FU Money by Dan Lok
One Line Summary
How a broke man who couldn’t speak made millions of dollars
Sometimes when I read a book, I’ve known about the author for a long time before I ever get a chance to crack it open. My To-Be-Read list is just crazy long. But Dan Lok is a name that just recently came across my attention, and he jumped to the head of the list.
Who is Dan Lok? He’s a Chinese born immigrant who didn’t speak any English when he first came to the United States. But he made so much money through copywriting and affiliate marketing that now he spends most of his time teaching others how to do the same.
Copywriting and affiliate marketing are both areas that I’m currently involved in. So if this book could help me even 1% get closer to my financial goals, I was going to read it. And here we are.
You won’t find tactics or strategies for specific industries here. Lok’s focus is training you to get your mind right when it comes to money. With the right mind, the right actions will often follow.
Why it’s Awesome
For a book about a subject that can sometimes seem dry, Lok is pretty damn entertaining. He curses way more than necessary, makes fun of the way poor people act and continually talks about how much he loves himself. It’s basically like this narcissistic rant that would be often putting if:
- You don’t understand how marketing works
- You don’t recognize good, nuanced information when you see it
- You don’t realize that for all the grandstanding, Lok is just a regular guy who figured some things and genuinely wants to help others succeed
Fortunately, I do. So I thoroughly enjoyed it.
Here are some of my highlights:
Forget Passive Income
How many people are seeking a passive income life?
I ranted about this in my review of The $100 Startup. People want to just make their money, never have to work again and clock out. Passive income seems like the way to do it because you’re making money without trading time. So what’s wrong with that?
Plain and simple: it doesn’t work.
Money is a medium of value exchange. So when you strive to make money and no longer have to work at the same time, i.e passive income, part of what you’re really hoping for is to get something for free.
You’re a value leech. And value leeches don’t make money because…shocker…they don’t provide value. In fact, they suck value from others.
I was watching Dan Lok explain this concept in one of his seminars. In it he was talking about how Warren Buffet gives away massive amounts of his wealth, in the billions of dollars. And as he’s explaining this, a woman in the crowd pipes up and says “man, how can I get in line FOR THAT? Where do I sign up?”
She was obviously kidding. But at the same time, the fact that she even made this joked showed that what Lok was talking about right in front of her was going over her head.
She still wanted something for nothing. She still thought the way to win is by getting, not by giving. And even worse, she was totally unconscious to all of this.
Of course, that’s the reason she’s in the seminar. She’s there to learn so props to her. But it was just too perfect of an example not to point out.
Let’s go even deeper. The desire for completely passive income is also rooted in the need for completion. We all think there’s this magical time in the future where we can finally just relax and be happy. But it’s not coming. So cultivate gratitude for every moment, if for no other reason but it’s just another moment you’re alive.
The Money Myths
As I said, this book is about training you to start thinking differently. Lok does that through busting up what he calls The Money Myths.
These are all the bullshit rationalizations and / or watered down half-truths that you were fed as a child by people who didn’t even know what they were talking about. They are:
1) “Money Can’t Buy Happiness”. Maybe true, and yet this idea somehow gets twisted into the idea that you shouldn’t make money at all
2) “Rich People Are Assholes”. I.e, I’m jealous af
3) “You Can Afford To Wait”. Who wants to wait till they’re old to be rich?
4) “You Have To Be Lucky To Be Rich”. Pure victim mentality
5) “You Have To Be A Cheapskate”. Not in abundance
6) “You Have To Get Rich Slow”. Wrong, People get rich fast all the time
7) “You Have To Work Hard To Make Money”. Also wrong, for many people money is easy
8) “You Have To Be Perfectly Ready”. You never will be
Financial Confidence, Not Freedom
Everyone wants financial freedom, which is when the money you make on your investments exceeds you expenses. This is the point where you could essentially do whatever you want without having to worry about money. Sounds good right?
The reality is that the desire for financial freedom means you’re placing your power externally. You still think money controls your life. What you should believe instead is that YOU control money. That’s true responsibility.
Think about it. Someone could have all the money in the world, but if they suck at handling it, they will eventually lose it. Conversely, you could have someone who starts with no money and rises to financial power. So who is the common factor here?
That’s right, it’s You.
So seek financial confidence, which is an understanding that you control your financial destiny and have the ability to do so in a positive way whenever you wish.
Why Does It Suck
If you’re looking for 401k or standard financial advice, you’re not going to find it here. There isn’t much in the way of technical knowledge. Also, not suitable for advanced money makes.
The Wrap Up
Easy and informative read for people just getting started on their road to financial confidence. If you’re already rich you can probably skip this one.