Build a Business, Not a Job

The 3 Biggest Wealth Lessons from Maui

David Finkel

August 27th, 2014 10:27 pm

Have you ever wondered why our Maui Mastermind Wealth Summit participants would willingly invest $30,000 per couple to join us in Maui?

And why over 60% of them sign up to come back year after year?

For one reason and one reason only—it works!

For those of you who have been following Maui for years now (this November’s Wealth Summit event will be the 12th annual event) and are intrigued with the thought of participating in this exclusive business and wealth event, please keep reading — I’m going to share with you an inside “sneak peek” at what I consider to be the 3 greatest lessons that have come out of the past 11 Wealth Summit events.

For those of you who are satisfied with your current results, or who could never even imagine enjoying a full week of masterminding, brainstorming, dreaming, connecting, planning, and stretching at the Ritz-Carlton Kapalua with an amazing group of business owners and investors, then I suggest you stop reading now. You’ll only find what I’m about to share uncomfortable and scary. (Consider yourself warned if your curiosity gets the better of you and you keep reading!)

Still with me? Okay, you’ve been warned!

The Three Biggest Wealth Lessons from Maui Mastermind Wealth Summit

Lesson One: The Power of Your Peer Group

During his lifetime, Andrew Carnegie (the world’s wealthiest person) said,
“No man is smart enough to project his influences very far into the world without the friendly cooperation of other men. Bring this thought home in every way you can for it is sufficient unto itself to open the door to success in the higher brackets of individual achievement.”

Hidden in Carnegie’s words and example is the real edge that allows some people to out-earn others by a factor of 10,000 to one.

When you have the right peer group around you… supporting you… encouraging you… challenging you… inspiring you… and holding you accountable… then anything becomes possible. And what’s more—succeeding financially becomes easy.

Trying to build your business and investments in isolation is always going to be a struggle because alone you are vulnerable. It’s only when we’re connected that we can reach our fullest potential.

Take the example of Tom Santilli.

Tom Santilli6-Time Wealth Summit Grad Tom Santilli (far left) has grown his company from $5 million a year in sales to $23 million. Best of all he’s reduced his working hours in half!

Tom came to his first Maui event in the summer of 2006 (his wife Lee actually was the one who discovered the event, a “Mini Maui” charity event, and bought his ticket and booked his travel.)

At the time Tom owned and ran a successful $5 million per year online business, but he was working 80 hours a week. The business was impacting his health and his family.

Fast forward to present day. Tom’s now a 7-time graduate of the Wealth Summit event (yes you read that accurately – SEVEN TIME GRADUATE!) The event and community have helped him to reduce his working hours to less than 30 per week and at the same time grow his company to over $20 million per year in sales.

Without the peer group from Maui he never would have been able to make this leap. We all need people in our lives who push us to be all that we truly are. And it can’t be people who work for us – there is just too big of a power imbalance. We need outside peers who can challenge and encourage us.

That’s one of the main reasons why so many of our Maui Grads come back to Maui year after year after year—they’ve made it a priority to reconnect with their upgraded peer group and immerse themselves in the experience in their presence.

This is what helped Nate and Maggie Byelick stretch bigger than they ever would have thought possible. Ten years ago when Nate and Maggie came to their first Wealth Summit event (they’ve since been multiple times) they had a small real estate investment company buying and selling 10-15 single family houses a year in North Carolina.

The peer group from Maui stretched them to supersize their dreams and empowered them with the tools to buy over $60 million of commercial real estate since then and become financially free.

Nate Byelick“I must admit, it started with Maui. Since we attended, we have accomplished over $62 million in personal transactions and we are growing rapidly in a down market. At the time we attended this sounded like a dream to us. It’s reality now with no end in sight…”
Nate Byelick, 2-Time wealth Summmit Graduate

Our success is strongly influenced by 14the level of the other people we consistently spend time with.

This brings me to lesson two…

Lesson Two: The most reliable path to a business or wealth breakthrough is rarely through “hard work”.

I’m not saying that building a multimillion dollar business is easy, or that amassing a $20 million net worth doesn’t take work. What I am saying is that real breakthroughs rarely come by forcing your way ahead.

The biggest successes I’ve seen from Maui have come from the small conversations during a meal, or while sitting at the pool, or from a simple idea shared from one of the Maui Advisors or fellow participants.

Take the example of Rob and Patrice—two time Maui Grads who have come back twice more as Maui Advisors. Rob shared with me that the biggest “aha” he had at Maui last year came out of a lunchtime conversation where someone shared with him a simple observation on his business / life balance that fundamentally altered how he runs his $40+ million family of companies.

We were talking at lunch, looking over the gorgeous ocean setting, when I asked him why he and Patrice were building their lives around their businesses, when they had earned the flexibility to build their businesses around their lives.

Well this simple question was a light-bulb moment for them (it happened at the 2010 Wealth Summit Event) and they’ve radically upgraded the freedom and enjoyment they now get from their 7 Level Three businesses.

Rob and Patrice MabaryPatrice and Rob Mabary, Co-Founders of Consensus Medical Communications. Patrice and Rob have built and still own seven Level Three businesses with sales in the tens of millions.

My real point is that the real wealth breakthroughs most often come when we stop pushing so hard at the door of success and instead allow ourselves to be open to other pathways to reach our heart’s desire.

This is why so much of Maui is the informal time with your fellow participants in a stunning resort location. It’s the direct question or simple aside that ends up hitting you right between the eyes and making such a dramatic difference.

Sitting in a workshop is great to learn “content”, but content will not give you the biggest breakthroughs, for that you need a combination of three things: the right people, the right environment, and the right formula for mixing and focusing the two.

This is exactly what the Wealth Summit has been proven to do. How can I be so confident as I say this? Because after 12 years of annual Wealth Summit events we’ve got the formula done to a science. It just flat out works.

(Don’t take my word for it. Remember that for over a decade now over 60% of our participants have come back again and again and again!)

Lesson Three: All change is scary, but the most successful people take action in the presence of their fear.

Take the example of 6-time Maui Grad Kelly, an ex-cop turned business owner and investor. When Kelly first came to Maui she was scared that she didn’t know what to do. Should she keep in her “safe” job with the Los Angeles Police Department or should she go after her dreams. At the time she was $77,000 in credit card debt.

The thing that made the real difference for Kelly was she consistently got herself to take the action she needed despite her fears. This was perhaps her greatest asset at the time she attended that first year’s Wealth Summit back in 2003.

After the event, Kelly left the police force to launch the first of her two successful businesses (one real estate and one health products). She bought her first apartment building (she’s since done multiple lucrative commercial real estate deals). She launched a highly profitable health products business.

It was her willingness to live with the fear and still find a way forward that changed her life forever. And the same thing is true for you. You need to find a way to get yourself to take action in the presence of your fears. This is where your peer group comes into play.

Kelly Fabros5-Time Wealth Summit Graduate Kelly Fabros (on right) shared, “I never dreamed that I’d be able to quit my job as Los Angeles police officer and follow my dreams. I still can’t believe I now wake up every day living my dream life.”

When you’re surrounded by an upgraded peer group it’s so much easier to hold true to the vision of your dreams. It’s almost as if there is a positive peer pressure to live your best self.

It worked for Kelly; it’s worked for so many of our other Maui Grads; and it will work for you too.

I hope you found this article challenged you to upgrade your peer group and stretch your thinking.

(For more information on the Maui Mastermind Wealth Summit event click here.)