Ask a Millionaire Anything LIVE

From me, welcome. This is an Ask a Millionaire Anything Live. I became a millionaire before the age of 31, a deca-millionaire before the age of 35, and I usually now only do my Ask Me Anything Lives for my Rob.team members. But actually, I'm just about to do in about half an hour of Sunday sessions on Rob.team, and I thought, well, I've got a bit of spare time, I'll do an Ask Me Anything Live with you. So what would you like to ask me about starting or scaling your business, about getting better financial education and knowledge? If you want a shout out, follow me and I'll give you a shout out. Daniel Munz has just joined. Chris Grayson has just joined. Just Me has just joined. So, um, Daniel has said, is it true money doesn't make you happy? Now I think that's a myth. Money in and of itself is an exchange of value, a unit of account, and a measure of worth. So pieces of paper or polymers can't in and of themselves make you happy. But because money is an agreed universal exchange of value, anything that we buy or do that gives us happiness requires money. So when people say money doesn't make you happy, I actually believe it does, because money can finance, um, and exaggerate the things that make you happy. Would you rather travel first class or cattle class? Would you rather have a nice house or a shitty tent? Would you rather eat really nice new healthy foods, organic, that can make you live longer, or shitty foods that's carcinogenics? Would you rather hang around with really smart interesting people, or unfortunately people who are not very open-minded? Because all of these things, um, they are exaggerated and fueled and financed by money. So I actually do believe that money makes you more happy. And by the way, I've been skint and I've been rich, and I can tell you this: being rich is much better than being skint. I've done the split test. Most people who say money doesn't make you happy are broke, or they're billionaires. A billionaire would say that. They've got billions, so they don't need to worry about money anymore. If you don't need to worry about money ever, then of course money doesn't make you any more or less happy because you don't need to worry about money. But, but if you're broke, that's really just usually a jealous statement. How can anyone who's never had any money say that money doesn't make you happy? So Money in and of itself is a universal exchange of value. The notes don't make you happy, but what you can buy and do and exchange and give and receive with money does give you a better experience in life, more freedom, more choice. And I believe that does make you more happy. Make sure you give this video a like, um, it just helps give it a little bit more reach. Um, how can I be a millionaire? So Abby wants to be a millionaire. This is from Abby Williams. This is what you need to do to become a millionaire. Number 1, you need to find a useful and meaningful problem, you know, a void in the world that a product or service that you create could offer value. That's number 1. Then number 2 is you need to create a fair exchange environment with that. So you probably need to start a company because that gives you, um, protection personal liability protection, and you've got some tax breaks, and then that'll help you develop that product or service or idea. Then you— then in that fair exchange environment, what you have to do is charge fairly so you can make enough profit and they can receive enough value. And then you need to sustain and scale that, whether that's through continued sales and marketing or improved software and systems and processes. And then as you scale, you've got to be careful to not increase your overhead at the same rate as you increase your revenue, which is what happens in a lot of companies. And then once you've made £1 million in net profit, you are a millionaire technically. So in my book Money, I wrote about the formula for wealth, which actually in my new book, which will be called— working title— The Revolution of Money, I've slightly adapted. So the formula for wealth is this: wealth equals perceived value plus fair exchange times leverage. Let me say that again: perceived value plus fair exchange times leverage. So perceived value is what do people, consumers and buyers perceive as valuable that you're producing. So someone could buy a £15-20 digital watch and be unhappy with it because it breaks. Someone could buy a £100,000 Patek Philippe and love it forever and hand it to their children and their children's children. So value is perceived. Perceived value. So not just what you think is useful, but what the world thinks is useful. Because what you think might be useful in your product and service, the world might not. Then you've got to have fair exchange. And fair exchange is where you charge enough to make money and they feel grateful that, um, they got good value. And then you have to have leverage, which is enough people, enough scale. Even if you have a really good product or service, you may not reach enough people. So, um, Mohammed, if you put your question 28 times, I'm just going to ignore it. So, um, anonymous user, would you be a dragon on Dragon's Den? I was actually, um, invited to be a dragon on Dragon's Den, but I'm not a professional investor. I don't really know Um, it's not my specialism to invest in companies, so I turn it down because it's not my special— specialty. Okay, perceived value is when the world perceives the value of something. Yeah, the thing is, value is an absolute. I.e., um, what you think is valuable, someone else might not. We all have an individual perception of value, which is why I changed my wealth formula, or I evolved my wealth formula, from value plus fair exchange times leverage to perceived value plus fair exchange times leverage. If you want a shout out, just follow me. If you give me a quick follow, I will give you a shout out. Um, AJ Nesfield, how you doing, AJ? What was your first product that perceived lots of value and took off? Um, properties that I rented out, AJ, were my first valuable product. I mean, if you think about it, in the UK we have a massive undersupply of houses and an oversupply of people, so therefore properties to rent are products and services and commodities that have high perceived value. So that was actually my first AJ. And then I wrote a book called Property Investing Secrets, which became a number one bestseller, and that was my next highly perceived value product. And then, um, my property courses, and then my property management company. Um, Brains Triple One, what's the secret society all about? No idea, because I'm not in it, so I don't know. And if I was in it, it would be a secret, so I wouldn't even tell you anyway. Um, big shout out to JoshuaPilling22 for following me. If you want a shout out, um, just follow me and I'll shout you out. JoshuaPilling22 has just followed me. Joshua, thank you, shout you out. Everyone go follow him. Um, someone has said, 'Lend us 10K.' Do you know what, I actually— joking aside, I admire people when they ask for things, um, because often people are a bit worried to ask. The thing is, when you ask, you've got to understand what's in it for the other person. So someone might have been joking here saying lend us 10K, but I actually admire them for asking, and they've got my attention, haven't they? Let me bring up who it is. It's Zach Jackson. But the thing is, I'm not going to lend Zach 10K because he wants it. I'm going to lend it if I can get a 3K return, or I'm going to lend it to him if I can get 10% shares in his company. So there's actually nothing wrong with asking for money or, or anything, but you've got to let them know what's in it for them too, if that makes sense. And that might have been a joke, but it was a good opportunity to talk about it. Um, Darren Clark, big shout out to Darren Clark. Darren Clark has just followed me. If you'd like a shout out, then, um, just follow me and I'll shout you out. Bernadette, Bernadette, a big shout out to Bernadette. She's asked for a top fan shout out. There you go, Bernadette, shout out to you. And Bart has got £200 grand. Where do you start? Um, I would use some of that to start your own business, because actually your own business is probably your highest return on investment because you get sweat equity as well as capital equity. I'll definitely put some into gold as a hedge against the decreasing currency. I may put a little bit into Bitcoin, but no other cryptos. I'd keep an emergency fund of maybe 15 to 20% of that. I'd max my ISA. Or my taxable allowance each year, depending on which country you're in. So there you go, there's a few things. I definitely wouldn't put £200 grand all into one asset class. Um, did I come from a poor or average background? Well, I didn't come from absolute poverty. This is AJ who's asked this, but I didn't. Um, my mum and dad supported me as best they could, and they tried their hardest, and they got me through school and university, and they supported me, but I didn't have any money to start a business. And no, I didn't be— I wasn't given any money to start a business, or I didn't have any inheritance or anything like that. So I started minus £50,000 in consumer debt, actually. And then I was 26 when I got myself £50 grand in debt, and then I turned it around and became a millionaire just before the age of 31. Netherlands here is one big inflation rip-off. Yeah, I hear you on that. Give me a like if you think everywhere in the world is one big inflation ripoff. Yeah, so you want inflation-beating assets. Actually, this is a good— this is from Bart Jutt again. If anyone wants a, um, shout out, just follow me. Um, but yeah, if you want to protect yourself from inflation, you must get out of cash asset and you must get into, um, hard asset that beats inflation. So, um, you know, property beats inflation, gold generally beats inflation. They're both hard assets, they're physical, they're tangible, they're real. So I would certainly say get out of depreciating liabilities such as cash and get into appreciating assets such as gold and property, which are hedges against, um, high inflation. Um, John Henry, good to see you too. If you want a shout out from me, just follow me. Tiffany has said you want to learn more, then join rob.team. Tiffany, that's very kind of you. For those of you that, um, aren't a member of rob.team, Tiffany has just shouted out and said you want to join that. So, you know, if you do want to start a scale of business and if you do want to get better financial education and knowledge, if you do want to learn how to build appreciating assets. In fact, by the way, if you join really quick tomorrow, um, I'm doing a 3 to 4 hour membership site mastery masterclass where I'm going to teach you as quickly as possible to build 6-figure income in subscriptions, basically copying, um, Rob.team, which is my membership site platform, which has many thousands of members. So actually, if you want to be super quick right now and join Rob.team, you'll be able to get this Membership Site Mastery online masterclass just for your membership. The membership to Rob.team is less than a large cup of coffee in terms of what it costs, and you can cancel anytime with no contract. Um, so actually Tiffany did the shout to Rob.team, but if you want to jump in and get this, um, 3 to 4 hour 6-figure subscriptions membership site mastery course, um, go join Rob.team for less than a large coffee and you can cancel anytime. So the link is rob.team. That's rob.team. Um, Adam Sargeson is already in rob.team. So if you want to learn to start and scale a business, build assets that beat inflation, build multiple streams of income, then go join rob.team and jump in real quick now so you can get this live with me Six Figure Subscriptions Membership Site Mastery Masterclass, which is happening in about 24 hours' time. T-minus 24 hours. So go and join now. Rob.team. R-O-B dot T-E-A-M. Go join right now, super quick. Um, Jim Caldwell has said, what's the shoulder strap thingy? It's, um, I sort of— you probably noticed this, I wear these all the time to make them my brand. I also do that so I can run them as a tax offsettable asset, but they're Alexander McQueen and it's the harness design. So I have jackets and tops and shirts in this design. A lot of people seem very interested in that. Um, if you follow me, I will give you a shout out. So if you'd like a shout out, then follow me, uh, and I will oblige. Um, Ruth, I've got 50 grand to invest in something. Um, but I don't know what. I would suggest start a business, probably a membership site or software or a subscription-based model. Maybe you ring-fence about £20,000 of that. Put £20,000 max in your cash ISA every year. So maybe put £10,000 to £20,000 in cash ISA, a little bit of gold, and then the last little bit of Bitcoin. That's probably how I'd break it down into 4 different classes. So maybe £20,000 to start and scale your business, maybe £15,000 in your ISA, uh, maybe 5 grand in gold, 3 grand in Bitcoin, and then you've got a little bit of a contingency there as well. Remember, this— that's not financial advice, you know, you've obviously got to do your own diligence, but you're asking my opinion and that's my opinion. Um, so yeah, if you want to shout out, then just give me a quick follow and I'll shout you out. This is from Neil Jones, this question. How would— but, uh, how would buying inflation-beating assets when you know when people buy more houses and gold, it depreciates over time? Well, people buying gold and houses doesn't depreciate gold and houses, and gold and houses don't depreciate over time. Gold and houses have both beat inflation over time, Neil. Right now, inflation is obviously really high, so right now a lot of asset classes aren't beating inflation, but that's only right now. It's not going to be 10, 15, 20% forever. In the long run, it might be 2 or 3% max. Um, in the long run, actually, interest rates are 5 to 6, and at the moment they're a lot less. So in the long run, gold and real estate and other assets, the stock market, they beat inflation. Otherwise people wouldn't invest in them, would they? Otherwise they'd be losing money over time. So I think you've maybe, um, got slightly confused there, or you're maybe just measuring it in how high inflation is now. But inflation's been pushing the prices of property up, actually. So A lot of property's gone up 10-15% a year, and inflation has been pushing that up in the last few years. Actually, inflation really can help push up the, the price and the value of assets. Um, if anyone wants a shout out, just follow me and I'll shout you out. I'm doing an Ask a Millionaire Anything. That's me. Um, so ask me anything you like. Um, Dwayne has said, I've got $10K, what could I do with it? So I'd probably put a grand in Bitcoin, 2 grand in gold, 3 grand in your stocks and shares ISA, and the rest to start your business. That's probably what I'd do, Dwayne. Actually, there's quite a lot of you have got X amount of cash to invest and you want to know what to do with it. Do you know in rob.team there's the 9 module, 10-hour how-to-invest series. It teaches you what to invest in, what split, how to de-risk, how to diversify— businesses, online assets, gold, watches, classic cars, property and real estate, stock market. So imagine having access to a 9-module, 10-hour course that would usually cost hundreds of pounds just for the cost of a large cup of coffee. That's the subscription price for Rob.team. So any of you that have got a bit of money to invest, because I've had loads of questions on this, and I've got 10 grand, 20 grand, 50 grand, 100 grand, 200 grand, I definitely recommend you joining Rob.team and going and consuming that 9-module, 10-hour How to Invest Series Masterclass, as well as the 21 Ways to Monetize Social Media Masterclass, uh, as well. I'm going to do a, um, How to Raise Finance masterclass, no money down investing masterclass. Um, what else have we got in there? We've got the 10x Your Social Media Following masterclass, we've got the Mindset and Money masterclass. We're coming up, we've got the, um, Membership Site Mastery, Six Figure Subscription Secrets masterclass. All of these masterclasses are in rob.team for less than the cost of a large coffee. Jordan has called it rob.dream. Because Jordan had a dream about Rob.team. See, Jordan, I remember you. Um, but actually, it's just to join for, for less than the cost of a large coffee. Cancel any time, no, no ongoing contract. Just type in Rob.team. Rob.team. Rob.team. Go join right now. Get the 9-module, 10-hour How to Invest series for all of you that have got a bit of money and you've been asking about it. Save yourself thousands on courses, just jump in Rob Dotson for less than a large coffee. Exactly, Birmingham, it's only a fiver a month plus your tax. And if you've got a company, you can get the tax back and offset it, but so it'll probably end up costing you net £3 a month. £3 a month! Big shout out to Josh who's just followed me. Josh, how you doing? Go and follow Josh. Um, so yeah, if you want a shout out, then just follow me and I'll shout you out. Michael Stott has said stocks and shares, S&P 500 and FTSE. Yeah, so S&P 500 and FTSE, your investments into the stock market diversified across those, self-invested through something like Hargreaves Lansdown, and maxing that, um, tax-free allowance you have every year of £25,000. You could become an ISA millionaire in, you know, a couple of decades. Yeah, so there you go. I agree, max your ISA every year if you can as a standard procedure. Tony Burner said, don't seek after riches, they gather wings and fly away. Solomon the wisest said that. Don't agree with that. I actually don't agree with a fair amount of stuff about money that the Bible talked about, especially the way the church makes money. You know, asks you for donations and takes money off you to fund it. So I think there's a lot of hypocrisy in religion. And that's not to say I'm against any religion, and what you believe is what you believe, and I completely respect that. But don't go and learn about making, managing, and mastering money from the Bible. It's not— it's not a money managing book. Um, I think you should seek riches, but you seek riches equally by giving riches. So fair exchange is where I give you value and I get paid fairly for it. If I give you value and I don't get paid, how can I sustain my lifestyle? But if I get paid and you don't get value, why are you going to pay me? You're going to feel ripped off. So it's an absolute utter myth that you shouldn't ask for money and you shouldn't sell anything and, you know, riches are evil. Nah, nah, you just got to offer equal value in exchange for your wealth and riches. So, um, yeah, that's my view. Um, All right, Carl Rhea, let's have a big shout to Carl Rhea. Carl Rhea has been following me a few weeks, bought 3 of my books, absolutely brilliant. So thank you, Carl, you're a legend. Um, big shout to Carl Rhea. Um, Give Me Mopi has said, can I borrow 20 grand? I actually really respect people for asking for things. I'm not very good at asking. Um, I've got better and I've learned to force myself to get better, but I'm not great at asking. Although I'm good at asking you to join Rob.team because I know it's just such a major value. Um, £6 including your tax for hundreds of hours of masterclasses going back years. I mean, it's a no-brainer and you can cancel any time with no contract. Why wouldn't you join Rob.team? So actually, I don't mind asking about that, but I don't really like asking my friends to introduce me to people I don't really like. I just— although funny, because my dad used to say, if you don't ask, you don't get. And he's absolutely right. If you don't ask, you don't get. So, um, let me give all of you a bit of advice. If you're asking for money, absolutely no problem with you asking for money. If you don't ask, you don't get. But find out what they need first. Package up what you can do for them in terms of what they need, and then ask for the money. And I'm telling you, you will get a lot better results when you do it that way. So cool. I've got to go and do a live session now in Rob.team. It's called the Sunday Sessions. Every Sunday in Rob.team, I do the Sunday Sessions. Actually, let me read you out the upcoming Sunday Sessions. Um, my, uh, might encourage you to come and join the club. So we did the How to Trick Yourself into Relentless Motivation: 15 Fast Tools last Sunday. Um, we're going live in 3 minutes on How to Outwit Your Competition. 11 Cheeky Tips. Then the Sunday after, it'll be How to Raise Money with a special money-raising multimillionaire guest. After that, it'll be How to Get Sponsors and Advertisers. After that, How to Monetize Your Content. After that, How to Turn Pain into Profit. After that, How to Get More Done in Less Time. After that, How to Increase Your Earning Power. After that, How to Get Clients for Free. After that, How to Make Money with Little Money. All of those masterclasses every single week on the Sunday sessions. In Rob.team. So are you a member? Are you a member of Rob.team? If not, you're going to miss out on all of that. Every Sunday live and the recordings, they go into the Rob.team platform. So final chance, because I've got to get out of here. Go and join Rob.team. It's less than a large coffee. You can cancel any time and there is no contract. And you can get all those Sunday session masterclasses and the membership site mastery masterclass. It's all there. The 21 ways to monetize social media masterclass. So open up a new page on the internet right now, do it now, and type in R-O-B, Rob, dot T-E-A-M. R-O-B, Rob, dot T-E-A-M. I'll see you in Rob.team. I'm out of here right now to go and do a live Sunday session for my Rob.team members. Bosh.