Valuetainment - Episode 455： 10 New Rules Of Money

00:00:00.000 With all the volatility taking place, not only in U.S. but also broad, whether it's Brexit,

00:00:27.360 whether it's coronavirus, whether it's the U.S. election, whether it's CO stepping down,

00:00:31.760 have the rules to money changed?

00:00:33.460 Many of you have been asking me, Pat, what the rules of money would be in today's economy.

00:00:37.720 So today's 10 new rules of money.

00:00:40.520 Rule number one, new rule of money.

00:00:42.960 What's number one?

00:00:44.000 Here's what I'd be thinking about.

00:00:45.480 By the way, today's episode isn't just you watch and then you leave.

00:00:48.080 Today's episode is a couple assignments if you actually really want to take advantage

00:00:52.000 of some of these rules of money in today's economy.

00:00:54.020 Number one is the following.

00:00:54.920 You know, a lot of times when market is changing and shifting, a lot of changes are taking

00:01:00.800 place, everybody is just looking at the industries that are booming.

00:01:05.560 Oh my gosh, look at this industry that's booming.

00:01:08.340 This is so great.

00:01:09.940 Where people who create wealth are looking at industries that are about to go away.

00:01:15.160 So it's not about which industries are booming.

00:01:18.000 You got to look at which industry is about to crash and how to monetize it.

00:01:22.140 So what do you do?

00:01:23.100 If you were to sit down after this video, you and your friends, your husband, your wife,

00:01:26.980 your boyfriend, girlfriend, mom, dad, kids, it doesn't matter.

00:01:29.240 You're sitting at a place right now saying, let me ask you guys a question.

00:01:31.960 What do you think is the next industry that's about to experience a crash?

00:01:36.160 What do you mean?

00:01:37.300 Printing 30 years ago was a great business.

00:01:40.160 A lot of people took a hit.

00:01:42.100 Advertising 30 years ago was great.

00:01:44.020 A lot of magazines took a hit.

00:01:45.900 What's the next magazine?

00:01:47.260 What's the next newspaper?

00:01:48.500 What's the next printing?

00:01:49.280 By the way, there are many industries.

00:01:51.500 And if you look at that, then you'll say, what if we did this?

00:01:55.440 What if we did that?

00:01:56.520 Or if you're more of an investor, you can look at this and say, who is actually trying

00:02:00.480 to fix this?

00:02:01.840 Or who is actually trying to disrupt this industry?

00:02:04.640 Then you can look into that as an opportunity because even though a lot of movements, even

00:02:09.300 though there's a lot of volatility, I guarantee you behind closed doors, if you can find

00:02:13.740 the right ones like this, it could potentially be the next Amazon if you actually take some

00:02:18.700 time and not just look at the industries that are booming, but the ones that are about to

00:02:21.740 experience a crash.

00:02:22.360 Now, second rule.

00:02:23.040 Here's a rule of zero.

00:02:24.160 The rule of zero is tough for folks who are very greedy to embrace because it sounds easy

00:02:31.760 saying it, but let me explain to you the power of zero.

00:02:33.620 So here's what it is about the rule of zero.

00:02:35.440 When 2008 took place, a lot of people lost money.

00:02:39.720 They were talking about the 401K is now the 201K.

00:02:42.040 I had clients, I would go look at their statement.

00:02:44.500 They would say, I only have $380,000.

00:02:46.780 I'm like, that's not bad for you.

00:02:48.400 She says, well, this used to be $790,000.

00:02:50.680 Well, that's a pretty bad thing right there.

00:02:52.260 And they're 64 years old.

00:02:53.480 What do you tell this person?

00:02:54.360 They got to work for another seven more years.

00:02:56.340 They were planning on retiring for one year, but because they were not fully ready and they

00:03:01.080 did not take advantage of the power of zero.

00:03:02.660 Because in 2008, market tanked 38%.

00:03:06.460 In 2008, if you did 0% in 2008, that really means you did plus 38% compared to what the

00:03:15.340 market did.

00:03:16.100 So you have to also be paying attention to the offense you're playing.

00:03:20.260 You've got to be playing offense as well, of course.

00:03:21.800 If you want to create wealth, offense, offense, offense, offense, offense.

00:03:24.400 But you've got to have a certain strategy on how you can take advantage of the rule of

00:03:28.520 zero so when it does happen, you have more that's sitting for you to say, this is my

00:03:33.820 next opportunity to go in because you paid attention to the rule of zero.

00:03:37.940 The third rule of money today is entrepreneur, intrapreneur.

00:03:41.120 Look, I run a number one channel on YouTube for entrepreneurs.

00:03:44.200 If you go on YouTube, I know you type in the word entrepreneur, then you go on the filter.

00:03:47.260 And then you go from the filter on channel, value-taming comes up at the top.

00:03:50.140 If you go, we come up views at the top.

00:03:52.340 Why?

00:03:52.740 Because we've created a content.

00:03:54.520 I talk about entrepreneurship nonstop, but I've got to tell you the complete opposite

00:03:57.800 side.

00:03:58.700 I also know the power of being an intrapreneur.

00:04:01.360 Sometimes people become entrepreneurs because they don't have a choice.

00:04:04.580 They're working at a place where the bosses at the top have just completely changed the

00:04:08.560 comp, changed the plans, changed everything, where someone's kind of forced to go out there

00:04:12.900 and become an entrepreneur.

00:04:14.200 But in many cases, you don't need to be forced to be an entrepreneur.

00:04:17.560 You don't need to have that entrepreneur on your Instagram account or on your Twitter account.

00:04:22.340 Matter of fact, you need to confuse people and say, an obsessed intrapreneur or a serial

00:04:27.980 intrapreneur.

00:04:28.980 So someone you put on Twitter, everybody says, investor entrepreneur.

00:04:32.640 What if you put serial intrapreneur?

00:04:35.740 Someone sees your profile, what the hell is an intrapreneur?

00:04:38.500 An intrapreneur is somebody that works within a company who acts like an entrepreneur but

00:04:43.260 doesn't have to put his life savings on the line and eventually earns equity, treats the

00:04:47.520 company like his own business, works like an entrepreneur, works like a founder, eventually

00:04:51.640 ends up getting a department or a piece of the company.

00:04:54.120 Company gets sold.

00:04:55.220 He has equity.

00:04:55.940 He has shares.

00:04:56.700 He makes very similar kind of wealth as many entrepreneurs do.

00:05:00.040 So you need to position yourself.

00:05:01.860 Am I going entrepreneurial route?

00:05:03.880 If yes, why?

00:05:05.260 Am I going the intrapreneur route?

00:05:06.860 Yes.

00:05:07.380 Why?

00:05:07.920 Once you know your position, go play all in.

00:05:10.380 But don't be one here, one here.

00:05:12.280 Which way are we going?

00:05:13.060 Go make that move there because you cannot have a lot of flip-flopping right now.

00:05:18.180 If you're flip-flopping, you're preventing momentum from happening.

00:05:21.220 If you're focused going this side, momentum's on your side.

00:05:23.680 But if you're going this way, then you're going here, you lost all the momentum, nine

00:05:26.660 months you spent here.

00:05:27.280 So you've got to be focused to create momentum because momentum's really one of the best friends

00:05:31.040 of anybody that wants to create a lot of wealth.

00:05:33.320 And if you're distracted constantly, you're losing a lot of this.

00:05:35.760 You don't want to do that.

00:05:36.320 Number four, be a step ahead of the next hoax.

00:05:39.800 What do I mean by that?

00:05:40.640 Look, think about it this way.

00:05:42.300 If you are not a fan of Barack Obama, okay, and Fox News says Barack Obama did insider

00:05:49.080 trading and he did da-da-da-da-da-da, and because of that, you know, rumor has it he

00:05:53.600 did this.

00:05:54.300 If you don't like him, it's very easy for your emotions to get a best of you.

00:06:00.140 Oh my gosh, did you see what he's doing?

00:06:02.660 This is what he's doing.

00:06:03.940 You don't know it yet.

00:06:05.020 You're just jumping to conclusions so the hoax controls you because of your emotions.

00:06:09.740 Now, if you don't like Donald Trump, and let me tell you, Donald Trump, Russia, Donald

00:06:14.840 Trump, you know, Donald Trump, here's what Donald Trump's doing.

00:06:18.300 He's really manipulating.

00:06:19.840 What did you see?

00:06:20.340 And you don't like him.

00:06:21.000 What did you see this?

00:06:21.620 This is, you're being bought into the next hoax.

00:06:23.920 How do you know?

00:06:25.180 If you haven't done your own research, how do you know?

00:06:27.840 Don't let the next hoax get you.

00:06:31.520 Let everybody else get distracted and you're able to step back, stay strong mentally and

00:06:38.180 emotionally and say, I don't have all the facts.

00:06:40.180 While 99% of the world is going crazy about this hoax, I'm going to step back.

00:06:45.900 I'm going to let them get distracted.

00:06:47.440 I'm going to stay focused and implement my strategy that I've in place because my time

00:06:51.620 is valuable to me.

00:06:52.500 I'm not going to let another hoax get bothered me, but I'm going to get ahead of it.

00:06:56.700 While everyone's distracted, what industry's taking a hit?

00:06:59.400 What customers are laying around for me to go get?

00:07:01.580 What talent is laying around for me to go get?

00:07:03.560 You get distracted, I'm going to go get Bobby to come on my team.

00:07:06.000 You get distracted, I'm going to go get that customer and I'm going to sell this person.

00:07:08.840 You get distracted, I'm going to go partner with that guy right here.

00:07:11.360 Get a step ahead of the next hoax.

00:07:13.120 It'll have a big edge for you.

00:07:14.140 Number five, learn to monetize fear.

00:07:16.260 Very similar to the hoax.

00:07:17.980 People get afraid, how do you monetize it?

00:07:20.600 If they're afraid, they listen to you.

00:07:22.820 If they're afraid, go sit down with them.

00:07:24.740 If people are afraid, go present them your opportunity, your product, your company, whatever you're doing.

00:07:29.480 But don't let fear go away without you monetizing fear.

00:07:34.440 Number six, study market crashes.

00:07:37.880 Don't just watch what the media or me or anybody tells you.

00:07:41.820 Go study market crashes and don't look at market crashes as,

00:07:46.100 in 1987 there was a market crash, but in 1929, in 1942, in 2001, you know, in 2008.

00:07:54.180 No, go look at pre-market crash, during market crash, post-market crash.

00:08:01.800 When you look like, for instance, the movie Big Short shows you pre, shows you during, shows you post.

00:08:09.380 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,

00:08:16.700 how bad it was while the market crash was taking place, and how wealth was made post-market crash.

00:08:23.080 So go study all the different markets.

00:08:24.720 By the way, this right here could take you a day.

00:08:27.620 This could take you success.

00:08:28.620 It's not a big deal.

00:08:29.280 Go buy some of the books and study market crashes.

00:08:32.260 How much money could that make you?

00:08:33.600 Can you imagine, like, everybody panics.

00:08:35.900 Dude, I know the history.

00:08:36.820 I saw what happened over here.

00:08:38.040 Here's what you need to do when this takes place.

00:08:39.820 This is who made money on this side.

00:08:41.400 This is who took the biggest hit.

00:08:43.000 Actually go study pre, during, and post-market crashes and see how you can monetize it for yourself.

00:08:47.820 Number seven, know your next moves.

00:08:49.600 Look, yesterday I had a lengthy conference call with Simon & Schuster.

00:08:52.980 My book is about to be launched.

00:08:54.540 I'm going to be launching a date.

00:08:55.740 Yeah, I can't give it to you right now, but I know the dates.

00:08:57.940 I know what the pre-launch is going to be.

00:08:59.300 I know what the launch date is going to be.

00:09:00.520 I know when you can get your new book and the book that comes out.

00:09:03.400 And the entire book, the entire book I wrote is about how you can identify your next moves.

00:09:10.840 But pre my book coming out for you, everything, sit there and say, okay, imagine another 2008

00:09:17.520 takes place.

00:09:18.000 The market is about to go down 38%.

00:09:19.440 What would I be doing if that takes place?

00:09:22.340 What would I, if I knew this, what would I do prior year to it?

00:09:25.860 What would I do?

00:09:26.660 What would be my next moves if I knew this was about to take place?

00:09:29.140 Well, if I knew 2008 the market was going to tank 38%, what would I be doing in 2007?

00:09:35.200 What would my next 5 to 15 moves be in 2007?

00:09:38.300 Start asking yourself the question and say, what would I do if this were to take place

00:09:43.000 and what would my moves be?

00:09:44.480 Then prepare.

00:09:45.380 Think about it.

00:09:45.900 You and I are boxing.

00:09:47.140 You're going to say, if he goes this way, you know, and I know maybe he's coming with

00:09:51.520 a left hook and a right.

00:09:53.000 If he's going to throw me a jab, maybe the, you know, the straight right is coming.

00:09:56.780 And you're going to, if he goes this, if he goes that, prepare yourself.

00:10:01.800 Same exact thing with your money.

00:10:03.020 You don't have to just fight somebody to figure out what your next moves are going to be.

00:10:06.120 Same thing goes with economy.

00:10:07.220 Number eight, obsessively drive.

00:10:11.020 This is very important.

00:10:12.180 Listen to me.

00:10:14.080 Obsessively drive the one behavior.

00:10:18.220 The one behavior that produces most of your results.

00:10:23.200 Let me explain what I mean by this.

00:10:26.280 So I'll go into an office.

00:10:27.580 I'll talk to an entrepreneur or an intrapreneur.

00:10:29.320 I'll go talk to a CEO or founder.

00:10:30.660 I'll go talk to a C-suite executive.

00:10:32.800 And I'll say, yeah, I'll talk to a salesperson who's making a half a million dollar a year

00:10:35.500 income.

00:10:35.740 And I'll say, let me ask you a question.

00:10:37.360 So what's the number one behavior that makes you the most money?

00:10:39.840 Right now, today I had a meeting.

00:10:41.020 I had a meeting today with a whole department.

00:10:43.060 I had about 11 of my guys in my room.

00:10:44.780 And it was a two-hour meeting.

00:10:45.700 And I said, so tell me, what behavior do you do?

00:10:48.380 This is what I do every day.

00:10:49.420 What are some of the five things that you do?

00:10:50.700 These are the five things that I do.

00:10:52.480 What of these five behaviors increases your value and the value of the company?

00:10:58.080 The first one right here.

00:10:59.360 Okay?

00:11:00.040 How much do you get a chance to do this first one right here?

00:11:02.540 Whatever that behavior is.

00:11:03.580 Calls.

00:11:04.440 Meeting with people.

00:11:05.240 Biz Devs.

00:11:05.800 Shaking hands.

00:11:06.560 Networking.

00:11:07.060 I don't know.

00:11:07.600 Coding.

00:11:08.220 Whatever that one behavior is.

00:11:10.140 She told me what her one behavior was.

00:11:12.040 I said, what can we do to give you more hours to keep doing this behavior here?

00:11:17.340 And then we cut it out.

00:11:18.700 By the time it was done, I said, here's an additional 30 hours per month for you to do

00:11:23.340 this one behavior.

00:11:24.000 She said, oh my gosh.

00:11:24.980 Thank you.

00:11:25.320 So we just had this meeting.

00:11:26.360 I had this meeting three hours ago prior to shooting this video.

00:11:29.500 Three hours ago, I gave her 30 more hours to do what? 0.99

00:11:32.460 One thing.

00:11:33.000 Why?

00:11:33.620 Because I know, while you may think you have to do 100 different things, you may think you

00:11:38.940 have to do 10 different things.

00:11:40.640 If you in an economy like this can obsessively drive the one thing, the one behavior that

00:11:45.820 produces the most value for you and your company, that gives you an edge over your peers

00:11:50.180 that are trying to do 50 different things.

00:11:52.560 I know the thought is to multitask and to be somebody that puts your money all over the

00:11:57.600 place in multiple streams of income.

00:11:58.880 But if you want to create wealth, new rules of money, pick the one behavior that produces

00:12:03.660 the most results and obsessively drive that one thing or that one behavior.

00:12:07.740 Number nine, increase your value in the marketplace.

00:12:09.740 How do you increase your value in the marketplace?

00:12:11.540 10 rules of money.

00:12:12.220 You increase your value in the marketplace, you don't have anything to worry about.

00:12:14.720 I had a guy that flew in today from New York.

00:12:16.400 He's an executive producer, very, very well-known.

00:12:18.940 He went to Yale.

00:12:19.780 He went to Oxford.

00:12:21.380 You would know this name if I were to tell you who this person is.

00:12:23.840 A very well-known name in the world of Hollywood and media.

00:12:27.040 Very connected guy.

00:12:27.900 He came and spent a whole day here with me.

00:12:29.620 We're strategizing, talking a lot of different things.

00:12:32.080 When he came in, and I'm sitting down with him, we're talking about increase the market

00:12:35.860 value.

00:12:36.700 He said, I used to do this, I used to do this, I used to do that, I used to do this.

00:12:39.220 He says, I finally realized what I'm very good at.

00:12:41.000 So what are you very good at?

00:12:41.900 He says, I'm good at doing X, Y, Z.

00:12:44.000 And he told me the one thing.

00:12:44.940 I said, I'm very good at doing this thing.

00:12:47.020 It doesn't matter if the market is doing good or bad.

00:12:49.840 That one thing is valuable.

00:12:51.760 Why?

00:12:52.600 Because he increased his value in the marketplace.

00:12:54.600 It doesn't matter if the economy is good or bad or terrible.

00:12:57.060 People need that one thing.

00:12:59.240 Because his value is high.

00:13:00.580 If you increase your value in the marketplace, it doesn't matter if we got a crash or not.

00:13:04.720 If that value that you increase in the marketplace, people have to pay you.

00:13:08.200 So find a way to increase your value in the marketplace.

00:13:10.500 Some of it could be by the way you think and the kind of research you're doing.

00:13:13.020 And last but not least, this is very important.

00:13:15.340 Listen, I like to look at different people's opinions when it comes down to everything.

00:13:22.220 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.

00:13:30.900 If it's politics, I want to go sit with President Bush's campaign manager, which is what I did.

00:13:36.060 And I want to go sit with President Clinton's campaign manager, which is what I did.

00:13:39.520 If it's sports, I want to talk to a football coach that says, you win a championship based on defense.

00:13:45.700 I want to talk to a coach that says, you win a championship on offense.

00:13:48.760 I want to hear both sides.

00:13:51.160 And on this side, when it comes down to money, I suggest you study opposing financial analysts.

00:13:57.360 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.

00:14:05.000 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,

00:14:15.420 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.

00:14:19.640 Both of them are very, very successful at what they do.

00:14:22.200 But in times like this with the new rules of money, this guy's like, oh, interesting.

00:14:26.920 Why do you say this?

00:14:27.820 I don't know why he said this.

00:14:29.120 Let me see what this guy says.

00:14:29.920 Oh, I got, oh, okay.

00:14:31.840 Well, he does kind of make sense, but I don't understand why he's saying this.

00:14:33.900 I'm like more here, or I'm like more here.

00:14:36.500 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.

00:14:43.420 So now, these are the ten ones.

00:14:45.380 Number one, study which industry is about to crash.

00:14:47.820 Number two, rule of zero.

00:14:48.880 Number three, entrepreneur or intrapreneur.

00:14:51.480 Identify yourself next.

00:14:52.960 Be ahead of a hoax.

00:14:54.440 Monetize fear.

00:14:55.240 Study market crashes pre, during, and post.

00:14:57.820 Know your next move.

00:14:58.920 Obsessively drive the one thing, the one behavior.

00:15:01.180 Number nine, increase your value in the marketplace.

00:15:02.960 And last but not least, study opposing financial analysts to come with your own conclusions.

00:15:07.560 Thanks, everybody, for listening.

00:15:08.780 And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.

00:15:13.400 Give us a five-star.

00:15:14.820 Write a review if you haven't already.

00:15:16.300 And if you have any questions for me that you may have, you can always find me on Snapchat, Instagram, Facebook, or YouTube.

00:15:22.260 Just search my name, Patrick Bid David.

00:15:24.180 And I actually do respond back when you snap me or send me a message on Instagram.

00:15:29.000 With that being said, have a great day today.

00:15:30.820 Take care, everybody.

00:15:31.560 Bye-bye.

00:15:31.800 Bye-bye.

00:15:32.300 Bye-bye.

00:15:32.840 Bye-bye.

00:15:33.060 Bye-bye.

00:15:34.680 Bye-bye.

00:15:37.720 Bye-bye.

00:15:39.720 Bye-bye.

00:15:40.780 Bye-bye.

00:15:41.060 Bye-bye.

00:15:41.860 Bye-bye.

00:15:42.600 Bye-bye.

00:15:43.240 Bye-bye.

00:15:45.720 Bye-bye.

00:15:51.260 Bye-bye.

00:15:59.600 Bye-bye.

00:16:00.680 Bye-bye.

00:16:00.840 Bye-bye.

Valuetainment - April 15, 2020

Episode 455： 10 New Rules Of Money

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