In Episode 052, Jack has interviewed Mr. Damion Lupo, best Selling Author in personal finance and money thinking, host of the Transformation Nation podcast, owner of 30+ companies and founder of his own martial art - Yokido ®. Damion outrightly rejects regret and speaks to it as the ultimate life failure. He has a unique approach to living a full-filled life by breaking rules and making more mistakes, faster, than the competition - his key to success. Playing by a different set of rules, he even bought his first rental house with a VISA, a move that snowballed into owning 150 rental houses in 7 states in less than 5 years. In 2008 he lost the entire $20 million but recreated his wealth and reinvented his life over 4 transformational years.Today he leads 3 global companies with one unified mission - to Free People from Money Bondage.
In this interview, Jack has asked Damion his concept of financial freedom and why entrepreneurs are not great investors.
How did Damion get started and created USD20 million for doing everything wrong?
"I started off with really no idea with a whole bunch of ambition and excitement and I went out and started listening to people like, Robert Kiyosaki, I just did what people said. I didn't challenge them and I really didn't argue with people. I just said I'm going to go do it. And so I did everything wrong and that's how I created $20,000,000 over about six years by doing everything wrong and a few things right. It's the opposite of the educational system. They say, do everything right or you're a loser. And I say you're a loser if you do everything right. So, that was how I started. And, ultimately because I was so obsessed with just making the money, the universe gave me feedback.
It ran over me with a train and the $20 million went away. That was part of the reinvention process. And it helped me to understand something that we can see in the back on there. The whole sop fact is a great way to keep score, but money is the feedback on what you're doing and if it's sustainable, if it's long term, it means that what you're doing, your purpose, the action you're taking is what the universe wants, that the universe is going to continue you to conspire with you and if it goes away. What I learned was that the universe didn't like what I was doing, I had to change me inside out and that was the whole process of reinventing and and really learning what I teach. Now that has changed everything."
Why was Damion fascinated with martial art?
It's fascinating to me because the martial arts was part of the reinvention process after I lost the money. I asked myself, what's true? That was the main question. And it's a powerful question for all of us to ask what is true and then ask it over and over and go deeper and deeper. And then what? What do I really care about based on who am I? And what I realised was I'm a teacher and the martial arts that had been studying for about 10 years at that point became an obsession. And what I realised is the martial arts was the same as the business world. It was the same as the real. And so I started doing things in the Dojo with my students and realising that they're everything that worked there. These principles were the same principles that worked in business. A primary one is relationship. If you can really focus on the relationship and make it all about being present in the relationship, then all of the conflict starts to go away and you start to understand someone and there's no, there's no threat anymore because it all dissolves. It's the exact same thing with business. When you start to understand someone and you're focusing on the relationship and not a transaction, then the conflict starts to go away and you start to work together for something and that changes. You Go away from conflict into into peace and harmony, so they work together."
What is the first question you should ask a financial advisor?
"Well, the first question I always ask a financial advisor or I suggest people asking is make sure you know what your financial advisor is making money in and how they're creating wealth.
The sad reality is that most financial advisors make their money by getting commission or they make money by selling things. If somebody is trying to sell you life insurance, they're making money on commission. They're not creating wealth because of what their returns are with a life insurance, but they're telling you to do that. So I want to make sure that somebody is eating their own cookie. I don't want them to be selling me something and not doing. That's an integrity issue. So financial advisors, there's a great book I'm reading right now called Skin in the Game. Really when people have skin in the game, when they're selling something that they're doing, it's very different than somebody that just sells you a really good story."
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