Tai Lopez is an Entrepreneur, Investor, and Author with a net worth over $50.000.000!
Among other businesses, Tai also teaches business topics through his programs:
- The 67 Steps
- The Accelerator /Money, Entrepreneur, Persuasion)
- Traveling CEO
- The Real-Estate Program
- Social Media Marketing Agency
67 steps is an on-line program by Tai Lopez that consists of 67 lessons to improve your life.
By purchasing the 67 steps you also get additional bonus videos on various subjects.
The entire program isn’t focused specifically on health or money – it’s basically made for anyone that would like to work hard in order to improve his life.
Tai Lopez teaches us that in order to really “make it” in life we need to master:
67 Steps are designed for people that are on the rise to success, he only wants you to get in if you are one of those like-minded individuals that are willing to put in the work to improve those 4 pillars.
What this is NOT:
A get rich quick scheme MLM – Multi Level Marketing The infomercial, how to flip real estate guide, how to trade Forex…
These are real life lessons that will help you to achieve what you want.
We could sum it up by saying – “give the man a fish and you feed him for a day, teach a man to fish and they are fed for a lifetime.”
It has been proven that our brain needs around 66 days in order to change a habit which is exactly what 67 steps is going to do for you.
P.S. I was one of the first Tai Lopez success stories:
Table of Contents
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Opportunity Cost and the value of Your home
“You’ll never have what you don’t understand.” At least not at the high level.
Don’t be Mike Tyson; made 400-800 million dollars and couldn’t afford the hotel room.
He understood boxing, but not money.
Money follows knowledge. It’s better to not have money, than to have it and lose it (emotionally.)
One of the universal questions that you should be able to answer well, because it will cost you a lot of money – “Should I rent a house or buy a house?”
Biggest expense – Tai Lopez went from a mobile home, to finding a place with lots of roommates.
All humans need shelter (the first thing that you should be seeking if you find yourself on a desert island, even better water) – if you don’t answer the question rent or buy you’ll find yourself like people in 2008 who should have been renting, when they were buying (recession.)
People spend the most money on their shelter (whether they’re rich or poor.)
Charlie says avoid extreme ideologies, so don’t listen to people that say- real-estate is the best, invest there (it’s not magical, some went broke), saying rent all is also black and white thinking.
There are times and areas where you should rent and where you should buy.
“It’s easy to be angry, but to be angry at the right time, at the right person, for the right reason, with the right intensity is difficult.
Just like it’s easy to say “always rent”, but it’s difficult to say when, where and for how much to rent or buy.)
If you have no money, just rent.
Assuming you have money, what’s the opportunity cost (you could put money in deposit and get a piece of property, or you could rent and do something else with the money.)
When Jeff Bezos started Amazon, he had 70,000$, what if he would use it to buy a house and missed the opportunity. He had a better opportunity, he started Amazon and has 42 billion dollars. If he would listen to advise that you should always buy, he wouldn’t have the money to start Amazon.
If you have nothing else to do with that money (you only have it in a savings account), you should buy, but if you’re an entrepreneur and you need to buy marketing that makes you more ROI, it’s better to rent.
“Everybody thinks they know opportunity cost, nobody lives it right.” – Warren Buffett
“What’s the true value of what I’m buying?” (value investor mentality)
If you had no opportunity cost and $70k and got $230k loan to buy a house make sure you know that if you buy 300 grand house, it may be only worth 100 grand and you will get ripped off.
How do you know how much the value is? (people get PhD’s in that)
What would it rent for? (people in 2008 didn’t get that- they were buying houses for 2 million that they could rent for 4,000/month.)
The true value is what would it rent for (or earnings potential in stocks) – the only way to make money off a house is by renting it or selling it.
There are lots of exceptions, but it’s usually 10x yearly rent) – London houses could be in a huge bubble because you could pay 10,000/month for a 10 million home (100 yearly rent.) That’s how people got in a bad financial situation.
The 10x rule is not perfect, but it gives you a general idea. Think really hard before buying a house 20x yearly rent or even more!
Buying for 70,000 and renting it out so you make your money back in 8 years.
- If you can get back your investment in 3 years, you’re crazy not to do
- 3-7 years you should really think about
- anything that would take you 10-30 years you might not want to do.
If you don’t know how much to rent for, look at similar houses – Zillow
Real-estate also depends on the country you live in – there are benefits when you buy a house in certain areas (tax deduction as an example.)
Always look at the intrinsic value, the quality of living in that piece of property.
When in doubt – rent until you are sure!
Sucker theory (Warren Buffett) – when people buy a regular condo for 50 million dollars and it’s not worth even nearly that amount, real-estate doesn’t have warranty or a guarantee, you need to fix everything yourself, and if no one else wants to buy it from you, you’re stuck with it!
#1 How much are you paying for rent, or if you own it, for how much could you rent it out?
#2 What is 10x- the 15x value of that property?
#3 What is an example of a pre-existing extreme opinion about renting vs buying? Where did this opinion originate? What new insight did you take from this lesson?
Secrets of an Investor
Forbes list of 400 richest people, who didn’t inherit the money (from whom we can learn from) are usually investing – you need to understand it even if you’re broke right now.
The first rule is that investor mentality wins, and it doesn’t matter what (sports, Greek yogurt, restaurants…)
Expand the mind out of specificity at first (stop thinking that only people in real-estate make the money.)
“History reports that the men who can manage men manage the men who can manage only things, and the men who can manage money, manage all.”- Will Durant
Investors usually manage everything, they don’t always make it to the news, but they have the money. Don’t just follow the money, be interested in.
You can apply investor mentality to any industry, but don’t go into computers if you hate them just because you think there is money to be made there – money is made in every industry.
Richard Branson didn’t use email for 10 years, he invested in music, because he liked it, then airplanes…
People will tell you to invest in this stock, in gold in this and this… (different asset classes); there is no magical asset class, if there was it would create a grocery line effect (when the line next to you opens up everybody goes there and the lines even out, same traffic lanes- if you move left and right, you don’t get any further than if you stay in your line)- it’s not like if somebody says that to you then nobody else told anybody else that in your city. You won’t be the first one who finds out the first asset class (you don’t think no one else knows about renting apartments, opening restaurants?) We live in information age.
Don’t get advice from reporters (on where you should invest your money), they make 80,000 a year or less! When the 20 million/year friend got into other things, he didn’t have investor mentality, he had hype mentality. He started thinking in matter “WHAT”, that’s not how the world works, if it did, everybody would invest gold, price would go up above the value there would not be as much profit (if you raise price of the hamburger to $6000, it’s above value) – eventually the bubble bursts.
Mother nature laughs last; when you violate the principles of how this world works (naturally, or economically), you’re in for a hurt. Don’t learn the hard way; don’t work a long time for money and watch it disappear because you had a hype mentality.
Knowledge; there is a good time to invest in gold (if you have above ordinary knowledge of something – not just reading an article, that’s the opposite, it’s hype mentality), let’s say you grew up around a person who worked in a mining business for 50 years, or had a mining team. Then you have more than ordinary knowledge (most people read the same books even), but you get specialized, and now it begins to matter. Now gold can be the best investment you ever make, because you know when the value is below the price.
Intrinsic Value is above price. Most people want to skip the knowledge part and move to this. Don’t trust the saying – “special price, discounts…” Just look for the value you’re buying.
Have accurate knowledge, and then tested judgment (first few investments must be small so you don’t burn yourself too much); but first make sure you really have knowledge and buy a small thing to see if you can get more than what you payed for.
Have a margin of safety, if you calculated wrong (paying 205,000 and you think it’s worth 210,000 – there is no margin of safety there.) If you got it wrong and the price is different, you still need to have a big enough margin to make a profit.
#1 What is an example of a time you had the “hype mentality” instead of the investor mentality?
#2 What is an example of a prejudice you had that a specific thing would make you money?
#3 What is an example of something you put money into without having any specialized knowledge?
#4 What is an example of a time you paid way less for something that turned out to be worth way more?
#5 What can you do now to test your judgment to help you develop the understanding of investing?
How to Know What to Do with Your Life
“Most people think they know what they’re good at. They are usually wrong. More often, people know what they are not good at – and even then more people are wrong than right. And yet, a person can perform only from strength. One cannot build performance on weaknesses, let alone of something one cannot do at all.” – Peter Drucker
If you are going in the wrong direction, you can watch all the videos and still get nowhere.
“The general who doesn’t know himself and doesn’t know the enemy, will lose every battle. The general who knows the enemy, but not himself, for every battle he wins, he will lose one, but the one who knows both, will win every battle.”
You don’t want to use all these strategies and tactics on the wrong things – if you need to start over and over again too many times, you will be broke for a long time.
Passion/Love is not enough – your mom would say that you can be whatever you want to be, which is not true. You need skills, genetics…the whole package, look at yourself and what you’re good at. Don’t do what you think you’re good at, don’t assume you’re correct. We trick ourselves, brain is like a fortress, we’re deceiving ourselves. Use feedback analysis, self-analysis is not enough, you need other methods to know for sure.
That is what we call American Idol syndrome (thinking we are good at something, and we are not – people go to the show thinking they are good singers.)
If you love singing, but you’re bad at it you won’t make money doing that. It would be a great mistake building your whole life around singing.
Write down what you think will happen and come back in 18 months, to avoid delusion. The greatest form of lying is self-deception.
Partner with people that are good on things you’re bad at.
Double down on your strengths to become even better with them, and spend a little bit of time on fixing your weaknesses as well, but do not build your life around those.
- What you grew up around?
- What have you been doing for the last 10 years?
- Look at feedback analysis (yourself), what do strangers compliment you on?
- What can you talk about endlessly on a Friday night? Having a lot of curiosity about it.
See where these things merge together.
Online personality tests; Mayer’s Bricks, human metrics, strength finder test…
You should also go over Persuasion Accelerator Notes and P.A.S.E. system to evaluate your personality and get to know yourself a little better.
Don’t look for products, look for industries! Products will change over life.
Don’t build your life around the products, it would be crazy to build your life around a product, because it is changeable and dictated by the market.
Think long and hard for a general industry you want to focus on – then ideally don’t change it, stick with it for your entire life.
Michael Jordan, Bill Gates, Warren Buffett, Sam Walton… almost every successful person sticks to the same industry.
Very rarely can a lawyer change and become a tech expert and then switch to real-estate, that’s a lot more difficult!
Even people like Elon Musk who has a few industries is doing similar things – he is focused on the future and technology.
Government Industry List
These are probably the most important questions you will ask yourself:
#1 What did you grow up around?
#2 What have you been doing the last 5-10 years?
#3 What do strangers compliment you on?
#4 What personality test are you going to take?
#5 What do you love to talk about when you’re not working?
#6 What are some examples of things you’ve worked with and have either failed or been successful?
#7 What do all these things have in common? What industries seem to make sense to you?