TMBA 058 (LBP58) – 9 Millionaire Success Principles

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TMBA 058 (LBP58) – 9 Millionaire Success Principles post image

In this episode, Dan and Ian talk about character traits and principles that self-made millionaires have in common.  Dan is currently hanging out with some multi millionaire friends in Subic Bay. These successful entrepreneurs think and act very different than the average working class person. You’ll learn of 9 millionaire principles that you can start implementing today.

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Episode length: 21:10

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Published on 03.28.11
  • http://joelrunyon.com/two3 Joel Runyon | [BIT]

    Thanks for the shoutout guys. I got more photos up at flickr – http://www.flickr.com/photos/joelrunyon/sets/72157626275135080/

    Killer episode as always…

    Re: investing – does that mean neither of you have a 401k/RothIRA even if it’s just in index funds?

  • Anonymous

    Yeah Joel actually we both are making 401K contributions at this time.

  • http://joelrunyon.com/two3 Joel Runyon | [BIT]

    Gotcha. For what it’s worth, I’d be interested to hear your guys’ take on “retirement.”

  • Anonymous

    Noted on that. I’m wondering if we did an episode like that do you think we could produce things that are actionable enough? Sometimes I worry about doing more conceptual stuff like that. Any thoughts on just “philosophical” type episodes?

    I put money in a 401K because I believe at the time I have access to it, baring some accident or health issue, I’ll still be relatively young.

    Retirement seems to be changing quite a bit. It used to be the great promise for a generation of workers who had very little control over how they produced an income.

    I don’t want to be flip– but it almost seems irrelevant to me as a concept. It’s sorta vague. If you want to not work really hard, make a million bucks, and go fishing everyday, fine. Call it that, and aim for it.

    Maybe then a more traditional use of the word ‘retirement’ is when you outsource that thinking to the government, your company, and financial managers. That kind of thinking doesn’t make any sense in the context of what we are trying to create here– entrepreneurs. :D

  • http://FoolishAdventure.com Tim Conley

    As a person who makes his own income through creating things or helping others to create things, retirement is a non-issue. I intend to be creating things for as long as I’m mentally able. And who wants to retire from a life you love?

    I’m not going to address the “if you spend 40 years doing what you dislike” idea behind retirement since LBP & myself are all about creating the life you love so you don’t need to retire.

    I think sabbaticals are the way to go as an entrepreneur so you can recharge your creativity even when you’re living life the way you want.

  • http://profiles.google.com/aprwilliams Aubrey Williams

    You commented on adding a private forum for your mastermind group call. I did the same thing by creating a private google groups forum. It’s been tremendously useful. Each person feels like they have an audience and a place to ask questions, post their successes, their problems, and since it’s a small group that trusts each other implicitly people really bare it all. I’d highly recommend it. I considered ning, pbwiki, and basecamp before settling on google groups. If you come to another conclusion let me know how you set it up.

    Aubrey

  • http://joelrunyon.com/two3 Joel Runyon | [BIT]

    I like the way you & tim are thinking & I’m tracking with ya. It’d be interesting fi you did a podcast – “Retire Forever – 10 tips to “retire” now and live the rest of your life how you want” . You could riff on your view of retirement while talking about practical ways to enjoy business & life on a day to day basis as an entrepreneur. I’d listen to that (but then again, I’ll listen to whatever you guys put out). Just a thought…

  • Anonymous

    Joel that’s a great way to frame up the conversation. It’s officially on the episode brainstorm list, thanks for that!

  • Anonymous

    Word to your moms. Tim you know this is all headed to a podcast called “philosopreneurs fireside chat.”

  • http://FoolishAdventure.com Tim Conley

    Philosopreneurs Fireside Chat: It’s All About The Bitches & The Benjamins w/ DJ Def Dan & T-Money.

  • Anonymous

    hahahahah ya herd! we’ll need some goblets.

  • http://joelrunyon.com/two3 Joel Runyon | [BIT]

    New nicknames! Love it :)

  • http://www.heroicdestiny.com David Crandall

    So happy y’all are back at it again! Listened to this one on my drive home yesterday AND my drive to work this morning.

    Wanted to chime in about the whole stock market thing. I love your take on this and want to give a little insight too. As I’ve said before, I’ve worked with a lot of Fortune 500 companies in one form or another. From the outside, they often appear to have their shit together, but inside…inside where the money is made…inside where the price of the stock is most affected…that is messed up!!!

    Here are some things I’ve seen OFTEN:
    — Empire builders – This is the name I give people that are concerned with climbing the corporate ladder and building THEIR team regardless of what it costs the company. I’ve yet to find one large corporation that does NOT have these people. And wouldn’t you know it, they’re good at what they do…which means they’ve gotten to a place where they make decisions that affect the bottom line. Those people might make it in the entrepreneurial world, but in a corporation…they are a cancer.

    — Money compartmentalization – I can’t tell you how many times I’ve watched companies keep EXPENSIVE contractors instead of converting them to employees (even when the contractor WANTED that) because of how money is budgeted. They could have easily saved tons of money if the person was an employee (even with benefits factored in) verses keeping them as a contractor, but because those are two different budgets at most large corporations, HR was unwilling to convert the person. The mentality is that they don’t have enough money in the employee budget so they roll it into a different budget. Psst…it’s all money and spends equally. This type of thinking of different budgets affects the bottom line so much.

    — Keeping customers that cost – I worked for a company that was unable to manage their largest customer. The sales team (who made a commission off of gross) continually touted that this customer was paying us a few million a year. After I ran the numbers to see how much we were spending to satisfy them, I was able to qualify that, in fact, they were COSTING us multiple millions a year due to unruly demands and the resources necessary to meet that. Sales people do not make good budget managers.

    There are many more examples (hmm…maybe *I* need to do a podcast on this) about how companies hemorrhage money that outsiders will NEVER know about. Do you really want YOUR money being poured into something like that which you have ZERO say so over? Ya, neither do I.

    And for THAT reason, I will never invest blindly in something like the stock market.

    This was a great one, my friends. LOVE IT!!!

  • http://www.heroicdestiny.com David Crandall

    I love that you want to provide actionable episodes. HOWEVER…

    I sometimes like the ones that are more philosophical. They cause me to think about things differently and apply them to my own situation. The actionable ones are more narrow in how I receive them, but the ones that are more thought pieces get me thinking and all fired up.

    Just a little encouragement there. :D

  • Anonymous

    David I like your perspective here! I think it can be super valuable too just to have some fun brain fields to go out and run in. We’ll do some more stuff like that…

  • Anonymous

    Wow… two listens warms my heart and get’s we slightly worried for your brain! Looks like you totally need to do a podcast. Your comment gets me thinking about business in general as well– I think many people assume things need to be clean and when they get their first glance behind the scenes of an entrepreneurial business (or even corporate, in your case) they are amazed by how messy things are. I know I was. Learning to roll with that was one reason I was able to start my own. Thanks for your thoughtful comment.

  • http://twitter.com/SmartMoneyJoe Joe Edward

    Great post. I am a new listener and love your podcast. It is helping me quite a bit. As a former expat living in SE Asia, I love the reminders of the good time I had there. I hope to find my way back to the expat lifestyle.

  • Anonymous

    Thanks for the shout Joe! Welcome to the party :D

  • http://thewordpresschick.com/ Kim Doyal The WordPress Chick

    What’s up fellas!!!!
    Long time no listen… (on my end!)- of course, still have the podcast on my iGoogle homepage & iTunes subscription).
    Love the bit about pointless arguments… so true!

    If you’re ever in need of a topic (doubtful)- I’d love to get your thoughts on the trend of these insanely expensive coaching programs by IM ‘guru’s’ and what that looks like for people who are SO anxious/desperate to get their businesses going. I did a crazy project last fall (why I was MIA..) and spent some time w/some amazing IM women (they were great- not a dig at them), I see SO many people trying to become ‘mini me’s’ of their coaches it’s starting to make my head spin!

    Because you guys are so NOT the typical internet marketers (know you do a lot of other things too)- think it would be refreshing to get your perspective.

    I’ll be stepping up my efforts to get more ‘chick’s’ to listen to you guys…feel like you’re a hidden gem in this space! :-)

    Ok- back to catching up on more episodes!
    Thanks again for the fab content!
    Kim Doyal

  • Anonymous

    Thanks Kim. I love the mini-me phenomenon…. I actually get a kick out of it. You know on the web you can easily be exposed to so many people who maybe you wouldn’t associate with in real life… I’d say I just take it like that and try not to over-think it.. In general this kind of marketing type products aren’t my style, although there are parts of them I really appreciate…. for example, I absolutely love Frank Kern’s speaking and videos…. he’s just a lot of fun, and I like trying to pull out his tricks…. I have a hard time imagining I’d benefit much from his products (perhaps like you are saying if I wanted to become a mini-frank) but anyway…. I’m more about specific type solutions, that’s why I’ve found this podcast difficult to monitize just because I’m not a systems type guy. When we do have an inner circle it’ll be more consulting based because I’m all about relationships with people and talking about businesses/sharing information that way.

    Ok…. if you can bring some ladies to the table Kim that would be great :D

  • http://www.travelpersonality.com Travel Personality

    One of my favorite podcasts to date. I had to listen to it again today. Back in the game, more determined than ever. Keep up the great work Dan & Ian.

  • Kevin McTigue

    Just discovered this podcast and I’m loving it. Does anyone know where to find that John mayer video that’s mentioned around 17:35? Anyway, great podcast guys; keep it up.

  • http://www.tropicalmba.com Dan

    :D

  • http://www.tropicalmba.com Dan

    Thanks Kevin… can’t seem to find that particular video… I remember the content wasn’t outstanding just that quote… John has some amazing thoughts about the creative process, i’d start with any of his Berkelee songwriting clinic videos, they are great. Thanks for listening to the show! 

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