This is why you are not Rich
Rich people become rich by doing things that average people don’t do.
Wealthy people will do the unthinkable to become wealthy while others will not.
Look around you! Look at who is sharing your space with you. A bird of one feather flocks together. Look at who you are flocking with. Are they wealthy? If not, how do you expect to become wealthy if your flock is not wealthy!
Video Transcript written and posted by Glenford Robinson
Video Transcribed by Glenford Robinson
Speakers in Video: Interviewer: Dan Lok
Interviewee: Mentee, Stefan James
Here are ten reasons why people don’t become wealthy.
Dan: There is something good we are going to talk about today. So, why do you think people don’t become wealthy in spite of their intentions—or they want it; they say they want it? What’s the difference because You and I both started from scratch? We weren’t born with a silver spoons in our mouth, we both build our business to where it is today. So, what do you think are the top reasons why people don’t become wealthy?
Stefan: Yeah, let’s dive into it. There is a core mindset between those that are successful verses those that fail, and we both work with so many people now; we have seen the patterns. The patterns are obvious. Yeah, so let’s sit down and discuss that.
Dan: Let’s do that; grab a seat!
Dan: So, let’s talk about the top ten reasons why people don’t become wealthy.
Dan: So, what are the top reasons why people don’t become wealthy? What do you
think is the first or top reason? I would say a lot of people lack having clarity. They don’t really know what they want and why they want it.
Stefan: Being wealthy is so general; right?
Dan: Giggled, Yes! That’s it.
Stefan: A lot of people say they want to make more money. Ok, here is a dollar; it’s more money! Right? I think a lot of people got to be very clear–Why do they want to become wealthy? What is the amount for them that would allow them to live whatever kind of life style they want because I just look at money as a tool that can allow you to experience more of life, whether you want to travel more—a certain life style, materialistic possessions. It might be to contribute more; it might be to grow more yourself.
Dan: Or help the family
Stefan: Yeah! And, I think a lot of people, they don’t have a strong enough reason why. And really what it comes down to is, they don’t want it bad enough…
Stefan: Because it’s possible. I mean, I was reading the other day…I think there was thirteen hundred people every single day that are becoming millionaires. It’s easier today to become a millionaire than ever before, and I think really what makes that difference…at least one of the reasons is, you got to want it bad. And I think a lot of people, they just don’t want it bad enough. They say they want it, but they really don’t! It’s like they only want it if it falls in their lap. They only want it if it’s easy. They only want it if it is convenient.
Stefan: But, you and I both know in order to create wealth you have to grow and improve yourself massively; you have to become more valuable, and you also have to create value for others.
Dan: I agree, I agree. Most people don’t get what they want in life because they don’t know what they want, and it’s not enough to say I want to make more money, like you said. Do you want to make five thousand per month? or do you want to make ten thousand? Do you want to make twenty thousand? Do you want to make fifty thousand? What ever the amount is! And I also believe that it is not how much money you make, it’s how you make the money. Not all income is created equal.
Dan: You have one person making 10, 000 a month, maybe working in a corporate job that requires them to travel long hours 6 days a week; another person a laptop life style entrepreneur but working 2 days a week and making the same 10,000 a month. There is a big difference. It’s the same 10,000. But, if you don’t know what you want, it’s very difficult to reverse engineer. So, I like to think of…Ok, this is the ideal life style that I want, and I talk about it in “have your money.” What’s your “have your money” target, and how much would that cost you? Not how much, roughly? Maybe? No! Let’s calculate that! And what I realize is, after all these years talking to so many people, one of the ideal that they have is, they say, “I want to travel, I want to be able to drive this particular car, have this particular house, have this kind of life style,” when they actually break it down, it doesn’t cost them as much money as they think. They thought, oh! … You ask members in the audience and they say “$30 million, $10 million.” Really?
Stefan: Some random numbers
Dan: Yeah because there are certain numbers that are totally unrealistic verses oh! No, actually, I could accomplish all that I want to accomplish with maybe 300,000 dollars a year. Well, that’s a totally different goal than 30 million dollars a year; right? So, I find it to be the case, and like I said, people…They say they want it, but their actions don’t match with what they say they want.
Stefan: I think another reason too is, they might say that they want this and they have the reasons why, but if they don’t believe that it’s possible for them or if they don’t believe that they can do it, and they can make it happen, then they are not going to take any actions to do it. A lot of people, they are presented with opportunities every day. Today, I mean, we both have great programs and resources that can help people. It helped us;
Stefan: it helped other people as well, and you could put that opportunity in front of someone, but there are still a lot of barriers I think a lot of people have to really maximize and utilize it, and I think it comes down to their belief. If they believe that that’s a scam or it’s not going to work for them, or they think that, well I can’t do this because I am an immigrant, I don’t understand English, I don’t have the time or money, then…
Dan: Which I am too, by the way!
Stefan: And there’s plenty of examples of people in those situations that have been able to overcome those. But, the belief is a core thing because without the belief…Your behavior follows the belief. And a lot of people, they are too close minded; they allow their beliefs to be dictated from their past that…maybe in the past they got hurt; they got ripped off or what ever it is. I often compared it to relationships sometimes because we have all…maybe in high school, we are very open, and in many ways, naïve and you fall in love with someone and then you get your heart broken, but you can’t let that experience of having your heart broken…you can’t carry that forward with you in another relationship because if not, you are always going to be closed off.
Dan: You can’t let the past dictate the future, right?
Stefan: Yeah, I think a lot of people, even if…you just have to have an opened mined at all times. You always have to have that belief that you can do it. You know what one man can do, another man can do. And, its possible. You just have to really believe and owned that.
Dan: And I think the belief, the self-belief…I think it’s more than that. I talk about this at one of my TED EX Talks. It’s even more than a belief. I think it is an identity.
Stefan: That’s right.
Stefan: It’s who you are.
Dan: So, it’s very difficult to create any kind of change if you hold on to your whole identity. The example that I give is like people who want to quit smoking, right. My identity is that I am a smoker. It’s always a struggle. It’s always, I want to have that puff; I want to have that cigarette verses someone who is not a smoker, then there is no temptation; In fact, for guys if we don’t smoke, we can’t even stand too close to a smoker because we can’t stand the smell. We are not thinking about, oh! We can’t wait to have a cigarette.
Dan: Until or unless they change their identity. I always talk about it. I was a millionaire in my mind way before I had the money in my bank account. Even when I had no money. I never worried about the gas prices or how much lettuce cost. Those things don’t enter my mind. It just took many years for the reality to catch up and…
Stefan: Yeah, if you look at the most successful people, they all had that…
Stefan: It’s almost like they had that Identity or belief that is somewhat delusional…
Dan: It is!
Stefan: For example, someone like Mohamed Ali called himself the greatest before he won anything
Dan: It is. It is! Yes.
Dan: He is delusional! It is! Yeah
Stefan: believed that he was a champion, Connor McGregor. I mean you look at professional athletes. But, they all believed it. If you study the work of Napoleon Hill, “Think and Grow Rich.” He talks about having a born room of advisers of these greats in his mind that he would visit every day. I think that kind of segways into another reason. I look at environment as key. We are the some of the people that we spend time with.
Dan: You want to look at big environmental triggers, right?
Stefan: And they’ve, said, you know, if you want to figure out how much money you are going to make, just look at the three closest friends, and that’s the amount of money you are going to make. Who you spend time with is who you become, and a lot of people, if they’re hanging out and spending time with people that are broke and complaining and negative and lazy and… And a lot of people, they may have the desire, I have seen this so many times. They are excited, they want to improve their lives, but their friends and family are pulling them down because they are saying oh, that’s not going to work for you; that’s a scam or whatever it is. And, it’s very challenging to overcome your environment. It’s very challenging, so…
Dan: And, I think it’s the kind of the bucket of crab story; right?
Dan: Well, your buckets of crab, when one crab tries to get out of the box the other crab will pull the crab down. It’s exactly like that. It’s…That’s why everything I do right now, I am at a point where I see…You’ve also seen me, you know, you know…We working together…That I have grown over the years; then go to the next level; the first thing that I think of is not so much, oh! I need to do all these things that’s not what I focus on. First, I need to make an identity shift. Who do I have to be in order to be at that next level.
Stefan: That’s right.
Dan: Then the next thing is, I alter my environment.
Dan: Cause it’s much easier…I would say environments is ten times more powerful, a hundred times more powerful than your will power.
Dan: Change your environment!
Dan: New place new car, new everything, new opportunities, expand my context. I want to look in the mirror. “Do I see myself just as this person? Or did I see myself as being, hundred…?”
Do I look like someone, doing, acting, and behaving and operating like someone who’s running, you know, a nine-figure business, a ten-figure business…It’s different than a 7-figure business; right? I want to change that first then my actions will show;
Dan: then my behaviors would change; right?
Dan: And, most people don’t get that they want to bend the approach; right?
Dan: Let me learn something here; let me learn something there, but they don’t change who they are! It’s like cigarette. You’re putting the patch here. You’re doing all these little tricks and gimmicks, but sh—-t, you still smoke; you still smoke and that doesn’t work.
Stefan: Yeah, I know both of us were really big on masterminds and investing in ourselves. I know for me one of the first times I used to go to these free meetups; I found that it was just filled with these people that…Well, I guess they want it, but they’re not really committed, and when I actually invested, I said, you know what, I want to be around people that are millionaires, multimillionaires, people who’re as way beyond what I even think is possible, people who are making a million dollars a day.
Stefan: right! Which at the time was like so mind-boggling to me, but now I’ve been around people like that, and I decided, ok! I am going to invest it because you have to pay to play if you want to be around those people. They don’t want to be around a lot of doubtless. You have to pay and invest it to be around them. So, I remember going to some of these events, totally changed my mindset…
Stefan: because a lot of them have a different way of looking at things. I saw that a lot of them, there’re regular people,
Stefan: but they have just a different way of looking at things, a different mindset that really rubbed off on you in a lot of ways, and It’s really inspired me to raise my standards of what’s really possible because when you see that this person did it, this person did it, this person did it, you think, hey! You know what? I can do that too, and just by being around them, the osmosis of that rubs off on you. You don’t…It takes will power. You will take on their beliefs.
Dan: A quick story, so when I was in my twenties, the first mastermind group I joined, which was awesome, organized by my mentor Allen…So, he had this marketing mastermind group. I was the youngest guy. I am not supposed to get in because I am a Minty. So, he kind of put me in there.
Dan: It was just like a tag along, right? And, I remember sitting around with all these millionaires, all these guys, very successful. I was making, like nothing, I don’t know, next to nothing, maybe 80 thousand to 90 thousand dollars a year. I was looking at these guys. You know what was the biggest thing I got out of it? Not to put them down, they weren’t that smart. That was it; F—k, they are not that smart! Whatever there’re talking about, I get and it’s not like rocket science. That belief, hey, maybe I could do that too! That’s all you need.
Dan: Maybe I could do that too.
Dan: That’s the starting point. That’s the spark; right? That’s planting the seed. Then you can go from there. Ok, what I need to do? What resources do I need? Who do I have to be in order to become that person.
Stefan: yes, and being in that environment too, what I love, is it makes you feel uncomfortable,
Dan: It does!!
Stefan: and that’s A good thing; look, if you’re, if you’re comfortable in the environment, then you are in the wrong environment.
Stefan: If you are the smartest one in the room, you’re in the wrong room.
Dan: wrong room
Stefan: So, I like to be in those environments that scares me. I feel…I am doing very well, but I have been apart of groups where I am the quiet one, the sponge, just kind of absorbing, the fly on the wall because these guys are talking about hundred million-dollar deals. And I am like, Wow! So, I am just absorbing from that, so I love being in those environments where they make me uncomfortable. I could be the student in that environment.
Stefan: I think that’s the key thing. It’s just always having…Always be open to learning, and I think that is one thing that have been a constant for us. We have always been willing to read books; I mean, you have a huge library; I have a huge library; we’ve always gone to seminars, invest in ourselves, and willing to actually decide that we want to pay to learn from other people that have experience and knowledge that we want to be able to obtain.
Dan: And, I think it’s not just people thinking about…why we invest so much money in ourselves, why we buy the books, buy the programs, and attend all these different groups…All this stuff is free. I can get it online; I can watch videos. They don’t f—–g get it. First of all, the good stuff is not online, Ok. It’s all the trade secrets, all of which is closed-door; the second thing is, until you invest, it’s just different. Like when there is no skin in the game there is no game. There is a difference between watching something for free versus you put some money on the line, you pay more attention.
Stefan: The more you pay, the more you pay attention.
(“The speaker is saying that you pay more attention when you put money on the line as opposed to not putting any money on the line and just consuming the content for free. The content that are online for free, you don’t pay much attention to them, but if you purchase a wealth-building course online, you will make sure you pass the course by attentively consuming it because you don’t want to lose your money without getting something of value in return. So, what this boils down to is that if you want to get some value out of a course online, you should pay for it; don’t elect to go the free route because the free option won’t help you very much because you will not take it seriously buying studying or attentively watching it if it is an online video or reading it if it is an online book,” Glenford Robinson.)
Stefan: I find that the value is not necessarily the information is what you do with it. I have heard things time and time again on free videos, or articles, and blog posts. I didn’t do anything with it, so it so it didn’t really have much value, but sometimes I go to an event or a course and because I paid, and I value it more…Yeah, the same thing. If I actually do it and apply it. I am like, I got my money’s worth… because it actually led to me taking-action. Sometimes
Dan: you pay the hotel, you pay the flight, you lock yourself in the room; right?
Stefan: Sometimes we need that again and again or you need to actually…
Stefan: I remember, you know, in my business I had a lot of mental barriers around hiring people, scaling, and bringing on a manger because I had beliefs around they can’t do as well as me, and the fear of giving up control. So, I already knew. Like I already had information, I read his books, but it wasn’t until I paid this coach and invested a lot of money in this person that really got me to do it, even though I had read about it and all this sort of stuff, he got me to do it, and that was so valuable for me. I think that’s the key thing.
Dan: I definitely want to also circle back about you’ve been skeptical.
Dan: They’re people saying that they are skeptical and that they have been burn and all that, I mean, I always say, all right! Have you ever had a bad meal before? Yes, do you still eat?
Dan: It’s the same idea; just because we got burn in the past…We’ve lost money on so many freaking things;
Dan: We have had failures; we have gone to programs that sucked; right? Like investing in the wrong people, but it doesn’t mean that we stop! It is just all a part of the process. Think what people mean when they say they are skeptical, Toney Robbins speaks about this, what they really mean is that they are scared, right! You are afraid.
Stefan: You don’t want to get your hopes up.
Dan: You don’t want to get your hopes up. So, instead of raising your standard expectations, what do you do? You lower your standard expectation. You don’t get your hopes up, you lower your expectations, so you won’t fail. Then what happens, you are not playing to win you are playing no to lose.
Stefan: so, then one thing a lot of people don’t realize is that they are going to fail.
Dan: yeah, guaranteed
Stefan: yeah, you are guaranteed to fail, and so many people, they are trying to avoid it. I actually think that is where one of the biggest lessons are in the failure, and I think changing the relationship because the successful person fails just as much if not more than the other person, but they don’t view it as failure.
Dan: A lot more! I remember sometimes when I do talks I would ask the audience: How many have lost more than $10,000 in your business; how many lost more than $50,000, keep your hands up, $100,000, you know…half a million, a million, two million…at a point, two million dollars; at this point, it’s usually just my hand that is held up. To a couple people, I say, you know my hand is up, right? And, that is why I am up here in front of you teaching, and I fail more than anyone of you. Has anyone lost more money?… made more stupid mistakes, and that’s why it (failure shouldn’t stop you) doesn’t just stop you.
Stefan: You should learn from it because there is no failure here. This is only feedback (Failure should only be used as feedback, not for you to stop dreaming). Therefore, if you view failure as a feedback for success you will always get better by improving from those perceived failures which will eventually lead you to having that success that you so badly desire.
Dan: It’s about failing fast. Marketing is about failing fast and knowing what doesn’t work and then you move on.
Dan: Those are some of the top reasons people don’t become wealthy.
Click on the next video and find out why many people don’t become wealthy.
Mr. Glenford S. Robinson is the Chief Executive Officer and Founder of Mstardom Finance. He is the editor-in-chief of News and Magazine article publishing. Mr. Robinson is also the lead developer of the Mstardom Finance Platform at Mstardom.com. He is passionate about quantitative finance and technologies associated with that discipline, such as python-based algorithmic programing. Mr. Robinson is also a Clinical Laboratory Scientist currently practicing laboratory medicine. When Mr. Robinson is not practicing laboratory medicine, writing articles, or studying finance, he is creating mathematical and statistical modules, using quantitative approaches to identify trading opportunities in the Forex and Stock Market.