In this episode, I talk about 7 different forms of equity that can help you become a multimillionaire. 1. Having money is one of 7 ways of having equity. 2. Having the other 6 is much more important. 3. Having sweat equity is much better than having money. 4. You have to have more than one form of equity to be a millionaire. 5. Only 15% of millionaires in America inherited their millions of dollars, 85% are self-made. 6. You need to have at least one of the other 7 to make yourself irreplaceable in the marketplace.
00:00:00.00030 seconds, one time for the underdog, ignition sequence start, let me see you put em up, reach the sky, turn the stars up above, cause it's one time for the underdog, one time for the underdog.
00:00:17.300I'm Patrick Bedevi, host of IT Minute, today I'm going to talk to you about 7 different forms of equity to help you make millions.
00:00:23.400So I recently posted a picture of Jeff Bezos on my Instagram account, highlighting the fact that Amazon has increased value in the last 165 days by $400 billion, and the floodgates opened up with comments, and everybody started saying, this man, Jeff Bezos, who's worth $150, $160 billion, doesn't pay his 563,000 employees well, they're on welfare, similar to what happened with Walmart.
00:00:49.020But the comment that I keep hearing over and over again, that is an absolute cop-out from people, is the following, you need money to make money.
00:01:15.940Matter of fact, having money is one of seven ways of having equity.
00:01:21.560Today I'm going to share with you the other six.
00:01:28.300So look, when we hear the word equity, we think about real estate, I have equity in a home, I have equity in a property, I have equity in stocks, I have equity in bonds, I have equity in cash.
00:01:38.000If the only source of equity you have is money, you are one-dimensional.
00:01:41.840Let me put it to you this way, if you, the only thing you have is money, because somebody died in your family and left you $17 million, and that's the only thing you have, and Mario has the other six elements of equity, long-term in the marketplace, there is no way in the world you have the same amount of value as Mario has in the marketplace.
00:01:59.960So having said that, your goal watching this is, as I go through the other six, is to ask yourself, which one of these do I have?
00:02:07.620Because if you want to make yourself irreplaceable, if you want to make yourself the highest value in the marketplace, your goal is to be able to have as many of these seven as possible.
00:02:17.600Not just one of the seven, which is money, but also the other six.
00:02:20.900So having said that, let me get into the other six elements of equity.
00:02:39.280You know how quickly that money is going to disappear out of their hands?
00:02:42.360Let me give you another example of this.
00:02:43.720How many times have you seen somebody win the lotto?
00:02:45.680$58 million winner, $220 million winner, three years later money disappears because they don't have the second part, which is sweat equity.
00:02:52.920Here's what happens when you have sweat equity.
00:02:54.600When you have sweat equity, you're not afraid of working 16-hour days for six months straight.
00:02:58.840You have a certain mindset, a certain thickness, your skin is thick.
00:03:02.880You have a certain dogfight that you can't explain to other people.
00:03:05.860I can't give a 16-year-old kid a million dollars, say, go to school to get sweat equity.
00:03:11.820I can't give a 28-year-old after they got a degree, let's just say they're very small, but they've never had a job, saying,
00:03:17.460I'm going to put a half a million dollars into you to go to this program to learn what real hard work's all about.
00:03:21.620You either have sweat equity or you don't.
00:03:23.620By the way, one of the seven forms of equity is sweat equity.
00:03:28.220This is why sometimes a person with sweat equity who's hungry wanted to go to the top, like this, they pass up a multimillionaire who's absolutely lazy.
00:05:14.680Let's just say I'm a business guy in the U.S., okay?
00:05:16.660And I want to go and invest into, I don't know, let's pick China.
00:05:20.080I want to go invest into a market in Central America that I think is going to come up.
00:05:24.740I want to go invest into South Africa.
00:05:26.420They're going through struggles right now, a recession, but I think they're going to come back up.
00:05:29.920I'm going to go buy some, you know, stress properties, right?
00:05:32.400If I go by myself and I don't know the culture of China, of South Africa, or pick a place in Central America, I don't have that equity.
00:05:41.500But if I take somebody with me who speaks the language of Mandarin, who lived in China for 22 years, who went to school there, knows everything.
00:05:49.540I think I need him more than he needs me.
00:05:52.300Because without him, I can't get into that community.
00:05:55.420Because what his equity is, culture and community.