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
Table of Contents
Tai Lopez scam
You can read more about Tai Lopez here.
is Tai Lopez a scam
Also, read more about Tai Lopez net worth Forbes, which is a very trustworthy website.
Tai Lopez scam artist
The question is – who is Tai Lopez Wikipedia and who is Tai Lopez Wiki?
Tai Lopez scam Reddit
Also, who the hell is Tai Lopez?
is Tai Lopez a scam Reddit
You can also read about Tai Lopez Ted talk transcript.
is Tai Lopez a scam artist
The most famous program that he has is 67 steps, Tai Lopez.
Tai Lopez is a scam
Knowledge meme Tai Lopez is the most popular Tai Lopez meme!
Tai Lopez scam house
A Very popular search term is also Tai Lopez fake house which is NOT fake!
Tai Lopez a scam
Tai Lopez age Wikipedia is also an interesting discussion!
Tai Lopez scam?
Knowledge society Tai Lopez has grown very quickly in 2017 and became very popular!
Tai Lopez scam youtube
Here is Tai Lopez book list pdf that you have been waiting for!
Tai Lopez social media scam
Tai Lopez, what does he do? He has over 20 multi million dollar businesses!
Tai Lopez is a scam artist
Tai Lopez Lamborghini ad is the most viral video that Tai Lopez has ever made!
Tai Lopez scam yahoo
Tai Lopez social media marketing agency review has finally come!
67 steps Tai Lopez scam
Reddit Tai Lopez social media is completely viral now that he has become famous!
scam Tai Lopez
Tai Lopez Instagram models also get a lot of attention when they hang out in his company.
is Tai Lopez a scam?
Tai Lopez biography can be seen here.
is Tai Lopez social media agency a scam
Tai Lopez how old is Tai Lopez is a question worth answering – he is 35.
Tai Lopez Wikipedia scam
Tai Lopez net worth scam
Tai Lopez social media marketing scam
Tai Lopez scam or not
why Tai Lopez is a scam
Tai Lopez is it a scam
Tai Lopez car giveaway scam
Tai Lopez scam net worth
Tai Lopez a scam artist
Tai Lopez house scam
Tai Lopez is scam
is Tai Lopez scam
Tai Lopez is not a scam artist
Tai Lopez book of the day newsletter warning danger scam
Tai Lopez smma scam
Tai Lopez Facebook scam
Tai Lopez Lamborghini scam
Tai Lopez this is not a scam
Tai Lopez scam fraud
Reddit Tai Lopez scam
Tai Lopez smma a scam
Tai Lopez free car scam
is Tai Lopez marketing social media a scam
Tai Lopez the scam
Tai Lopez scam dating sites
is Tai Lopez 67 steps a scam
Mark Cuban Tai Lopez scam
Tai Lopez 120 day money back guarantee scam
is the Tai Lopez 67 steps a scam
Tai Lopez scam 2016
Tai Lopez scam h3h3
Tai Lopez scam BuzzFeed
Tai Lopez scam video
Tai Lopez Ferrari scam
Tai Lopez flip scam
Tai Lopez social media marketing program a scam
was Tai Lopez a scam
Tai Lopez social media marketing is a scam
scam world Tai Lopez
Tai Lopez scam Beverly Hills 90210
Tai Lopez is he a scam
Tai Lopez social media marketing agency scam
Tai Lopez wiki scam
Tai Lopez not a scam
is Tai Lopez a scam yahoo
Tai Lopez scam Lamborghini
Tai Lopez the real scam
Tai Lopez dating website scam
Tai Lopez is not a scam
Tai Lopez scam social media
Tai Lopez scam artist Reddit
Tai Lopez 67 steps scam
dating scam Tai Lopez
Tai Lopez scam talk
what has Tai Lopez done to be called a scam artist
Tai Lopez scam socialdailynews
are Tai Lopez programs a scam
are people figuring out that Tai Lopez is a scam
CNN Tai Lopez scam
who is Tai Lopez scam
Tai Lopez saying this is not a scam
Tai Lopez scam contest
does Tai Lopez scam
Tai Lopez legit or scam
Tai Lopez reviews scam
social media marketing Tai Lopez scam
Tai Lopez action based refund scam
Step 64: Forgetting who’s in the Room and Tai Lopez scam
We’ve been burned by listening to other people’s advice- masses never even hope to achieve the good life. It’s often because we open up to people and listen to them and they laugh at us and then not do it again when we get bad advice.
We’re adaptive, we can change in a massive way- so when that betrayal happened to us, we reprogrammed and didn’t listen anymore to anyone.
What you think changes what you do, but also what we do changes what you think about Tai Lopez scam.
Don’t forget who’s in the room- if there are people that are above you, you don’t have much to contribute, they might be 20 years ahead of you and you need to get there and listen, instead of talking or not even being there. Know when you’re with the 33% above you.
And sometimes people that are below you will talk when you should be talking instead of Tai Lopez scam.
Wealthy people don’t want others to know how much they earned- driving with Prius to work, generating 130,000 leads/day, and 20 million dollars/year.
If you only have a hammer you will use it whether you’re in a room with morons or with Bill Gates. You must have a tool of complete listening, complete contribution and give/take on Tai Lopez scam.
But realize who’s in the top 33% – probably not your friends and family.
What is an example of a time when you should have been listening to people, but didn’t?
I should have listened more to some of my professors that told me how important education is. Even if it was not that relevant, the general idea that you need to learn more and more and go to sleep a little bit wiser is pure gold for Tai Lopez scam.
What is an example of a time when you listened to people that you shouldn’t have?
To my family that gave me limiting beliefs in pretty much every area of my life.
What is something you can do to spend more time around people of quality?
Connect with more like minded people in groups like 67 steps and build relationships with them.
Step 65: The Pierian Spring & from Whence Cometh the Pride and Tai Lopez scam
A little learning is a dangerous thing, drink deep or taste not the Pierian Spring (knowledge, skills). Don’t be a person that knows just enough to get everyone in trouble- talking about politics, while not having any understandings about dealing with large groups of people and understanding the complexity of politics- be curious instead! Don’t be dilation, don’t read one book and think you know it all about Tai Lopez scam.
There will be a day when you will be an expert, but if it’s your first 67 steps, you’re not there yet, it takes 14,000 hours to drink deep and understand- it doesn’t mean you’re not allowed to talk about it, it’s a matter of approach- “I know it all, I know this and that…” the tone of your voice.
Paramedics are trained for hundreds of hours to learn how to move a hurt person, don’t move them on your own. So when it comes to politics, diet… don’t be the beginner who wants to move a hurt person on his own- dilators are usually the loudest. Learn about Tai Lopez scam.
The more people know the quieter they get, the more they see how much depth there is to it.
Again, the girl from Facebook- don’t make a service, make a network so people can find the log in there and find each other (the middle man).
Drink more and more, deeper and deeper, look for counter arguments to everything you believe in, put in the hours.
Do not become self-fulfilling and delusional.
Now we’re on the other side when we might think we know everything about success, which is not true either. That day is not there yet.
This program is in the winter of my life- I have to continue and form new habits, I need to move up and learn more about Tai Lopez scam.
People who know a lot always make a lot of money, because there are so many people who know things shallowly- step by step you get ahead, go to bed a little wiser than you were when you woke up; deserve to be considered the expert in your field, so there won’t be blind leading the blind.
What industry do you know a lot about, but have to earn it?
Life Coaching and reading Tai Lopez scam.
What subject could you drink deeper from?
Business, learning all about it.
What subject are you going to start drinking deeper from today?
I will start learning about business and communication.
Hooked: How to Build Habit-Forming Products by Nir Eyal and Tai Lopez scam.
The Paradox of Choice: Why More Is Less by Barry Schwarz
The Moral Landscape by Sam Harris & Tai Lopez scam.
Attached: The New Science of Adult Attachment and How it Can Help You Find – and Keep – Love by Rachel Heller and Amir Levine
Focus: The Hidden Driver of Excellence by Daniel Goleman
The Self-Made Billionaire Effect: How Extreme Producers Create Massive Value by Tai Lopez scam., John Sviokla, and Mitch Cohen – Tai Lopez scam.
Chapter 10- invest in political influence (read once a year).
The rule of 10%- you’ll do 10% of what the people that you copy make; focus on billionaires.
Donald Trump’s bad hair doesn’t have anything to do with his success and there are no books that stupid that would describe that you need bad hair to be successful, but there are a lot of books that tell what successful people have/do that have the same level of importance and impact as a haircut.
What is your unfair advantage? You get paid to the direct proportion to the difficulty of the entrance of your business (and difficulty of the problems you solve).
A billionaire who can call a president on the phone has an unfair advantage over you. – Tai Lopez scam.
Inversion; instead of being egocentric (me), invert it to other people.
Land, labor, and capital (3 basic elements of production)- most courses just focus on labor (skills)
(No Hero- shoot (skills), move (land) and communicate)
Since everybody is focusing on labor, my unfair advantage is focusing also on land (positioning; how to win friends and influence people- meeting key people in my industry and having their number) and Capital for Tai Lopez scam.
You can use the money to get political influence- go to a seminar and have a conversation with them to form a relationship (also have a lot of knowledge.
Hire PR person who will reach out; get your name out there and get your name into other people’s heads; it will take 18 months. – Tai Lopez scam.
Don’t reach to everyone when you’re not good yet (pigs behind the fence should be far from the farm to not destroy your reputation), stay small; one local person.
Even if you’re in the technology business, you’re in people’s business, everything you’re trying to achieve is social. Build excitement, put your best face forward.
With chess, the best player always wins, but that’s not true in life; there’s faith, luck, positioning… Poker, Blackjack, Backgammon are more accurate; it’s like lifting weights, “managing risk” muscle, and you need to play those games more than once to win, which is the same in life.
It takes an average Billionaire 12-20 years, Buffet plays Bridge; skill, but beyond that, it’s repetition of the game, a certain amount of cycles for the winner to come to the top with Tai Lopez scam.
So you need Land, labor, capital+ cycles
Everything moves to where it ages the slowest; if you’re not stimulating the part of the brain that knows how to make calculated risk with little things, your DNA is shutting off the enzymes that are helping you weight options; that’s something animals can’t do usually.
If you want to make big gains, you need bigger risks.
From 1-10 how comfortable are you taking risks?
Big cats spend most of their time sleeping, waiting- but when the opportunity comes, they jump out of the bush very quickly.
The truth is usually somewhere in the middle, but know when the risk is not worth it and avoid it and when is it worth to jump out of the bush and take it; this makes sense about Tai Lopez scam.
The best-laid plans don’t always work out, you may want to have some sort of a backup.
Rules are breakable; is it a physical law? (very profound)
Is a website required? When you find an exception, that’s not a physical law, but it doesn’t mean you shouldn’t get one. Same for outsourcing, college, employees… you see how few universal laws are in this world. – Tai Lopez scam.
A physical law is that if you don’t have enough money, you won’t be able to pay the bills; that’s a mathematical principle.
Another universal rule is that a purpose of a business to create a customer. You don’t need a website, but you need to have a customer.
Misweighting bias; we spend 100 units of brain power on the wrong thing, and 1 unit on the right thing; they think about gossip, but not about their crappy life they should change. Learn with Tai Lopez scam.
So today think more about your costumes; send a gift to top 10 of them.
Will I need allies and employees for a 10 million business? I think yes.
Know your cash flow numbers; all of them.
Divide things up into different categories: physical laws (unbreakable- getting better at creating customers), probable causes (having a website, marketing) and non-positive stuff (are insanely crazy to think about- like working 4 hours/week)
Benjamin Franklin; I’m glad I wasn’t born when the eight hour work day was invented; he thought 8 hours wasn’t enough. Remove the mirage from your brain- automated income. Read about Tai Lopez scam.
Focus on going from a stranger to getting a customer; from them being a skeptic and being uncomfortable to buying from you instead of anybody else; if you have that ability you’ll always have money- there are not business people who can’t create customers. That is a law; don’t focus more on the website then on creating customers; when people meet you, they see other people loving you and creates social pressure (bias) and if you have the capital they’re impressed by that. More info on Tai Lopez scam.
Get some games of chance (for fun)- with blackjack you don’t just focus on you, you focus on a dealer.
Green belt; being persuasive; eventually everybody gets good; 3 minutes or 3 years.
With emotional people tell emotional stories; how it effected your emotional state, make sure you don’t offend them. They operate fear based; think they’ll get hurt, scammed…
Persuade enemies to know the truth about being persuasive.
Go straight to the top, reverse engineer what they did, go work for them…
To improve social skills create a video blog; explain books (privately)
Willpower: Rediscovering the Greatest Human Strength by
Freakonomics: A Rogue Economist Explores the Hidden Side of Everything by
The Upside of Your Dark Side: Why Being Your Whole Self–Not Just Your “Good” Self–Drives Success and Fulfillment by Todd Kashdan and Robert Biswas-Diener
Riveted: The Science of Why Jokes Make Us Laugh, Movies Make Us Cry, and Religion Makes Us Feel One with the Universe by Jim Davies and Tai Lopez scam
Total Recall: My Unbelievably True Life Story by Arnold Schwarzenegger
Advanced Cognitive Biases in Marketing
1. Reward and Punishment Superresponse Tendency
2. Liking/Loving Tendency
3. Disliking/Hating Tendency
4. Doubt-Avoidance Tendency
5. Inconsistency-Avoidance Tendency
7. Kantian Fairness
10. Influence from Mere Association
11. Simple, Pain-Avoiding Psychological Denial
12. Excessive Self-Regard
14. Deprival Super reaction
15. Social Proof
17. Stress Influence
18. Availability Misweighting
19. Use It or Lose It
20. Drug Misinfluence
21. Senescence Misinfluence
22. Authority Misinfluence
24. Reason Respecting
25. Lollapalooza Tendency – The Tendency to Get Extreme Confluences of Psychological Tendencies Acting in Favor of a Particular Outcome
4 Ps of Business:
Promotion is huge and this is the important concept in marketing. If you understand these 25 biases, you will be the one teaching other people (instead of being in their newsletters – people understand some of these, but not all of these.)
Charlie Munger didn’t invent them, but he is one of the most well-read people, he drew from everything (based on the countless books that he read.) Some are grouped together, there could be about 35 of them.
Robert Cialdini was working on them a lot as well.
Lollapalooza Tendency is the big one to increase your net worth.
The average person sees 2000-7000 adds/day.
If you would get in the business in 1950’s there would be easy to make money if you had some capital – you would just have to place an add on TV (because there was no competition, nobody was doing that at that time), but that no longer works – of the 100 biggest brands that exist, about 70% just use TV, they have a lot of capital, so they are constantly pushing their brand forward and because everybody was watching, it mattered. That doesn’t work anymore, now there are too many adds. We are unable to compete with the biggest companies, TV ads won’t work.
People see what they want to see – cocooning effect is a nightmare for us and we must use this effect.
We have to use multiple cognitive biases at once – for example with auctions (Warren and Charlie never go to auctions.)
Auctions are using the Lollapalooza effect: they use urgency (“going once, going twice”), authority (it’s like a preacher talking above you), social proof (we follow the others when we don’t know what to do), we have availability bias (we buy what’s in front of us, instead of buying a better deal another time), and they also show us what we want (reward bias).
All of that is influencing your brain when you’re sitting there, and once you’re getting 3-4 it’s almost impossible to win and get a good deal. Similar things happen in car dealerships along with Tai Lopez scam.
Analyze which cognitive biases are being used on you in every situation – turn it into a new habit!
“Whatever I’m selling I’m creating Lollapalooza effect in my client’s mind.” People will buy from you if you can do that, it’s that simple – without that, you’re done, even if your product is the best, you’re competing against at least 2000 images that people see every day. Even if you are the best, you’re being bypassed in their brains, they don’t even notice you. You must get better than that.
Reward bias and Tai Lopez scam
Whenever you’re not selling enough, whenever your marketing is bigger than what you’re making off, the place to start is to up the reward.
Don’t talk about yourself and your company, market the reward – one of the ways is to have before/after pictures (P90X before & after commercials.)
People often focus on the feature, not on the reward, and people don’t care about the feature.
Like Stephen Covey says – “begin with the end in mind”, people learning from you is not the reward, the reward is what will happen to them after they’re done learning. Market with the end in mind. Keep in mind the Tai Lopez scam.
Don’t make it about you (that’s authority bias, but it is not as strong as reward tendency.)
If you think your reward is high right now, try to 10x it – go nuts! You should feel slightly uncomfortable about the amount of reward that you are offering – it may seem too much for you, but it’s not too much for your clients.
Info commercials go crazy on this – they show good looking people and their incredible results (P90X commercials) even if in reality most people who go through that training don’t look like that.
Gary Keller in The One Thing says that we can’t focus on multiple things – you will innovate an advanced marketing plan when you are doing 10 million dollars per year, for now just focus on these basics! Become obsessed with cognitive biases! Become analytical and always point them out (whenever you see ads, commercials, auctions or a sales person.) Try Tai Lopez scam and see what happens.
Punishment bias and Tai Lopez scam.
You’re showing them the fat person, and then as a reward, the fit person, it sounds so simple, yet so few people are doing it.
We can not keep attention on multiple things – get good at promotion, by understanding this (become obsessed with this) your marketing will be amazing.
The goal is to get your mind focused and in tuned.
Liking/Loving Tendency – if Hitler said that 2+2=4, and Oprah Winfrey said it was 5, most people would go with Oprah because they like her and he must be wrong. When you’re marketing you must be likable because if you’re not people will buy from somebody else who is, even if you’re right or you have the best product other than Tai Lopez scam.
In finance, people do business with people who they play golf with, deals are done on the golf court. If you give the best analytical presentation ever and then sell, people will still go with the golf buddies unless your product is a million times better and that’s not likely to happen. If you have 3 times better product, that still won’t be good enough for them, they will prefer their buddies over you.
How well am I conveying that I’m a likable person and that I have a likable business?
Hilary Clinton is smart, but many people don’t like her personality – if they don’t like your personality in politics and business, you’re out. Increase your likeability factor!
A good book to read is “How to win friends and influence people”
Also, instead of trying to constantly read new books, read top 100 books over and over again, you will learn a lot more even if you think that you already know everything about Tai Lopez scam.
Listen to fewer people, but listen to them more intensely!
We like people that we think would sacrifice themselves to give to others (evolutionary psychology.)
Use direct matching keywords – “Listen, I don’t do this just for the money, I care about people like you and I want to help you…”
That makes you instantly better (you are dealing with subconscious mind, not conscious – it’s not too cheesy… people who can convey likeability will get ahead.)
Get to the point right away – “my business isn’t perfect, but we care about people. I will go the extra mile, I will stay on Saturday and help you out because this isn’t just about me making money, this is about me changing the world.”
Statements like that make a difference, people think they’re too cheesy, but they’re not.
Make sure they don’t dislike you.
Doubt- avoidance Tendency with Tai Lopez scam.
It means you want to remove doubt from people’s brain, be good at it!
If you sound doubtful, they will be doubtful as well, and the second they doubt you, they will not buy.
“A confused mind doesn’t buy.” – Tai Lopez scam.
You must say “I’ve done the math for you, I built this program because I’m 100% sure it works as long as you’re the right person for it”
Be certain and sell something you are certain that will help. You need to be able to say to the president of your country that what you’re selling is without a doubt the best thing for your clients. “If it doesn’t work, you’ll get a refund that’s how certain I am.”
Frank Kern was giving away free sessions, and if they thought it was not worth the time, he would give them $1,500. You make your money with what’s in your mind, everything else can be bought.
Richard Branson has several companies – he understands that whatever he launches he’s certain about it and then uses cash to buy others to execute for him. Execution is important, but thinking like a self-made billionaire is even more important.
Inconsistency-Avoidance Tendency with Tai Lopez scam.
If you sell gum for 5-year old’s and have a website for 80-year old’s that won’t work, or having blue products for women… it doesn’t make sense unconsciously.
Commodity business is all about competing with price, focused on operational efficiency, cutting costs down and brand name businesses are not about saving money. Ferrari costs you $200,000, while you can buy a great Mercedes-Benz for $30,000. Ferrari is not 5 times better!
Work in the brand name business, do everything high-end (premium, expensive.) – Tai Lopez scam.
Warren Buffett’s website is the worst, but that means he’s “old school” and saving money even in web design.
He is staying consistent, he’s just about making more money for you and it reinforces his brand. His ugly website design actually works in his favor!
Curiosity Tendency and Tai Lopez scam.
My business must create curiosity for people – they must be wanting to know more and more. Convey messages they have never heard. The tendency that you must eliminate if saying things that people have already heard before because it kills curiosity. If you’re sending daily newsletters, have new content and people will return to you.
If you are not sending daily newsletters, you are most likely losing money in any business.
Generally to get a customer that gets you $100 will cost you $100, which means that the only money you’re making is on loyal customers that come to you over and over again. – Tai Lopez scam.
What keeps people attracted most to you scientifically is a mystery – they must keep thinking if there’s more to you that they don’t know yet.
Always keep them hanging just a little bit. If everyone knows everything about you, they will get bored.
There’s a fine line – you must give people some value, but as an example, if someone gives you 5 out of 25 things, you will certainly come back later to get more.
If you’re selling a physical product tell them there’s more to your product.
Most of the products don’t make you curious, because people just say “visit our site,” instead of saying “guess what Aloe Vera did to 3 cancer patients in California last week, click here!” Tai Lopez scam is finally here!
Ask people to listen to your marketing pitch and if they heard it before, cut it out – have new things.
Kantian Fairness Tendency
Kantian explained why a 300-pound bodybuilder still stands in line behind the old lady (he could easily push her aside and be first), we appeal to the sense of fairness. Sam Walton used it in Walmart when he gave away free hot dogs, so people would then buy his hot dogs. They knew the statistic of how many people buy hot dogs if you give them one for free.
Follow this rule – give people three things before asking for one action in return!
In McDonald’s internet is free. People also bought more if they got free physical products (free books when buying an e-book, free knives when buying a survival newsletter.) – Tai Lopez scam.
“I’ll give you $50 knife for free if you pay for shipping (sounds fair),” and on the next site, they would upsell their product. They got you something for $50 and got you to buy something for $15 (they got the knife for $5 from China), and they’re now the most popular company for knives.
Also, pay attention to the 3:1 ratio – they “gave” people something for $50, then they asked them to buy something for $20.
This is similar than the reciprocation tendency. Kantian fairness can happen before somebody does anything, reciprocation can only happen after someone has done something for you and now you want to return the favor.
One of the most powerful emotions (seeing people having what we want.)
Trump is selling his hotel rooms, and apartments. He shows his lifestyle, his wife, all the luxury… Don’t do too much of this or people won’t like you (he takes it too far, and a lot of people don’t like him.)
The program called The Rich Jerk was focusing primarily on this bias – showing how rich he is and how stupid everyone else is, so they should listen to what he has to say and buy everything from him.
This is like salt, you will ruin everything if you have too much of this, but have some of it.
The goal is to add it along with other cognitive biases, do not just use this one.
Influence from mere Association Tendency and Tai Lopez scam.
Michael Jackson’s lifetime contract to Coca-Cola for one billion dollars – he only had to hold Coca-cola in his hand on the stage. He didn’t even have to say anything about it. People started associating Coca-Cola with Michael Jackson!
If you can’t afford to get rich people around you just quote them, people will start to associate you unconsciously with them.
“We want to be around things that are things we want to be around.”
How can I associate my products with something that is beyond myself?
The world will be increasingly run by celebrities because of social proof and association bias – don’t just have pictures of yourself, but also local celebrities around you. It works very well with weight loss products!
In restaurants, they have pictures of celebrities that have eaten in those restaurants. Very powerful! It’s connected with:
Social-Proof Tendency – Tai Lopez scam.
There’s a reason that Pepsi would pay a billion dollars to Michael Jackson to hold a can.
Find out what your ideal customer wants you to be associated with. We don’t have billions of dollars, but we can still find a local celebrity and start there.
Insurance website with an America flag sold a million dollars/year more just because they knew that their customers are family patriotic people.
Social proof can be as simple as having lots of testimonials on your website. You can’t have too many testimonials – the ideal number is “infinite!”
Female fish wants a male to be the brightest colors, but if they’re the same color, they go with the one that every other fish chooses, they don’t even make their own judgment!
We listen to the advice of other people – have 10,000 of them if you can. And don’t forget the associations – images of good feelings, celebrities along with social proof.
If you only use celebrities people might think it only works on them, and they can never be them. Blend in your marketing that your product doesn’t just work on Brad Pitt, but also on everyday ordinary people.
Simple, Pain Avoiding Psychological Denial – Tai Lopez scam.
The story is that a mother who lost her son in a war whenever someone asked her where he is would for 20 years say that he’ll be back soon – she was in denial.
Remember to build a Pareto efficiency (win-win, be ethical.)
A lot of businesses are built on Pareto inefficiencies, they are not ethical – their clients are people who are in denial.
If you say people will lose 200 pounds in a month, some will say “well, maybe I will,” the same thing happens with people who believe that they will be millionaires with no skills or experience in a week when they buy something, they are in denial with common sense.
McDonald’s uses this unethically, people think they can get something that’s healthy, fast and so cheap at the same time, and in their commercials. They find people attractive, athletic and make commercials with them, they don’t show people who actually eat there.
Don’t be so foolish to think that Lebron James actually eats at McDonald’s. Nobody can stay healthy eating there, and the chances of someone being a professional athlete with that diet is flat zero!
Use this one lightly to stay ethical!
Excessive Self-Regard Tendency
70% of drivers think they are above average.
That is also a problem with dating sites – guys that are not good looking and would never talk to beautiful women, think they are much better there and are sending 20 messages to those women. – Tai Lopez scam.
Use it lightly, say “you’re amazing, and with me, you will bring out the best qualities that you have” Everybody wants to tell a story about how amazing they are.
A very powerful way of making people like you is appealing to their pride/ego. Don’t over-do it, but people have excessive self-regard and easily fall for this tendency. They want to believe that they are above average and truly great. If you appeal to that, they will buy.
Companies take advantage of people’s optimism- more than half of Americans are overweight, so they sell them a pill to lose 100 pounds in 30 days and have a lot of testimonials.
It’s OK to use it, but be careful – ethics will fly out the door when you do it too much.
Deprival Super-reaction Tendency
“Going once, going twice, going three times” are magical words for humans. You can use this a lot.
Life is not a game of chess, it’s actually a timed chess game – there’s nothing wrong with pushing at people the fact that life is short, giving bonuses on the checkout page, and every 30 seconds you remove a bonus. If you know you have the best product at the right price use this – people will not procrastinate this way, they know they need to buy now. Up the urgency in a massive way!
TV Commercials are using it all the time – “if you buy this today, you will get…” Limited Time Offers!
Appeal to people’s sense of procrastination – “if you don’t do it now, you’ll never do it. What’s the upside of buying it tomorrow? You will spend money on things you won’t even need until then.” – Tai Lopez scam.
Look at your landing pages – if there is no urgency, you are losing a lot of money!
A good athlete reacts from muscle memory, these cognitive biases have to be instinctual like that. Sports and Martial Arts are about instinctual movements, there is no time to look at your notes or a book in between these movements.
“You get wealthy by selling one core thing over and over with diminishing costs and without the erosion of profit margins.”
As a dentist, there are no decreasing costs, you have to be there, that’s why they’re not making millions. Their time is limited and their appointments will always take the same amount of time.
Some people use these biases accidentally, but we want to remove the luck factor, do it on purpose.
$10 today is better than $12 next year, get people to buy now, give them a reason.
Continuously look at your websites and make sure that you are giving people a reason to buy today instead of letting them think about it and then letting them buy tomorrow. Use urgency at all times.
Contrast Misreaction Tendency
An average person spends $33,000 of debt on a car. That person probably planned to spend $25,000.
The reason why a car salesman always wins when you buy a car is because he is practicing every day, and you are doing it just once every 5-10 years – “You’re already spending 25,000, that’s only $300/month, why don’t just have this upgraded stereo, it’s only 30 more/month?” He used contrast because he didn’t tell the price of the upgrade – that’s a trick, it’s just $30/month, people don’t think it’s overpriced.
One time Bill Gates and Warren Buffett were in Buffet’s old car and they ran out of gas, so instead of calling a service, they saved money by walking with a gas can on the highway – two richest men in the world. – Tai Lopez scam.
Warren Buffett bought a car over the phone, and he bought a used one that had some damage for half of the price – even he didn’t buy it in person to not get scammed and pay too much.
When clients come to see your offer, you want to contrast huge things with small costs (price minimization.)
$1/day sounds better than $30/month if you sell weight loss product find a true statistic about how much they will lose because they’ll get sick over the next 10 years+ be unhappy, not spend time with family+ people who are 50 pounds overweight struggle with relationships, so $500 is nothing!
Focus on the things that you have better than the competition – if you’re selling sports cars sell on speed (do you want to have this horrible family car that goes 60 miles/hour?)
But if I would sell Toyota I would be all about stereotypes of arrogant guys that have sports cars, and destroying the environment and then show them a nice family guy with his family owning a Prius and the world around them is green.
Have a checklist – which of these tendencies am I good at and which am I ignoring?
Stress Influence Tendency
Timeshare – they give you a free trip to Disney World, using Kantian Fairness (cognitive biases cause stress, and when people are stressed out they just do something – they buy something.
Sales people want to stress customers out as much as possible, so they can sell them a lot of things!
When car salesmen say “I have to talk to my manager” they go somewhere and get a drink while they make you wait for 30 minutes so you’re stressed out and when they come back and you ask them for a better deal they’ll that they need to talk to their manager again, and you don’t want to wait for another 30 minutes, so you just take the deal.
The way to create some stress is to pace the pain (hitting on the pain point.)
“Let me tell you a story about somebody who didn’t take my advice, I told her she must lose weight, but she didn’t… she lost her husband, couldn’t sleep, then fell asleep and hit a tree…”
Paint the picture, it’s good as long as you’re moving them towards something that’s good for them and use ethics.
Availability Misweighting Tendency
This one is critical!
You can have the best product in the world, but if it’s not available and simple to buy, they won’t buy.
99% of people log to their dating site because of the e-mail they got that someone sent them a message, they work more and more hours, they are stressed out and are too lazy to even type “dating services” in Google. They just sign up for what’s near them, because it’s available and easy.
Amazon has it so simple, there is so much empty space so you can see what you need to see.
Avoid having websites that show 50 different things, so people don’t know what to even focus on.
“The bouncer of your brain” – your brain has “a bouncer”- even though your brain only weighs 1%, it uses 25% of the energy, even if you don’t move at all, it needs sugar, calories… and instincts are made in a way where you don’t use so much energy. Instincts don’t use a lot of glucose.
Even if it’s not that hard, your brain still says it will use too much glucose and it doesn’t want to make it happen. If it’s too hard to read, strange font… people don’t know what you’re talking about, a confuse mind doesn’t buy. – Tai Lopez scam.
It has to be very simple to understand and to buy.
When you are introducing yourself, use simple words and explain what you do in one sentence or most of the people won’t even bother understanding you – it’s too complicated.
“4-hour work week” is a good idea for marketing, very simple to understand.
Ask your grandmother – if she doesn’t understand it, change your website, brochure and your pitch!
Use it or lose it Tendency
If I don’t use it over and over I will forget it, I have to listen to things again and again – your mind is like an addict, it gets full and continually throws things out. Continuously have important things in front of you, to make sure you have them on your mind and improve them, or they will slowly be forgotten.
It’s OK to have long marketing (we like to twaddle), people like content, people watch stupid and long TV Shows, it’s just about people talking without any value whatsoever and a lot of us are still hooked on these things.
Meeting the Kardashians has a lot of content, it’s entertainment, even if it’s incredibly stupid.
If you don’t like to write, then record more content, people want to get to know you. If you want to record a 5-minute video, record a 20-minute video, if you are thinking about recording either a 20-minute video or an hour long video, record an hour long video.
Longer content almost always beats shorter content (it will make you more money) – long videos, long e-mails…
Reason Respecting Tendency
We often think that people won’t buy our products – another person has a better one, it’s too expensive… Robert Cialdini – Influence (book.)
When a person cuts the line and didn’t say anything, 9/10 get angry, when a person just said that they’re in a hurry (bad reason) fewer people would get angry.
Give them a reason why you should buy, even saying that “if you buy from this guy you’ll get cheaper donuts, but I’m awesome and you should buy from me will make everything a lot better.” That’s a terrible reason and it would still work better than if you wouldn’t say anything!
A human brain is not good at this, people don’t use logic a lot, tell them what you’re not good at, say you don’t have this and that, but you made a product which is amazing. – Tai Lopez scam.
Explain ahead why they should buy from you and why they shouldn’t buy from a competitor, it removes uncertainty. People will buy from you if you give them a reason!
It doesn’t even have to be a good reason – it will still work.
“This Prius is not faster than a Ferrari, it’s a lot slower, but it’s better for the environment, you’ll not get as much parking tickets, you won’t have to stop every 10 miles for gas, it’s a lot cheaper…that’s why you should buy my Prius.”
As you get better at this you will create the Lollapalooza effect.
Pick at least 5 of them to implement them in your marketing campaign even if you’re just trying out products.
How To Read A Financial Report with Tai Lopez scam.
Whatever you are trying to learn, learn it from the best. If you want to learn how to play basketball, you should watch Michael Jordan and Kobe Bryant first. You can still learn from your local basketball coach, but make sure you devote a significant amount of time learning from the best.
Most people try to start from the bottom and move up to the top which is not logical, you should begin learning from the top people in that industry and just stay there.
Once your gut feeling gets more accurate because of your knowledge and experiences you can pay more attention to it, but for now, you should be using logic more because there is a good chance that your gut feeling is not accurate.
Most people simply fail because their level of knowledge is NOT wide enough – on the other hand, the reason why Warren Buffett and Bill Gates would succeed on a project right now is because their level of knowledge is high AND wide – they probably have deep knowledge when it comes to marketing, financial reports, raising capital, branding, experimentation mentality, building a product… These people probably have 30 different areas of expertise. You can pretty much predict what will happen if they get a new project on their plate. These people will bring all that experience and knowledge that they gathered to that new project and succeed.
There is always a margin of failure, anyone can fail even if they have a large area of expertise, but the risk and the likelihood of that happening is a lot different.
One of the base skills that we are adding to our collection today is financial reporting. Think of it as being a military general in a war that constantly has someone that is telling him the statistic of the battlefield. Without that reporting, you will encounter something called The Fog of War.
War is the realm of uncertainty; three-quarters of the factors on which action in war is based are wrapped in a fog of greater or lesser uncertainty. A sensitive and discriminating judgment is called for; a skilled intelligence to scent out the truth.
— Carl von Clausewitz
It’s very easy to get caught into the day to day activities and forget about the big picture. In order to avoid the fog of war, we are going to use financial reporting.
The Areas To Monitor As An Entrepreneur (leader in the business)
1. Income Statement
2. Balance Sheet (you could have a negative cash flow and income statement, but still be improving your financial situation – buying a house and fixing it which would show negative income statement and statement of cash flow, but you could discover oil under that house which would mean that your financial situation has improved dramatically.) In that scenario you would technically be rich according to the papers, but you would have to sell that property to really be rich. A lot of very smart people mostly focus on their balance sheet.
3. Statement of Cash flow (more important than Income Statement because it shows what you actually received, while income statement might also show what you haven’t received yet.)
You may want to read the first page of the financial report – it tends to have a summary. You get the general understanding about what you are dealing with. After it you will often find a letter from the company’s chairman.
You will typically find Net Income Attributable, Return On Average Assets (Warren Buffett pays close attention to this one), Diluted Earnings per Common Share (it doesn’t mean that they payout at that price), and Dividends Declared per Common Share (what they actually out – the difference is what they invest in growing the company.)
A lot of entrepreneurs pay themselves out too much, while well-run companies don’t pay themselves all the profit that they have made in order to grow in the long-term. A good rule is to only pay yourself 10%.
In Annual Reports, you may also find Return On Average Common Equity, Dividend Payout Ratio, Net Interest Margin, Average Assets.
The main takeaway from these numbers would be the percentage of how much they are paying out to themselves and the owners. That is a good reminder to yourself – how much are you paying yourself and how much are you investing for the future?
Remind yourself of what the definition of insanity is – it’s expecting a different result while doing the same things over and over again. You need a change in your routine – there is no change without changing your routine.
Also, remember that envy is the worst of all 10 commandments – it’s the only one that you don’t enjoy while you are doing it. Change your mental routine without being envious at other people for thinking they have it better than you. This will take a certain amount of humility in action.