People Dumber Than You Are Making Millions
Summary
TLDRIn this video, the narrator recounts meeting a tattooed, bearded traveler who, despite appearing to live a carefree life, is a successful entrepreneur owning properties and businesses. The video challenges four common beliefs that hinder smart people from getting rich: the disdain for money, fear of looking stupid, overestimation of risk, and the curse of intelligence. It emphasizes the importance of playing the 'money game' with a clear definition of success, taking risks, and not quitting. The secret to success? Start and don't stop, regardless of intelligence, as perseverance can turn a perceived 'idiot' into a genius.
Takeaways
- 💡 The speaker initially thought that intelligence was a prerequisite for wealth, but later learned that many successful entrepreneurs are not necessarily exceptionally intelligent.
- 🏛️ The speaker met a tattooed man who owned multiple properties and businesses, challenging the speaker's preconceived notions about wealth and intelligence.
- 🌐 A study from Sweden suggests that there is a plateau in cognitive abilities among top earners, indicating that being exceptionally smart is not a requirement for making a lot of money.
- 💭 The first limiting belief discussed is the notion that caring about money is shallow or greedy, which can prevent people from pursuing wealth.
- 🚫 The second belief is the fear of looking stupid or failing, which can deter smart people from taking risks that could lead to financial success.
- 🤔 The third limiting belief is the overestimation of risk by smart people, which can lead to inaction and missed opportunities.
- 🧠 The fourth limiting belief is the awareness of what one doesn't know (the Dunning-Kruger effect), which can prevent smart people from taking action due to perceived incompetence.
- 🎯 The speaker encourages viewers to redefine their view of success and to not let the fear of failure or the pursuit of perfection hold them back.
- 🚀 The importance of taking action and getting into the 'arena' is emphasized, as most people won't take the risk due to limiting beliefs.
- 🔄 The speaker points out that the ability to imagine worst-case scenarios does not equate to an accurate assessment of risk, and that humans are often poor at calculating probabilities.
- 💼 The 'curse of intelligence' is described as a double-edged sword, where smart people's ability to foresee potential pitfalls can prevent them from taking necessary risks.
- 🏆 The secret of success, as learned from a billionaire, is perseverance and the belief in one's abilities despite setbacks and the perception of others.
Q & A
What was the narrator's initial perception of the man with tattoos and a beard?
-The narrator initially thought the man was either a drug dealer or financing his lifestyle with a credit card and accumulating massive debt due to his carefree lifestyle and lack of a traditional job.
What were the man's actual sources of income?
-The man owned five apartment buildings, ran a shop fixing up old Harleys he bought off Craigslist, and built a recording studio for musicians in his garage.
What did the narrator learn about the correlation between intelligence and wealth from the man's story?
-The narrator learned that being smart is not necessarily a prerequisite for making big money, as the man was of average intelligence but very successful.
What study from Sweden is mentioned in the script, and what does it conclude?
-The study mentioned is about the plateauing of cognitive ability among top earners, which concludes that there is a drop in cognitive abilities corresponding to the top 5% of earners.
What are the four limiting beliefs discussed in the script that keep smart people from getting rich?
-The four limiting beliefs are: 1) I don't care about money, 2) I'm afraid of looking stupid, 3) It's too risky, and 4) I don't know what I don't know.
Why do some people say they don't care about money?
-Some people say they don't care about money because they believe that caring about money is shallow, greedy, and materialistic, and they want to distance themselves from societal pressures and misconceptions about status and value.
How does the fear of looking stupid affect smart people's approach to making money?
-The fear of looking stupid can prevent smart people from taking risks and trying new things, as they are more concerned about maintaining their identity and reputation as intelligent individuals.
What is the 'curse of intelligence' mentioned in the script?
-The 'curse of intelligence' refers to the tendency of smart people to overestimate risks and imagine all the things that could go wrong, which can prevent them from taking the actions that could lead to success.
What is the Dunning-Kruger effect, and how does it relate to smart people and their approach to making money?
-The Dunning-Kruger effect is a cognitive bias where people with low competence in a domain tend to overestimate their abilities, while those with high competence tend to underestimate them. Smart people may get hung up on what they don't know, leading to inaction, whereas less knowledgeable individuals may take more risks due to their overestimation of abilities.
What is the 'secret of success' shared by the narrator after meeting a billionaire?
-The 'secret of success' is that you can't win if you don't start, and you can't lose if you don't quit. It emphasizes the importance of taking action and perseverance despite the challenges and the perception of others.
How does the narrator suggest re-framing the perception of risk to overcome the fear of failure?
-The narrator suggests re-framing the perception of risk by reminding oneself that the risk of mediocrity is greater than the risk of failure, which can help overcome the fear of failure and encourage taking action.
Outlines
🤔 Encounter with an Entrepreneur
In this paragraph, the narrator recounts a pivotal encounter with a tattooed, bearded man dressed in black at a climbing gym. This individual, who had no formal education and no job for years, lived a carefree lifestyle traveling the world. The narrator's initial suspicion that the man was a drug dealer or in massive debt was proven wrong when he discovered the man was an entrepreneur with multiple income streams, including owning apartment buildings, a Harley repair shop, and a recording studio. This encounter sparked a curiosity about the secret to the man's success, leading to a realization that intelligence is not the key to wealth, as supported by a Swedish study showing a plateauing of cognitive ability among top earners.
💡 Rethinking the Money Mindset
The second paragraph delves into the societal misconceptions about money and success. The narrator challenges the belief that one must be smart to make money, pointing out that societal status symbols do not equate to value. They argue that many people disengage from the pursuit of wealth due to a flawed view of money, which they believe is a game that everyone must participate in. The narrator emphasizes the importance of redefining one's relationship with money and understanding that financial success can enable a greater positive impact on the world. They also introduce the idea that smart people may be held back by their fear of looking stupid, which can prevent them from taking risks necessary for wealth creation.
🚀 Overcoming the Fear of Failure
In this section, the narrator discusses the fear of failure and the underestimated risks taken by those perceived as less intelligent. They explain that being underestimated can be a motivator and a freedom to take risks without the fear of losing status. The narrator contrasts this with the high expectations placed on intelligent individuals, which can lead to a fear of failure that prevents them from pursuing unconventional paths to wealth. They argue that the ability to predict and plan for potential outcomes is a double-edged sword, as it can lead to overestimating risks and underestimating one's ability to succeed. The narrator encourages viewers to redefine their understanding of risk and to embrace the potential for success over the fear of failure.
🧠 The Curse of Intelligence and the Dunning-Kruger Effect
The final paragraph explores the concept of the 'curse of intelligence,' where smart people's ability to foresee potential pitfalls can prevent them from taking risks. The narrator introduces the Dunning-Kruger effect, explaining how people with limited knowledge in a domain tend to overestimate their abilities, while those with more knowledge tend to underestimate them. They discuss the four stages of competence, highlighting how smart people, being in the stages of conscious incompetence or conscious competence, may be more aware of what they do not know and thus hesitate to act. The narrator concludes with the 'secret of success' learned from a billionaire: persistence and the belief in one's abilities despite challenges and setbacks, emphasizing that success comes from taking action and not giving up.
Mindmap
Keywords
💡Entrepreneur
💡Cognitive Ability
💡Limiting Beliefs
💡Risk
💡Dunning-Kruger Effect
💡Unconscious Incompetence
💡Conscious Incompetence
💡Conscious Competence
💡Unconscious Competence
💡Mediocrity
💡Success Secret
Highlights
The narrator met a free-spirited man with a carefree lifestyle, sparking curiosity about how he affords his adventures.
Contrary to initial assumptions, the man is a successful entrepreneur with multiple income streams, including real estate and a motorcycle shop.
The narrator challenges the belief that intelligence is necessary for wealth, citing a Swedish study showing a plateau in cognitive abilities among top earners.
Four limiting beliefs that prevent smart people from getting rich are introduced as the main focus of the video.
The first belief discussed is the dismissive attitude towards money, which the narrator argues is a barrier to playing the 'money game' effectively.
The societal equation of money with status and value is critiqued as flawed, leading to a problematic relationship with money.
The narrator's personal realization that money is essential for survival and one must define their own 'winning' in the money game.
The second limiting belief is the fear of looking stupid, which can prevent smart people from taking risks due to the pressure of meeting expectations.
The advantage of being underestimated is explored, as it can motivate and free individuals to take bold actions without fear of judgment.
The third belief, that taking risks is too dangerous, is countered by arguing that smart people often overestimate risks due to their ability to foresee potential problems.
The 'curse of intelligence' is introduced, suggesting that the ability to predict outcomes can lead to inaction due to fear of failure.
The fourth limiting belief is the lack of awareness of one's own ignorance, which can prevent smart people from taking action due to perceived gaps in knowledge.
The Dunning-Kruger effect is explained, showing how competence can lead to an underestimation of one's abilities, while lack of competence can lead to overestimation.
The narrator shares a personal anecdote about meeting a billionaire who exemplified persistence and the ability to continue despite looking foolish.
The 'secret of success' is revealed to be the combination of starting and not quitting, regardless of one's level of intelligence.
The video concludes with an encouragement to viewers to take action, redefine their relationship with money, and challenge limiting beliefs.
Transcripts
so 12 years ago I'm working at a
Climbing Gym making minimum wage when
one day this guy walks in he's dressed
head to toe in Black every inch of
exposed skin is covered in tattoos and
he's got this gigantic beard so we get
to chat and he he tells me about his
life how he dropped out of school hasn't
had a job in years and he just spends
all of his time traveling the world on
one random ass Adventure after another
like hiking the John Mir Trail or biking
across the country or surfing down in
Bali and I'm sitting here scratching my
head cuz at this point I'm 28 and I'm
living in a van because I got $80,000 of
debt and I'm just trying to figure out
how is this guy affording this crazy
Carefree lifestyle and my initial
reaction was to think he was either a
drug dealer or doing something stupid by
just financing his life with a credit
card and racking up massive debt but
turns out on both accounts I was dead
wrong this dude owned five apartment
buildings he ran a shop where he would
fix up old Harley that he would buy off
Craigslist and he built a recording
studio for musicians in his garage he
was was the first true breed
entrepreneur I ever met and I remember
thinking what the hell is this guy's
secret like what makes him so special
because as he himself was quick to point
out he really wasn't particularly Smart
in fact on like the BT curve of
intelligence he was probably smack dab
in the middle and it just kind of threw
me because my whole worldview I guess in
the back of my mind I always thought
that you had to be smart to make big
money the truth is the richest people in
the world they're not necessarily any
smarter than you or me in fact a study
out of Sweden called the plateauing of
cognitive ability among top earners
confirms this they found that there's
actually a drop in cognitive abilities
corresponding to the top 5% of earners
so in this video I'm going to break down
why exactly that is why people like me
who are most likely dumber than you are
making millions and to do that we're
going to unpack four limiting beliefs
that keep smart people from getting rich
and then at the end of the video I'm
going to share with you the secret of
success that I learned after having
lunch with a
billionaire
[Music]
so let's dive in the first limiting
belief is this I don't care about money
listen our society has a very
problematic relationship with money on
the one hand it's often used to Signal
status because we as a culture
mistakenly equate status with value and
this is why keeping up with the Joneses
is such a damn problem you might not
really care about getting that new fancy
car but if the neighbors have one then
that means they have more status and
therefore they must be more valuable to
society right well no of course not
saying it out loud just draws attention
to how stupid that sounds the truth is
it doesn't actually matter these things
they signal status but they don't
actually make you more valuable and I
think deep down we all understand this
and so a lot of people just do what I
did and they decide the game is broken
and stupid and they stop playing it all
together because after all the only
people who care about making money are
shallow greedy and materialistic right
well no it's it's actually wrong but
believing this gives you the permission
to not even try and the result of this
mindset for me at least was that my life
really sucked and I had no way of
providing for myself my family or my
community which made me feel terrible
about myself cuz I just felt like a
drain on everybody around me and it was
around this time that I realized the
fundamental truth you can't actually opt
out of the money game like it or not you
need money to survive so the real
question isn't whether or not you're
going to play the money game but how are
you going to play the money game and
truly answering that question in a way
that transformed my pursuit of money
into something greater than my desire
for status or material things that was
the key to unlocking my earning
potential so I encourage you to ask
yourself if you weren't limited by money
what impact could you have on the world
now the only way to not be limited by
money is to win the money game for
yourself and you can Define what winning
looks like in whatever way you want but
for me I Define it as just getting to
the point on your financial Journey
where money is no longer the limiting
factor in any of the decisions you make
now regardless of how you define winning
and how you decide you're going to play
the money game one thing is universal to
win you're going to have to put yourself
out there you're going to have to get in
the arena and you're going to have to
actually try and that might sound
painfully obvious but most people won't
do it because of the second limiting
belief that keeps smart people from
making money which is this I'm afraid of
looking stupid one of the reasons dumb
people have an advantage when it comes
to making money is because everybody
underestimates them they think that
guy's dumber than a box of rocks he's
never going to amount to anything he'd
be lucky to get a job at 7-Eleven now
two interesting things happen when
people underestimate you first it puts a
chip on your shoulder to prove everybody
wrong and that can be a powerful
motivator second it frees you up to try
anything cuz who really cares if you
fail people have already written you off
I mean what you got to lose it's great
to be the underdog nobody expects you to
win you've got nothing but potential
upside smart people on the other hand
well they have the opposite problem they
have nothing but downside because
everybody expects them to be wildly
successful in everything they do which
is obviously impossible but smart people
are now in a no- win situation because
if they try something crazy and it fails
then their very identity as a smart
person is at risk so the only smart move
that protects this identity is to follow
the well trodden path that everybody
else is following you go to school you
get your job you bust your ass for 40
years and then you retire and don't get
me wrong this can provide a great
lifestyle which is absolutely right for
most people but if you want to get rich
you can't follow com wisdom and expect
to get uncommon results you have to do
something different now the problem with
doing something different is that most
people perceive it to be risky what even
is risk how do we Define it like how do
you even measure it I mean you might
look at the guy climbing on a cliff and
think he's a reckless Daredevil whereas
he might look at you speeding down the
freeway in traffic and think you're
crazy and the truth is you're both crazy
Risk Takers we all are there's no way of
navigating this thing called life
without taking risk but something I've
come to notice is that dumb people tend
to underestimate risk whereas smart
people tend to overestimate it and this
leads to the third limiting belief that
holds smart people back from making
millions it's this it's too risky now
don't get me wrong the ability to run
simulations in our mind to predict what
may or may not happen in the future and
then plan accordingly this is the
perennial superpower that separates
humans from literally every other animal
on the planet but there's a problem with
this superpower it tends to skew towards
pessimism which makes sense if you think
about it from an evolutionary
perspective our ancestors were the ones
who survive long enough to pass on their
genes and one of the great survival
mechanisms when you're out on the
Savannah is just to assume pretty much
everything is trying to kill you if you
hear something rustling in the weeds you
should probably assume it's a tiger and
run away because if you're wrong you
just look silly running from the breeze
but if you're right then you ain't dead
so all that's to say we've evolved to
always assume the worst case scenario
now historically intelligence was a
great attribute in surviving out in the
wilderness because the smartest people
amongst us were the most capable of
calculating all the things that could
potentially go wrong therefore they were
more likely to survive because they were
better at avoiding taking risks that
could get them killed all told this
strategy kept our species alive for
Millennia so I'm not going to knock it
but it's important to recognize that the
game has changed over the past Century
as we've modernized as a society and
truly the number of existential threats
that you face on a daily basis is
practically zero compared to your
ancesters these days the punishment for
taking risks and guessing wrong is far
less severe as well maybe you lose some
money maybe you lose some status you got
to live in the back of a van for a while
and you start over but ultimately taking
risk to make money assuming you're not
doing anything illegal is unlikely to
end in any type of catastrophic ruin
that you can't recover from which is why
dumb people have an advantage when it
comes to making money these days because
often they're just ignorant of all the
things that could go wrong whereas smart
people they can see it all so clearly in
their mind and it stops them from ever
even getting in the game I call this the
curse of intelligence which I'll explain
more in just a second but before I do
it's important that you understand one
thing you are probably very good at
imagining all the things that can go
wrong right but studies show that humans
are really really terrible at
calculating the probability of those
events actually occurring I mean how
much time have you ever spent thinking
about worst case scenarios that never
came to fruition my guess is it's a lot
because the thing is worst case scenario
almost never actually happens so we
spend all this time worrying about
things that are unlikely to happen but
even worse we allow our fear of those
downsides to stop us from taking the
actions which would in all likelihood
lead to an amazing positive outcome now
I used to really struggle with this but
here's just a simple reframe that's
helped me get out of my own head when it
comes to calculating risk it's just to
remind myself that the risk of
mediocrity is greater than the risk of
failure and for some reason that just
helps me get out of my own way and
actually get in the game okay so this is
just one aspect of the curse of
intelligence but there's another side to
it which ties into the fourth limiting
belief keeping smart people from making
money it's this I don't know what I
don't know now one of the greatest
ironies in the world is something called
the Dunning Krueger effect this
cognitive bias has two interesting
aspects first people with low competence
in a particular domain tend to
overestimate their abilities whereas
people with high competence in a domain
tend to underestimate their abilities
understanding why this occurs is
actually quite fascinating so let's
break it down real quick so we can
understand and recognize this bias in
ourselves and hopefully eliminate it one
of my favorite learning models is
something called the four stages of
competence it breaks down like this the
first stage of learning is unconscious
incompetence where you don't even really
understand how bad you are at the thing
yet because you're effectively ignorant
the majority of us we're going to stay
in this phase on most topics for our
entire life and not even realize it but
if you stick with it and you continue
improving you're going to move out of
that phase and you're going to go to the
second stage which is conscious
incompetence which is just another way
of saying you're starting to see the
full breadth and depth of the topic now
you see enough to realize just how
little you actually know now with enough
time with enough effort you can make the
jump out of this phase and make it to
the next level which is conscious
competence now you possess the knowledge
and experience required to competently
execute this skill but the interesting
thing about this phase is that it still
requires your conscious intent for
instance you might be a fantastic guitar
player but it still requires your
focused attention you can't just turn
off your brain and execute like a true
mroo can because you haven't progressed
to the final stage of learning which is
unconscious confidence now we call this
level Mastery because you can now
execute the skill at the highest levels
without even thinking about it now you
will likely only Ascend to this level
and a handful of skills over the course
of your entire life because the amount
of work it requires to attain true
Mastery is enormous but the mistake a
lot of us make which gives life to the
done and Krueger effect is that when
we're in the lower stages of learning
specifically unconscious incompetence
that is we don't even know what we don't
know we're more likely to overestimate
where we are on the Spectrum because we
don't realize just how far there is
still to go whereas once you're in the
middle two phases of conscious
incompetence and conscious competence
now you tend to underestimate your
abilities only because now you can see
the top of the mountain you realize how
damn far away it is so let's bring this
full circle the reason smart people
struggle to make money is because they
get hung up on the fact that they know
they don't know everything for instance
if you've been working as an accountant
in the Fortune 500 company for the last
decade you have a breath of domain
experience that could easily be
translated into starting your own
profitable accounting firm but you're
likely to get hung up on the massive
discrepancy between your domain
experience and your general knowledge of
what it takes to run a business and
therefore you decide not to take action
the dumb person by comparison might not
have your accounting skills or
experience and so there's not as big of
a gap between that and their General
business knowledge which might lead them
to conclude that starting their own
accounting practice will be easier than
it actually will be in reality as a
result dumb people tend to take action
and get in the the game and because
things rarely play out as badly as we
think they will more often than not they
stumble on to success and if you walk
away from this video Having learned only
one thing Let It Be this I call it the
secret of success I stumbled upon this
secret a couple years ago after meeting
my very first billionaire and for
whatever reason I guess I guess I just
had it in my head that billionaires
probably had this business thing all
figured out and that they were operating
on this higher level than the rest of us
lowly entrepreneurs but I remember
leaving that meeting with only one
thought it was this holy this guy
had no clue what he was doing he was
just too stupid to quit and when I say
stupid I mean he overestimated his
abilities he didn't fully understand all
the things that could go wrong and why
his plan shouldn't work and he didn't
realize that after years of hitting his
head against the wall and things just
weren't working out that he should
probably just pack it up go home and get
a job that actually pays the bills and
yet he didn't give up he didn't stop
believing he could make it work despite
the fact that everybody to his friends
to his family he looked like an idiot he
looked like an idiot right up until the
day things started to finally work and
on that day after years of struggle he
suddenly look like a genius and I share
this with you because on my own personal
Journey I've learned this powerful
lesson that you can't win if you don't
start and you can't lose if you don't
quit and whether you're smart or you're
dumb in that simple concept is
everything you need to know about
finding success in life so I encourage
you to get started don't stop and I'll
see you in the next video
[Music]
yeah
関連動画をさらに表示
Why People Dumber Than You Are Millionaires (And What You Must Do Now!)
Why Dumb People Make More Money than INTELLIGENT People? |GIGL
27 Brutal Life Lessons from a 27-Year-Old, in 27 Minutes for Men Under 27
Are Cars Too Expensive In The Crew 2??... Here's Why
Being smart is easy, actually.
MILIKI SIFAT INI AGAR HIDUP JADI "KEBERLIMPAHAN"
5.0 / 5 (0 votes)