The Martell Method w/ Dan Martell
9 Brutal Truths of Money - How to Get Rich From Nothing
20 Nov 2024
Get The Book (Buy Back Your Time): https://bit.ly/3pCTG78 Subscribe to My Newsletter: https://bit.ly/3W2tjp2 I want to share with you the untold truth about money. These are the lies you’ve been told that have been ingrained in our society to keep money and power out of your hands. But there are principles, although some controversial, that can reverse these lies and allow you to build wealth from nothing. I’ve personally used some of these principles to go from a broke 17-year-old to making my first million at 27 years old. And I still use these principles to generate wealth and create abundance in my life. IG: @danmartell X: @danmartell
Full Episode
I'm going to share with you the untold truth about money. I personally use all these principles to go from broke 17-year-old to making my first million at 27 years old. And I still use these principles to generate wealth and create abundance in my life today. Welcome to the Martell Method. I went from rehab at 17 to building a $100 million empire and being a Wall Street Journal bestselling author.
In this podcast, I'll show you exactly how to build a life and business you don't grow to hate. My bestselling book, Buy Back Your Time is out now. Grab a copy at buybackyourtime.com or at any of your preferred online retailers. The first principle is to pay yourself first. My first company, the paycheck came in and I put 60 to 70% in savings and forced myself to live off the rest.
It was a forcing function for me to pay myself and to then try to find ways to reinvest and grow. I remember one of my companies, I started with my co-founder, Ethan. He wasn't paying himself enough and then he didn't have the time to do business stuff. I remember one time I asked him to come to the office and he said he was too busy doing laundry.
The CEO of a company couldn't come to the office to brainstorm, to whiteboard with me because he couldn't pay for wash and fold. When you pay yourself first, it then forces you to cut your costs that aren't efficient because you need the capital to grow. If you just keep pouring everything back into the business and you're paying yourself nothing, you actually have a fake business. It's not real.
You're not paying yourself what you deserve for the value you've created. So you want to take the profit out of the business first, then operate from the rest. I know a lot of people will say, no, leave the money in the business. It doesn't force you to put your prices up, to figure out your cost structure, to be more efficient in your workflows.
I know this might be controversial, but constraints breed creativity. All the best innovations came from constraints, not having all the resources in the world. When you're starting out, you want to put the most amount of money aside for the next principle. You are the most important asset. not a house, a car, a watch, an investment, you.
Which leads us directly into principle number two, which is to invest in your skillset, not your lifestyle. It's not your salary that makes you rich. It's your spending habits. My dad used to say this to me a long time ago. It's not what you make, it's what you spend. If you spend a million and $1 and you make a million dollars a year, you are $1 poor.
25% of millionaires actually live month to month, but rich people don't just save money. The untold truth is they reinvest that money in themselves to get better. The world will pay you based on the value you create. The way you become more valuable is to invest in your skillset so you can solve bigger problems. If you're an accountant, Managing people's books, that's not very valuable.
If you're an FP&A, financial planning and analyst, that's more valuable. If you're a tax strategist, that is the most valuable. And if you combine all of that in your deal maker, people are gonna pay you 10% of the total deal. It could be a $100 million deal and you get a check for $10 million. How do you get that valuable? By investing in your skillset. See, money's a byproduct of your energy.
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