Download: MP3 (28.5 MB)
This was originally a bonus After Show that we decided to share as its own episode.
We talk about positioning yourself around the right people and being someone that a mentor would want to invest in.
You’ll hear Matt talk about big numbers in this episode, but remember that you are the average of your five closest friends. Matt says he’s the poorest of his five closest friends and adds that, “the only people I surround myself with that don’t make more than I do is my family.”
Matt started talking about his mentors (again, this was previously just an After Show conversion for members). I was curious about how he found his mentors, so I asked.
Mentorship is something that is given. If you ask for it, what you’re doing is asking for consulting (which is a paid service).
To get a mentor, you have a be a person someone wants to invest their time in and you have to go places where you can find these people.
Highlights, Takeaways, Quick Wins
- It is your duty to succeed—fulfill your potential.
- You’re the average of your five closest friends.
- Don’t have small talk—talk to people who will blow your mind.
- Mentors want to invest in a story.
- Mentorship is given, not asked for.
- Attending conferences accelerates the time it takes to find the kind of people you want to meet by 100.
- Make potential mentors become your biggest fans.
- 01:40 Sean: Matt’s been working on some big projects and contracts.
- 01:42 Matt: We’re still working on those. We have an $85 million, a $65 million, four $10 million, and a bunch of $1 million contracts. We won’t know anything about most of those until July. We did win one for $1.5 million for a year. We won a couple of $250,000 contracts already. I’ve been a little greedy in thinking that $1.5 million isn’t the best contract we can do. We’re making about $1 million to $2 million a month and it’s still not enough.
Normalize Big Numbers
- 02:34 Sean: What are the units you think in? I’m always talking about needing to normalize what’s big to you and people are probably wondering, “What’s with this Matt guy? That would pay my salary for five years.” People think in Xboxes, MacBooks, or $1,000 increments. Think of children’s building blocks that you stack. What are each of those blocks? What are the base level units? My units are still $100,000.
- 03:26 Matt: That’s good. It’s a game for me. It doesn’t look very big to me because I’m looking so closely at it. $250,000, $1.5 million, or $9.5 million are just alright. I’ll take it, but I’m not happy with it. I want the $100 million contracts. I know that’s not obtainable right now, but that’s what I’m looking for. I have respect for money and I’m not greedy, but when you’re playing a game, you’re always leveling up. You get higher and higher, and since you keep putting more time into it, you expect more out of it.
- 04:29 Now that I have a bigger team and I’m putting all my time into them, I expect to get $100 million contracts out of it. Our goal is still $40 million, but it’s disappointing to me to hear about friends our age winning $85 million contracts and I’m winning $1.5 million contracts. If you were in my position and winning $1.5 million contracts, you would take that $1.5 million and kick it. I’m 10 years into the business winning $1.5 million while people are telling me they’re winning $85 million contracts!
You’re the Average of Your 5 Closest Friends
- 06:21 The only people I surround myself with that don’t make more than I do is my family. One of my clients asked me why I only talk to older people. Well, I don’t want to waste my time talking to younger people that don’t have anything that I can use to accelerate my life. If I wanted to rent or borrow a helicopter or a plane, I have friends I can call! Do you have friends you can call that own a helicopter or a plane? Those are the friends you should be seeking if you want to get to that point. I am. I’m not looking to living a glorious life, but they have knowledge in their minds that I want.
It is your duty to succeed—fulfill your potential.
- 07:34 Sean: Grant Cardone in The 10X Rule talks about making it an ethical issue for him. It would be unethical for him personally for him not to achieve his full potential. Everyone asks, “What’s enough? You make money and you can always make more money.” What is your potential? The reason he’s making more and continues to make more is because he’s made it an ethical issue for him, where success is his duty.
- 08:11 He has to fulfill his potential. If I could do greater things and I’m sitting around, and I’m not, I’m being unethical. That’s what he’s done for himself. A business has to profit. It has to make more money that it needs to just barely get by or it will actively go out of business. If you want to survive, you have to thrive. You have to grow.
- 08:45 Matt: Back in high school, one of my old buddies that I played basketball with used to try to get me to go to the movies with girls on Friday nights, but now, I’m getting in on $96,000 trade deals that older guys are telling me about. Stop and think about the conversations you’re having. The people around you have to be able to 10X you. Conversations about how bored you are is depressing.
- 11:44 Sean: I’m always on with whatever I’m doing. Laci and I went to dinner Friday night and on the way, she drove so I could write an email on my iPhone the whole way. We had a 20 minute wait at the restaurant and I wrote 1,000 words with my thumbs. I had just worked 14 hours, we drove 30 minutes to the restaurant, and I finished up the email as we sat down for dinner. That’s time you could be doing something. The email I made on my phone in the car was for Value-Based Pricing and I made about $6,000 from it. Look for opportunities. Like Matt said: do you want to go watch a movie, or hang out with the guys who are making movie-money?
- 13:33 Matt: There’s another guy who I’m constantly talking with about how to create multiple streams of income. If he finds a new one, he calls me.
Don’t have small talk.
Talk to people who will blow your mind.
- 14:34 They’re going to challenge you! I can’t even begin to tell you what my mentors tell me they’re making. It makes me feel poor. We gotta step it up and make money other ways. I’m thinking about how to make an extra $100,000 or $1 million on the side, where some people would be blown away by making an extra $1,000.
- 15:20 Sean: For the people thinking, “I want a mentor,” what do they need to do? What kind of person do they need to be? Where do they need to go?
- 15:32 Matt: One of my mentors was a client when I owned the carpet cleaning business. He thought I was going places. Later, another guy gave me money to buy and flip houses.
Mentorship Is Given
- 15:50 Sean: Don’t go asking someone if they’ll be your mentor—that’s paid consulting. You don’t ask for mentorship, it’s given, and you need to be someone with promise. The advice they’re going to give you could be given to someone else who would pay them. They could be making money consulting but they want to give back and they see the potential you have.
- 16:26 They believe in you. These people have made the money and have the success, but they still have the investment mind. Even if they aren’t selling their time, they know it’s valuable. Even when there’s no monetary transaction, they still want to make a good investment with their time. You need to be someone who has promise, someone who positions themselves as a good investment of time to someone who could give you advice.
- 17:01 Matt: I’ve asked my mentors, “Why do you invest time in me? I’m just someone who’s parents worked for an airline.” They say, “We take the time because we see you hustling and that you have knowledge.” What’s most interesting to them is when I bring up something they don’t know. I’m always learning and gaining knowledge about my industry and everyone else’s, and that’s how I’m winning.
- 20:25 I always have conversations with my clients. Everyone has a unique story about how they got started in their business. I’ve found that people are interested in not how you started your business, but what led up to that point. Tell the story about how you started and then tell the backstory to that.
- 21:13 When you tell them that stuff, it blows their mind. It’s like a flashback in a movie that makes the plot make sense. I tell my clients my story from age 10 and by the end of that conversation, the clients will want to sign their retirement over to me. Have conversations with your customers and even strangers at the gas station.
- 22:40 Sean: Are you saying that you need to start having conversations with people and you’ll find mentors that way?
- 22:50 Matt: Talk to them about what you’re working on, what you’ve accomplished, and where you plan on going. If it’s unique, then they’ll pay attention. It can’t be the same sob story as everyone else that went to high school, college, and did an internship.
Mentors want to invest in a story.
- 23:10 Matt: You know how everyone talks about how important it is to master your elevator pitch? Think about it in those terms. I start conversations with the people working the register at Starbucks over the business name that’s on my credit cards.
- 24:26 Sean: Have an interesting story and tell the backstory. Tell people where you’re going and you’re going to find potential mentors. Start those conversations. In the Community chat, Moataz mentioned conferences. Imagine going out into the world during your normal week and encountering one interesting person who gets this stuff. Now, multiply that by 100 or 500—that’s a conference! (We would love to see you at seanwes conference.)
Attending conferences accelerates the time it takes to find the kind of people you want to meet by 100.
- 25:42 You may not find a mentor and that’s ok. I’ve never had a mentor, but we all have virtual mentors. Anyone who’s done the thing you want to do and who’s been successful at it can be found on the internet. They’re sharing all kinds of stuff. You can essentially find a virtual mentor. I don’t want people to be discouraged if they don’t have a mentor or they live somewhere where there’s not a lot of people.
- 26:16 Matt: There’s definitely resources and books that give you access into their head. I wish I knew Grant Cardone so he could tell me how to put together multimillion dollar apartment complex contracts. We can’t do that but we can learn as much as we can. That way, when you do meet a person who could be a mentor to you, you can have that conversation with them. When they see you’re truly passionate about it and your story is unique, who knows what could happen.
- 27:08 Make potential mentors become your biggest fans. I’ll meet people at Starbucks who ask me about the Lambo sticker on my laptop. I get to tell them it’s what I’m working toward. I may not want them as a mentor, but they may know someone to connect with. I love conferences because it filters out people who won’t put the effort into mentoring me. When you’re at a conference, everyone there is thinking about the topic of the conference.