This Billionaire Challenge Scared Over 99.9% of People Who Want to be Rich

Most people say they can, but can they?

David O.
David O.
Aug 4, 2020 · 8 min read
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Photo by Marvin Meyer on Unsplash

A few years ago, the 50 billion dollar man, Dan Peña, created a challenge (as he explains in this video at 4:23) for the mentees on his email list. The reward of executing the challenge was the priceless jewel of coming for the castle seminar he hosts in his castle home. The challenge sounds simple but the participation rate was alarming. There were about 50,000 recipients of the email with the challenge. The challenge was to go to dealerships of exotic cars like Rolls Royce, Lamborghini, and act as a buyer. The goal is to take selfies and pictures to send them back to him. In other words, to smell the leather and feel what it feels like to be super-rich. Also, to go to houses worth millions of dollars to act as buyers and take selfies. Only 8 people did, out of 50,000. That is less than 0.1%. Why is this?

Contents:

  • What is self-esteem?
  • How most people defend their lack of self-esteem
  • Why ability is not the most important thing
  • The understanding of the billionaire challenge
  • Making the challenge every day
  • How progress feels
  • Conclusion

What is Self-esteem?

Self-esteem is more than confidence. Self-esteem is having so much belief in yourself that the opinion (and estimation) of other people do not diminish the value you place on yourself. People who have self-esteem don’t get dejected when they are rejected. Most don’t even feel rejected.

It is difficult for most people to imagine being immune to rejection. That is because they assume rejection hurts everybody. But high self-esteem is an absorber that dampens or erases the hurt. People with high self-esteem keep asking and seeking what they want regardless of how many times they are rejected.

Self-esteem is the immunity to rejection

On the path of a rich life, there are a lot of rejections. In fact, the road is paved with rejections. Most people give up after a few rejections and settle for what they can find. That is not a result of scarcity in the resources in the world, instead, it is a sign of not-enough self-esteem.

Some people have their self-esteem based on things that money can buy. Some have it based on the money they have. Others have it based on a position they hold. But the problem is that if any of those conditions that self-esteem is based on is taken away, they do not have the mental strength to get things done anymore.

The lack of self-esteem is also manifested in aggression and the disinterest in doing things that will give the result that is desired. People don’t make the cold calls required, ask for big things without caving because they don’t have enough self-esteem to do it. But there is good news.

How Most People Defend Their Lack of Self-esteem

Self-esteem is developed in the first 7 years of a person’s life. When a person fails to develop a high enough self-esteem in those early years, it is more difficult but not impossible. The person has already grown up with something that must first be erased to make room for self-esteem. And the desire to make more money is the primary desire that makes people push to improve their self-esteem.

Success is 95% mindset. And the mindset is based on self-esteem. This is why there are grown people who know everything about business but can’t seem to keep any of their businesses afloat. They lack self-esteem but they find it hard to admit that. They would rather defend themselves. They come up with excuses.

Most people defend their lack of self-esteem with the lack of time

Most people already know what to do to increase their income. But the idea is so uncomfortable that they tell themselves that it is unimportant or unnecessary. The favorite statement is that “I don’t have time to do that”. But in the real sense, most people are just scared to take the step.

Time excuses sound justified because they emphasize the scarcity of resources. But the truth is that people always make time for what is important. It is never about time. It is always about how comfortable people are with an idea. And ideas that trigger financial growth are rarely comfortable.

Why Ability Is Not the Most Important Thing

Most people don’t do what they want because they believe they don’t have the ability to do it. But the rich people in business understand this differently. They do what they want when they don’t seem to have the ability to do it. It is in the attempt that they grow the ability.

Ability is not inherent in most cases. People learn how to do things. And most learning comes by doing it wrong (at least, the first time). The ability to perform a task comes from performing that task. Hence, when people are waiting for the “ability” before they make a move, they never make a move.

Willingness is more important than ability

When a person is willing, it creates the desire that drives action. And the action creates the ability. We learn to drive a car by driving a car. You cannot develop the ability to drive a car when you have never been behind the wheels. The willingness to get behind the wheels and make an attempt to drive creates the ability to drive.

This is why the “ability” is not the most important thing in business. The most important thing is the willingness. Most people pretend they are not willing because of a lack of self-esteem. But willingness is the initial key to success. Most people disqualify themselves from what they want because they don’t have the ability. They don’t know that they only have to get started with the willingness.

The Understanding of the Billionaire Challenge

Dan Peña came up with the challenge a few years ago for those who were subscribed to his email list, following the QLA methodology. His tough-love approach gets the attention of a lot of young people today who never really experienced such. He stopped giving outside seminars because he realized the success rate was much higher when people came to his castle.

Dan Peña lives in a 15th-century castle in Scotland. And he lives the full castle experience, with butlers and other staff. When participants in the seminar come to the castle, the experience changes them and their comfort zone. This is one of the ways Dan rewires self-esteem into the participants. But the castle seminar is always overbooked. This is the reason for all the other platforms to learn about QLA. This led to the challenge made to the email list.

Dan Peña still suggests this challenge to people wherever he has the opportunity to speak

The challenge is to enable people to break through their comfort zone. Most people are not rich because they are not comfortable with being rich. Hence, they are not willing to be rich. The moment they become at home in a wealthy environment, they automatically find it easy to move in the direction that will create the wealth they desire.

The challenge is to go to a Rolls Royce dealership (of course, looking good). And having to feel the part of actually owning or driving a Rolls Royce. This could be any dealership with exotic car brands. It could also be in the form of houses worth millions of dollars, and things like that. The reaction of most people to these expensive things is to avoid them. And that is because they are not comfortable with it, which is a product of low self-esteem. They don’t believe they deserve to live in such opulence.

Making The Challenge Every Day

The challenge is basically breaking your comfort zone to make room for growth. Naturally, people tend to stay in their comfort zones. It is serious that they unconsciously sabotage any effort to take them out of their comfort zone. Sometimes, they are consciously willing but the willingness is not strong enough to overpower the desire to stay in the comfort zone.

Anyone serious about getting rich should make plans to take the challenge by the 50 Billion Dollar Man. But much more than that, there are ways that people can mentally shift their comfort zone. Some may not have Rolls Royce dealerships and million-dollar houses nearby, but they can do something in their environment that can begin to create the same effect. Dan Peña puts it this way:

Do something that scares you everyday

That is how to push the limit of comfort. The more the limits of comfort is being pushed in the wealthy direction, the more people find it easier to make a lot of money. As a challenge, I make it a duty to do something uncomfortable every day. In fact, I framed a reminder up on my desk:

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The road to wealth is uncomfortable. The path to riches in any business is doing what other people are not willing to do. Make more crazy attempts than anyone.

How Progress Feels

Progress does not feel good most of the time. Dan Peña says when everything is going well and fine in a business, it is a sign that the business is not growing. If the business is not growing, it means the business is deteriorating.

Progress feels overwhelming

When things are coming at you from every angle and issues keep coming up in every direction, it is a sign of growth. Things don’t get easier, we get better. The overwhelming feeling is often a sign of growth. If you are not getting overwhelmed, your growth is in doubt.

Conclusion

Over 99.9% of the people on Dan Peña’s email list didn’t participate in a challenge he gave out. And it was majorly because they weren’t comfortable with the idea of doing the challenge. They made excuses (probably about time). And it showed a lack of self-esteem.

The solution to this is to know that doing the uncomfortable is very important to success especially in business. It is wise to take the challenge. Not just that, it is highly recommended to do something that scares you every day.

I hope you have learned something.

Add On: Read Part II of this article where I shared my experience taking this challenge

Rich Culture

Be the giver, not the beggar

David O.

Written by

David O.

Bringing you new perspectives about money, entrepreneurship, investing, and mindset | Send me a thank you note → www.davidolarinoye.com

Rich Culture

Exposing the mindset and strategies that lead people into a life of affluence, especially people from disadvantaged backgrounds. Daily Millionaire Tips in your inbox → incomemultipliertips.substack.com

David O.

Written by

David O.

Bringing you new perspectives about money, entrepreneurship, investing, and mindset | Send me a thank you note → www.davidolarinoye.com

Rich Culture

Exposing the mindset and strategies that lead people into a life of affluence, especially people from disadvantaged backgrounds. Daily Millionaire Tips in your inbox → incomemultipliertips.substack.com

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