Moment 173: The SIMPLE Way People Make MONEY Without Working Harder!: The Money Making Expert

In this moment, award-winning serial entrepreneur Daniel Priestley discusses effective strategies for accumulating assets to build wealth. According to Daniel, it is essential to create a diverse portfolio of assets, such as a strong personal brand or a vibrant company culture, because income naturally follows assets. Daniel also discusses the importance of investing your disposable income in personal development, such as taking courses to enhance essential skills, as well as in your personal relationships. One of the ways that you can strengthen your connections is by hosting dinner parties or taking successful mentors out for lunch. By investing in your relationships, you are not just learning new skills from a mentor, but you are also opening doors to potential income opportunities in the future. Listen to the full episode here - Spotify- https://g2ul0.app.link/npzlzOSpILb Apple - https://g2ul0.app.link/Ph1YlcXpILb Watch the Episodes On Youtube - https://www.youtube.com/c/%20TheDiaryOfACEO/videos Daniel: https://danielpriestley.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:03Steven Bartlett?

  Let's talk about money.

• 0:04Daniel Priestley?

  Let's talk about it.

• 0:06Steven Bartlett?

  We're in a cost of living crisis in the UK and many countries around the world are either in or on the brink of recession. So one of the most popular questions we've had at the Diary of a CEO in the last three to six months is about money, people's concern about their own money, spending, finance and saving. If I'm someone out there now that has, I don't know, a hundred dollars or a hundred pounds worth of disposable income every month, or if I have a thousand or 10,000 pounds, what should I be thinking about as it relates to creating more money and making myself financially free?

• 0:39Daniel Priestley?

  The first thing is you just want to earn more. People massively settle for how much they could earn. So the first place to, I think, to invest is in yourself. But here's the first principle. The first principle is income follows assets. Income follows assets means that the more assets you have, the more income you'll earn. If I want rental income first, I need a house. If I want dividend income, I need shares. If I want to be paid as a brand ambassador, first I need a brand. So essentially, the more we can accumulate assets, the more easy and effortless the money flows. So we have to figure out, well, what assets could you accumulate and what assets could you formalize and own?

• 1:21Daniel Priestley?

  I wrote a book called 24 Assets and I listed out all the different digital assets that are new economy assets that people could have, things like brand and positioning, things like databases, things like company culture is an asset now. So I talk about how do you formalize those things? If someone's just starting out and they've got a hundred a month, to be perfectly honest, trying to invest a hundred a month or any of that, it's not going to do anything. It's not going to change your life. But if you put that into your own skills and your own development, let's say you don't have negotiation skills. Well, there are courses that you can take for a hundred dollars that give you negotiation skills. Let's say you don't know how to close sales. You can take a course on how to make sales. Let's say you don't feel confident in public speaking. You could do a public

• 2:02Daniel Priestley?

  speaking course. So there are things that allow you to gain your skills. The other thing too is money is relationships. So if you don't have a lot of money, you typically don't have a lot of relationships. You might have a limited number of relationships or a limited number of relationships with people who have a flow of money. When you have a high degree of relationships with people who've got money flowing, it's very effortless for that to flow to and from you as well. So you might have to invest in relationships. When I arrived in the UK, I knew that one of the places that I would meet interesting people would be private banks. So I didn't qualify for private bank, but I went into a private bank. And I said, I'm going to be launching a business and of course it's going to be great and successful. I want a bank with a private bank.

• 2:47Daniel Priestley?

  Can I, do you have an entrepreneurs program? Oh yeah, we did. And they start selling me, joining the entrepreneurs program. Now it cost me six hundred pounds to open an account with that private bank, but they immediately invited me to dinners and they invited me to networkings and all these sorts of things in the private bank. One of the things that I've recommended a lot of people do is host dining, dinner parties and reach out to people who you don't know. Here's a, here's a silly story. I was just in Dubai and I know someone who has a hundred foot yacht. So I said, Jeremy, can I borrow your yacht for the evening? I'm going to be putting fifteen really influential people for a dinner party. We're going to have burgers on the boat. And he, and he said, oh, great, can I come? And I said, of course you can come, it's your boat, right?

• 3:32Daniel Priestley?

  And so he said, great, that'll be exciting. So he basically said, you can, you can host this party on, on my hundred foot boat. So I reached out to all the people who I didn't know. And I said, hey, we're putting together burgers on the boat. Would you like to come along and have some burgers with interesting people? And then they came along and I made the investment into relationship. Now, the funny thing is, a lot of people will say, oh, but you know someone with a hundred foot yacht. Funny thing is, I, I think plenty of people who have a boat, especially in Dubai, it sits empty most of the time. You could reach out to thirty people and say, we're going to do it on someone's boat. Would you like it to be your boat? With or without your energy? So making investments into relationships is a really powerful thing. For a hundred dollars a month, personally, what would I do with a hundred dollars a month? Take people out to dinner.

• 4:16Daniel Priestley?

  That would be my number one investment. I'd, I'd probably be taking people out to dinner.

• 4:21Steven Bartlett?

  Why?

• 4:22Daniel Priestley?

  The investment into the relationship. So I would be inviting the most interesting people I could possibly invite. If I had the ability for a hundred dollars a month, I guess that's one dinner. So I would reach out to someone interesting and say, I've seen your story. I've seen what you're interested in. Can I take you out for lunch? Can I take you out for dinner? It's my shout. I'd love to get to know you a little bit better. Obviously, don't do that with someone who's famous. You get a hundred of those a day. I get plenty of those a day. Reach out to someone who's not famous, but who's accomplished, who's successful, who's a mentor-esque type person, not necessarily a superstar, but someone who's a few steps ahead. Take those people out to lunch, take them out to dinner.

• 4:59Steven Bartlett?

  What'd you say in that message that, you know, you talk about calls, I talk about emails. What would someone have to say to you, considering where you are in your life now with all the inquiries you get, for you to actually go for a coffee with them?

• 5:14Daniel Priestley?

  Um, so.

• 5:18Steven Bartlett?

  Bear in mind, everyone's gonna email you and say this.

• 5:19Daniel Priestley?

  Yeah, yeah. Well, it happened today, actually. Someone said, Daniel, I noticed in the background of one of your photos that you have an amazing Fender Stratocaster. I teach people how to play guitar. I would love the opportunity to do a guitar lesson with you and help you to shred on that guitar. And it was really nice. He had watched my podcasts in the past. He had noticed the guitar. He reached out with something that was valuable for me and he said, I'd love to have a chat with you and teach you how to play some guitar. And obviously I'll have a chat with him while we do that. But that was a really, it was a very sense, uh, it was very, it felt like a good connection. I also had a look at his profile and he looked like a really lovely person, you know, who's getting on with doing stuff.

• 6:04Daniel Priestley?

  There's a bit of with or without your energy as well in terms of, you know, I can see this person's up to stuff.

• 6:09Steven Bartlett?

  So I look at that and I go, he did some research on you. He offered you value in an area where you were potentially seeking or looking for the value.

• 6:19Daniel Priestley?

  Yep. Oh, that's definitely true. If you've seen me play guitar.

• 6:23Steven Bartlett?

  But that's like the core component. I feel the same way that I try and figure out why sometimes I reply to these cold outreach messages, but 99.9% of the time I don't. And it tends to be the case that the person will say they'll show that they've done some kind of research on me, which is good for your ego. Like everyone has an ego. You want to feel like someone actually cares. And then they'll offer me something in return.

• 6:47Daniel Priestley?

  By the way, do you know I did this to you? I don't even know if you remember. You and I were both speakers at a conference.

• 6:53Steven Bartlett?

  Right.

• 6:53Daniel Priestley?

  And we were in the elevator and I'd prepared for you a really nice leather briefcase. And it had your, I created the happy sexy millionaire thing. And we gave all the speakers one of those. You weren't that special. We had, we had some. But anyway, it was interesting because I actually have done that with you and we never ended up following up with you and you never followed up with us. But here's the thing. I want to share that. No, I want to share that because sometimes it doesn't work. Right? Sometimes you have to send out, like when I sent out 3,000 cold DMs to launch a business, I didn't expect 3,000 people to respond. I expected 30 or 40 people to come back to me. When I gave, gave that to you, do you remember it?

• 7:34Steven Bartlett?

  I remember getting a briefcase and I'm trying to, I do, I do quite a lot of public speaking these days. So.

• 7:38Daniel Priestley?

  We only had like a five, like a two minute interaction. And I said, Hey, this is a little gift for you. Inside, we've created something for you. Have a look.

• 7:45Steven Bartlett?

  Was it something I had to scan?

• 7:47Daniel Priestley?

  Probably.

• 7:47Steven Bartlett?

  Was there something scannable in there?

• 7:49Daniel Priestley?

  Yeah, we'd, we'd built you a little landing page campaign.

• 7:51Steven Bartlett?

  Yes, I remember.

• 7:52Daniel Priestley?

  Yeah.

• 7:52Steven Bartlett?

  I remember getting in the car and saying to my team, oh, this is cool.

• 7:55Daniel Priestley?

  Yeah. And then of course it gets passed to the team and they're like, yeah, yeah, fair enough. Put that on the pile of cool things. So the point is, is I'm saying that to say, these things, you don't want to get hung up on the idea that one person's like, in that same event, we gave that same thing to another really well-known person. They've gone with it and they're like, you know, millions of followers and they're one of our clients now. So we have with or without you energy, which is when, when my team do this, we pick 30 or 40 people who'd make amazing connections and contacts in our VIP outreach team. And then we reach out to them and we expect maybe two or three of them to get back to us. So it's that idea of, you know, don't, like if someone messages

• 8:38Daniel Priestley?

  you and you don't message back, it's not the end of the world. There are other people you can message and there's a, and look what happens.

• 8:44Steven Bartlett?

  There you go.

• 8:44Daniel Priestley?

  It comes around again.

• 8:46Steven Bartlett?

  It always comes around again.

• 8:47Daniel Priestley?

  If it's, if it's meant to happen, it'll happen.

• 8:49Steven Bartlett?

  So what about people, you know, so many members of my teams speak to me and ask me about investing. They might have tens of thousands to invest or whatever, but I'm curious about your personal investment thesis. With the, with the capital that you have spare, what do you do with it to create more money?

• 9:05Daniel Priestley?

  So.

• 9:07Steven Bartlett?

  What does your portfolio look like?

• 9:08Daniel Priestley?

  It's extremely boring. I just stick any available capital into S and P 500.

• 9:15Steven Bartlett?

  What's the S and P 500 for anyone that doesn't know?

• 9:17Daniel Priestley?

  Yeah, the top 500 stocks in the US. So essentially, any government that inflates its currency anywhere in the world, that money will hit the economy and it will eventually make its way back to the top 500 companies in the US through spending, or that capital will end up being put into the S and P 500, which inflates. So one way or another, it's going back to the top 500 companies in the US. So it's almost impossible to beat the S and P 500. I hate investing. It's not my thing. I like expansive business creation. I'm an optimist. Great investors are often pessimists. They're very good at thinking what could go wrong and analyzing risk. I hate that shit. So for me personally, I want to, as much as possible, expand the portfolio of businesses that I think should exist in

• 10:01Daniel Priestley?

  the world. And I've always made my money by just saying, I romantically like the idea of this business existing, and I'm going to pour my energy into it, and it's going to become worth millions. Rather than thinking about where I want to invest money, I want to create something that's investable for other people to put money into, because that's how you really make money. So the exciting thing is not placing my own chips. The exciting thing is creating something where others want to place chips into that.