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Would you listen to a billionaire's advice to poor people and not just any billionaire, a billionaire that used to be dead dirt poor? That's what we talk about in today's episode.
The first thing that I think of when I say a billionaire's advice to poor people is, you know, what could a billionaire possibly be able to tell poor people? He doesn't know what it's like to be poor. He doesn't know what it's like to be in those shoes, et cetera, et cetera. Well, what if that billionaire actually was poor at one point in his life? And the person I'm talking about is Jack Ma the founder of Alibaba. Now what I'm going to do real quick here is first, I'm just going to give you some quick backstory on Jack. I'm going to actually take some, I found this article on Inc.com about him and about how he was born and then how he worked his way up to becoming a billionaire. So I'm gonna read you a couple of excerpts from this, but then I'm going to tell you his advice to poor people.
He literally has a direct, it's like a couple of paragraphs long, pure advice to poor people. I think when you hear this, it's going to open your mind to what is possible. And the fact that largely the reason people can't get out of poverty or not even poverty, just become more successful, really is they're putting a limit on themselves by what's happening in their mind. You know, it's not that they're unlucky or that they don't have resources. It's just, they're not letting themselves be more successful because they're limiting their ability to grow based on what they think and what they believe. That's what's called limiting beliefs. Anyway, let me just read a couple of sections from this. So Jack Ma grew up in poor communist China. He failed his university entrance exam twice and was rejected from dozens of jobs, including one at KFC before finding success with his third internet company, Alibaba.
He was born in Hangzhou, I believe it is, It's the Southeast Eastern part of China in 1964. He grew up when things were really bad in China, very isolated from the West, grew up very poor family. Basically, as I said, he got rejected for a bunch of jobs. He got rejected from Harvard 10 times. Now Jack had no experience with computers or coding, but he was seriously captivated by the internet when he used it for the first time during a trip to the US in 1995, he had recently started a translation business and made the trip to help a Chinese firm recover a payment. His first online search was beer, but he was surprised to find that no Chinese beers turned up in the results.
It was at that moment, he had an epiphany and he decided to found an internet company for China. His first two ventures failed as many of you know, most successful entrepreneurs, their first couple of ventures fail. But four years later, he got together 17 of his friends in his apartment and convinced them to invest in his vision for an online marketplace he called Alibaba and, the site basically allowed exporters' to post product listings that customers could buy directly so that you can actually go onto alibaba.com and get thousands and thousands of a product made and, and source it directly from China rather than going having to fly over there and hire a translator and all that jazz. So it just makes it a lot easier to do business. And just reading a little bit more from this article. The service started to attract members from all over the world. By October 1999, the company had raised 5 million from Goldman Sachs, and 20 million from SoftBank. The team still remained close-knit, not very corporate and they said, we will make it because we are young and we never, never give up, Jack said when he was at this gathering of employees. You know, it just grew from there and it became a billion-dollar company. Now Jack is a billionaire who at one point super poor. I'm not talking about like, you live in a bad part of town, poor. I'm not talking about you've got a slumlord and your apartment's only 500 bucks a month type of deal. No, no, no, no, no, no. I'm talking about poor communist China type of deal, literally super, super poor.
So that said let me get Jack MA's advice to poor people because this is one of the best quotes, it's a long quote, but one of the best quotes that I've read let me find it here. So this is what he said,
Jack said, "The worst people to serve are the poor people. Give them free, they think it's a trap. Tell them it's a small investment, they'll say they can't earn much. Tell them to come in big, they'll say no money. Tell them to try new things, they'll say no experience. Tell them it's a traditional business, they'll say hard to do. Tell them it's a new business model, they'll say it's MLM. Tell them to run a shop, they'll say no freedom. Tell them to tell them it's a new business, they'll say no expertise. They do have some things in common. They love to ask Google, listen to friends who are as hopeless as them, think more than a university professor, and do less than a blind man. Just ask them what can they do? They won't be able to answer you. My conclusion, instead of your heart beats faster, Why not you just act faster a bit. Instead of just thinking about it. Why not do something about it? Poor people fail because of one common behavior. Their whole life is about waiting."
Now let me just tell you that I have read this quote multiple times and let it really sink into my head. Here's why I cannot count the number of people that have maybe they got on a sales call with my team. And they're like, "Yeah, I know you've helped multiple people from scratch grow, you know, six and seven-figure businesses and you know, but I just....." Then they just give one of the excuses that Jack was talking about. "I'll wait, I'll do it next month. Now's just not a good time." or "I'll make some sales first" or "Let me make a little money first." Yeah. It was just these ridiculous excuses. I remember when I was younger, there was a time where I made those same excuses. I really did. I made very, very similar excuses to those. I always thought, you know, "Oh, I don't have the skills" or, "Oh, it'll take too much time." Or, "Oh, I don't have the time". I mean, there's just so many things that I came up with. And when I think back there were the wildest excuses and here's a guy who grew up in poor communist, China who ground it out, made it happen. And he's a billionaire.
Now think about this. You don't have to be a billionaire. You don't have to do what he did. You don't have to do that. But a million dollar a year business? A million dollars that's less than a hundred grand a month. Guys, if you sell a $5,000 product, whether it's a coaching offer, an online course, a mastermind, a service, if you sell something that's $5,000, right. And you sell 10 of them per month, that's 50 grand a month. It's just math. You know, you just gotta get 10 people month to say, yeah, I'll buy that. And if you're booking calls and you're closing sales, that's why I remember Shayna.
One of my clients, Shaina, she joins my mastermind actually she joined our mid-level program, and then she went to the mastermind, but she has a coaching offer for weight loss for women through balancing their hormones. She was undercharging and just wasn't able to grow her business and just being static. And she admitted to me that when she joined that she actually was considering it for months, but she was waiting. There's that waiting, waiting, waiting, waiting, waiting, waiting. And it's just hilarious to me how many times you will ask somebody why they're not successful. If you ask some follow-up questions, you will hear that word wait so many times. So Shayna eventually stops waiting and she joins. Two weeks later, she makes 35 grand in two weeks with her offer, it completely pays for all the investment, everything, and then some. And you know, this has happened so many times with my clients and they say, "you know, Dan, I feel so, like, I just feel so stupid because I just, I waited. I wish I would have joined six months ago man, I can't imagine what my life would be like today." This is not just me, I'm not just talking about me and my company. I mean, let's say you're an accountant and you want to grow your accounting business so you reach out to the top accounting guru who helps accountants grow their business. It could be anything. If you clearly know that someone can help you achieve your goals and you're waiting for whatever excuse you have. And I don't believe that you don't have the money. Excuse, I'm sorry. I don't believe it. I absolutely don't believe it. I just do not believe you don't have the money and I'll tell you why I call this the Lamborghini paradox.
Let's say you're looking to join a program that that'll help you grow, let me just pull out an arbitrary number, $10,000 and that company charges $10,000 because they're really good. They don't charge a thousand or two, they charge 10 grand because they're really good.
So you say, "Well, you know, I don't want to do that right now, it's not a good time. I don't have the money."
This is hilarious to me because the definition of an entrepreneur is a person that takes on greater than normal financial risks to operate a business. So when people will say things like, "I'm not willing to invest that much in my business."
And I say, "So why are you here? Why are you an entrepreneur in the first place? Why don't you just go get a job?" Because that's what an entrepreneur is.
And I'll say, "Well, have you invested anything in your business? How much?" Oh, $500. Well, then you're not an entrepreneur by the literal Webster's, that's not my definition. That's Webster. Talk to him.
Anyway, so the point is the Lamborghini paradox.
So if I say, "I will give you a brand new, brand spanking new current year, or next year brand spanking, new Lamborghini like a $350,000 car for 10 grand. You got seven days. Could you find the money?"
They say "Oh, absolutely."
I ask "Really? " and they assure me, "Yeah. I could find the money."
I ask "Okay, why will you go and find 10 grand?"
They reply "Well, 'cause it's a Lamborghini it's worth so much more than 10 grand."
I ask, "Okay. And what exactly will you do to find the money?"
Their reply is always something like, "Well, I'll call a friend, or okay, I could call Bob over here. I could call my cousin. No, I could take a loan out on this even".
I say, "Okay. So whatever it is, you could make it happen, right?"
Again they assure me "Yeah, I could make it happen."
To which I reply "All right. So you're telling me that you'll make it happen. You'll find 10 grand to buy a Lamborghini, but you won't find 10 grand to get the help, education, and coaching you need to buy as many Lamborghinis as you want. You're telling me that you care more about a free Lamborghini than you do about growing your business. That Lamborghini ain't going to pay your bills and ain't going to send your kids to college. It ain't gonna take you and your wife or husband on a beautiful vacation so you can rekindle your marriage. It's not going to do that, but a successful business will. So you care more about the car than your family, your future."
They say, "Oh, I didn't think about it that way."
Well, of course, you didn't think about it that way. Cause if you did, you'd already be wealthy. That's why you need the help period. And that's what Jack MA's saying. You know, he said that the number one thing that he invested in was his own education and skillset. And that was the biggest catalyst to him becoming a billionaire, but you don't have the money. You know what you know, I also don't think that's BS? Black Friday, because every single person that says they don't have the money, they're all lined up at the door on Black Friday, you know? It's the same thing as the Lamborghini paradox. It's you'll find the money for that, you'll find the money for something superficial that really won't bring you any value just because it's worth more. Well, you don't think getting advice from someone who's made tens of millions of dollars, doing exactly what you want to do, that's not worth more? That's not worth 10 grand, but a Lamborghini is?
It's just ridiculous and here's the thing, that's why some people don't deserve to be wealthy. They don't deserve to be successful because they think like that. I did not deserve to be successful when I was younger, because I thought like that. The truth is that people always want to have things, right? They don't want to become the person that deserves things. You will become wealthy when you become the person that deserves it. The person that deserves it knows that they should invest in their own education. They know they can get the money if they really need something. They know that if things don't work out the first time, they don't just give up and try something else. They know that to build a successful business, you have to get good at things, not just find a secret sauce or secret template or script. When you become that person that knows and accepts those things, you now deserve to be wealthy, but before then you just don't deserve it. You don't, neither did I.
You know, I have students who, when they came into my program had a lot of mindset issues and we fixed the mindset. Then when you fix the mindset, you fix the hands, cause the brain tells the hands what to do. You fix the mind, you fix what's in that brain and that brain now allows the hands to freely type on that computer keyboard and do what needs to be done to make it happen. You gotta become the person that can make it happen. That's why we're called human beings and not human havings because that's how you have things, you become the person that can make it happen, period. So this is advice from a billionaire, who was once poor. If you think you're going to go against this advice and you're going to be successful one day, well, you send me a postcard when that happens, I will not hold my breath.
Anyway, I know this was advice in this episode today was a little bit harsh, but the fact of the matter is it may not be what you want to hear, but it's true. And I always say, listen to people more successful than you. That's why I listen to people like Jack Ma. I mean, if you can go from being dirt poor to building a billionaire company well, I'm going to open my ears and shut my mouth.
So if you know, if you've been listening to this podcast and you feel that my company getclients.com can help you, whether you sell an online course, a coaching program, a mastermind offer, professional service, you know, if you'd like to learn how to sell your advice online or sell any offer for a premium price and be able to charge more, then you can always book a call with my staff and I'll leave a link in the show notes where you can book a call. Look, I'm all about low-pressure sales. We'll take a look at your business, We'll see what you got going on and we'll see if we can help. And if we can help, we'll show you what that looks like and let you make a decision to be a part of it or not.
Just know that whether or not it's a fit if you get on that call and you decide, "Oh, well, you know, I don't have the money. I'm going to wait.", just think about that Jack Ma quote. Think about that when that, "Oh, I can wait" when that runs through your mind, because waiting is something that....man just one more quick story.
I waited for years to invest in Bitcoin and cryptocurrency, and I've been friends with a buddy of mine for two years who makes, he makes about six figures a week on crypto. And I always told myself, "Oh, it's too complicated. And I don't even know what half those terms mean. You know, I'm good with what I do". I remember I read that Jack ma quote about three weeks ago. I got a text from my buddy talking about, "Hey man, these things are happening, I know you, you say you don't want to do crypto, but we got something going down right now, and if you wanna get involved in it and I'd be happy to jump on zoom with you." I looked at it and I was like, “Oh, it's crypto crap again”, but then I was looking at the Jack Ma quote and I was like, "Oh man, I'm still doing that...I'm still doing that." So I go, you know what, screw it. I clear my schedule. I get on a call with him and he shows me this stuff two hours later, I'm blown away. I invest 150 Gs into, I transfer 150 grand into a crypto account and get at it.
And let me just say that it's been about three weeks and I've made a lot. I mean, A LOT. I've never seen return like we're talking about. I don't want to get into it, but what most high-end stocks pay per year you can make in crypto in a week. So I'm so happy that I didn't let myself, you know, fall into that same, even now as an eight-figure earner, you know, I read that Jack Ma quote again, and I said, screw it, and I did it. I'm doing great with it now.
So no matter who you are or where you're at those limiting beliefs will always creep in and they'll always affect you. Even they affect me and I gotta catch myself and I'm glad I did on that. Because I missed out for the past three years on great investment opportunity. If I would've got an earlier, Oh man, you might not be hearing from me right now. I might not need to ever go on a podcast.
So anyway, guys, I hope you enjoyed this podcast. And once again, if you'd like to book a call with my team and see if we can help you, I’ll leave a link in the description. See you in the next episode!