The 7 Wealth Killers That No One Talks About
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Summary
Most people think it s credit cards and caramel lattes that keep you broke, but it s not. The first wealth killer keeping you broke is saving money. Rich people have learned to let money flow through them. They don t hoard money, they use it to reinvest in themselves, in their business. That is the big mistake that most people make.
Transcript
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Most people think it's credit cards and caramel lattes.
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Rich people have learned to let money flow through them.
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They don't hoard money, they don't collect money,
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they use it to reinvest in themselves, in their business.
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Invest in their skills to become more valuable,
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their team, so they can get more time back. When you invest, you show the universe that you're not
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here to hoard. A couple of years ago, I was talking to my assistant and I realized I had
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millions of loyalty points. And it occurred to me that I knew better. So I told her, I said,
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in the next 12 months, we're going to take those 30 million points across all the different
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programs I had and use them to bless people, to bless my team, to bless my family for my own
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travel if I need them, but to keep them to myself, because I was playing this weird game of collecting
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points was not going to serve or tell other people that I was participating in the economy.
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One of the easiest ways to invest in yourself for free are videos like this. So if you haven't yet,
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hit subscribe. But once you started investing in yourself, most people get lost on direction,
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which brings us to wealth killer number two, diversification. One time I was on a call with
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a client and they were having a hard time progressing in their business. And when I dug
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deep, I found out not only did they have one business, they actually had three businesses.
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The worst part is the one business was the rich uncle
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to the two others that were sucking all the profit
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from the first one and creating the most distraction.
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The problem is that it actually takes concentration.
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is starting multiple businesses at the same time
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because they have a fear of failing in any one of them
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one of the entrepreneurs ran after me to ask me a question.
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And I thought he was gonna say like three or 4 million.
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about multiple businesses, you don't even have a company.
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But being broke isn't always about your behavior,
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which brings us to the third wealth killer stagnant friends i grew up in a small town east coast of
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canada 100 000 people and at the time everybody was nice i really loved everybody around me i felt
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like they were friends and they were supportive the challenge was is that as i continued to want
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to be better and grow i noticed that they weren't on that same path what used to be them cheering me
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on because they wanted to see me try as soon as i actually started succeeding all of a sudden now
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what I was doing was too much. And what I discovered is you're not the average of the
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five people you spend the most time with. You're the average of the five people you allow to
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influence you. If your friends don't have what you want, don't do what they do. So what I suggest
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to people that want to create real wealth is to do a friendventory. At the beginning of the year,
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look at the list of your goals that you want to go achieve and ask yourself of your friends that
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you spend time with, or you allow to influence you who've achieved those goals. Are these people
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closest to you are closest to the goal. If you don't have anybody in your corner that's done
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the thing you want to do this year, you got to go find those people. My buddy Cole Da Silva had
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this great talk he gave at my King's Club program, and he shared with these kids a simple premise.
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He said, I'd rather have four quarters than 100 pennies. He was talking about people. He was
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talking about friends. He said, I could have 100 friends, but if they're worth one penny because
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they're not there to support me, they're not going to encourage me, they're not going to inspire me
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versus I could have four people of high integrity,
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high value, high support, I'm taking the four quarters.
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But it's not just about being around the right people,
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I'm like 29 and I have a business partner, Ethan,
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And it's a Saturday and I call him up and I was like,
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Ethan, you walk by three or four wash and folds
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And I remember asking him, why do you mow the lawn?
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Problem was, is he didn't realize that instead of paying somebody to get that time back to
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look at more real estate deals, he was occupied by doing something that was low value.
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In many ways, that inspired me to write the book, Buy Back Your Time, because I wanted
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to inspire entrepreneurs to understand how to get leverage in their work.
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It's why I teach this concept called the buyback loop, which is auditing your time for energy
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and what makes you money, transferring the things that takes your energy and doesn't
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making money to somebody else and then filling it up with activities, skills, investing in yourself
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that makes you more valuable. And you can start as simple as looking in your home, having somebody
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clean a couple times a week or do meal prep for you or hire somebody to run errands. The key idea
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is learn how to delegate and have somebody else support you so that you can become more valuable
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to your business. Wealth follows those that invest in themselves. When you start off, you might spend
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dollars to make $10 and then you spend thousand to make a hundred thousand. Eventually you're
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to have to invest a hundred thousand to make a million. It's always been that way. And it's
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always going to be that way. And if you understand how wealth is made, there always has to be an
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investment to get a return, but you might ruin your chances of success. If you don't watch out
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for this, which brings us to wealth killer. Number five, being humble as a Canadian, I can tell you
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I was humble to a fault. I was so humble. I didn't tell anybody about anything I was up to.
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I was scared to come off as braggadocious and I kept all my goals to myself. How is somebody else
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in my life, next to me on a plane, in a meeting,
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If I don't tell them what I've done that I'm proud of,
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and they didn't do anything impressive out of 100,
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your accomplishments to yourself doesn't impress anybody
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I want to invite you to consider to be very specific
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around what you want to accomplish and write them down.
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Once you've got them written down, you have to tell people.
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When you actually sit down at a dinner with multi-millionaires,
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They're not talking about other things in politics.
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It sounds so crazy, but the more specific and big your dreams and goals are, the more you'll notice
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other people will want to help you. My favorite thing to do is once I know what my goal is,
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give it a mantra. So for example, last year when I wanted to get abs, I called it Project Visible
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Abs. I went from 16, 17% body fat down to four or 5% absolutely shredded, gave it a mantra,
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repeated it, told everybody about it, documented it, and I achieved my goal. 90 days. Am I surprised?
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no. When you talk to successful people, being humble is actually a massive wealth killer.
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And there's a difference between coming out of the gate in a new relationship with a person you've
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never met before and telling them all the things you've done. Be curious first. Ask more questions
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about the other person. Through that, they'll ask you what you do. In that moment, tell them. Be
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proud of yourself. They asked. They gave you the floor. Share your achievements. Holding back is
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holding you back from achieving wealth. But talking about your goals won't be enough if your beliefs
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get in the way. Which brings us to wealth killer number six, low self-worth. I have a friend that
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is so talented. Every time he interacts with friends of mine or even myself, he creates so
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much value. He's one of the smartest guys we all know, yet I've watched him year over year over
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year. Never ask for a piece of the action. Never insert himself into the project. Why do you think
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that is? It's because he doesn't feel worthy of it. He doesn't believe he deserves it. And that's
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what I believe holds most people back from being wealthy. Unworthiness fuels self-sabotage. If you
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took everything you know, everything and knowledge that is you, and you put it into a pile that's
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outside of yourself, all the relationships, all the knowledge, what would you pay for that? Is it
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a hundred thousand? Is it 500,000? Is it a million dollars? For me, it would be a crazy number. That
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number is your value. And I bet it's way more than what you've been asking for. And it's way more than
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you think you deserve. And you should ask for it. There's this one strategy I teach my clients when
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coach them to create an achievement list the reason why is i want them to have a place that
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they can reflect on all the incredible accomplishments that they've done that they're
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proud of and they could be small it could be the first time they landed a kickflip like one for me
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or the time they graduated from university or maybe the first sale they ever got in their
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business doesn't matter what it is if you felt proud of it you write it down and then what you
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do is when you're about to go into an important meeting when you're about to have a really
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important conversation when you feel a little beaten up and your self-worth is really not there
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and just review all the incredible things that you've done.
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You've probably done some things that to other people,
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if you reminded yourself, would be so impressive.
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Now, this is what my friends should be doing to participate.
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And it'll change everything for you if you start doing it.
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If you're in a deal or you have a potential customer,
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Would it be unreasonable for us to work together?
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Would it be unreasonable to get paid for that work?
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What would need to be true to get paid for that work?
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What would need to be true to get equity in that deal?
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What would need to be true to be partners with you?
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at least puts you in a position to participate.
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Your self-worth comes down to your internal belief
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Consistency to the commitments you make in private
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So if you wanna become more worthy and have self-worth,
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What I learned is that losing was part of the game.
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But it turned out that investing in losing
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they go from playing to win to playing not to lose
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you need to learn to risk 5 to 10 million. There's a ratio for investment, not an absolute dollar
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amount. The more you want to go create, the more wealth you want to create, the more you're going
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to be willing to take risks. It's never been any other way and it's never going to change,
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except most people change why they're playing the game. Most successful people have been broke
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multiple times. Eventually they learn how to win and the ones that really create wealth learn how
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to reinvest and take risks and they never stop. You got to get to a place where you're willing
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to take more risk. The world rewards those who make courageous decisions. I have so many examples
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throughout my career where most people said, I'm dumb. Why would you do that? And I had it in my
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heart. I made one of those decisions today. I literally passed on an opportunity that didn't
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feel aligned. It made me feel sick in my stomach doing it. But when I asked my heart, what do I
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really want? I knew it was the right decision. On the back end of that, like every other time I felt
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this way, that's where the reward comes from. If you want to learn the seven high income skills of
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the top 1% click here and I'll see you on the other side.