277: Mike Dillard: How to Go From Broke to $50 Million The Right Way

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Mike Dillard is an entrepreneur in Austin Texas. He built his first million-dollar business by the age of 27, teaching small business owners how to effectively market their products and services online using “attraction-marketing” strategies.

In 2010 he founded a financial education company in order to teach others how to achieve financial freedom through investment strategies commonly reserved for the wealthy.

Combined, his businesses have produced more than $50 Million in revenue without outside funding.

Today Mike dedicates his time to mentoring other entrepreneurs and developing technologies in the aeroponics industry that will give people around the world access to clean, healthy, organic food at a fraction of today’s current prices.

He spends his free time pursuing his passion for auto racing, competing in the Baja 1000, Mint 400, and SCCA.

Favorite Success Quote

“Never never stop”

Key Points

1. Success Comes from You

One of the fallacies that many wantrepreneurs make is that they think success will come from outside of them.

They think that if they find the right vehicle they will be successful but they never realize that the vehicle doesn’t matter if the driver sucks.

You have to invest in yourself before you will ever see success in business. You have to master skill sets, understand your personality and how you function, and constantly educate yourself if you ever wish to be successful.

2. You Cannot Use Your Personality Type as an Excuse

Often times in business, entrepreneurs will use their personality type as a crutch.

They say things like “How can I get good at sales if I am an introvert” or “My personality just doesn’t let me focus on one thing” or a whole host of other b.s. excuses.

If you want to succeed in entrepreneurship then wake up and realize that your personality type may be an obstacle but it is never a death sentence.

3. Making Money is Only the First Part of Wealth

Many people believe that once you make money you are set. But the truth is that making money is only the first part of the equation for wealth.

If you want to be wealthy you have to learn how to make, keep, and grow your income.

If you earn $1,000,000 a year but spend $1,250,000 then you are not wealthy, you are broke as a joke.

The things that make so many entrepreneurs great at making money, being comfortable with risks, quick decision making, and a “go big or go home” attitude is also what makes it very difficult for entrepreneurs to keep and grow their money.

To grow true wealth, you must temper yourself and learn to exercise the discipline necessary to make smart investment decisions that are not sexy, do not require a lot of risk, and are often base hits instead of home runs.

Entrepreneurship makes terrible financial decision

4. If You Want to be Respected Have Integrity

This applies to all areas of life, not just business.

If you want people to respect you, then be a man of your word, say what you mean and stop lying. Be real and honest with people, don’t b.s. them because you are hoping for positive feedback.

Your word is how you are measured as a man, make sure that people see you as a man of integrity.

5. Build Your Life One Brick at a Time

Success in entrepreneurship rarely comes in fast spurts. It comes through building your business one brick at a time, a few bricks a day.

When you wake up each day, focus on 3-5 things that you need to accomplish that will grow your business. After several years of this daily ritual, you will be successful.

Like Charlie Monger said

“Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts…. Slug it out one inch at a time, day by day. At the end of the day–if you live long enough–most people get what they deserve.”

Influential Books

1. Product Launch Formula by Jeff Walker

2. Rich Dad Poor Dad by Robert Kiyosaki

3. The Ultimate Sales Letter by Dan Kennedy

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Connect with Mike Dillard

mikedillard.com

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