Get The Maximum Return On Life, with Maurice Patane
Published DateAuthorDan Sullivan and Strategic Coach
An entrepreneur in the financial planning field, Maurice Patane’s business is focused on helping people live even happier lives by eliminating their financial concerns. In this episode, he shares some of the wisdom he’s gained in his career so far, including thinking tools from The Strategic Coach® Program.
Here's some of what you'll learn in this episode:
Why Maurice asks clients to write their own eulogies.
Why you need to have a deep understanding of your clients.
What Maurice has gained by being genuine and authentic.
A way to reach your big goals much faster.
How daily micro actions can result in exponential growth.
Why Maurice will always be part of Strategic Coach®, no matter what.
Simply saying, “Tell me more” opens up a substantial conversation.
Focus on the smallest viable audience that believes in your purpose.
When someone has too much on their mind, they can’t think properly about the future.
The brain wasn’t designed to keep track of everything we need and want to do.
If you want to grow 10X, you have to focus on others’ success, not your own.
Often, what’s stopping someone from living the life they want to live is ignorance around money.
When someone stops being ignorant about money, they’re able to envision a bigger and better future.
The mind is for having ideas, but not necessarily holding them.
When you make clients feel better, they’ll refer you to others.
In conversations about financial planning, the client’s underlying question is always, “Am I okay?”
It’s important to remain curious about others and engaged in what they’re telling you.
Entrepreneurship can be lonely, and being part of a group that understands you has powerful benefits.
Dan Sullivan: Hi, this is Dan Sullivan. I'd like to welcome you to the Multiplier Mindset Podcast. So I have a great entrepreneur from Australia. He comes from a town called Malvern, which is just south and east of Melbourne. So if you look kind of in the eastern lower part of Australia at the map, you'll find Malvern. Google will find it for you.
Such a pleasure because Maurice joined the 10x Program by Zoom, and I've been very, very impressed with him in the last two or three workshops we've had in 10x connectors. And he's such a pleasure to listen to. He's very articulate, he's very thoughtful. He gave one of the probably masterclass explanation of how to think about 10x is easier than 2x.
Just a fantastically qualitative way of understanding 10x that most people, when they think of 10x, they think of quantitatively 10x. But you don't get 10x quantity unless you start with 10x quality. So he's got a great example of micro investments that you make. And the most important thing is that you realize right up front that if you're going to go 10x, it can't be about you, it's about them.
Maurice Patane: Maurice Patane is my name. I live in Melbourne in Australia and operate a financial planning business, which is focused on helping people live even happier lives by eliminating financial concerns that they have in their life. I've been involved with Strategic Coach now, I think it's six years, gone through the Signature Program and now in the 10x Program.
So operating a financial planning business which revolves around lifestyle, and it's very, very focused on the individual client and having a holistic approach to achieving outcomes. We often say it's about return on life as opposed to return on investment.
And so rather than focusing in on their investments and so on, it's about aligning their capital with their values and making sure that we have helped them to again, declutter and focus in on what's most important to them. And we do that through various tools and exercises and questions and laser focus questions.
And I often start by asking the client the question whether they've ever been to a funeral. Most will say yes. I ask if they've ever had to deliver a eulogy. And some will say yes. And then I ask, "Have you ever written your own eulogy?" And I get very strange looks at that point in time. And so we go through that process of writing it, then altering it from the past tense to the present.
Because if that's the life that they want to live, then what's stopping you? All right. So quite often it's the ignorance around money. So if we can eliminate that ignorance and help them to achieve the life that they're after and gain maximum return on life, which is a similar approach to The Lifetime Extender, then they get so much more excitement out of their life, and they see the forward progression and the bigger and better future that they can have as a result.
2x means it's all about me, whereas 10x means it's all about others. If I can draw an analogy, when you look at a photo, a family photo, who's the first person you look for? And generally it's yourself. All right? And so what I gathered from that is that it's no different to life, that people always are looking at themselves in that sense, and that's great.
So for me, it's about having an outward mindset with an absolute level of genuineness and authenticity. So again, it's not to do it from a trickery perspective, quite the opposite. It's about really gaining a deep understanding of the other person and having that outward mindset. And the add-on effects are enormous to that level.
So the other person is elevated to a high level and they feel, I believe 10x better. And as a result from a business perspective, they certainly refer others that are like them, and you get to your outcome 10x faster as a result. So I've found that that has been one of the biggest game changers for me.
And it's not that I've never been grateful in the past, but I think it's the consciousness of it has really brought it to light, in particular over the last five years, being involved with Strategic Coach and so on. It helps me fulfill my purpose so much quicker, and I'm a lot happier as a result. And I always say one more, can I get to one more person to get to the outcome?
So simplistically, 2x means it's all about me, whereas 10x means it's all about others. And so it's not just about the other client or prospect or otherwise, but it's also my team because it elevates them. And being grateful for what they can contribute along the way is phenomenal. That's my first point why 10x is easier than 2x.
The other point I wanted to highlight, which extends beyond that, is remaining curious and being interested in others as opposed to being interesting. My role as an advisor from a financial planning perspective is to assist clients to navigate through what I term surface-based questions and dig deeper to help them understand the underlying question that they have.
And what I've found is, the underlying question in all cases consists of three words. And the three words are, "Am I okay?" Right? So from a financial perspective, most people lack a level of security and knowing whether they're okay or not. And they ask questions in all forms of different manners. And it might be, "When can I retire?" Or "What income can I have?" Or whatever.
But the real underlying question is, "Am I okay?" And so it's up to me to actually help dig through that. And I do that by asking three words, which to me rank as high as the words, "I love you." But the words are, "Tell me more." And so this phrase is all about remaining curious about others while also being engaged with the things that they're telling you, whether it's trivial or otherwise.
But being engaged in the individual and by asking, "Tell me more," it just opens up a substantial conversation again. Another point is being focused on the smallest viable audience that believe in what I believe in or what we believe in, which is our purpose. And again, having great questions to get them to focus is really getting us so much quicker to the outcome so that we can grow that 10x element.
And so it requires us to design the structure and process for the people that go through it. So it's all about our clients. So we don't design it for us. It's all designed around the experience that they have and we keep it all about them, and knowing that that's critical. The other point, I find this point is really interesting, and I'm going to call it decluttering.
When they have too much on their mind, it takes up unnecessary space and doesn't allow them to think properly about the future. So the brain wasn't designed to keep track of everything we need to do or want to do, whereas the mind is for having ideas and not necessarily holding them. The people that I speak to, their brains and minds are cluttered with a lot of stuff, unnecessary stuff.
And if I can help declutter their mind, they get to their destination a lot quicker, as do I. Right? So they grow at an exponential rate. That comes from both a physical and mental space. So probably the term I use is less is more. We get, again, a much, much quicker outcome to the 10x that we're after.
Compound interest can sound boring, but when you put it to a question like... One of the questions I would use with clients is, "Would you prefer to have a million dollars in cash right now or one cent that doubles every day for 30 days?" And most people don't realize what Albert Einstein coined as the eighth wonder of the world, which is the concept of compound interest.
And when you think of that little equation that I just shared, that what occurs is that when you double one cent per day over 30 days, I think it's by the time you get to day 28, you break the million dollar mark because one cent doubled is two, doubled is four, doubled is eight. And if I continue, when you get to day 28, you're over $1.3 million.
And so by the time you get to day 30, you're at about five and a half million dollars or thereabouts. And so people tend to dismiss the benefits of the micro actions that occur on a day to day basis to get us to the outcome that we want to get to. That one there is a very powerful analogy to get people to understand the benefits of the small micro actions to get you to grow at an exponential rate.
And it's interesting, we had a session with the team this week on Monday, and we talked about our values as an organization. And it was lovely to hear the words that came out of their mouths. And when we narrowed it down, a lot of it came back to simplification. And so it's, again, I used the word declutter earlier. And simplification is in many ways with respect to our own lives and what we do here as a business and that of our clients.
So the more we get into that space of simplifying by multiply, and what that does is it allows us to multiply at the same time. Eliminating waste is probably a good way to put it, stuff that we think we need, but we don't. For me personally, a lot of it's mindset, and I would argue it's the same with the people that we work with and talk to, stuff that is not necessarily needed.
And it's the empowering questions that we ask of ourselves and others that helps us break through the barrier of the existing mindset. And then from our own industry or business perspective, it's the extra stuff that people accumulate in their lives. And so they tend to think, "I need more things."
Whereas the reality is, it's not the things that they need, it's what the benefits that they gain and being grateful for being in that position of the benefits that they gain, if that makes sense. I can't speak highly enough of the community. I often wonder, what is it exactly that makes Strategic Coach so special? And the answer is that there's not one thing; it's a multiplication of things that occur.
If I leave Strategic Coach now, I would still be part of it because I've gained so many friendships and contacts as a result of it that are very powerful that will continue the journey in my own mind. But the connection with every aspect of Strategic Coach—podcasts, worksheets, workshops, and the people—are just phenomenal.
And they really do help you to grow at an exponential rate. But most importantly, I think what I love most is the fact that Strategic Coach is about entrepreneurs. And it can be quite lonely as an entrepreneur, and so having other like-minded people and having a group that actually understands you, I think is just so powerful.
Dan Sullivan: Just a delight to have this because right now we're our third big book that we write in collaboration with Ben Hardy. The title is 10x Is Easier Than 2x. This, I know that the interview that we did with Maurice is just going to go right in.
Ben's just going to take that and he's just going to move it right into the book. So we're so delighted to present this to you. And Maurice, I just want you to know that we got an enormous amount personally from this. It's going to show up in the book, and your name is going to go worldwide. And such a delight to have you in the 10x Program.