Moment 173: The SIMPLE Way People Make MONEY Without Working Harder!: The Money Making Expert

Steven Bartlett (0:00)

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Let's talk about money.

Daniel Priestley (0:55)

Let's talk about it.

Steven Bartlett (0:56)

We're in a cost-of-living crisis in the UK, and many countries around the world are either in or on the brink of recession. One of the most popular questions we've had at The Diary Of A CEO in the last three to six months is about money, people's concern about their own money, spending, finance, and saving. If I'm someone out there now that has, I don't know, $100 or 100 pounds worth of disposable income every month, or if I have 1,000 or 10,000 pounds, what should I be thinking about as it relates to creating more money and making myself financially free?

Daniel Priestley (1:30)

The first thing is you just want to earn more. People massively settle for how much they could earn. So the first place to, I think, to invest is in yourself. But here's the first principle. The first principle is income follows assets. Income follows assets means that the more assets you have, the more income you'll earn.

If I want rental income first, I need a house. If I want dividend income, I need shares. If I want to be paid as a brand ambassador, first I need a brand. So essentially, the more we can accumulate assets, the more easy and effortless the money flows. So we have to figure out what assets could you accumulate, and what assets could you formalize and own? I wrote a book called 24 Assets, and I listed out all the different digital assets that are new economy assets that people could have. Things like brand and positioning, things like databases, things like company culture is an asset now. So I talk about how do you formalize those things? If someone's just starting out and they've got 100 a month, to be perfectly honest, trying to invest 100 a month or any of that, it's not going to do anything. It's not going to change your life. But if you put that into your own skills and your own development, let's say you don't have negotiation skills. Well, there are courses that you can take for $100 that give you negotiation skills. Let's say you don't know how to close sales. You can take a course on how to make sales. Let's say you don't feel confident public speaking. You could do a public speaking course. So there are things that allow you to gain your skills. The other thing too is money is relationships. So if you don't have a lot of money, you typically don't have a lot of relationships. You might have a limited number of relationships or a limited number of relationships with people who have a flow of money. When you have a high degree of relationships with people who've got money flowing, it's very effortless for that to flow to and from you as well. So you might have to invest in relationships. When I arrived in the UK, I knew that one of the places that I would meet interesting people would be private banks. So I didn't qualify for private bank, but I went into a private bank and I said, I'm going to be launching a business and of course it's going to be great and successful. I want a bank with a private bank. Do you have an entrepreneur's program? Oh yeah, we did. And they start selling me joining the entrepreneur's program. It cost me 600 pounds to open an account with that private bank. But they immediately invited me to dinners and they invited me to networkings and all these sorts of things in the private bank. One of the things that I've recommended a lot of people do is host dinner parties and reach out to people who you don't know. Here's a silly story. I was just in Dubai and I know someone who has a 100-foot yacht. So I said, Jeremy, can I borrow your yacht for the evening? I'm going to be putting 15 really influential people for a dinner party. We're going to have burgers on the boat. He said, great, can I come? I said, of course, you can come. It's your boat.