RENEGADE

MILLIONAIRE 2.0

Module #1

With Dan Kennedy

www.gkic.com
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RENEGADE MILLIONAIRE 2.0

CONTENTS

Module #1 .......................................................................................................................................................4

Identifying as Renegade..............................................................................................................................4

The Money Pyramid ....................................................................................................................................6

Principle #1: Every Coin Has Two Sides. Every Sword Is Double-Edged ...................................................12

Principle #2: Organized Effort ...................................................................................................................15

Governing Principles .............................................................................................................................18

Example: Follow-Up ..............................................................................................................................21

Example: Staying Out of Jail ..................................................................................................................23

Example: Personal Liberty .....................................................................................................................24

Principle #3: Make Maximum Money .......................................................................................................25

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MODULE #1

Dan Kennedy: The last time I did any training of this live was in 2004. Obviously,
much water has gone under the bridge since 2004, including lots of time with lots
of clients who I coach monthly or work with several times a year. And lots of time
with you all in correspondence back and forth, seeing you at events, hearing you
tell me your various and sundry tales of woe, both business and personal.

IDENTIFYING AS RENEGADE
What's always interesting to me is that, most people, if given the opportunity to
do so, self-identify as a renegade. Certainly, most of you do, almost everybody I
work with does.

If you had badges to choose from “traditionalist,” “conventional person,”

everybody would pick the renegade one.

My question to people all the time is so what about that didn't you get, didn't you
really understand? Because here's this thing you're complaining to me about
which the reason you're complaining about it is you're still behaving like a normal
person toward this thing you're complaining about.

So, you got the t-shirt with the Renegade logo on it, and you're marching around
declaring yourself a renegade, and you're not behaving like it here, here, here and
here, but you are there. And that doesn't cut it.

I was just telling somebody, Disney … they made a big deal about it in the news
last week … for the first time since the 9/11 problem, attendance at all the parks
is off by about 10 percent.

And the news, because they don't know anything, they reported this as if it was a
tragedy. The business news reported this as, “What does this mean, has Disney
lost its way? Is the entire economy going to crash? This is horrible.”

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If you follow Disney and you talk to people at Disney, this is what they've been
trying to make happen for two years systematically.

We were just there, and our guide verified what I already knew. First of all, there's
slippage … noticeable really for the first time in my lifetime, they're having
problems. Now they're not Marriott problems, but they’ve got problems.

He said, “Look, we figured out two years ago, we’ve got too many customers
everywhere, there are too many people in the park at one time, there are too
many people at the resort in at one time, there are too many people everywhere.

And couple that with the fact that means we need more employees and it's harder
and harder and harder to get people who will do things the Disney way, you put
those two things together, and we're stretched. We're having problems.

So, there was a conscious decision made two years ago to reduce the number of
people showing up at our business.”

Now, if you stop to think just about that and you don't go any farther, there's
somebody who deserves the t-shirt. Because who the heck would think that way?
You're having meetings about how do we discourage a bunch of folks from
coming here? But that's what we’ve got to do.

So, Iger's attempt for a full year was just to keep raising prices, that'll make them
go away, that'll stop somebody. And so, it finally has, he's finally pressed it to the
point that they're down 10 percent over the last 12 months.

Now what the news didn't report which if you're a shareholder and you read the
annual report, it's there, is park revenues are up 22 percent over the last 12
months.

So, they've reduced the body count, and they have raised the revenues, which is
exactly what they set out to do.

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But that alone is such as strange … whatever term you want to use and we're
using the term renegade, this is a renegade approach to running a business. And
they get kudos for it.

So, I'm constantly asking questions, what part of this renegade thing didn't you
get? You either are all in, or you're not, this is not half-pregnant territory.

So, as we go along now, understand that's my frame. And some of what I'm going
to say I know makes people uncomfortable, and that's probably the stuff that it
will be most beneficial to you to pay attention to.

The reason why this is so important is math I have shown you before, but I can
never beat it up enough because it is what tells you that you must be all in.

THE MONEY PYRAMID

On the following page is the basic money pyramid. The money pyramid has not
changed one iota at least since the year I was born in 1954, which is when
coincidentally the Social Security Administration started to track where people
wound up after 40 years of work.

It hasn't changed. With the most recent data from 2014, the pyramid's exactly the
same as it was in 1955.

One percent of the people are rich; you can see the rest of it. By and large 20
percent of the people can manage to finish out their lives without making a choice
between their Alzheimer drugs and their dog food.

When you drop down below the 20 percent, that starts to change radically, and
there's only five percent who really are living well by their own means, by any
sensible definition of living well… like they have a car that runs, they have a place
to live, they can go visit the grandkids without hitchhiking, etc., etc.

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It's only five percent of the people. 95 percent of the people, therefore, are totally
absolutely 100 percent wrong about their entire approach to life … certainly
about money, but it's hard to argue if you wind up at age 65 dead broke, that you
did much of anything right.

Now you may have been a good person; I'm not having a morality conversation,
I'm having a functionality conversation. Were you functional?

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When you go in any population, anything you carve out … Cleveland, it's the same
as the national population. If you go to millionaires, it's the same, one percent of
them really got their act together, another four percent are kicking ass and taking
names and then it starts to disintegrate dramatically.

I promise you this is true. I’ve got multi-millionaire clients who it's a miracle; it's
a testament to the magnificence of the American economy that this person has a
million dollars. Because behaviorally they can't find their way from my house to
the hotel with a GPS.

Honest to God, they're there for a consulting day, and I turn them loose, “You guys
can find your way back can't you?” “Sure, no problem.” “How long did it take you?”
“An hour and ten minutes.” “It's like a five-minute drive, what happened?” “This
place is very confusing.” I said, “It's all lefts. Here are the directions, all left turns,
boom you'll wind up there. What part of that didn't you get?” “Well the GPS said…”
Screw the GPS.

This is everywhere, if you take all the dentists in North Dakota, if you take all the
dentists who do Invisalign, if you take all the lawyers, if you take all the PI lawyers,
if you take all the PI lawyers who are Catholics, I don't care how you create a
population, you will then go in it and if you have access to their financial data and
their functionality, are they able to hold a business together? Are they able to hold
a marriage together? Are they able to hold a family together? Are they not on
drugs?

Their functionality, here's what you're going to find, you're going to find this same
darn pyramid.

And from a money standpoint, think about everything that's changed since 1954
that should have affected this.

Just think of access to information, if you don't know how to change a lightbulb,
there's a YouTube video on your phone to teach you how to change a lightbulb.
And there's one to teach you how to do pretty much anything else. You don't have

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to go get a book; you don't even have to be able to read, the darn thing will tell
you, “A tablespoon of this, a teaspoon of that.” It will tell you.

You don't have to go to the library ever if you don't want to, it's in the phone. All
this is accessible. Any idiot can make stuff and sell it on eBay, all of the excuses to
be broke are gone.

I've never yet met a broke person who doesn't know how to make something.

They can knit, they can paint, they can cobble stuff together with wood and nails,
they all know how to make something. Every broke person I've ever met, they
know how to make stuff that somebody will buy.

But before, they had to figure that stuff out, “Oh, where am I going to go sell it?
How am I going to get a store to sell it for me? I can't get to the swap meet because
I don't have a car.” There were a lot of barriers to knitting a sweater and selling
it.

All those barriers are gone, you don't have to leave your house except to ship it
and you don't even have to do that, they'll come get it at the house. You don't even
have to leave, and yet, the stats are the same.

Now, this has to tell you two things, no matter what you're doing, no matter what
group you're in, look around at most of them and beware because the statistics
say they're screwed up.

It's the first thing you’ve got to get; it's hard for people to get. They recognize it
over here, but they don't recognize it over here. Every time I'm with any group,
I'm thinking 95 percent of these people are clueless. I’ve got to find the five
percent; then I'd like to find the one percent.

But Renegade Millionaire 101 says if I can't find out who the five percent are, and
if I can't find the one percent, I can at least not do anything I see these idiots doing.
No matter how rational it may appear, I know it isn't, because of these statistics.

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If you go to the movie theater where does everybody want to sit? Top middle.
Some want to sit close to the bottom. Where do we want to sit? By an exit, that's
where we want to sit.

Because if some numb nut comes in there and bullets start flying, I would like as
few of you idiots between me and an exit as is possible. I'm going to throw you to
the ground and run over you, but I'll feel better about myself if I only have to do
that to three of you. And if I live, how I feel about myself matters.

So, I am now thinking “exit.” Most people have not made this adjustment. Why,
it's right there, if you look up from the crawl about Blac Chyna and Rob
Kardashian, boom there it is, exit.

You go to an outdoor public event, where do you want to be? Close to cover.
Where am I going to go? That's question number one. Hardly anybody's adapted
their behavior.

Where do they all want to sit at a ballgame? As close to the field as is humanly
possible. How are you getting out? What are you doing about that if stuff goes
bad?

So, this is an all-in deal; these stats are universal, they apply everywhere to every
group, to every group you belong to, every population you're a part of, every place
you go. Everything you do, you have to not behave like the 95 percenters. You just
can't afford it.

I was talking to Nido Qubein a couple of days ago at High Point University, and
our joke about Nido at the National Speakers Association conventions always
used to be … before he was famous, but he was getting known, people would come
up to you and say, “Where can I find Qubein? Can you point Qubein out to me?”

It's really easy; he's the guy in the pool wearing a three-piece suit, a tie, cuff-links,
dress shoes, he's your guy, you'll have no trouble finding him.

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Today now, 25 years later I said to him, they'll have no trouble finding you
because you'll be the only guy there in a suit, in cufflinks, in a three-piece suit.
Everybody else will be at the convention trying to hustle, trying to do business,
trying to find somebody who'll book them and they're going to be wearing cargo
pants and smelly socks and an FU t-shirt.

I was kidding Darin Garman this morning … any one of you could be an investor
for him in his commercial properties … he doesn't shave; he can't get the suit dry-
cleaned anymore, so he's just settled for a t-shirt with the logo on it and a pair of
shorts.

If you look at most people at most places what do they look like? That or worse.
So, if you didn't know any better you would say to yourself, that isn’t going to cut
it.

You may not know what to do so you might come wandering down here in a dress
and not be self-identifying in an appropriate way. But with experimentation you
would start with, “Huh, all these people look like they're camping, I won't do that.”
This is the thing. It's either all in, or it isn't.

With young guys … a couple of young guys who are starting their career as
harness racing drivers, and of course the majority of the drivers, they can't wait
to get the night done to go gamble, booze, whore around, they never have any
money. The top guys probably racing in Northville make $300,000 a year, and
they're always broke.

So, to the one young guy, I said, “Let me explain something to you. These are not
the people you want to emulate other than their skill in the sulky; these are not
the people you want to emulate. There are two people in this whole room of all of
us who have any money besides me; there are two of them, those are whom you
want to emulate.

And one of the things you'll notice is, at the end of the night they put their stuff in
the truck and they go home, that's one thing you'll notice. And both of them go

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home to a wife they've had for a while, you might want to notice that because
they're the only two that have got any money. This is not a coincidence; this is
behavioral. These are not the guys you want to emulate.” This is what we got to
get.

PRINCIPLE #1: EVERY COIN HAS TWO SIDES. EVERY SWORD IS DOUBLE-EDGED
Principle number one: Every sword has two edges; every coin has two sides.

The relentless search for something that is all good is a futile search; there ain't
no such thing. And probably never will be any such thing.

Everything has its double-edged sword. So, Disney's massive success, look at
what now the other side of the coin is finally catching up to them, “We've made
ourselves so successful we can't deliver on what made us successful and now as
we're trying to get back to the point we can, no matter what we do, they won't
stop coming. What the heck are we going to do about this?”

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Everything is this way; everything small, medium, large.

You can take anything you want to … you can flip over to marketing, and you can
think about joint ventures. If you can find a JV partner at any time in your life who
is all good, I'd like to hear the story.

I had a client for a number of years, wouldn't do joint ventures because “That
person's really screwed up one way or another. They're a giant pain in the ass.”
Yeah, they are. “They're stupid.” Yeah, they are. “We're actually teaching them a
bunch of stuff for free because they are so stupid just in order to do the JV with
them.” Yeah, we are.

But they’ve got customers we could use, and we don't have them, and they're all
that way, at least one of those three things is going to be true about anybody
you're ever going to do a JV with. They're going to be a giant pain in the ass;
they're going to be stupid, you're going to wind up teaching them stuff for free
because you're smarter than they are.

They're going to be two of the three they're going to be all three of the three. So,
do you want those customers or not?

Everything has risk so the search for the thing that has no downside risk, good
luck. If you find one I'd like to know about it, there ain’t no such thing, there ain’t
no such relationship, there ain’t no such opportunity.

Now there are ways to structure deals that manage risk. So, Disney bought the
Avatar brand … the Avatar movie was out in the movie houses six or seven years
ago; they just opened the park now. Big risk in that purchase, is anybody going to
care by the time we turn this into anything?

Is global warming going to solve itself and nobody's going to care about green?
There's risk in that. There's nothing anybody does that doesn't have a risk
element.

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If you go around looking for the perfect or near perfect scenario in which to
operate you are severely restricted.

About employees, people will say, “I’ve got to find better ones.” For the most part
you won't, certainly for rank and file jobs. 90 percent of them are severely flawed,
and they are going to be severely flawed, and the only supply of them is severely
flawed.

This idea that we're going to give them 46 tasks and we're going to get only the
good ones, lots of luck.

In 1968 a consulting firm early in the performance testing business went to

DeVos and Van Andel at Amway, and they said, “Your process sucks, and we can
fix it. You guys are letting anybody recruit anybody, and hardly any of them do
anything. Most of them are actually incapable of doing anything they're so
dysfunctional. We can test them, and we can fix your whole thing, so you guys
only recruit people who are able to be successful at this.”

And the way they do the base for the testing is, of course; they test all the top
performers.

This nonsense is still going on it's just now more sophisticated, but it's the same
stupidity.

So, they create the base by testing all the top performers, then they build the
avatar composite, and now they test you to see how you match up with the top
performer.

They spent six months going to all the top performers … at the time that would've
been, in their language, Crown, Double Crown, Triple Crown, and Triple Diamond
distributors, all of them.

They ran them through this battery of tests to create this profile by which they
are only going to recruit winners. After six months or eight months and millions
of dollars … which they spent, DeVos and Van Andel didn't … they come back to

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DeVos and Van Andel and say, “We have the profile. They're breathing, most of
them are walking, that's it. There is no other significant commonality between the
top performers; it's a mystery to us we don't freaking know.” Off we went end of
that.

I had a client years ago, successful real estate company, and they decided to test
all before they took an agent. So, they had this big sophisticated test.

I'm doing all the marketing. I said, “Hey it'd be cool if I took the test and it'd be
cool if you took the test because you started as an agent and you now own this
thing. And your brother, let's give him the test because you’ve got him doing all
the sales training.” We all flunked, none of us could get hired.

I said, “Are you sure you want to use this?” No, you want to build a system that
for rank and file people the system gets results from dysfunctional people. If you
don't have that system, you're screwed.

This idea people are always looking for the ideal scenario, the ideal situation, the
ideal way to do things, that's not how anybody really gets anything done and we
ought to abandon it.

PRINCIPLE #2: ORGANIZED EFFORT

Principle number two is an interesting one. I use the Napoleon Hill line, and this
is really all about consistency.

Most of most people's effort is, their marketing stuff is what I call random and
erratic acts of marketing. Their lives really are random and erratic acts, largely
reactive not much predictive.

Even when something is clearly predictive, procrastination about the arriving

debacle makes it arrive as if you never could've predicted it in the first place.

We all know, for example, all of us, if you've got “one,” what's going to happen at
some point? Whatever it is it's going to turn to crap.

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One way or another whatever it is, one account, one client, one employee, one
source of business, one source of traffic, one source of whatever if it's got the
number one in it what's going to happen? You can predict with 100 percent
accuracy in advance that it's going to turn to crap. 99 percent of the people never
prepare for it. They wait until it turns to crap.

So even when we know our efforts are reactive … usually at a crisis level, people
buy burglar alarms after their house has been burgled, they buy fire alarms after
they've had a fire, on and on and on.

By the way, I’ve got to mention this … this is how stupid people are; it fascinates
me.

You may have seen this Ring doorbell thing that allows you to pretend to be home
from anywhere in the world with your phone. If you’ve bought that, I’ve got news
for you … professional burglars watch TV too.

You're not being burgled by the Amish; the Ring doorbell has a distinctive look. I
know it's a Ring doorbell.

If I'm a burglar, I'm looking for them because I ain't going to ring them; I'm going
to bang on the door with earthquake intensity. If nobody comes to the door, then
with 100 percent certainty there's nobody home.

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I know you're at the gym with your little phone waiting for some stupid burglar
to ring the doorbell so you can pretend to be home. With a regular doorbell, I can't
be sure. You might not have heard it; you might have been out on your back deck.

But, this thing, I know. If I bang on that door and you don't come to the door you,
you smart person, have got your phone with you activated at all times waiting to
pretend to be home, good for you. I will clean your house out. They're selling a
crap load of these.

And by the way, every time I mention it to somebody they go, “Huh, never thought
of that.” First thing I thought of when I saw it.

Anyway, so people are really disorganized in everything they do. See what that is,
if you stop and think about that now, the purchase of that is a random and erratic
act reactive to advertising.

You didn't call in somebody really smart about home security and have a system
designed for you by an expert who analyzed your house and your valuables and
what you wanted to accomplish and built you a system. You saw advertising, and
you bought it.

By the way, we're all guilty. If we're not really conscious of this and we're not
careful, this is how we do most of everything we do.

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It's not part of an organized, methodical systemized effort to get from A to B. It's
“Oh, this happened and now I’ve got to do something about it.

And often we do a piece of something; we don't now do a complete thing, we do a

piece of something.

GOVERNING PRINCIPLES
Sort of the converse of this is the way business should work at least is you start
with a governing principle, what is the principled idea that we want to govern
everything now layered underneath it.

Then you translate principle into strategy, and then you figure out the tactics to
apply the strategy, preferably for starters all at one time.

Not that we don't change and add; as new technology is available we add it. If
somebody finds a way to screw something up, we add another corrective
measure.

When I started in speaking, my contract was a paragraph it's now four pages.
Everything that's been added is because somebody found a new way to screw me.
Boom, we need another paragraph. I didn't anticipate it.

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My work with hotels used to be a lot different than it is now, 40 years, “We’ve got
to have this, we’ve got to have that, we’ve got to have this, we’ve got to have that.”

The principle is we want a flawless meeting. Now, what are the strategies we need
for that? What are the tactics we need for that?

Most people start with tactics; most people are very tactical. Kid won't clean his
room, what are we going to do to get kid to clean his room? Stop, think, go all the
way back to principle, what is the principle here about how we want the
household to work? What's the principle about how we want the relationship
with the kid to work? Now what are the strategies, now what are the tactics?
Everybody's very tactical.

I have a client right now, and they have kid in crisis, and I said, “So what are you
doing?” “Well, we went to this therapist, and we're doing this, and we're doing
that.” And I said, “And how did you….?” “Well, we ran to the therapist, and then
the therapist told us to do this and then over there they told us to do this.”

I said, “So you're behaving tactically. That's what you're doing.” I said, “Tell me
the principle about how you want the relationship with the kid to work in the first
place. Do you have one?” “Well, we’ve never really...” “And tell me the five
strategies you have in place to have that outcome.” “Well I don't, we never
really...” Of course not.

And who could see this coming? Gee, I don't know, he's a teenager. There’s a 50
percent shot some bad stuff's going to happen. How many of you behaved some
way really badly as a teenager? How many of you did it and never got caught?

I could raise my hands for both of it, but all hands went up, at a time by the way
when your misbehavior probably had much less consequences than misbehavior
does now.

So, we’ve got a 50 percent shot the kid's going to be in crisis at some point just
because he's a teenager.

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Now think of all the influences, that raises the odds. Now you’ve got a broken
home … it's together but the two spouses are barely talking with each other, and
they're living at different ends of the house, and they're throwing stuff at each
other. And I said, “So add that, you're at like 90 percent chance here.”

You actually could've prepared for this but no preparation, we waited until it
happened and then we're engaged in random and erratic tactical behavior. And
we wonder why it ain’t working.

So, when you analyze businesses and the way business people behave, you will
see that the renegade ones, the one percent, the top performers, they have this
little list, they have governing principles for almost everything.

If you think about Disney, Disney's governing principle above all else is “Happiest
place on earth.” It's not just a slogan, that's a statement of their governing
principle.

Now that causes all sorts of strategic choices of what we're going to do here.
We’ve got to have strategies to have people leave feeling like they were at the
happiest place on earth.

Now there's some stuff we can't change. They're going to stand in long lines in
sweltering heat with unhappy children, but we can make the line entertaining.
We can have three different ways to buy your way to privilege to shorten the line.
We can have people run around on the worst days with spray bottles with
propellers on them and spray water on you and play with you and make like it's
a game.

We can do a lot of stuff to try and now tactically and strategically get to this
governing principle.

They're a winning company, and the guys at Universal can't figure out why they
don't have Disney’s success, and the guys at Sea World can't figure out why they

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don't have Disney’s success. And I assure you it's because they are not operating
in this way.

What's the principle, now what are the strategies, then finally what are the
tactics? This is a way of thinking you don't very often see.

EXAMPLE: FOLLOW-UP
A couple of little examples, we spare no expense! So, if your strategy is “No fail
follow up, we shall leave no lead behind,” that may or may not be the right
strategy by the way, but if it is then, we have to get some strategies and then get
tactical about what we're going to do about that strategy.

I always said when we had all the financial advisors in this mastermind group …
they had to be making half a million dollars a year to be in the group … at the very
first meeting, I say, “What do you do about all the old people who come to your
dinners, your dog and pony show, who don't book appointments?”

These are people making half a million dollars a year; they're intelligent, they're
not stupid. They understand the value of a lead and here are their answers. The
real honest ones said, “We don't do anything.”

The other ones said, “Well if Helen has time we have her call them.” Does Helen
ever have time? No, of course not, because Helen doesn't want to call them. Helen
will create fires to put out rather than make these calls. She ain’t going to call
anybody.

“Well, we dump them back in the email and mailing list.” And what do they get?
Three months later they get an invitation to the same thing they were just at
where they didn't book an appointment. How stupid is that?

“Well, that's what we do.” You're all making half a million bucks a year, but only
five percent of you have got your act together.

So, the fact that you all do this, we now know those are the three things not to do.
We can throw those out, and we can start to have this conversation.

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There’s all sorts of stuff here; this is for a client actually … so, appointment no sale
sequence, same offer, price drop offer behind that, different offer behind that.

Flipped tele-reps – so if Barbara talked to them and couldn't close them, we have
Susan talk to them. If Susan talked to them, we have Barbara talk to them.

Special events they can come to. Exchange and sell the unconverted leads, so we
actually cut our lead cost in half or down to a third or down to a fourth.

Completely different offer, complete sequence, all of our lead management, are
we doing print are we doing digital are we doing audio are we doing video what
does the media look like?

Do we have Infusionsoft or something like it or are we doing this with pink slips
and file folders? All of that.

This is now granular tactical.

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EXAMPLE: STAYING OUT OF JAIL

My principle is no amount of money makes a night in a small gray room with a
roommate named Brutus worthwhile. I never want to spend one night. So, I don't
care how much money there is; I'm staying out of jail. That's my principle.

I don't even really want to be in a room having a conversation that might put me
in jail but I darn sure don't want to go. Now that drives a lot of strategy for me.
For example, entire categories that I won't work in at all because the risk of at
least having to have that conversation is too high.

It also says even within certain categories, there are certain people I do not work
with even though I know them, like them and they would give me money, and I
have no real objection to them personally, except they are a magnet for legal
problems and regulatory problems and they're in a high-risk category to boot.

The odds are at some point if I hang around with them long enough I'm going to
be sitting in a room across the desk from somebody wearing a gray pinstriped
suit and a tie who went to law school, and we're going to be having a conversation
about how I don't go to jail. That's no good for me.

This is the indemnity clause from my copywriting contract.

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This is called Platform of Defensibility. It ain’t perfect; nothing's ever perfect.

You could hire a Harvard, this wouldn't be perfect, but it is part and parcel of if I
do have to sit there, me getting to say, “Look I warned the guy, there's six degrees
of separation between me and him about what he has gone and done with what I
wrote. You're having a conversation with the wrong guy.”

So, principle to strategy to tactics. Very few people think in that organized of a
way.

I'll give you another key principle, it might not necessarily be yours, but it was
said best by I think this guy, I have this up in like 15 places in my office to try and
reduce my temptation to screw up.

EXAMPLE: PERSONAL LIBERTY

The principle is “remain
independent of any source
of income that will deprive
you of your personal
liberties.”

Going to jail would do that,

having somebody who
insisted on speaking to
you at two o'clock in the
morning when they had a
brain fart would do that;
having a client who won't
behave would do that;
long-term contract you
can't get out of would do that, etc., etc., etc.

So, this is a governing principle for me, and now I try and be strategic about it and
then I am tactical about it.

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PRINCIPLE #3: MAKE MAXIMUM MONEY

Principle number three, make maximum money. Shockingly most business
people are not as focused on this as you might think that they are.

First of all, there's the whole “be your own boss” crowd that's not in business to
make maximum money; it's the furthest thing from their mind.

If you sell to business people, you must understand this; it's an overwhelming
majority of them who are in business for other reasons … something to do, they
like animals, so they became a veterinarian … they're actually a little-pissed off
that they have to worry about business at all.

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This is the “be your own boss” crowd; they just want to do what their job was and
not have a boss. A car mechanic opens a shop … he didn't open a shop to make
money; he opened a shop because he didn't want a boss.

If you try and keep him from crawling under the car and using the grease gun,
pretty much all you do is piss him off, he's kind of useless to us at GKIC for
example because all we do is irritate him for a brief period of time and then he
goes away.

But beyond them, there's a bunch of people who for a whole variety of reasons
including psycho-emotional, that are not the subject of our time together, they
are not getting up every morning focused on maximum money from what they
do.

That's not what they're doing. They generally want to make a lot of money.
Mostly, if you ask them, one of the first few things they'll say is they want to make
more money. They'll express it in different ways, “I need more new patients,” “I
need more new customers,” that's usually the way, or “I'm getting killed on price
because of Amazon, and all my profit's going away, I wish I could make more
profit.”

They'll say this, but they are not up every morning thinking about what's the most
amount of money that I can make today and am I going to count the day this way?
And how am I going to react to things that are interfering with my ability to make
maximum money?

Again, Disney is such a great study. Disney sells you pins, and there's pin trading,
and you put them on lanyards, and they're cheap. They're made in China, and the
backs fall off, and the little tiny back disappears down the sewer, or the alligator
eats it or something, and now you've got a pin with no back.

Disney's reaction to this is not fixing the problem with better pins because that
would reduce profitability. Their answer is pin backs. There's 12 in a pack, $9,
and they're on racks every place there are pins.

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A lot of people get it before it even happens to them. Buying pins, “Oh, these are
really cheap, the backs are going to fall off. I’d better get a bag of backs because
the kid’s going to lose the backs by the time we get to the hotel tonight and I'm
going to need some new backs.”

This is how they solve the problem. They don't really solve a problem; they solve
a problem in a way that makes them maximum money. This is how they think.

How would most people think about that problem? “Oh, we’d better fix the pins.”
First thing would come to everybody's mind. It would be very tactical and
reactive, “People are complaining, the pin isn't made well, let's call up the
manufacturer and scream at the manufacturer” or “Let's bite the bullet and spend
20 cents more on every pin to get a better back.

This is what would go on … if it went on at all. The other thing that might go on is,
“Screw it; we'll just let people be unhappy.” Those would be the two answers.

Not their answer, “Oh, we’ve got a lot of people complaining about this, how can
we make them give us some money for a solution to the thing they're all
complaining about?”

Look at everything they do. See that's a tactic they use again and again and again,
it's why you have an Express pass. It's their answer to people are pissed off
because they’ve got to stand at all these long lines, heck they'll pay to be in a
shorter line. Not, “Can we fix the….?” No, no, no, they'll pay to be in a shorter line.

They don't like standing in line to buy stuff; great let's put a thing on their wrist
so they don't have to get even their key out of their pocket and they can just go
beep, and then they'll spend more.

And then, “Oh we’ve got this thing,” so then they made decoration pins to put on
the thing which you buy. They don't give them to you with the thing. No, no, no.
This is how they think; they're maximum money thinkers. That's what they are.

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Very few business people are maximum money thinkers. They stop way short of
all the detail that could produce maximum money.

I gave you an example here; this was when I was speaking on the Peter Lowe tour,
and of course I got more and more diligent about it the less I wanted to be there.

But I was pretty diligent from the beginning. So, this is the entire list of everything
I did to maximize the money from that opportunity which most of you know but
nine years, big tour, 25, 27, 28 gigs a year.

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The first grouping was basically about the deal. So, we're all there on splits, Zig
and I got 60 percent to us 40 percent to the house, everybody else gave 50 or 60
the other way. So, I had a higher percentage coming to me in the first place.

Now, by the way, the real egalitarian folks, Bernie Sanders who just bought his
third house for $1.6 million in a gated community on an island, he would say that's
unfair and unjust and even thinking about it is unfair and unjust … every speaker
should get the same deal, and I should feel bad about them getting less and me
getting more.

Not only don't I feel bad about it, I felt good about it. I outfoxed them schmucks; I
got more money.

Second, I was the only one to process my own orders because everybody's lazy.

So, every other speaker, the house ran all the money and sent them a check.
Except me, I took my order forms, and I processed my own money, and I sent
them a check.

Three good things about that, number one, by accident or intent nobody could
steal any money from me. If anybody could steal money, it was me, which by the
way, that's like a principle. If I'm going to be in a position and there's a choice
between they could steal from me or I could steal from them, I want to be on the
side where I could be the one stealing. I don't want to be on the side where I could
be stolen from, bad position.

In this case with seminar promoters, there's a certainty about seminar promoters.
If you ever speak for or have spoken for, a lot for independent promoters, or in
case you ever do this, it’s like the teenage kid, 100 percent certainty they're going
to go broke.

At some point in time, they're going to go broke, guaranteed every one of them
has, every one of them will, it's an inevitable circumstance.

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Mostly they'll start over, and most of the same people will work for them again
but they will go broke, and so, if they’re processing the money, at some point
because they're slower and slower to pay, Joe Speaker is owed a lot of money like
for a month.

So, if you sell $200,000 a day and you do 10 in a month, and you're on a 50/50
split, they're into you for a million dollars, and when they go upside down, you
don't get it.

On that tour, twice I'm the only guy who got all his money, everybody else ate a
month and went back to work for the new one anyway because where else are
they going to go?

I'm the only guy who got paid every penny because I processed my own orders.

Third, I sold at higher prices than anybody else. The house, by the way, is leaning
on everybody to sell at lower prices because they want volume, so I sold at higher
prices.

Next batch of stuff, without a lot of detail, I used bait and switch to bring more
people to the tables. I'm the only guy to go work with the temps at the product
sales tables every single time to every single table. Everybody else went to the
green room and took off their shoes and sat on a couch and talked to the other
speakers.

I'm at the product sales with the temps, “Gather around boys and girls, here's how
this is going to work.”

I'm the only one who managed the house's sales manager; I'm the only one who
had an order form; I'm the only one who got people to come out from behind the
tables and hand out order forms to people while they're standing in line so they
can be filling them out.

Nobody else could do that because they didn't even have order forms. I'm the only
one who refused to switch to digital.

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So, where everybody wound up in the last few years, not only don't they have an
order form they don't have any paper at all.

Marge is going to the tables standing in line forever swiping a card, and maybe
she's getting stuff. Guess what, now nobody's even got records. Speaker A doesn't
have the addresses, the emails, he's got nothing. He's got a check he may or may
not get, maybe he's got a digital statement of what happened. I’m going, “Not this
kid.”

Next batch of stuff, manage the environment. Next batch of stuff, what happens
afterward?

So, in the get paid category, again a principle of mine is get paid. I want to be paid;
I don't want to go to lunch with anybody for free I don't want to do anything, that's
why I don't have a social life. Carla goes, “Do you want to go to dinner with these
people?” I said, “Are they paying?” She said, “Well, we'll probably pick up the
check.”

I said, “I wasn't talking about the check. I'm going to have to go have conversation
for three hours; I get paid for that. It's bad enough I have to talk to you for free, I
don't want to go talk to these people for free!” So, my principle is get paid.

Now they bought stuff from eight different people, guess what? Whoever gets a
credit card run first wins. I’ve got to get the stuff run, I’ve got to keep refunds from
happening, so all that's in there. And then finally is how to capitalize on it outside
of it.

Now if you ask anybody else doing this to show you their 22-item list of how they
got maximum money from what they were doing, nobody could give you a 22-
item list, I promise you.

In that world, if you went to Zig if he was still alive and Zig's people, if you went
to Tommy Hopkins, if you went to Brian Tracy, if you went to Jim Rohn, if he was
still alive, if you went to anybody else who was product salesperson at those

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events and you said, “Here's $100,000, show me your list of 20 things you do to
get maximum money out of doing this,” you'd get to keep your money.

They couldn't write it out for you because they wouldn't know it. Why wouldn't
they know it? Because they're not doing 20 things to get maximum money out of
this.

So, principle for me because I always hated to travel is if I have to get on an

airplane dammit, I want every dollar I can get out of that trip.

What's all the stuff we can do to get maximum money out of that trip? I used to
travel a lot… I'm meeting people for 35 minutes in between, where I'm changing
planes. You used to be able to just, people could wander through the airport.

So, I'm coming in at gate X I'm leaving at gate Y. You be there, we'll meet for 20
minutes. And it's a money meeting one way or the other. You're paying, or I plan
on selling you something because I can take a dump at home, I don't need to be
doing it at the Dallas Airport, I can wait until I get to my hotel. Let's make some
money.

Most people do not think this way, the one percent crowd does. And by the way,
they don't get copied.

Think about Buffet, so Warren Buffet is endlessly fascinating regardless of

whether you invest a dollar in anything.

I don't care if you keep all your money in a mattress, Buffett is endlessly
fascinating because of so many things he does that nobody else copies. That is
remarkable to me.

Find another company that has turned their annual meeting … which they must
have by law and invite shareholders to … into a five-day Tupperware party, in his
case Pampered Chef party, a five-day sale-a-thon extravaganza for every
company that Berkshire Hathaway owns a piece of and all the shareholders are
buying stuff.

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They're there buying, buying, buying, buying, buying everything there is to buy.
Furniture, chocolates, you name it, it's a giant buying extravaganza. Find any
other company … you won't.

Here's how the normal annual shareholder's meeting is done.

They'd rather you didn't come; they don't have it at anywhere near corporate
headquarters, they have it at the Holiday Inn in Parsippany, New Jersey, they have
it from nine to eleven on a weekday, they don't have it near an airport. They do
everything they can to have no shareholders show up, that's what they do.

Nobody has looked at this and said, “Here's how we all do this, here's how Warren
does this.”

So, Amazon, how many Amazon merchants are there? Why don't we have an
annual meeting and all the merchants are there, and we sell stuff? It hasn’t
occurred to them. No, it's remarkable.

Disney, why don't they have the shareholders meeting at the same time they have
a D23 convention in Orlando so everybody can come and spend the week and
spend money? No, no, no, we have the annual meeting in some godforsaken place
at some inconvenient date at an inconvenient time, we hope nobody knows about
it, and we hope nobody comes.

One guy out of all the public companies, all the investment funds, all the hedge
funds, one guy is doing it this way; everybody else is doing it the other way.

Now if you never saw Warren, you would know not to do it this way if you were
running a public company because that's what everybody does. But then if you
could think further, how do we maximize money from everything we do?

So, law says we have to have a shareholder's meeting … how many of you own
stock in public companies and you get annual reports in the mail? How many have
every gotten coupons with your annual reports to go buy stuff from the company
that you own stock in? One!

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They bitch about the cost of sending the annual report out; they lobby the SCC
every year to get them to just do digital, they don't want to put it in the mail, they
don't want to send it to you.

When they have, think of this, this is a piece of direct mail that has a 100 percent
open rate by somebody favorably disposed to the company they are opening the
envelope of. God forbid we put a pitch in it.

If you own stock in an insurance company and you get the annual report, there is
no sales letter in there telling you why you should buy some more insurance, none
ever. I look at that, and it pains me, and I open a lot of them, I go, “Great, I own
stock in a company run by stupid people again. How annoying!”

I mean Ford, do you think? Everybody's going to open their Ford annual report,
100 percent open rate, do you think maybe we ought to sell a Ford car to
everybody that opens the annual report? Isn't this like brain dead? Nope.

How about if we sifted and sorted them by area so we could put something from
the dealers in there and drive right to retail. Have a “Shareholder Day” where
everybody comes to the dealers on the Saturday after the annual report's mailed
and everybody gets free Cokes when they take a test drive, and there's a clown…
right in the annual report.

No, we're going to … no disrespect … we're going to go do Facebook. Butt heads.

So, every time I open these it's painful, I'm sitting on the couch going, “Another
stupid company, another stupid...”

Carla goes, “Why do you own stock in all these stupid companies? I said, “Because
they're all stupid, they're un-helpable.”

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