I Asked Millionaires How They Got Rich
Episode Stats
Words per minute
214.36992
Harmful content
Misogyny
1
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Toxicity
4
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Summary
In this episode, I talk about what a millionaire is, what it takes to become one, and why you should be one. I've met over a thousand millionaires and they all have the same 6 traits. 1. They are crazy 2. They think they deserve it 3. They take massive action 4. They're risk takers 5. They make fitness a priority 6. They set new intentions for the new year
Transcript
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in paper value because they raise a bunch of money
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It's definitely not somebody who's got a million dollars
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I've met so many millionaires that are wacky,
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See, what I've learned is wealthy people are unreasonable.
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So most millionaires, honestly, including myself,
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And the only reason that it works is because of number two,
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I remember one time I was at an event and I met a guy
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He was a coach, he works with a lot of finance people
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he said it with confidence, certainty, conviction.
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they get there because they think they deserve it.
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and actually be successful is to take massive action,
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which is number three, millionaires are risk takers.
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that he only gave himself a 30% chance of succeeding.
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And then he took 60 million, he put it into Tesla.
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But he only gave him one out of three chance of winning
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You have to be bold if you wanna become a millionaire.
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You're never gonna figure it out if you're not in the game,
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but this is what people like Ray Dalio, Buffett, Munger,
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all these incredible investors, all the hedge fund managers,
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where they can take risk, where the downside is protected,
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And for many of you, it's taking a risk on you.
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to get through the hard times, which is number four.
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What do people do at the beginning of the year?
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They decide to take their energy and their fitness
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What I've learned is from all these millionaires
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is you might look at them and not think they're in shape,
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but I'll tell you, they take their health seriously.
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millionaires know better than anyone that health is wealth. You got to exhaust the body to tame
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the mind. So it's not only the physical energy, it's the mental capacity. You got to push through
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and everybody else would give up because you've made your health a priority. But the only way you
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can get fit is number five, which is saying no way more than you say yes, especially when you
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want to stay fit. See, I get asked all the time, you've met all these millionaires, what did they
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do to become wealthy and here's the reality it's not what they did it's what they don't do see i
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watch a lot of people that have these aspirations to become wealthy and have better relationships
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they do things that rich people don't do they don't stay up all night drinking they don't stay
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up all night eating junk they don't drone out and watch the news they don't stay up late and then
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sleep in and just drag their feet wealthy people spend more time saying no to the vices to the
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things that are going to hold them back you have to say no to all that stuff so you have the space
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to say yes. See, I'm still spontaneous. Only when it aligns with my priority. Millionaires know how
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to evaluate those opportunities fast and they can say no really quick so that they keep their
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optionality open for something that might be more aligned to hit their vision. They only say yes to
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things that align with their priorities and priorities need to be set on a long time horizon,
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which is number six. Millionaires think in decades, not days. You know, when I hire new
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employees, one of my favorite question to ask them is if you woke up in five years, I want you to
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describe your dream life. You've achieved all your goals, magic wand, everything's there. What
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does that look like in five years? And the truth is, is that most people I interview, they can't
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describe that future. They actually don't know exactly what that looks like. And that is the
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challenge. See, most people can only think about the month. Millionaires think in decades. See,
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your bank account is a direct correlation to the timeframe you plan it. You know, it's not one week,
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It's not one month. It's one year. It's five years. It's 10 years. It's 25 years. You can
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almost tell the wealth of the person based in the language they use to describe their timelines.
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The longer you set your time horizon, the wealthier you probably are because you're
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willing to use time to compound your effort. Most millionaires are willing to invest over
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a long period of time without seeing a result right away, knowing that they're building the
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foundation towards the future because they understand how hard the big things are to
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accomplish. That's the difference between millionaires and average people. That's what
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I learned from meaning over a thousand millionaires. And if you want to learn what I learned from
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spending a hundred hours with four billionaires, click the link and I'll see you on the other side.