Dan S. Kennedy’s book Wealth Attraction In The New Economy took me about a week to read. This book is part of his famous No B.S. series.
I’ve already started another book in that series on trust marketing. But in this post, I wanted to do a review of the wealth attraction specifically.
Who Is Dan S. Kennedy?
If you’re in the marketing space, you’ve most likely heard about Dan S. Kennedy. He is one of the most sought after direct marketing consultants in America as well as the author of 24 books.
I first heard about Dan S. Kennedy after watching a video of Frank Kern [who made 18 million dollars in 24 hours.] Frank has said that Dan was his marketing teacher. That alone says a lot about Dan and his credentials.
The Wealth Attraction In The New Economy contains 28 wealth magnets. I will not go into every single one of those since it wouldn’t be fair to disclose all of them. (You can buy the book here.)
What I can say is that this book contains ideas that are similar to books like Think and Grow Rich. Dan also begins the book by crediting guys like Napoleon Hill, Andrew Carnegie, W. Clement Stone, etc.
What’s Your Money Language?
In one wealth magnet, Dan goes into the Language that you have about money. Do you speak about lack, poverty, and loss—or abundance and gratitude?
For example, “easy money” can have a negative connotation depending on your beliefs. It may be considered to be dirty or undeserved money.
If you believe that is no such thing as HONEST and LEGITIMATE easy money i.e. passive income, effortless income, etc. Then you’re inhibiting your wealth attraction.
Also, if you’re saying things like “my hard earned money,” it implies that money is hard to get which is also stopping you from attracting wealth.
Furthermore here are a few DANGEROUS phrases and limiting beliefs that you should avoid if you want to attract wealth:
- Do you think money grows on trees?
- Money is the root of all evil.
- I’m not good with money.
- Money doesn’t make you happy, or you are either happy or rich—not both.
The Misconception About Time
In Wealth Attraction In The New Economy, Dan goes into the importance of breaking free from the work-money link.
Don’t just exchange your time for money. Instead, use leverage and create systems so that you can make money whether you’re present or not.
Another thing that Dan goes into is the misconception that more time equals more money. He takes the example of an older employee that asks for a raise every year.
The employer keeps replying that “I will give you a raise once you study more by going to courses, seminars, etc.”. In other words when the employee becomes more valuable!
But the old employee never does that; she expects to get paid more solely because of time spent on the job.
So, the lesson from Dan is:
If you want to earn more; become more valuable.
Grow Rich By Finding What’s Missing
The Wealth Attraction In The New Economy truly contains a lot of gold nuggets—not just for developing the right mindset. But it also gives practical advice like; find what isn’t there and serve an underserved market.
If you’re already in a specific market and you’re thinking that your product lacks a USP (unique selling point). Well, then do as Twitchell said, “When you can’t change what the product is, you have to change what it means.”
I know that Dan S. Kennedy says that the money is in the niches. A lot of people are afraid of going too specific because they don’t want to exclude potential customers.
But by going into a very specific niche—you can become much more appealing to your target audience.
For example, instead of creating a course about weight loss—you could create a weight loss course for moms.
Dan S. Kennedy’s Thoughts On Passion
Dan has dedicated an entire chapter to passion. I think that this was one of the most impactful chapters of the book.
Dan thinks that the phrase “do what you love and money will follow” is a steaming, stinking pile of b.s!
He says that he loves watching football and eating pizza. But as far as he knows—nobody is willing to pay him for that passion.
He states that it would be a very unbusinesslike arrangement to follow your passion above what the market wants.
Dan does say that you don’t want to engage in something that you hate doing. But he continues that maturity is choosing desirable outcomes rather than pleasing actions.
The success coach Brian Tracy uses a similar phrase: “successful people do what they have to do, whether they FEEL like it or not.”
Money Is Attracted To People Who Take Responsibility
There is a reason why the top CEOs gets paid such a high salary. A lot of workers complain and say that it’s not fair.
But what happens if an incident were to occur? For example, let’s say a delivered product from the factory were to explode.
The worker can go home and sleep well without having to care. But do you think the CEO goes home and sleeps well? No, he’s probably preparing a speech for the press or trying to clean up the mess.
The difference between the two is RESPONSIBILITY. And wealth favors the one who takes responsibility. That’s why the CEO can get paid up to 10x+ as much as the worker.
Dan also explains that wealth rarely goes to wimps. But courage, on the other hand, is rewarded massively.
Ideas Are Worthless Without Action
A lot of entrepreneurs thinks that an idea is worth gold.
Now, it can be.
But I think that a less greater idea with better execution is worth WAY MORE than a great idea that is poorly executed.
In Wealth Attraction In The New Economy, Dan explains that EVERYBODY has ideas. But very few people ACT on these ideas.
Wealth is attracted to action and movement.
Therefore, get going. If it doesn’t give the result you want—simply change your approach! Zig Zagg your way to success.
Because let’s face it. Success is rarely a straight line. You’ll hit obstacles along the way. And YOUR ability to keep moving, no matter what—is what will allow you to become wealthy.
Don’t Be Afraid Of Asking
Again, wealth favors the bold. Let’s face it; sometimes it can be scary to ask for what we want.
Rejection is intimidating. It can give us an uncomfortable feeling. But Dan says that it’s something that we have to overcome if we want to attract wealth.
I’ve worked in sales over the phone for a long time—and I’ve probably made over 100 000 cold calls.
People have irritated hung up the phone, said no, and flat out interrogated me. “Are you one of these phone scammers?”
But you know what. I haven’t died from it. If anything, it made me a stronger individual.
Also, by putting myself in a vulnerable situation, it has allowed me to have some great conversations as well.
And by ASKING—it has enabled me to help thousand of people save money on their electric bills and in one case, help a client to get over $10 000 back from wrongly paid bills.
And of course, I made some good money along the way.
In Wealth Attraction In The New Economy, Dan talks about the fact that successful people WANT to help.
Dan takes an example of a person who cold called Donald Trump and asked for a quote to his new book.
Trump did not only add a quote—he wrote an entire chapter of the book! Talk about great promotion for his new book! It all happened because that person wasn’t afraid to ask for what he wanted.
Don’t Feel Guilty
In a recent blog post called 3 Books that Will Change the Way You Look at Money I wrote about Ayn Rands book Atlas Shrugged.
That book talks about the fact that you shouldn’t feel guilty about making money. If anything, you should feel proud of your ability to produce.
In Wealth Attraction In The New Economy, Dan talks about guilt as a wealth inhibitor. The guilt has been programmed into our subconscious mind by people who are using phrases like “one’s fair share.”
That phrase contains limitations and wealth does not like restrictions.
To see how guilt can get in the way in business, let’s talk about price. In business, you should never feel guilty about raising your price.
Dan talks about how he has forced clients to increase their prices by 2000% without any negative effects. People are underpriced because of fear and guilt. Two of the most dangerous feeling we can experience.
Another common detriment of guilt occurs in the selling process. He takes the example of a person selling fire alarms to people with little to no money.
If the salesmen feel guilty of selling to these people, he’ll unconsciously sabotage the sale. Now, it’s not up to him to decide whether or not they can afford it or not. His job is to save people from getting their house burned down—that’s it.
Be Unashamed When It Comes To Marketing and Selling Your Products
I’ve listened to a speech once when Dan was asked, what is the biggest attribute that successful entrepreneurs possesses?
He answered that it was their ability to be irrepressible promoters and salespeople of their product and service.
Focus on developing exceptional marketing prowess, so you can begin to attract the wealth that you desire.
Clarity Is Power
The more clear you are about what you want. The more likely you are to achieve it.
Now, what does that mean?
It means numbers. It means to a set date. Ultimately, it means being specific with exactly what it is your want and when you want it.
Here’s an example of an unspecific goal or desire:
“I want to lose weight.”
On the other hand, here’s what a clear goal looks like:
“I want to lose 5 pounds within three weeks.”
In Wealth Attraction In The New Economy, Dan talks about the importance of having clear and definite expectations.
For example, by setting a specific target that you want, it allows your subconscious mind to work on solutions to attain the goal. As the saying goes, you can’t hit a target that you can’t see. So be specific.
If you want more information about goal setting and achieving goals, here are two articles that you may enjoy:
Focus On Future Banking
A lot of business owners are so caught up in increasing their income. But in Wealth Attraction In The New Economy, Dan explains that one should focus only 50% on increasing income—and the other 50% on increasing equity!
Think of ways to create lifetime customers instead of more onetime customers. This could include doing things like investing in relationships by sending out birthday cards to your clients.
You’ll not get an immediate reward from it, but you may end up with a client that chose you above their competitors.
As the saying goes, it’s hard to acquire a new customer. But it’s easy to get a client to buy from you again and again.
I Definitely Recommend Wealth Attraction In The New Economy
I’ve read many books about attracting money. But I uploaded a lot of new and powerful ideas to my brain by reading Wealth Attraction In The New Economy.
I’ve only given you a taste of what this book includes. I encourage you to read it for yourself to find out what the remaining wealth magnets are.
Thank you for reading, feel free to drop a comment below and share this post with anyone that you think will benefit it.