In this video, Patrick Bet-David discusses the three different methods for making your first million: the fast method, the average method, and the slow method. The fast method takes five to ten years, involves high risk and low quality of life in the first few years, and requires 80 hours of work per week. This method is suitable for startup founders, salespersons, and sales leaders.
The average method takes 10 to 20 years and involves mid-level risk, with a decent quality of life. This method is suitable for people who don’t want to bear all the pressure of being a full-on founder or sales leader but have equity in a startup or have a way to make money through their sales skills.
The slow method takes 20 to 40 years, has little to no risk, and involves a balanced quality of life. This method is suitable for people who want to invest in a fund or buy property and never sell it or move up the property ladder, continuously reinvesting the equity in different properties.
The video outlines 10 rules for making your first million, with the first rule being to say yes to almost everything at the beginning to increase the likelihood of meeting the right people. The second rule emphasizes the importance of following one philosophy, focusing on one religion on how to get your clients, and continuously fine-tuning that philosophy to create momentum.
The third rule highlights the importance of leverage, suggesting that one should leverage salespeople, the right funnels, contacts, and relationships to expedite the process of making a million. The video emphasizes that the fastest way to make a million involves having the right leverage tools, technology, and software.
The fourth rule is about protecting your credit score by being reliable, keeping your commitments, and being on time. The video explains that having a high credit score gains credibility, but being reliable and trustworthy is equally crucial, especially in the beginning stages.
Further, he suggests that one should specialize in a particular product, niche, or market before trying to generalize. They stress the importance of mastering one area before moving on to others. Secondly, the speaker advises people to actively seek out prospects instead of waiting for customers to find them. They suggest creative ways to network and build relationships, such as using social media platforms to find and connect with potential customers. The speaker recommends finding niche hashtags on Instagram, Twitter, or LinkedIn to find people to network with. They also encourage sending personalized direct messages to potential customers instead of sending generic messages like everyone else. By being creative and unique, one can stand out and make a lasting impression on potential customers.
Patrick Bet-David emphasizes the importance of putting in effort and being proactive in order to succeed in business. He suggests thinking outside the box and coming up with creative solutions to common problems. By specializing in one area and actively seeking out prospects in a unique way, one can set themselves apart from the competition and build a successful business. The speaker’s advice can be applied to any industry or business and can help individuals who are just starting out or looking to expand their customer base.
Here are some additional points to consider:
- To be successful, you need to have a strong desire to win and be willing to take risks.
- Focus on self-improvement by setting goals and developing a strong work ethic.
- Invest in education and continuously learn to stay ahead.
- Choose a career that aligns with your strengths and passions.
- Network and build relationships with influential people.
- Be financially literate and track your savings and expenses.
- Create a list of the top 50 influencers you want to connect with and develop a strategy to build a relationship with each of them.
- Learn from the mistakes of others and choose to follow positive habits and principles.
- Increase your income by tracking your finances and investments.
- Eliminate negative distractions in your life and replace them with positive ones.