hangups, so I’m like,
okay this is no good.
So then I talked to these expert copywriters.
You guys know what copywriting is? Do you know?
Okay, copywriting meaning is it’s the people who write
your ads, marketing people, advertising people,
so they write the headline, they write the four-page ad,
yellowpage ad or your website, yeah that’s a copywriter.
So, and I would talk to other copywriters who have
been in business for many many years
and I would say “what can I do? I wanna do what you do,
I wanna be more successful.”
“Oh Dan, you gotta– you’re too young.”
How many have heard that before? You’re too young, right?
And you know how it is: you’re too young, you’re too young,
you’re too young and one day, you are–
– [Audience] Too old.
– Like somehow, just you’re too young, you’re too young like
you’re too old, its no middle ground, like when is,
what the hell is, when is the perfect age?
Is it 35? Is it 36 and 10 months? Nobody can answer that.
Anyway, so you gotta hone your craft, you gotta
build up your portfolio and you gotta work with people,
and you know, in about 10 years, cos at the time,
the top copywriters in the world, they charged about $10,000
to create a marketing campaign, $10,000.
I was charging $200.
I’m like, okay, so $10,000, $200, how do I do what you do?
10 years. I said, I don’t have 10 years.
I gotta take care of my mum, I gotta pay the bills,
so what could I do? There is no shortcut.
I said, there has to be a shortcut.
No, there’s no shortcut. Okay (sighs).
I said, what are the– who are the experts in the industry,
who are charging this kind of money, so here’s what I did.
It’s called branding by association, branding by what?
– [Audience] Association.
– So, at the time, I put together a product,
information product, cassette tapes, cassette tapes, okay?
I came up with a product– you can still search it online
called ‘Million Dollar Copywritings’
‘Million Dollar Marketing Secrets Of the Greatest
Copywriters.’ That was a long title.
No, it wasn’t selling, but I put together that product
and I picked the top 15, 18 copywriters in the world
and I interviewed them, cassette tape.
I was doing it from my home, like that,
with a cassette tape recorder, there was no Skype back then.
It was just like that and I would record the conversations,
and because, I have the cassette tapes right?
So I had to record it this way,
cos I didn’t want it to be too loud, my voice.
So we’re doing like that for an hour, it was stupid.
Anyway I put together this product, didn’t sell any.
But what happens is all these guys are charging $10,000
to write a campaign, the best in the world.
I find a friend to interview me and I put myself in there,
as a package,
and I used this package
and I give it to potential clients and say “you know what,
I am featured in there.” It’s my product but
I’m featured in here, and I say, you know,
I write copy for people, but these guys charge $10,000,
I only charge $2,000.
“Oh, I’m not gonna pay $10,000. $2,000, you’re good.”
So that’s what I did, I used it as a lead generation,
as a trust-building thing, so I didn’t sell any of it,
but I’d just give it away and sometimes I give that cassette
to some people, they said “no no no I get it,
I see your name, I’ll hire you, what do you need?”
That’s how I got my foot in the door.
Let me tell you one more thing.
How many of you have heard of Jay Conrad Levinson?
Do you know Jay Conrad Levinson?
So Jay Conrad Levinson, he wrote,
maybe you’ve heard of the book, called ‘Guerrilla Marketing’
Guerrilla Marketing, so Jay Conrad Levinson is
the all-time best-selling author for business books.
Jay’s sold about 30 million books worldwide,
for small business, so “Guerrilla Marketing” series,
you can search online, so at a time, I know,
going back to the strategy I shared with you,
who could I get that if I get that person as a client
would give me everybody else?
So I approach Jay Conrad Levinson and I said: “Jay,
I saw your ad, can I rewrite your ad for you? No charge.
If it’s good, great. If not..
If it’s good, just give me a little testimony,
I would appreciate it.”
And Jay said “oh you’re a young guy, that’s awesome,
I’ll do it for you” and we did, so I rewrote his ad
and actually tripled his conversion, so tripled his sales.
He was very happy, gave me a little testimonial,
more than that, he said “you know, Dan, you do good work,
you know, you’re a smart guy, why don’t I
endorse you to my list?”
Now, when that happens, what do you say?
Hell yeah! Right? Thank you. And he did.
From there, the demand shot through the roof,
so from $2,000, within two years, maybe even year and a half
$200, $2,000, so from here, from here,
getting the endorsement from Jay
$5,000, $7,000 a campaign, very short period of time.
People talk about this, do not– we are conditioned
to what I call climbing the ladder of success, from school.
Grade 5, grade 6, grade 7, grade 8, grade 9,
and then what do you do? Grade 10, 11, 12, right?
And after that what do you do? What do you do?
(audience mumbles) No, but then you go to university right?
And then you go to university, how many years?
Yeah, 4 years and after you graduate university,
what do you do? You get a job and you work your way–
– [Audience] Up
– And then, until you–
– [Audience] Retire…die
– That’s what it is, we’re conditioned to
climb this ladder of success.
Instead what I do, I say: don’t look for the ladder to climb
Take the elevator instead (audience giggles)
and that’s how I think.
It takes 10 years? Fuck that.
How could I get there faster?
Well, I do some out-of-the-box stuff.
Associate myself with experts, successful people,
get endorsement from celebrities in their niche,
and I could increase my prices
and move up through this ladder.
This is not fair but it’s a fact.
The top– this triangle,
celebrity authority, expert,
they make more money,
this three, four percent makes 97% of the money.
Just that way. Most people, they try to fight,
they try to lower the price, trying to be cheap,
trying to low-ball, trying to do
what everybody else is doing and these guys are like
“ah whatever, let you do what you do”
They do something totally different, does that make sense?
Yeah. How about take two minutes, how long?
– [Audience] Two minutes.
– Discuss. Find your partner, what I’ve just said,
what I’ve shared with you so far, yeah? Two minutes, go.
– [Voiceover] 10 times your finances,
10 times your business,
10 times your marketing,
10 times your life.
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