Roland Frasier: How To Build Lasting Wealth, Influence, and Happiness
In this episode we discuss how to make the most important decisions in your life. Where should you spend your time? How do you evaluate different opportunities? Are you focused on creating wealth or income, and which is more important for you? Should you make a big change in your career or industry? We dig into all of these important questions and give you the tools to answer them with our guest the legendary Roland Frasier.
Roland Frasier is a serial entrepreneur who has founded, scaled or sold dozens of different businesses. He is currently CEO of the War Room Mastermind, where he advises over 150 major companies and principal in DigitalMarketer.com, among several other successful online companies. Roland has experienced business success in several industries including real estate, law, publishing, consulting, and many others. He has worked with major companies such as Microsoft, Infusionsoft, Etihad Airlines, Harper-Collins Publishing and Uber.
The biggest business breakthroughs often come from applying unexpected places and cross applications
The importance of creating models and frameworks for solving business problems
Take what you read and break it down into something that’s simple and useable
How do you take what you’re reading and learning and turn it into something that is actually usable and applicable?
Research down to the base
Cross apply that with experience
Apply the correct geometric framework
The Long and The Short
The dangers of being “cash poor” and “asset rich”
Are you over-focused on income or wealth?
Are you a dancing bear?
Its so easy to get trapped into reinvesting 100% of your profits into growing your company
How do you balance our time between short term income creation and long term wealth creation?
Formula: Income Needs = Long Term Growth Desires + Lifestyle Costs + Cushion
If you want yourself too far on one side or the other, it’s time to rebalance your focus a bit
Life is so fragile - you have to balance living for today and living for tomorrow
Classify your opportunities as either “wealth” opportunities or “income opportunities”
You should be hustling, but you shouldn’t be hustling all the time.
You have to stop and think.
You have to stop and recover too.
If you study some seriously successful and ultra driven people - they often achieve that success at the cost of their own personal and family lives
If you want to really innovate, you have to take time to think.
The world will demand 400% of your time. You have to limit the number of opportunities you take on. It’s easy to drown in opportunity.
Once in a lifetime opportunities come around 3 or 4 times per year.
PFM + Will it move the needle in terms of what you want to accomplish personally and financially?
People
Fun
Money
Saying “not now” is not the same thing as saying no - it’s a great way to defer opportunities
The power and importance of asking for things
Be inquisitive and child like in asking the things you are curious about
The “No harm in asking” Rule
In a business deal, if you don’t ask for what you want, it sure as well won’t be handed to you.
The power of “inception” via the principle of Socratic Influencing - how you can get people to think that your ideas are theirs
Lead people logically to the conclusion that you want them to arrive at
The absolutely magical power
Should you “grow where you are planted?"
The power and importance of developing your personal brand to help your business
Homework: Determine what are you going to spend your time on?
IDEA: Create an “Life Priority Matrix”
Thank you so much for listening!
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Want To Dig In More?! - Here’s The Show Notes, Links, & Research
General
Roland’s website
Media
[Article] Mckinsey Quarterly - “Have you tested your strategy lately?” By Chris Bradley, Martin Hirt, and Sven Smit
Roland’s Media Appearance Directory
Books
Strategy Beyond the Hockey Stick: People, Probabilities, and Big Moves to Beat the Odds by Chris Bradley, Martin Hirt, and Sven Smit
Misc
[Article] The Eisenhower Matrix