In a world where financial independence seems more elusive than ever, understanding the principles of wealth creation is crucial. Luke Belmar, an entrepreneur with experience in building 19 companies and investing in 78 startups, shares invaluable insights on how to secure financial success. From escaping the 9-to-5 grind to making millions, Belmar’s advice is both practical and powerful.
I recently watch a video by Simon Squibb where he interviews self-made millionaire, Luke Belmar. It was basically 2 highly experienced and educated man just talking for an hour no scripts just authenticity.
Here is are some of my key takeaways from that video.
The Importance of Financial Security
Before diving into the mechanics of making money, it’s essential to understand the significance of financial security. As Belmar emphasizes, “If you don’t fix your financial problems, you won’t have the mental real estate to work on other areas of your life.” Financial issues can seep into other aspects of your life, such as relationships, causing undue stress and distraction. Thus, achieving financial stability isn’t just about accumulating wealth—it’s about freeing up mental space to improve your overall quality of life.
The Trifecta of Financial Success
Belmar outlines three core principles that can guarantee financial success: high demand, being the best, and becoming irreplaceable. These principles form what he calls the “trifecta of money,” ensuring a steady income stream in perpetuity.
- Focus on High Demand
The first step towards financial success is to engage in activities that are in high demand. “Whatever you touch needs to be in high demand,” says Belmar. Whether it’s a product, service, or business model, the demand for it must be substantial. For example, starting a gardening business in Manhattan would be unwise due to the low demand in that area. However, the same business could thrive in suburban Tennessee where the demand is higher.
Belmar warns against falling into the trap of pursuing illusions of wealth through ventures that are not in demand. He highlights the importance of demand by saying, “People want to start the next Uber, but they are actually traps because they are not in high demand.”
- Be the Best
Once you’ve identified a high-demand area, the next step is to become the best at what you do. “Your ability to do something with the best of your abilities will determine whether you’re going to be hired or not,” explains Belmar. In any industry, there is always competition where there is demand. Standing out from the competition by being the best in your field ensures you are chosen for quality over cost.
Belmar stresses the importance of continuous improvement: “Most people come into a business and they don’t work on their skills…they don’t think about what are the verticals that allow me to do this in a better way.” Whether you’re a plumber, an electrician, or a teacher, refining your skills and enhancing your business model is key to staying ahead.
- Become Irreplaceable
In a rapidly evolving world, where AI and automation are poised to replace many jobs, becoming irreplaceable is crucial. Belmar explains, “You need to be irreplaceable in what you do.” This means choosing a profession or a niche that cannot easily be automated or replaced by technology. For instance, while AI may replace copywriters or even doctors in the future, certain human experiences and relationships cannot be replicated by machines.
The Power of Consistency and Commitment
Another critical aspect of financial success is consistency and commitment. Belmar points out, “Most people have no ability to commit to themselves, let alone commit to others.” Commitment to your goals is essential; without it, you risk becoming directionless. “If you don’t commit to a goal, you’re going to be like a ship without a rudder, just spinning in circles, directionless,” he adds.
Consistency also involves minimizing the “small L’s,” or small losses, that can accumulate over time and hinder your progress. Belmar advises, “Make it so easy to win that it becomes difficult to lose.” By creating an environment that supports your goals—whether by removing temptations or surrounding yourself with supportive individuals—you set yourself up for success.
Embracing Failure as a Path to Success
Failure is an inevitable part of the journey to success, but it’s also an opportunity for growth. Belmar encourages a mindset shift: “Failure isn’t bad. Failure just is, and you’re going to fail more than you succeed.” By embracing failure and learning from it, you move closer to your goals. “By failing, you become the best,” he asserts.
Conclusion: The Role of Authenticity and Reputation
Finally, authenticity plays a pivotal role in achieving long-term success. According to Belmar, “To become the truest version of yourself with no lies is to vibrate at the highest form that you can possibly vibrate at.” Being authentic not only aligns your actions with your goals but also enhances your reputation—a crucial factor in becoming irreplaceable.
As Belmar concludes, the key to financial success lies in understanding demand, striving for excellence, and ensuring irreplaceability. Coupled with consistency, commitment, and authenticity, these principles can help you secure a prosperous future. “You need to be playing the future game,” Belmar advises, reminding us that the world is constantly changing, and those who adapt will thrive.
By following these insights, you can position yourself for lasting financial success, making your money work for you and allowing you to focus on the things that truly matter in life.
