Aug 14, 2023
Patrick Bet-David’s biography reads like a classic American success story.
According to the 44-year-old businessman, when he was 10 years of age he and his family fled turmoil in Iran and settled in the U.S. He joined the military after high school and then went to work for a couple of financial services companies before launching PHP Agency, an insurance sales, marketing and distribution company. He’s also an author and content creator through his media brand Valuetainment, which boasts millions of followers on YouTube.
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Bet-David is well-positioned to offer advice on how to make millions of dollars, an ability that may not be as rare as people think. Today, there are about 22 million millionaires in the U.S., or about 8.8% of the adult population, according to research from online recruitment company Zippia. Globally, there are about 62.5 million millionaires.
In a recent video, Bet-David shared 10 rules on how to get to that first $1 million quickly.
1. Say 'yes'
The key to success at the beginning is networking. Bet-David says he knew he was one client away, one contact away, one relationship away from making his first million. By saying yes to meeting with a lot of people, he increased his odds of finding the right deal.
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2. 'Follow one religion'
Do not get caught up in every lesson or tip from every author or influencer on how to bring in customers, Bet-David advises. Choose a strategy, or “a religion,” as he calls it, and stick to it.
“Drive that philosophy until you create momentum,” he said.
3. Master the art of leverage
The smart business person leverages everything, not just money, but time, networks, technology and tools.
“You only have a certain amount of hours you can work in a week,” Bet-David explained. “What if you have two salespeople who can work 50 hours a week?”
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
4. Be credible
Maintaining a high credit score is not just about paying off debts and securing a high financial rating. It’s about showing up to do the work, sending that email, arriving early at the meeting, committing to people — all of it adds up to a solid reputation.
“It’s very important at the beginning stages,” Bet-David said. “If you have a high ‘credit score,’ you gain credibility.”
5. Find a niche
Become the go-to specialist in one category and build a following — and once successful, broaden out into other areas. One of the biggest mistakes people make is to generalize, Bet-David says.
6. Reach out
If he was starting out again, Bet-Davis says, he would use social media to find a specific audience and make connections.
“To say prospecting has become easier than ever before is an understatement,” he said. “You have to find a creative way to get to them.”
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He added: “Prospect, prospect, prospect. Do not wait on people to find you.”
7. Make a networking list
Put a list together of the top 50 influencers in your field and strategize how to connect with them.
“Water these influencer relationships,” Bet-David said. “The more you water them, all of a sudden five of them will give you contacts that change your life, and that’s exactly what happened to me.”
8. Emulate the right people
Find good personal-life examples to live by, people with similar values and principles who’ve been successful.
“It’s not just about making the money, it’s about keeping the money,” Bet-David said. “How they live their personal lives matters just as much as how much money and success they have.”
9. Don’t overspend
Bet-David says at one point he was driving a Ford Focus even though he had $250,000 in the bank.
“Cash is king. Cash allows me to work with a lot of confidence,” he said.
Every month he’d run his credit score and use a spreadsheet to track savings and expenses, including credit cards.
10. Accentuate the positive
Eliminate negative distractions, Bet-David advises. There are positive distractions, such as family, marriage and exercise. The goal is to generate positive distractions to help push out negative ones.
“Negative distractions set you back, positive distractions help you go to the next level,” he said.
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Kerry is a freelance contributor to Moneywise. She has written a housing and real estate column for 15 years for the Globe and Mail and has written several investigative features for the Walrus.
