Secrets to Creating Passive Income and Becoming Financially Free Featuring David Bach - I Love Marketing Episode #401

Are always going through transitions in life, but we're not trained to go through them. The transitions we're trained for is like, okay, go to school, graduate, get married, have kids, retire. Those are, that's like a, Those are like four major transitions. There's like 25 more transitions that happen in between all that. And we're not trained to have those transitions. And the sooner you learn how to allow yourself to transition to what it is you really want in life on a regular basis, I think the happier you can be.

If you'd like to join world renowned entrepreneurs at the next Genius Network event or want to learn more about Genius network, go to geniusnetwork.com this week we are revisiting a previous episode. Here are some of the best highlights.

We've got our buddy David Bach here. He's a nine time New York Times best selling author. You're considered one of the leading financial experts in America. In less than an hour, the latte factor can help you take control of your money and your life. Whether you're just starting out in business or an employee in mid career or in debt or you just want to live the life you've always dreamed of, the latte factor can help you gain financial success, freedom and security. Since I love marketing, really has a lot of people that want to learn how to better market stuff. You have learned a tremendous amount. I mean very few people have had as many best selling books as you have or sold 7 million books or been on Oprah multiple times and tons of media and all this stuff which is all about you going out and telling the story. They call them best selling books because you actually sell them. There's a lot of really well written books, but they don't have the best written award. They're the best seller. But I'd love to speak to that.

Yeah, well, I mean I would love to. And one thing I would say to marketers is actually go through the funnel. Go to velocityfactor.com and that website. All I can tell you is that like hundreds of hours have gone in. Well, more thousands of hours of knowledge have gone into this website, but hundreds of hours of actual work went into this website. And this website is the beginning of our funnel. So as a marketer there's always a beginning stage. And the beginning stage is it's all about activating your tribe. We have like a 22 point marketing plan. It's even longer than that. But like the beginning stage of the marketing plan, the key is to activate your tribe. That's a Seth Godin phrase, right? Like your core fans, you gotta activate them. Because I'm trying to do more than have a best selling book. I'm trying to create a movie. The key is why you write books, in my opinion. And I write books to make a small dent in the world. I'm like, my North Star is I want to impact millions of people. So, like, my purpose with this book, super crystal clear, I want to have a massive influence over 77 million millennials and inspire millions of millennials who may not have hope right now to realize that they are richer than they think, that they are stronger than they know, and that their dreams can still come true. I think we have to help this generation overcome a lot of obstacles that have been put in their place. And so I'm super clear about why I'm doing my work. And I think that that's really important. I'm not doing my work to have another bestselling book. So from that clear purpose comes the marketing plan. And as I go back to like stage one, going through the funnel, if you go to the lottefactor.com and you can still go through the funnel, you can actually see how we activate our tribe. So we had a campaign where we started with, right now there's 720 people that we have identified as like, you're a core fan. And what we did in the marketing is we said we're not looking to just have you join us to buy a book. I'm going to spend the next two months with you, take you through the book, put it in your hands before the public, teach you more about money, so I can help you. But I'm looking for people to join us who want to help other people. So first I'm going to dedicate my time and energy and effort to helping you. But I want you to join me if you'll go out and then share this message with other people that you love. So by doing that, I've pre framed it, I've qualified these people and as they're joining in this movement now, there's already that kind of energy, right? Like in the Facebook page, our private member group, you hear people already going, oh my God, I've read this book. It's amazing. I can't wait to share this with people I love. And I've actually already done the math. I'm like, look, there's 700 of you in here and you all know 100 people. If you go share this with 100 people, I'm going to touch 70,000 people the day this book comes out. That's the best form of working in the world is a friend telling you, you need to go try this, right? Like you need to go read this book, you need to go to this restaurant, you need to go into this coaching program, you need to go to this seminar. The best form of marketing is your best friend telling you, I did this. I loved it. It can help you. That's the central part of our first part of our campaign.

What advice would you have given yourself early on, knowing what you know now?

So it's being clear on what my purpose is. But then there's all types of things you need to help you make that purpose real. So partnerships. A huge part of my ability to have a massive platform has always been partners. And we've had partners from financial service companies to media companies where because we're going out with a cause related marketing today. That's a big phrase, Cause related marketing or purpose marketing. But I've been doing cause related marketing for over two decades, right? We have multiple partnerships and every partnership that we have is going to help us spread the message because they know what we're focused on and they're focused on the same thing. They want to be aligned with us.

This truly is one of those first domino moments for a lot of people with their money. Because, you know, people kill people over money. I mean, they do. It's such an important issue and so much of our lives revolve around it and making it versus keeping it and how you interact with it. And people's money relationships are frankly dismal and pathetic. And that's what you've always been on a mission to, you know, to fix.

My whole dream with the work that I do has been to get people to take action. It's not about education. Education without action is useless. All the compound interest charts that I have in the back of the book, they're all proving true in my life. It doesn't happen in days, it happens in decades. But the decades. The money just starts to grow astronomically and then money makes money. I could see this being the new Evergreen College graduation gift for every graduating senior. Because this book's not just about money. This book is about listening to that little girl inside of you or that little boy inside of you and figuring out what that person's saying and when they're saying it so that you can get yourself out of your comfort zone and take the risk and go live rich now. And so my grandmother's story is weaved into this book. I hope what that's going to do is really wake up a lot of people. A lot of people who are listening right now. They're not living the life they want to live. They took a safe route and they're not happy and they want to make a change. And by the way, that's okay even if you've had lots of success. Like, you can have a lot of success in life and want to make a change. That's, in fact, success breeds wanting to make a change. One of the reasons people are so unhappy sometimes when they're successful is they reach their dreams and then they're bored. It's not that it's not fun to be successful. It's that what got you successful. There's something driving you to go do the next thing. If you're somewhere in your life right now where you feel stuck, the key is to realize that you could go and get yourself unstuck. So go all the way back to the beginning of the book. If you don't know where you're going, you might not like where you end up. We are always going through transitions in life, but we're not trained to go through them. The transitions we're trained for is like, okay, go to school, graduate, get married, have kids, retire. That's like a. Those are like four major transitions. There's like 25 more transitions that happen in between all that. And we're not trained to have those transitions. And the sooner you learn how to allow yourself to transition to what it is you really want in life on a regular basis, I think the happier you can be. There's also a whole thing in this book about sabbaticals, right? Like we've talked about sabbaticals. You have to own assets that give you freedom, right? And it's not just, you know, there's a big difference between being an investor and being a speculator. And you only have to own a couple assets to have financial freedom. That's the other thing. Like the Automatic Millionaire book, I How the person had bought one home, rented out, bought another home, paid themselves first automatically for three decades, and they retired at 52.

I believe marketing is storytelling. I believe marketing is applied psychology. I believe the things that me and Dean talk about here are designed to help people that live in the world of capitalism, that live in the world of not time and effort, but the ability to produce a result.

If you go to work every single day and you don't keep any money for yourself, you have no hope, Right? Like, that's a very stressful way to live. That's why living paycheck to paycheck sucks. So you have to make a decision to be financially selfish. And in the book it's called pay yourself first and it's learning how to stand up for your earnings and put yourself first. A lot of people who aren't saving any money are still stopping at Starbucks every day and having a five dollar cup of coffee. A lot of people who aren't saving any money who don't have $1,000 in savings went out and bought a new iPhone this year for 1000 bucks. Now they financed it. A lot of people who don't have any money went out and bought a brand new car. In the last 36 months, the average car payment in America is $503. The average American works two to three months a year just for their new car. Nothing is a bigger waste of money than going out and buying a new car. If you have a car that is worth more than you have in your retirement account, you're an idiot. Can we quote you on that? That's great. That should be on the COVID of. So I guess last thing I just say is like, you know, take care of your email list because that's. It's the old story that 1000 true fans can move the, you know, move the world, move a business, move your life. Like, I think that's still totally true in this day and age where we're so overwhelmed with information. Still goes back to do you have a thousand real fans? Because if you have a thousand real fans, there's almost nothing that you can't do.

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