Dan Lok FU Money

To my understanding the main point of the book is make to enough money. Enough recurring income so you can live your desired lifestyle regardless of how expensive it is.

This is a long book, it just needed a few more pages to make it 300, ouch. the Fu money has a few category but each one is break down into long sub categories. Making it a long book.

The main one’s are four parts. Money lifestyle, money myths that are keeping your from making money, money mindset and money business. We won’t cover all but I’ll try to keep short and simple with the main points. I prefer to simplify things.

Money Lifestyle

He goes over you doing a list of your dream Lifestyle total expenses. Once your business recurring income or your system recurring is greater than you lifestyle total expenses You are technically financially free.

If you know a little about Dan, it appears that he doesn’t’ like the word passive income because it may give people the wrong idea about money. About making money without doing nothing. So let’s use recurring income. At least this way you can think of some maintenance.

We all know that that there many ways to make money.

In this book You can make your FU money two ways.

The fast way and the slow way.

The Fast way, you can think of it as your own money making machine. You automate a system or business that generate you income 24/07. It generate income without you trading your time for money.

Some of the ways you can achieve FU money are real estate investment, creating your own business and savvy investing.

Real estate investment. you can get cash flow through renting properties.

Having or creating your own business or system. Having a blog or a YouTube channel or a podcast that generate you income are some business ideas that you can use. It appears to me that this fulfil the 9 characteristic of a ideal business. we’ll go over this once we talk about the money business part below.

Becoming a specialize or way above average investor. You can think of it as savvy investor. While some people debate and fight about with one is better than the other, a savvy trader use a portfolio with the combination of day trading, swing trading and long trading.

The slow way, you can think of it as investing in index funds or mutual funds. You take a portion of your job or salary money and invest it into the stock market and hopefully by the time you retired the the long years of money compounding make you rick. if you ever do.

The are two major disadvantage of the slow way.

One is you do not control the money. Your money manager do. Hopefully he doesn’t suck at it. Also your salary or job income is base on your employer. If for x reason you get fired, you are screwed.

The other disadvantage is time. Definitely Super slow time. It could take you 30, 40, 60 years before you could enjoy the fruit of your labor. Times varies from person to person but in the end is still the same. it could take a really long time.

Money Business

Focus on one thing.

The focus on one thing remind me of the shining object syndrome. This is when you are doing something that you have not mastered yet and a new object or trend appears. You stop or abandon what you were doing and move to the new thing.

So if you go the business route, focus on creating a business until you mastered. Once you mastered and you are in high profit, then you can move to something else. You can create multiple sources of income the right way.

With a business you provide a product or service that someone else wants. Therefore, focus on solving people problems, give high value to people and have a really high vision.

The 9 characteristic of an ideal business ( I agree)

  1. Do what you love
  2. Stable, growing, long term demand
  3. Be portable
  4. High profit margin
  5. Scalability
  6. Low start up cost
  7. Require little of no stuff
  8. low overhead
  9. Money coming in while you sleep

The 7 golden keys to internet riches

1 The market come first. ( audience with buyers intent)

2. Create a simple, easy to navigate website that sells. ( this make me think of sales funnels )

3. Build a business, not a money maker. ( this make think of Builderall with all the tools, the tools itself you can use it as an asset)

4. Create multiple income streams in one business, don’t create many diversified business. ( probably Garyvee would disagree with this one, I think he said the niche is you the human, you should go as broad as possible)

5. Leverage the time and resource of others. ( This is why Mindset is important, that sentence alone make me defensive , I guess I must have being well indoctrinated. But in reality this is a win-win situation, by outsourcing and delegating task, they get paid, you free your time and hopefully make money.)

6. Use your personality to sell.

7. Position your business for automatic grow

This small summary and review base on my opinion make no justice to the “FU Money” book.

This kind of book remind me of “the richest man in Babylon” by George Samuel Clason, “rich dad poor dad” by Robert Kiyosaki and “Money master the game” by Tony Robbins.

You may want to read it and Incorporate what’s useful for you. As you read books you mind start to mixed everything together and you start to create your own sets of principles.

lately, I have being reading and listening to Naval Ravikant about wealth and happiness. He not only thinks that you should be rich first but he thinks that everyone can be rich.

Any way till next time, don’t forget to start and adjust as you go.

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