You're listening to “Financial Advisor Marketing”—the best show on the planet for financial advisors who want to get more clients, without all the stress. You're about to get the real scoop on everything from lead generation to closing the deal.
James is the founder of TheAdvisorCoach.com, where you can find an entire suite of products designed to help financial advisors grow their businesses more rapidly than ever before. Now, here is your host, James Pollard.
James: In this podcast episode, I want to share a quote with you that changed my life, and I think it can change your life, too. I'm not making this episode to inspire people, but I'm sure some of you will find it inspirational. I'm not making it to motivate people, but I'm sure some of you will find it motivational. I'm creating it to share something with you that can benefit you, something that can make you healthier, wealthier, and wiser—and, no, the quote is not from Benjamin Franklin, if you recognized the “healthy, wealthy, wise” quote. [01:00.2]
Here's the quote. “There ain't no ego in getting this paper.” That comes from P. Diddy, Puff Daddy, Sean Combs, whatever you want to call him. When I heard that, my life changed, and here's why. Even though I grew up poor, and I mean poor—I don't mean like people say, “Oh, I grew up middle class or lower middle class. No, no, no, I grew up poor—I got this idea that certain jobs were beneath me.
Maybe it's because I got great grades in school and I knew in my heart I was destined for bigger and better things. I don't know where that belief came from, but I would look at people doing so-called menial jobs, even though I don't believe there is such a thing anymore, I would think that I would never do that, like janitorial services, fast food, and I would think, Ah, that's beneath me.
But when I heard that quote, “There ain't no ego in getting this paper,” I realized how foolish that mentality was. Here was a man worth several hundred million dollars at the time, over a billion now, saying that there was “no ego in getting this paper, stacking it up, running them digits up, making money, cold hard cash. I knew I had to drop my ego, and I did.” If he could do it, I could do it. [02:12.6]
Since that time, I’ve cleaned toilets. I've been a farmhand. I’ve worked car shows. I’ve detailed cars. I've done a lot of things that I used to consider beneath me. But guess what? I got paid and I stacked my money up, and that money gave me a launching pad to do bigger and better things. Everyone else who just sat on their butt and they said, “Ha-ha, James is detailing cars. James is working a car show. Like, things must be tough for him,” I was getting paid.
I was taking money and I was putting it into an account, and I knew I would use it to buy businesses, buy real estate, launch businesses, invest in the stock market, get dividends. I'm getting dividends, literally. I swear to you, I'm getting dividends from cars I detailed years ago because I just put the money away, okay?
What was Apple stock 10 years ago? Hmm, let's take a look. Hmm. Then let's go back. What is it today? Hmm, very interesting. That's money that I'm getting—and I don't mean that in a cocky or arrogant way, I'm just telling you like it is. There is no ego in getting the money. [03:13.5]
Listen to me. I really want you to get this, because, again, I care about you. This is coming from a place of love. Some people would rather have people beneath them and be poor than humble themselves and get rich. Let me say it again. People would rather have people beneath them and be poor, than humble themselves and get rich.
Also, keep in mind, there's a difference between being poor and being broke. There's nothing wrong with being broke. Being broke is temporary. It means you have no money right now. I've been broke. There's no shame in being broke. I've never lied about it, though.
I've never fooled myself into thinking that I wasn't broke. I didn't try to flex on people when I didn't really have it. I've always kept it real with myself and the people around me, because if you're lying to yourself, you're doing yourself the biggest disservice. Always keep it real with yourself. Be honest. When you look at yourself in the mirror, you need to know that you love that person, that you're going to do whatever it takes to take care of that person. [04:11.0]
Let me level with you. I have a monthly subscription product called the “James Pollard Inner Circle Newsletter.” Maybe you've heard of it, okay? It's in every episode. It's over at TheAdvisorCoach.com/coaching. You really should subscribe. It bills every month and lots of people from all over the financial industry are subscribed to it. This includes CEOs, managers, associates, new financial advisors, financial advisors with 30 years of experience, and it also includes gurus who talk a big game on social media and other financial advisors who like to run their mouths.
I've had several of these people get their credit cards declined three times in a row, then email me saying they'd like to cancel and give me some lame excuse. I've had a handful of these over the past few years, the dumbest excuses, and they're like, “I don't have time to read it,” even though it's literally less than one page per day, or, quote-unquote, “personal reasons.” [05:02.3]
Bro, if you're broke, just say that. Just let me know. Come out and tell me that you're broke, that you have no money. Stop lying to protect your little ego. Don't do it. The reason I know it's an ego thing is because nearly all of the people who have canceled the newsletter subscriptions, and cancellations are rare, it's not like this is happening frequently, but those who cancel almost always have never asked a question, even though it's something they can do. They get direct email access to me to ask questions, but they don't.
At any time, they could have emailed me and said, “James, I'm broke, but I have assets X, Y, Z. I have skills A, B, C. How can I make money? Do you have any ideas, any insight, anything that you can offer me to help me make money?” and I would help them. I would do it because I care. But ego keeps people from asking for help.
Ego can also mess with your head as you become more successful, too. It's not limited just to being broke, the temporary state of being broke. Let's say you're making a million dollars a year at your job with sales or your business, or whatever, and you want to learn how to rent out Airbnb properties, so you find someone who makes $100,000 per year from Airbnb and that's his only income. [06:14.0]
So, you think to yourself, Only $100,000, that's 10% of what I make. I make a million dollars per year. I'm not listening to this guy—and that's dumb. That is dumb, because if you listen to him and you replicate his success, you would add another 100k to your income, but your ego wants you to think that you're better than you are.
Look, I just want stuff to work. If I buy an e-comm business, I want to learn from someone who makes e-comm work. I don't care what he does elsewhere. I don't care what's going on. I really don't. I want the result. If he can help me make an extra $50,000 per year from an e-comm business, that's 50 grand I didn't have before. I will take it. I'm not worried about what he's doing or not doing. I'm focused on my situation and bettering myself. I'm keeping my eyes on my own paper. Do you hear me? [06:59.6]
The bottom line is that I'm willing to do whatever it takes to succeed. My family is going to eat regardless. You should feel the same way. You need to have this mentality. It's not like some personality thing. I’ve cultivated this. I wasn't born with this, or at least I don't think I was. I've cultivated this. I've grown it. I've embraced it fully, because I ditched my ego.
If I have to go back to cleaning toilets, you’d better believe those toilets are going to sparkle. They're going to be so clean that you can eat off of them. They're going to be so shiny that you can see your reflection in the porcelain. I will be the best toilet cleaner in the world, if that's what it takes. I will gladly take a job that's, quote-unquote, “beneath” other people, to be successful.
There's a popular meme online that has this guy with a philosophy degree, no job and 100k in student loan debt, hating on the plumber with no degree who makes $80,000 per year. That's a perfect example of ego blurring people's vision. Your ego prevents you from learning a skill that could put food on your table. [08:03.4]
This is how I really feel. Broke is temporary. There is no excuse to stay broke. Look, it is 2022. We have social media. We have email. We have websites. We have the internet. We have resources. There is no excuse to stay broke. Do you have a pressure washer? Go out and pressure wash some driveways and siding. Put yourself out there on Facebook Marketplace. If I couldn't pay my bills, I would be outside tomorrow. Not even tomorrow. I'll be outside tonight, pressure washing driveways. I'd be knocking on doors, sending out mailers, networking online, and doing whatever it takes to secure the bag.
Hey, financial advisors. If you'd like even more help building your business, I invite you to subscribe to James' monthly paper-and-ink newsletter, “The James Pollard Inner Circle”. When you join today, you'll get more than $1,000 worth of bonuses, including exclusive interviews that aren't available anywhere else. Head on over to TheAdvisorCoach.com/coaching to learn more.
Do you have a lawnmower? You can cut lawns. Do you have buckets and car wash fluid? You can wash cars. I don't care what it is. If you don't have money for car wash fluid, seriously, go stand in a parking lot of Walmart. Stop people, explain your situation. Be honest with them. Say, “Look, I'm broke. I want to start a little car washing business. I need some car washing supplies. Can you help me? Some car detailing supplies. Can you just pay for them? Are you a Good Samaritan? Can you help me?” Just be upfront with people.
Don't try to be as yourself and to say, “Oh, I can't do that. I don't have the time. My latest show on Netflix is on. I'm just going to stay broke forever.” Don't do that. I don't even care what it is. It could be washing windows, whatever, but you can put yourself out there and offer services to people in exchange for money. That's how capitalism works, but some of you have egos that prevent you from doing that.
You think pressure washing is beneath you, even though you could easily add an extra $300 or $400 per weekend by pressure washing some driveways. There are some people out there, you have mortgage debt, card debt, student loan debt, and you're taking an Uber ride and you're looking down at the Uber driver for making money and hustling. That Uber driver probably has a better net worth than you do because you have all this debt. [10:09.7]
Some of you would rather watch Netflix and play fantasy football, knowing that you have all of these things shackling you down, and it's shameful because you have gifts to offer the world and you can get paid by offering those gifts to people. Again, I'm not really … I'm not trying to be mean to people. I'm not trying to put people down. I'm just trying to lift you up. I really am. I want you to just leave that ego behind.
I really don't think people understand the hustle. I'm not just saying this. I'm not saying this to sound cool or whatever. I really mean it. I know some people are going to hate on this message, but I really would make those toilets sparkle. People would rave about those toilets. I would become so good that it would be an honor to have your toilet cleaned by me—and it's not about the activity. It's not about pressure washing toilets, Uber, whatever. It's about the mentality. [11:00.5]
I would do the same thing with whatever activity it was. If it was pressure washing, I would be the Michael Jordan of pressure washing. Nobody would compare to me, because I would put in the time to hone my craft and get what I'm worth to make sure my family gets the lifestyle it deserves. I don't mess around.
Another way your ego sabotages you is you think that asking for money is taking away from somebody. Your ego has conditioned you to think that you are a nice person and nice people don't take from others. But that's false. It's false because you're not taking anything. You can be a nice person and provide value.
In our capitalistic society, value is exchanged when the value is greater on both sides. If I pay $200 to get my car detailed, it's because I value the detailing more than the $200. The car detailer gets something he wants and I get something I want. It is not a zero-sum game. We have improved each other's lives. The way you get paid is by adding value to other people. [12:03.1]
What I'm really trying to get across to you here is that you need to ditch your ego to maximize the value that you can provide to the world, because you have something valuable to offer, as a financial advisor, a financial planner, an insurance agent. I've got real estate agents, I’ve got attorneys, I’ve got accountants who listen to this show. You have a gift. It is up to you. It is your moral obligation to provide that gift to other people. You need to do that.
Another way I see it—because it's the Financial Advisor Marketing podcast, I want to tie it back to financial advisors and marketing—financial advisors decrease their personal follow-up when they hire an assistant or an associate. They think, Oh, I have someone for that, so they don't do it anymore.
If that's you, get out of your own way. Pick up the phone, send the email, get in touch with your clients. Let them know how you feel about them, that you appreciate them, that you're willing to help them, to add value to their lives—because guess what? That is how you secure the bag.
The same thing happens in marketing. People will try to outsource to a marketing company or an agency and then mentally check out. That is so stupid. You need to steer the ship. You need to make decisions. I have an entire podcast episode about this phenomenon and it's called-- What is it? It's like, “How and What Financial Advisors Should Outsource”, so go back and listen to it. [13:18.6]
If building a business was as easy as hiring a marketing agency and then checking out, everyone would do it. Do you think Bill Gates built Microsoft that way? Do you think Elon Musk built Tesla that way? They just woke up one morning, found a marketing agency and told them, “Grow my business, please.” And now that I’ve said it like that, you should see how crazy it sounds because it doesn't happen. You have to put in the work. Stop thinking that you're too good for these activities.
I'll give you another specific marketing example. There are Inner Circle members right now who are making hundreds of thousands of dollars with marketing campaigns like direct mail letters with little objects inside and doodles all over the letter. Why? Because those two things increase conversions. Yet there are some advisors out there who say, “Oh, that's unprofessional. My business would never do that.” [14:07.4]
Huh? What? Do you not understand that these marketing campaigns are extraordinarily profitable? That's the ego at work. You would rather look good and please yourself, and project a certain image, than get the money that can help you, help your family, help your causes. You can donate it to charity. You need to get over these blocks.
I remember reading something from Ramit Sethi, the guy who wrote the I Will Teach You to Be Rich book. He said people would email him and say, “Ramit, I think I'm too advanced for your course. Got anything more advanced?” Then he would reply and he would ask, “How much revenue is your business generating?”
Then they would get back to him and say something like, “I made $12 last month, my site is really growing,” and Ramit says what he really wanted to say to these people is “The material in this course has generated millions and millions of dollars and tens of thousands of customers who love us. What kind of person thinks their business is too advanced when they only generate enough revenue to buy a Subway sandwich?” [15:11.1]
I feel that so much because I hear from these types of people all the time. They say they want some top-secret, high-level tactic that will transform them overnight, when they're only making $40,000 per year. What they need to do is get rid of their egos and make more money.
Then they need to practice the basics more. The best in the world are relentless at mastering the fundamentals. Kobe Bryant spent hours on dribbling drills every day. Dave Chappelle still works on his act in small comedy clubs. These are two extraordinary men who didn't let their egos stop them from being great and then becoming even greater.
Oh, and, by the way, the basics matter more as you become more successful. If your business is generating $200,000 per year and you learn something that can boost your revenue 2%, that one thing is worth, hmm … clickety-clack-clack-clack on the calculator … for $1,000 to you. [16:07.2]
If you're making a million dollars per year and you apply that same 2% insight, it's worth … clickety-clack … $20,000 per year to you, which is about $100,000. Actually, it is 20,000 times five, $100,000 per year over five years, assuming you don't grow at all.
Some people will say, “Oh, I don't even want to bother with something if it only improves my business 2%.” What they're really saying is “I haven't built my business to the point where I feel a 2% difference would matter.” But here's the crazy part. Here's the crazy part, and I’ll end the episode on this. That same thinking is what's keeping them from growing the business in the first place, so they stay trapped because they're desperately clinging to their ego, which is telling them that they deserve some secret tip, trick or tactic that nobody else knows, because they're special. They need something that nobody else has, because they're special. [17:02.6]
Don't be afraid to humble yourself. Don't be afraid to put yourself out there to look stupid, to do whatever it takes. There ain't no ego in getting this paper. Say it with me, there ain't no ego in getting this paper. Meditate on it. Let it change you—and I’ll catch you next week.
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