Episode 455： 10 New Rules Of Money
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Summary
With all the volatility taking place, not only in the U.S. but also broad, whether it s Brexit, the US election, or CO stepping down, have the rules to money changed? Many of you have been asking me, Pat, what the rules of money would be in today s economy. Today s episode is a couple of assignments if you actually want to take advantage of some of these rules of Money in today's economy.
Transcript
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With all the volatility taking place, not only in U.S. but also broad, whether it's Brexit,
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whether it's coronavirus, whether it's the U.S. election, whether it's CO stepping down,
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Many of you have been asking me, Pat, what the rules of money would be in today's economy.
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By the way, today's episode isn't just you watch and then you leave.
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Today's episode is a couple assignments if you actually really want to take advantage
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of some of these rules of money in today's economy.
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You know, a lot of times when market is changing and shifting, a lot of changes are taking
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place, everybody is just looking at the industries that are booming.
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Oh my gosh, look at this industry that's booming.
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Where people who create wealth are looking at industries that are about to go away.
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So it's not about which industries are booming.
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You got to look at which industry is about to crash and how to monetize it.
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If you were to sit down after this video, you and your friends, your husband, your wife,
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your boyfriend, girlfriend, mom, dad, kids, it doesn't matter.
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You're sitting at a place right now saying, let me ask you guys a question.
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What do you think is the next industry that's about to experience a crash?
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And if you look at that, then you'll say, what if we did this?
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Or if you're more of an investor, you can look at this and say, who is actually trying
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Or who is actually trying to disrupt this industry?
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Then you can look into that as an opportunity because even though a lot of movements, even
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though there's a lot of volatility, I guarantee you behind closed doors, if you can find
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the right ones like this, it could potentially be the next Amazon if you actually take some
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time and not just look at the industries that are booming, but the ones that are about to
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The rule of zero is tough for folks who are very greedy to embrace because it sounds easy
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saying it, but let me explain to you the power of zero.
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When 2008 took place, a lot of people lost money.
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They were talking about the 401K is now the 201K.
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I had clients, I would go look at their statement.
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They were planning on retiring for one year, but because they were not fully ready and they
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In 2008, if you did 0% in 2008, that really means you did plus 38% compared to what the
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So you have to also be paying attention to the offense you're playing.
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You've got to be playing offense as well, of course.
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If you want to create wealth, offense, offense, offense, offense, offense.
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But you've got to have a certain strategy on how you can take advantage of the rule of
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zero so when it does happen, you have more that's sitting for you to say, this is my
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next opportunity to go in because you paid attention to the rule of zero.
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The third rule of money today is entrepreneur, intrapreneur.
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Look, I run a number one channel on YouTube for entrepreneurs.
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If you go on YouTube, I know you type in the word entrepreneur, then you go on the filter.
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And then you go from the filter on channel, value-taming comes up at the top.
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I talk about entrepreneurship nonstop, but I've got to tell you the complete opposite
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I also know the power of being an intrapreneur.
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Sometimes people become entrepreneurs because they don't have a choice.
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They're working at a place where the bosses at the top have just completely changed the
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comp, changed the plans, changed everything, where someone's kind of forced to go out there
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But in many cases, you don't need to be forced to be an entrepreneur.
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You don't need to have that entrepreneur on your Instagram account or on your Twitter account.
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Matter of fact, you need to confuse people and say, an obsessed intrapreneur or a serial
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So someone you put on Twitter, everybody says, investor entrepreneur.
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Someone sees your profile, what the hell is an intrapreneur?
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An intrapreneur is somebody that works within a company who acts like an entrepreneur but
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doesn't have to put his life savings on the line and eventually earns equity, treats the
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company like his own business, works like an entrepreneur, works like a founder, eventually
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ends up getting a department or a piece of the company.
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He makes very similar kind of wealth as many entrepreneurs do.
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Go make that move there because you cannot have a lot of flip-flopping right now.
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If you're flip-flopping, you're preventing momentum from happening.
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If you're focused going this side, momentum's on your side.
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But if you're going this way, then you're going here, you lost all the momentum, nine
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So you've got to be focused to create momentum because momentum's really one of the best friends
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of anybody that wants to create a lot of wealth.
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And if you're distracted constantly, you're losing a lot of this.
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If you are not a fan of Barack Obama, okay, and Fox News says Barack Obama did insider
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trading and he did da-da-da-da-da-da, and because of that, you know, rumor has it he
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If you don't like him, it's very easy for your emotions to get a best of you.
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You're just jumping to conclusions so the hoax controls you because of your emotions.
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Now, if you don't like Donald Trump, and let me tell you, Donald Trump, Russia, Donald
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Trump, you know, Donald Trump, here's what Donald Trump's doing.
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This is, you're being bought into the next hoax.
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If you haven't done your own research, how do you know?
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Let everybody else get distracted and you're able to step back, stay strong mentally and
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emotionally and say, I don't have all the facts.
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While 99% of the world is going crazy about this hoax, I'm going to step back.
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I'm going to stay focused and implement my strategy that I've in place because my time
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I'm not going to let another hoax get bothered me, but I'm going to get ahead of it.
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While everyone's distracted, what industry's taking a hit?
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What customers are laying around for me to go get?
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You get distracted, I'm going to go get Bobby to come on my team.
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You get distracted, I'm going to go get that customer and I'm going to sell this person.
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You get distracted, I'm going to go partner with that guy right here.
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If people are afraid, go present them your opportunity, your product, your company, whatever you're doing.
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But don't let fear go away without you monetizing fear.
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Don't just watch what the media or me or anybody tells you.
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Go study market crashes and don't look at market crashes as,
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in 1987 there was a market crash, but in 1929, in 1942, in 2001, you know, in 2008.
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No, go look at pre-market crash, during market crash, post-market crash.
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When you look like, for instance, the movie Big Short shows you pre, shows you during, shows you post.
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That's actually a very good movie that's giving you an idea of what signs there was to tell you that it's coming,
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how bad it was while the market crash was taking place, and how wealth was made post-market crash.
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By the way, this right here could take you a day.
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Go buy some of the books and study market crashes.
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Here's what you need to do when this takes place.
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Actually go study pre, during, and post-market crashes and see how you can monetize it for yourself.
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Look, yesterday I had a lengthy conference call with Simon & Schuster.
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Yeah, I can't give it to you right now, but I know the dates.
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I know when you can get your new book and the book that comes out.
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And the entire book, the entire book I wrote is about how you can identify your next moves.
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But pre my book coming out for you, everything, sit there and say, okay, imagine another 2008
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What would I, if I knew this, what would I do prior year to it?
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What would be my next moves if I knew this was about to take place?
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Well, if I knew 2008 the market was going to tank 38%, what would I be doing in 2007?
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Start asking yourself the question and say, what would I do if this were to take place
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You're going to say, if he goes this way, you know, and I know maybe he's coming with
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If he's going to throw me a jab, maybe the, you know, the straight right is coming.
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And you're going to, if he goes this, if he goes that, prepare yourself.
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You don't have to just fight somebody to figure out what your next moves are going to be.
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The one behavior that produces most of your results.
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I'll talk to an entrepreneur or an intrapreneur.
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And I'll say, yeah, I'll talk to a salesperson who's making a half a million dollar a year
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So what's the number one behavior that makes you the most money?
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And I said, so tell me, what behavior do you do?
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What of these five behaviors increases your value and the value of the company?
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How much do you get a chance to do this first one right here?
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I said, what can we do to give you more hours to keep doing this behavior here?
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By the time it was done, I said, here's an additional 30 hours per month for you to do
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I had this meeting three hours ago prior to shooting this video.
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Three hours ago, I gave her 30 more hours to do what?
0.99
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Because I know, while you may think you have to do 100 different things, you may think you
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If you in an economy like this can obsessively drive the one thing, the one behavior that
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produces the most value for you and your company, that gives you an edge over your peers
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I know the thought is to multitask and to be somebody that puts your money all over the
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But if you want to create wealth, new rules of money, pick the one behavior that produces
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the most results and obsessively drive that one thing or that one behavior.
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Number nine, increase your value in the marketplace.
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How do you increase your value in the marketplace?
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You increase your value in the marketplace, you don't have anything to worry about.
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He's an executive producer, very, very well-known.
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You would know this name if I were to tell you who this person is.
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A very well-known name in the world of Hollywood and media.
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We're strategizing, talking a lot of different things.
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When he came in, and I'm sitting down with him, we're talking about increase the market
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He said, I used to do this, I used to do this, I used to do that, I used to do this.
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He says, I finally realized what I'm very good at.
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It doesn't matter if the market is doing good or bad.
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Because he increased his value in the marketplace.
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It doesn't matter if the economy is good or bad or terrible.
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If you increase your value in the marketplace, it doesn't matter if we got a crash or not.
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If that value that you increase in the marketplace, people have to pay you.
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So find a way to increase your value in the marketplace.
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Some of it could be by the way you think and the kind of research you're doing.
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And last but not least, this is very important.
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Listen, I like to look at different people's opinions when it comes down to everything.
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Religion, whether it's Chris Hitchens, I want to see his brother's argument on why he believes in God and why he doesn't believe in God.
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If it's politics, I want to go sit with President Bush's campaign manager, which is what I did.
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And I want to go sit with President Clinton's campaign manager, which is what I did.
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If it's sports, I want to talk to a football coach that says, you win a championship based on defense.
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I want to talk to a coach that says, you win a championship on offense.
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And on this side, when it comes down to money, I suggest you study opposing financial analysts.
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If you only study the one financial analyst that you like the most because he agrees or she agrees with everything you say, you're going to have blind spots.
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But if you've got two financial analysts, and there's a lot of good ones out there, but if you look at these two guys, like if you just study Buffett and you don't study somebody that's the opposing belief, like Buffett and Ray Dalio,
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if you just study one side, if you just do Ray and you don't do the other side, you're going to have some blind spots.
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Both of them are very, very successful at what they do.
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But in times like this with the new rules of money, this guy's like, oh, interesting.
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Well, he does kind of make sense, but I don't understand why he's saying this.
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You get to kind of see the best of both worlds and make the decision for yourself because you're able to weigh out the two different sides, if that makes sense to you.
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Number one, study which industry is about to crash.
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Obsessively drive the one thing, the one behavior.
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Number nine, increase your value in the marketplace.
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And last but not least, study opposing financial analysts to come with your own conclusions.
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And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.
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And if you have any questions for me that you may have, you can always find me on Snapchat, Instagram, Facebook, or YouTube.
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And I actually do respond back when you snap me or send me a message on Instagram.