FU Money by Dan Lok ► Book Summary

FU Money by Dan Lok ► Book Summary

December 28, 2019 100 By Kailee Schamberger


– [Presenter] Dan Lok
is a multimillionaire serial entrepreneur, and one of the most engaging public speakers
I’ve ever come across. His social media presence is growing fast. And his book F.U. Money is a
book I’ve read multiple times, and loved it even more than the classis Rich Dad Poor Dad by Robert Kiyosaki. There is a hidden message on
the book cover, can you see it? Now, let’s dive into the video where I share my favourite lessons that you can apply to your own life, so you can as much money
as you damn well want, and live your life as
you damn well please. Let’s head to the first lesson. What’s F.U. money, and why does it matter? F.U. money is the enough is enough number. When you get to a point when you don’t have to take (duck honks) from anybody. When you make enough
money that you’re able to say (duck honks) you
to anyone, anywhere, including your boss, without
consequence, it’s freedom. How much F.U. money do you need to make to live your dream lifestyle? Let’s go to lesson two, your magic number. The reason you’re not
making the kind of money that you want, and the reason
you’re not working the amount of hours you want is because
you have not made it a point to continually increase
the worth of your time. Ask yourself how much money
you want to make this year. Let’s say six figures, so 100K. Now, let’s say you work eight hours a day 220 days a year,
that’s 1,760 hours a year. Now, take 100K, and divide it by 1,760 hours, that’s about $57 dollars. To get your magic number
take $57 and multiply it by 3 to allow for unproductive
hours versus productive hours. We multiply it by three because you need to be real with yourself. Not all your eight hours in a day are productive ones, so to make 100K a year each of your hours
has to be worth $171. So why the hell would you
spend an hour mowing the lawn. It costs your $171 to do that when you could hire someone to do it for 20 bucks. I have a bunch of Podcast
episodes to be edited, but it takes a lot of time,
so I applied Dan’s advice, and hired one of my subscribers who was over the moon
to do it for 40 bucks. I’m using that time to work on projects for clients that are
earning me 10 times more, and beyond, for the same
amount of time invested. So, what’s your magic number? Let’s move on to lesson
three, hit ya’ dig. Have weekly, monthly,
and annual income goals, but focus on hitting your
dig, or daily income goal. Why wait until the end of the month to see whether you’re on track. If you focus on hitting
your daily income goal, then that ensures you’re hitting your weekly, monthly, and annual goals. Lesson four, condition your mind to be comfortable with your F.U. money. One of the most bizarre things I learned from Dan was that you can
ride in a stretch limo for just twice the price of a taxi, not too much if you think about it. I thought only millionaires could do that until I tried it out myself
on my trip to Sydney. Stepping into a limousine
by myself felt strange, but it showed me that my grandiose ideas of a luxury lifestyle are closer
to reality than I thought. I took things a step further and spent an uncomfortable amount on
a luxury executive suite at the Hilton Hotel after
I heard Dan would hang out in the lobbies of hotels
in his younger years. It was a surreal feeling
walking around with businessmen in suits, and well dressed
families while stuffing myself in the endless supply of gourmet treats. It felt like I was in a movie. So, coming out of those
experiences showed me what’s possible, but the unexpected lesson was that it also gave me more clarity on what I want and what I don’t want. A luxurious hotel room
isn’t all it’s cracked up to be without somebody to share it with. And, for me, a limousine
is completely unnecessary in comparison to a less expensive, but still comfortable sedan. The key takeaway here is to put yourself in uncomfortable situations,
so you can become comfortable with the opportunities that
your F.U. money will bring you. You’ll be more likely to get it when your mind is conditioned this way. Now, for the fifth lesson,
in Dan’s own words, most of your customers suck. (laughs) Now, I know that sounds
brutal, but stay with me here. Generally speaking, 80% of your revenue comes from 20% of your clients. The other 80% are not
the right fit for you. In my own experience I have taken on a client who was pleasant to work with, but I completely undersold myself. I was simultaneously
working with another client who I also enjoyed working with. But I was earning literally six times more for the same amount of time and effort. That’s when I realised you don’t have to start with low-paying clients. You can start serving high-paying clients from the get-go if you
position yourself correctly. You’re doing yourself
and them a disservice by serving low-quality
or low-paying clients. Clients are replaceable, your time is not. Getting clients isn’t actually difficult when you figure it out. I can now score a new high-quality
client within 24 hours. To do this I’ve learned to use a stack of principles from Dan’s other book, Influence! 47 Forbidden
Psychological Tactics You Can Use to Motivate, Influence and
Persuade Your Prospect. So spend no more time serving clients or customers you don’t want. The final lesson, the market you sell to is more important than the
products or services you sell. Now, the reason this channel grew to over 120K subscribers was
because I served a market need, which was, and is animated
book summaries like this one. I knew the market wanted it
because there were channels like FightMediocrity who were making animated book summaries and
getting a tonne of views. So when he stopped posting videos there was a hungry market waiting for more, so I ended up filling the gap. As the old saying goes, “There’s no need to re-invent the wheel.” The same can be applied to making sales. A simple search on Amazon
or Upwork.com can show you what the market is already buying, so sell what’s already being bought. These were my favourite lessons
from F.U. Money by Dan Lok. In lesson one we learned what F.U. money is and why it matters. To get our F.U. money
we learned that we need to be taking actions that
adhere to our magic number. We also learned that we should be focusing on our daily income goal instead of weekly, monthly, and annual goals. And lesson four, we learned the importance of putting ourselves in
uncomfortable situations to condition our mind to be comfortable with our F.U. money lifestyle. And lesson five, we learned
that 80% of your customers or clients are not the right fit for you, so you should stop serving them. And, last of all, we learned
that the market you sell to is more important than the
products or services you sell. If you learned something
from this video be sure to check out Dan’s
channel by clicking here. For a limited time you can also download F.U. Money for free by heading to fumoneybook.com There’s a link in the description. Thanks for watching, and I hope this video made you one percent better. (rhythmic hip-hop instrumental)