Rating: Good
F.U. Money blurb excerpt: Are you tired of the rat race? Do you wish you had more time and money? If you answered "YES!", then you need to check out F.U. Money.
In this no-nonsense, no-holds-barred guide, international entrepreneur, best-selling author, and self-made multi-millionaire Dan Lok shows you how to live the lifestyle you really want without having to work or rely on anyone else for money.
My opinion: I have watched Dan on YouTube videos and wasn't quite sure what to expect. Although this book was better than I imagined it would be. Dan comes at money and wealth from a psychological and practical perspective. Teaching, not preaching, and asking the readers a number of thought-provoking questions to help them understand their mental state and relationship with money. For anyone struggling to punch through the glass ceiling or accelerate their earning potential, this is a great read.
Lessons from F.U. Money:
F.U. is a metaphor for freedom – it’s when you have enough money to live your life the way you want to without worry or concern.
We don’t actually want more money, we want the freedom that money can buy. The key is to know what you truly want, not spend time and money pursuing things you believe will make you happy only to find out they don't.
After a certain point, you are paying for prestige, not quality.
Often times you will be happy with a lot less than what you think you need.
2 ways to build wealth:
Slow Way: Build a big nest egg and live off the interest.
The Fast Way: Automated income vehicles – generating money without consuming time.
Why have one product with low return sold at high volume when you can manipulate the number of income streams, the types of products and the margins to meet your lifestyle needs.
The goal should be to:
Dramatically increase your income
Own a business that allows you to leverage other peoples time, knowledge and energy to generate you an income as you sleep.
Place excess cash into high growth investments.
Leverage is maximum productivity with minimum effort.
Myths:
Money can’t buy you happiness – if you don’t think money can buy you happiness you don’t know where to shop.
Rich people are assholes – the character of the person has nothing to do if they are rich or poor.
You can afford to wait.
You have to be lucky – you have to earn it.
You have to be a cheapskate – this is a fixed (scarcity mindset) not a growth mindset.
You have to work hard to make money.
You have to be perfectly ready.
There are 3 kinds of people:
People who wait for things to happen.
People who make things happen.
People who wonder what the fuck just happened.
The biggest reason why people don’t achieve FU money is psychology.
There is power in setting your DIG – Daily Income Goal. This allows you to break down bigger goals into smaller more “attainable” ones. It also allows you to narrow your focus on tasks that will directly attribute to your DIG.
Don’t be afraid to fire customers – money and clients are both replaceable, your time is not. Don’t waste it on people or projects you don’t like or enjoy.
Know your hourly worth and outsource everything that you can get done for less than this.
9 Characteristic to look for in a business opportunity:
Do what you love and are good at.
Stable, growing, and long-term demand.
Be portable – can be operated from anywhere.
High-profit margin.
Scalability – must have the ability to scale fast by adding additional revenue streams or selling additional products or services to your existing audience.
Low start-up cost.
Requires little or no staff.
Low operating overhead.
Money coming in whilst you sleep.
7 Keys to internet success:
The market comes first – not the product. Research your market and understand where people are already spending and what the competition is.
Build a simple, easy to navigate website that is designed to sell.
Build a business not a quick money maker – customer list, assets and a brand.
Create multiple income streams in one business. Not multiple businesses with one income stream.
Leverage the time and resources of others.
Use your personality to sell – communicate one-to-one not one-to-many.
Position your business for automatic growth.
Questions Dan asks readers to ask themselves:
What does F.U money mean to you?
What does your life look like once you have your F.U money?
How does it feel when you have made your F.U money?
Describe the material things that interest you?
List out what they cost and when you want them by.
Define what your annual income needs to be if you are to acquire everything you want?
Money Is…?
My father thought money was ...?
My mother thought money was ...?
In my family money costs...?
My friends think money is ...?
Having money is not….?
In order to have money, I would need to...?
Rich people are ...?
Poor people are ...?
Being broke tells me ...?
Being rich tells me ...?
What did you discover about your beliefs regarding money?
Why do you believe these things now, what evidence have you seen in your life which makes you believe these things are true?
How does it serve you to keep believing this?
How many years from now do you want to make your FU money?
Brainstorm 5 things you can do this week to move you closer to your FU money?
If I could afford I would ...?
If I weren’t so cheap I would ...?
I am afraid that if I didn’t save money I would ...?
What are 5 things preventing you from making your FU money?
Come up with 2 alternatives to each thing that is preventing you.
Brainstorm 20 ways to make money and highlight the ones that appeal to you.
If I knew I couldn’t fail I would ...?
Who are the people you admire because they are successful, what qualities do they have?
Which of these qualities and skills do you have or could you develop?
If money were no object how would you run your business?
What kind of clients would you want to work with?
What would your new business policies be and how would they impact your ability to generating more money or meaning in your business?
How do I protect my time and energy so I can efficiently use it to move me towards my goals and priorities?
How much is my time worth?
How can I continually increase the worth of my time?
F.U. Money Best Quotes:
“Why wait until you’re old and grey to retire, why wait until you are retired to start enjoying your life”
“If you want to find out where the money is being made, look first at where it is being spent”
“You can and should conduct business on your own terms”
“You can make excuses or you can make money, but you can’t do both”
“Most people say if you feel good about yourself you will make a lot of money, I say if you make a lot of money you will feel pretty damn good about yourself”
“It’s better to be hated than ignored”
“If you don’t know the worth of your time, how do you expect people to value it”
“Rich people value time, poor people value stuff”
“Originality is overrated”
“We have been conditioned by society to believe that money is bad, yet the world runs on the money”
“If you want a friend, buy a dog”
“Money is a mirror”
“The best way to help the poor is the make sure you don’t become one of them”
“Poor people sit in judgment of others because that is all they can do”
“A penny saved is still just a fuckin penny”
“If your time is spent pinching penny’s you can’t focus on generating dollars. If you make enough dollars the penny’s won’t matter”
“Safety is an illusion. There is no safe retirement plan or fund”
“If you are going to work hard, you may as well work hard on the right things”
“You don’t have to get it right, you just have to get going”
“If your business sucks, it’s because as a businessman you suck”
“If you can’t get good help, perhaps you’re a lousy leader”
“When you don’t want money it comes to you faster, easier, and more often than you can ever imagine”
“Stop acting like a victim and start acting like an owner”
“If you set a goal now and you can see a path to how you can achieve it, the goal is too small”
“Wealthy people go against conventional wisdom.” When the average person is broke and unhappy why would you follow the commonly held beliefs of these people?
“Success breeds success”
“Confidence comes from competence”
What Next:
If you are interested in this book, you may want to check out our list of reviewed Personal Development Books.
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