Steps To Live Like A Millionaire | F.U. Money By Dan Lok Breakdown

Five powerful takeaways from the teachings of F.U money by Dan Lock this book gives you a bold perspective on what it takes to be financially independent and achieve your lifestyle goals.
let’s get started

number one

Get clear on what your ideal lifestyle is

The first step to achieving any goal is to get clear on what that goal is. We are not just aiming for financial comfort here we are aiming for your dream lifestyle and possibly show you how it might not be as impossible as you might think.
So think about what your ideal lifestyle looks like not what your friends think is school or what the movies the media or Instagram say you should live like.
⦁ What does a perfect Tuesday look like to you?
⦁ What do you want to live what car do you want to drive
⦁ What clothes do you want to wear
⦁ What cases you want to take how often do you want to take them
⦁ What do you like to eat
⦁ Do you have someone do all the housework for you
⦁ Do you live in a nice house or do you live in a nice apartment?

Also Read – The 7 BEST Side Hustles That Pay $50-$200/Hour

After you get clear on how you like to live it’s time to do the research. Actually, go and find out what each of these things will cost you and write it down. There is power and figuring out exactly what it is that you want and know exactly how much it will cost. This will help you find out what you need to do in order to achieve your dream life.

For example, let’s break down my dream lifestyle for the next couple of years. For the last few months I’ve been checking out great places to live around the world and Bali looks amazing to me.
So after some research luxury homes in Bali go for around $2,000 a month or $2,400 per year. Since this will not be my permanent location I would either lease a car for the time that I live there or simply just over whenever I need to go anywhere eliminating the need for me to drive. This is great because I personally prefer not to drive. This would cost around $200 a month or $2,400 per year.

Now I like to travel so let’s say that I take a nice little trip every 30 to 60 days – big vacations per year with my family. Let’s budget around $30,000 per year for traveling. Now everyone has errands and things that they need to be taking care of in the house. But I’d rather do something else and clean the house or mow my lawn. So let’s say that I hire someone to do that for me in Bali this comes to be around three hundred dollars per month or three thousand six hundred dollars per year.

I personally don’t cook very much so hiring a chef or eating out in Bali would cost around a thousand dollars per month or twelve thousand dollars per year.
And also I always like to assign a little bit of money to spontaneous expenses. This way I’m able to do spontaneous things but always keep them under a budget. So let’s say that we assigned around $1,000 per month to spend which is $12,000 per year not for me this luxury lifestyle will cost me seventy-nine thousand two hundred dollars per year.
Now let’s take into account that I’ll be living in Bali where many of these luxuries cost much less than in the States.

Let’s break down how much this will cost me on a monthly and daily basis. This luxury lifestyle will cost me six thousand six hundred dollars per month which comes to two hundred and twenty dollars per day.
This is my example write down what your ideal life looks like and let me know in the comments what your ideal life looks like. Once you do that go and research how much it would cost to live your ideal life.
We are clear on what your ideal lifestyle is let’s move on to how to make it happen

Dan talks

about the two ways people make money

The slow low way and fast way

The slow way is a traditional go to work on a job save some money invest your retirement accounts your 401k or a mutual fund and let the money slowly grow over time.
Now the problem with this method is that

  • one your income is dependent on a job. How much money you make is decided by someone else.
  • you are usually depending on a money manager to grow your money for you and they can take pretty hefty commissions.
    The Fastway dam talks about taking control over your income and being no longer dependent
    on someone else. The fast way means that you create automated income streams where you are able to generate cash without taking much of your time. This could be done through building an automated business or investing in high-return investments.
    There are three core steps that Dan teaches to go on the fast lane which Dan calls the wealth triangle.

a. Step 1 is to build skills that allow you to make money in any industry anywhere in the world without needing a job. This is what he calls high-income skills.
b. Step 2 is use to those skills and extra money to build a scalable business to create a passive cash flow that does not need much of your time.
c. Step 3 is to use that spare cash to invest in high-return investments.


Most people get caught in the latest money-making scheme and start one business and a few months later start another business and another. The most unsuccessful entrepreneur has what is called the shiny object syndrome. Where they get distracted by all the new ways of making money.
Most successful entrepreneurs at least within their first million focus on one business one main skill and they focus on it for an extended period of time. Most people make their first six figures or even their first seven figures by having one vision one business model in one system to scale.

Once they’ve maximized this method they began adding more systems and more skills to the table. But they start by focusing on one. The problem is that most people do not want a boring simple process. Most people want the magic pill that is going to get them rich which sadly does not exist. There’s no cryptocurrency or stock that is going to get rich every single time. Yes, there are some people who get lucky but that is just luck. you will not get rich by jumping from one vehicle to the other you must stay focused.

number four

The seven characteristics of a Fu business seven characteristics of a Fu business

Again a little money means that you will have full freedom to do whatever it is that you want. So in order to build a business that allows you to do that we must understand these main principles of a FU business.

  1. Do something that you are passionate about-
    Doing something just for the money is good in the short term especially when money is tight. But to build a long-term business it’s a good idea to do something that you actually enjoy. Think about what are some things that deliver value to others that you enjoy doing even if you didn’t get paid for it. That might be a good place to start.
  2. Stable long-term and increasing demand
    In order to create a business that is going to be relevant for the long term, it’s a good idea to look at the market and see what is popular and what is likely to be popular for years.
    Think about what are some skills that are needed in the marketplace today that are becoming more and more in demand. If you want a few three allow you to be portable one of the main reasons why people want to build a business is to finally be able to do what they want.

    But if you build a business that doesn’t allow you to go anywhere then this defeats the purpose of the business. Creating a business that allows you to run it from anywhere in the world is what will allow you to build the lifestyle you want.
    With technology software and delegation systems building a remote business is easier than ever.
  3. High-profit margins
    In business how much money you make is not as important as how much money you keep. If your business is making $100,000 a year but only has a 15% profit margin then you’re not making $100,000. You’re making $15,000 not including taxes.
    But, if you have a $100,000 a year business with an 87 percent profit margin think you’re not making $100,000 per year but you’re making eighty-seven thousand dollars per year. Your business is making the same amount but you’re keeping more of it having a business that provides a high-profit margin will allow you to keep more of the money you make.
  4. Scalable
    Choosing the right business model will not only allow you to have the lifestyle that you want but will also allow you to make more money with the time invested. A scalable business means that you are able to produce and automate the value you provide to your customers.
    For example, let’s say you want to start a pencil company so you make the pencil you sell in order to scale you will have to do either one of two things. Build a new business with all new infrastructure as a pencil manufacturer which means now you have two companies to run.

    Your pencil manufacturing business and your pencil selling business or you will have to hire a pencil manufacturer that can handle your orders at scale. Now the first one can be harder to scale since you are building a new company from scratch.
    The other requires a lot of negotiation with the manufacturer to be
    able to keep your own profit margins decent. Now with technology and digital products, you can build and scale businesses fairly easily since digital products do not need manufacturing or storing.
  5. Low startup cost
    if you wanted to achieve your ideal lifestyle the fast way building a manufacturing company might not be the best way to start.
    Building a business like this will not only take time but lots of capital which mean this type of business has a high startup cost. Having high startup costs when you build a business can leave you with no profits for years. Which completely defeats the purpose of building your business the fast way.
    We must find a business model that requires little to no startup to be able to make a profit much faster a avoid either borrowing money or taking investors in to be able to make a profit much faster.
  6. Requires little to no staff
    Having a massive staff makes it pretty hard to build your desired lifestyle.
    If you have a big staff this means that you will have to manage your employees or hire managers and manage your managers. This also means that the more employees you have the fewer profits you will make. Because you will have to pay every one of your employees. so building a business that takes advantage of software and automation systems. This means it requires little to no staff which would make it easier to build a business that fits around your lifestyle, not the other way around.

Now if you want to learn how to build your very own FU business without having to think about all of these rules checkout – Seven ways the rich use leverage to create their wealth 

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