What's the difference between those who make money and those who don't?
Do you know the difference between people who make money and people who don’t?
The people who make money are the ones who take action instead of waiting for things to come to them. They go out in the world each day and they work on themselves, on developing their skill sets, on learning from the experience, and this takes a lot of hard work, discipline, and commitment.
This reminds me of two meaningful quotes. The first one is by Dave Ramsey, who said, “You must gain control over your money, or the lack of it will forever control you. And another one from Dale Carnegie says, “Develop success from failures; discouragement and failure are two of the surest stepping stones to success.”
Before you head out to find financial freedom and success, you must know that earning money is not easy and that the journey can be intimidating at first. However, it is not too difficult if you are equipped with the right skill set, a positive mindset, and the undeterred will to succeed.
“Action takers are money makers.” – Dan Lok
To help you find your track in life, I have the perfect person with me today — Dan Lok, the King of Closing himself. Dan talks about the importance of skill development, overcoming self-doubt, closing negotiations in business, and how to thrive in all aspects of your life. It’s a great honor to have such a successful entrepreneur, investor, and entertainer, on this episode of The School of Greatness, and I know you are going to love what he has to say.
Who Is Dan Lok?
Dan Lok is a Chinese-Canadian entrepreneur, celebrity influencer, author, and venture capitalist who was a self-made millionaire by the age of 27. He is currently serving as the Chairman of Dragon 100, an advisory board that stimulates freedom and wealth by transforming ordinary businesses into highly scalable remote operations.
Dan has also founded Closers.com, Copywriters.com, ScalaPayApp.com, and HighTicketCloser.com. He is also a two-time TEDx opening speaker who impacts the lives of millions of people each day.
But has life always been this rosy for Dan? No — in fact, Dan failed at 13 different businesses in a row. Imagine that! He was almost crippled, but he rose from his ashes and mustered enough confidence and courage for one last attempt, and from there, he went on to set up a global empire. With over two dozen companies under the Dan Lok Organization, his mission has been to elevate financial well-being worldwide through education, mentorship, and strategic advantage.
Not only that, but Dan is also an international best-selling author of over 14 books. His latest book, Unlock It: The Master Key Wealth, Success, and Significance has been published by Forbes Books. In this book, Dan shares some strategies and methods that he personally used as he went from being an immigrant Chinese boy with substantial debt to becoming a global phenomenon and the leader of one of the largest closing organizations in the world.
“Entrepreneurship teaches us something of ourselves, right? Through this journey, we learn about our weaknesses, we learn who we are, and we have to deal with a lot of inner conflicts and issues.” – Dan Lok
Through his numerous failures and learnings, Dan was able to turn the tide and start riding above it. Instead of being deterred by his failures, he learned from his experiences and used his new wisdom to lift himself up and make a profound impact on the world.
Dan’s portfolio continues to grow, and I am just so excited for you all to hear him speak and be inspired by his story and his actions in life. It’s such a great honor to have such a successful man on this episode of The School of Greatness — read on!
What’s the Big Deal? It’s Just Money!
There is a difference between how rich people and poor people think. Your approach is crucial if you are looking for financial freedom because there is a very thin line between becoming a slave or gaining control over money.
“Imagine you are walking down the streets … and you see a Lamborghini. What … comes to your mind? … If it’s a woman, most people would say, … “She’s a gold digger,” … [or for a] young person they would [call it] “daddy’s money.” … Poor people have a negative association with money. … [They don’t know that the other] person is a hard-working entrepreneur, … and this is a little treat that he got for himself. … That never comes to mind.” – Dan Lok
If you have a mindset of constantly judging others and how they choose to spend their money, then you are never going to get successful. But your resentment is not the only thing that you need to get rid of.
“[Another] thing with [poor people] is that they don’t talk about money. They avoid conversations like it’s a taboo topic. … Think of money as a person in your life, … and [if] you don’t talk about it, … would it want to stay in your life? … [Also important is] value [and self-belief]. … The marketplace [of the world] only cares about one thing — value. … If someone is really motivated, they can think positively, [and they] offer their skill sets to the marketplace. … Your mindset … combined with your skillset, … is the key.” – Dan Lok
There are a lot of people who have all the degrees and credibility in the world but don’t have self-belief. So it’s important for each one of you to believe in yourself and to develop your skill sets and package them in a way to sell them.
And also remember, it’s easier to use our environment to shift our beliefs than to try and just change it within yourselves. Our environment is infinitely more powerful than just our willpower. So surround yourself with things or people who inspire you to bring out your best, and unleash your true potential.
Not an Entrepreneur? You Can Still Get Wealthy!
Dan’s mentor often used to tell him that one cannot get rich on income alone, you get rich on equity. Let’s face it, only certain people are fit to be CEOs, but this doesn’t mean that everyone else is not valuable — everybody can still contribute exponentially. And if you have the equity to participate, you could still do very well. But if you don’t have equity, then you better know how to utilize your money to make more.
“Every one of us needs to be an investor — it doesn’t matter how we make the money. I teach a concept called the Wealth Triangle that has three parts. The first part is called ‘high-income skills’ which are skills that could make you more than $10,000 a month. … [The second part] is finding a scalable business, … such as a software business, … [that you can] either open or invest in. … And [the third part is having a] high return investment that would give you a 10% return [every year]. … Now here’s the thing, if you have high-income skills, you are already earning an income. Your scalable business gives you profits. And your high return investment [is your] net worth. Wealthy people … don’t talk about income, … they talk about net worth.” – Dan Lok
A ‘high return investment’ is all about the preservation of capital, and not about getting the maximum returns because you are already making money with the first two things. This Wealth Triangle is an exceptional step-by-step plan that can help you find the financial security and freedom that you have been seeking all your life. You don’t have time to be afraid of taking that first step, it’s just about being willing to take action even when you don’t know what you are doing. There is a law of attraction when it comes to manifesting money and your dreams.
“Act as if all your dreams have come true, and then your challenge … [is to] catch up [with them, which] is more powerful [than anything else]. … The Law of Attraction is basically thoughts about things; everything is energy, and you become what you think about, essentially. … But it’s just … 2% of the equation. … I believe in having the vision board, but also believe in having other things … like the law of action, the law of cause and effect, … the law of realism.” – Dan Lok
If you act like you already have all the things that you want in your life, then that will enable you to see a clearer picture of what you want. Once you have a dream and you combine that with action, you will start pushing yourself towards achieving it, and eventually, you will. Your mindset and energy will not just attract success but will also reflect back your confidence and self-belief.
Get Over the Imposter Syndrome and Adopt the Habits of Wealthy People
At times when we need a real transition in life, it becomes important to overcome the identity of imposter syndrome. Early in his career, when Dan was making a six-figure income, he understood that there was not much difference between him and successful businessmen or millionaires.
“I am [always] looking at the next level, and start hanging around with people at that level. … They are smart, but they are just people, there’s nothing that they can do and I cannot. … They all have fears and doubts, and a lot of them are much older. … And they’ve had time to get where they are. … And that is it, they have more money, and you have more time.” – Dan Lok
As soon as Dan made this realization, his imposter syndrome simply disappeared. Through his various interactions, Dan also learned that wealthy people tend to acknowledge the ability to be kind, curious, and humble about their success.
“[Wealthy people] admire and appreciate the curiosity that someone can bring to them because they want to be able to share their own story, success, and their skills — they want to give back. ” – Dan Lok
For success, everyone has had to let go of something that was working and reinvent to reach the next level. We must always be letting go of old beliefs and scaling up our thinking with new ideas and processes, and it’s always about a team because no one can do it alone. If you strive to grow and evolve with every failure and success, then no one can stop you from scaling heights. The money in your bank account will just become a number, and your net worth will be a reflection of your wealth.
Why You Should Listen to This Dan Lok Podcast Episode Right Now…
Wow! That was such an explosive interview with my man, Dan Lok. This session was power-packed with inspiring details about Dan’s life and how he takes the lead each day to reach newer heights. Dan has brought so much humility and joy to this interview, and I can’t wait to share the rest of the podcast episode, which you can access by clicking here.
And in case you are wondering about Dan’s definition of greatness, here it is: “Becoming more than you thought you could be.”
If you are excited to learn more about this man, then be sure to check out Dan’s website. And to learn why Dan’s content has been viewed more than 1.7+ Billion times on social media, you can follow him on YouTube, Instagram, and Twitter.
If you enjoyed this episode of The School of Greatness, then share a screenshot of this session and tag @danlok and me @lewishowes on Instagram with your greatest takeaways from this episode.
Friends, before I call it a day, I want to leave you with this quote by Ellen DeGeneres — “I say always follow your passion no matter what because even if it’s not the same financial success, it will lead you to the money that will make you the happiest.”
To Greatness,
Some Questions I Ask:
- If someone has never been an entrepreneur, what should they do?
- Do you think it’s possible for people to become wealthy that aren’t entrepreneurs and what strategies should they apply?
- How have you used the Law of Attraction in your life?
- What’s the amount of money you don’t have yet, but you want to hit?
- What are the 3 best habits of wealthy people?
- What are your weakest leadership qualities?
- How do you deal with negative thoughts?
In this episode, you will learn:
- The key differences between those who make money and those who don’t.
- Why you need to start developing your skill set.
- How to develop self-belief and overcome self-doubt.
- How martial arts has taught Dan the keys to business.
- How to close any negotiation.
- The most important factors of thriving in business and your relationships.
- Plus much more…
Show Notes:
Transcript of this Episode
Music Credits:
Music Credit:
Kaibu by Killercats
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