Get The Book (Buy Back Your Time): https://bit.ly/3pCTG78 Subscribe to My Newsletter: https://bit.ly/3W2tjp2 There are 7 wealth killers that no one is talking about. Because if you’re doing these things, there’s no way you will get or hold onto money. And most people think it’s credit cards and caramel lattes that’s holding you back… But it’s NOT. And if you avoid these 7 things, you’ll be set up for success.
Chapter 1: What are the seven wealth killers?
I'm going to share the seven wealth killers that no one is talking about. Most people think it's credit cards and caramel lattes. It's not. Welcome to the Martell Method. I went from rehab at 17 to building a hundred million dollar empire and being a Wall Street Journal bestselling author. In this podcast, I'll show you exactly how to build a life and business you don't grow to hate.
And make sure you don't miss anything by subscribing to my newsletter at martellmethod.com. The first wealth killer keeping you broke is saving money. Rich people have learned to let money flow through them. They don't hoard money. They don't collect money. They use it to reinvest in themselves, in their business. That is the big mistake that most people make.
They don't want to spend on the right things because they're so worried they're going to make the wrong decision. So they make no decision. When I was 23 building my first company, I spent all my extra money paying for speed. I needed to move faster. It's why I hired my first coach, Bob. He was a certified E-Myth coach and he taught me how to build the business. I could have learned it.
It would have took me 10 years. Instead, he took 35 years of experience building and exiting his company and put it into a blueprint and gave it to me. I moved very fast. Broke people use money to impress. Rich people use money to invest. invest in their skills to become more valuable, their business so they can get more customers, their team so they can get more time back.
When you invest, you show the universe that you're not here to hoard. A couple of years ago, I was talking to my assistant and I realized I had millions of loyalty points and it occurred
to me that i knew better so i told her i said in the next 12 months we're going to take those 30 million points across all the different programs i had and use them to bless people to bless my team to bless my family for my own travel if i need them but to keep them to myself because i was playing this weird game of collecting points was not going to serve or tell other people that i was participating in the economy but once you started investing in yourself most people get lost on direction
Which brings us to wealth killer number two, diversification. One time I was on a call with a client and they were having a hard time progressing in their business. And when I dug deep, I found out not only did they have one business, they actually had three businesses.
The worst part is the one business was the rich uncle to the two others that were sucking all the profit from the first one and creating the most distraction. Most people think that wealth creation requires diversification. The problem is that it actually takes concentration. So See, diversification is diversification.
The mistake most people make that kills wealth is starting multiple businesses at the same time because they have a fear of failing in any one of them and they don't know which one is actually gonna be the winner. This morning, I was wrapping up a hike with a bunch of founders. And as I was leaving, one of the entrepreneurs ran after me to ask me a question.
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Chapter 2: Why is saving money a wealth killer?
Growing up, I watched my dad. He had a couple of rental properties and every Sunday he would mow the lawn. And I remember asking him, why do you mow the lawn? You can pay somebody else to do this. Most people do. He's like, I enjoy doing it.
Problem was, is he didn't realize that instead of paying somebody to get that time back to look at more real estate deals, he was occupied by doing something that was low value. He didn't understand the value of his time. In many ways, that inspired me to write the book, Buy Back Your Time, because I wanted to inspire entrepreneurs to understand how to get leverage in their work.
It's why I teach this concept called the buyback loop, which is auditing your time for energy and what makes you money, transferring the things that takes your energy and doesn't make you money to somebody else, and then filling it up with activities, skills, investing in yourself that makes you more valuable.
And you can start as simple as looking in your home, having somebody clean a couple of times a week or do meal prep for you or hire somebody to run errands. The key idea is learn how to delegate and have somebody else support you so that you can become more valuable to your business. Wealth follows those that invest in themselves.
When you start off, you might spend dollars to make $10 and then you spend thousand to make a hundred thousand. Eventually you're going to have to invest a hundred thousand to make a million. It's always been that way and it's always going to be that way.
And if you understand how wealth is made, there always has to be an investment to get a return, but you might ruin your chances of success if you don't watch out for this. Which brings us to wealth killer number five, being humble. As a Canadian, I can tell you, I was humble to a fault. I was so humble, I didn't tell anybody about anything I was up to.
I was scared to come off as braggadocious and I kept all my goals to myself. How is somebody else? In my life, next to me on a plane, in a meeting, at a conference, supposed to maybe help me for me to potentially get them as a customer.
If I don't tell them what I've done that I'm proud of, if I'm hiring a real estate agent and they didn't do anything impressive out of a hundred, who am I going to pick? The one that I feel is the most talented. Keeping your dreams, your goals, your accomplishments to yourself doesn't impress anybody and will hurt your ability to create wealth.
I believe everyone is one conversation away from achieving their dreams. Most people have vague goals in their head. That's why they don't express what they are. I wanna invite you to consider to be very specific around what you wanna accomplish and write them down. Once you got them written down, you have to tell people. Tell people that'll support you. Successful people talk about their goals.
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