Liam presents the first part of a masterclass, in which he presents a proven method of making, managing and multiplying your wealth!
KEY TAKEAWAYS
- Only by following the guidance of proven mentors with a proven track record of success, can we really unlock the keys to success.
- Learn about money. Investigate money in every way that you can/ The more you learn about money, the more you will attract.
- You have to work hard, but it’s far better to work smart. It’s all about risk vs reward, and you have to have some skin in the game.
BEST MOMENTS
‘What’s important to master is how to manage that money’
‘I believed that if I had all the money, I would have all the happiness’
‘Many people have a scarcity mindset’
FULL TRANSCRIPT
I’m going to do a master class now, where we’re going to have a look at what I call the three M’s, what’s it called the three Ms, so pens and papers out pens and papers out, you’re gonna want to write this stuff down. And most people don’t know this. And many years ago, I didn’t know this either. And it was only when I started to hang around great mentors, that I started to get a much better understanding of number one, how to make more money, raise your hand if you want to make more money in this room. Great. Now, this is what most people do for the horses. This is what most people do, and I’ve been there myself. People make money and they spend money, but they spend money on things that are not going to move them forward, right? We all like spending money.
So how do you make more money, then what’s important to master is how to manage that money. And then ultimately how to multiply that money. So your money is working for you, you do not have to work for it, and you live a life of abundance. So I’m going to share with you some top tips. We’re going to look at the formula for wealth. And then we’re going to go into our breakthrough experience with our arrows. So pens and papers out there are some key elements that you can do so you can make more money in your business and what qualifies me to talk about money well, I’ve pretty much been obsessed with it ever since I was a small boy. I made a promise to myself at the age of eight years of age that I was going to be a multi multi multi millionaire because I used to listen to my mum every single night. cry yourself to sleep. We live in a rough council estate high-rise building. My mum couldn’t afford to feed us. I was the kid that went to school with odd socks on hand-me-down clothes from the free shop and Oxfam. I was bullied at school. And I always remember as a young lad thinking I will do anything to protect my mum. And I made a promise that I was going to look after my mum. And I was going to look after my little brother Austin. Many of you know Austin, you spoke to Austin.
He’s part of the AFL team. And I just became obsessed with opulent items and I would spend hours and hours at the local newsagents on the Council of State Square there was a laundrette there was a fish and chip shop. There was a newsagent there was a tattoo artist. And I would spend my weekends in this little newsagent at the back, just looking at magazines. And I became obsessed with like fast cars, private yachts, and expensive watches. And it was like one day I’m gonna have all of those things and I got posters, and they didn’t want us to have posters in their bedrooms of things they wanted.
Yeah. Interesting. So, you know, like all of us. I had the pictures up there. And from a young age, I became driven because I believe that if I had all the money, I’d have all the happiness. And I’d be able to look after my mum. And I was that kid at school that could get you wherever you want it. I used to go in with two bags. My school bag wasn’t interested in my pens and papers and calculators. And then I used to go in with the Reebok bag, jeans and perfumes and cigarettes and you name it. I can get you wherever you want it. I used to go and hang out with a guy called Tim who used to run Big Mark did anyone is anyone Been to those benefits still exists? But they used to run these big markets on the outskirts of London. Like 1000s and 1000s of people would go there a weekend. And yeah, Sunday markets and then have the guy with the lorry. Yeah. And meet with staff merchandise. Yeah. And he’d have the headset on. Well, this was Tim, right? So what So I went from hanging out at the newsagents obsessing to them before I knew it at the start of secondary school.
Every Saturday, and every Sunday, I’d be in the markets with Tim. And he’d be on their headset, and I’d be throwing stuff into the crowd. And it was an incredible experience because I saw firsthand how you could get people into a frenzy, and how you can build desire quickly. And then I said to Tim, I said, Look, man, I can sell this stuff at school, you give it to me for X price, I’ll sell it on and I’ll have my markup. And that was my first real experience of any type. Well, I used to sell sweets and crisps in the playground as well. Then one, puff crisps, you know, the 10 P puff crisps. I used to go and buy them from the wholesalers and then sell them at school as well. So I’ve always liked to make money willing, they’ll be a bit of a hustler in my early days, you know, and, you know, ended up door knocking. So, I’ve always made really good money you know, even as a youngster, I was making 1000 pounds a week knocking on doors for Zeniff windows at the age of 15, 16 and 17, you know, seven days a week, knocking on those doors, people slamming their doors in me, but I became the UK is number one, or door canvasser falls, then if Windows I won awards for that taught me some resilience, right. But the problem was, no one showed me how to manage that money. So I made money, I spent money, I made money, I spent money, I gave it to my mom. And that was incredible. But Mom got her first business, she bought her first house, he lived in Hastings Road, what an incredible experience, she set up a business called be beliefs. So I’ve always been able to make money. But I’ve never been able to manage it. And I certainly didn’t know how to multiply it. So would you like some top tips team on how you can start making more money? Yes, or No guys, right pens and papers out, you’re gonna want to write this stuff down.
So number one, team number one, learn about money. listen to podcasts about money. There are some great books about money. So number one is to stop focusing on the money. The more you learn about money, the more you’ll attract money. Because many people have a scarcity mindset around money. And they hoard money and they worry about money. I used to do that for many, many years. Have an abundant mindset. You can have all the wealth that you want. Number two, you’ve got to Yes, work hard. But you need to work smart. And you need to understand that sacrifices need to be made. I call it risk versus reward. A lot of people want the reward, but they’re not willing to take an element of risk. And it’s really important. Would you agree you need to have skin in the game isn’t our team? Yeah, you got to have skin in the game. I always wanted to reward but I didn’t want to put any risk in. So you have to have skin in the game. You got to make sure that your business your product is scalable. does the market want this? Is it truly scalable? For those of you, we’ve got property investors in the room who are into property, but few people yet. So property is very scalable. There’s a huge demand for that. Okay. So just ask yourself and some of you in this room have got like four or five businesses, right? So, Nikki, you’ve got a lot going on? Go Awesome. Well done, Nikki, Nikki, are they scalable? You know, and that’s important to understand. Is there a demand for your product? Yeah. Can you get it out to the masses? Now, if we look at Pete and Sue? Yes, it’s seasonal. But it doesn’t mean it’s not profitable. You know, in those moments where you can act, it’s very much like the hotel industry in certain countries and catering in certain places. You know, it can be seasonal, that’s fine. But in the months where you can make the money, is it scalable?
You got to make sure that you have good profit margins. Now there are some business models. If you look at Adam, his old car business. A typical secondhand car dealership Adam was telling us the other day would run out about four or 5% profit margin. Most one at about three new car dealerships I believe it is about eight. So it’s a volume business, right? You look at Tesco’s billion-dollar company. They’ve won Like, you know, half a percent, right? But for most businesses typically like in my business, I always have, I want to be operating with at least a 30% profit margin. So it depends on the business. But I see so many people, that they’re generating the income, but that you’ve got to focus in on the profit, the profitability of each HMO, the profitability of each serviced accommodation unit, what is the profit? This is important? Yes. And make sure you’ve got good profit margins. And if need be, if need be, put your prices up. Don’t be afraid to put your prices up. But if you put the price up, what else are you going to do? Put the value up? This is important to put the value up here. So I’ll give you an example of this. Right? You know, all of you are our wonderful clients. And you know, many of you can invest in the 1%. Club. So yes, there’s an investment to be made. We’ve put the price down for that, but there’s an investment to be made. But the value that you’re going to receive from Adam and me over these next three years, do you think it’s going to be far more than the investment you made? Yes or no team? It’s gonna be far more than the investment. And if we put more into you, are you then going to stay with us for a year, four years, five years, six years? No, guys, you’re going to become our biggest case studies. Our biggest success stories may be future business partners. So never be afraid to increase prices or charge what you’re worth. I see so many people, they do so many great things for so many people and their frickin skin. And they’re doing it for free. Don’t get me wrong, I love a bit of charity work. Yeah, but you can’t keep giving your services away for free. You need to value what you do. As long as you’re giving the value. Make sense? Yes or no team. Important, really important. Put your rents up, and put your nightly rates up. Don’t rip anyone off, that is not a smart thing to do. Make sure you’re fair. But be at the top end of the market. Position yourself as the best and put those prices up. Then really love your customers love your service your clients, they’ll stay with you for years to come. Hang out with successful people. You buy like you sell you sell like you buy. Let me give you an example of this. Yeah.
Some people and I wouldn’t say you guys here, but it can easily creep in if you’re not careful. Some people do not like being sold to. And the moment there’s like a sale or there’s something oh my goodness, they’re selling to me. And success is sales. Business is sales. Life is sales. And if you are somebody that feels funny, when someone is putting a great opportunity in front of you, then how can you ever build a sexy, profitable, successful business? Because you’re gonna have to sell your products and services. You’re gonna have to sell to investors, you’re gonna have to sell yourself to Power team members. And everyone in here has got products or services to sell. Would we agree yes or no team? I love being sold to. As long as I’m being so good ship. Yeah, because I want to buy good stuff. I want to invest in great people. I want to invest in great products. So something which I would recommend is just continuously embracing the skill set of becoming a better salesperson. A lot of people would find it very, very uncomfortable standing up in a room of people and saying, Hey, I am a great salesperson. I have no problem whatsoever.Because I can’t be a great business owner. I can’t be a great leader unless I become a great salesperson. Some of the most influential people you see on the planet, the top 1% Are they all great salespeople yes or no team? They’re great salespeople.
…
