How to Transfer Yourself into a POWERFUL Money-Magnet Practically at Will

0:00When your competitors start pulling back, cutting spending and blaming the economy, should you be doing the same? Or is that exactly when your biggest opportunity appears? Welcome to the Magnetic Marketing Podcast. In this episode, Dan Kennedy and Bill Glazer explore what separates entrepreneurs who operate from scarcity, from those who seem to attract opportunities almost at will. You'll hear why the way you show up can matter as much as what you sell. What happens when competitors retreat and leave openings behind? And how visibility, authority, and the perception of success can change the kind of business you attract. If that can amic uncertainty has you playing defense, this episode may challenge that instinct. Here are Dan and Bill. I don't think there's anybody that has had a bigger impact in the field of direct response than Dan Kennedy. The legend of Dan Kennedy should be ignored at your own peril. They're not really the lessons, they're kind of laws that you'll live by. Dan opened my eyes to what small business marketing looks like. Dan teaches strategic direct response that is timeless.

1:03His ripple effect touches people who don't even know his name. The world we know it was changed because Dan Kennedy became obsessed with marketing. Welcome to the Magnetic Marketing Podcast with your host, Dan Kennedy. Hello everyone, this is Bill Glazer, welcome you to another one of our monthly diamond telecoaching calls. And I'm joined again this month with Dan Kennedy. But today's topic, which is a very valuable topic, is how to transfer yourself into a powerful money mining practically at will. And this is what I actually put Dan on the hot seat today. And sort of they follow up slash twist to the work that he's done in the whole area of wealth attraction and as everyone knows one of Dan's multiple books is no BS wealth attraction for entrepreneurs where he talks about wealth attraction. And actually Dan, what I like to first sort of start off, however, before I give the little twist to it, is in your book,

2:12and I believe it's actually wealth magnet number two, you say in the book there's an unequivable belief in abundance. And I want to talk about that just first before we move to sort of really where I want to go to in this call. But you know, you can't help but look at the news and see doom and gloom and how everything is doing so poorly. And so a lot of people would naturally say, gee, this is a tough time to be able to become a money magnet. But just if you would just expand on this whole notion of abundance that's out there. Well, if you if you start by looking at the news, one of the one of the things that so if that would if that would mislead somebody into the thought that there are finite resources. And so, you know, we're now in a big, now that we've at the local and state of federal levels, we've brought up these gigantic deficits.

3:18Now we're the pendulum is swinging into a mood of cutting with a bloody axe. And so firefighters got to go, cops got to go, this has to go, that has to go. If you would let that mislead you, the one thing I would quickly point out to people is that nowhere in this discussion, if you pay attention to politicians or pundits or news programs or whatever, nowhere in this discussion is somebody actually posing the question. Well, what could we do to just double all the revenues without increasing any taxes on anybody, but by increasing production? That's absent from the whole conversation. In part because there is the idea that that there that the pot does have a limit.

4:19And there's only so much in the pot. And so now the thing to do is to fight over how we reign all the spending back into fit to existing pot. And then how we divide what's up in the pot in the in the more business related mode. The conversation is often about market share where if there's eight pizza places in Podonco, Ohio and a ninth one opens up, it means that some or all of the eight, you know, are being are being taken away from in order to support the night. And the pizza industry itself is actually demonstrated that that's not true. There appears to be an almost. Unmeasurable capability by the United States consumers to eat pizza.

5:23Since if you look at it over a couple of decades and you look at what was in place 20 years ago, what's in place now and how many there are per capita and in the average revenue per unit and so forth, it seems that has our waistline expands so does our ability to pizza. But but the point of all this is is that there's a there's a mental approach to this that says there are limits. To how much consumer spending there can be in a category, how much money there is in general, how much is in the pot and empirically this idea keeps getting disproven, disproven, disproven, disproven. If you just look at all of the things rank and file consumers now spend money for either episodically or in many cases every month. That didn't even exist a decade or two decades ago. That somehow have been absorbed into the spending habits and the budgets of the American household and the American small business.

6:36Without anything actually being stopped to compensate for it. You know, you just look at the cell phone and not only just the phone exist, but everybody in the family including a three. The year olds got one and they're all on plans that cost money every month and nothing comparable was terminated to add that. So the empirical evidence is is that the supply of money keeps expanding even as the temporary news might suggest otherwise and as most people's attitudes suggest otherwise. So if that's the case, so if there's a sub-bundance of money, how come the conversation so often when you talk to somebody about this or that, all you hear are using the top economy right now as an excuse for not doing something?

7:46Why is that excuse? Why is that the prevalent excuse? And maybe the follow-up to that is what is the mindset of the person that uses that as an excuse? Well, you know, the folks that wrote the main book about Walmart up against Walmart. They did a bunch of research about the whole Walmart comes to town and destroys small businesses thing. And one of the most interesting things that they found was that in every town Walmart came to, at least a dozen small businesses folded up their tents, closed their doors and quit somewhere between three and 12 months before Walmart opened their doors. So, you know, they had the surrender flag up before the opposing army was even on a boat headed across the ocean.

8:50And what that tells you is an eagerness to surrender. I mean, and so a line of mine is that the vast majority of the people actually prefer a good excuse to achievement and everything that goes into it. And I, I devoutly believe that that's true. So one of the things that happens when there is contraction in the economy, such as there is now and such as there was, you know, in the car. Years and a little bit in one or two recessions in between. But Carter was the last epic one. And this now is an epic one. And the reason why it's so important is that people who prefer excuses to achievement are very, very quick to latch onto it and let it be their explanation for why they aren't doing well and for why they shouldn't or can't or won't invest and do anything aggressively.

9:58A lot of it is really not a reflection of reality at all. It is a reflection of my mindset. I spoke to somebody the other day and they, in fact, I was actually having lunch with them. For husband's business is a home inspection business, which has its fortunes tied, of course, to the real estate market to a great extent. I mean, pretty much if there's no real estate activity, there's no home inspections. And she was saying how when this real estate crash occurred temporarily, of course, they were shell shocked like everybody else. But then two good things happened. One is a bunch of their competitors very quickly and easily threw up their hands and quit.

11:02And since it's a low barrier to entry business, you know, a lot of people just, they don't have a lot of money tied up. Like when you had retail stores, it's not so easy to just throw up your hands and quit, right? You either own a building or you're tied into leases and you got a bunch of inventory and you got a home inspector kind of puts his business cards in a fireplace and unblocks the phone. So so so a whole bunch of them like threw up their hands and quit a few months into this. And the good news about that was now there were orphaned realtors who were referring business to them. And even though they had less business to refer in the aggregate, they still had a lot of business to refer. And so competitors rotted away and they tripled and cladrupled their efforts to market to the realtors that were not already referring to them. And experienced great results and are continuing to experience great results. And secondly, it motivated them to find ways to get business by means other than waiting for a real estate agent to pick up the phone and call them and ask them to go inspect the house.

12:14So it made them better at their business. And consequently of five years, which includes some a very good year in the real estate business, 2010 was their best year ever. And so everybody experienced the same reality. A shrinkage actually of the number of real estate transactions, a decrease in the value of the transaction, therefore decreasing the willingness of people to pay X amount of dollars for an inspection, actual real estate agents who were referring business disappearing from the planet. All that was the same reality for everybody. They and all their competitors. But the difference in outcome is profound and is manufactured entirely by their own approach. And I think that's a nice micro explanation of what goes on in most businesses and in most industries when there are times of economic trouble.

13:22Is some people easily and in my opinion in many cases eagerly surrender to it. While others, a smaller percentage of that population respond creatively and opportunistically, even predatory to it, and do as well as they were doing, or in many cases, do even better. I talk to a niche marketer this morning. I won't name him. You'll know him. Others might know him. I won't name him. But he's in a professional niche where there has been some shrinkage and some pain. And a number of his competitors have cut back on their advertising, cut back on their mailings are known to be struggling. He tripled the number of his introductory seminars that he's doing.

14:22And last year, ran over a thousand people through step number one at an average per head value out the back door of that process of $7,800 and some odd dollars. While several of his direct competitors actually folded their tents and ended their operations altogether, and others are shadow of what they were. So the given sort of pond of money contracts and expands and moves from here or there. But a far greater impact is what the individual chooses to do about it. And just like curiosity, it wasn't a question I was expecting to ask you, but it occurred to me as you were given the explanation of many of them were folding their tents and moving on to other places.

15:23Do you think that is ever a good thing? Does that ever now? For a certain individual, it may be a good thing. I mean, some people get into businesses for the wrong reasons and then stay somewhere that they are ineffective or unhappy just because somehow they got there. So they are much like the really bad employee who won't come in and quit, but actually feels a sense of relief upon being fired. And in many cases finds a different and better place that is more appropriate for them. So in this case, the person is the boss and the employee. But so some of them are driven out of a place that they really shouldn't be in to some different place. So I suppose it can be good in that respect.

16:27In some cases for the entire industry or the profession, it can be good because it eliminates weakness and poor customer service and poor product quality. So it's a cleansing for the industry and an improvement for the consumer. Often though, I don't think there is necessarily a silver lining. But I think what is most important is that there is choice. I mean, there is in every one of these cases how somebody determines that they are going to respond to the conditions on the ground and everything emanates from that choice. There is a Walmart analogy. And it was first called in my attention quite a few years ago by one of really other than Schuhrer, one of the first builders of mega churches in the country.

17:37And since that of course, the mega church that seats 5,000, 6,000, 8,000, we have won in our community that four years ago was drawn 1,000 and now draws 9,000 on a Sunday. So now these are quite common. The belief was that when the mega church came to town, a lot of the small churches would suffer and die. And it actually has exactly the opposite approach. Now there are, just as in the Walmart example, small churches who quickly and easily surrender. Otherwise, actually, if you look at a community where a mega church has been built over a five year period of time, there are more small independent churches in the 50 year than there were in the year when the mega church opened its doors.

18:37So actually, it has, it hasn't hurt and arguably it has helped the smaller ones in its wake. Whereas people would think there's a finite number of people in this community who are going to go to church. And if this one sucks up 9,000 of them, clearly it has to destroy all the rest of them. And not only doesn't that happen, actually the opposite effect happens. Yeah, why do you think that is? You think it's because the bigger church sort of almost becomes like gets the word out from the book. Yeah, I think they become a market maker. But I think what it illustrates, of course, is that the market was always there. There were always a lot more people who could be gotten than were being got. And even after the 9,000, there's probably a lot more people who could be gotten than are being gotten.

19:40So, I mean, it doesn't create a new abundance. It reveals a fact about abundance. So before I move on to sort of a little twist of this, I want to talk about, I just want to revisit just for one second and just make a comment on the question about excuses because again, you know, Eric. And, you know, think about it yourself. I mean, I'm giving you all an assignment. Think about it yourself. Are you making excuses? Are you allowing the economy to be your excuse? How do I now use this as an opportunity and just do things that I probably weren't doing before? Didn't have to do before, but now have to do. But certainly become the dominant person in your marketplace. Not, you know, somebody who's just going to wait and sit around and wait for the whole thing till the economy comes back, you know.

20:40So, it's sort of, again, I'm giving you all an assignment to do a self-assessment to see where you fall into that. But I do want to talk about now, Dan, our real topic of how to transfer yourself into powerful money magnet practically at will. So, so someone listening, obviously everybody listening should want to have this to be a, you know, money magnet. Let's now marry the whole topic of wealth attraction to renegade millionaire strategies, looking at the most successful entrepreneurs that you've worked with throughout the years. What are some of the commonalities that they have in order to actually make themselves a money magnet? Well, I think not to sort of not to re-tread things that, for example, are readily available in the book.

21:40But I think one of the biggest things that is true about them, and that we have talked about in different places at different times. But that I emphasize with my clients is that the further up the income and as a result of income wealth rankings you go, the more a person is being paid, money is being transferred to them, they're being sought after. The more that is because of who they are, than because of what they do. And the people at the lower income level, and therefore less able to convert income to wealth, are very much being paid for what they do.

22:46All the way down to the point that they are interchangeable cogs and commodities. And so the guy that waits on you at the convenience store is being paid entirely for what it is that he does. And consequently, you know, he's not being paid very well. And so you sort of move up from there. If you look at, so it was in the news, I don't know, last week or the week before it was a big sort of pop culture news item. And actually, I happen to know they got a little low. But the pop culture news item was that in 2010, the Kardashians brought in a little bit over $65 million. And not to be fair, that's all I'm mad at together. And they really are a single business. Kris Jenner runs it, the mother, if you watch the show.

23:48But $65 million by anybody's standards is a lot of dough, especially for people of what's generously say, questionable talent. And who really don't appear like to create anything of value. And principally what they do is they appear on TV and they shop and they hang out at nightclubs. So to a lot of people that you would think they were grossly overpaid. But if you really think about the Kardashians, almost all of that $65 million, a little bit of it is directly paid like to be in the reality TV show. Although the reality TV show is, they're weekly info-marshal. But most of the $65 million, probably $55 million of the $65 million, is entirely being paid to them because of who they have made themselves.

24:53And so because they have a huge following and a huge fan base. And huge numbers of people who are interested in what they're wearing, where they're going, what they shampoo their hair with. All of that, they are able to attract a great deal of money. And in fact, they are turning down more than they're attracting. As hard as it may be for some people to believe, there are actually standards on what they're willing to orce. And so there's actually more money bangin' on their door than they're even accepting. And they have their choices. And so there's a lot of standing in line of who they might want to take money from and who they might not want to take money from. And it's entirely based on who they are.

25:54Now better I think to replicate that with some substance to it. It's still a grand example of this principle of the who, that you really are able to attract money based upon who you are and who a market believes you are, which can be and often is entirely of your own manufacturer. And it is almost independent of whatever service you perform. And so in every market, in almost every business, there is somebody who has a profound advantage over everybody else. And a profound income differential over everybody else that is not at all based on a differential in talent, skill, quality of service, but is entirely based on who that person is.

27:06And I think that when you understand that, you begin to work at it. You begin to make it part and parcel of your approach to business. And I just think if you closely examine where the money flows, it tends to flow to people who have, who are on, who are toward the top of the, you know, of the recognition slash visibility pyramid. They have authority, they have expert status, they have celebrity, they are interesting and intriguing to a particular audience. And that needs to be there really whether you sell shoes or concert tickets or you run a restaurant or you're a financial advisor or whatever.

28:11Because when you get right down to it, most of the core deliverables in a business can in fact be commoditized. And there's not a great deal of difference between them. And that difference can be compressed. And so the differential in money has to be about something other than the core deliverable. And it's a very common mistake to keep trying to get more money out of the core deliverable when you're already getting everything there is there to get. So you make a, you made a point for about the fact of you know act wealthy to attract wealth. How does that relate to the example you just gave? Is that, is that where you were alluding to an example you just gave? Well, it certainly is in the context of the example I just gave. I mean, if you think of all of the personality attributes that seem to attract a following.

29:31So be that following an audience, constituency, an actual customer base. Because of course there's more than one way to get paid. The one of the attributes is success. And, and people for whatever instinctive or conscious or both reasons tend to prefer to deal with successful people. They tend not to do businesses charity. And so, you know, if you're, if you're going to take some friends out for dinner this Friday night, the one way you probably don't make that decision is where is the neediest restaurant in town that has no customers and is on the verge of going out of business. And we should go there and help them.

30:33That's probably the furthest thing for anybody's mind when they're picking where they're going to go on Friday night. And in many cases where they're going to go is the most popular and successful and hard to get into restaurant that everybody is talking about that actually needs them the least. And so there is a pragmatic, a practical need to present yourself as successful and in many categories that would translate to presenting yourself as prosperous. The other sort of metaphysical aspect of the same statement act wealthy to attract wealth is more about engaging in both the thinking and the behavior of wealthy people regardless of where your bank account balance may be at the moment.

31:33Very early in selling, I heard Ziggs statement which was about selling in the home specific in his case to the cookware business that he arrived at every house with the understanding that they had his money in their kitchen drawer. And he had their pots and pans in the back seat of his car and he was there to make the exchange. And said from the stage to a sales audience, you know, it's a great laugh line and it gets a great laugh and everybody moves on. But it's actually a very important idea and the key word in the sentence is understanding. Not an optimism that they have my money in their kitchen drawer, not a attitude that they have a fact that they have my money in their kitchen drawer and I got their stuff in the car and I'm here to make the exchange.

32:35The important thing about the statement is that it reveals that you do everything in advance of the actual movement of the money. The money is yours before you pick it up and handle it in your fingers. And if you're waiting to think, feel and act as if you have the money until you have it in your fingers, you've got that close loop running backwards instead of forwards. And so that's sort of the metaphysical aspect of the same statement. So it has practical application and it has behavioral application as well. Actually, I think that going back to commonalities with the most successful entrepreneurs, I think that that attitude that you just know Ziggs comment about, you know, they have my money in their drawer and I have their stuff out in the car to exchange with them is really what I see is to be an attitude of the most successful entrepreneurs is that this is not about, you know, am I right?

33:51Am I going to sell this? It's just about the fact that now it's just an exchange of stuff and this sale has already been made even before I even begin the sale. And I'm using the word sale, it doesn't have to necessarily be a sale in the sense of the sale, but I definitely see that attitude. And also I also sometimes see what happens, Dan, is that when some very successful entrepreneurs are beginning to falter, they then go to that place in their mind where they say, I'm struggling right now with whatever I'm doing, it could be a specific act that they're trying to be successful on our overall business mentality of their business and the things start slipping. It's immediately going to, well now I just, you know, this is just not right and we just have to make this exchange. Do you see the same thing?

34:52Well, I think there's a, there is an intangible odor to selling either at the, I mean, your office trying to sell you something level or the bigger level of, we're running a company and we're designing market campaigns and we're sending salespeople out to trade shows and all of that. I think there's an intangible sense. And so when it's very positive, we often describe it as magnetism, but there's an intangible sense that nobody could, nobody on the buyer side, on the marketplace side, on the audience side can really enunciate, but they feel and it affects them and it governs their response of whether this person or this entity or this thing is good, bad, doing well, not doing well,

36:14it needs me more than I need it. And analogy, I was just in a comedy club again last week and if you go to comedy clubs, there's almost always three performers, you know, so there's like the barely adequate guy and then the good guy and then the headliner. Sometimes the headliner is not as good as the middle act, but usually there, each one's a little better than the next. And it has as much to do with what the audience feels about the confidence of the performer as it does the material. I will often observe that the headliner gets bigger laughs with poorer material than the first guy gets with better material because somehow the audience senses that the first guy is unsure of himself.

37:15And he just doesn't put it across in a way that exercises control, whereas the headliner guy is very sure of himself. And the quality of the material is really secondary because it is the sense the audience has of him that matters. And I think there's a comparable thing that goes on between a business person and their marketplace and a business and its marketplace. And you're either magnetic by that or you aren't, but it has everything to do with internal dynamics in the person or in the company or in the office. You know, I often talk to chiropractors about how there can be two offices diagonally across the street from each other with comparably competent doctors in the same community. And one of them has a full barcalaught and on Friday afternoon you can't get in the door and the other one is empty. And why is that?

38:19And it is as if you had two backyard porches side by side with four people sitting out in each one of them and one of them is full of mosquitoes and bees and the other one has no insects. How can this be? And often the answer is not the advertising in the marketing. In some cases they can even be doing the same caliber of and same quantity of advertising and marketing. So it actually is the intangible odor being emanated from the two offices that is the explanation. And it's the hardest thing to quantify. It's the hardest thing to, you know, mechanically say, here's step one through step five in order to address this. But it is nonetheless there and it is, you know, a reality. That is just very interesting because, you know, the same way that you explain that as somebody has an air of success, the non-air of success, you know, they also have that in the person.

39:27People have that. It's different people obviously have that. I mean, I remember when I was in the men's world business and I used to have the manufacture reps coming in to sell me. And, you know, in the men's world business, the price that they would sell stuff to me was never, you know, very seldom ever fixed. Or in some cases it was fixed but you didn't know whenever knew what was fixed and what wasn't fixed. And I was always looking for what I call actually it's a card player term but the tell of whether or not, you know, their price is the best price they could sell to me for or if there is yet a better price. And, you know, I got really, really good at figuring that out really quickly in the conversation because I even knew like questions to ask that would tell me whether or not it was the best price without being just coming right out and saying this is the best price which sometimes actually I did go to that route when I needed to.

40:27But you're right. I think a lot of what happens in our life is all about, you know, the air that the person, how they present themselves, whether successfully or unsuccessfully. But the microcosm of, you know, price and how business people handle prices is definitely revealing of this. And often salespeople and merchants will compromise price with nothing more than, you know, a question ask of them, right, that they could have responded to any number of ways. I was just in Atlantic City and so for any of mine and I want, on impulse wander into this store. And he decides to buy something a fairly expensive item and the guy does a very good pitch about why it's so expensive and there's only one of them and yada yada yada.

41:33And then I decide to buy something and a very good explanation is done of why it is as expensive as it is. And when we get all done, I say, gee, since we're both buying something and we're spending all this money, don't you think you could do something a little extra force since we're buying two things? Now, he would not have lost his sale had his answer been, gee, I'm sorry, I can't because and then restating that there's only one of these things and all of the reasons why they were so expensive in the first place. But immediately, you know, well, you know, if you're going to get them both and you're going to do them right now, yeah, knock off four quarter box. Well, of course, now, you know, you've shown blood. So, you know, the 400 became 600 plus, now instead of us paying the freight, we're splitting the freight.

42:40And it really says something about what's, again, what's going on internally, you know, in the head of this person. And I think that on the customer side, you sense it. And often, actually, customers are made anxious by it, not excited by it. They respond better to certainty and to someone who takes a position and holds a position. But certainly, the whole thing of price and how people handle price and how people negotiate when negotiation occurs is sort of a microscopic representation of this entire issue of where you are. You know, when I started at age 17 recruiting, I had a very bad, I had a horrible automobile and I didn't have any money.

43:48And I was selling a business opportunity and recruiting up. So, I would always be pitching somebody who was in better shape than I was because anybody who was in worse shape than I was wasn't worth pitching. And I remember very early having a conversation with a very successful guy in a business and I raised the issue of, you know, driving up in this $25 piece of crap kind of good to be a problem here. And he said, it's never the car you're driving that matters. It's the thoughts you have in your head that you project to the other person that matter because the car will be out in the driveway. You and he will be in the house. And there's a lot to that because almost every when you go back to commonalities of highly successful entrepreneurs, the overwhelming majority of them, not all, but the overwhelming majority of them have these two things in common.

44:55And they have starting places that weren't very good, that certainly were not advantageous. And they were almost always early selling to gaining the trust of and essentially attempting to be magnetic to people who were older, wiser and or more prosperous and successful than they. And you know, you carry that over to marketing to the fluid. It's one of the things that gets in the way of mature people selling to the affluent is they're worried about being less affluent than the people to whom they are selling. And those are commonalities that exist probably in 70, 80% of seven figure earners is that they're starting places were poor and that they were selling to people who were at least for a time they were selling to people who were significantly successful.

46:01Well, we are out of time. It's been a great call. Thanks Dan. We'll talk to everybody next month. Thank you for listening to the magnetic marketing podcast with Dan Kennedy. If you love hearing it on these lost Dan Kennedy talks and speeches and calls, then please let someone else know about this podcast. That's how you can help it to grow. And the more it grows, the more free Dan Kennedy we can bring to you. Also, Dan would love to give you the most incredible free gift ever designed to help you make maximum money in minimum time. Now this free gift comes with almost $20,000 in pure money making information for free just for saying maybe you can get this gift from Dan right now at nobsletter.com. Not only we get the $20,000 gift, you also need a subscription to two marketing newsletters will be hand delivered by the mailman to your mailbox each and every month, one from Dan Kennedy and one from me, Russell Brunson. To get this gift in your subscription, go to nobsletter.com right now.