Being Broke is a Powerful Tool!

Being broke is your single greatest advantage. Stick around, I'm gonna tell you why. Welcome back, ladies and gentlemen. I'm Dan from millennialmotivator.ca, helping you learn how to create, engage, and inspire. If you're new to the channel, click that subscribe button down there, the little bell next to it. You'll get notified when my next video goes live. I throw out videos here Monday through Saturday, Helping you learn how to be more effective online, reaching your customers, selling your products, selling your services. Today what we're looking at, and this is a video that I haven't done in a long time, I want to really get back to driving entrepreneurs, whether you're from the start or whether you're somebody that's an established entrepreneur, I want to give you guys the skills and traits to do that. And somewhere along the way I got really into YouTube and what was happening here, and a lot of my videos have been about how to grow YouTube, how to be a part of YouTube, and that's a part of what I'm about. But I also want to get back to the entrepreneur side of things as well. So today's video is how being broke is one of the most powerful things for an entrepreneur. Now, I know there's a lot of people out there that when you talk to them about being an entrepreneur, they don't see being broke as an advantage. And the reality is, every book I read, every success story that I read, there's an element of this. Now, granted, people are going to throw out the generational, the legacy The my family's been rich forever Rockefeller stories, and that, that's fine. But in reality, those aren't the books that I find myself reading. Those aren't the stories I find myself resonating with. And I want to share the insights of why broke can be so powerful for you as an entrepreneur in growing your business and finding the success that you want. So without further ado, let's go. Okay guys, story time. Who doesn't love story time to start, right? So I'm going through my bank account, I'm doing my finances and just seeing where all the money is. And I'm like, man, the bank account looks emptier than it should be. What is going on? So I do what every guy does, I go and ask my wonderful wife, honey, why is the bank account so low? It just doesn't make sense. And she gets that smirky little grin on her face and she goes, oh yeah, I just moved over like a pile of money into savings so that you could, you know, go on the trip to speak at the conference that you wanted to speak at. And I did that because when we've got no money, you always find a way. You always find a way. So I figured I would just take money out, put it somewhere else where you don't know that it's there, and you'll think we've got no money and you'll go make more of it. And at first I was like, ugh, woman. But then I realized how amazing that concept was, how beautiful that was that she had done that, because she's absolutely right. When I've got a comfortable little nest egg, I don't stop working. I still put in a decent workday, but I'm definitely not hustling the way that I do when it's like, oh, mortgage is tomorrow, there's no money in the bank account, how do I make mortgage show up now? That's the first powerful principle that comes with broke. It's that necessity to create a solution. Oftentimes, guys, what happens is we are faced with a problem, no matter what, as an entrepreneur you will face them day by day, but often we are faced with a problem, and if we are in a comfortable place, that problem lacks the intensity and severity that it would if we had less options. And what I find so empowering is, as an entrepreneur, when you are broke, what you will find is with nothing, you have the creativity to create something. And that is a powerful trait that you shouldn't negate. It is so powerful, your ability when you have no options to create new options that don't currently exist. Some of the greatest innovations come out of being flat broke. So first powerful thing that you need to take as an entrepreneur, the powerful thing about being broke is you learn that from nothing comes some great motivation to go out and create something new. What else? I already briefly touched on the second point, but it's You want to learn how to improve. Being flat broke means that where you are currently, what you're doing, what you know, it isn't enough. It's not sufficient. There's an amazing, amazing entrepreneur out there, Dan Lok. If you guys don't know him, you may go to his channel and be a little confused because currently he's doing like this Jeet Kune Do thing. He's decided martial arts is his— well, it's always been his passion, but he wants to do that more on his YouTube channel. I'll put the link down below, but he's got a ton of great entrepreneur videos out there. One of the biggest things about it though, guys, is he stresses so much the knowledge that you gain from being broke is essential. This is a guy who had like hundreds of thousands of dollars in debt and no friends anymore because he tapped them all out for loans on his next great idea. And he realized that where he was with his knowledge and skills wasn't enough. And that breaking point of being broke, being frustrated, caused him to actually go learn a new skill, a new trade from people that had succeeded, and it drove him to succeed. This is an ongoing story, guys. This is why you constantly see stacks of books. My Audible is constantly being used. New podcasts, new knowledge. There's a new Facebook group I started. It's down there in the, in the link below where entrepreneurs come and we just share great content that powers us up, that fuels us, that gets us ready to go. But being broke more than being comfortable is constantly driving you to learn. How do I better myself? How do I get better? How do I get where I want to go? It makes you face the reality that where you are isn't good enough. And guys, I know that's a humbling experience. I've been there. I was that guy working shift work at McDonald's thinking my future was being a restaurant manager inside of fast food restaurant. And I look back going, what was I thinking? There's so much more out in that world. And I'm not putting down restaurant managers. You guys work hard. I love you. But I think you're capable of doing a so much more if you've got those skills. Now, that being said, when you are broke, the ability for you to take where you are, look at it honestly, humble yourself, and go, it's not good enough, and gain knowledge is such a powerful asset that people that are already, already up there, already hitting it, seem to sometimes forget consuming quality content, reading those success stories, finding how people are succeeding— that kind of wanes a little bit. But the reality is this: the people at the very top, they get this. Warren Buffett reads like a maniac. I can't keep up with the guy. Down here at the bottom, you've got that same drive. Buffett and the bottom, the broke, those two, those people get it. You've got to consume knowledge, constantly better yourself. It's, it's the middle class of entrepreneurs, the people that aren't slaying it, but the people that aren't broke either, that seem to get comfortable and forget How powerful it is to constantly grow, consume, and build. Okay, so we've got— you've got your motivation to create, to, to get going because you're broke, you have no choice, that necessity is there. You've got the willingness and the ability to be humble, realize where you are right now isn't good enough, learn and grow. What's the last point? Last but certainly not least is community, guys. How many people are at Warren Buffett's level? Who are people that are on the same plane as he is, that aren't sure, you know, where I'm going. It doesn't exist. Warren Buffett is at his level because there's so few people there. You've got guys like Carlos Slim, you've got the Jeff Bezos, the Gary Vaynerchuk, you've got the major influencers at the top of their game, right? The reality is this, ladies and gentlemen, down at the bottom, there's lots of company. And if there's lots of company, and you've got the first 2 things, you've got innovation and people that are willing to improve themselves, And you can find other like-minded people that are broke, that have the motivation to succeed, they know that they aren't where they need to be and they want to get there, that means that you've got a lot of opportunity for collaboration. You've got a lot of people that are in the same place as you that want to push themselves up the ladder, and all it takes is a group by numbers pooling great ideas together, coming together, and that opportunity is so rich and so powerful when you're at the bottom. It's just true. As you start to move up the ranks, this funny thing happens again in the middle class where people start to get defensive around their ideas and they don't want to group and they don't want to pool and they don't want to collaborate. They want propriety. They want to own their concepts and their ideas and they don't want to share and they don't want to grow. And then you hit the top again and guys like Elon Musk just go, yeah, I'll give the entire specs to my Tesla and go ahead and build it. If you think you can build it better, go ahead. It's amazing to see that propriety over ideas and concepts and collaboration At the very top and at the very bottom are true. It's here in the middle that they get lost. So guys, if you are broke, just the takeaways. I want to give you this and I want you to really grasp it and understand it. When you're broke and you've got nothing, necessity drives you. It gives you motivation like nothing else. It will drive you so powerfully to succeed. So own that. Be aware of it. Number 2, you've got the motivation, But you also have the ability to be humble and realize where you are isn't good enough. And if you get ingrained in that habit of, how can I get better? And that stays with you all the way from the bottom through the middle, you'll reach the top. That's a sure thing. Last but not least, you're in good company. There's some bad company down at broke too, but there's lots of people at the bottom that recognize they've got nothing to lose. They want to grow, they want to get better, and they've got great ideas and innovations to get there. So what do you do? You collab, you work together, create a community of entrepreneurs that are sharp-minded, want to grow, want to succeed, want to build, and it could be you. So that's it for today, ladies and gentlemen. I hope you liked this video. Click that like button if you did. Share this out with somebody you know that's struggling with the broke aspect, or they're maybe in that middle class and they've gotten a little stagnant. They don't realize the power that they once had. Reach this out to them. Say, here you go, you need this. It's going to motivate you. It's going to fuel you. It's going to get you pumped. I hope this is helpful, and I will catch you guys tomorrow with another great video. See you then.