This post is our 10X Money Challenge Wrap Up, where you’ll get the most valuable advice from each of our fantastic guest speakers. Each of them gave us the information we need to succeed and achieve financial freedom and reach our goals.
DAY ONE – Kevin O’Leary
Kevin says it’s better to be a small investor than a big earner because even the wealthiest people spend beyond their means. Start thinking about when you will be over 50 years old. It would be best if you had passive income. When you have money working for you day and night, life is more manageable. Anyone with belief in themselves and who learns how to invest can become successful financially. A part of that is the discipline to take 10-20% of your income and invest it.
DAY TWO – Sharon Lechter
Sharon notes that: It’s not what you do for your paycheck; it’s how you use it. My tagline is that assets are sexy. Don’t go blowing raises. Hang around people who are playing a bigger game than you and people who will challenge you. Always pay attention to what your money is doing and have an emergency fund. She says that the best investment you can make is real estate and technology in new fuels and energies.
DAY THREE – Magic Johnson
Just because you reach the top of the mountain does not mean you should stop and relax. Every successful person always wants more. Grow your money. Magic reinvested more than half of 100 million dollars because he knew it would continue to grow and he would benefit from it. He was not only a perfectionist on the court but also in the business game as a CEO. Believe in yourself, then learn to save money. Never spend more than you make. Stick to a plan and make sure you challenge yourself to grow.
DAY FOUR – Stormy Wellington
Stormy says there is a fear that makes you stop and a fear that makes you go. You have to be motivated by the latter, and if you’re afraid, it should move you in the right direction. Instead of feeling fear, you have to condition your mind to keep moving towards your goals. You must be mindful of how you speak to yourself, pay attention to your surrounding, visualize what you want, write yourself checks, manifest your life. And most importantly, there should be no emotions in the boardroom – those will only put you off course.
DAY FIVE – Dr. Jordan Peterson
We all need to determine our goals, set them, and create a plan to achieve them. Ninety minutes of goal setting can change your life. Through incremental changes to your daily habits and introducing new practices to get you closer to your goals, that’s all you need as you move forward. No matter how old you are, there is still time to sit down and write out your goals to achieve financial success. Turn your ideas into plans and visualize the outcome.
DAY SIX – Chris Voss
In terms of negotiating deals, Voss says that the biggest mistake you can make is overthinking what the other person is thinking and assuming. Time fatigue will cost you a deal, and if you’re not making progress after three attempts, the other person will get tired and move on. During a negotiation, the first person to name the price loses. The person who talks more will always lose. Chris mentions that this is situational, and you may not want to scare people with a high price right off the bat.
DAY SEVEN – Grant Cardone
I’m no financial planner, but here’s my best money advice: You have to compare assets to where cash is. For something to be an asset, you have to have a buyer. Many assets could be liabilities at some point. You have to take financial risks. Get clear on your target, and everything in life should be clear when moving forward toward that target. Put your time and energy towards your target. This is wealth creation. Know the source of where every single penny you make comes from, and that’s how you control it. You cannot win without a vehicle [income] to get you there.
Thank you for joining us during this 10X Money Challenge. I loved that you got the chance to learn from the world’s top financial and business leaders. We can’t wait to see you next time! I hope you take each of our advice and make some massive changes in your life moving forward.