Savage The Podcast Johnny Lankford

Learning how to work on the savings account and building money for the long-term.
Only sixteen and a half percent of Millennials have over $20,000 in savings. Only sixteen and a half. So what’s the problem? Savings. We need more savings. We need you to have more money in your pocket.

So why don’t people have more money in their pocket? Because of five different challenges:
Income
Expenses
Taxes
Investments
Identity.
A lot of times people say, “Man, I want to have a very big income.” Well, you may have a big expense problem. Because what’s left is what matters to you, right? And then there’s taxes, but that’s a whole different discussion we’ll have.

So think about two examples here:
Example number one- We have somebody that makes $250,000 every year. That’s a quarter million dollar annual income. Many would say, “God, I wish made a quarter million dollar a year income.” Many people make a quarter million dollar a year income. But that same person spends $280,000 a year. That means he’s losing $30,000 per year. You know how many people I know like this? Hundreds of people that overspend what they make.

Example number two- Somebody makes $80,000 per year but they only spend $60,000. They keep $20,000 per year. The guy making $80,000 is saving more than the guy making a quarter million dollar a year income. So one has an income problem, because this guy would love to make a quarter million. The other guy has an expense problem; This guy wishes he only spent $60,000 per year.

So you may say, “Well, Pat. Okay. I want to make money.” Well, let’s talk about your income and expense problem first.

Let’s first start off with income.
What do you do to increase your income? If you have a job today and you’re watching this and if you don’t have something you do on the side, but you know every single talk show at night that you watch … Netflix, all this other stuff, you’re wasting your time. You don’t really care about have a lot of money. You’re just hoping to get lucky.

If you got a job and you’re broke, there’s no reason you should be coming home at night to watch TV. You should be selling something, creating something, learning a skill, having a side hustle, working overtime, getting another job on the side. You need to be selling something. And the highest paid money … the highest paid skill that you can learn about making more money is sales.

Number two, let’s talk about expenses.
You need to fire your consultant. If you’re a business owner running a business and you may have somebody doing a website for you, designing a logo for you, doing all this other stuff for you. Guess who they use?

They need to act like they’re the consultant but they go behind closed doors and they use company called Fiverr, which by the way, this video is sponsored by Fiverr. You just saw recently we teamed up with Fiverr. And everyone knows, you could go back to watch many videos in the past. I love Fiverr. I spent hundreds of thousands of dollars before I realized all these consultants could be found elsewhere.

What else can you do to minimize your expenses? Renegotiate all your contracts. Go through your monthly expense on what you’re spending on a monthly basis. Renegotiate your phone bill, renegotiate your cable bill. Renegotiate your cell phone bill. Renegotiate your internet bill. Renegotiate your dry cleaning rates. Go to your dry cleaners and say, “Man, I’ve been a customer of yours for 10 years, can you give me a discount?”

Renegotiate your tailor. Renegotiate every single thing. Every month I pull my director of finance aside and I say, “Who do we spend money on? It’s time to go renegotiate. We’ve been a customer with them for five years. How much money have we spent? Renegotiating time. Renegotiating time. Renegotiating time. Renegotiate all your contracts.

Live below your...

Here are some tips for learning from failure:

1. Take The Risk And Pay the Price
Nothing ventured, nothing gain. You have to be willing to take the risk venture beyond the comfort zone regardless of what area you are in to gain some form of success. Think about the entrepreneurs, scientists, leaders, and businesses that took the path less trodden and how they were rewarded handsomely.

If you are willing to pay the price with the risk you take, then the returns may just surprise you. But, but what if I fail, you ask.

2. Know It’s OK To Fail, Really
Yes, it’s OK to fail. The adage we learn from failure is true. Be open with your mind, eyes and ears. The lessons are there for you to understand and do better next time. Think about what you have done right, what you can do better and what you should stop doing. That is one of the easiest ways to analyze how to learn from failure. One side point, in cases like these I dislike to use the word failure. Setback is my preferred word.

3. Realize Experience Is The Best Teacher
Think about this, if you do not fail in any of your endeavor, how do you learn to be better? How do you become wiser? People say experience is the best teacher. If you accept that to be true then you need to accept failure as one of the many lessons you gain from experience. So, you get to learn from failure. It’s that simple. Think about failure as lessons paid in the journey of life.

4. Allow Yourself The Freedom To Fail
Allow yourself the freedom to fail if you want to learn from failure. When you are too cautious, you do not allow yourself to take any risks. If you are safe all the time, then you are not giving yourself the opportunity to learn from failure. Give yourself the freedom to fail and see how the lessons of success open up for you.

5. Let The Fear Of Failure Help You Succeed
The fear of failure may not necessarily be a bad thing, as it can propel you to succeed. Some people use it as a motivating factor to ensure they succeed. As long as you do not get paralyzed into inaction and limit your appetite for taking risk, I believe the fear of failure as a propelling factor can be of good use.

6. Welcome Failure
There can be no success without failure. You should welcome failure as an opportunity to learn and you will learn from failure. The fees for learning from failure may seem too high sometimes, but in the long run you will somehow discover it a worthwhile price to pay.

The 5-Hour Rule That Turns Ordinary People Into Successful Ones

The 5-hour rule involves spending five hours a week, or one hour each working day focused on deliberate learning. This means setting aside time to give your full attention to learning and development, without getting distracted by other work. This learning can take different forms and a mix of these will give you the most well-rounded experience.

Spend 5 Hours A Week On Deliberate Learning
The 5-hour rule involves spending five hours a week, or one hour each working day focused on deliberate learning. This means setting aside time to give your full attention to learning and development, without getting distracted by other work. This learning can take different forms and a mix of these will give you the most well-rounded experience.

Reading
Reading is a habit of many highly successful people and is an easy and convenient way to learn. Try keeping a book in your bag at all times and setting yourself up with reading goals each week. You could aim to read a chapter a day or a certain number of books each month. The wide availability of eBooks makes reading on almost any topic possible wherever you are. Bill Gates is a famous advocate of reading and reads around 50 books each year, crediting it as one of the main ways that he learns.[2]

Reflection
Reflection is a key part of learning. Trying to consume too much information without reflecting on it can lead you to feel overwhelmed and prevents you from picking up new skills. It’s important that your reflection time is structured, or you could get distracted. Try keeping a journal, which will allow you to reflect on what you’ve learned through reading. It will also give you the chance to think about lessons you’ve recently learned during work and develop ideas you have for the future.

Experimentation
Experimentation is essential if you want to progress in life. Set aside sometime each week to test out new theories or ideas, no matter how crazy they are. Some of the most successful products in the world have come about as a result of experimentation. Innovation never comes from doing the same thing over and over. Even if your experiment fails, you’ll have learned valuable lessons.

Don’t Confuse Working With Learning
It’s easy to confuse working with learning, and this is how you can end up feeling stuck. You might think that working for 40 hours a week should be enough for you to see improvement, but that’s rarely the case. While you’re focused on day-to-day problems, you’re not giving yourself time to develop and grow. The 5-hour rule is about deliberate learning, not about going to work every day and hoping you might learn something. Set yourself specific learning goals and give yourself time to achieve them, and you’ll see a vast amount of improvement.

Focus On Improvement, Not Just Productivity
You might believe that the more productive you are, the more successful you’ll be. Productivity plays a role in success, but it’s nothing without lifelong learning. If you’re constantly focused on your current work, rather than on long-term self-improvement, you’ll never see much development. It can be hard to allow yourself five hours a week for learning that doesn’t come with an immediate reward, but you’ll thank yourself for it in the long run. Try to look beyond your daily paycheck and dedicate time to becoming the best possible version of yourself instead.

Take inspiration from some of the world’s most successful entrepreneurs and spend 5-hours a week on deliberate learning. You’ll soon be light years ahead of your friends and colleagues, and well on your way to success.

We talk about beating social norms and breaking out to your full potential. People will tell you won't be able to complete the task ahead of you that is a hurdle that you must jump. So get ready to break the social constructs around you.

Learning the art of patience & humility is one of the hardest things we can do as an entrepreneur. Learning how to fall before you jump is key to pushing your goals.