Tuesday

FU Money by Dan Lok > Book Summary


  • Book Name - FU Money
  • Book Author - Dan Lok
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 article 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.

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 from anybody. When you make enough money that you're able to say 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?

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?

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.

Fifth lesson, in Dan's own words, most of your customers suck. 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 Fight Mediocrity 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 article be sure to check out Dan's website. For a limited time you can also download F.U. Money for free by heading to fumoneybook.com .

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