Valuetainment - February 13, 2019


Episode 268： 3 Steps on How to Be Wealthy


Episode Stats


Length

9 minutes

Words per minute

209.88237

Word count

1,927

Sentence count

150


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

3 Steps on How to Become Rich by Patrick Bedevolutionary entrepreneur Mario Papi shares his simple 3 step formula on how to become wealthy. 1. Learn the skill set of sales 2. Choose an industry 3. Choose a target industry 4. Write down a list of the most important skill set you can learn

Transcript

Transcript generated with Whisper (turbo).
00:00:00.460 30 seconds. One time for the underdog. One time for the underdog. Ignition sequence. Let me see you put them up. Reach the sky, turn the stars up above. Cause it's one time for the underdog. One time for the underdog.
00:00:17.260 I'm Patrick Bedevia, host of Value Team, and today I'm going to talk to you about three steps on how you can become wealthy.
00:00:22.360 I was having lunch with a friend at Rafi's place. If you haven't been to Rafi's place, it's by far the best Middle Eastern restaurant in America. You got to go to it. If you haven't been, it's in LA, Glendale, California. Anyways, we were sitting there talking and as we're sitting having a conversation, he asked a formula for me. He said, hey, Patrick, so, you know, what would you say is the formula for wealth creation, right? What is the formula for wealth creation?
00:00:48.480 Hey, you know, you have a black card, you have this, and you made millions of dollars, all this stuff. He said, so what is the formula for creation? The conversation came out, I'm taking out all this stuff, and I said, well, that's a pretty good question. You know, I've been asked that before, and I got a very simple three-step formula on how to create wealth. It's very simple for me.
00:01:07.240 Here's what I did, okay? So, first thing you have to do is you got to get a paper and pen and make a list of the most important skill set you can learn. Whatever that skill is, write it down, okay?
00:01:19.320 I'm going to learn how to play piano. I'm going to learn how to draw. I'm going to learn how to cook. I'm going to learn how to work on a car. Whatever it is, you write down different skill sets.
00:01:30.080 And to me, by far, the most important skill set I came up with is sales, period. The presidential debate is taking place right on the Republican side, and you're hearing the left and the right. You're hearing Hillary, Bernie Sanders, you know, all these guys on the left that are getting up there saying, hey, you should vote for me because I'm this, I'm this, I'm that.
00:01:51.640 And you're seeing the right. Carson, Rubio, Cruz, Huckabee, Trump, Jeb Bush, all these guys are getting up saying, why you ought to vote for me to become a president, right? They're campaigning.
00:02:04.660 But the number one skill set, if you think about the number one skill set on why a person will vote for somebody else is sales. That person knows how to sell. Barack Obama knew how to sell a dream. McCain had no idea how to sell a dream. He had no idea how to sell anything, right?
00:02:19.400 Jimmy Carter didn't know how to sell. Ronald Reagan knew how to sell. Everything is about selling. You've got to sell. You've got to sell and cast a vision. You've got to sell. Selling is the number one skill you've got to learn.
00:02:32.320 So for me, three steps to become a wealthy. Number one, learn the skill set of sales. And to learn the skill set of sales, there's a lot of books you've got to read. I have 100 books to read for entrepreneurs. I've got several of them that are on my website.
00:02:45.040 Paul, can we put a link of the top 100 books for them to go to? Mario, let's put that on the bottom as well. If you go on the bottom, you click on it. Go and order all the books on that website. You'll see one by one by one, the ones that are in sales.
00:02:55.920 Okay, so number one skill is sales. So you've got to learn the skill set of sales. Second thing you have to do, the second thing I did is choose an industry. So what is an industry you choose to be a part of, right?
00:03:07.060 So now I wrote out on a sheet of paper, I had, so biotech. And in order to biotech, I need to go do this. Okay, do I want to go out there and sell, you know, pharmaceutical sales? Is that what I want to sell? Do I want to go out and sell technology? Do I want to go sell real estate? Do I want to go sell mortgages? Do I want to go sell this? Do I want to go sell, you know, nutritionals? You know, long distance? Boom.
00:03:26.820 I finally chose financial industry. And within a financial industry, I got very specific to the life insurance industry. And I'll tell you why I chose this industry. I was in New Orleans two weeks ago. We're at the infamous Bourbon. We're on Bourbon Street or Bourbon Boulevard, whatever it is. We're at Bourbon. You know, that place is a place where it's sponsored by alcohol. I don't know what it is, but everywhere it smells like beer.
00:03:54.580 And one of my good friends, Matt, he asks me a question. He says, hey, Pat, when you got into the financial industry, you got your Series 7, 66, 31, 26, all this stuff, why did you go away from being a money manager to being an insurance agent? I said, very good question. This was my answer to him. I said, look, I have never in my life seen a client cry and get emotional over me getting him on a stock or a mutual fund.
00:04:24.320 A 30% return. I've never seen a person get emotional. It's more like, hey, by the way, Mr. Jones, you know, your mutual fund did 22% last year. Market was great. Okay, awesome. That's great news. Okay, I got to go buy. I've never seen emotion. It was just, that's it. I'm just great news that you're telling me this.
00:04:41.080 On the complete opposite side, I've never seen that much emotion with a product being sold when I hear a client who loses a loved one and you deliver a death benefit or you see the family telling a story of what happened to them when an insurance policy was bought and how it changed their lives.
00:05:04.740 I mean, there's several clients that we deal with. One of my friends, Spring Eatman, can we put the link of a video on the bottom?
00:05:11.360 This is, I mean, try watching this video of Spring and I challenge you to not get emotional watching it.
00:05:16.320 So the moment I went from seeing the fact that this is all money, money, money, money, money, great. There's many ways to make money.
00:05:22.100 I wanted a part of it to be crusade where my heart gets connected to it.
00:05:26.260 This is one of the reasons why I love the military because to me, I chose the skill set sales.
00:05:30.960 The industry I chose was insurance because I felt insurance within a financial industry was the patriots of the financial industry.
00:05:38.840 That's how I see it. I see insurance agents are the patriots of the financial industry because, you know, no one wants to do it.
00:05:45.100 They need it. Everybody needs it, but no one wants to do it.
00:05:47.040 I chose to take that route. You can call it crazy or whatever, but we chose an industry that we got excited about.
00:05:52.120 It gives great pay, great renewals. It gives an incredible life.
00:05:55.240 People who are in it for 10 years have unbelievable lives who do it the right to, but that's the industry I chose, right?
00:06:01.680 Step number three. So you choose the skill set. You choose the industry.
00:06:06.500 Skill number three is the people you want to run with. That's the next thing you've got to figure out.
00:06:12.420 You know, one skill, industry, the group of people you want to run with.
00:06:16.960 The jersey, the group of people you want to run with.
00:06:20.180 Why is this so important?
00:06:21.440 Very simple because, one, common values, common principles, common vision, common goals.
00:06:29.700 When you're running with an organization, typically, one of the conversations I was having with the same gentleman I was having lunch with at Rafi's place,
00:06:36.460 there was a frustration he had because he's in a place that he is exploding with ambition and he wants to grow and do all this stuff.
00:06:45.580 And here's a hundred-something-year-old company that's doing business the old-fashioned way.
00:06:51.240 That's doing business, oh, we don't want to do this, so we don't want to change it, so we don't want to do that.
00:06:54.460 And they're sitting around and, okay, that's not how we do things.
00:06:57.240 We're not used to social media. We're not used to videos, all this stuff.
00:06:59.820 No, no, no, no, no, no.
00:07:01.040 No, you can't do that. No, you can't post that up. Why not?
00:07:03.620 So to him, there's friction between him having so much drive and he can't do it, you've got to find the right group of people.
00:07:12.440 The other side when there's friction is the company is thinking big, the company is going places,
00:07:17.720 and then the person in it doesn't necessarily have the desire to be that ambitious,
00:07:23.040 and they kind of want to go on cruise control, and they don't want to be challenged anymore.
00:07:26.800 They want to stay there.
00:07:27.780 That's typically when you have the relationship there, but you get to choose.
00:07:30.320 Choose the skill. Write it down. Choose the industry.
00:07:34.340 Be specific with what industry you want to choose.
00:07:37.100 Then find a group of people you want to run with, common values, common morals, common vision,
00:07:43.280 common things that they want to do that challenges you to also get better.
00:07:47.380 And all of a sudden, next thing you know, you're creating wealth.
00:07:50.000 You're making money. You're doing great things.
00:07:51.880 But believe me when I tell you, the skill set of sales is absolutely important.
00:07:56.620 I read a book one time called Barbarians to Bureaucrats by Lawrence Miller.
00:08:01.260 I called them. I said, hey, how come this book is never sold?
00:08:04.100 How come it's only got this many reviews?
00:08:05.780 He says, what do you mean? I said, I'd like to buy the book.
00:08:07.840 Can I buy, so you can buy the book on Amazon.
00:08:09.340 I said, I'd like to buy your book because the content in this thing is incredible in this book
00:08:15.020 when it explains the cyclical cycles of a society, organization, a company.
00:08:19.500 But the reason why this didn't sell is because somebody didn't sell it.
00:08:23.040 Either he didn't sell it or the publisher didn't sell it.
00:08:25.400 Who's the publisher? Fawcett Columbine.
00:08:28.640 Whatever. He didn't sell it.
00:08:29.640 Somebody didn't sell it.
00:08:30.620 This is one of the best.
00:08:31.580 I've read 1,000, 1,100 books.
00:08:33.640 This is one of the best business books I've ever read
00:08:35.440 because the most important skill set to learn is sales.
00:08:39.020 And when you put that formula together,
00:08:41.300 you have a shot at creating wealth based on how ambitious you are
00:08:44.440 and based on how much work you think you put into it.
00:08:46.160 Thanks, everybody, for listening.
00:08:47.780 And by the way, if you haven't already subscribed to Valuetainment on iTunes,
00:08:51.120 please do so.
00:08:52.360 Give us a five-star.
00:08:53.800 Write a review if you haven't already.
00:08:55.260 And if you have any questions for me that you may have,
00:08:57.440 you can always find me on Snapchat, Instagram, Facebook, or YouTube.
00:09:01.280 Just search my name, Patrick MidDavid.
00:09:03.200 And I actually do respond back when you snap me
00:09:06.020 or send me a message on Instagram.
00:09:08.180 With that being said, have a great day today.
00:09:09.920 Take care, everybody.
00:09:10.480 Bye-bye.