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This is where it all begins.
Two entrepreneurs take you behind the scenes of their businesses, share real revenue numbers, real struggles, and every step along the way to achieving a huge goal.
This is a podcast about business.
It all started in April of 2014. In e068 of the seanwes podcast, I said, “You have one life. Set bigger goals.” As of this recording, it remains the single most popular episode of the seanwes podcast. In it, I shared my big goal—the goal that ultimately became known as the Lambo Goal (you’ll hear more about that soon).
The purpose of sharing this was to inspire people and to get them to dream bigger. Step 1 is to find your Lambo Goal. No, it doesn’t have to be a supercar, but in a nutshell, you want to take your biggest goal and double it.
My official Lambo Goal (and the one Matt adopted as well) is to buy a Lamborghini Aventador (a $400,000 car) in cash, but only when it represents 10% of my money. No, I’m nowhere even close to that. It’s just a big goal I’m setting.
Some people think that’s dumb. That’s ok. They’re not who we’re doing this show for. Plenty of people spend 10% of their money on worse things. I’ve had a dream since I was a kid and it’s a motivation for me.
We want to show you what it looks like to set a goal that will motivate you, and then do the hard work for as many years as it takes to achieve it.
This show is the chronicling of that journey.
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What Is a Lambo Goal?
- 00:16 Sean: Matt and I had an exclusive podcast on business for awhile that was only available to Community members, but we decided that we wanted to switch to doing a public podcast. We weren’t sure what to call it though. All along we’d been planning to do a quarterly Lambo Goal video show chronicling our journey to buying a Lamborghini in cash when it represents 10% of our money, so we decided, “Why are we trying to come up with a different podcast and a different name when we’re all about this concept of the Lambo Goal?” It’s not exclusively about getting a supercar or whatever, but about having a goal that is bigger than you would normally dare to dream. So we decided to put it all together and call it Lambo Goal.
- 02:03 Matt, can you explain for the new people what the Lambo Goal is? Because, you know I love Lamborghinis. Is it just about Lamborghinis?
- 02:22 Matt: No, no, no. Big picture. “Goal in life” kind of thing. A lot of people ask me, “Why does it have to be a Lamborghini” and I say that a Lambo is just one of those things that floats my boat, but it could be anything large, any large dream that you have.
A Lambo Goal is a concept. The goal doesn’t have to be a supercar for you, it just means dreaming bigger than you ever dared to dream before.
Your Lambo Goal can be anything.
- 02:45 Sean: So we set the example by sharing our goal: Our common goal is to buy a Lamborghini Aventador, a $400,000 car, in cash, when it represents only 10% of our money. We want to dream super big and really challenge ourselves. It’s not just about getting a cool car, it’s about taking your biggest dream and doubling that, or 10X that and thinking super big. So for us it is getting to a place where we can get a Lamborghini, but it’s not about the Lamborghini. If it was, there are easier ways to get a cool car. You can go into debt, you can save up the exact amount and buy it but it’s about a lot more than that.
- 03:51 This show is really bringing people behind the scenes and letting them come along for the journey. In the coming episodes, you will hear us share real numbers. We’re not going to obscure anything. We want to help you and show you that this is possible. Our aspirations are such that there is no doubt we’ll reach the goal. We’re going to get there. At some point we’ll have these super cool cars and, of course, a lot of other people will notice us who don’t care now because they don’t care about the mind-set behind it, the hard work or the business. To them it’s about the super cool car.
- 04:48 We are thinking ahead about the people who ask “How did you do this? What’s the shortcut? What’s the easy way?” And we’ll say, “Look, we have a show that we’ve been doing for years. Every step along the way we shared all the details. You can go back, you can get what we’re about and understand the mindset that goes behind this as well as all the hard work.” So we wanted to have this place where people could go and start from the beginning. It would be really easy once we get there to simply tell a cool little story, but I think what’s even cooler is starting before you’ve actually reached it and talking about the mindset and the hard work beforehand. I like to say that in my mind I’ve already achieved the goal. I’ve already got the Lambo. It’s in the garage, waiting for me to pull it out and drive it. I’m just waiting for reality to align with my mindset. So this is rolling back the clock, coming back to the beginning, where we are thinking big. We are thinking in terms of already having achieved this goal and are just waiting for reality to align with our mindset.
- 06:19 Matt: One of the things I really like about this show is that people can see us go through this journey as real life entrepreneurs who are working towards this goal. What a great way for someone to learn and get inspired to believe they can get their own Lambo Goal. Some people have told me, Sean, that their goal in life was to travel, so they want to work really hard right now, put some money in the bank and eventually have enough passive income to travel the world. That’s fine if that’s your Lambo Goal, but you’ve got to work toward it. It’s really exciting to have this opportunity to do this and to show people how we’re doing this.
What Do Sean and Matt Do For A Living?
- 07:15 Sean: For the people going back to the beginning and maybe hearing this years from now, one of the biggest questions will be “What do you do for a living to be able to afford a Lamborghini?” Obviously the answers we give now are going to be very different from what they are years in the future. You’ll be able to hear along the way how that changes. For now, Matt, do you want to tell people about what you do and I’ll do the same?
- 07:50 Matt: Real quick, could we answer on question that I get asked a lot, which is “How did we come up with the Lambo Goal?” How did we originally come up with that?
- 08:09 Sean: I had gotten inspired by some conference talk about dreaming big, and I decided to multiply that. Take a big goal and make it even bigger. So, not just getting a dream car, but buying it in cash, and when it’s only a small percent of my money. You might have been involved in this ‘ten percent’ thing. You suggested making it a small fraction of the money and threw out ten percent and I said, “Okay. I’ll do it.” So we’re sticking to it.
- 08:49 Matt: So I currently still have a daytime job. I’m an engineer and I help out a government consulting agency and manage and oversee a bunch of engineers. That’s how I pay my bills. I work part time there, so I typically work about 20 hours per week. I also do some entrepreneurial things. One of the things I really like about this show is talking about the different business things I’m doing. I do a little bit of consulting to help small business grow, I help existing business that are medium to enterprise level change up some of their strategy. I personally have a landscaping business, a carpet business, and also renovate and flip foreclosures. I’m really trying to keep it under a minute. There’s more, but that’s it for now. We’ll add more as we go.
- 10:28 Sean: My background is in design. I was a web designer and ran a firm for a time doing web design for clients. During that time I got into hand lettering. I realized that I could just do hand lettering for fun, just because I enjoyed it. I did it for a few years and just posted stuff online. Gradually instead of just sharing my web design work, I started sharing more and more of the lettering, until I decided to share lettering exclusively. After about two years, people started to see me as the lettering guy because that was all I was posting.
- 11:44 I used lettering as a form of voice to speak the things I wanted to say. So, whereas you might tweet something or post a status, I would take that and turn it into lettering to make it something that looked cool too. Eventually people started wanting prints and t-shirts of my lettering. Clients started coming and asking for custom lettering. While I had the day job working for the web firm, I did some client work for lettering during my nights and weekends. Since my bills were already covered, I invested that money in products and eventually phased into doing lettering full time.
- 12:42 I realized about a year into that, as well as the physical products were doing, people really wanted to learn how to get into lettering for themselves. I decided to put a guide up on my site that was viewed by more than 200,000 in the course of a year. I realized there was a lot of interest and that I needed to go deeper. I kept working hard at client work and saved up enough money to stop doing client work for about 6 months. At that time I started the seanwes podcast and also started work on my Learn Lettering courses to teach people how to make a living as a hand lettering artist. Long story short, that went really well and I made six figures in three days. I have now shifted more towards business. I still enjoy lettering, but because of the success I’ve experienced with selling products, working with clients, and teaching people, I made the shift to business. My passion is helping other people make a living at their passion. That’s what I’ve focused on with the podcast, with my writing, with my tv show. And with the Lambo Goal, I want to bring it down to the nuts and bolts of business and help them do that.
- 15:00 After we had done a bunch of shows for the seanwes podcast, I realized that people were emailing me all the time with really great questions about the show, great comments, and feedback and I was having these amazing discussions over email with people and that was that was the only place it was happening. It was me and this other person having this conversation and no one else got to benefit from. If this was somewhere public or on a forum or somewhere where people could see it, they could all benefit from it. So that’s why I created the seanwes Community. This podcast and all of the other podcasts on the seanwes network are completely ad free. We don’t do sponsors on any of the shows. It’s 100% supported by the Community. That’s basically a membership site for people that listen to these shows and are the entrepreneurial type who are wanting to go after what they love doing and make a living with her business whether it’s online or off-line. They want learn about things like marketing and pricing on valuing and charging what they’re worth. The community is a great place for that. So that’s kinda my story so far. Right now I am working on growing the community and I’m really excited about what’s to come.
- 16:38 Matt: You’ve really come a long way from just having the lettering as something extra you do on the side. One of the things that I loved hearing when I first met you was that you were pursuing lettering after hours and putting in extensive hours, and that’s not something you see too often. I respect you for that. Good man.
Sean and Matt Aren’t Sure What People Do For Fun
- 17:17 Sean: Matt, I just realized… you know how we joke about what people do for fun, and we say “I guess they go bowling?” Well, that’s how we met. Our wives orchestrated this, they met through a mutual friend or something. All I know is my wife Laci says, “We’re going to meet these people that you don’t know and we’re going to go bowling.” And I’m like “This is going to be the worst thing ever.”
- 17:50 Matt: Who does that? Who in their right mind does that?
- 17:55 Sean: So we go to this bowling alley, and we were two couples who hadn’t met before, and we were trying to have a conversation between turns. You just keep passing each other, back and forth, back and forth. It was terrible. I didn’t even get to talk to you. It wasn’t even a good game. So afterward we decided to get some frozen yogurt. We ended up being there for something like five hours until they closed sometime after midnight.
- 18:47 Matt: We barely touched on what we do.
- 18:55 Sean: Here’s the fun part… I didn’t know what Matt did until two years later because there’s so many different things.
- 19:04 Matt: I didn’t know Sean at the time, that he was such a good entrepreneur and hustling, so I was afraid that if I told him what I did he would think I was insane. Anyone else I had told would say I was crazy and say “Do you just love money?” And I say “No, it’s just fun.” It was really like a year later that I really started to break it down for him. So that’s how we met.
- 19:52 Sean: You kinda have the simple “dayjob” answer for people.
- 19:58 Matt: It’s a great fallback answer because when people ask me I’ll give them the look like, “You don’t really want to know” and then I remember that I have the day job and just tell them that I’m an engineer. Then I’ll ask them what they do and sometimes if they have a business I would like to do business with it makes me want to retract my answer and tell them about my other business and investments. Ultimately I just maintain that I’m a regular guy working 9-5 so I don’t have to get into all of the details.
Why Should You Have A Lambo Goal?
- 20:50 Sean: I’m looking at some of your notes here for the outline and you’ve got a bullet here that says “Why have a Lambo Goal?” I’m curious to hear your answer to this question.
- 21:12 Matt: One of the things I realized when I set this Lambo Goal is it made me think “future.” What are we doing all this for? Why are we hustling so hard? Why not do the normal thing that everyone else does and just go to your job, come home, play with the kids and watch Netflix. I hear that’s what the people do… and go bowling. Having a Lambo Goal really helps you focus.
- 21:47 Sean: Now is that a lamb bowl go… goal? That’s really hard to say. Sorry.
- 22:00 Matt: Having this goal really helps you focus and strategically put together a plan to get to where you really want to go. I noticed that before I had the Lambo Goal I was all over the place. I was doing good and having fun doing business because it’s what I love, but I wasn’t really going in the right direction. I wasn’t going where I wanted to go because I thought that I was doing the best I could do when I really wasn’t.
- 22:31 Ever since we started talking about the Lambo Goal, I’ve changed my strategy to focus on the Lambo Goal itself because ultimately once I reach that, we’re going to Hawaii and we’re done.
- 22:47 Sean: When you have a lesser goal, something that’s smaller and easily achievable, it’s not as much of a motivator or as much of a driver. Once you hit your goal it’s kinda like “Eh, okay.”
- 22:59 Matt: It’s a challenge because it’s not something that’s easily within reach that will take a couple of years. This could take ten or twenty years if we just sit back and take it easy, but if we work hard every day and push, push, push, we could get to that Lambo Goal more quickly.
- 23:25 Sean: It’s different for everyone. If you have kids or a lot of responsibilities, you can’t necessarily have the same kind of aggressive goal or time-frame expectations as someone else who has fewer responsibilities or expectations on them. You need to find what it is for you. It may not be the Sean and Matt Lambo Goal. It may be something else because what takes you 5 or 10 years might look a lot different then what takes someone else 5 or 10 years.
- 23:59 Matt: I’m glad you brought that up because I know for some people it might look difficult to set a Lambo Goal and think “I don’t know if I could ever achieve that because I have a family.” I can speak from a little bit of experience because I have one-year-old, he’s 15 months now, and he and I need to spend time together which takes time away from my business, which is fine because we have to have a balance in life otherwise we’re just robots. I had to figure out a balance. When he came into our lives I had to figure out how to get to this Lambo Goal, get some things off my plate to allow my son and I to spend time together, and at the same time still be able to hustle as hard as I possibly can.
- 24:52 That was really difficult because I had to go back to the whiteboard. Sean and I are notorious about our whiteboards. I’m all about pictures and have to see it to believe it, so I wrote down everything that I’m doing right now and where I want to get to. From there we could say “we need to take some of this stuff off” and “this is a waste of time” and put together a solid tight plan. I think that’s one of those things that if I didn’t have the Lambo Goal I just wouldn’t do because I would just be going. I wouldn’t have a direction. I would just be going in what seems like a direction but really isn’t because it doesn’t aim at a standard or expectation.
Having A Lambo Goal Affects Everyone Around You
- 25:39 Sean: So you had a bullet here, “How having a Lambo Goal affects everyone around you.” It really does affect a lot of people-your family, your spouse, your kids. In my case, it was something I had to talk about with my wife because one of her dreams is being able to live in New York City and she asked, “If you have Lamborghini, how are we going to store that?” She’s afraid that one of her dreams is going to be crushed by one of my dreams. I had to reassure her that it’s not just about the Lamborghini. The Lamborghini is just a tangible thing. If we just set a goal of making 4 million dollars, that’s not going to be enough of a motivator. It doesn’t have a face on it. It’s not something to hold on to. The reason I’m going to get to 4 million dollars is because I have the Lambo Goal. If I didn’t have this, I wouldn’t make it to that point. Part of the nice thing about having it that far beyond is that it’s not going to make a dent in my resources.
- 27:20 People are like, “Oh, you’re going to buy a Lamborghini. You’re one of THOSE people.” Well what do you spend 10% of your money on? Take inventory. Do you do fun stuff? Do you take trips? Do you go on cruises? Do you buy a big huge entertainment system or a stereo for your car? What do you spend 10% of your money on and why are you judging someone else? Part of the reason for that goal being so big is so that I have the extra resources to help my wife with her goals and enable her goals, to make those goals a reality. If she wants to live in New York City and that’s one of her dreams, we can make that happen. Maybe part of the extra resources go towards paying the insane amount that it would cost to have a garage every single month in New York. Or maybe just got it but the Lamborghini in storage or something like that.
- 28:17 It’s a mindset that says, “How can we achieve what we want to achieve.” Not looking for limiters or excuses and saying “Oh well. You have this goal and I have that goal and your dream encroaches on mine so there’s no way to do both.” Instead, see this as a challenge. How can we enable your goal and enable my goal and work towards that? That’s on the home front, with spouses and people super close to you.
Don’t tell everyone your big goals. Tell only the people who will believe in you and help you achieve them.
- 28:49 Now, let’s zoom out just a little bit to your immediate circle of friends. You don’t want to just shout out your big goals to this group. People will look down on you, they are going to call you impractical, or maybe even say that you’re ridiculous. Tell only the people who will believe in you and help you get to that point. Tell someone who will say “I know you can do this. I’m already believing that you will do this. I’m going to be here to keep you accountable.” If you feel like some of your immediate friends could be those people for you, you can tell them, but you’ve got to be very careful because this can significantly affect your relationship with people if they are only going to try to talk you down.
- 30:05 Matt: You touched on exactly what I was going to say. There are two things the Lambo Goal does for everyone around you. One, it helps everyone get into a better mindset. And two, because you’re striving towards a ridiculous goal and will have some extra income, you can use those extra resources to help others reach their Lambo Goal. Ultimately it’s not just about your own goal, but it’s about helping everyone around you along the way. It’s not all about having money for yourself or having a super car in your drive way, but helping everyone reach their own Lambo Goal.
- 30:50 When I shared the Lambo Goal with my family over the holiday, a lot of them said it was ridiculous and stupid and just walked off. But some of them stuck around and said “Wow. That’s a really big goal. How do you plan on doing that?” They’ve seen where I came from and what I’d have to do to get to my goal, so they said “Let’s hear him out. What’s your plan?” So I shared what I am currently doing and what I plan to do in the future to get to my Lambo Goal. At the end of it I asked them, “Do you have a Lambo Goal?” A lot of them said “Yeah, yeah.” Then I went deeper and asked them “How are you going to get to your Lambo Goal?” You start getting people’s mindset to change and even if you’re not giving them money that mindset shift is as good as gold. You’re planting a seed in their mind to figure out something beyond what they are just doing every day. A lot of people have the motivation and the passion to do something, but they don’t know how to put it together. That’s when I tell them “LamboGoal.com. You gotta go see these guys.” I’m talking about us.
You’ve Got To Change Your Mindset About What “A Lot of Money” Means
- 32:21 Sean: People have asked us, “Are you going to share the real numbers and revenue along the way to reaching the goal?” People know that the goal is 4 million dollars so once we reach it, they know that much. We’re not trying to hide anything. We want to be helpful here and share real numbers. We may not be able to always add everything up exactly, but as much as possible we want to give you real numbers as they happen. So where I’m at is, yes I did make that really successful launch—the six figures in three days—but of course that’s a huge spike at a launch and not something that’s sustained indefinitely. I do get revenue from other things on a residual basis, but when it’s all said and done it’s not like I’m sitting on six figures right now. I just spent $50,000 on a chat system. Earlier in the summer I spent nearly $20,000 on more web development which I’m about to have more done. I’ve had an app made. I spent $50,000-$60,000 on contractors. High five figures in taxes. I’m not sitting on a bunch of money right now because I’m putting it back into the business. Right now I probably have $30,000.
If you think a million dollars is a lot of money, you might get $100,000.
If you think $100,000 is a lot of money, you might get $10,000
- 34:04 Some people are going to say “Well, that’s pretty far from 4 million.” And that’s true. For other people that’s going to sound like an extremely large amount of money. And it is. It’s all relative to how you’re thinking. The reason I have that is, obviously because of the hard work I’ve put in for the past five years, but also because—and I truly believe this—If you think a million dollars is a lot of money, you might get $100,000. If you think $100,000 is a lot of money, you might get $10,000. Its about how you’re thinking. It’s about your mindset. I decided, back when I had less than five figures in the bank, before I launched my course, I was not going to think of a million dollars as a lot of money. That was only a year ago, back when I only had a couple thousand dollars in the bank. I believe that mindset is, in large part, why I am where I am now. I think that’s going to be a large part in where I’m going, and that’s the same for everyone. You have to adjust your mindset. If you think $30,000 is a lot of money, then you’re not going to get that much. You’ve got to think bigger. Even for me there’s an upper limit. Honestly, I think 8 or 9 figures is a lot of money. I hope I can break through that, but because that’s where my mental ceiling is, there’s no question in my mind that I’ll reach 7 figures.
- 36:13 I have this very strict no-debt mentality. I’ve talked about how I sat on the floor with no couch, our mattress was on the ground, we shared a car, we had a poor-person tv, and we did that for months because we were not willing to go into debt. I was not going to borrow money or live outside of my means. It isn’t worth it to me. I’ve lived by that standard and I think it’s paid off. But for someone who is in debt right now, maybe $30,000 seems like a lot of money, you’ve got to get around people that think big and immerse yourself in this kind of talk. You need to change your way that you’re thinking. To me, and I’m not trying to be dismissive, $30,000 is scraping by. I’m thinking “Man I’ve got to hustle now.” Now there are 3 people who work for seanwes and when you’re talking about payroll in the 5 figures every month, that means I’ve got to hustle. I decided to put out that real number so people know where I’m starting from. It wasn’t that I inherited 3 million dollars and I made it to the Lambo Goal. This is where I am. I’m going to keep people posted on this show. Only on this show.
- 38:00 Matt: About a year ago I started investing in these other small business that I own, kinda just for fun. The landscaping business was something that I wanted to do just so I could stay in shape. When I was doing the consulting work I wasn’t really staying active and it was affecting my health. I also wanted to get a tan and I didn’t want to pay to get a tan or pay a fitness membership. What better way to get a tan and get into shape than starting a landscaping business? For about the first year I put in $2000. We bought equipment and some marketing and then it just exploded. A year later, one of my employees told me that he was going to run a carpet cleaning business. I did some research and decided to use some of the landscaping money to lend toward starting the carpet cleaning business with that employee. Many of our existing landscaping clients gave the carpet cleaning business a good spike in the beginning. Sean, I was complaining to you that it felt like I was borrowing money from one of my other businesses. People said I was crazy because I was essentially borrowing money from myself, but I treated it like a loan from one entity to another and charged interest on that loan. What people don’t get is that it’s not my money. They think “You’re doing pretty good man!” And I say, “Personally, I may have $5000. I’m just like you, man. I’m not doing any better than you are.”
- 41:16 Sean: You’ve got your money in the business.
The Importance of Investing In Yourself
- 41:17 Matt: Everything that I make, I want to put back into the business. When the money is in an investment like a business or something that’s going to earn you money, that’s better than it just sitting there.
- 41:39 Sean: You and I had a Community-member-only show that we were doing for a while and we were talking about the top 5 ways to invest. You can invest in the stock market, real estate, and mutual funds. But you said, “The number one thing to invest in is yourself.” You’re the one who’s going to hustle and bring that return. Someone else isn’t going to hustle to that same degree when it’s your money. Investing in your education, or investing in your company’s gear is going to turn around a profit much quicker. Investing in yourself is going to give you a much better return.
- 42:29 Matt: When you put that initial investment in yourself, it does something to your mind because you know this is real. Whatever you’re doing for your passion or your business just becomes real and you go into top gear and just attack it, versus if you are just working for somebody else, you will only do the bare minimum to get by and just go along with the flow. There’s something about investing yourself in your own business that makes it like your baby. You want to do the best you can for it, and that’s what has motivated me up to this point.
- 43:19 Sean: You don’t want to just put money under your mattress because it’s not going to do anything for you there. You’ve got to invest it, but that doesn’t mean you have to go buy stock. Investing can just look like putting it into your own business. That’s why we only have a handful of thousands of dollars set aside. The rest of it we just pour back into the business. We are trying to expand or grow to where eventually taking 4 million is going to be nothing. That would be ideal.
- 43:56 Matt: The plan is to build a machine that has 4 million that we can pull from that is ultimately ours. That doesn’t mean we’re going to sell our business and just live off of the interest of the 4 million dollars. We are going to pull 4 million from the revenue that the business has built up. I came from a family that had a very entrepreneurial mindset. Growing up I was homeschooled, and in the morning we’d do school and then in the afternoon we ran a snow-cone shop that my family started. We learned pretty quickly that making 50 cents wasn’t easy. My family started this so we could get an idea of business. Whether we liked it or not that was cool. They were working for Southwest Airlines and also did some real estate on the side which was doing very well and they wanted to show us the potential. Because they worked for Southwest Airlines we were able to fly for free. Traveling and working the business really opened our eyes to the potential of the opportunities we have available. So all of our brothers have business and still work for a company to pay our bills. We don’t want to put the pressure on our business to pay us if we can put that money back into the business to make more money as an investment. It’s a lot harder than either just working for a business or just working for a normal job, but the results are priceless.
- 46:25 Sean: Now I would recommend getting to the point where your business can pay you. Ideally you want to get to the place where your business is supporting you and you’re able to work for it. At first, having a day job is a good idea. I talk about this in the book that I’m writing at OverlapTechnique.com. I call it The Overlap Technique. You get a day job to cover your bills and then you work on the side stuff. This way you’re covering your bills and are not tempted to compromise on your quality or professionalism in order to pay your bills. You can do it top-notch because you got everything covered. Eventually though, as I’ve been encouraging Matt, you want to get to the point where you’re paying yourself with your business. I pay myself a salary and I’m invested in my business. I no longer have to wake up and go somewhere else, switch to a different mindset, or focus on investing in a different company, organization, or platform. I wake up after dreaming about my business and I get to work on my business.
- 47:46 Matt: That’s the ultimate goal. I’m probably at the point where I could quit my job, but right now I use my job as a networking tool because I’m around a lot of the individuals and that’s ultimately where I land different business deals. I also use it to my advantage in the sense that I’m still learning a lot of different things about business.
- 48:37 I have a lot of mentors and that’s what has made me what I am today. I listen to a lot of things that inspire me and also have mentors that have businesses or have gone through the journey of making the transition from the day job. I have one mentor—he was just insane—who quit his really comfy job as a lawyer making $100,000 and now he’s making well over 10 million easy. He was telling me that it was really difficult and that he almost went bankrupt. Hearing his story and how he got through it has really helped me figure out and plan what to do better or what to let go of. Find those people in your life that can help you, just by listening to them. I want to hear what other successful people are doing.
- 49:43 I also want to hear what normal people are thinking. I want to hear from the people who want to work a 9-to-5 job and the reasoning behind why they think they have to be there. Ultimately this helps me teach other people because I’m hearing real life stories from people who are saying “I’m stuck here.” I’m able to look at it from their perspective and ask, “How would I get unstuck?” and come up with some solutions. Ultimately when I do quit my job I have the experience I gained from those talks and explanations that I’ve given to real people. If I were to just come on a podcast or talk to some individual and only say “You should quit your job,” it wouldn’t mean the same thing. Now I can point to real examples, like this coworker I had who was 40 years old and felt like he couldn’t really leave his job. After talking with him and encouraging him, slowly but surely, his mindset has shifted and he’s about to quit his day job. Helping these people is ultimately helping me in my overall goal and in my overall mindset. But yeah, I am getting to that point where in order to make the Lambo Goal in a reasonable amount of time I’m going to have to quit the day job. I’m getting very, very close to that.
Create A Plan
- 51:11 Sean: Just to break this down and live up to the title a little bit—obviously we can’t tell you in an hour how to buy a Lamborghini in cash. The point is this show is the journey to doing that. It’s not “Step 1: Inherit millions of dollars.” You’ve got to work hard. You’re asking “How? What kind of hard work?” That’s why we’re here. We’re trying to give you the mindset stuff up front and help you understand why we’re thinking so big and crazy like this, but this show is going to be about business. We’re going to get down to the nuts and bolts and talk about real stuff. We’re going to talk about real numbers and tactics, but initially, it’s the mindset stuff that you really have to understand and grab ahold of in order for the tactics to make any difference.
- 52:17 So how do you NOT buy a Lamborghini in cash? Continue working your day job because, guess what? Yeah, it’s safe. Yeah, it’s cushy. Yeah, you have a guaranteed amount of money. But along with that guarantee, that bi-monthly paycheck, comes a guarantee that you’re not going to go above that. You are limited to what they are paying you. Maybe you’ll get raises, but we are talking 2% or 3% maybe in a year? You’re not the owner. You’re working for someone else. You’re building someone else’s platform. You’re living in their fortress and you don’t control that. Something could happen and you’re gone, you’re done. Companies layoff people all the time. People don’t stay in jobs for 20, 30, 40 years anymore. You are essentially buying into the façade of job security because it feels good not to have to be the person that worries about paying the bills. Someone else is worrying about “How are we going to make money? How are we going to do payroll?” They are going to pay you no matter what… unless they go under, which is a reality. You’re trading all of your freedom for the façade of safety and security. Along with that paycheck comes to guarantee that you’re not going to get more. You’re trading your time for money. Your efforts are not compounded. You can’t grow exponentially. You’re limiting yourself.
- 53:53 So yes, you need a day job to pay your bills, but step one is to start overlapping. You’ve got the day job, now overlap that with some sort of side pursuit. What do you love to do? What do you enjoy doing? How can you help people? How have you helped people before? Essentially this show is about business. You’ve got to start a business. We are here to help you start a business in what whatever field or whatever venture you have, and we’re going to try and tell you what to expect, how things go down, how everything breaks down, where funds are allocated, what you have to consider, what you have to be aware of, all of those things. You need to start a business. Obviously there’s a lot that goes into that and hopefully will have a few shows in the early stages here that touch a little more on that. Matt, do you have any input here on how to buy a Lamborghini in cash? So someone’s got a day job and they want they want to start a business—in a zoomed out sense what are the steps to being able to purchase someone’s Lambo Goal, whatever that is?
- 55:02 Matt: First you have to have a plan. You can’t just wake up one morning and think there’s going to be 4 million dollars in the bank. That’s just not realistic, unfortunately. You have to figure out what you have to do to get to that point. Where are you right now and where do you need to be? Don’t think about it in terms of time. It’s good to have deadlines, but when you’re strategizing to get to your Lambo Goal, don’t put a timetable on it or you could cripple yourself. It’s hard enough to account for everything it takes to run a business. Break your big goal down into reasonable goals.
You can’t compare yourself to normal people if you want to achieve the extraordinary.
- 55:55 Sean: So now you have your Lambo Goal. Remember, this is something big. We want you to dream big. It can’t just be a number like 10 million dollars. It needs to be something tangible. For us it’s the Lamborghini. Like we’ve said, it’s not about having a supercar, but it’s about dreaming as big as you possibly can and having a tangible goal to go after. You want to be able to put it up on your wall.
- 56:41 Now that you’ve got your goal, an exercise I like to prescribe is this: write down 20 things that will get you to that goal. These should be 20 things that will get you a step closer to your goal. What is something that can make money that you can do? Five is easy. 10 is still pretty easy. Once you’re in the teens you will have a harder time coming up with ideas, but I want you to press through. I want you to press through those teens and I want you to get to 20 and save this list. Write down your Lambo Goal and save the list.
- 57:29 Here’s the important part: every single day you need to be doing one of the things on your list. Every single day do one little thing that will get you one step closer. Don’t go a day without doing that. If you haven’t done one of the things on your your list of 20 things to get you to your Lambo Goal don’t watch Netflix. You have to sacrifice. If you want to achieve big things, you have to do what other people are not willing to do. You can’t compare yourself to other people. Normal people play video games. Normal people surf online. Normal people go to movies. Normal people go bowling. You can’t compare yourself to normal people if you want to achieve the extraordinary.
- 58:15 Matt: Exactly. If you want normal results, do what normal people do. There’s nothing wrong with that. The world needs normal people.
- 58:25 Sean: The normal people didn’t make it this far into the show, so we’re not offending anyone.
- 58:32 Matt: Some people will just put 20 big-ticket items on their list and feel a lot of pressure when trying to accomplish any one item. Don’t make one of your 20 items something like “starting Facebook.” I encourage you to start small at first. Make your goals manageable and then work up from there. You do want to have big items on your list to work up to, but don’t put 20 Lambo Goals on your list. Unless you inherited a fortune, you have to work from where you are. Start small so you can focus and accomplish those goals as you work up the list.
- 1:00:14 Sean: With the web-firm I started with a partner I worked 9 or 10 hours per day, sometimes six days per week. Here’s the other important part: I spent between six and eight hours every night and my weekends working on my side passion which was lettering. I did this in addition to the day job. Do the math. It’s between 16 and 18 hours per day. Again, we don’t all have the same levels of freedom, but I had a lot of free time and I capitalized on all of it for years. I showed up every day and worked hard for many years before the results came. You may not have all of that time, but what are you doing with the time you do have? Stop comparing your six hours to my 12 hours. Stop comparing your four hours to someone else’s six hours. You have the time that you have and you have the choice between spending it on something meaningful or doing something that doesn’t matter.
- 1:01:28 Matt: And like I said, start small. Sean, didn’t you once tell me a story about what it was like when you were younger working from home with your siblings?
- 1:01:40 Sean: About 11 years ago I was doing computer repair and working from home. I am the oldest of more than a dozen kids, so there was constant noise, so I had to wait until everyone went sleep so I could focus and get some work done. It didn’t really quiet down until after 2am, so I would work from about 2am to 4am.
- 1:02:22 Matt: That’s what I’m talking about. Carve out that hour, then work up to the second hour. Then the third. The hardest thing is getting in motion, but once you get the ball rolling, you start figuring out how to put in that time to work toward your passion and your goal.
- 1:02:49 Sean: It’s more than just looking earlier in your day or trying to find extra time. Sometimes you have to go back to the day before. Ask yourself, “Why don’t I wake up early? Because I go to bed at 1am. Why don’t I go to bed until 1am? Because I’m looking at reddit on my phone. Well, why am I doing that? Because I’m not done with my tv show until 12 which I start watching at 11, or sometimes at 10 because I’m binge watching.” What are you doing? You’ve got to roll back and examine what you’re doing the night before. You’ve got to ask, “What am I choosing to say yes to and what can I start saying no to that will enable the things that are really going to make a difference in my life?”
- 1:03:40 Matt: A mentor once gave me some great advice. He said, “Matt. On an hourly basis, ask yourself if your older, wiser self would approve of or disapprove of what you’re doing.” Think about it. With every hour of your day, ask yourself “Is what I’m doing right now adding value to my life?” Did binge watching that show on Netflix ultimately provide value toward your goal? There’s nothing wrong with watching Netflix. I got in trouble for saying something about Netflix the other day. I’m a normal person too. I enjoy watching shows. Right now I like to watch “The Blacklist.” But when you start thinking about your time, break it down by hour and ask yourself if what you’re doing is helping you achieve your goal.
- 1:05:14 Sean: I watch a tv show every single night. But I do it while I eat. If it wasn’t for my wife, but she says it’s necessary. If you’re going to eat dinner anyway, you can’t really work. So we sit down and spend time together eating and watching a show.
Make “Heart Time” and Communicate Your Goal Clearly With Your Significant Other
- 1:05:40 Matt: What do we call it Sean? We call it “heart time.” You gotta put in that heart time when you’ve got a significant other.
- 1:05:45 Sean: This is a whiteboard story. We had mapped out Matt’s whole situation between his businesses and his day job and had to ask, “Where does family time fit into all of this? Do we have to cut it out?” Time with your family—that heart time—is really important. If you’re single you have a lot of freedom, but you’re sad because you don’t have someone to share that freedom with. If you have a family you are not lonely, but you’re missing the freedom. It’s really easy to get caught in the trap of being dissatisfied with what you have and wanting what someone else has that you don’t.
- 1:08:08 I like to approach it like this: the time outside of that 40 or 60 hours that you spend working needs to be split. It needs to be split between heart time (time with your spouse doing things they enjoy doing) and time for yourself. As children come along, you continue splitting your time so that you can make heart time for each person in your family. However, you have to protect your you time.
- 1:10:23 You need to have a conversation with your spouse about this so you are on the same page. During my personal time I would often be working on lettering because it’s something I love to do. My day was over, but I was still there at my desk working on something I love. To the outside world and to my wife it looks like I’m still working. If I didn’t communicate that, people would just think I was a workaholic. You’ve got to communicate and say something like, “You know how you like to go and have coffee with friends on the weekends? You know how you like to read a book? You know how you like to have parties? Those are things you enjoy, and the things I enjoy are drawing, or writing, or producing electronic music. These things that look like work are the things I’m passionate about. When you want to go kayaking with friends or go to the movies, those are things you love to do and I want to support those. I need you to support what I love to do.”
- 1:11:47 You have to define those things because a lot of the time they look similar to what you do during the day and can be perceived as added work. Yes, the more responsibility you have the smaller that “you time” is going to be, but it’s proportional to your responsibilities. You have to protect it and control it. You can choose to watch Netflix or play video games. There’s nothing wrong with those things. But if you want to get ahead, you have to choose what you do with that 2 hours or 4 hours of “you time.”
Magic happens outside your comfort zone
- 1:12:53 Matt: Whatever you put in is what you get back. It is hard in the beginning. You have to sacrifice. Think about it with a long-term mindset. Keep looking ahead. Don’t just focus on your current circumstances. Stay positive and motivated by surrounding yourself with knowledgeable people who will support and motivate you. Communicate your passion clearly to those significant people around you so they can also support you in pursuing it. When you start to put the time toward your passion and purposefully carve out the time, things start happening. You’re going to have dips and pitfalls. Learn from them. Grow from them. Magic happens outside your comfort zone. I hope that as you listen to this show, you’ll get some good ideas, you’ll get to learn from our mistakes, do it better for yourself, and ultimately achieve your own Lambo Goal.