Five Wealth Attraction Magnets

Hey there, welcome to this episode of the Magnetic Marketing Podcast. This episode we're going to talk about the 5 wealth attraction magnets. Now this is really cool. Dan Kennedy wrote a book, No BS Wealth Attraction for Entrepreneurs, and in this episode Dan and Bill Glazer talk about how you implement these 5 to remove those barriers that obstruct the natural flow of money to you. So as you're listening, pay attention to these 5 things because as well as they may be attracting wealth to you, you may be stunting your growth by not practicing them appropriately.

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Welcome to the Magnetic Marketing Podcast with your host, Dan Kennedy.

Well, hello, Diamond members. It's Bill Glazer here, and you're being joined this month with Dan Kennedy. Just the two of us on the call this month, but we're going to be talking about a topic that Dan Kennedy is the expert on, which is wealth attraction magnets. Particularly appropriate right now given sort of the state of the economic conditions. We're going to be talking about specifically today 5 of the magnets that's in Dan's book, No BS Wealth Attraction for Entrepreneurs. So Dan, how are you?

I'm doing good.

So Dan, let's sort of head into our topic of wealth magnets. Before I start asking you about 5 of them, there's specifically 5 of them I want to talk I think in the book, Dan, there's approximately 20 or so of them, maybe even a few more than 20, but there's 5 of them I want to talk about today. But before I do that, I'd like to ask you 2 questions that are sort of clarifying questions. And the first question is, will you define what you mean by wealth magnet?

Yeah, it is a device, if you will, Something you do behaviorally or do in business in an advertising, marketing, sales, or other function. A tool you use. Something you cause others to do that attracts opportunity, customers, clients, joint venture partners, conduits to money one way or another to you. And the key differentiation, of course, is that these things are— some of them are about what you think, but most of them are about what you do, thereby quite different from a popularized concept that really all you have to do to attract wealth is alter the way that you think and think properly and transmit the right vibes into the universe and somehow the money will appear. It's not a belief system that I have.

Well, and so, and the second sort of framing question I have is this, that This book, it's called No BS Wealth Attraction for Entrepreneurs. Let me just sort of look in the inside of this for a published date of this.

2000 and what?

2006. So this book was published in 2006. So here we are. Back in 2006, everybody was rolling in the dough. I mean, it was a great booming economy at the time, but your new books now have sort of a different an additional extension to the title, which is For the New Economy. And so the two new books are, were Sales and Success, if I'm not mistaken?

Sales and Business Success, yeah. Yes.

And they now are out for the new emerging economy. How is, are the wealth magnets that you talk about in the book that you wrote in 2006, are there, changes to them, or are they sort of evergreen that now they still apply to the current economy and the new emerging economy?

Well, this book too, much later in 2010, is getting an update. But, you know, a couple of things. One is, actually, in 2006, everybody was not rolling in dough. There was a lot more dough to roll in. Moving around. But still, actually, you know, if you really sort of analyzed who was where on a financial success scale, you wouldn't really have found a lot of differences in how many are in the 1%ers, 5%ers, 15%ers, 80%. You really won't find that change much. And the fundamental reasons that money moves from one place or person to another— so what attracts money and causes it to leave one person's hand and go into another's— does not change by geography or time or market conditions or boom economy or difficult economy, um, is sort of a somewhat of a predecessor to all of this. If you look at Napoleon Hill's work, it grew out of the Depression. Um, uh, so for example, money— investment dollars follow yield. They go where they can get yield, which is why at the moment, uh, enormous amounts of investment dollars have left and are leaving the United States. And going to other places. On a big-picture scale, I just— I have phone calls all day today, but I had a half-hour lunch break and I had Fox Financial on, and they were making the point that in advance of, in anticipation of price controls and other interference with healthcare reform, that What you've seen the pharmaceutical, the big pharma companies doing in the last 6 months is hastily buying up each other rather than investing money in R&D. And so Pfizer bought somebody, I forget who, and promptly announced that in consolidating the two companies' R&D, they were cutting the overall budget by 35%, and they're taking that money and investing it elsewhere, outside of their business and outside of our shores. So, you know, you can't force people to invest where there's no yield, and you can never force money to go where the fundamental reasons that make it move aren't working. You really can't force it to go where it doesn't want to go. In a sense, wealth has a mind of its own. It has its own rulebook, and all sorts of temporary and external changes really don't have much effect on it. Now, in an economy like this, it's probably all the more important to be putting as many of those fundamentals as possible to work to your advantage rather than disadvantage. Basically, these things are, the word you used, they are evergreen.

Well, let's dig in. As a matter of fact, I stand somewhat corrected as I just turned to the front of the book and see the contents. There's actually 26 wealth magnets that you go through in this book, and today again we're going to be talking about 5 of them that I've selected. And I don't know if I've selected those because they're the 5 I want to talk about or because I think that the 5 that are of the 26 are very— or maybe I put them on a higher level than the other ones. I don't know. But these are the 5 that I chose.

You're not going to admit to the fact that these are the ones the in-house Glazer Kennedy monkey managed to hit with his darts?

No, because he's not as talented as you. Give him credit for. So let's begin on our journey here. The first one actually is— and it wasn't because it was number 1 in the book, but I think it's a really great one to start off with, which is probably why you put it as number 1 in the book— which you talk about no guilt and the magnet of no guilt. So can you explain what that is and explain why it's such a valuable magnet?

Yeah, and it is all the more important now, I think, because the producers, the affluent, the wealthy are being sociopolitically demonized, so more so than I've seen maybe in my entire lifetime. So the heaping on of the guilt is occurring as a means of justifying taking more of it. One of the really bad effects of having internal hangups or subconscious reluctance about getting all the money that is available to you and about being as financially successful as you can is that you pull your punches and you tend not to use your full power. And one of the things that causes people to do that is the idea that it's a zero-sum game. And so one of the examples that I often use is at a time when— so if you can imagine yourself in this situation, some people on the call will have been in it, some people won't, but— there was a time when I was a kid when we really were quite broke. And so you have at a dinner table, you have yourself, but in my case, 1, 2, 3, 4, so 4 other people. And there's a dish of food. And you may feel hungry and want second helpings, but if you're extremely analytical about it. You want to make sure that the primary breadwinner in the house, as poorly as he may be performing at the moment, has sufficient fuel to go hunt and bring back bread. So you want to look and see if he's had enough. If you're moral about it, you don't want to deprive other people, and so you you may not take that second helping or you may take less than you want. And in that particular circumstance, all that's pretty valid because there really is a finite plate of potatoes and there ain't no more potatoes in the refrigerator. If, however, you're in the same setting but in a very prosperous family and down in the cellar there's a whole box a big bowl of potatoes, and in the refrigerator there's a bunch of potatoes, and there's another big bowl of potatoes sitting over staying warm on the stove, then you don't have to have any of those thoughts at all, and you'll help yourself to as many potatoes as you would like. So if you view money and wealth and prosperity in general as a limited supply of potatoes, so that at a certain point what you take begins to deprive someone else, and you are a moral, ethical, spiritual person, you will begin to voluntarily— whether you do it consciously or subconsciously— you will begin to voluntarily take less so as not to deprive others. If you view the supply is infinite and that whatever you take, however much you take, deprives no one, then you'll take as much as your skill, talent, initiative, work, and ambition tells you to take. So this is a real important philosophical point of differentiation. Whether you view it as a limited supply or an unlimited supply, and whether you view your taking as taking from an unlimited supply or as taking from others, will have enormous governance over all sorts of behaviors now, all sorts of choices and decisions. That you make.

You know, you know what's really interesting about what you just said is that— and you and I have talked about this, and I think we've actually even talked about it openly somewhat in the Renegade Millionaire marketing program that we launched a couple months ago— but privately we've talked about it in the fact that, you know, sometimes we've had people— we've had members that have ridiculed us. Some members have quit membership because they've commented, as you know, Glazer Kennedy is all about making money, and almost as if that's like, um, something that, you know, we should be ashamed of or we shouldn't be doing. And you and I have discussed this whole conversation about no guilt with that because not only are we very open about it, but it's what we're teaching other people to do as well, is to not be embarrassed or guilty about making money because that's really what you are in business for, to do that. So as long as you deliver value, and I thought Frank Kern did such a great job at this at InfoSummit in between drinking bourbon. As long as you do such— deliver value so where the money that you take from somebody, the value you give back to them is equal or greater than that. But, but as long as you give greater value than what you take, I think that you should feel very proud of it and not feel guilty at all about, about the attraction of money to you and making money. Let's move on to magnet number 2 that I want to talk about, which once again happens to be the second magnet in the book. Now, I can promise everybody we're not going down the first 5, but it just happens to be my first 2 were in the order they were in the book. The other one is the unbelievable belief in abundance. You kind of alluded to it, but would you explain that?

Well, yeah. The real sort of confidence comes, um, from understanding just how much money there is, uh, out there and moving around out there, literally seeking a place to move to on a day-to-day basis. And [Speaker:DAVID] And it's easy not to have that view purely based on limited exposure or who you hang out with, who you listen to, what media you pay attention to, if you have a profound geographic bias to your perceptions. So right now, if somebody on the call, for example, actually lives in, say, within Detroit proper and they only paid attention to the Detroit local news and the Detroit financial news, they would have a very different picture of financial reality than if they also read The Wall Street The Wall Street Journal, a very different picture if they read the Financial Times, a very, very different picture if they were paying attention to, say, India. And so Detroit, for example, yesterday— I don't know if you caught this news, it's actually kind of funny— the Pontiac Silverdome, which I believe cost $50 million to build, if I'm not mistaken, the entire stadium was sold by the city yesterday for $589,000 because they don't want to pay the upkeep and there's nobody playing in it at the moment. So we could have had all of our future super conferences in the Pontiac Silverdome for about what it costs probably to do one or two of them in a hotel. The bad news is we would have been within toxic distance of the Detroit Lions. But, um, um, I would— doesn't— isn't Cleveland playing Detroit next weekend? Yeah, Detroit's gonna kick Cleveland's ass, by the way. But see, Detroit is a real— Detroit has a really bad football team. Cleveland has no football team. So, so we have nothing to be embarrassed about. I'm not exactly sure what that thing is out there on the field, but it ain't a football team. And whatever it is they're doing out there, they ain't playing football. But anyway, see, so it really— a lot depends on what you choose to expose yourself to and pay attention to and be aware of and associate yourself with. The reality is that there's never a time when there's not enormous abundance. Now, there may be a shortage in one industry, there may be a shortage in one place, there may be a shortage for a brief period of time, but there's never a time when there's not extraordinary abundance and large amounts of money moving around. And so, like, at the same time that the regular automobile business was— here in the U.S. was in severe doldrums the first part of this year,, right? Um, the Jackson Barrett Classic Car Auction, the annual auction in Scottsdale, Arizona, had its highest average selling price per car in the history of the auction and moved more units than in the previous 5 years. So there was still money moving around, and in the specific category of things with 4 wheels and tires on them, there was still a lot of money moving around. Now it was moving differently into different people for some profound reasons, but, but it was moving. And so awareness and understanding of how much there is is part of the antidote to the guilt issue. It's part of the pathway to having no guilt about taking as much as you want. And it gets to everything. See, it gets down into all sorts of little nitty-gritty choices now that people make in business. Pricing choices, the way they bundle goods and services, the type of customer they go after, their own thoughts about what value is and what value isn't, whether or not they advertise or sit on their hands and don't advertise this month. So this, this idea of unlimited abundance is far more important than philosophy or concept. It influences practical decisions.

Well, let's move now to wealth magnet number 7. So skipping over a few, and it Speak Money. And this is one that I find particularly interesting. I first heard you actually talk about it when you— the predecessor of this book was the Wealth Attraction Seminar that you did, and when you first talked about this magnet. So what is Speak Money and why is it so important?

We had— when did we have Ivanka Trump? She was past Superconference. She was at the this past Super Bowl.

Yeah.

And, um, it was interesting, not just on stage but in the green room, um, to see that, um, she perfectly mimics what I think of as Trump speak. Um, I mean, so in this regard, she sounds exactly like her father. Everything that has anything to do with Trump is the biggest, the best, the grandest, the most extraordinary, the most exceptional, the most value. And it is not really— I don't think it's conscious behavior on either one of their parts anymore. I believe it's ingrained and conditioned and automatic. And so they have their own family/business language that works to their advantage and gets people excited about everything that they're involved in. And it's not just for public consumption because it was present in casual conversation as well. If you listen to most people talk about themselves, about their products, about their businesses, about their lives, you hear a very different kind of language and a very different tonality. Well, how you speak about all of these things, and specifically how you speak about prosperity or the lack thereof, is important for two reasons. One, the one I just gave, it either generates excitement from those around you that therefore makes people want to be around you, makes people want to buy from you, invest with you, cooperate with you, help you. And then secondly, because it has an ongoing and cumulative effect on your own psyche. What goes out of your mouth comes back into your head through your own ears and has impact. And so when you listen to people speaking about money— it's really important to understand that they are affirming and confirming and more deeply ingraining a belief system about it that then again turns around and has real practical impact on decisions they make, strategies they implement, business moves that they make. So a real simplistic kindergarteny example of all this is is somebody who repetitively says something like, if they're asked how they are, their answer is, "I'm a day late and a dollar short." It's a common colloquialism that a lot of people kind of grew up hearing, people of a certain age, and then they repeated it mindlessly. Now it's their slogan. And that can't pass without having impact. It, it, it verifies a belief system about how that person is going through life, and it's very much a closed loop. So the way people talk about money and wealth and prosperity finds its way into what they write. It finds its way into their sales presentations. I'm often struck by salespeople, for example, who start selling down without any provocation from the very beginning every time they start to talk to a customer. I'm sure you dealt with it when you had salespeople on the floor in your clothing stores. If people have sales forces and aren't aware of it, they ought to be aware of it. I will walk into a store and not grungy, but shaven and shiny teeth and well dressed and walk into a store and still have a salesperson immediately start to steer you away from the expensive goods to what's on sale table. And why? Well, it's because of what's going on inside their own head. And if you now listen to the language, like right now, at least you will hear things coming out of their mouths. I know it's more important than ever for all of us to save money, so let me show you X. Well, maybe it's more important than ever for them to save money. That doesn't mean it's more important than ever for me to save money. And it certainly isn't serving anybody, certainly isn't serving that salesperson's purpose to have that forefront on their mind. So what comes out of the mouth is extremely influential of others and influential of self. And the corollary to it is there is kind of a language of poverty and there's a language of prosperity. And prosperous people speak one language and unprosperous people speak another.

Well, I'm going to move along because I want to try to saved some time for Q&A. And so the fourth of our five wealth magnets I want to talk about is wealth magnet number 20, which is think value, not time. And once again, kind of alluded to it before with this quick discussion about value, but not linked to time. So talk about that and why is it so important?

Well, there's all different levels of value. We got very sophisticated about it at the Seven Figures Academy, but at the very basic level, the last thing you want to do is to think about the value you deliver in terms of minutes, hours, days, labor, pounds, pages, bulk— commoditized terms, if you will. So, you know, much is made about pay differential. And so if the guy, the guy who sweeps the floor at the factory and the chief financial officer at the factory and the number one salesman for that factory may all put in 40 hours of work this week. And arguably the guy sweeping the floor may put in 40 hours of harder work, certainly physically demanding work. And so now, who delivered the most value? Well, if we measure it in hours, we either make the argument that they all contributed an equal amount of value, or we might even make the argument that the guy pushing the broom contributed more value. But in financial terms, the reality is that the, the CFO, uh, in perhaps 10 minutes made a much more valuable contribution than the broom pusher could, uh, if he pushed the broom for a decade. Um, and the sales guy might very well have outdone the CFO in an even shorter period of time. So it's specious to base the value on the minutes or hours or days worked. Then there's the issue of tenure, longevity. You know, there's a formula that says you should automatically get pay raises based on how long you are in a certain job in a certain place of employment, which is a major contributing factor to the death of industry in America. Because the fact that you are driving a school bus and you've been driving it for 14 years does not make you any more valuable than the guy who's been driving it for 2 years because the value is in getting the bus from point A to point B with the correct kids on it without an accident. And longevity at the job may or may not contribute to that. As a matter of fact, there's a peak of time that you would become less safe, not more safe, with fading eyesight and boredom and disinterest and etc. So it's very important for the entrepreneur and for really anybody that wants to attract wealth to, to disregard, to separate themselves from all of these very common, religiously believed in formulaic approaches to calculating value. And then you start to get even more kind of interesting and sophisticated about all this. And, you know, what's more valuable, a day at Disney or a day at Six Flags?, and, and I'll make it even so, in each case you go on 11 rides. So now what's more valuable? And why is Disney— because everybody knows the right answer, and it's reflected in their prices, um, and the number of days that people spend and so forth. So why is it more valuable? Um, well, there's all sorts of reasons, but one reason is that, uh, Harry and Susan and their kids go home with better cocktail party stories and better coffee and pie stories to tell about their experience at Disney than their experience at Six Flags. So does that cocktail party story have actual value? Um, and in a commoditized way of looking at it, 11 rides, 11 rides, 8 hours in one park, 8 hours in the other park, a hot dog and a popcorn in both places and a souvenir hat from both places, the value is the same if you look at it in a commoditized way. If you start to look at it with all of these other values, including who has the best cocktail party story, then you get a very different picture. And it's very important not to discriminate against one type of value over another. Value is value is value. And the more that you increase the value that you provide, the more money you are likely to attract for it. So it's— to be simplistic, it's very important to get past intrinsic or commoditized value and start to understand all of the other ways that you can create value as an individual, as a provider of a service, as a performer, as a provider of hard goods, of product, an advisor, anything that you do. So for example, in our world, I get more money for copywriting than say some other copywriter. And let's say for the sake of argument that We would both turn out work for a client that would deliver the same sales results, but I cost 3 times more. Is that just, unjust? Is the client stupid or smart? Is it just because he didn't know about the other guy? Am I ripping the client off? Well, to answer those questions, you would have to to look at all of the other value the client might get as a result of having me. For example, he might have a great deal more confidence in the work and therefore might more aggressively invest in it and use it or might stick with it longer to do the necessary testing in order to make it work than he would with the other copywriter. Now, the work was The work product was the same, but I delivered more value. He might get bragging rights by having me as his copywriter. That either simply makes him feel good, which is value, or might be helpful to him in attracting investors, in motivating his salespeople to follow up on the leads that the work creates. And so there's value there. I've got a much bigger toolbox of values than just the intrinsic value. And that's the position that you want to get in, and that's really how you want to think about all this.

Well, the last magnet that I'd like to discuss is wealth attraction magnet number 24, which is act wealthy to to attract wealth. What I'd like to do here, Dan, is I'd like you to sort of give the distinction here. If you think in terms of speak money versus act wealthy, I mean, the two of those can actually kind of in some ways be the same. So I'd like you to sort of first make the distinction of the difference, what you mean here by these magnets, and then also explain why this one is such a valuable magnet.

Well, how you think, how you write, how you speak, how you act, all integrate. But maybe the how you act is most important. And what it definitely ought never be confused with is something that shows up often in motivational talks and writings and prosperity talks and writings is the act-as-if idea translated to pure materialism. So you're broke and you want to be wealthy. What you need to do is instantly run out and get a new car and a bigger house and some expensive clothes and, and a better watch and adorn yourself with the trappings of wealth that are yet unearned. And that, that's taught often. It's a popular concept. It generally— now, it will more often put you on the steps of bankruptcy court than it will actually wind up putting you anywhere else. And that's certainly not what I'm talking about. I'm talking about the behavior of wealthy people, not necessarily the brand of shoes that you need to wear at the moment or the car that you need to drive at the moment. And so money is really all about cause and effect, and it is more about behavioral cause and effect than there is anything else. And so one of my earliest mentors talked about— he grew up in a very, very small town in the South.— and has actually— is quite common in very small towns. There was only one really wealthy guy. And you will still find this today. If you go to small enough towns, you'll find there's one guy that owns the bank and he owns the hardware store and he owns the restaurant and he owns most of the real estate. So there was this one very wealthy guy. And, and he walked with a profound limp. And so my friend said that for 3 years, even though there was nothing wrong with his leg, he walked with a limp too because he didn't know. He thought that might be the key. And, and he was more right about this than wrong in that when you see highly successful or prosperous or wealthy people engaging in certain behavior, especially if you see a number of them engaging in the same behavior. And it is profoundly different than the behavior of most people. You have not observed something that is incidental or eccentric or odd. You got a clue. So when Trump says he gets up at 5 o'clock in the morning every morning in order to read 5 newspapers, and have a handle on what's going on before he does anything else. Well, if he's the only person you ever heard that from or ever knew that did that, you would be free to ignore it. But if you discovered that it's a pattern amongst highly successful wealthy individuals that run companies, run businesses, invest money, then you would have to pay attention to it. Now, a lot of people would immediately say, well, I don't want to read 5 newspapers. Certainly USA Today ought to do the job. And I don't want to get up at 5 o'clock in the morning, for God's sake. Certainly 7 o'clock in the morning would do the job. And, and we begin to get to the reasons why a small number of people have all the money. Is it really is about what they do, how they act. You will find, for example, that the overwhelming majority of 7-figure earners have a punctuality fetish. Not all. There are some who are famously sloppy about time. But for the most part, they have a punctuality fetish. Now again, if that was an isolated thing, well, that'd be one thing, but physically inspecting the ground troops level of their businesses. So I used to say all the time when Sam Walton was alive, if you brought Sam Walton and Donald Trump into a room and you had people interview the two of them simultaneously and ask them questions, and you had them observe them, and you let— then you followed Sam around for a week and you followed Trump around for a week, you would notice thousands of differences between the two, from profound differences of opinion to visual differences to behavioral differences. Um, but none of that would matter. It would be the things that they both did that would be potentially most valuable to note and to consider. And in both their cases, um, uh, they— Sam was famous, Trump is famous for inspecting at the ground level his businesses. I was in a Trump hotel long before Trump ever spoke for a client of mine, before we knew anybody in the Trump Organization. I was just in the hotel, uh, when he came marching through to go to a meeting and stopped and went into the public restroom on the ground floor and discovered an empty towel dispenser. And the next thing you knew was the towel dispenser ripped off the wall, flying out through the restroom door into the lobby of the hotel while people scurried to go get some towels. Walton was equally famous for suddenly appearing in a Walmart store and raising hell. Martha Stewart, very famous for suddenly appearing in a Kmart store during that relationship and raising hell. I had the distinct pleasure of having Leona Helmsley fire the entire staff of a hotel after a complaint call from me and dispatching a replacement crew on a plane. So should Trump be checking out restrooms, and should Walton be in a Walmart store seeing if there's dust on the shelf? And then, well, you could make an argument that the CEO time is far too valuable for that, but if you study enough wealthy, successful people that own and run businesses, you'll find that it is a commonality of behavior in more of them than not. Not, and that gives you a clue. And so that's acting wealthy because that's how wealthy people act.

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