Dale Dupree – Do Not Be Tricked Into Taking Shortcuts to Riches

Dale Dupree is leading a sales rebellion against the mediocre ways of the status quo in order to put people over products, community over commissions, experiences over performing a pitch, and fellowship over negotiations. “If you miss it at 30, and you don’t find it until 60, it’s okay. Being patient with your outcomes is what’s most important instead of trying to force them.”Dale Dupree Worst investment everWhen Dale was 23 years old, he had ambitions to become a rockstar. He rubbed elbows with big names in the industry, such as Lou Pearlman, a well-known record producer.Meet the who is who in the music industryOne day, Dale got invited to Pearlman’s mansion for a hangout with the who is who in the industry. He was elated to receive the invite because this was his chance to network with the music industry big wigs.The enticing investment opportunityWhile at the mansion, Pearlman and other big wigs from Warner Brothers, Sony, and Universal Records did a video presentation of a product similar to Spotify where a user could access any album they wanted at a subsidized rate. Now in 2007, this was huge.The big wigs invited those in attendance to invest in the product. One could choose to invest $50,000, $20,000 or $10,000. Dale liked the idea.Here comes the pyramid schemeAfter signing up for the investment, Dale got informed that he had to get 10 of his friends to sign up underneath him, and all their sales would level him up.Then came the wait for returns. A year later, Dale had made nothing. Two years later, he still had not seen any return on his investment. Eventually, in 2012 the scheme was shut down by the government. Dale never made anything from this investment.Lessons learnedJust because someone has a big name does not mean that they are credibleBe careful when investing in something just because someone famous has endorsed it. Just because a big wig has put their name on something does not give it credibility. Just because a celebrity says you should do something does not mean that you should. Always do your due diligence.We control our outcomes much better than other people canNever believe in a scheme that tells you to sit back, relax, and have other people make you money. If you want to be rich, you have to work hard. Do not depend on luck. Making smart, intentional decisions and being very aware of what you are doing will create the wealth you desire, not joining pyramid schemes.Andrew’s takeawaysKnow the difference between multi-level marketing and Ponzi schemesThere is a fine line between multi-level marketing and pyramid/Ponzi schemes. A Ponzi scheme involves getting paid out from what other people are paying, while multi-level marketing involves real products and services. There are legitimate multi-level marketing methods of distributing products. However, a pyramid scheme is illegal. It is, therefore, vital that you know the difference between the two. You do not want to find yourself on the wrong side of the law.There is no legal fast way of making moneyIt takes time to make money. You have to invest it and let it grow slowly and compound. Do not go looking for shortcuts.Question the motivation behind every opportunity offered to youEverybody who is approaching you with an opportunity is doing so from a financial incentive perspective. Nothing wrong with that as it is just business. Whether they are a salesperson, or an entrepreneur selling a dream, they will be motivated by some financial incentive. Understand that incentive so that you can make a better decision. If those incentives are not stated clearly or are hard to figure out, or someone denies that they have some financial incentive, then take that as a warning sign.Actionable adviceThere is so much fakeness out there, be very careful about what you perceive to be real. If you cannot touch it, feel it, see it, or believe it, it is not real. Make the right decisions around your wealth, your family, your community, and your legacy.No. 1 goal for the next 12 monthsDale has developed an app for rebels that do not have 1,000s and 1,000s of dollars to spend on sales training because it is expensive. The app is part of his company’s ministry as a sales organization to help small businesses wanting personal development and growth. Dale’s number one goal for the next 12 months is to launch the first, second, and third iteration of the app. [spp-transcript] Connect with Dale DupreeLinkedInTwitterFacebookYouTubeWebsiteBlogAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast