F.U. Money - Dan Lok Flashcards
Lokism #42 The amount of money you make is closely related to \_\_\_\_\_\_\_\_\_\_. Ch16
Your self-image
You can make money or excuses, not _______. Ch16
both
An excuse is nothing more than a _______________. Face your excuses and see them for what they really are: ______________________________________________.
Ch16
An excuse is nothing more than a well-planned lie. Face your excuses and see them for what they really are: obstacles that you’ve made up in your mind.
Are you addicted to your struggles? Some people whine/complain by default. Why?
Ch16
it’s because we get empathy. “Oh, poor you” —BOOM! That second, you get attention and approval instantly. It’s a hell of a lot easier to get empathy than to actually fix the damn problem.
When you were a baby and you cried, what happened? Mommy or daddy ran to you and showered you with love and affection. Do you see how this stuff is ingrained into our brains since childbirth?
Until you ___________________, get your head screwed on straight, and understand the psychology, you’ll never have F.U. Money. The choice is always yours.
Ch16
Until you TAKE RESPONSIBILITY, get your head screwed on straight, and understand the psychology, you’ll never have F.U. Money. The choice is always yours.
What is a D.I.G. and how do you use it?
Ch17
D.I.G.—Daily Income Goal
If your D.I.G. is $334 (10k/month), the first question when you get up in the morning should be, “What am I doing today to make 350 bucks?” Focus on your daily goal instead of a monthly or yearly goal. This helps you course-correct daily instead of monthly when you may be already way off track
Busyness is a form of __________
Ch17
Busyness is a form of LAZYNESS. You can be very busy and still be very unproductive. Focus only on income-generating tasks. Get rid of everything else.
What is the lesson from the Soup Nazi?
Ch18
Don’t take shit from ANYBODY. Why could the Soup Nazi do that? Because he makes the best damn soup there is and he knows it!
Working with asshole clients is never worth the grief. It’s just not worth it.
Doing it this way allows you to focus more on creating a great product and spending your time, efforts, and energies with people who actually like you. They like what you have to say, they like your products—they are raving fans that are willing to spend money with you. This is SO important.
Why should you not take on clients that are not a good fit? (80/20 rule)
Ch18
80 percent of your revenue comes from 20 percent of your clients. Most of the time, the other 80 percent are dud clients.
Dud clients cost you more money and energy long-term, but chances are good that you only deal with them because you want their money.
When you do that, your integrity has gone out the window. You’re actually doing these clients a disservice by keeping them. You owe it to them and yourself to refer them to someone who can and will do their best work with them.
Clients are _________. Money is _________. Time is _____________.
Ch18
Clients are REPLACEABLE. Money is REPLACEABLE. Time is NOT REPLACEABLE.
LOKISM #46
You’ll become effective only by being _________.
Ch18
LOKISM #46
You’ll become effective only by being SELECTIVE.
Lokism #51
Rich people value ____. Poor people value _____.
Ch19
Lokism #51
Rich people value TIME. Poor people value STUFF.
Lokism #52
It’s better to be really good at ________ than average at ______________.
Ch19
Lokism #52
It’s better to be really good at ONE THING than average at A BUNCH OF THINGS.
What is your magic number.
Ch19
Your magic number is how much your time is worth.
It is your yearly income divided by working hours in a year (x3 to make up for unproductive hours).
50,000 per year would result in a magic number of 85/hr.
You MUST eliminate the need for you doing the activities that ________________________________________.
Ch19
You MUST eliminate the need for you doing the activities that do not match up with the value of your time.
How do you use your magic number?
Ch19
Use it to decide what you should be doing yourself and what you should hire someone else to do.
If the cost of that hourly activity is less than your magic number, hire someone else to do it or else it is harming you more than helping.
Why is the magic number important? Because you have to constantly ask yourself the question, “_____________________________________________?”
Ch19
Why is the magic number important? Because you have to constantly ask yourself the question, “Is what I am doing RIGHT NOW worth [magic number] an hour?” If not, then DELEGATE and OUTSOURCE it!
What is “screen sucking”?
Ch20
People “screen suck” when they go on a vicious distraction cycle:
check email > surf internet > check auctions being bid on > facebook > instagram > back to email.
Lokism #56
Distraction is the only true luxury of ___________. Laser-beam focus is mandatory for _________.
Ch20
Lokism #56
Distraction is the only true luxury of POOR PEOPLE. Laser-beam focus is mandatory for SUCCESS.
Prevent distractions at all cost!
What is the #1 reason why people don’t make their F.U. Money?
Ch21
They get sucked into the latest moneymaking schemes, such as the latest real estate trend, the latest pyramid schemes, the so-called “opportunity of a lifetime.”
Shiny Object Syndrome
Distracted, not consistent, don’t have focus.
It goes back to lack of education, lack of self-esteem, and greed. If you let these character flaws rule your business decisions, there are people in the business world who will FEED on you—people will fuck you over.
What do the most successful people on the planet: Bill Gates, Richard Branson, Warren Buffet, and Oprah Winfrey have in common in not going for a hot moneymaking scheme?
Ch22
It was always the vision to create a business, deliver a lot of value to a lot of people, and solve a problem. That’s what made them rich.
Define “Opportunity Seeker”
Ch22
An opportunity seeker sees an opportunity arise and grabs it. These people are always looking to make lots of money from the hot opportunity of the moment. Their only criteria is, “Can I make quick money doing this?”
Shiny Object Syndrome
Don’t focus on one thing consistently.
Define “F.U. Money Millionaire”
Ch22
A person with a vision who orchestrates other peoples’ time, talents, and money to make his or her vision a reality.
These people have a clear vision of what they want their business to become. The biggest opportunity is always inside THEIR business, not the hot product everyone is talking about this week.
Characteristics of the ideal business:
Ch23
Fits within your interests—so many things out there, why not do something you’re interested in. Also makes it easier for you to be consistent.
Stable, long-term demand for it.
Portable—work from anywhere.
High Profit Margin
Scalable
Low Start-up Cost
Little to no staff
Low Overhead
Money comes in while you sleep
