Unlock It: The Master Key to Wealth, Success, and Significance

Unlock It: The Master Key to Wealth, Success, and Significance

by Dan Lok
 

Generally, schools don’t teach you how to increase your income and improve your financial confidence. This book will give you a deep insight into effective strategies and methods to improve your finances to ultimately show you how to find your own way to achieve wealth, success, and significance.

Summary Notes

Unlock your Wealth

“Money is nothing more than the by-product of value creation.” 

The rich are getting richer, and the poor are getting poorer while the middle class is simply disappearing. Prices for everything are rising but income levels are not keeping pace. With all the instability and uncertainty surrounding the future, people are looking for answers. While it is true that information is more accessible than ever, it’s also true that misinformation is more accessible than ever.

There are four common myths about wealth: 

The first myth—Hustle and work harder. If working hard is the secret to success, then why aren’t garbage collectors millionaires? There are millions of hardworking construction workers, janitors, waiters, and cooks who do not earn enough money to live comfortably. However, rich people are rich because of the value they deliver to the marketplace. Remember, the amount of money you earn is tied strongly to the value you deliver, and not the amount of work you put in.  

The second myth—Start a business.  Most people who want to start a business are employees who either hate their jobs and want to escape, or they think they can do a better job at running a business than their boss. However, running a business comes with it’s own set of issues - you have to think about how to grow the business, how to solve problems, and how to continuously improve. It is certainly not easy. 

The third myth—Passive Income. The word “passive”  implies that you can get something for nothing - but that’s not how the world works. Everything takes work. Even the most common passive income ideas such as investing in stocks, selling products online, and buying real estate all require some effort if you want to truly be successful. For example, the market could change, and your stocks could be worthless if you don’t do your research. 

The fourth myth—Financial Freedom. For many people, the idea of “financial freedom” is having enough money so you don’t have to work. However, life isn’t that static - something that may have given you “financial freedom” one day could provide you with nothing the next day. 

Unlock your Wealth Archetype

“You cannot become who you want to become because you are attached to what you’ve been.” 

There are six common archetypes about wealth that keep people from achieving their goals: 

1. The Caged Lion. The Caged Lion is the frustrated nine-to-five employee. They are the people who know they can do something better, but they sacrifice that life in order for a predictable and miserable routine. They are held back by fear of the unknown, fear of being inadequate, and fear of failure. The key problem is that the Caged Lion doesn’t trust its hunting skills and instead trades it for the comfort of a predictable routine.

2. The Chained Magician. The Chained Magician represents the new generation of talent who feel pressured by their parents and society. They know they can change the world, but to keep their parents happy they choose the safe, traditional route. The Chained Magician’s biggest mistake is believing their magical powers can be locked away by the opinions of their others when in reality, nobody can stop them but themselves.

3. The Hustling Treasure Hunter. These are the business opportunists. They are constantly talking about a new, “ground floor opportunity” but after some time, they move on to the next best thing. The truth is, it’s not the plan that doesn’t work—the problem lies with the person executing the plan. When someone doesn’t believe in themselves, they will create backup plans. They don’t stick to any one thing long enough as they are too scared to focus or commit to one thing. However, the way to make an idea work is to stick to it. 

4. The Innocent Prisoner. These are the people who did well in school, followed the rules, and became successful. However, after some time has passed, they begin to feel empty inside. They see other people taking risks and being happy, but they tend to dismiss those people as being reckless. The Innocent Prisoner’s biggest mistake is ignoring their needs and believing that following conventional rules will bring them happiness.

5. The Castaway. These are the struggling solo entrepreneurs. They are always on the lookout for new clients just to survive. When delivering work for a client, they feel safe knowing that when the invoice gets paid, they can afford to eat. When they are finding a job, it feels as if they’ll starve. They can only gain income when they are getting clients and delivering on the work. The Castaway’s biggest mistake is having no long-term sense of future certainty

6. The Unfulfilled King/Queen.  These are the overachievers. They’ve been hustling and excelling their entire life but are always worried that their peers will outperform and strip them of the title that they worked so hard for. However, they need to understand that they can’t win the race of fulfillment running on the track of achievement.

Actions to take

Unlock your High-Income Skill

‘It’s not how much you earn; it’s how you earn money.” 

Have you noticed that traditional jobs are disappearing? If you look at the current job market trends, you’ll see the old “job economy” is steadily disappearing, and a new economy is emerging: The Skill Economy.

A high-income skill will get you more compensation, flexibility, and happiness. These skills allow you to earn $10,000 per month or more by providing a service other people know they need, but do not know how to do themselves. High-income skills also tend to be transferable, enabling you to work in any industry. 

There are two reasons why $10,000 per month is the magic number for a high-income skill. 

First, by earning $10,000 per month, you’ll be in the top 6 percent of income earners in America. 

The second reason relates to human psychology about income level. People tend to fluctuate when they are earning between $2,000 to $9,000 a month. However, once they earn at least $10,000 in a single month, they feel more secure and credible. They take on a new identity, a new comfort level, a new standard for what they will and will not accept in their life. 

Actions to take

Unlock your Personal Power

“Most people are drowning in knowledge, yet starving for wisdom” 

Why are some people more successful than others? It seems that we all have the same capabilities, yet most people don’t accomplish what they want to achieve. Something is holding them back from their growth. These factors that are holding you back from achieving what you want are known as Invisible Chains. 

The seven most common invisible chains that stunt your growth are: 

1. The idea of getting rich slowly. Wealth is measured more in time than money. Let’s say you make $25,000 a year, and you made $1,000,000 in forty years. The problem isn’t that you made a million dollars; the problem is that it took you forty years to do it. So, if you want to become wealthy, do it quickly. If you want to earn more money, you can either deliver more value to the same amount of people or provide value to more people. 

2. Your current self image. Most of us have an image of ourselves that has been constructed by the comments and opinions of others. More often than not, this self-image does not align with what we want in life. As we tend to act according to our self-image, you may notice you face a great deal of internal resistance when you try something new and unfamiliar. Sometimes, people may also lower their self-image to match unfortunate circumstances. 

3. Negative friends and family. This refers to people who pull you back down whenever you try for success. They tend to feel like your success is an attack on them - like you’re saying, “Hey, I came from the same place as you, and I made something of myself.” Choose to spend your time with people who add to your life, not people who take away from it. 

4. The comfort zone. Activities and situations that are non-threatening and familiar lie inside your comfort zone. Most people don’t want to go outside their comfort zone, however, nearly everything you’re craving will lie outside of it! If you want a comfortable life while achieving your financial goals, you will need to step outside of your comfort zone. 

5. Low emotional quotient. A high emotional quotient is the ability to control your emotions regardless of your environment or situation. As you go through life, you’ll realize that not many things are within your direct control. However, your emotions are! When you have a lower emotional quotient, you may find it difficult to control your emotions and you will be easily affected by the smallest things. 

6. Trying to save everyone. You only have to help the people you want to help—you don’t owe anything to anyone else. It may seem noble to give up your own needs to help others but you can’t give away what you don’t have. So, help yourself first. Take care of your own life, your income, your personal goals, and start thriving. 

7. Relying on willpower. Many people believe that if they push themselves hard enough, they will succeed no matter what. However, the opposite approach works much better. If you can structure your time and environment well, you’ll feel the gravitational pull toward success without needing much willpower at all.

Actions to take

Unlock your Productivity

“Time is never money. You can make more money, but you cannot make more time.”

Maximum productivity refers to achieving the greatest results in the shortest period of time. This is an art that the most successful and influential people today have mastered. There are five key principles relating to this art: 

1. Concentrating on your outcome. When the goal is too big or far away, action steps are less clear. Breaking down your goal into smaller, actionable steps will make it easier to see how you can achieve the outcome you desire. 

2. Staying focused on the true goal. Being productive isn’t about being busy all the time. Instead, it’s about focusing on a few critical factors that greatly influence your results. Instead of trying to fit in as many actions as you can into your day, it’s more important to eliminate the actions that are unnecessary. Essentially, know what needs to be done and eliminate everything else.

3. Structuring your time appropriately. If you want to have productive days, script your day out; don’t schedule it. Scheduling your day means arranging your time based on what other people want from you. Instead, script your day by intentionally blocking out time for your goals. 

4. Eliminating procrastination. We all procrastinate from time to time. Resist this urge. If you feed it, it will only continue to grow.

5. Developing the right non-negotiables. Your non-negotiables are actions you take every day no matter what. These should align with the outcomes you want to achieve.

Actions to take

Unlock your Sales

“People love to buy, but they hate to be sold.” 

High-ticket closing is the unique skill of closing deals that are valued at $3,000 and above. These are large transactions that require human interaction to complete. With this skill, you can land larger clients who are willing to invest a premium price for premium results. 

There are five rules that surround high-ticket closing:

1. Do not sound like a typical salesperson. Imagine how a typical salesperson talks. They tend to push features on you without actually understanding your problems. While this may work with smaller, less expensive deals, it certainly won’t work for more expensive ones! 

2. Talk less, listen more. The most common mistake that salespeople make is talking too much. However, when you are talking, you are not listening, and when you are not listening, you aren’t learning about what your client truly needs. If you don’t know what their needs are, you can’t help them solve their problems, and you won’t be able to sell them anything.

3. Be specific. Your goal is to remove the gap between where your prospective client is and where they want to go. When you ask specific questions, you will receive more detailed answers. This will help you learn more about their needs and desires.

4. Look for Level 3 Pain. When there is no pain, there is no emotional investment. When there is no emotional investment, there is no sale. Level 1 Pain is very surface-level; it is simply the main problem a prospective client arrives with. Level 2 pain is when the client begins to reveal more in-depth information about their problem. Level 3 Pain then refers to the root cause of the problem, and is much more personal to the client. When you understand what their Level 3 pain is, the client will trust you more.

5. Reject bad customers. There is no need to waste your time on people who don’t want or appreciate your help. When you are a high-ticket closer, you have a choice in who your clients are.

Actions to take

Unlock your Business Growth

‘Whoever can spend the most money to acquire a customer wins.’ 

There are only three ways to help your business grow effectively: 

  1. Attraction. Being able to predictably and consistently attract new quality leads and generate new business
  2. Retention. Increasing the stick rate of each customer and enhancing the relationship customers have with your business. 
  3. Optimization. Maximizing the value your business generates for the customer. 

Most struggling businesses are weak in either one or a blend of these three pillars. However, if even one of these pillars are weak, you’re looking at an unbalanced business.

Actions to take

Unlock your Profit Margins

More is not better, better is better.’ 

The only thing that matters in running a business is net profit. With low-profit margins, you can’t buy the supplies you need and you can’t hire skilled and talented employees. It’s not sustainable, it’s not scalable, and it puts you in a very dangerous position. 

To raise your profit margin, you need to sell high-ticket offers at premium prices. When you charge premium prices, it becomes a better experience for your potential customers too. They are no longer looking at the price tag, instead, they are looking at the value you provide to them. When you can deliver a great buying experience, your customers will stretch to premium prices without resistance. 

Actions to take

Unlock your Social Capital

“It is no longer the big fish eating the small fish, it is the fast fish eating the slow fish.” 

Social capital refers to your following of people who like, trust, and support you, and who are willing and capable of buying from you. Thus, building social capital allows you to have an authentic network of people who can buy your service and products. It’s the key to strategically scaling your business up so you can create massive growth in revenue and profits.

There are three steps to multiply your social capital:

1. Accumulation. The goal for this step is to turn a cold audience into a warm one by building a relationship with them. In this step, you need to deliver valuable content to them. There should be no pitch and selling—just value. Once they consume your content, they will be primed for the next step. 

2. Conversion. The goal for this step is to get a commitment from the prospect. It’s easy to identify who has seen your content on social media platforms. Once you know who these people are, put ads in front of them. 

3. Retargeting. The first objective of Retargeting is to stay at the front of your clients’ minds. When your audience sees you multiple times, they begin to like you, which will automatically generate more sales. The second objective is to reach potential clients who do not convert immediately. These people may have objections, doubts, or questions that are unanswered. With retargeting, you’ll target these objections and compel them to buy your service. 

Actions to take

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