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 The greatest problem of mankind, I believe, is people having opinions that they're stuck on.
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But the most important thing is that you got to know that if you live in America and you're having a money problem, it is not because you're stupid and it's not because you're lazy.
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It's because you have the wrong information.
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The givers, the teachers, the helpers of the world most die broke because we don't know
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 Welcome to the School of Greatness.
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My name is Lewis Howes, a former pro athlete turned lifestyle entrepreneur.
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And each week we bring you an inspiring person or message to help you discover how to unlock your inner greatness.
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Thanks for spending some time with me today.
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Now let the class begin.
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 The economy is always shifting and creating a financial abundance and independence is one of the most important things you can do for yourself.
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It gives you the freedom and the confidence to take control of your life.
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And today I wanted to bring together some of the most impactful conversations from
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 experts on the topics of money, investing, and breaking through the mindset that holds us back from attracting wealth.
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So in this episode, we discuss the three most important things billionaire Ray Dalio believes everyone should be knowing about money, the skills you need to master to create wealth with Grant Cardone, and the 10 disciplines to know for maximizing your energy and success with Gino Wilkman.
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 I hope you enjoy this one.
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Make sure to subscribe if this is your first time here.
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Share this with your friends if you're inspired by it.
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And in just a moment, let's let the show begin.
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In this first section, billionaire investor and hedge fund manager Ray Dalio talks about the three most important things we need to understand about the economy and how to prepare for what's to come.
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The greatest problem of mankind
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 I believe, wow, that's a big statement, the greatest problem of mankind.
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And it is an exceptional problem at this moment in time, is people having opinions that they're stuck on, you know, like I have to have my opinion and that's right, and so on.
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 because it prevents them from resolving it, from moving forward, to finding the best answer, from compromising and or doing, you know, so like everybody's arguing over everything.
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And it's almost like they're killing each other.
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And we're in a society, you know, I have another principle, which is when the causes that you're behind are more important to you and others than the system, the system is in jeopardy.
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 So are you just literally going to go fight?
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So here we are, as we think, will we fight or will we have protocols for having thoughtful disagreements and getting past them?
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That's why I love your principles and protocols.
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In your opinion, how has this last couple of years been in the history of
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 investing for you in the history of the last 40, 50 years.
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Is this a really, really bad time in your lifetime, or is this just another bad time, but not greater than previous bad times?
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You mean in the world?
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In the world.
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 Yeah, there are three things that are going on now, the three most important things that are going on to great extremes that have not existed since the 1930 to 45 period.
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 And it's important to know those three things and then to understand them well.
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The first is, what is going on with money and credit when you get to something like a zero interest rate?
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 and you need buying power, the government needs buying power, but they can't tax it.
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So what we have is the production of a lot of debt that the central bank prints money and buys that debt to spend.
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 And the last time that happened in the last few years, it happened starting in 2008.
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Interest rates hit zero.
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They couldn't lower their interest rates.
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So they had to print a lot of debt and the government went in and bought it.
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OK.
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And we're coming to the end of a debt cycle.
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 OK, so this is a big thing, like because where does the money come from and who will get what?
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The government will now determine that and then they'll print it and it'll devalue money.
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OK, this is and how money flows a big deal.
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So that's number one.
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 The second one are wealth and political gaps that are causing great conflicts.
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Throughout history, there's always been the main things that everybody's always fought over is money and power, particularly political power.
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So what we have is a situation when you have a large wealth gap and you have an economic downturn.
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 particularly if you put a lot of debt having at the same time, you have a fight.
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I mean, that's been true through history.
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And it's reflected in the political gap.
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So the political gap is, you know, it's classic political gap, left, right.
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 You know, OK, capitalist socialist.
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How do you distribute it?
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How do you how are you going to deal with that?
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That becomes the other.
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And how you fight.
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So that's the second of the two.
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You know, this wealth political gap that's causing the conflict and it's coming at a time
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 where we don't have much money because we don't have a good financial position.
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We're printing and putting it out.
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So- We're still paying off debts still, right?
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Yeah, but with made up money.
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I mean, meaning what happened like COVID was such a good example.
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Okay, you have COVID and a lot of people and companies had falls in their income that would be ruinous.
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 Okay, if checks didn't go out, we would have had a revolution.
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And so those checks and how do you save everything and so on, okay.
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And it's not like the government had real money, like they didn't have any money.
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They already owe a lot.
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 So they just printed more money to give to people.
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So they made more debt and then the government and the Federal Reserve printed it.
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And you know, the checks went out, which diminishes the value of money and so on and changes things.
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So then the third thing is the rise of a great power to challenge an existing great power.
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So the rise of China to challenge the United States.
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 In all history, there are world orders.
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What that means are the dominant power.
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You know, it's like in nature almost, you know, the big bull or something.
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Anyway, there's the dominant power.
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And then what happens is in 1945, we entered the American world order.
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The United States won the war and it ended.
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And then in 1945, the winners of the war carved up the world.
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 We had 80% of what was considered money at the time, gold, 80% of the world's money, essentially.
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We accounted for half the world's economy.
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And the rules were set in the United States, basically.
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That's why the United Nations is in New York.
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 World Bank and the IMF are in Washington, DC, because we began the American century.
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And then we are now at a time, we've never had somebody, another power challenge us in the same way.
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There was the Soviet Union, but they were always a fraction of the size economically, so couldn't compete on that same basis.
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 They had nuclear weapons, but they didn't have the economic power and so on.
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But now we're dealing with China coming on as a power.
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I spend a lot of time in China over the last 36 years, by the way, and I admire how they're doing a lot of things.
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I mean, I know it's controversial to say that, but in terms of like, they're a power.
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Whoa, like since I started going there, their average income has increased by
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 30 times.
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So they're a comparable power and they're also growing faster.
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And so that has an effect.
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So those three things are things that never happened in my lifetime before, but happened before in history, which led me to do the studies of what happened in history and the lessons I could gain.
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 What is that, those three things, money and credit, wealth and political gaps, and the rise of China?
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What does someone like myself or some 30, 40, 45-year-old, 20-year-old, what should they do with that information?
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What should they be aware of?
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How should they apply it?
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Does it apply to people in America, general America, or does it only apply to the wealthy?
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What should we be thinking about?
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No, it affects everybody.
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 Like we know, let's start with ourselves.
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Most importantly, forget about the outside thing.
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Can we be healthy and strong?
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And what do we need to do?
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Like to know that you, you have to be in it together.
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Like if we can row in the same direction.
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Okay.
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If, if we can have thoughtful disagreement and get past that,
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 if we can be in it together, like the wealthy and the poor, and if you figure it out.
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And I know it sounds so difficult, but at the same time, if you read history and you see what happens when it's not, when you have a
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 civil war, like we could be on the brink of a civil war.
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That sounds so crazy.
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But the truth is, in most countries, and almost every century, there was a civil war or a revolution, some form of civil war revolution.
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So it's almost inevitable that we're going to have something, okay, you either resolve it, or you start fighting so badly, that you really do until you resolve it.
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Yeah.
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 Once you cross a certain line, there's no coming back, okay?
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Because you do the damage, you demonize, and that person's such an enemy or that class of people is such an enemy that the communication's gone and the fight.
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Well, you see this in politics today.
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 In other words, is there a respect for the system and a mutual respect of trying to fight, resolve these types of things, or will they go to any lengths to win?
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Because a constitution or law will only carry you to so far, okay?
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There has to be an element of respect for it, right?
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 If you think about the presidential election, it's quite something that we as a country, as a people, when somebody might win the popular vote, somebody else wins the electoral vote, there's not even an argument.
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Like in other countries, you might say those who had the popular vote would say, what the hell?
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I've won the popular vote.
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I think it matters.
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And somebody says electoral vote and so on.
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 Okay, there's not a question about that.
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Okay, now, when you start to say, okay, is it this vote, or that vote, or this thing, or that, and how far are you willing to go to fight, and do rules matter?
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When you start to get across that line, and you do harm, you hurt, and you alienate, then you go to accelerate this process.
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 People should know what that looks like, how terrible it is.
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So maybe if they know what it looks like and how terrible it is, and they can empathize a little bit.
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But I see people don't see it.
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I'm living in Greenwich, Connecticut.
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Connecticut has the highest per capita income in the country, and it's got the largest wealth gap.
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Most of the people in Connecticut are pretty poor.
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I mean, some cases, very poor.
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 Oh, I'll give you an example.
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This is the community my wife works to help high school students.
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22% of the high school students in Connecticut are either disengaged or disconnected.
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What that means is disengaged means they have an absentee rate which is greater than 25% and they're failing classes.
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They don't show up to class.
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That's right.
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They show up three quarters of the time and they're failing.
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 Or that's disengaged.
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Disconnected is they don't know where they are.
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They've dropped out of school.
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22%, one in five.
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So school is not working for them.
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And they're in desperately poor areas.
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Like, okay, we have the coronavirus.
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 And so her efforts and our efforts are philanthropic.
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That's what got her involved.
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They don't have computers.
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They don't have connectivity.
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They have problems getting food.
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They get food in school.
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They need the food in school because they don't have adequate food.
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 Okay.
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And this is Connecticut and it's right up the road.
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So we had to, we bought these kids, 60,000 kids, computers, and then we're trying to get connectivity and so on.
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And you start to see this
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 Okay, this is the same world.
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Now, so I live in one neighborhood with my community, and then there's the other.
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They don't understand each other.
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They haven't lived there.
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They haven't empathized.
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And in fact, there are resentments on both sides.
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 Right?
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Like people in my community, they're very rich by comparison to those other people.
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But also to take care of their families, to educate them.
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They have their own challenges, the work-life balance and so on.
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They have their financial insecurities and so on.
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So that's what they're focused on.
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 And then they might think, oh, these other people, they're not taking care of themselves.
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Why don't they pull themselves up by the bootstraps?
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Do you know what it's like to be a kid growing up in that neighborhood and trying to what what are you talking about?
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You can't pull yourself up from, you know, there's a problem.
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There's not enough food.
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There are gangs.
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They even are walking to school.
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 past neighborhoods that are gang shootings and you can't, and there are not enough police to do it.
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Okay.
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So these two worlds, and then the others say, you know, well, here we are, and you're walking around with your fancy cars and your, you know, fancy clothes and, and so on.
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And we're suffering.
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I mean, come on.
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And so they don't understand each other and so on.
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We have to get past this.
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We have to be in it together, I think, otherwise we're going to kill each other.
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 What's the main thing that both sides need, whether that be in Greenwich, Connecticut or in the USA on different sides?
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Is it empathy?
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Is it compassion?
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Is it awareness?
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What is that thing that both sides need in any rich, poor dichotomy?
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Well, there's the intellectual thing they need and the emotional thing they need.
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Okay, intellectually, what they need is, or maybe emotionally,
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 the fear and the understanding that where this will lead will be devastating if they don't deal with it.
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If they don't deal with it together, and you look at history, you need the fear.
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You can't give people necessarily empathy or love.
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We could say, oh, they should care about the other person.
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 Okay, that's too much to ask.
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Yeah, you know, that's not realistic.
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Okay, but realistic is that you, if we all don't get it together, are going to have, you know, you like all that stuff you got, well, you ain't gonna have it anymore.
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 And all of a sudden the things that are the most basic in terms of take care of it.
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And then if you start to realize that it's productive, like what do you need to be successful?
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It's all I had when I grow up was I had parents who loved me and took care of me.
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I went to a public school.
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Okay.
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And I came out to a world in which there was equal opportunity.
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Those are the only things you need.
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And, you know, healthcare, but when you're young, you don't need much of that.
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 So those are the only things you need.
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Now, even in these communities, sometimes you can't get the parents, but you can get people who care about them, their teachers and so on.
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But you have to try to strive for equal opportunity.
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Do you think we have equal opportunity?
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 No, of course not.
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Let me look at any, any of the statistics.
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I mean, I give you examples.
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I, I studied, um, this issue because first we, when populism started to come around and, um, I thought that was, I needed to study, uh, Donald Trump as, as a populist.
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And so, and then it's all around the world and I, and I needed to study the, the different quintiles, the top 20%, next 20% and so on.
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 And I saw what the pictures of the lives of the majority of people are like, the bottom 60%.
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And equal opportunity, no.
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Put that in perspective.
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Those in the top 40% spend on average on their kids' education five times as much money as those in the bottom 60%.
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It's a self-perpetuating thing.
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It's not a bad thing.
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Those parents care about having their kids well-educated.
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 So because they do and they take care of their kids, they're taking care of their kids, they're getting them well-educated, and so on.
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But not being well-educated means you're not going to have equal opportunity.
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And so as that gets narrower and narrower, you have that phenomenon.
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So there are a lot of ways you could measure whether there's equal opportunity, but I don't even know we can agree that we should have equal opportunity.
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 I mean, like, I'd almost take a poll, you know, of the American people and see, could we agree that we should have equal opportunity?
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Okay, that'd be an accomplishment.
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Okay, then if you could do that, then we say, can I take measures, metrics,
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 by which key performance indicators, by which I could say, how are we doing on the equal opportunity goal?
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And then monitor that and you say, ah, it's getting better or ah, it's getting worse.
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If we could do that, we'd accomplish a lot.
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Yeah, we got to get to that point first.
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 This is fascinating.
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I'm curious about the mindset of making money.
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There's a massive wealth gap.
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There are people who are making money and some that seem to be making more and more money, and others that always seem to be stuck in the ability to make money, to save money, to invest money.
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They always seem trapped in not making it.
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What would you say is the mindset that wealthy people have around making it,
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 and growing their money for them versus the mindset of people that stay stuck in not making it.
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 Well, I want to distinguish there's big differences in opportunities.
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Yes.
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So let's say, supposing you have two people of comparable opportunities.
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Yes.
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And then they were going to do that.
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OK.
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The marshmallow test, as you know, apparently, is you take a kid and you say, OK, you can have one marshmallow now.
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 Or you could have two marshmallows in 15 minutes.
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If you don't eat the first one.
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Yeah.
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If you don't eat the first one.
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Right.
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Yeah.
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OK.
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Once you start to realize.
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That deferred gratification is going to make you better and so on, and you start to count, count and you say like something like how many
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 days, weeks, months, or years, can I live if I don't have money come in?
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And you start to focus in on that, that's the first step, okay?
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Like the marshmallow test.
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Okay, so I want to save.
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You gotta start there.
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Then if you do that, you're necessarily gonna go save in what?
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 and then you'll start to get exposure to how these things are different, okay?
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Then you start to care.
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You're not gonna have one of these and one of those, and you start to experience, and then you start to learn, and basically that's what makes the difference.
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That's it.
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So first, having the ability to have delayed gratification, then obviously diving in, researching, testing, and trying different things,
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 the more and more you can say you don't want something now for greater later is the essential key.
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Well, and what it does then when it comes to the money, that means money.
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Now, at that moment that you don't want it, you have savings.
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That means I want savings.
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Now, you got savings.
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The next thing inevitably that's going to come at you is where do I put it?
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 And then you get your choices and then you experience it and you learn, right?
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Yeah, because there's lots of places to put it for investments.
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There's real estate, there's stocks, there's building your own company, there's different places to invest.
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What have you found are the top places that people should be investing?
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 Well, I think first you start with what are the most important things that you're closest to, like, is it your business?
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First, calculate how many days, weeks, months, or years you can live on your saving.
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Because when you do that, you'll start to, you'll gain security, you'll gain that, okay?
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So look at how much you're spending, okay?
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And then say, how much do I need?
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 And whatever that number is, you're gonna need more than that.
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 because it may go down rather than go up.
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So, okay, now do I have a year spending?
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Okay, you start there.
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Then you start to think, what are the things that are most important for me?
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And then you start with your business or your residents that have a symbiotic relationship and that you know well.
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Let's say if you'd start with your business,
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 Okay, you're closer to that investing in yourself with whatever that may end up being, that may be your best investment.
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Not real estate, not stocks, not the market.
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Well, it depends if you're doing something where you can do it yourself and that's the thing.
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But if you're in a job, that's not the thing.
0
SPEAKER_01
Right.
0
SPEAKER_01
Because you're in a different position.
0
SPEAKER_01
 Okay, and then I really think there's something good about your home, a basic thing about your home, because it's nice forced savings.
0
SPEAKER_01
And it also means that you fix it up, you know, you're saving, you find out there's, oh, well, if I add this thing or that thing, and you're enjoying it.
0
SPEAKER_01
 So when you're enjoying it and you're controlling it and it's yours and so on, that's pretty good.
0
SPEAKER_01
And if they keep mortgage tax deductions and so on, there might be some benefits to it also, okay?
0
SPEAKER_01
But that's not a black and white answer.
0
SPEAKER_01
So you could take a short principle and say, is it better to rent or buy?
0
SPEAKER_01
Okay, that's a different question.
0
SPEAKER_01
Maybe I said, but by and large, am I gonna move?
0
SPEAKER_01
 you know, all of those other questions.
0
SPEAKER_01
But so when you start with, okay, what is it that's close to home?
0
SPEAKER_01
And how much you need a certain amount that's liquid.
0
SPEAKER_01
In other words, you got it in your house, you got to make a mortgage payment or something.
0
SPEAKER_01
And all of a sudden, you're, you know, it's not liquid, and you lose your job.
0
SPEAKER_01
Well, that can cause you trouble.
0
SPEAKER_01
So how much do I have that's liquid?
0
SPEAKER_01
 How much do I have that's not liquid?
0
SPEAKER_01
Okay.
0
SPEAKER_01
And you start to get those things right.
0
SPEAKER_01
Okay.
0
SPEAKER_01
Ah, I've got enough liquid.
0
SPEAKER_01
I got enough.
0
SPEAKER_01
Okay.
0
SPEAKER_01
Not liquid in those other things.
0
SPEAKER_01
Okay.
0
SPEAKER_01
Pretty soon you're getting yourself in good shape.
0
SPEAKER_00
Yeah.
0
SPEAKER_01
You do those things.
0
SPEAKER_01
You know, you're pretty much in good shape.
0
SPEAKER_01
 And then you're also having some experiences and then you go beyond that, you know, and then so you start to, okay, what, you know, okay, what's a stock, what's a bond.
0
SPEAKER_01
And then, you know, you learn through experiences.
0
SPEAKER_01
I learned through my, my experiences.
0
SPEAKER_01
I started when I was
0
SPEAKER_01
 a kid, 12, I used to caddy, and I took my caddying money and I put it in the stock market.
0
SPEAKER_01
And I was lucky.
0
SPEAKER_01
What happened to me, by the way, is I took my caddying money and I bought the only company that I ever heard of that was selling for less than $5 a share.
0
SPEAKER_01
And I thought that that, you know, well, I was really dumb.
0
SPEAKER_01
I thought I'll buy more shares.
0
SPEAKER_01
So if it goes up, I'll make more money.
0
SPEAKER_01
 Uh, and it was the only company and it was a company that was about to go broke, but somebody, some other company acquired it and it tripled.
0
SPEAKER_01
And I thought, ah, there's an easy game and I like it easy money.
0
SPEAKER_01
So, but you know, you experiment and you learn.
0
SPEAKER_03
You're a very philanthropic individual, you and your wife, uh, your foundation, your company, you give back in a lot of ways.
0
SPEAKER_03
Some might be through donations like computers.
0
SPEAKER_03
Some might be through financial.
0
SPEAKER_03
 Some might be through just your work and your content on LinkedIn, which is amazing.
0
SPEAKER_03
I recommend everyone subscribe to on LinkedIn.
0
SPEAKER_03
The content there is amazing.
0
SPEAKER_03
You're giving back in lots of ways.
0
SPEAKER_03
I'm curious, what's the greatest gift a rich person or someone with money can give someone who doesn't have money to give the knowledge, teach a man how to fish is better than to give him a fish.
0
SPEAKER_01
 I mean, I think you can give them both.
0
SPEAKER_01
You can give education and you can show, but ability, the capacity to be productive, because, you know, if I can give you the capacity to go out in the world, it's like going to a jungle.
0
SPEAKER_01
I give you a knife and can you live in the jungle?
0
SPEAKER_01
OK, if I give you that capacity, that's the best thing I can give you.
0
SPEAKER_01
That's why I wrote the book.
0
SPEAKER_01
 And, you know, pass it on.
0
SPEAKER_01
I wrote those principles over years and I wrote them down and that's what I want to pass along.
0
SPEAKER_01
That's the most important thing.
0
SPEAKER_03
Yeah.
0
SPEAKER_01
But, but if you, but if you've got money, you can help people a lot in a lot of different ways, which is thrilling.
0
SPEAKER_03
What would you say then are the three greatest skills that people that aren't financially abundant or that are struggling financially should learn to master in order to be in a better position financially?
0
SPEAKER_03
 three skills, what would you say they should learn?
0
SPEAKER_01
Well, as I said before, I remember watching the movie when I was young, David Copperfield with WC Fields.
0
SPEAKER_01
And he speaks to David Copperfield and he says, he said something like, and I'll put it in dollar terms.
1
SPEAKER_00
 you earn $100 and you spend $105, that's misery.
1
SPEAKER_00
If you earn $100 and you spend $95, you'll have a good life.
1
SPEAKER_00
I mean, it wasn't exactly like that, but basically, I know so many people who don't earn much,
1
SPEAKER_00
 but are there.
1
SPEAKER_00
Because if you start to think about what it is that it costs you to live in terms of, let's say, the basics, you know, give me a bed to sleep in, give me the food, let me be educated and so on and so forth.
1
SPEAKER_00
I think most people can get themselves in a position where, you know, they're net positive.
1
SPEAKER_00
So if you can be net positive,
1
SPEAKER_00
 And you could do that, that, you know, that's number one, you know, as I carry that.
1
SPEAKER_00
So that's, you know, that's number one.
1
SPEAKER_00
Then I guess it was the list that we went to, you know, the second is, you know, what do you do next in terms of what do you need, what do you invest in, you know, and then, and then, you know, going beyond it and then there avoid the following mistake, the most common mistake of investing.
1
SPEAKER_00
 thinking that the investment that did good is a good investment.
1
SPEAKER_00
People rather more expensive.
1
SPEAKER_00
Quite often, those markets that did really, really well became more expensive.
1
SPEAKER_00
And everybody, smart money is all the time comparing them and competing
1
SPEAKER_00
 So what happens is the naive money buys the thing that was hot or is hot.
1
SPEAKER_00
The thing that has been terrible, which might be the thing that's beaten down.
1
SPEAKER_00
So I would say also an important element.
1
SPEAKER_00
Okay, so here's another one that's really important.
1
SPEAKER_00
Diversify.
1
SPEAKER_00
So don't put all your eggs in one basket.
1
SPEAKER_00
Right, because what I learned about this
1
SPEAKER_00
 is that, first of all, all investments
1
SPEAKER_00
 And it's not easy to tell whether one investment is better than the other, because if people could do that, life would be easy and everybody make a ton of money.
1
SPEAKER_00
So, and this is a competitive game that's very difficult to compete in.
1
SPEAKER_00
So it's very difficult to say which one's better or worse.
1
SPEAKER_00
You can take experts and you can do all sorts of tests and you'll find out that they can pick that and you can't tell whether the worst ones are gonna be better.
1
SPEAKER_00
So because of that,
1
SPEAKER_00
 You understand that even picking the best ones is difficult.
1
SPEAKER_00
And particularly if you're naive, like we spend hundreds of millions of dollars each year on research to try to give us an edge.
1
SPEAKER_00
Now you've got to compete with us.
1
SPEAKER_00
So competing in the markets is more difficult than competing in the Olympics.
1
SPEAKER_00
You wouldn't think I'm going to compete in the Olympics, but there are more people who try harder
1
SPEAKER_00
 in order to do that.
1
SPEAKER_00
So it's a zero sum game.
1
SPEAKER_00
But diversification, that they're different, will reduce your risk without reducing your return.
1
SPEAKER_00
So if you know how to diversify well,
1
SPEAKER_00
 So that's critical.
1
SPEAKER_00
So I would say, again, get your savings right.
1
SPEAKER_00
And the reasons I say, I would say, have great humility about what you don't know.
1
SPEAKER_00
Don't buy the thing that was hot, just because you think it's hot.
1
SPEAKER_00
And then know how to diversify well.
1
SPEAKER_00
Those would be the most important things I could convey.
1
SPEAKER_02
 In this second section, entrepreneur and real estate investor Grant Cardone talks about the skills you need to master in order to create wealth.
1
SPEAKER_02
I don't want to lose money.
1
SPEAKER_02
You don't want to lose money.
1
SPEAKER_02
But why do you think people are afraid to just talk about money, to make decisions on investing money?
1
SPEAKER_02
They're scared to go earn more.
1
SPEAKER_02
Why are people afraid of money in general, do you think?
1
SPEAKER_01
Well, I can tell you for me, like I was always scared of money.
1
SPEAKER_01
 And I was terrified of it.
1
SPEAKER_01
So if you look at, still today, I look at the bill of everything.
1
SPEAKER_01
It's a bill of everything?
1
SPEAKER_01
If something costs something, I want to know how much it was.
1
SPEAKER_01
 And so, like, how much is it?
1
SPEAKER_01
Like, I'm gonna ask that question, whether it matters or not.
1
SPEAKER_01
It doesn't matter where I get in my life.
1
SPEAKER_01
I don't think I'm ever gonna be free of, how much was that?
1
SPEAKER_01
How much was the dinner?
1
SPEAKER_01
How much was this?
1
SPEAKER_01
How much was dinner?
1
SPEAKER_01
How much was the tip?
1
SPEAKER_01
How much was the coat?
1
SPEAKER_01
How much was the jacket?
1
SPEAKER_01
What did, you know, me and Elena, like, Elena's like, hey, it's gonna be fine, man.
1
SPEAKER_01
Like, look at what you've done.
1
SPEAKER_01
We cannot spend this.
1
SPEAKER_01
And I'm like, how much was it?
1
SPEAKER_01
 I want to know how much it was because when I grew up, you had to know what things cost.
1
SPEAKER_01
And so the point your question about money is it's a terrifying thing because it's the one thing in life that.
1
SPEAKER_01
 The NFL is not going to give me the ball.
1
SPEAKER_01
And I'm never going to get a chance to golf.
1
SPEAKER_01
I can't win in those environments.
1
SPEAKER_01
But with money, everybody gets money.
1
SPEAKER_01
It's the one place where everybody gets it.
1
SPEAKER_01
And now what do I do?
1
SPEAKER_01
And I can lose it now.
1
SPEAKER_01
So it's a terrifying concept, like power.
1
SPEAKER_01
Very few of us ever get any kind of influence or power, right?
1
SPEAKER_01
Once you get it, you're like, hey, what do I do with this?
1
SPEAKER_01
 You know, am I gonna do the right things with it?
1
SPEAKER_01
And so I think people withhold themselves because they don't, we're not educated about money.
1
SPEAKER_01
We don't know where it comes from.
1
SPEAKER_01
We have a lot of misinformation about it.
1
SPEAKER_01
Our parents terrified us.
1
SPEAKER_01
You know, money doesn't grow on trees.
1
SPEAKER_01
Save your money, it'll save you.
1
SPEAKER_01
All these things our parents told us because they were enamored or encumbered with the same kind of liabilities around money.
1
SPEAKER_01
I don't know how to get it.
1
SPEAKER_01
 I don't know how to keep it.
1
SPEAKER_01
And the third, the worst part that we're all at is I don't know how to invest it.
1
SPEAKER_01
So what I'll do is I'll, some people get good at getting it.
1
SPEAKER_01
 Very few, actually.
1
SPEAKER_01
Fewer people at keeping it, but probably more than getting it.
1
SPEAKER_01
There's probably a big group in America that have learned how to keep money.
1
SPEAKER_01
Because they're afraid to lose it.
1
SPEAKER_01
They don't want to invest it.
1
SPEAKER_01
They don't want to use it.
1
SPEAKER_01
Kanye talks about this, how white people save all their money.
1
SPEAKER_01
And they just keep it.
1
SPEAKER_01
They just store it.
1
SPEAKER_01
Like I had an uncle, he buried everything he ever made.
1
SPEAKER_01
It went in the backyard.
1
SPEAKER_01
Wow.
1
SPEAKER_01
 The other uncle was, he worked hard, very, very frugal, Italian descent, and he would buy real estate, but it was always buy low and sell high.
1
SPEAKER_01
He actually never sold anything, but that was the concept, buy low, buy the cheapest, lowest,
1
SPEAKER_01
 Get everything on a deal.
1
SPEAKER_01
If there's food stamps to be gotten, you go get those food stamps.
1
SPEAKER_01
If there's a government deal, get it.
1
SPEAKER_01
If it's Section 8 and the government will pay you, pay it.
1
SPEAKER_01
So both these guys' different kind of mentalities were extremely frugal.
1
SPEAKER_01
My other uncle worked in a refinery.
1
SPEAKER_01
He basically saved all his money, paid everything off, got out of debt.
1
SPEAKER_01
That was their lifestyle.
1
SPEAKER_01
My dad died when I was 10.
1
SPEAKER_01
 So he paid all his debt off, had everything paid.
1
SPEAKER_01
And so that's all I had, right?
1
SPEAKER_01
Everybody around me was like, get money.
1
SPEAKER_01
Keep it.
1
SPEAKER_01
Keep it.
1
SPEAKER_01
Don't use it.
1
SPEAKER_01
But you should invest.
1
SPEAKER_01
But nobody ever learns that third one.
1
SPEAKER_01
And so I think we're just a bunch of people walking around terrified of this apparency of it's scarce.
1
SPEAKER_01
Right.
1
SPEAKER_01
 And it's not.
1
SPEAKER_01
There's nothing scarce about it.
1
SPEAKER_01
Didn't they just print more in the last couple of years?
1
SPEAKER_01
I think we printed more money since the last time I was with you.
1
SPEAKER_01
 than they printed in the last hundred years.
1
SPEAKER_01
That's crazy.
1
SPEAKER_01
Since I saw you last.
1
SPEAKER_01
That's nuts.
1
SPEAKER_01
So everybody should have got a pay raise.
1
SPEAKER_01
And I know people are scared of the bubble right now.
1
SPEAKER_01
They're like, oh my God, man, real estate's too much and stocks are too much.
1
SPEAKER_01
None of this stuff has gone up equal to the amount of money printed.
1
SPEAKER_01
So if the print is this high,
1
SPEAKER_01
 If the print is that high and inflation, that we're hearing about all the time, is this high, you'd have to assume it would have at least this far to go.
1
SPEAKER_01
But that's only because people don't understand, when you print this much money, you need to multiply times nine.
1
SPEAKER_01
Because money's printed when you take your money to the bank.
1
SPEAKER_01
As soon as it goes into the bank, the bank gets notified and the bank now has the ability to loan that money out nine times.
1
SPEAKER_01
 Nine times.
1
SPEAKER_01
Nine times.
1
SPEAKER_01
So they don't keep money.
1
SPEAKER_01
So if you put a million dollars with the bank today, they're going to go make $9 million worth of loans tomorrow.
1
SPEAKER_01
How do they make that?
1
SPEAKER_01
How do they do it nine times?
1
SPEAKER_02
Well, that's what they're allowed to do by their regulations.
1
SPEAKER_02
They can take a million dollars that you give them.
1
SPEAKER_01
That's why they want deposits so much.
1
SPEAKER_02
And then they can go give $9 million in loans on that one month.
1
SPEAKER_02
That's right.
1
SPEAKER_02
 within a year, two years.
1
SPEAKER_01
And within microseconds.
1
SPEAKER_01
And one day they can loan out nine million.
1
SPEAKER_01
This is what people don't understand.
1
SPEAKER_01
And this is what our parents didn't understand, okay?
1
SPEAKER_01
So Bob goes out, Bob or Betty goes out and they work and they do really well and they make 200 grand a year.
1
SPEAKER_01
Maybe they're online doing online sales.
1
SPEAKER_01
Hustle, hustle, hustle, trading their most valuable thing.
1
SPEAKER_01
This is what I did for 25 years, from 25 to 51 years old.
1
SPEAKER_01
 spent my most valuable asset time to get money, terrified, terrified every second of every day.
1
SPEAKER_01
That's really what's driven me the whole time, was terror.
1
SPEAKER_01
Like when you don't know, you're gonna be scared.
1
SPEAKER_01
So I'm going out to get money.
1
SPEAKER_01
I won't spend any of it because I'm terrified if I can't, I don't know how to get more.
1
SPEAKER_01
I'm worried I can't keep getting more.
1
SPEAKER_01
So then I'd get the money and then I'd rush off and spend my most valuable asset time again to bring it to the bank.
1
SPEAKER_01
 And then they go multiply.
1
SPEAKER_01
They're telling me to save it, and they don't.
1
SPEAKER_01
And so when I quit listening to everybody that's got an opinion about money online, or my neighbors, or my uncles, and I started saying, what are they doing?
1
SPEAKER_01
The banks.
1
SPEAKER_01
When I quit studying the influencers and started studying the banks,
1
SPEAKER_01
 Goldman, JP Morgan, KKR.
1
SPEAKER_01
There's just an endless list of these guys.
1
SPEAKER_01
You start studying those guys.
1
SPEAKER_01
Elon, study Elon.
1
SPEAKER_01
Elon doesn't keep any cash.
1
SPEAKER_01
He thinks the whole thing's a joke, which he's probably right.
1
SPEAKER_01
So what does he do?
1
SPEAKER_01
He reinvests everything.
1
SPEAKER_01
He's not paying debt off.
1
SPEAKER_01
He's accumulating debt.
1
SPEAKER_01
 But Apple has debt, Google has debt, Facebook has debt, and they have cash reserves that are the biggest cash reserves on planet Earth.
1
SPEAKER_01
They could pay cash for everything, but they don't.
1
SPEAKER_01
Why do they get debt when they have all the cash?
1
SPEAKER_01
Exactly.
1
SPEAKER_01
Why do they do that?
1
SPEAKER_01
Because if I take, Apple just did this, okay?
1
SPEAKER_01
I want to make a $90 billion purchase.
1
SPEAKER_01
And they're like, yeah, we got the cash for that.
1
SPEAKER_01
In fact, we have cash plus another 50%.
1
SPEAKER_01
We got plenty of cash to do this.
1
SPEAKER_01
 And then one of their people says, okay, bro, you do that?
1
SPEAKER_01
That is not a tax deductible event.
1
SPEAKER_01
What we should do is we should go keep this and go borrow 90 billion.
1
SPEAKER_01
Really?
1
SPEAKER_01
At like 0.005%.
1
SPEAKER_01
Like they're going to pay a half of 1% for this debt.
1
SPEAKER_01
Maybe they pay 1%.
1
SPEAKER_01
Who cares?
1
SPEAKER_01
They're like, I don't care.
1
SPEAKER_01
It's a tax deduction anyway.
1
SPEAKER_01
Interesting.
1
SPEAKER_01
 So now they have the best of both worlds.
1
SPEAKER_01
They have their cash and they have debt.
1
SPEAKER_01
Now, back when I was growing up, this debt would cost 10, 12, 15, 18%.
1
SPEAKER_01
It's so cheap now.
1
SPEAKER_01
This debt, because we print money.
1
SPEAKER_01
Money is not scarce like our parents told us.
1
SPEAKER_01
 Like, when I was growing up, I bet you I heard, I heard at least from my mother, from the age of 10 to 15, if I didn't hear this 500 or 1,000 times, I never heard it once.
1
SPEAKER_01
We don't own the electric company.
1
SPEAKER_01
Turn those lights out, boy.
1
SPEAKER_01
I still have that going on today.
1
SPEAKER_01
My dad, my mom told me my dad would, because he worked so hard, dude, he was so like, oh, I finally got it, I finally made it, now I gotta protect it.
1
SPEAKER_01
He got stuck in the second piece, keeping it.
1
SPEAKER_01
 It's an emotional keep.
1
SPEAKER_01
And so it's not a rational thing, because you're hoarding now.
1
SPEAKER_01
Still today, man, it's tough for me to buy blue jeans if they're not on sale.
1
SPEAKER_01
I'm like, this is stupid, man.
1
SPEAKER_01
I'm just going to wait.
1
SPEAKER_01
You know what I'm saying?
1
SPEAKER_01
But it's really stupid that I even worry about it.
1
SPEAKER_01
 And I'm not saying on the come up, I think you should worry about it.
1
SPEAKER_02
But there needs to be where you can turn that switch off.
1
SPEAKER_02
You said there's a lot of misinformation and people just aren't educated on money in general when they're growing up, or there's just a lot of information out there.
1
SPEAKER_01
I think the miseducated is more, it's not a financial illiteracy, it's a financial, it's almost like we've been hypnotized.
1
SPEAKER_02
 with the wrong set of rules.
1
SPEAKER_02
So if you could only share three pieces of information to your kids or the younger generation, or anyone stuck on hoarding and keeping money, what would you say would be those three things that you would share to change the philosophy and mindset around the fear of money?
1
SPEAKER_01
 Well, I think number one is there's a bigger problem with hoarding in this country than there is with spenders.
1
SPEAKER_01
But what we hear is all the spenders who are getting into debt.
1
SPEAKER_01
Yeah.
1
SPEAKER_01
Oh, my God.
1
SPEAKER_01
You know, he did this and he's overspending.
1
SPEAKER_01
But really, really, you have more of a hoarding issue than you have a spender issue.
1
SPEAKER_01
Number one, I think people err more on saving and not knowing how to use money.
1
SPEAKER_01
 than they do on buying Richards and Lambos, even though you see all that around LA.
1
SPEAKER_01
I walk into Vegas, and I sit down at a table in Vegas, and I know the three guys playing.
1
SPEAKER_01
They're playing 10 times more than I am.
1
SPEAKER_01
They're playing $2,000 a hand.
1
SPEAKER_01
I'm playing $25.
1
SPEAKER_01
I'm like, I know I'm in a better position to play what they're playing for, but I can't do it.
1
SPEAKER_01
So the advice I would give people is I would just assume that everything you know about money is incorrect.
1
SPEAKER_01
 Everything.
1
SPEAKER_01
Every single thing you know.
1
SPEAKER_01
Just assume it so you can get back to where?
1
SPEAKER_01
So that you can actually have a white, you can have a clean, a clean board to operate from.
1
SPEAKER_01
Because if you go out right now and try to stack new information, financial literacy on top of, you know, a toxic foundation, it's all going to get all... That's why when I tell people, don't go buy a house, everybody freaks out.
1
SPEAKER_01
They're like, that can't be right.
1
SPEAKER_01
That can't be right.
1
SPEAKER_01
Why?
1
SPEAKER_01
Because that's what you've been told to buy a house your whole life.
1
SPEAKER_01
Because the banks want you to buy a house.
1
SPEAKER_01
 Now everybody just heard that's going to say, I just saw you buy a house in Malibu.
1
SPEAKER_01
I can do anything I want now.
1
SPEAKER_01
Here comes the arrogance.
1
SPEAKER_01
But I mean, I'm in a position now, like if I want to buy that house in Malibu, I can.
1
SPEAKER_01
But on the come up, buying a house is not what you should do.
1
SPEAKER_01
One, I would scrape off that you don't know anything.
1
SPEAKER_01
Two, I would invest everything you can in you.
1
SPEAKER_01
It's tax deductible.
1
SPEAKER_01
 You never lose it.
1
SPEAKER_01
A person's personal appreciation will always be bigger than any other asset class.
1
SPEAKER_01
I love that.
1
SPEAKER_01
Bitcoin can't match it.
1
SPEAKER_01
Real estate can't match it.
1
SPEAKER_01
My personal asset appreciation will always, it is infinite.
1
SPEAKER_01
Who knows, I could be the next male Oprah or somebody watching could be the next
1
SPEAKER_01
 rock or whatever, right?
1
SPEAKER_01
What is that appreciation value?
1
SPEAKER_01
It's straight up.
1
SPEAKER_01
So the first thing people should invest money in, even use debt on, is their personal improvement.
1
SPEAKER_01
If you told me you had to go borrow $1,000 to
1
SPEAKER_01
 to go to one of your classes to become great, and it had any potential at all, like even a 1% chance of putting you on the road to greatness, I'd be like, dude, you go give Amex or Visa $1,000 right now.
1
SPEAKER_01
I don't even care what the rate is.
1
SPEAKER_01
Because the infinite return beats 18%.
1
SPEAKER_01
 So number one, invest in yourself.
1
SPEAKER_01
Number two, I would invest in your business.
1
SPEAKER_01
Whatever your business is or your department, your division is.
1
SPEAKER_01
Like the first 30 years of my career, I didn't own a company, but I did invest in my department, even though I worked for a company.
1
SPEAKER_01
I had a secretary.
1
SPEAKER_01
I didn't have the company pay for my secretary.
1
SPEAKER_01
I paid for that.
1
SPEAKER_01
I wanted her to work for me.
1
SPEAKER_01
It was my mom, by the way.
1
SPEAKER_01
 And so invest in yourself, you know, like invest yourself, then invest in your business or your department, your skill set.
1
SPEAKER_01
If it's your company, then invest in your company, even down to zero.
1
SPEAKER_01
I wouldn't keep money around.
1
SPEAKER_01
I wouldn't save for a rainy day.
1
SPEAKER_01
I wouldn't have an emergency account.
1
SPEAKER_01
Why not?
1
SPEAKER_01
Because you don't need it.
1
SPEAKER_01
What you need is you need hustle.
1
SPEAKER_01
 You need other people's money.
1
SPEAKER_01
You need to go knock on another door, make another contact.
1
SPEAKER_01
You don't need reserves of money.
1
SPEAKER_01
What you need is cash flow.
1
SPEAKER_01
OK, so how do we get cash flow?
1
SPEAKER_01
So by making investments.
1
SPEAKER_01
That's the third.
1
SPEAKER_01
And other things.
1
SPEAKER_01
Other things that don't require my skill set.
1
SPEAKER_01
So that would be the third piece of advice, to start investing in real assets, that cash flow, B, that can appreciate, three, that provide tax
1
SPEAKER_01
 shelters, and if you look at those three criteria, Bitcoin doesn't cover it, stocks probably don't cover it, gambling doesn't.
1
SPEAKER_01
That one, gold doesn't, silver doesn't, real estate doesn't.
1
SPEAKER_01
NFTs don't.
1
SPEAKER_01
NFTs don't, because they don't cash flow.
1
SPEAKER_01
That's why when you invested in NFTs and you're like, okay, they're cool, you're crossing your fingers hoping, but you don't see a check.
1
SPEAKER_01
With the real estate, I'm sending you a check every month, you're like, okay, I just got another check, I just got another check, I just got, like you don't have to be in mystery.
1
SPEAKER_01
 But the most important thing is that people need to like, you gotta know that if you live in America and you're having a money problem, it is not because you're stupid and it's not because you're lazy.
1
SPEAKER_01
It's because you have the wrong information.
1
SPEAKER_02
The wrong information.
1
SPEAKER_01
If you're losing at the table and there's other people winning there, okay, you just have the wrong data.
1
SPEAKER_01
And I believe that Americans, particularly Americans, have the wrong data about money.
1
SPEAKER_01
 that there's medical misinformation, there is financial misinformation in the marketplace that is perpetuated by the banks and the institutions because every time you operate under their hypnotism, you benefit them, not your family.
1
SPEAKER_02
So if someone's got between 1,000 and 10,000, and they're trying to multiply it to 100,000,
1
SPEAKER_02
 what would be the steps they would take, how long do you think it would take them to go from 1,000 or 10,000 to multiply it?
1
SPEAKER_02
And would you say put that all in your own personal investment?
1
SPEAKER_02
Would you put it, invest in the business that you're in?
1
SPEAKER_02
Would you invest it in other things like cash flow, appreciate and provide tax shelters?
1
SPEAKER_02
What would you do?
1
SPEAKER_01
If you got $1,000, I would like just keep, you know, keep investing yourself until you got another 1,000.
1
SPEAKER_01
Okay.
1
SPEAKER_01
 And then invest in yourself, now you got 2,000 invested in you, you should start making money faster.
1
SPEAKER_01
At some point, you should start, every time you make an investment in yourself, if I put fuel in my car, it's supposed to take me farther.
1
SPEAKER_01
So if I invest in myself, then, and look, there's things I bought that I didn't get a return on right away.
1
SPEAKER_01
 But I didn't quit investing in a course or a workshop or training or education because it didn't work.
1
SPEAKER_02
Or your health.
1
SPEAKER_01
I spent 17 years going to school.
1
SPEAKER_01
None of it was any good for me.
1
SPEAKER_01
But it did teach me.
1
SPEAKER_01
It did teach me how to go to school.
1
SPEAKER_01
How to study.
1
SPEAKER_01
How to study, how to go there, how to complete a course.
1
SPEAKER_01
I completed college.
1
SPEAKER_01
I'm not proud of that, by the way.
1
SPEAKER_01
You're not proud you completed it?
1
SPEAKER_01
Why not?
1
SPEAKER_01
No, because it was ridiculous.
1
SPEAKER_01
I should have dropped out.
1
SPEAKER_01
I knew it was a bad thing.
1
SPEAKER_01
 What did you major in?
1
SPEAKER_01
I majored in accounting.
1
SPEAKER_01
It's a good degree.
1
SPEAKER_01
It's not like just some, you know, business degree.
1
SPEAKER_01
Right.
1
SPEAKER_01
But you should have dropped out of it.
1
SPEAKER_01
I should 100% because I mean, I would still, I would still, I would, well, I'd have a five-year jump on my career.
1
SPEAKER_01
But the problem is I was on drugs.
1
SPEAKER_01
So, you know.
1
SPEAKER_01
Actual drugs?
1
SPEAKER_01
If I wouldn't have been on drugs, I would have quit college.
1
SPEAKER_01
 Because I would have had enough confidence in myself.
1
SPEAKER_01
When you're on drugs, you can't have confidence.
1
SPEAKER_01
Because you know you're drugged.
1
SPEAKER_01
So everything is second guess.
1
SPEAKER_01
Because my self-esteem was through the basement.
1
SPEAKER_01
 And so I'm like, I need to quit college.
1
SPEAKER_01
But everybody around me is all, no, you gotta finish college, you gotta finish college.
1
SPEAKER_01
I'm like, what do I know?
1
SPEAKER_01
I'm a drug addict.
1
SPEAKER_01
And if I drop out, I don't have a degree, and then it's gotta hire me.
1
SPEAKER_01
I didn't even worry about any of that.
1
SPEAKER_01
I didn't worry about that.
1
SPEAKER_01
I just didn't have the confidence to follow my intuition.
1
SPEAKER_01
You can't when you're- On drugs.
1
SPEAKER_01
When you're not yourself.
1
SPEAKER_01
So what do you do with a thousand bucks, right?
1
SPEAKER_01
I think you just gotta keep investing in you until like, oh, now I'm making $3,000.
1
SPEAKER_01
Okay, boom, reinvest all that again.
1
SPEAKER_01
 But what we do is we start taking it off the table, right?
1
SPEAKER_01
We save it.
1
SPEAKER_01
We don't invest it.
1
SPEAKER_01
So I think people just need to get on that cycle of like, okay, I'm going to keep repeating this activity.
1
SPEAKER_01
I'm going to reinvest some money in myself, go to the workshop or whatever.
1
SPEAKER_01
Monday, I got to be hustling again.
1
SPEAKER_01
Until, okay, now I got $4,000.
1
SPEAKER_01
Okay, now I got $5,000.
1
SPEAKER_01
Now the income is starting to pick up.
1
SPEAKER_01
Income has to pick up.
1
SPEAKER_01
The income should be an indication that whatever you're learning is helping you.
1
SPEAKER_01
That's interesting.
1
SPEAKER_01
 Until one day you're like, okay, I have more money here than I can actually invest in myself.
1
SPEAKER_01
There's nothing I can go to to get rid of this money.
1
SPEAKER_01
You need to get rid of that money though.
1
SPEAKER_01
All my free time is going to my workshops.
1
SPEAKER_02
I don't have more free time to invest in me.
1
SPEAKER_02
I'm developing skills, I'm working, I'm earning more.
1
SPEAKER_02
Now, what's the next step?
1
SPEAKER_01
Now it would be, okay, I got to spend money on marketing.
1
SPEAKER_01
I wouldn't go look for an investment right now.
1
SPEAKER_01
I'm going to spend money on marketing now.
1
SPEAKER_01
 Now I'm gonna spend money on marketing to get me more leads.
1
SPEAKER_01
And I would, you know, big mistake I made in my career was not spending more money on marketing.
1
SPEAKER_01
Because you turned what, 50 when you really started investing in?
1
SPEAKER_01
I was 51 when we started playing the social media game and I was probably 56, 55 or 56 when we started spending money on marketing.
1
SPEAKER_02
Wow.
1
SPEAKER_01
Yeah.
1
SPEAKER_01
51 when you started doing social media?
1
SPEAKER_01
Yeah, yeah.
1
SPEAKER_01
 And I should have been spending money, I should have been spending money when I was 25 years old.
1
SPEAKER_01
When I was selling cars, I should have been spending money on ads.
1
SPEAKER_01
But I was scared, man.
1
SPEAKER_01
So.
1
SPEAKER_01
So what made you not scared 25 years later, 26 years later, at 51?
1
SPEAKER_01
I started studying, hey, what do all these successful people have in common?
1
SPEAKER_01
You know, whether it was the mattress dealer, the car dealer, the furniture dealer, or Elon Musk, they spend money, man.
1
SPEAKER_01
 You know, they spend money, they spend a lot of money.
1
SPEAKER_01
And they don't worry about money the way I was worried about it.
1
SPEAKER_01
They use money, you know, they used it.
1
SPEAKER_01
They didn't save it, they didn't hoard money.
1
SPEAKER_01
And the greatest companies on this planet today, the ones that have just like, some of these companies have lost money for 25 years.
1
SPEAKER_01
Look at Amazon.
1
SPEAKER_01
 Reinvest, 1.7 million employees.
1
SPEAKER_01
When I started, I remember I looked at Ernst Young.
1
SPEAKER_01
I said, I have a buddy that worked at Ernst Young.
1
SPEAKER_01
I said, how many employees you got?
1
SPEAKER_01
He's like, 240,000.
1
SPEAKER_01
And I'm worried about 10 people.
1
SPEAKER_01
What am I thinking?
1
SPEAKER_01
So when I quit studying individuals and started studying people, everything shifted for me.
1
SPEAKER_01
 When I quit worrying about what Bob was doing, or Pete, or whoever, and started saying, hey man, what is this big company doing?
1
SPEAKER_01
Because that also relieved me of being competitive with this guy, Pete, and started saying, okay, I'm gonna go do what Coca-Cola does.
1
SPEAKER_01
That's when I bought the plane.
1
SPEAKER_01
Really?
1
SPEAKER_01
Yeah.
1
SPEAKER_01
How old were you when you bought the plane?
1
SPEAKER_01
 I was 50, maybe 55 the first one.
1
SPEAKER_01
I bought it because I studied what Coca-Cola was doing.
1
SPEAKER_01
They bought planes.
1
SPEAKER_01
I said, why are they buying planes?
1
SPEAKER_01
Oh, then I learned how they write them off.
1
SPEAKER_01
And then I learned how they trade them every three years.
1
SPEAKER_04
That's crazy.
1
SPEAKER_01
So notice every three years I'm trading a plane.
1
SPEAKER_01
 I'm getting rid of it, replacing it with another one.
1
SPEAKER_01
But what are they using it for?
1
SPEAKER_01
They don't use it for pleasure.
1
SPEAKER_01
They're not using it for Instagram photos.
1
SPEAKER_01
They're using it to go and set up headquarters in other countries.
1
SPEAKER_01
So that's when I wrote, If You're Not First, You're Last, because when I started studying these companies, I'm like, Coca-Cola's everywhere.
1
SPEAKER_01
You can't go any place and not see Coca-Cola.
1
SPEAKER_01
And I was this big.
1
SPEAKER_01
I was always thinking about what can I keep?
1
SPEAKER_01
And they were thinking about how many shells can we get on?
1
SPEAKER_01
 How many eyeballs can we see?
1
SPEAKER_01
So that's when it all clicked for me.
1
SPEAKER_01
And that goes back to that thing about the financial misinformation.
1
SPEAKER_01
It's like, who am I studying?
1
SPEAKER_01
That's when we started to open up the funds.
1
SPEAKER_01
I went to New York City to go walk in Goldman Sachs and JPMorgan's offices.
1
SPEAKER_01
I wanted to walk in and see what it was like.
1
SPEAKER_01
 These are multi-hundred billion dollar companies.
1
SPEAKER_01
And I walked in, I was like, oh my God, man.
1
SPEAKER_01
It just all hit me in a second.
1
SPEAKER_01
 I've been doing everything wrong.
1
SPEAKER_01
What were they doing different?
1
SPEAKER_01
They owned the building.
1
SPEAKER_01
They weren't renting the building?
1
SPEAKER_01
They owned the building.
1
SPEAKER_01
Well, they don't care if they rent.
1
SPEAKER_01
They could rent it, but they owned it.
1
SPEAKER_01
The elevators were bigger than the studio.
1
SPEAKER_01
One elevator.
1
SPEAKER_01
And 60 people got on that elevator and went to the 120th floor.
1
SPEAKER_01
And then there was six of these.
1
SPEAKER_01
 elevators, people going up and down.
1
SPEAKER_01
Everybody told me, don't take people's money.
1
SPEAKER_01
Do not let investors invest when you keep the whole deal for yourself.
1
SPEAKER_01
The second I walked into Goldman Sachs.
1
SPEAKER_01
Because all they're doing is getting investor money.
1
SPEAKER_01
That's all they do.
1
SPEAKER_01
OK.
1
SPEAKER_01
And the difference is what I do is I could go to Goldman Sachs.
1
SPEAKER_01
I was there.
1
SPEAKER_01
They would give me money.
1
SPEAKER_01
And I'm like, I'm not going to get money from them.
1
SPEAKER_01
 I'm gonna do what they do.
1
SPEAKER_01
From individuals.
1
SPEAKER_01
Exactly, from my friends, from people that follow me, from people that support me, okay?
1
SPEAKER_01
Goldman Sachs will give money to anybody.
1
SPEAKER_04
Right.
1
SPEAKER_01
Okay, they don't know how to go to these people.
1
SPEAKER_01
They're not on Instagram or Facebook or LinkedIn or TikTok.
1
SPEAKER_01
So I'm gonna create a fund where I can tell my audience, hey, Louis, you can invest with me.
1
SPEAKER_01
I'm gonna kick Goldman out of the deal.
1
SPEAKER_01
 or JP or whoever, there's a bunch of these guys.
1
SPEAKER_01
It's not that they're doing a bad thing or anything.
1
SPEAKER_01
I'm not saying they're the devil, but they're close, okay?
1
SPEAKER_01
Because they're not gonna call you up and say, how are you doing, man?
1
SPEAKER_01
Without saying, hey, you got any money to invest.
1
SPEAKER_01
It's just not, that's not what they do.
1
SPEAKER_01
Their job is to make money, period.
1
SPEAKER_02
 In this section, entrepreneur and best-selling author Gino Wickman breaks down the biggest mistakes people make with their money and the 10 disciplines to know for maximizing your energy and success in life.
1
SPEAKER_02
For those entrepreneurs that you guys work with that all of a sudden start to make more, they implement this system, they start bringing in more revenue than they've probably ever made in their life, right?
1
SPEAKER_02
And then paying themselves more than they've probably ever paid in their lives.
1
SPEAKER_02
 What do they need to prepare for if they start doubling their income, tripling their income, giving them a big bonus check at the end of the year?
1
SPEAKER_02
How can they prepare themselves for the abundance of wealth coming in?
1
SPEAKER_02
Where they don't self-sabotage, mess it up, then deal with all the people in their life saying, gimme, gimme, gimme, and hurting all their relationships, which I've heard that happens a lot.
1
SPEAKER_03
 So this one I feel a little bit equipped to answer.
1
SPEAKER_03
You're prompting two or three points here.
1
SPEAKER_03
So the first is, I have been broke three times in my life.
1
SPEAKER_03
So 21, 25, and 31.
1
SPEAKER_03
I wanted to be a millionaire by the time I was 30.
1
SPEAKER_03
 I achieved that goal by 31, so I missed it by a year.
1
SPEAKER_03
But when I left out of the goal, I want to be a millionaire by 30, I forgot to say and keep the money.
1
SPEAKER_03
I lost everything by 32.
1
SPEAKER_03
So I went from being a millionaire to $200,000 in debt.
1
SPEAKER_03
So I know this pain all too well.
1
SPEAKER_03
And so that's point one.
1
SPEAKER_03
Point two is, you know, for our EOS employees,
2
SPEAKER_02
 mentors.
2
SPEAKER_02
We have over 450 as I talked about.
2
SPEAKER_02
These people earn a lot of money.
2
SPEAKER_02
It's a good gig that we do.
2
SPEAKER_02
We are transforming companies, making a lot of money.
2
SPEAKER_02
And so what I do for them is the ones that reach a certain level and beyond is I do a special
2
SPEAKER_02
 full day session for them called a Freedom Forum.
2
SPEAKER_02
And my sole purpose is to get them to not piss it all away.
2
SPEAKER_02
Okay?
2
SPEAKER_02
Freedom Forum.
2
SPEAKER_02
It's called the Freedom Forum, but this is strictly for EOS implementers.
2
SPEAKER_02
This is for our inner sanctum, our love in that is EOS worldwide.
2
SPEAKER_02
And the reason I do it is because I have the givers, the teachers, the helpers of the world, most die broke because we don't know
2
SPEAKER_02
 We're all trying to fill a hole, and so we just keep giving it, giving it, giving it, giving it.
2
SPEAKER_00
We don't want to keep it.
2
SPEAKER_02
So I've watched so many of the thought leaders die broke, and so I just, oh, but I can't disclose a lot of them.
2
SPEAKER_02
So in that, I'm teaching them how to keep the money, okay?
2
SPEAKER_02
And so it's all about, I jokingly like to say, it's not time to buy boats and cars and planes, and so it's this mental shift.
2
SPEAKER_02
 And for me, it starts with the end game that just says, do you want to retire someday?
2
SPEAKER_02
And most people are going to say yes, which means you can live off your money and not have to work.
2
SPEAKER_02
Most people are going to say yes to that.
2
SPEAKER_02
Okay.
2
SPEAKER_02
And so what kind of a lifestyle do you want to have?
2
SPEAKER_02
And let's hypothetically, you say $100,000 a year lifestyle.
2
SPEAKER_02
Okay.
2
SPEAKER_02
Simple math.
2
SPEAKER_02
 So then that means you need $2 million sitting in an account on that retirement day, paying you 5% and you can live off that, and then you need to factor in, sit with a financial advisor, they'll teach you this.
2
SPEAKER_02
I don't take my word for all the math, but the point is, most people don't get that and they think that for some reason the money machine continues forever and it just doesn't.
2
SPEAKER_02
And so it's a day of reprogramming their brains and teaching them.
2
SPEAKER_02
And so once they understand the math,
2
SPEAKER_02
 Then they realize this extra $100,000, $200,000, $300,000, $400,000 they have in their account, the urge to go buy a bigger house, buy a boat, buy a car, buy this, they realize, whoa, I can put that toward the $2 million.
2
SPEAKER_02
And so it's just a mental shift because most people are conditioned to spend that money for whatever reason and think that the money is going to keep coming in.
2
SPEAKER_02
 Doesn't always things change.
2
SPEAKER_02
So does that answer the question?
2
SPEAKER_02
I hope it does don't spend it all when you're making.
2
SPEAKER_02
Oh my god Yes, sock it away sock it away something that's right.
2
SPEAKER_01
Yeah.
2
SPEAKER_02
Yeah and read the millionaire next door.
2
SPEAKER_02
That's the best book I've ever read on the psychology behind it the people that you don't think our millionaires are millionaires and the people that are You think our millionaires are not millionaires.
2
SPEAKER_02
That's true.
2
SPEAKER_02
Yeah
2
SPEAKER_02
 Yeah, who was who wrote that book?
2
SPEAKER_01
Is that uh, uh, two two gentlemen, and I cannot remember their names but millionaire next door masterpiece It's kind of like the the millionaire next door that has like a 20 year old car and you know Changed my life in my late 20s for sure.
2
SPEAKER_01
My dad never bought a new car He always bought used and had like this, you know old oldsmobility would drive.
2
SPEAKER_01
Yeah, and
2
SPEAKER_01
 Yeah, he was just always kind of reinvesting his money in properties or whatever it might be.
2
SPEAKER_01
I love this.
2
SPEAKER_01
What else do entrepreneurs need to know?
2
SPEAKER_02
Yeah, well, so we'll go down these five pieces of content we've been talking about, right?
2
SPEAKER_02
So Entrepreneur Leap, Rocket Fuel Traction, slash EOS, EOS Life.
2
SPEAKER_02
Now, the fifth is like the aha, voila moment, the icing on the cake.
2
SPEAKER_02
 and it's called 10 Disciplines for Managing and Maximizing Your Energy, and this is actually in the EOS Life book.
2
SPEAKER_02
So I decided to do something very weird, and that's add a free mini book to the back of a book.
2
SPEAKER_02
It's the last 30 pages.
2
SPEAKER_02
And the way I describe it is there's nothing else you need to do with what we talked about.
2
SPEAKER_02
Again, as an entrepreneur or any being, all the way up to living your ideal life, but then I call this one living your optimal life, because if now you want to take it to a whole nother level,
2
SPEAKER_02
 I believe we are all balls of energy, okay?
2
SPEAKER_02
And we are pure energy.
2
SPEAKER_02
That's just my belief, and I believe that we are all connected.
2
SPEAKER_02
And so life will be pretty damn good if you just do everything we talked about, but to add this last little piece.
2
SPEAKER_02
What happened with this is, going back to the EOS conference that fourth year, I didn't want to teach EOS life anymore, and I got very vulnerable.
2
SPEAKER_02
And so this only goes back two or three years ago.
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This is not very, maybe two years ago.
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 And I decided I am going to teach the 10 disciplines I have lived by in my life for two to three decades that magnify my energy 10x.
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And so in addition to living this great life, then there's this way to boom, explode your energy to a whole nother level.
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And so that's what it is.
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It's teaching 10 very specific disciplines to live by every single day that will take your energy to a whole nother level.
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I love it.
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 You've got a lot of great disciplines here, knowing yourself 100%, learning to say no often, all these different things, prepare every night.
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I think a lot of people talk about the morning routine, but the evening routine is something that I focus on a lot, which is, what am I going into?
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First, I reflect on the day, and I share three things I'm grateful for with my girlfriend.
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 And she shares as well.
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So we really focus on gratitude and appreciation.
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And I think when we focus on appreciation, we appreciate into something greater.
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We focus on all the good.
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Even if it was a stressful day, it's like, man, but there's three powerful things that happened.
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 And that brings us into a peaceful night of sleep.
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And then I start to really prepare of like what's the main thing I want to take on the next day.
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I look at who am I interviewing, what's happening, and I get myself ready to be focused for those 24 hours or those 18 hours or whatever.
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 And I think that is something a lot of people miss out on.
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They just go to bed.
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They don't reflect on the day.
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They don't think about tomorrow.
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And I'm not sure your specific preparation strategy.
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You nailed it.
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Yeah.
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So if we could just go a little bit deep into it for about two minutes.
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Yes.
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 And as I go into these, the way I look at it is, for your audience, they're driven people.
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These are successful people.
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And so this makes an assumption that you've got the basics down.
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In other words, you're eating right, you're exercising, you're sleeping well, and you have work ethic.
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Then we're going to take and magnify all of that.
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So you're a racehorse, as I like to describe it, and I'm going to help you run faster and longer.
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 This discipline that you're on, which is discipline number eight, is prepare every night.
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And so my business mentor taught me this at 25 years old.
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I've been doing it every night for now almost 30 years.
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And you're exactly right.
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It is before your head hits the pillow,
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 somewhere between five o'clock and your head hitting the whenever your day ends you have to sit down for 15 to 30 minutes and prepare for the next day and just lay out in a sequential in a linear fashion your day time blocking your meetings your appointments your calls your projects and so you're just laying out the whole day
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 so that when your head hits the pillow, you took the words out of your mouth.
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Those words are in the book right there.
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You will sleep better.
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So what does that do for your energy?
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You will literally wake up with ideas and solutions to projects you're working on the next day because your subconscious is going to work on them because you prepared so well.
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 and your energy will go through the roof and your creativity will go through the roof because you what happens is you wake up the next day and you hit the ground running and we and there are people that say oh no I'd like to wake up and let the day come at me you know and so if you wake up and you start checking emails or you walk in the office you have lost all control of your day and so this is you taking control of your day and managing your energy and you will be
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 I want to say twice as productive, but who knows the math, but you'll be much more productive.
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This is an interesting one right here.
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I won't go through all these, but number one, you say 10-year thinking.
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It's really getting clear on the next 10 years and kind of where you want to be in 10 years and reverse engineering it in a process that you talk about in here, which I think is really cool.
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 But let me say one thing to that, okay?
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Because it's a little more robust than that.
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And I learned this at 35, so I've only been practicing this one for 19 years.
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But oh my God, was it transformative.
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And so the whole idea is to shift your thinking
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 from now, now, now, this year, gotta have it now, gotta get it done now, this most driven people, most people listening, we're so impatient, we want everything now.
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If you can shift your thinking to 10-year thinking, not as much 10-year goals, but I urge when I'm doing this talk, you to write down a 10-year goal to get your brain to shift to that.
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 But it's thinking about everything in your life in 10-year time frames.
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There's thinking out there that says 25-year thinking.
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There's thinking that says 100-year thinking.
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I just want you to start with 10 right now.
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And if you will do that, all I can tell you is what happened for me.
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And what happened for me is this peace and calm came over me.
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I felt less urgent.
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I started making better decisions.
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And ironically, I got there faster.
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 When you're in that now, now, now mentality, you're making bad decisions.
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And so when every decision in your life is now a tenure decision, oh, it's just so, so much better.
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I can't even explain it to you.
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And so obviously I go into more detail in the book.
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Yeah, I love that.
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Thank you so much for listening.
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SPEAKER_00
I hope you enjoyed today's episode and it inspired you on your journey towards greatness.
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SPEAKER_00
Make sure to check out the show notes in the description for a full rundown of today's show with all the important links.
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SPEAKER_00
And also make sure to share this with a friend and subscribe over on Apple Podcasts as well.
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SPEAKER_00
 I really love hearing feedback from you guys, so share a review over on Apple and let me know what part of this episode resonated with you the most.
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And if no one's told you lately, I want to remind you that you are loved, you are worthy, and you matter.
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And now it's time to go out there and do something great.