Billionaire Rules That Make It Impossible To Fail
Episode Stats
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Summary
In this episode, I talk about the 4 skills you need to learn to become a billionaire and how to make it impossible to fail. I've met and spent over 100 hours with 4 billionaires and one thing that's always struck me is that they've set their life up so it's impossible for them to fail, so I've put together rules I've learned that you can apply to do the same.
Transcript
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I've met and spent over 100 hours with four billionaires.
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they've set their life up so it's impossible to fail.
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you'll never be able to build your skills like a billionaire.
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they learn the skill of persuading somebody to give them money. It's not tricking them. It's
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not convincing them. It's not taking advantage of them. It's communicating value. Everything you
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want from hiring somebody, convincing a bank to give you money, a customer to buy is going to
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require you to learn how to sell, how to communicate, how to persuade somebody to part
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with their hard earned money. If you don't know how to do this, you're always going to be at the
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mercy of somebody you hire to be the salesperson. You're going to sit back absolutely like, I hope
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you can sell the thing I built. That's not how you move forward. You want to make it impossible
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to fail? Learn how to sell. There's actually new techniques like sell by chat that my team uses to
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make millions of dollars per year. If you actually want my full script, my team uses to generate over
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2 million a month, just go over to Instagram and message me the word script and I'll send you the
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full Google doc on how they do it. Number two, networking. In 2008, I moved to San Francisco and
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for the first three weeks, I struggled. Nobody wanted to talk to me and I realized it was the
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way that I was answering this one question. So what do you do? And my original response was,
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well, I just sold my company. I just moved here and I actually don't know what I'm going to do.
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And I'll be honest with you, people would stop talking to me and turn around and talk to another
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person at a networking event or at a coffee shop. First, I just thought people were rude.
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And then on reflection, I got some advice from one of my mentors and he said, it's because you
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don't tell people how you can be a value to them. All I shifted was this one thing is I went from
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new here, don't know what I'm going to do. Two, I helped startup founders with marketing. I helped
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X with Y change the game for me and allowed me to start connecting with people, add value,
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and then meet other very successful people. What I've learned is you can't be a billionaire
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without meeting other billionaires. You need to see that it's possible. And if you lost it all,
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as long as you didn't lose your reputation, you got to keep your relationships, you could
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literally build it right back up two to three times faster because of those relationships.
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The difference between a millionaire and a billionaire
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And I know a lot of entrepreneurs, when they start off,
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they just build the processes, they build checklists.
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And what they don't realize is that developing your people,
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helping them see the world differently, to wanna grow,
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that's where the real ROI is, the return on investment.
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They build their people and the people build their business.
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is that you have to have a vision for your life.
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This is one of Warren Buffett's most famous quotes,
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with billionaires like Mark Cuban doing it at scale.
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I mean, he sold his company to Yahoo back in the day
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essentially a bet against the market going down.
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So he took some of the money he had to buy those options.
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And when the whole thing crashed, he got to remain a billionaire.
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Billionaires go left when everybody's going right.
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And then they go right when everybody goes left.
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The late Charlie Munger, Warren Buffett's business partner, would say all the time,
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when the tide goes out, you'll see who's been swimming naked.
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As an example, back in 2012, I'd been exposed to Bitcoin.
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And I decided to run the largest event in my hometown.
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Got an ATM machine so people could put their dollar bills in and get a little QR code for
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They all thought I was literally wearing a tinfoil hat
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Then everybody got into it and it got overinflated
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And AI, now, today, everybody's talking about it.
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where's everybody focusing and where's the new opportunity.
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If everybody's there, then you're in the wrong spot.
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So a lot of people will say the best way to get rich
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is you have to have multiple streams of income,
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It's called diversification, not diversification.
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and the truth is is when you finally get a payday you then want to have a completely different
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strategy i've learned this from the top billionaires anytime they've made big buckets of
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money they take 50 and they put it off to the side and they say this is going into boring investments
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i'm talking etf index funds stuff where it's like don't lose my money and then they take the other
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50 and they pour it into new ventures new opportunities risky investments that way they
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they don't lose the bucket of money that they just made. And they take the other half to actually go
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add to it without putting their whole new portfolio at risk. And this was exact advice I got from one
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of my billionaire mentors when I was 27. I made a bunch of money. I was worried I was going to mess
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it up. I said, what should I do? Set 50% lock and load. Don't lose it. The other 50% use that for
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angel investing to invest in your next startup. But that is all you got. So you got to make it
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work. If you want to make it impossible to fail, you need to spread as many chips as possible on
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poker table so that taking a risk isn't really risky which leads us directly to rule number four
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which is be long-term greedy not short-term greedy i first heard this concept from one of
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my mentors in my 20s who's one of the world's top investors in silicon valley and i tell it to my
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team all the time when they're trying to build their world their wealth their opportunities i
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always say be long-term greedy don't be short-term don't try to take advantage of all the situations
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in front of you the most successful billionaires i've met all were greedy for the long term we're
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talking 10 to 20 years they're focused on the future because they want to build momentum they
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never get greedy in the short term short term is actually silly because the numbers are so small
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they get really big the further out you project what's unique about them is they were actually
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extremely generous in the short term which creates a massive amount of goodwill in the market people
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want to see them win because they know they'll also win with them if you want to set yourself
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up for guaranteed success extend the time horizon to hit your goal most people mess this up because
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their time horizon is six months 12 months two years and when you're in business with people
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that play small games you get small returns you want to decide to dedicate a decade 10 years
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partner with somebody build people over the long term show them how the short-term goals and focus
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you're asking of them is going to set them up for the long-term big goals. If you want to learn the
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44 cheat codes I wish I knew in my 20s, click the video and I'll see you on the other side.