Wealth Building & Investing

Avoid These Huge Money Mistakes…

Becoming a financial success is actually more about the money you keep and invest than the money you make.

Because it doesn’t matter how much money you make, if you have poor money habits, you’ll never achieve the level of wealth you desire.

So, in this week’s newsletter I’m going to share with you some of my biggest financial regrets, as well as common financial pitfalls you must avoid if you want to achieve financial success.

Why I Was Misguided When I Had My First Taste Of Success

After amassing $150K of debt by my 21st birthday, and feeling completely desperate and hopeless…

I met my first mentor Alan at a business event by a chance encounter.

After convincing him to mentor me, Alan taught me my first high income skill, which I used to open my one man marketing agency.

I began turning my first real profits and made 6 figures as a kid in my early twenties.

While it was great I was able to take care of my mom and finally dig myself out of the 150K hole I’d created…

I had this idea that when you start making a lot of money you should show it off, be flashy, and buy expensive things.

So that’s what I did.

I bought a new car every year.

I’d take people out to dinner often to impress them.

I thought the money coming in would last forever, but I was naive.

Nothing lasts forever.

There’s little point in buying things just to impress people you don’t even like.

And that’s a trap I see so many people in.

What’s worse is many people do this with money they don’t have.

They max out their credit cards, get car loans, or get huge mortgages they have trouble servicing.

So that’s my first BIG financial regret.

I spent far too much money… I didn’t put enough away… I didn’t start investing as soon as I should have… and I made decisions to spend big sums of money based on my insecurities and trying to impress others.

But as you’ll soon see, investing quickly became my second biggest financial regret.

Why Investing Can Become A Trap For Young Players

So, after learning from my first financial regret, I saved up enough money to start investing.

I invested in 10 different companies, as an angel investor.

And guess what…

All 10 lost money!

I actually felt like a “Devil investor” not an “Angel investor”.

I had the “kiss of death.”

It was almost as if every business I invested money into died because of me.

But what I realized soon after was it wasn’t the investments that were bad.

The truth was, I didn’t understand the investments, and that made me a bad investor.

Today, I only invest in things I understand. I like to be an active investor and become involved in the company so I can add value and help the entrepreneur.

This gives me more control over the performance of the investment.

Tip #2 is obviously only investing in things you understand, and is also one of billionaire investor Warren Buffett’s rules of investing.

How To Avoid Common Financial Mistakes In Your Twenties

I think you’ll agree, there are multiple financial errors you could make throughout your life.

Oten, only in hindsight do you realize you’ve either made a bunch of errors or avoided a bunch of them.

So, in order to raise your awareness on potential mistakes you could make…

I wanted to share with you a video by Alex Hormozi, where he outlines 14 different money mistakes to avoid in your 20s >>

I wish I had seen a video like this when I was younger, and even if you’re not in your twenties, it may be a good idea to watch the video anyway, just in case there are money mistakes you’re currently making.

How To Avoid Common Money Mistakes In Your Thirties

Wisdom typically comes with age, but for every new decade you start, there are many money mistakes you’ll want to avoid.

In your thirties you’ve likely outgrown the mistakes people in their twenties would make.

You’re more established, married perhaps, and you have more responsibilities.

So, if you’re in your thirties or nearing your 30th birthday and want to know the 6 money traps to avoid, watch this video here >>

How To Avoid Common Money Mistakes In Your Forties

At this stage of your life, you may have a family to support.

Although your health is always important.

In your forties, you want it to become a higher priority if it isn’t already.

Because people who don’t make their health a priority, end up spending endless money to buy their health back in later life.

Money they could have invested and grown to take care of them in retirement.

Personally, I made my health more of a priority when I turned 40, and I’m healthier now than I was in my late 30s.

For 5 more money traps to avoid in your 40s, click here to watch this quick video >>

How To Avoid Common Money Mistakes In Your Fifties

One of the biggest money mistakes anyone could make in their 50s is not investing.

If you haven’t started investing by 50, while it’s not an ideal situation to be in, you still have around 15 years before you retire, which is a good amount of time to grow your money and prepare for retirement.

The absolute worst thing you can do is think it’s too late to get started.

You will have to learn how to invest properly, because at this stage of life, your investments will make or break you.

Making a few bad investments will kill your chances of a comfortable retirement.

For 5 more money mistakes to avoid in your fifties, click here to watch this short video >>

In Conclusion, money traps are everywhere, and while things like gambling, living beyond your means, or spending money on things like cigarettes and alcohol are obvious things to stay away from…

Some traps are less obvious, which is why it will pay you dividends to become aware of as many money traps as possible.

I hope you’ve found this newsletter valuable, and it’s given you ideas on what to do and what not to do with your money at your stage of life.

To your success,

Dan Lok

P.S. – As you may know, high income skills are your best bet to increase your income or start a side hustle so you earn more, save more, and invest more.

If you’re ready to take your income to new heights, click here to find a training that would best suit your situation and let’s do this together >>

3 Ways To Upgrade Your Environment Fast..

You spoke, and we listened…

A few weeks ago we sent an email asking what topics you’d like us to cover, and one thing that stood out was you wanted to hear more of my stories.

So, in this week’s newsletter, you’ll discover some of my personal stories about why your environment is KEY to your success, and how to upgrade your environment to help you achieve your goals.

The Day I Got Arrested…

I was a punk kid in my early teens.

I hung out with gang members…

Got up to no good…

Smoked cigarettes…

And was on the fast track to nowhere.

One day, mom and dad had to pick me up from the police station.

One policeman said to my dad “If you don’t get your son out of here, he’ll end up in jail.”

Not long after that, dad decided to move mom and I to Vancouver, Canada.

A brand new environment where I couldn’t get into trouble any longer.

The Day I Realized I Could Become a Millionaire

As you may be aware, after failing at 13 businesses, I met my mentor Alan Jaques.

Alan taught me how to write sales copy, which was my first high income skill.

After I’d been out on my own for a while, and one day Alan asked me…

“Dan, I’m thinking of getting a few smart people, kind of like a mastermind, and we’ll get together once a month and brainstorm ideas. Do you want to join us?”

There I was, a kid in his early twenties, making low 6 figures in income, being invited to a millionaire only mastermind.

Of course, I said “yes”.

I remember the first few meetings were very awkward.

I felt out of place.

They were talking numbers I couldn’t even fathom.

5, 8, 10 million dollars etc.

At each meeting, I got more comfortable being around them.

And although I was usually very quiet, I began to share some of my ideas.

To my surprise they actually liked them.

One day, after about 6 months, we were at lunch, when it finally hit me.

I thought, “These guys are making 50 times more money than I am, but they’re not 50 times smarter, and they don’t work 50 times harder than me.”

It was at that moment, I had an identity change, and realized that if I wanted to, I could become a millionaire.

This never would have happened if I hadn’t accepted Alan’s invitation and upgraded my environment.

The Day My Fish Died

Back in 2019, I had a large fish tank.

Many of the fish became sick, and sadly, one also died.

I called the fish tank expert and I asked him what I could do to treat the other fish.

He said “Dan, if your fish are sick, you don’t treat the fish, you treat the water.”

I thought about it for a minute, and realized he was completely right and how this analogy applies to life and success.

A lot of people downplay their environment but, as you’ve read above, your environment is highly influential.

Change your environment and you’ll change your life.

Now, before we get into ways you can change your environment and upgrade the people you hang out with.

Click here to watch this video for powerful insights into how I managed to continually upgrade my peer group to hit higher and higher levels of success >>

3 Ways To Upgrade Your Environment To Win In 2023

If you’ve been following me for a while, you’ll know I truly believe in the power of mentorship.

With that said, the quickest way to find success centric people is by joining a paid program online.

It’s the simplest solution, and if you find a mentor with a large community, you’ll find no end of people to connect with and meet up with if you’re in the same city.

Yes, you’ll need to invest money, but depending on what you’re looking for, it doesn’t have to be thousands of dollars, although it could be.

Another way is by attending live events.

The investment is typically far greater, as you have to pay for flights, accommodation and ticket costs, etc, unless the event is local to you.

But live events are one of the best places to connect with people all looking to level up in life.

If you’re lucky enough to live in a big city there will be successful people you could approach and perhaps ask them to mentor you like I did.

Typically this is a long shot, unless people already pay them to mentor them, because they’re busy and have no reason to mentor a stranger.

But it’s worth a try, as long as you bring something to the table and have something they need, which in my case with Alan was me helping him around the office.

How To Find Successful People If You Live In A Small Town

If you’ve got nothing going on in your city or town, my best advice is to move.

If you’re serious about your life and success, relocating to a bigger city is one of the best things you can do.

Not only will it upgrade your environment automatically, when you step outside your comfort zone like that, it forces you to level up just by the fact you’re in a new environment.

You’ll unlock a new confidence you never knew existed.

You’ll be forced to meet new people.

And more than likely, because your family and friends expect you to act a certain way…

When you’re in a new environment, you’ll actually reinvent yourself and do things outside your norm.

How To Create An Environment For Success

If you work a 9-5 your environment will be mostly out of your control, but do what you can do to make it as conducive to success as possible.

I like to have what I call wealth triggers in my home office…

And if you’re someone who works from home already you may like to add some to your office too.

You can get an idea of some of my wealth triggers here >> 

Forbes.com wrote a great article on other ways besides adding wealth triggers you could upgrade your work environment and set yourself up for success.

You can check it out here >>

I hope you’ve enjoyed this week’s newsletter and discovered why your environment is so important as well as ways to upgrade it.

See you in the next one

To your success,

Dan Lok

P.S. – If you want to make 2023 your best year yet, click here to check out my “Your Best Year Ever” training >> 

Inside, we’ll work together to turn your biggest goals into your personal reality in 12 months or less.

Click the link above for instant access

Expert Money Management Secrets You Must Know..

I’ll never forget my financial difficulties…

Even when I started making a lot more money, I was still reckless with it.

I spent it like it was going out of fashion, and invested in 10 bad tech projects which lost me A LOT of money.

One of the most important things to have in your arsenal is your ability to manage money, no matter how much you earn…

Because, if you can’t manage $5K per month, you won’t be able to manage $50K per month.

Managing money is a habit and skill, however, a lot of people think they’ll be able to manage money better the more they earn.

But what always happens, is the more they earn, the more they spend.

So, in this week’s newsletter you’ll discover some of the ways I like to manage money, and how to ensure you keep more money every year.

Let’s begin…

3 Financial Goals You Must Have Every Year

If you want to succeed financially, there are 3 things you absolutely must do.

This is outside of investing, which is a whole other topic,  because if you don’t do these things, you won’t have any money to invest.

I’ve already sent out a newsletter on how to invest your first $1K.

You may like to check your inbox for that one, but as a recap, I believe the best way to invest your first $1K is by reinvesting in yourself.

That will give you the biggest return month on month.

So here are your 3 goals.

  1. Increase your earnings by at least 10% per year…
  2. Increase the amount you save each year…
  3. Increase the percentage of your income you save…

Really, if you achieve goals 1 and 3, you’ll achieve goal 2 at the same time.

How To Know How Much To Save At Different Income Levels

As you earn more, you should naturally increase the amount you save.

If you don’t, you’ll allow yourself to spend all the extra money you earn, and you’ll never make any progress.

So here’s how much you should save at every level of income up to $1 million.

Less than $50K save 10%.

More than $50K but less than $200K save 15%.

More than $200K but less than $500K save 25%.

More than $500K but less than $1MM save 35%.

More than $1MM save 50%.

It’s important you don’t fall into the trap of living a lavish lifestyle as your income increases.

I know it’s tempting, and there’s a time and a place for that, if you’re making a lot of money.

The good thing is, you don’t need to make millions of dollars to live an amazing lifestyle.

If you follow what I teach in my book FU Money, you’ll see you can live your dream life without earning millions of dollars.

How To Allocate Your Money Effectively

Believe it or not, money has 4 jobs.

To spend, save, invest, and donate.

It’s important you give to causes or people less fortunate than yourself and pay your success forward.

So, how do you manage your paycheck each month, so you have money to save, spend, invest, and donate?

Here’s how.

I learned this strategy from the book The Richest Man In Babylon by Samuel Clason.

For the purpose of this exercise let’s pretend you make $1K per month.

Each month you’ll put a certain amount into a designated bucket so you know how much you can spend, save, invest, and donate etc.

Necessities = 60% or $600 

Investing = 10% or $100

Learning = 10% or $100

Emergency = 10% or $100

Fun = 10% or $100

As you can see above, we’ve allocated the full $1K to different buckets.

You can keep track of these in a spreadsheet each month or put them in different bank accounts.

You never want to touch your emergency funds, unless you absolutely need to, and it’s important you only use the money in each fund for its specific purpose.

The fun money you can do whatever you want without feeling guilty.

3 Money Traps To Avoid Like The Plague

Unfortunately, there are many money traps the average person falls victim to during their lifetime, that kill their chances of financial success.

Not Having a High Income Skill

You hear me talk about this particular trap all the time, and that’s not having a high income skill.

I believe everyone who wants to be financially successful should have a high income skill.

Because, compared to a high income job where your company decides what your income is, the better you are with your high income skill, the more money you make.

Not Having Financial Goals

I’m always shocked when I ask people what their financial goals are, they don’t have a specific answer for me.

If you want to be successful, you must have clearly defined financial goals.

“Making more money” isn’t a financial goal, it’s a wish and a hope.

“$10K per month” is a clearly defined goal.

It tells you how close or how far you are from hitting your goal.

So, get clear on the amount of money you’d like to make, and if you can’t hit that goal with your current job, then it’s time to upskill to something that will help you get there.

Once you hit your goal and can maintain that level of income for at least 6-12 months, it’s time to set a new goal.

Not Being Financially Literate

As making money is the whole reason you go to school, you would think the school system would teach us how to make, manage, keep, and multiply money.

But unfortunately, it doesn’t.

And although it teaches you to read and write it doesn’t teach financial literacy either.

What you don’t know can hurt you, so you must take it upon yourself to become financially literate.

If you want an overview of financial literacy, then click here for a beginners guide >>

There are 3 more money traps you could find yourself in, so click here and watch the first 3 in this video I shot for you >>

There’s a lot more we could talk about it, but I think you have enough to work with.

If you implement just a few of these strategies, you’ll be in a far better position financially in the years to come.

To your success,

Dan Lok

P.S. – You hear me say it all the time, but a high income skill is your key to making more money, even in your spare time on top of your 9-5.

If you’re yet to begin developing your first high income skill, then click here to check out some of our trainings at the Dan Lok Shop >>

Leverage Your Effort For Max Return..

Have you ever thought to yourself…

“If only I could duplicate myself, my business would run smoother and more profitably”?

If so, you’re not alone.

Trying to be everywhere in your business is a challenge every coach, consultant, or expert faces throughout their career.

And whether you’re at the stage where you can hire a Chief of Staff, or a Chief Operating Officer or not…

There are things you can do to effectively “duplicate” yourself in your business to leverage your time better.

How To Leverage Your Time If You’re a Solopreneur

If you’re the only person in your business, you’ll feel run off your feet at the best of times.

And if that’s you, then it’s absolutely VITAL you create systems and ways to streamline your operations.

I’m talking about templated emails, simple spreadsheets to record your sales and expenses each month, and other systems that make your business run smoother.

If you find you’re sending out the same emails often, create a template you can copy and paste so you only have to change minor details.

Sit down for a small amount of time each week to record any sales and expenses that came in in the last 7 days.

By the end of the month, your records will be top notch and it may only take 10-20 minutes.

Every time you notice “time vampires” sucking your time out of your day, that’s an area you could potentially systemize.

Be sure to document the process, so when you do hire an employee, they can pick up the task with minimal supervision in the beginning and ultimately zero supervision.

You can also find software online that saves you time, depending on the task.

An obvious example is social media post-scheduling.

How To Leverage Your Knowledge As an Expert

EVERY coach, consultant, or expert should leverage their knowledge online.

I’m talking about books and e-books, podcasts, online courses, lead magnets, webinars, etc.

You likely know this already, but what I’ve learned over the years is, we don’t always do what we know.

And to know and to not do, is to not know.

So, if there are any areas you could improve upon in your business when it comes to leveraging your knowledge…

Think of this newsletter as a kick in the butt to make it happen.

How To Ensure Your Material Reaches a Wider Audience

Speaking of leveraging your knowledge, this next strategy will work best for coaches and experts.

It has to do with creating certification programs that teach others your methods for getting clients amazing results.

You can effectively duplicate yourself with every new person you bring under your umbrella.

You sell the program and potentially get a cut of each client they coach, depending on how you set it up.

This allows you to spread your message faster, and also brings you multiple income streams in addition to your client work.

We have many certification programs in our business, most notably the High Ticket Coach™ Certification.

The potential here is limitless.

If you want to know how to create a high ticket program, then click here >>

How To Leverage Your Time With Group Coaching

I wrote an entire newsletter about group coaching and why I believe it’s the holy grail to not only scale your business but also leverage your time.

Look out for it in your inbox if you’d like to review it, the subject line was “Why group coaching eats 1-on-1 for breakfast…”

You can save so much time and make far more money with group coaching it’s not even funny.

Here are some of my best tips on running group coaching calls >>

How To Double The Size Of Your Business

I mentioned the job title Chief of Staff earlier in the newsletter.

A Chief of Staff is someone who thinks like you and can do things like attend meetings on your behalf, make key decisions, as well as carry out certain tasks you would normally do.

Hiring one is one of the quickest ways to duplicate yourself in your business, and has the potential to help you double the size of your company…

But like you, they can only do so much.

Eventually, your business will grow to the point you need another Chief of Staff because you can’t scale an employee.

At this stage, instead, what you want to do is hire a Chief Operating Officer.

A COO designs and implements systems and processes so a competent person can carry out key tasks overseen by the COO.

(Side note: I’m likely to do an entire newsletter on hiring key employees such as a COO in the future, so keep your eye out for that one.)

Of course, if you want to hire anyone in your company, you must stop micromanaging, if that is something you do.

I used to do this a lot, and I think it’s something almost every business owner does at first until they realize it’s stopping them from doing their job and their business from reaching its full potential.

How to Stop Micromanaging

The counter-intuitive thing about micromanaging is that it does the exact opposite of what we intend.

We think it will make things run smoother, and more effectively, and that tasks will be done to a higher standard…

But all it does is waste your and your employee’s time.

Not to mention it’s frustrating for all involved.

If micromanaging is something you do, then click here for 3 ways to stop >> 

So there you have it…

No matter the size of your business, there are always ways you can leverage your time, to save you trouble, and make your business more efficient and profitable.

Whether it be creating digital versions, your own systems, using software, passing on your expertise to others, or hiring key employees.

I hope you enjoyed this week’s edition of High Ticket Weekly, until next time…

Go High Ticket,

Dan Lok

P.S. – If you want to know how I weathered the storm of the last 3 years of what’s been the toughest period in economic history…

Click here for the full scoop, on how to SCALE, SYSTEMIZE, and SUSTAIN your business for years to come >>

So you can build a robust business that withstands the test of time.

7 Secrets For Success

If you want to achieve success this year instead of chasing it…

Reading this newsletter could be the most intelligent thing you do all year.

You may already know, there’s no ONE THING that will bring you success.

Instead, there are many ingredients that create the success formula.

Get enough of them right, and you’d be surprised with what you can achieve this year alone.

So without further ado, let’s begin with what I believe is one of the most important things you must possess to be successful.

1. Growth Mindset

There are two types of mindsets you could adopt.

One will help catapult your success, the other is a fixed mindset.

Carol Dweck explains both in her book entitled “Mindset”

But if you’d like to know the difference between the two in just 2 minutes, then click here to watch this video >>

So, after watching the video above, what mindset do you think you have?

There’s no right or wrong here, but if you found you resonated with the fixed mindset more, what do you think you could do to adopt a growth mindset?

Speaking of mindset, here’s another very important ingredient.

2. Positive Attitude

It always pays to look on the brightside and have a positive outlook about your goals…

But here’s a big caveat.

There’s a fine line between positivity and delusion.

You don’t want to be so positive and ignore signs that things need changing or fixing if things aren’t working out.

I always say “Expect the best, but prepare for the worst.”

And I explain more in this video >>

No amount of positive thinking will bring you success if you’re not taking the right actions or course correcting where needed.

It’s normal to fall into negative thinking patterns from time to time, so if you’d like a hand from Tony Robbins to shift negative thoughts, check this video out >>

Now onto the one ingredient most get completely wrong.

3. Hard Work and Dedication

This is a given, but unlike some of the gurus out there, I don’t believe in hustling and working your face off.

I did that for 5 years and all I got was burnt out.

I believe in leverage and working smart.

Leverage could be working as a closer for an already successful business rather than putting in all the time and effort to build a business.

There’s a time and a place for that, but if your main goal is to be financially secure and enjoy your life, starting with a high income skill is my best advice.

I shot a YouTube shorts video for you where I discuss leverage and give you a few examples of how to use it >>

4. Planning and Execution

How many people do you know that had a “great business idea”.

Ideas are a dime a dozen.

What’s more important than a great idea is executing that idea successfully.

This is easier said than done, as during execution, you’ll encounter inevitable roadblocks, obstacles, and problems.

So if your plan is to replace your income with a high income skill, you must think about all the things you’ll need to make that happen.

From the type of skill, to the amount of money you need to replace your income, to the kind of business to partner with.

Watch this video here for how to execute a plan successfully >>

And that’s why you must be…

5. Flexible and Adaptable

Yes, you must have a solid plan, but you must also prepare to deviate from your plan if needed.

Recognize when something isn’t working, and seek out new insights and take action on them.

Things will almost always never go according to plan 100% of the time, and a growth mindset is KEY to being flexible and adaptable.

6. Taking Calculated Risks

When I was younger I did something very risky.

If you know my story, you’ll know I quit the only job I ever had to get started in business.

I had no business skills, and no idea what I was going to do, but I hated my job so much I felt like it was the only option.

Not only was this risky, it was also very stupid, and I don’t suggest you follow my lead.

But what I do suggest is taking calculated risks, and here’s what I mean.

Let’s pretend you start developing a high income skill while you’re still working your normal job.

And after a while you’re making money and you’ve even managed to match your current income.

Taking a calculated risk would be leaving your job with your new skillset and planning to increase your income further.

You’ve already got proof of concept, as you’re making money, and leaving your job is still risky, but it’s calculated and your likelihood of success is far higher than it would be if you just left your job with no plan.

Lastly, and this is a HUGE one.

7. Good Communication and Interpersonal Skills

Every successful person I know has excellent communication and interpersonal skills.

Great copywriters have excellent written communication skills.

Great over the phone and stage closers have excellent verbal communication skills.

Successful managers and CEOs have excellent interpersonal skills, and if you want to achieve the success you deserve, you must also work on these skills.

The good news is no matter where your skills are now, they can be improved upon.

As a function of developing closing or copywriting skills, you’ll work on communication skills by default.

But if you’d like an overview of what interpersonal skills are and how to improve them, then click here >>

In closing

This may seem like a lot of things, but you don’t have to work on them one by one.

As you’re on my email list there’s a good chance, you’ve already begun working on some of these things, and this newsletter has just made things clearer for you.

Don’t forget, dedication is difficult without passion, and success is impossible without dedication.

You must be passionate about your goals and the skills that will get you to your destination.

Pick one thing you’d like to work on first and then bring on another when you’re comfortable.

Wishing you a successful 2023,

Dan Lok 

P.S. – Think you have potential to become the next copywriting superstar?

Click here to get the ball rolling on developing your copywriting chops >>

If you love dealing with people and enjoy speaking on the phone, then click here to begin your journey of becoming the best closer you can be >>

Why Great Biz Ideas Fail

Over the last few weeks, we’ve talked a lot about mindset, secrets to success, and high income skills etc…

But if you’re interested in starting a business, reading this newsletter could be the most intelligent decision you make this year.

Because, I believe not everyone has what it takes to make it in business…

So, I’m going to help you make that decision today.

And if by the end of this newsletter you decide business isn’t for you, that’s OK.

You can still become financially successful as I’ve mentioned in previous newsletters.

So let’s begin.

How To Know When You’re Ready To Start A Business  

As you may know, I failed at 13 businesses before my first success.

When I think back on why I failed so many times, it was because I clearly wasn’t ready, but more importantly…

I didn’t have these 5 things in place before starting:

  1. A clear profit path
  2. Proper and focused business model
  3. An edge over my competition
  4. Enough capital
  5. Being okay with not making money for a certain period of time

If you’d like a deeper dive into why these are important, then click here >>

A lot of people get into business without knowing what they’re getting themselves into.

Just because they see people on Instagram with abundant lives and successful businesses, they think they can do it too.

But that’s not the case.

I shot a follow-up video to the one above with another 5 things you must consider before you start a business, and I advise you watch it if you’re serious about entrepreneurship.

In this video, you’ll also discover the most important skill in business >> 

How Much Money Do You Need To Start A Business 

A lot of new entrepreneurs believe they need millions of dollars to start a business.

In some cases, that may be true, but oftentimes they haven’t done their due diligence or enough research to figure out exactly how much they need.

In fact, usually they need far less than $1 million to get things started.

In this video, you’ll discover how much you need to start a business and also how to know with certainty whether your idea is good or bad >>

How to Start a Business With No Money

I always say, if you don’t have any money, you shouldn’t start a business.

Now are there entrepreneurs out there who start with no money?

Sure, but you don’t hear much of them once they fail, and the ones that do succeed have specific business skills which make their business work.

“But Dan, what about a business loan?”

If you want to know whether you should take out a loan to start a business, then watch this video >>

Why Start A Business When You Can Buy One?

If you caught one of my past newsletters you may have seen the 3 ways my close friend Brian Scudamore (CEO of 1800-GOTJUNK?) said you could get started in business.

2 of those are starting from scratch or buying into an already successful business or franchise model.

So with a failure rate of 95%, doesn’t it make more sense to buy an already successful business and skip the launch phase etc?

It really depends on your goals.

If your goal is to own a successful business in a niche that interests you, then you could absolutely do that if you find the right investment.

But if you want to build something that isn’t already out there, then you have no choice but to build from the ground up.

For further insight into this concept, click here >>

How To Buy A Business With No Money Down

Although I don’t advise you to start a business with no money, buying a business with no money is different.


Because there’s an old saying in the business world…

“You don’t need money, you need a better strategy.”

If you can strategize a way to buy a business with none of your own money, then you’re already streets ahead of most business owners.

And I’m not just talking about getting a loan, because as you’ve seen, I think that’s a bad idea.

So if you want to know how to buy a business using other peoples’ money, then click here >> 

Why Great Ideas Fail

How many great ideas have you had in your life?

They don’t have to be business ideas, just great ideas in general.

Now, did those great ideas work out how you wanted them or did they hit roadblocks along the way?

My guess is if you didn’t execute it properly, it wouldn’t have worked out.

The same applies to business.

Almost every entrepreneur thinks they have a “great” idea, and they may have.

But if they don’t execute their idea, then their business is destined to fail.

Here’s a quick example I gave at a live business event >>

I hope this newsletter has helped you decide whether business is the right path for you.

Feel free to watch any of the videos in this business building playlist to gain clarity where needed.

Don’t forget, skills are the key to a successful business…

And if you have the right skills, you can be wildly successful even without starting a business.

If you’d like to upgrade your business skills, click here to check out my products at the Dan Lok shop >>

I’m certain you’ll find something there that will help you get to the next level.

Until next time,

Dan Lok

P.S. – It’s important you stick with your high income skill and make at least $10K per month for one year before you start a business.

Because if your skills aren’t good enough to make you $10K per month, there’s no way you’ll make business work.

I tried skipping steps and it caused me to fail at 13 businesses and get $150K of debt. That was until I developed my first high income skill.

So, if you’re committed, I believe you can do it.