Valuetainment - February 08, 2019


Episode 265： How to REALLY Become A Millionaire


Episode Stats

Length

14 minutes

Words per Minute

207.25957

Word Count

3,091

Sentence Count

285

Hate Speech Sentences

2


Summary

What does it take to become a Millionaire? a formula that is duplicatable to everybody. In this episode, Patrick talks about what it really takes to be a millionaire, and why it s not about how to become one, but what it takes to actually become one.


Transcript

00:00:00.980 30 seconds, one time for the underdog, ignition sequence start, let me see you put em up, reach
00:00:09.220 the sky, turn the stars up above, cause it's one time for the underdog, one time for the
00:00:16.220 underdog.
00:00:17.300 I'm Patrick Bedeby, host of AITEM, and today we're going to talk about what you can really
00:00:21.200 do, not one of these hypothetical books you read about, what you really need to do to
00:00:25.460 become a millionaire.
00:00:26.080 Everybody wants to become a millionaire, and I think a lot of times, just like in sports,
00:00:31.300 think about in sports, we admire Michael Jordan, we admire LeBron James, but if you're not 6'8",
00:00:37.180 260, and you cannot jump 40 inches, you're not going to be LeBron James, okay?
00:00:42.060 So that's not the most duplicatable story to try to be inspired by.
00:00:46.780 We can respect and we can admire them, but it's not something we can be, and that can
00:00:51.420 be intimidating sometimes.
00:00:52.440 So a lot of you guys may, I'll see people like myself, even back in the days, you'll
00:00:57.100 see somebody like an Elon Musk, or you'll see somebody like a Mark Zuckerberg, and you'll
00:01:00.660 say, I can never be like Zuckerberg, I can never think like Elon Musk, where they're an
00:01:04.020 anomaly.
00:01:05.080 What I'm talking about is something you can be.
00:01:07.920 Stephen Curry is only 6 feet tall, couple inches, 170 pounds.
00:01:12.540 He doesn't do 360 dunks, but he practiced.
00:01:15.160 The formula I'm going to cover is more a duplicatable way of becoming a Stephen Curry or a Sam Walton,
00:01:22.320 CEO of Walmart, or something that's duplicatable.
00:01:25.020 That's what I'm going to cover with you here today.
00:01:26.960 Okay, so let's get through it.
00:01:29.020 What it really takes to become a millionaire.
00:01:33.300 I call it the 2-5-10-20-30-40 rule.
00:01:37.320 Let me explain.
00:01:38.420 This is your timeline.
00:01:39.700 You've got to know your timeline.
00:01:40.760 The one thing about becoming an entrepreneur, know that the first two years is survival
00:01:45.000 mode.
00:01:45.860 If anything that can go wrong, it's probably going to go wrong in the first two years of
00:01:50.720 being a business.
00:01:51.380 And you're going to experience all of it, and you need to experience all of it.
00:01:55.220 That's the first two years in business.
00:01:57.140 Within five years, if you follow the formula that I talk about, you have a shot at getting
00:02:01.360 to a quarter million, to a half a million dollar year income within five years.
00:02:05.280 Within 10 years, you ought to be at a million dollar year income.
00:02:07.660 If you cover the formula I'm talking about, you'll be at a million dollar year income.
00:02:11.420 Then 20 years is 10 million.
00:02:13.000 30 years, 100 million.
00:02:14.200 40 years, a billion.
00:02:15.980 But the formula is a formula that's duplicatable to everybody.
00:02:19.120 So let's start off with the formula.
00:02:21.200 You need four elements to be in your favor.
00:02:24.000 Sometimes I'll hear a lot of people, when you do an interview with a millionaire or billionaire,
00:02:27.260 I interview with Mark Cuban, and he talks about how hard he works Monday through Friday
00:02:31.580 and Saturday and Sunday.
00:02:32.740 He's going through this, going through that.
00:02:34.040 Hey, what does it take to become wealthy?
00:02:35.780 And you hear a lot of people say, you've got to work hard.
00:02:38.100 Well, what does that really mean, you've got to work hard?
00:02:41.160 Because sometimes I visit entrepreneurs' offices, and they're at the office purely on Facebook
00:02:46.520 all day long, but they're at their office for 12 hours.
00:02:48.740 That's not working hard.
00:02:50.080 That's just being at the office.
00:02:51.700 I'm talking pure work.
00:02:53.540 Meaning, if you're in sales, you're either answering the phones, you're either in the
00:02:57.460 field door knocking or meeting with people, or you're having people sitting in front
00:03:00.880 of you, or you're at a kitchen table selling something, but you're constantly playing
00:03:04.560 an offense, it's not a lag time.
00:03:06.680 So let's talk about work ethic.
00:03:08.180 You've got three levels.
00:03:09.920 Level number one is a part-timer.
00:03:11.360 If you work 40 hours a week as an entrepreneur, to me, you're a part-timer.
00:03:16.400 I know in the full-time world, in the job world, if you work 9 to 5, you're a full-timer, but
00:03:20.740 as an entrepreneur, 40 hours a week, you're not giving yourself a chance to make it.
00:03:24.940 Level number two to me is a full-timer.
00:03:26.420 A full-timer as an entrepreneur is somebody that works 60 hours a week.
00:03:30.480 That, to me, is a full-timer.
00:03:32.320 Now, level three, I call it all the timer.
00:03:34.860 All the timer is 80 hours a week.
00:03:37.980 And I know a lot of times people may even turn off the video right now because you may
00:03:41.020 be saying, 80?
00:03:41.680 Is he out of his mind?
00:03:43.000 Is he crazy?
00:03:44.240 He must be nuts.
00:03:45.780 This isn't a video for everybody to watch.
00:03:47.920 This is if you want to know what it takes to become a millionaire and a decamillionaire.
00:03:51.560 You know, those days of just coming out with Snapchat and Instagram and you becoming
00:03:54.700 a billionaire overnight, those are anomalies.
00:03:57.360 That's not duplicatable.
00:03:58.940 If you only strive for that, you may be another person that's 60 years trying to get something
00:04:02.640 to come out and be sold for a couple billion dollars.
00:04:04.920 This is a duplicatable system that I'm talking about.
00:04:08.600 Now, on the work ethic side, let me explain on the work ethic side.
00:04:11.840 I'll have people that'll say, I worked 80 hours last week.
00:04:14.900 You have no idea how hard I worked last week.
00:04:17.180 That's good.
00:04:18.240 But how hard did you work the week prior to that?
00:04:21.640 And the three months prior to that?
00:04:23.800 And the six months prior to that?
00:04:25.540 And the following week, when you have a birthday party coming up, and next week, when it's
00:04:30.200 Super Bowl, and next week, when it's this, how hard are you going to work every week?
00:04:35.660 This is not one week.
00:04:37.580 Everyone has one week to brag about.
00:04:39.600 This is every single week.
00:04:41.120 You may have a week you don't feel like working, and all the timer still shows up.
00:04:44.460 A part-timer only shows up when they feel like it.
00:04:47.360 And all the timer, whether you feel like it or not, they show up.
00:04:51.040 Now, second element is personal growth speed.
00:04:53.060 Let me explain personal growth speed.
00:04:55.900 If you're only working, working, working, working, working, and you're going into the
00:04:58.900 whole rat race, if you're just working, working, working, working, working, and your identity
00:05:02.760 isn't growing, nothing changes.
00:05:04.500 There isn't an ability to scale your income to get to a millionaire.
00:05:07.560 If you're working, figuring out, working, figuring out, working, figuring out, solving,
00:05:11.780 learning, growing, then you're constantly going to new heights.
00:05:14.960 So here's how it works.
00:05:16.040 Level one, if you average 24 books a year, two books a month that you're feeding your
00:05:21.500 mind, that's a part-timer.
00:05:24.220 If you average four books a month, that's a full-timer.
00:05:28.080 Average CEO reads 56 books per year.
00:05:31.420 If you read an all-the-timer, if you read eight books a month, 100 a year, to me, you're an
00:05:36.780 all-the-timer.
00:05:37.660 You're constantly feeding your mind.
00:05:39.420 I'm not talking about the fantasy books.
00:05:41.880 I'm talking real business books that's growing your mind on solving problems and issues and
00:05:47.440 learning from this guy and how that person did it and how that person did this.
00:05:51.500 You're learning.
00:05:52.140 You're growing.
00:05:52.700 It's helping you figure things out.
00:05:54.380 That's an all-the-timer.
00:05:55.320 So, so far, we covered work ethic, and we covered personal growth, too.
00:05:59.720 Element number three is how many start-stops you have as you're running your business.
00:06:05.800 You rarely hear us talking about this.
00:06:08.560 Listen, I am by far not the smartest guy.
00:06:11.440 I'm not the most talented guy.
00:06:12.940 I don't come from a family of wealth.
00:06:14.840 My father was a cashier at a 99-cent store in Englewood, 1.8 GPA kid.
00:06:19.700 I went to the Army.
00:06:20.600 I took an ASVAP, got a 31 on my ASVAP.
00:06:23.220 This is not a product of I'm supposed to do whatever I'm supposed to do and be running
00:06:28.080 a, you know, whatever multi-multi-million dollar company and doing what we're...
00:06:32.280 I'm not supposed to be where I'm at right now.
00:06:33.660 I'm supposed to be a statistic.
00:06:35.020 That's what I'm supposed to be doing.
00:06:36.140 But I watch a lot of my competitors who are sharper than me, degrees, better family, better
00:06:42.640 market, better upbringing.
00:06:44.120 They know how to play golf very well from a young age so they could go and network with
00:06:47.480 other people and their score was very good.
00:06:49.640 Just pure form, great, all that stuff.
00:06:52.100 But they had a challenge that no one sees.
00:06:55.660 You don't see it.
00:06:56.480 You don't visualize.
00:06:57.240 This is something nobody ever sees.
00:06:59.340 And it's start-stops.
00:07:00.280 Let me explain what this is.
00:07:02.020 A part-timer typically, typically has two to four distractions per year, setbacks per
00:07:09.320 year.
00:07:09.700 Let me explain what this means.
00:07:10.880 This may sound a little cold.
00:07:12.880 And some people may say, well, Pat, that's absolutely cold.
00:07:15.220 You can't think like that.
00:07:17.420 A part-timer has two to four distractions per year.
00:07:20.520 It could be a bankruptcy sets them back for two months.
00:07:25.300 It could be a breakup.
00:07:26.740 To recover from a breakup takes them six months.
00:07:29.200 It could be a loss of a loved one.
00:07:32.020 A relationship didn't work out.
00:07:33.540 Something that happens to them, they are devastated for way too long.
00:07:38.020 That's a part-timer.
00:07:39.280 Two to four setbacks per year.
00:07:41.040 A full-timer to me is one distraction per year.
00:07:43.900 So they'll have business.
00:07:44.800 Everything's going right.
00:07:45.440 And boom, something happens.
00:07:46.440 They're gone for six weeks.
00:07:47.880 Now they have to go and start the momentum all over again because they don't know how to
00:07:51.800 handle distractions.
00:07:52.900 They're not good at managing distractions very well.
00:07:55.320 They give too much attention to distractions.
00:07:57.180 And they have way too many setbacks.
00:07:59.260 They're not able to experience the whole thing.
00:08:01.520 Number three is an all-the-timer.
00:08:03.120 All-the-timer to me is somebody that experiences one major setback every five to ten years.
00:08:08.620 No one is perfect.
00:08:09.980 Everyone's going to experience some setbacks.
00:08:12.500 Divorce, health, family.
00:08:15.400 Things are going to happen.
00:08:16.860 For some, it may be divorce.
00:08:18.620 For some, it may be something else.
00:08:20.380 For some, it may be a financial thing.
00:08:21.740 For some, it may be a family thing.
00:08:23.560 Everyone's going to have it.
00:08:24.840 How you react to it will dictate your odds of being able to become a millionaire, decamillionaire,
00:08:31.140 whatever that goal is for you to become, right?
00:08:33.160 So that's how many start stops you have.
00:08:35.160 Now, number four to me is number of industries.
00:08:38.340 A part-timer changes industries as quickly as an 18-year-old changes boyfriends and girlfriends.
00:08:43.760 It's just a new industry again, a new industry again, a new industry again.
00:08:46.900 So you're talking about a part-timer changes new industry every two to four years.
00:08:52.040 Real estate didn't work.
00:08:53.000 I'm going to go do this.
00:08:53.900 This didn't work.
00:08:54.680 I'm going to go do that.
00:08:55.460 That didn't work.
00:08:56.160 I'm going to go do this.
00:08:57.000 A full-timer changes industries every five to ten years.
00:09:01.460 Oh, this is too boring to me.
00:09:02.860 I'm going to go to another industry.
00:09:04.180 And then they'll stay focused for ten years.
00:09:06.020 They'll get to a certain level and then boom, they go again.
00:09:08.240 And then they never, ever really fully understand what their capacity is if they stick around.
00:09:13.300 The all-the-timer, 20 to 40 years, one industry.
00:09:17.020 Let me explain.
00:09:19.400 Jeff Bezos is one industry, okay?
00:09:22.740 Berkshire Hathaway, they went into one industry.
00:09:25.560 And those guys started with an all-the-timer mentality.
00:09:28.940 Their company's right now, Berkshire Hathaway, worth about $326 billion.
00:09:33.320 Their annual shareholder meeting's happening on April 30th.
00:09:36.300 40,000 to 50,000 people show up in, I think it's Omaha, somewhere there.
00:09:41.220 It's the most ridiculous center.
00:09:43.080 Everybody, you see it, go look up the picture on what it looks like.
00:09:45.700 They show up and they never got into technology.
00:09:48.820 They stuck to their philosophy.
00:09:50.500 They stuck to insurance.
00:09:51.860 Everybody called them boring.
00:09:53.080 Everybody called them all this type of stuff.
00:09:55.420 Charlie Munger's worth a billion to $2 billion.
00:09:57.640 And Warren Buffett's worth $40 to $70 billion, depending on what day and what time of the year
00:10:02.040 you watch this video.
00:10:03.140 Why?
00:10:03.700 One industry, they stuck to it.
00:10:05.280 It doesn't matter.
00:10:06.080 It's what industry.
00:10:06.640 Now, some people will also say, well, I feel like I have to start a company to have a shot
00:10:12.820 at becoming a millionaire.
00:10:13.560 I have to.
00:10:14.060 You have to be an entrepreneur.
00:10:15.520 You have to be an entrepreneur.
00:10:16.700 That is definite.
00:10:17.340 You need to be an entrepreneur.
00:10:18.860 But an entrepreneur may also be somebody that gets with the company and increases value of
00:10:23.580 themselves.
00:10:24.340 And eventually, they become an executive, a voice, a president, a CEO, whoever it is.
00:10:30.460 I mean, Steve Ballmer, a great example.
00:10:32.580 Microsoft gets started in 76.
00:10:34.380 He gets started with Microsoft in 1980.
00:10:38.140 He increases value by what he brings to the table with Bill Gates and Microsoft.
00:10:42.100 Eventually, he's worth $22 billion, owns the Clippers.
00:10:45.900 He had a blast.
00:10:46.880 He ends up becoming a CEO after Bill Gates.
00:10:49.920 And he was not the founder of Microsoft.
00:10:52.340 But he was somebody that positioned himself well, worked very hard.
00:10:56.160 He was an all-the-timer.
00:10:57.360 He was a value guy.
00:10:58.500 Chose one industry.
00:11:00.120 He read the books to find that.
00:11:01.460 He was a great student.
00:11:02.940 He didn't have a lot of distractions.
00:11:04.220 He kept and showed up to work.
00:11:06.200 That's what ends up happening for him to become who he is today.
00:11:09.160 So now, what conditions, what intangibles need to be on your side?
00:11:13.560 I wrote all this stuff on.
00:11:14.680 Somebody might say, well, what if you do all that stuff?
00:11:16.860 Can it still go wrong?
00:11:17.920 Yeah, of course it could.
00:11:18.800 Let me explain what things.
00:11:20.420 If it's only a want for you to become a millionaire and it's not a must, kiss it goodbye.
00:11:24.900 Ain't going to happen.
00:11:26.560 Nobody becomes a millionaire by wanting to become a millionaire.
00:11:28.860 Everybody wants to become a millionaire.
00:11:30.660 To a few, it's a must.
00:11:32.320 If it's a must, you'll do it.
00:11:33.640 Next.
00:11:34.640 Focus and intangible.
00:11:36.220 How focused do you stay?
00:11:38.100 Ambition and desire cannot be taught.
00:11:39.980 No video in the world is going to give you ambition and desire.
00:11:42.700 The only thing that's going to give you ambition and desire is you.
00:11:44.780 You're right here.
00:11:46.060 Right here.
00:11:46.700 Do you have it?
00:11:47.260 Do you truly want this to become a reality?
00:11:50.540 Positioning.
00:11:51.020 Equity.
00:11:51.340 Do you position yourself in a company that you can eventually own a piece of it?
00:11:55.140 Are you in a place that you can increase value and own a piece of the company?
00:11:58.720 Marriage.
00:11:59.120 Who you pick as a partner is very important.
00:12:01.580 How you pick that.
00:12:02.480 It may not work out the first time, second time, but you've got to be good on how you pick them.
00:12:06.020 It's got to be clear on how you do that.
00:12:07.940 This is going to play a very big role.
00:12:09.800 Do you have a chip on your shoulder?
00:12:11.860 You know, if you grew up in a perfect family, everything was good and you don't have to
00:12:16.060 pursue, you know, prove anybody else.
00:12:18.040 You're just okay.
00:12:18.740 You had a great life.
00:12:19.680 You know, I didn't have any problems growing up.
00:12:21.160 There's no chip.
00:12:21.760 I don't have a chip.
00:12:22.940 So what's the purpose of doing this?
00:12:24.100 You may not have a chip to want to do it.
00:12:25.900 You know, it may not be that important to you.
00:12:27.720 Jordan had a chip.
00:12:28.960 Bezos had a chip.
00:12:29.940 Steve Jobs had a chip.
00:12:31.440 These guys have a chip.
00:12:32.400 Is there a chip on your shoulder?
00:12:33.980 Enemy.
00:12:34.380 Who is your enemy?
00:12:35.320 Who are you trying to compete against?
00:12:37.420 Is it somebody you want to prove right or prove wrong?
00:12:39.820 Maybe your mom or dad sacrificed so much you want to prove right that the decision they
00:12:43.940 made was right.
00:12:45.040 Maybe mom and dad don't believe in you.
00:12:46.600 Maybe your relative doesn't believe in you.
00:12:47.820 Maybe an ex-wife, ex-husband, ex-boyfriend, ex-girlfriend doesn't believe in you.
00:12:51.020 Do you have to prove to somebody?
00:12:53.060 Maybe you, yourself, the man in the mirror, the woman in the mirror, you got to prove that
00:12:56.000 person right or wrong.
00:12:57.360 Are you going to do that?
00:12:58.260 Is that important?
00:12:59.700 Risk is a big part of it.
00:13:01.920 Value.
00:13:02.560 Do you increase your value wherever you're working at?
00:13:04.760 Your decision-making process.
00:13:06.280 This has got to be one of the best.
00:13:07.560 Friends, association.
00:13:08.660 Do you constantly revert back to friends and associations that teach you the bad habits?
00:13:13.840 That gets you to work backwards?
00:13:15.580 Are you pretty focused?
00:13:17.060 Do you constantly revert back to bad habits?
00:13:19.380 Do you do that?
00:13:20.540 Luck and timing.
00:13:21.580 That's also part of it.
00:13:22.880 Positioning.
00:13:23.420 Timing is a part of it.
00:13:24.840 But look, in reality of it, everything I covered with you, somebody may watch this and say,
00:13:30.100 80 hours a week?
00:13:31.260 I'm already tired watching this video.
00:13:33.340 This video may not have a lot of views.
00:13:34.800 Because somebody may watch this video and say, 80 hours?
00:13:37.420 I lost.
00:13:37.900 I don't want to watch any more of it.
00:13:38.900 That's totally fine.
00:13:39.860 But if you're still watching it and you're saying, man, I want to be an all-the-timer,
00:13:43.860 you got to be a little bit crazy.
00:13:46.000 You got to be a little bit of a maniac.
00:13:48.300 Some people are going to call you a lot of different things.
00:13:51.640 And you got to be okay with it.
00:13:53.000 So my challenge to you would be this.
00:13:55.340 Success, to me, is not a part-time thing.
00:13:59.180 It's not a full-time thing.
00:14:00.680 It is an all-the-time thing.
00:14:03.860 In any, in any industry, athlete, business, entrepreneurship, doesn't matter.
00:14:10.340 You got to be an all-the-timer.
00:14:11.740 If you're not an all-the-timer, you maybe become a fan.
00:14:14.600 There's a lot of people that are fans of Elon Musk.
00:14:16.940 There's a lot of fans of Steve Jobs.
00:14:18.680 There's a lot of fans of Jeff Bezos.
00:14:20.160 There's a lot of fans of Stephen Curry.
00:14:22.000 There's a lot of fans.
00:14:23.540 You can become a fan or you can become a player.
00:14:26.060 But you can't do both, part-time or full-time.
00:14:29.160 You got to be all-the-timer.
00:14:30.300 Thanks, everybody, for listening.
00:14:31.660 And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.
00:14:36.260 Give us a five-star.
00:14:37.580 Write a review if you haven't already.
00:14:39.160 And if you have any questions for me that you may have,
00:14:41.340 you can always find me on Snapchat, Instagram, Facebook, or YouTube.
00:14:45.200 Just search my name, PatrickBitDavid.
00:14:46.960 And I actually do respond back when you snap me or send me a message on Instagram.
00:14:52.120 With that being said, have a great day today.
00:14:53.840 Take care, everybody.
00:14:54.560 Bye-bye.