The 8 Rules of Making Your First $1,000,000
The Tai Lopez Show
Tai Lopez
4.8 • 6.9K Ratings
🗓️ 25 September 2019
⏱️ 87 minutes
🧾️ Download transcript
Summary
“You better not just be happy with a 9-to-5 job.” - Tai Lopez
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Making a million dollars isn’t for everybody.
But for those of us who wish to pursue this financial milestone, we’ll need a framework to follow. Without such a thing, the stress and stimuli that come with this endeavor is too much for a human being to bear. Thus, it’s important to set parameters on what you can can’t do during this pocket of your life.
That’s why on today’s episode of The Tai Lopez Show, we are discussing the 8 rules of making your first million. When we pursue our entrepreneurial dreams, we must do our due diligence to have the best chance at success. Tune in to this episode to learn the intricacies of the the jungle of making money, so you know what to expect when you decide to pursue your passion with full force!
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Points to Keep In Mind
- Warren Buffet says the most correlated factor to making your first million dollars is the age in which you start
- The #1 reason why people give up on making their first million is an expectation of it being easy
- Your first business should be service-based where you sell your time (dog-walking, personal training, etc.)
- Today, you should start Internet-based businesses (social media marketing, home-sharing, e-commerce, etc.)
- As you rise in wealth, prepare for betrayal by developing thick skin
- “A nation is born stoic, and dies epicurean.” - Will Durant
- Read Managing Oneself by Peter Drucker to learn about time management
- Read Quiet: The Power of Introverts in a World That Can't Stop Talking
- Be sure you’re only working hard once you figure out what works for you
- Experiment with at least 12 different business ideas before settling on one
- There are 4 M’s to motivation: money/materialism, mating/love, movement/freedom, mastery/status
- Start with reading every day to develop repetitive skills
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Transcript
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| 0:00.0 | Time management is one of the essential criteria that people don't really get. |
| 0:04.8 | I mean, they kind of get it. They ask me about daily routine, but the real thing is like, |
| 0:10.0 | how do I market this idea? Or how do I build this app? Or how do I raise a million dollars |
| 0:14.4 | from Kickstarter or a venture capitalist that I'm going, yeah, but how's your time management |
| 0:18.9 | right now? Because most people's time management sucks. |
| 0:24.8 | So what's the truth about making your first million dollars? I'm going to give you |
| 0:29.7 | eight rules of the jungle. I call it the jungle. I'm down here on my treadmill desk in the basement, |
| 0:36.1 | and people have been asking me to do these old talks where I just get in front of a camera and |
| 0:40.2 | just talk for a long time. No flash, no pizzazz, no life style stuff, no cars, just straight talk. |
| 0:48.0 | This is basically, I did a tweet today, what I wish I had done and they had taught me in school. |
| 0:55.2 | But more importantly, I said, if I had control of my life, what would have done differently? |
| 1:01.5 | I'm going to tell you, this is unrelated to what I'm about to say, but it's kind of a foreword |
| 1:06.4 | to what I'm about to say. Okay, and that is number one, I would have started a business before age 12 |
| 1:15.1 | with the encouragement of all the people supposedly around me, school teachers, blah, blah, blah, |
| 1:19.7 | the elders, you know, parents, everything. Number two, I would have traveled as much as I could |
| 1:27.3 | going, you know, of course, with a parent, but travel. This is, by the way, instead of school as |
| 1:33.4 | we know it. Okay, that's number two. Number three, I would have learned a master to musical instrument. |
| 1:41.5 | Okay, number four, I would have gotten a Brazilian Jiu-Jitsu black belt, or MMA, |
| 1:48.8 | some kind of thing like that. What was number five? Let me just look here. Like I said, it's a little |
| 1:57.6 | forward. Oh, I would, learning four languages fluently. Basically, the school system is garbage. Okay, |
| 2:06.5 | people get mad when I say that, but I'm a call spade, it's paid. Now, I didn't have control of my life, |
| 2:11.6 | and you didn't have control of your life when you were 12, so you got stuck with all this monotonous |
... |
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