4 Money Wisdoms I Learned from Shaan Puri

“Are you insane?!?”

“What if this doesn’t work?”

These thoughts spun through my mind as I considered plunking down $5000 that I (shh!) didn’t have.

Real quick — if you’d like to take your earning capabilities to the next level as an entrepreneur, solopreneur, or anything in between, this article’s for you.

Now, why was I battling some hesitation and self-doubt?

I’d just been laid off.

My wife was on maternity leave.

Our son was not yet 2.

(Oh, and, can’t forget a pandemic was barreling its way across the face of the planet.)

So yeah, you could say money was tight.

But, somehow I managed to smash the bright red EJECT button on those scarcity-fueled thoughts and make one of the best investments I’ve ever made:

A coaching program that catapulted me into a new world. The world of entrepreneurialism AND, more importantly, the world of abundance. With this investment, I’d proved to myself I was serious about the project of me, my education, and becoming the person I wanted to be.

In just 3 years, I’ve chosen over and over to operate from that mindset of abundance. And — I’ve been rewarded with a business that’s grown from 0 to now generating over $100,000 a month.

One of the biggest influences on my money mindset journey has been entrepreneur Shaan Puuri. He runs a fantastic podcast called My First Million that I constantly devour (and can’t recommend enough).

Recently he posted a tweet thread of some of his money wisdom and it resonated SO much with my thoughts on money. He articulated the ideas and lessons so well that I’m going to share that with you.

The first thing he highlights is that the rich aren’t actually just lucky. While a small percentage of them might have inherited their wealth, 79% of millionaires are actually self-made.

Why’s that a big deal? Because wealth building is a skill like any other skill that can be learned. Most people just need to make some shifts.

Want to position yourself for more money to flow to you? Here are Shaan Puri’s 4 small shifts you need to make:

Shift 1 — The power of smart work.

Hard work alone isn’t enough for success. Think about it — an industrious janitor and Elon Musk work just as hard. The difference between the two is what they’re each working on and who they’re working with.

Is there leverage in what you’re doing and who you’re working with?

For me, meeting my mentor has been a game changer. From the way he thinks about money — he sold his company for $100 million — to the kinds of opportunities he sends my way, it’s totally opened up my world.

One other important leverage point is to find what feels like play to you and work to others. In my agency, I’m constantly tinkering with new tools to scale (wait, did someone say work smarter not harder?!? Ha!) and bring more value to our clients — and I love it!

Shift 2 — Shift in mindset.

Surround yourself with people who have achieved what you desire. Adopt the mindset and behaviours of these successful individuals.

Again, for me that’s been my mentor. He isn’t just any mentor; he’s done exactly what I want to do ie build and sell a $100 million company.

One of the most important things I’ve learned is his framework for assessing opportunity. All opportunities require hard work, so which opportunity can lead me to a 9 figure exit?

But maybe you haven’t found your mentor yet. (It took me years to find mine). So, here’s what to do in the meantime: change your information diet to align with your goals. From podcasts — Shaan Puri’s is amazing, as noted above — to books, invest in your mind.

Your mind and your mindset are your greatest assets. Seriously, your imagination and work ethic are the only thing holding you back.

Shift 3 — Waiting for fat pitches.

Avoid chasing every opportunity (between you and me, this entrepreneur is working hard on this particular shift!). Focus on the right ones. Look for unique opportunities and market shifts. Wait for the perfect moment to swing and seize the opportunity.

Entrepreneur and investor Naval Ravikant captures this shift well:

“Nobody really works 80 to 120 hours a week at high output, with mental clarity. Your brain breaks down. You won’t have good ideas.

The way people tend to work most effectively, especially in knowledge work, is to sprint as hard as they can while they feel inspired to work, and then rest. They take long breaks.

It’s more like a lion hunting and less like a marathoner running. You sprint and then you rest. You reassess and then you try again. You end up building a marathon of sprints.”

A fat pitch for me this past year came in the form of the chance to become a grant advisor for specific grants here in Canada.

Because there are only a few advisors in the whole country and the grants are highly valuable to small businesses, the grant opportunity has generated a ton of cash flow. This ultimately has helped me get my marketing agency off the ground. I spend a small percentage of my day-to-day on this, but it’s actually a cash cow!

So, are you hunting like a lion?

Shift 4 — Simple strategy, intense execution.

Keep your strategy simple and focused. Amplify your efforts and put maximum intensity into execution.

When I’m chasing after a goal, I do whatever I need to do to get it done. Pull an all-nighter? Figure out a tech issue in an area that I’m unfamiliar with? Lose track of time because I’m in the zone?

Sign me up! No, that’s not sustainable intensity (Sometimes I get so focused I even forget to eat. . . which is when my wife kindly reminds me I am, in fact, still human and need to take care of such things.), *but* consistent drive is key.

Winners stand out by their relentless pursuit and commitment to excellence.

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Are you ready to take your earning to the next level?

Which money wisdom are you going to put into action this week?