From Flat-Broke to Financial Freedom: How to Get Started When You Have No Money

[P789]

That said, Mr. Lok has stolen shit straight out of my book (a book I wrote more than ten years ago) without of course, giving any credit for it. How do I know? Multiple reader emails. Of course, that doesn't surprise me...

LOL

I thought this was his original video.

 

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[DR.M.S.M]

Hi
Thank you so much MJ for this video. It was really helpful.

 

[Martin.G]

Great video, and great news that we're going to have a new book soon.

 

[Consolation]

Nah.. I'll just buy Dan Lok course. It's easier and faster.

 

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[David Fitz]

Wow, as you were mentioning the steps I started with crap jobs, then a cleaning and maintenance business, while I was doing that I learnt about marketing and websites etc, sold that skill and now I have my own e-commerce store.

I never actually realised this was the way to do it until I watched this video.

 

[Andy Black]

I may put this in my calendar to bump every week.

 

[simplysi]

LOVE the visual presentation with your knowledgeable narration that will inspire people to pursue a proven and positive path, excellent work MJ.

Quick question please, can you recommend a great book for financial literacy 101 - as you say this is an essential tool in one’s mental portfolio- which is an area I know I am weak and need to educate myself- thanks in advance.

MJ keep doing what you do sir, educating, enabling and empowering,
Wishing you all the very best success in all the good you do Simon

 

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[Lion Identity]

I see this question a lot here, and posted in a lot of introductions.

How do I get started when I have no money and no skills?

I made a video to answer...

Also there's an update on my next book near the end of the vid!

Enjoy, and if you're broke with no skills, I hope it helps you!

No idea if this is appropriate, but I have started 3 multi 7 - figure businesses, each time I went through a debt funding market place with 0% for 15 mths to build up each business. I have since created a funding marketplace that has secured hundreds of millions for thousands of business owners across the country. Without funding it is tremendously difficult to grow a 7 figures business quickly, not impossible, but definitely more complicated. Reality is that less than 3% of businesses get Venture capital, crowdfunding and most don't qualify for an sba startup loan which is very rare. If MJ deems it appropriate, my team and I would love to help anyone. We can do it in a Q&A, webinar format, let me know if this would bring value to the community.

 

[GlassHole]

You mean this guy?

Entrepreneur sued for alleged failure to pay rent on West Vancouver home

Dan Lok, a wealthy entrepreneur and financial guru, is being sued for allegedly failing to pay rent on a home in West Vancouver.

vancouversun.com

I have no clue, I don't watch guru videos nor do I plan to start.

That said, Mr. Lok has stolen shit straight out of my book (a book I wrote more than ten years ago) without of course, giving any credit for it. How do I know? Multiple reader emails. Of course, that doesn't surprise me...

Incidentally the "execution multiplier" that Mr. Lok generously borrowed from me was straight from Derek Sivers, who I did in fact, properly credit in the book The Millionaire Fastlane .

The guru cult industry is filled with schemers and ethically bankrupt assholes.



Sure, but you can only take that still to sell your own specialized unit.

This is a valuable lesson.

 

[GlassHole]

This is a valuable lesson.

Reading everyone's comments is very valuable. Soaking in all as I step to the next step in my Journey. Thanks DeMarco ") Looking forward for the book release!

 

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[Eric S]

I see this question a lot here, and posted in a lot of introductions.

How do I get started when I have no money and no skills?

I made a video to answer...

Also there's an update on my next book near the end of the vid!

Enjoy, and if you're broke with no skills, I hope it helps you!

Why have I NEVER heard this relatively simple explanation before?

The more I look back on it, the more pissed off I get about the time, money, and energy just frittered away, completely wasted, in the American Public School System.

 

[Chitown]

@MJ DeMarco,

The video was spot on.

 

[StephanBg]

Watched the video now for the umpteenth time and still like it very much. It has such simple yet strong points. Thanks MJ!

As for the DanLok cult, I have to admit that exactly these "commonalities" (which I didn't know were stolen; but now can easily believe were indeed stolen) between MJs great work and the things this guru tells got me at first. It was only later that I discovered the falsehood, that the things making him money now are not those that he teaches, but the teaching himself.

 

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[Mat79]

Great video. I'm trying to figure out how to climb up the ladder myself. I have a Foundational Job, and I actually have some Specialized Skills - SEO, copywriting, video editing, web design, etc. - but I'm not an "expert" and don't feel confident in offering these as services with what I know now. I've thought of doing some Specialized Labor, but what I don't think what I'm capable of doing at that level as better than my regular job.

I've watched tons of courses and listened to tons of audiobooks, but I guess I'm just not sure how to develop the confidence that I can use the skills I have to provide something of value. When I tried doing web design freelance I always felt like there were half a dozen other skills I needed to make fully operational websites for people. It just felt overwhelming.

 

[Silverback_77]

I see this question a lot here, and posted in a lot of introductions.

How do I get started when I have no money and no skills?

I made a video to answer...

Also there's an update on my next book near the end of the vid!

Enjoy, and if you're broke with no skills, I hope it helps you!

Thank you so much for this video @MJ DeMarco. It is incredibly helpful as it explain where and how to start but more importantly, it reminds that success is a journey that starts with small steps. Thanks to you, now I know what I have to do to start to take the Fastlane.
I can't wait for you new book as I am (with millions of others) exactly in this situation, and will be exactly of having your direct mentorship. If there is a preorder list I'm in!!!

 

[MaxKhalus]

I see this question a lot here, and posted in a lot of introductions.

How do I get started when I have no money and no skills?

I made a video to answer...

Also there's an update on my next book near the end of the vid!

Enjoy, and if you're broke with no skills, I hope it helps you!

 

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[CruxisKnight]

The video was really inspirational. Especially with the foundational jobs. This is what a lot of people hate when it comes to entrepreneurship. They do not want to do the grunt work because they are too focused on the shiny object of passive income lifestyle and the glamor. You need humility to start and to keep going until you reap what you have sown.

 

[CaptainAmerica]

Simple, yet effective. Sometimes you just need to hear the explanation with slightly different wording. I think it's worth pointing out, too, that the activities (especially the first 3) do not need to be related. I do car detailing, but I'm learning R and Python.

 

[Kannnn]

The unadvertised benefit as well is this ... exposing opportunities for "specialized units", the top step, is uncovered as you climb the bottom steps.

People who say, "I have no ideas!" is because they haven't taken the bottom steps and are looking only at the top one.

I'm still a bit confused. Does this mean I should get a job scrubbing floors with my IT degree, or get an IT job and then move up? Is the IT job treated as the foundational job? Or ?

 

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[MJ DeMarco]

Is the IT job treated as the foundational job?

Yes, if it allows you to pursue your own ventures. No need to get a crappy job making $10/hour if you can earn $100/hour.

 

[Dave G]

I see this question a lot here, and posted in a lot of introductions.

How do I get started when I have no money and no skills?

I made a video to answer...

Also there's an update on my next book near the end of the vid!

Enjoy, and if you're broke with no skills, I hope it helps you!

Great video

 

[ZackerySprague]

I see this question a lot here, and posted in a lot of introductions.

How do I get started when I have no money and no skills?

I made a video to answer...

Also there's an update on my next book near the end of the vid!

Enjoy, and if you're broke with no skills, I hope it helps you!

Let's see if I got this right?

I came up with this idea! Let's see how it might work out!

Stage 1: Foundational Job
-Information Technology Job.

Stage 2: Specialized Labor
-Now I do have technology skills but have never done any kind of side jobs for it. However, I have flipped couches before? Could this be considered a "Specialized labor"? This can be done in the off hours of my job. Easy to get started, very low investment. definitely can increase my income by a couple thousand if done correctly. Even better you can turn it into a business if you want.

Stage 3: Specialized Skill
-Web Design. This is something I never thought I would pursue, but definitely see the value in it. I would be applying To Fox's Web School. There is another idea of Starting a Lead Gen Agency and running Lead Gen Advertisements by myself for local businesses around the globe that may need it.

Stage 4: Specialized Unit
-Creating a brand around a product that solves a problem and that can be sold through both channels Amazon and Shopify. This way I am not stuck one the platform. However, I was going to start with Amazon and pivot off that.

Stage 5: First Big Exit
-Selling the brand I have created from Amazon and Shopify through a broker such as Empireflippers.com

What do you think? @MJ DeMarco

 

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[MJ DeMarco]

However, I have flipped couches before? Could this be considered a "Specialized labor"?

Yes.

Stage 1: Foundational Job
-Information Technology Job.

Stage 2: Specialized Labor
-Now I do have technology skills but have never done any kind of side jobs for it. However, I have flipped couches before? Could this be considered a "Specialized labor"? This can be done in the off hours of my job. Easy to get started, very low investment. definitely can increase my income by a couple thousand if done correctly. Even better you can turn it into a business if you want.

Stage 3: Specialized Skill
-Web Design. This is something I never thought I would pursue, but definitely see the value in it. I would be applying To Fox's Web School. There is another idea of Starting a Lead Gen Agency and running Lead Gen Advertisements by myself for local businesses around the globe that may need it.

Stage 4: Specialized Unit
-Creating a brand around a product that solves a problem and that can be sold through both channels Amazon and Shopify. This way I am not stuck one the platform. However, I was going to start with Amazon and pivot off that.

Stage 5: First Big Exit
-Selling the brand I have created from Amazon and Shopify through a broker such as Empireflippers.com

Yes, it is that simple in theory. Of course, the execution is another matter.

 

[ZackerySprague]

Yes.



Yes, it is that simple in theory. Of course, the execution is another matter.

Right.

I was thinking of changing my Fastlane or Stage 4: To Create A Digital Creative Marketing Agency. Selling services to generate leads for businesses. Have a wide variety of services but building it off of web design.

An Agency kind of like King Kong. I believe in the power of advertising and believe it can help businesses generate more sales.

I believe COVID has taught businesses a lot, meaning if they don't change their ways of how they advertise their business and stay complacent. Then, of course, they will fail or shut down.

I believe by starting an agency of this kind, I will have the ability to impact the business owners' lives and their company in a good way. This can give me the creative freedom to come up with solutions to their advertising or website that can help solve problems they are currently experiencing.

I will also be able to eventually hire a team and delegate tasks to others. I believe I can scale this. The variable that will be manipulated would be the magnitude of the price of each service.

I've got a long way to go, but I believe with this plan I should be able to come up with my 10/5/1 plan.

Also with creating a plan like this, as an ENTP, I will be able to explore different areas in each part of the stage. This will allow me to keep my interests at bay.

 

[LeszekM]

I like your animated video style. As always execution is the hardest part!

 

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[maplexxx]

I suppose we can now all agree that dropshipping a random commodity is bad advice for newbies.

Correct, dropshipping is full of competitors

 

[Deleted68316]

So I have been on some soul searching the past few weeks. Specifically looking at what kind of person I am (Myers Briggs test), what I enjoy doing and what comes easy/natural to me. Instead of looking at types of businesses which come naturally to other persons, I am now only looking at what I could do well. And what I enjoy doing.

I think self exploration would really supplement your video on how to start from zero. One shouldn't look at other people but instead turn inside and look at what one does best. And move up that ladder always having that end goal in mind.

Has the soul search experience brought you results?

 

[Ronnie Bryan]

Great video ..I see where I am messing up. I only made it to the second step and I am trying to jump to the top. causing me to produce no ACTUAL VALUE! I have also realized somethings are not a good fit for me EVEN IF I WANT THEM TO BE! example writing. I am not a fit for blogging ...writing articles....writing reviews... or a book. Even though I may want to be.Just like I was not a fit for SEO/SEM ...FRONTEND...BACKEND. this mindset you can do anything you set your mind to is not 100% true there are just somethings in life you will not understand. IT DOES NOT MEAN YOU CAN NOT DO IT! you just do it badly like MATH! for some people. including me.So start at what I am good at I have strong work ethic, a strong learner on somethings. I can occasionally get people to laugh with my twist on words. My boss told me I should master refrigeration and to get successful at one thing and to not bounce around trying to get successful at many things.Good Advice!

 

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[heavy_industry]

I have also realized somethings are not a good fit for me EVEN IF I WANT THEM TO BE! example writing. I am not a fit for blogging ...writing articles....writing reviews... or a book. Even though I may want to be.Just like I was not a fit for SEO/SEM ...FRONTEND...BACKEND.

You can educate yourself on those subjects and become an excellent writer or SEO professional. The problem is that it's going to take months or even years depending on your natural ability (intelligence) and work ethic.

Everyone should learn how to write properly, regardless if they do it professionally or not. Writing teaches you how to speak, and teaches you how to think.

 

[Ronnie Bryan]

You can educate yourself on those subjects and become an excellent writer or SEO professional. The problem is that it's going to take months or even years depending on your natural ability (intelligence) and work ethic.

Everyone should learn how to write properly, regardless if they do it professionally or not. Writing teaches you how to speak, and teaches you how to think.

You can FAMILIARIZE yourself in those things for sure. I spent years GOOGLING and READING even stepping out of my comfort zone and actually DOING the things I mentioned. But it is like going to college for a ENGINEERING degree did that to. Somethings no matter time and effort you still will discover it is not a good fit. JUST DO NOT QUIT OR GIVE UP! through persistence you will find your UNIQUENESS! I believe that.