The Lazy Millionaire

by Marc Fisher

  Here are a few rules that will help to ensure that your profitable afternoons will be successful:

  FIRST RULE

  Don’t choose a workday, when you are exhausted, for this task.

  You need to be at your very best.

  You can work when… you are tired!

  But when the time comes to think (of profitable ideas) you need to be as fresh as a rose.

  In the end, that’s how you will be able to smell them!

  If you are never as fresh as a rose, it’s because you’re working too hard…

  If you’re working too hard, it’s because you aren’t working effectively…

  If you aren’t working effectively, you aren’t earning enough money…

  And if you aren’t earning enough money, you won’t have any free time…

  Do you follow?

  So think.

  For two hours.

  Three hours.

  A whole day.

  SECOND RULE

  Do not allow yourself to be distracted by telephone calls, e-mails, or visitors during this real “work”.

  THIRD RULE

  Do it with a pencil or tape recorder in hand. Or sitting at your computer.

  So that you can record your thoughts, analyse and fine-tune them.

  FOURTH RULE

  You may wish to tackle the task with an advisor or a partner.

  Or simply with a friend, who doesn’t necessarily have to work in the same field as you.

  For instance, I have a friend who is a brilliant businessman and who knows nothing about my field, but who often gives me very useful tips. Of course he is always positive and has a very creative mind that earned him his fortune, because he started with nothing.

  FIFTH RULE

  Instead of just taking an afternoon or a day, try taking an entire week once in a while!

  Spend this week outside your office and outside your home, in a new setting.

  Get out of your comfort zone.

  Take a trip.

  When you are outside of your aquarium, it’s easier to see the colour of the water that you have been swimming in for years.

  You can bring your spouse with you when you escape, but if you are alone, I am sure you will benefit even more.

  Silence is a “magic lamp”.

  It unravels the most complex issues, and sheds light on the most obscure problems.

  If you live as a couple or family, it isn’t always easy to find this time, but instead of taking a week, take three or four days. And have the grace to grant the same “mental leave” (like parental leave, only different!) to your partner.

  During these profitable afternoons, ask yourself, for example:

  “If I had one week - just one week to find a way to increase sales by 20%, 30%, or even 50%, what would I do?”

  “If I had one week —just one little week —to earn $5,000 or $10,000 or $100,000 (depending on your level of skill or daring), what would I do?”

  It’s a fun, and most often a lucrative game, but approach it as if it were really a matter of life or death —or your entire life savings were riding on it!

  You don’t have a choice.

  You HAVE to find a way!

  Otherwise, you will… fire yourself!

  Not only does the lazy millionaire do the most profitable tasks first, and not only does he often block off profitable afternoons or even weeks in his agenda, but whenever he can (and this is second nature for him!), he strives to make every hour of his time profitable on more than one level…

  Yes, on more than one level…

  Here is a good example of this way of doing things.

  In his book The Art of the Deal, billionaire Donald Trump relays the following instructive anecdote:

  One day, David Letterman was filming a day in the lives of two American tourists in New York. They were visiting the famous Trump Tower, which houses Donald’s offices.

  The television host called him to ask if he could pay him a visit.

  The billionaire immediately agreed to the meeting.

  Five minutes later, Letterman arrived at his office with a cameraman and a couple of tourists, and began to interview him.

  Speaking with Trump, Letterman said: “Tell me the truth. It’s Friday afternoon, you get a phone call, and you tell us we can come up right away. And you chat with us. Don’t you have anything else to do? “

  Trump politely replied: “Honestly, you’re right. I have absolutely nothing to do!”

  It was a joke, of course, because a businessman like Trump, who builds skyscrapers all over the United States, opens (and closes!) casinos, builds golf courses and hotels, receives 1,200 calls per week (obviously, he has a good secretary), and even finds the time to create The Apprentice television show, has a pretty tight schedule.

  But not so tight that he would pass up the opportunity to spend an hour with David Letterman. Why?

  Because this hour was potentially profitable on more than one level:

  1. He did the spot because The Late Show is watched by millions of Americans every night and a large portion of his success is based on his celebrity status.

  2. Trump knew that David Letterman was wealthy enough to eventually buy a condo from him (he said this in his book, not me!). As are the many rich and famous guests he hosts night after night on his show… Astute, wasn’t it?

  So when comes the time to manage your time, do these two things:

  1. do the most profitable tasks first

  2. try to make every hour profitable on more then one level

  In a word, imitate Trump…

  Become… his apprentice!

  CHAPTER 11

  THE LAZY MILLIONAIRE ALWAYS

  STRIVES TO PAY THE LOWEST PRICE

  The Lazy Millionaire regularly spends time thinking about ways to earn money quickly and easily.

  But that does not mean that he tosses money out the window, and that he doesn’t pay attention to the price he pays for the things he buys!

  Quite the opposite!

  Because he knows that THERE IS NEVER JUST ONE PRICE.

  Even at department stores.

  In fact, there are ALWAYS different prices.

  There is the advertised price, of course, but there are also two or three other prices.

  In fact, the only price that the lazy millionaire is prepared to pay is... the lowest price.

  Let me give you an example.

  Several years ago, I helped my father save $2,800 on a BMW.

  I had bought one a few days ago and when I proudly showed it to him, he told me: “That would make a nice Christmas gift for your mother,” and he sent me to the dealer to buy it for him.

  I went back to the dealer where I wanted to buy my car.

  I did not buy it there because the first salesman who greeted me was lacking the most basic manners.

  And psychology.

  Here’s what I mean.

  I was wearing my writer’s “uniform,” which leaves a little to be desired —to say the least!

  I have to admit I almost looked like a homeless waif, wearing my wrinkled clothes that really didn’t match and three days of stubble on my face!

  It would seem that he trusted his first impression.

  It should be obvious when someone is serious about making a purchase, no matter what he is wearing!

  When I asked the salesman if I could take a look at the BMW 325, he motioned to me with an almost dismissive gesture, saying: “They’re over there!”

  I went to look at them, alone.

  Nobody came to see me for ten minutes.

  So I went to another dealer (I’ll call him dealer Number 2, who is dealer Number 1’s main competitor) and I bought my first BMW.

  When it came time to buy a BMW for my mother, I went back to Dealer Number 1 with an idea in mind.

  I did not dress any differently than the first time, but I was at the wheel of my brand new BMW.

  Which I left in plain sight of the dealer’s Nu
mber 1 front door.

  I went to find the manager, and I said to him: “Do you see that beautiful BMW near the door? Well, last week, when I was shopping around, I came here first, but I was so poorly received that I went to Dealer Number 2 to buy it instead.”

  His face paled.

  “But my father has asked me to buy another BMW for my mother,” I continued, “and I wanted to give you a second chance. However, you’ll have to give me a good price, because my father is very upset about how you treated me, and the only way I can explain to him why I even came back to see you is if you give me a really good price.”

  They made me an offer that they didn’t even want to put in writing, because… it wasn’t their policy.

  But they did it anyway.

  For me.

  Because I explained to them that my father was an accountant, and that he would absolutely need a written document, that he would not take my word for it, and that if they refused, I would be forced to go elsewhere. I did not say where, but they knew! They gave me a detailed estimate, in writing.

  I took the estimate to the other dealer instead of my father.

  But not right away.

  I first explained to him that I had a great price from their competitor, whom they detested.

  When I told them the price, they didn’t believe me, and said: “That’s impossible!” thinking I was bluffing.

  I insisted that what I was saying was true, but they still didn’t believe me.

  So only then did I show them the written estimate.

  Sickened at the sight of the written estimate, the dealer immediately called his rival to chastise him, and to accuse him of not playing fair and cutting prices.

  This told me that I had a REALLY good price.

  So good in fact that Dealer Number 2 was not able to match it.

  So I returned to Dealer Number 1, to whom I nobly gave the opportunity to make good.

  As a matter of fact, in a mere two hours, I was able to save my father $2,800.

  He is wealthy, but he was happy nonetheless.

  Very happy.

  Because he KNEW that, in order to have the $2,800 in his pocket, he would have had to earn more around $5,000. (We’re Canadians, do not forget and pay more then 50% in income taxes)

  You may think that such strategies are childish, that people who are truly wealthy don’t think or act in such a manner, because they have no time to lose, or would be ashamed to negotiate like rug merchants…

  I can’t speak for all millionaires, but most of my wealthy friends —and some are worth several hundred million dollars —think and act this way, and always strive to pay the lowest possible price: the lazy millionaire’s price.

  And you would be surprised to see how thoroughly they negotiate, right to the last dollar.

  For them it is a state of mind, a reflex.

  Lazy millionaires find no pleasure in paying the full price so they vow never to concede to the first price.

  Very often people hesitate to bargain because they do not want to look poor. Lazy millionaires do not mind looking poor. They know they are millionaire or will become millionaire soon. So they let other people pretend they are rich and pay the full price.

  Lazy millionaires I know often wait until November or December to replace their cars, because they know that this is the time of year when the dealers want to liquidate their inventory in order to make room for new models.

  In fact, they will not hesitate to take a model that has served as a demonstrator vehicle (yes, even people who are worth several million dollars!), which the dealer sells at a substantial discount, sometimes 25% of the value of a completely new model.

  Intelligent modesty, I find!

  The modesty of a lazy millionaire!

  Think of all these tips in your life, and in your negotiations.

  Never hesitate to ask someone if they can give you a lower price.

  The competition is so fierce these days that most merchants give a discount… But you HAVE TO ASK FIRST!

  I am never shy to ask for one.

  In fact, I S-Y-S-T-E-M-A-T-I-C-A-L-L-Y ask for one.

  It has become second nature.

  I don’t like to pay the full price.

  In reality, even though my revenues increase year over year, I JUST FIND EVERYTHING TOO EXPENSIVE!

  I must confess that buying a $150,000 house makes me less nervous (and of course less excited)than buying a $500 jacket!

  Especially when the house is worth $175,000!

  It might sound weird, I know, and it is probably a defect common to a lot of lazy millionaires, but that’s the way it is…

  Come to think about it, I realize I haven’t bought a new jacket for over 5 years! I know, that much is obvious just to look at me, and you were probably about to bring it to my attention —right?

  It’s easy to pay full price.

  Anyone can do it!

  I want to pay the lazy millionaire’s price.

  I’m not saying that I always end up paying the lowest price, but at least I try to.

  Some people object, telling me that they don’t have time to go shopping and compare, because they are too busy.

  I tell them that if they didn’t always agree to pay the full price, they wouldn’t be forced to work as hard, and they would have more free time. to shop around!

  At any rate, I always find the time to do it.

  But more importantly, I don’t like the thought of throwing my money out the window.

  I guess I’m not wealthy enough yet!

  So do not hesitate to bargain all the time, in a pleasant manner, as if it was a game. (It is a game in fact!)

  And of course, do not forget to do it with the most important items.

  It’s fine to get a $5 discount on a slightly damaged clothing item, but do not forget to ask for a 1/4 point or even a 1% reduction on a $100,000 mortgage loan, which would allow you to save thousands of dollars. Never believe that the banks have only one rate. Banks are merchants like anyone else, and they don’t have one single price.

  Always try to keep in mind that the $100 per month that you save on a well-negotiated mortgage loan, for example, represents more than you might believe. In order to get this $100, you must first pay taxes on it. So $100 is $125 or $150 before taxes unless you live in Switzerland or Monaco, or in another country where the “regime” is not as harsh on its taxpayers.

  So let’s say this meagre monthly saving of $100, on a mortgage, which may seem minute, represents $150 before taxes, so it is $1800 of your annual salary.

  If you earn $50,000 per year, this $1,800 represents roughly 3% of your salary. If you look at it that way, it starts to add up, doesn’t it?

  Add 4 or 5 areas where you could save 3% of your salary in expenses, and you’ll achieve a considerable percentage of your salary before taxes. Those who never think of these details (which are really more than just details!) often end up “not making ends meet,” as they say, and continually ask how this could possibly happen.

  In business, very often the best deal is the DEAL THAT YOU DON’T MAKE!

  It’s often the same thing when making purchases, especially major ones. You don’t always have to do them.

  And you don’t always have to do them right away.

  It will always be possible to spend your money the next day, the next month, the next year.

  Money you did NOT spend yet is power, freedom in your hands.

  Money you’ve spent is power, freedom lost.

  Of course it takes a modicum of discipline to think and act upon these principles.

  But all lazy millionaires I know DO have discipline.

  If you do not have discipline, chances are you’ll end up like everybody else, instead of investing and saving smartly; you’ll spend, spend, spend and probably end up broken and unhappy most of the time.

  The other day, an insurance broker tried to sell me $1 million of life insurance, which would cost me just… $250 per month for 10 years! When I
told him that I found it expensive, in an effort to make me think about it, and possibly to flatter me at the same time, he said: “What’s $250 per month for someone like you who drives a BMW (he visited my home to get me to sign the contract)?”

  “It’s because I find it expensive that I am able to drive a BMW.” I said.

  In principle, I’m not against life insurance, and I know that there are many more advantageous plans (for me of course, and not for the company!) than the one the young broker was offering me. Plans where there is something left over at the end, and where your coverage is combined with savings.

  But in the end, I did not sign. I am so accustomed to making good “deals,” that I knew that I would be signing my death warrant if I signed this contract!

  Because I wouldn’t be able to keep from dying just to cash in on the $1 million!

  The Lazy Millionaire SYSTEMATICALLY shops around, not only in business, where he constantly strives to pay the best price for the best service or the best product, but also in his personal life: for his insurance (home, car, life), and for his telephone, Internet, cable service, etc.

  In short, instead of shopping to spend money, as others do, and getting into debt and becoming poorer, set aside your habits temporarily and think like a lazy millionaire: always try to get the best price.

  By doing that on a daily basis you will progressively free yourself from the tyranny of work.

  Remember, every dollar you save, is a dollar that you can spend later, when you’re ready…

  It’s a dollar that you could invest, and which will grow and multiply…

  But even better, if you see it like a lazy millionaire, every dollar saved or invested is one unit of freedom…

  A unit of freedom that brings you closer to the 3 or 4 million units you need in order to be free for the rest of your life!

  And because you want the rest of your life to start as soon as possible, start to bargain, save and invest as early as possible!

  Of course, without becoming maniacal or cheap, for example, by leaving smaller tips at a restaurant…

  If you do, you’ll no longer come across as a lazy millionaire, but as an old penny pincher, and there are already too many of those around!