Your success is guaranteed – if you do this

Dan Miller48 Days Podcast2 Comments

Investing in yourself, Jim Rohn, Rich People, Libraries, Books

Your success is guaranteed – if you do this

“Here is a rule that will guarantee your success – and possibly make you rich: Invest 3 percent of your income back into yourself.” That’s great advice from Brian Tracy. I’m going to show you the formula that can double or triple your income. Stocks, bonds and mutual funds are for conservative people who just want to protect the money they already have.  I will describe the only investing strategy I recommend if you want to exponentially increase your income — investing in yourself. It will work for you whether you are employed or in your own business.  It will work whether you make $10/hr or $1 million/yr.  

  1. Can I use this principle if I'm only making $12/hr?
  2. What two books should I start with for my personal success library?
  3. I can't even pay my bills – how can I do this?
  4. When can I stop investing in my own growth?

“Poor People Have Big TVs. Rich People Have Big Libraries.” Jim Rohn — Tweet This

Show Notes:

Episode – 03-24-17

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Summary:

In this episode, Dan Miller sets this week off with a solution to the question, “How can I achieve success now?” His response—investing in your own self-development. Dan describes the value of spending 3-5% of your income on your own personal development. This can range from buying a few valuable books a month, to joining an online course, all the way to signing up for the most prestigious self-development retreats with highly esteemed coaches. Regardless of what your budget can afford, the return on your own personal development will always outweigh that initial cost. Tune in find out the value of investing in yourself, today.

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FreshBooks is offering a 30 day, unrestricted free trial to my listeners. To claim it, just go to https://www.freshbooks.com/48days    

Time Stamped Show Notes:

  • 01:13 – Preview of Today’s Show on Your Success is Guaranteed – If You Do This”Here is a rule that will guarantee your success – and possibly make you rich: Invest 3 percent of your income back into yourself.” That’s great advice from Brian Tracy. “I’m going to show you the formula that can double or triple your income. Stocks, bonds and mutual funds are for conservative people who just want to protect the money they already have. I will describe the only investing strategy I recommend if you want to exponentially increase your income. It will work for you whether you are employed or in your own business. It will work whether you make $10/hr or $1 million/yr.”
    • Can I use this principle if I'm only making $12/hr?
    • What two books should I start with for my personal success library?
    • I can't even pay my bills – how can I do this?
    • When can I stop investing in my own growth?
    • “Poor people have big TVs.—rich people have big libraries.” – Jim Rohn
  • 03:22 – Investing in self-development is the most valuable investment
  • 03:46 – Improving yourself is where you want to start to improve your life
  • 04:42 – Every week, Dan gets messages from people who are not happy with their jobs
  • 05:55 – Dan uses wild turkeys as an illustration
  • 07:28 – Success can have a short cut
  • 08:11 – Dan attended the Tribe Conference a few weeks ago
  • 08:31 – Dan goes to conferences to invest in his self-development
  • 09:46 – Some people tend to invest in things instead of themselves
  • 10:37 – Commit to your own self-development and let Dan know the results
  • 11:09 – “Here is a rule that will guarantee your success – and possibly make you rich: Invest 3 percent of your income back into yourself.”
  • 12:13 – Dan is confident that there are ways to make the 3% a budget item
  • 13:12 – Start reading books like, See You at the Top and How to Win Friends & Influence People
  • 13:30 – Start your own success library
  • 14:59 – Income from $15/hour yields a monthly $72 self development budget
  • 16:09 – Write down your income and identify things you already do to invest in your growth
  • 17:16 – “Reach beyond what you think you can afford”
  • 18:26 – If you can afford it, schedule sessions with coaches
  • 18:39 – When Dan went through the most horrific financial experience of his life, he started reading books again
  • 18:48 – He was 40 years old and hundreds of thousands in debt
  • 19:04 – He started reading and listening to positive books and material, 2 hours per day
  • 19:38 – 5% of $65K/year can afford you to get an online course program
  • 20:51 – 5% of $100K/year can afford you health coaches, art classes, and getaways to review your annual goals
  • 21:50 – 5% of $150K/year can do classes at Oxford, trips, and other personal enrichment activities
  • 23:07 – 5% of $300K annually can afford you week-long spiritual retreats
  • 23:22 – 5% of $600K can afford high-end retreats with Tony Robbins, Brendon Burchard, or Dan Sullivan
  • 24:02 – Dan shares a story from his mastermind
  • 24:53 – Dan and his wife just got back from the cruise
  • 26:47 – $1M equates to $50K for a self-development budget – you can try Joe Polish’s Genius Network and go to some other retreats
  • 27:23 – Darren Hardy also finds it challenging to find ways to personally invest in himself
  • 28:48 – If Dan stops learning, he’ll be of no use to anybody
  • 29:02 – Dan detests going to the mall
  • 29:27 – Investing in knowledge is something Dan spends money on
  • 30:11 – Spending vs. Investing
  • 30:34 – Dan expects you to get 10x back from that investment
  • 31:32 – Purchasing material things leads to depreciation
  • 31:51 – “Reach beyond what you think you can afford”
  • 32:21 – Dan describes the principle on which he launched the 48 Days Eagles site
  • 33:02 – You don’t have to invest in 48 Days but Dan wants to know where you will invest your 5%
  • 33:46 – Dan knows that putting a stop on the investment means stopping his own personal growth
  • 34:40 – Ask Dan the ways in which he invests the 5%
  • 35:15 – Dan closes today’s podcast

3 Key Points:

  1. Reading is a great way to invest in yourself that is also budget conscious.
  2. Investing 3% to 5% of your income into yourself can yield to a lot more opportunities and growth.
  3. Material things lead to depreciation—self-development leads to appreciation.

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  • Peggy

    I don’t have a formula for spending but I always do something, or more than one thing, to invest in my growth. I usually belong to at least one professional association and attend their educational events. Also, at the end of last year I got Michael Hyatt’s Best Year Ever through Ray Edwards’ link and I am getting tremendous value. The process was thorough and helped me rethink how to move my life forward. At the end of 3 months, I am happy to report I have made at least some progress on every goal. Both programs have ongoing value for me. I would like to add that after you spend the money, you have to implement what you learn. The books, courses, and groups are just the beginning. Like a gym membership, you actually have to keep doing it so I think the biggest challenge is to keep myself motivated. That is why support groups are so good. I have bad days and disappointments, and it is nice to be able to get encouragement to stay on the path from others. I also put some inspirational and motivational material on my schedule at the beginning of every day.

    • Peggy – you nailed the most important message – “after you spend the money, you have to implement what you learn.”