Welcome back to the 52 weeks of wealth! This is Wealth Principle 52, Sharpen The Saw. We’ve been on this journey for the last 52 weeks. The reason the 52 Weeks to Wealth started was that at some point, I was obsessed with making money and I was so tired of not being able to have the things that I want, not being the man that I wanted to be, not being able to take time off whenever I wanted, with whoever I wanted, however, I wanted. One of the strategies to get there is to follow the rules. A Billionaire once told me is that
The Rules are the Rules because they are the Rules
Stop trying to be smarter than the system, stop trying to think the government is against you, and stop trying to think that all the Rich people don’t want you to succeed. The truth is Rich people are lazy. We would love you to grow because it means you can take our money and put it to work for us. That’s what we call PASSIVE INCOME. When somebody else is doing the work and your money is working harder than you. $10,000 a month is a nice starting point. Getting there does take having some money, which is why we put the mission together of 100 Millionaires. We built 24 Millionaires over the last few years, not because we were good when we started. But because every year we Sharpen the Saw. Every year we sharpen our skills. Every year we tweak a little bit, and we get a little better at this Millionaire Building Process. We’re on a mission to automate the process.
The mission is to build 100 Millionaires inspired to build 100 Millionaires
Let’s dive into wealth principle 52, Sharpen the Saw. You’ve been through 51 principles, you’ve learned Wealth Stacking, you’ve learned how to think like a Millionaire, and how to choose that Million Dollar business. You’ve learned that the point of a Business is not just for Cash Flow, it’s to build the business sell the business, and get Rich. Most of the billionaires on the planet have actually sold the majority portions of their business. And yet with 10% and 20%, they are still Multi-Millionaire and Multi-Billionaire.
As you’re out there, this market is shifting, we cannot evaluate properties the same way we used to, we can’t talk to clients the same way we used to, and we’re no longer in a low-interest market. For many buyers, for many investors, this is difficult, your underwriting has to change. We don’t buy 10 caps anymore, we got to buy 12 caps because the interest rate truly is 2% higher. So the Return on Investment is going to be lower. And if you’re still doing numbers and saying “I can make it work at an 8% cap or 9% cap”, you’re gonna hurt people, including yourself. Things have changed; sellers’ conversations have changed, and the way we work with them is different. So we got to sharpen the saw this year.
I’m not, I’m not trying to get you to make 40,000 a year. My goal here is to make 100,000 a year, or six or seven figures, or get that passive income of $120,000 a year or $10,000 a month. That’s my goal. So I can’t be talking about Hard Work anymore. It is all about Communication. It’s all about Relationships. At this level, hard work doesn’t work at this level in the game. What works is Building a Team, Building your Partnerships, raising capital, raising, and finding people who can do the work for you getting your property management, your contractors, and your project managers in place.
Four Things Necessary To Sharpen The Saw
1. Reaching Out to New People
You must reach out to new people. In the 21-day Recession Proof Challenge, we do 10 people a day. 10 new people a day and it could be a follow-up. People you haven’t talked to, in six months or a year, could count. That could be your entire Facebook friends list, all those friends, all the fake friends you got on Facebook, you go back and message all of them to see if they’re even real.
2. Adding them to Your Database
After you reach out to 10 people every day, for 21 days, understand new contacts, and refresh contacts, only four go into your database daily, only four. Because 1/3 are going to love you no matter what 1/3 gonna hate you no matter what and 1/3 are not going to care about you, no matter what. This is sharpening the saw. This is us going back and saying, “Let’s see who we can serve”. And take the four from that day who said “Yes, I like you. Yes, I like your product. Oh my god, I was thinking about doing what you sell, whether it’s buying a house, building a piece of real estate, etc.“
3. Make A Post Every Day on Social Media Where it can be Seen
I just got a reward from Facebook today saying, “Congratulations! 45 days of nonstop activity”. Now being active on Facebook for 45 days does not mean I was watching and scrolling. I was not a Consumer, I was a Creator. For 45 days, I created three types of content every single day that was stories, reels, and posts. Every single day, one of those pieces of content came out.
I want you to go put it out in a group that has your clients in it, a group that has the people that you want to hang with. If you’re looking for more deals you need to hang out with people who have deals. If you’re looking for more capital, you need to hang out people who hang out with people who have capital. Financial Planners are a great resource for people who have money. People who run the Yacht Club are another excellent resource for people who know the people who have the money. If you want to spend your time with rich people and become a rich person, you should spend time with rich people think about focusing on the best surround yourself with the best and you will become the best focus on money, surround yourself with people who have money. And then you will be one of those people who have money.
4. Read High-Leverage Books
We do a book a week in the 52 Weeks to Wealth, but you gotta read more to become a Millionaire and Crush it in Sales!
- How to Win Friends and Influence People by Dale Carnegie: If you don’t know how to win friends and influence people, you won’t be able to change the previous ones and remain stuck with them
- Endless Referrals by Bob Burk: If you get your friends to give you ongoing referrals your business will explode, and you will have what it takes to create a chain reaction, a contagious explosion of your business.
- Meet 100 People by Pat Hedley: Learn how to connect with the Right People who you can influence and then win over.
This is the Mastery; the science is three books, this is how you become Recession-Proof.
Let’s Do An Exercise
Because we do an exercise every week, for the last 52 weeks, this is going to be no different. I want you to pull out a piece of paper and I want you to write down
“What is the one uncertainty in your business or the one thing you know, if you mastered it, your business would level up?”
What’s the one skill you could sharpen to reach your goal of 10,000 Passive Income legacy wealth for your family that millionaire status or just being able to quit your job or financial freedom? What is the one thing that you could do this year, one particular skill that will change your life change your game, and at a higher level?
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Upcoming NEXT
In the following week, we will be discussing Wealth Principle 1, Think A Million, and Wealth Principle 2, Choose A Business That Can Make $1,000,000. In order to think a million, you have to contemplate, you have to spend time on the number, you have to visualize it. It can be a million in equity in a business or a million of purchased assets or a million-dollar business, it can be a million in the bank, it can be a million in a brokerage account, it can be a million of crypto. Businesses that can never make a million dollars are too time-intensive, too unique, they are too area local. Most people are not aware of this is that a business that can never be a million dollars is a business that 100% relies on you, nobody involved just you. The business maximum is a quarter-million-dollar, it is the maximum you can make by yourself without building a team and without working with other people. Learn more about these principles by tuning into the Zoom meeting every Saturday at 10:00:EST. Books of the Week will be Millionaire Real Estate Investor by Gary Keller and Millionaire Booklet by Grant Cardone.
