002 | Daniel Priestley | Dent Global
Daniel Priestley started out as an entrepreneur at age 21 and built a multi-million dollar event, marketing and management business before the age of 25.
A successful entrepreneur, international speaker and best-selling author, Daniel has built and sold businesses in Australia, Singapore and the UK.
Daniel is the founder of Dent, which runs a 9-month growth accelerator programme for small enterprises, working with over 500+ entrepreneurs each year to develop their businesses.
Dent has offices in the UK, USA, Singapore and Australia. Daniel uses campaigns to help raise up to $100,000 for charity each year and is connected to some of the world’s most known and celebrated entrepreneurs and leaders.
With a passion for global small business, Daniel is the author of the three best-selling books Key Person of Influence, Entrepreneur Revolution and Oversubscribed.
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Nicola: Hi, I’m Nicola Cairncross and you’re listening to the Money Gym Podcast where I interview successful entrepreneurs and investors and ask them if they could go back in time and give their younger selves one big tip about money, what would it be? I really hope you enjoy the show.
Daniel Priestley started out as an entrepreneur at age 21 and built a multi-million dollar event marketing and management business before the age of 25. A successful entrepreneur, international speaker and best selling author many times over, Daniel has built and sold businesses in Australia, Singapore, and the UK.
He’s the founder of Dent, which runs a nine-month growth accelerator programme for small enterprises. Working with 500-plus entrepreneurs each year to develop their business. And Daniel uses campaigns to help raise up to $100,000 for charity each year and is connected to some of the world’s most known and celebrated entrepreneurs and leaders.
With a passion for global small businesses, Daniel is the author of the three best selling books, Key Person of Influence, Entrepreneur Revolution, and Oversubscribed.
So what about your business money Dan? What have you learned about business money and what would you like to share with a new or aspiring entrepreneur coming into the world?
Daniel: So I love, love, love the tip about putting 10% aside and having a second bank account. To be honest, there’s been times where I’ve done that, and there have been times when I haven’t bothered. The times that I’ve done it, I’ve accumulated way more money than I thought and been shocked at how much there is in that other account. Because one of the keys to doing it is that you don’t check on a regular basis, you just do it and on the times that I haven’t done it, it’s really weird, there’s always a reason to spend everything. I actually can’t think what it all went on. But somehow the 10% was wrapped up in the game.
Nicola: In the outgoing too.
Daniel: When the government came along and put VAT up 2%, we all complained about a bit and then we paid for it. And that’s 2% of our revenue. You know, when you just get used to it and you do it? It adds up, as the government will tell you. The only difference that I would say to the story that you told, is that rather than thinking about it as future business opportunities, think about it as your wealth.
Here’s my spin on it, and both are correct. That it’s not designed for investing in future business opportunities, it’s not designed for investing in anything that has any high risk. It really is designed for you to have wealth. And have wealth for its own sake. So if you like the idea that one day you’ll have wealth and you’ll be wealthy. Then you’re building wealth for wealth’s own sake.
The problem with thinking about it is for future business opportunities is that you accumulate $20,000 in the bank account and along comes someone with a really great pitch.
Nicola: One of your clients?
Daniel: With one of our clients, and their wonderful award-winning pitch. Or along comes a harebrained idea into your own head, and you sit there and go, “Aha! Well, this is the future business opportunity I’ve been waiting for.” And you’d just be absolutely shocked at how fast $20,000 can dematerialize.
So I would say, it’s not for business opportunities, it’s not for anything fun, it’s not for anything risky. It’s not for any rainy day, it’s for not touching. It’s for having wealth for wealth’s sake. And you say, “What’s the point of wealth for wealth’s sake?”
And I say, “Well do you want to be wealthy?” “Yes?” Well, then you need to accumulate wealth for wealth’s sake. And the reason you’re saying, “What’s it for?” Is the reason that wealth won’t accumulate. Because if you can’t have wealth as a goal for wealth’s own sake, then that’s actually part of the reason why it won’t accumulate.
Nicola: That is really interesting, and it’s actually added to what my mentor told me. Because he never actually specifically said what it was for. So I was just extrapolating that he meant it was for future opportunities, but I imagine for people listening, that phrase, “accumulating wealth for wealth’s sake,” will be throwing up all sorts of negative emotions, thoughts, and connotations.
Daniel: Yeah. Well it is a strange idea, isn’t it? Why would I accumulate money that I’m never going to touch? It’s like saying, I like the idea of owning a house. Well if you want to own a house, you’ve got to pay off the house. You’ve got to make payments on a house, that’s actually what it takes. If you want to own a house, you’ve got to pay off a house.
Well if you want to have wealth, you’ve got to accumulate wealth. So you can’t sit there and say, “I’d love to be wealthy.” And not value the process of accumulating wealth for its own sake. Now I’m not saying that’s right or wrong by the way.
There’s a great argument for saying you should die with nothing and do a big handbrake turn into the gravestone and be out of there with nothing left, because you’ve enjoyed life, and you’ve sucked all the juice out. I can also buy into that philosophy and I think if that’s your philosophy, if that’s what works for you, fantastic.
Some people are going to make all these sacrifices in order to have wealth for wealth’s sake, and they’re going to get to the end and regret doing it because they say, “Ah, I should have just been enjoying myself.”
Nicola: There’s got to be a happy medium, surely?
Daniel: I think so. And I think that’s the balance. It’s not about black and white, it’s about finding the balance. And I think the balance is to put 10% aside, and there’ll be a day when you’ll be able to hand something over to the family, or you’ll be able to buy a family asset. You might hold that wealth in a family home that the future generations, they can use that home. Come and go from that home and it can be a family home that the family owns and it could be in a family trust or something like that.
So there are many good reasons why you might do it if you strike the right balance that’s right for you. I personally, I actually prefer to live my life on the side of enjoying life and having the most experiences. But I also do put a bit aside, because I have a goal that I want to leave a few things behind as well.
Nicola: It’s very pertinent to me at the moment, because my daughter’s 18 and my son’s 17, and I’m trying to teach them the things I’ve learned along the way, but of course, typical teenagers, they think they know everything. My daughter’s pretty good at listening, but my son’s not getting there yet but if I could share one thing with anybody starting out it would be that just start accumulating a percentage of everything you earn.
Pay yourself first, and as Daniel says, put it aside for its own sake. Because along with carrying the money around with you, as you said, it will challenge the way you feel about and think about money every single day, won’t it?
Daniel: Also the other thing too, is you might accumulate £200,000 of wealth, and you might say, actually, that’s enough wealth for me. That’s how much I’m happy with.
Nicola: I’m happy.
Daniel: And now I’m not going to put 10% aside, I’m going to do other things with it.
It doesn’t necessarily mean that you always have to do that, but you want to be able to achieve a certain level of wealth and have a certain level of money behind you. Why? Well, it actually makes you feel a little bit safer, and it makes you feel a bit more adventurous. And it makes you feel like you can do what your life’s purpose is for because you’ve got a little bit behind you.
Nicola: It makes you make better decisions, doesn’t it?
Daniel: So that’s not a bad thing too. Exactly.
Nicola: You don’t make decisions that make you feel in scarcity.
Daniel: It allows you to play a little bit of a longer term gain.
Nicola: That’s awesome Daniel, thank you very much.
You’ve been listening to Nicola Cairncross on The Money Gym podcast, if you’d like to find out more about The Money Gym and how we can help you become more financially intelligent, just come on over to https://www.themoneygym.com/
We’ll see you over there.
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