If Learned This At 20, I Would be 10x Richer
Summary
TLDRThis transcript offers financial wisdom to the young, emphasizing the importance of understanding money systems and leveraging financial education. It illustrates how to spot opportunities and creatively generate income, using personal anecdotes and examples of entrepreneurial ventures. The speaker encourages taking action, learning through doing, and surrounding oneself with successful mentors to build wealth and business acumen.
Takeaways
- 💼 Understand the Money System: The speaker emphasizes the importance of financial education and understanding how money works to play the game of wealth creation effectively.
- 🏦 Recognize the Role of Banks: People with less financial education often keep their money in banks, which is used by others to get rich.
- 👀 See Opportunities Everywhere: The ability to spot deals and opportunities is crucial, and it's about what one sees or doesn't see in everyday situations.
- 🤝 Network and Learn from Others: Building relationships with mentors, coaches, or partners can provide wisdom and financial education that can't be gained alone.
- 🏗️ Develop an Entrepreneurial Mindset: Being curious about who is behind deals, like construction projects or real estate transformations, can inspire one's entrepreneurial journey.
- 🛍️ Transform Underperforming Assets: Identifying and revitalizing underperforming properties or businesses can be a pathway to wealth creation.
- 👦 Encourage Self-Reliance in Youth: Teaching young people to be resourceful and independent in making money, rather than relying on parents, is valuable.
- 📚 Learn from Doing, Not Just Reading: Practical experience and taking action are more instructive than theoretical knowledge when it comes to business and finance.
- 🔄 Adapt and Pivot with Experience: As one gains experience, they learn to adjust their business strategies based on new opportunities and lessons learned.
- 📈 Scale Business Incrementally: Starting small and scaling up as opportunities arise and as one's network grows is a practical approach to business growth.
- 👨🏫 Choose Wise Teachers: Surrounding oneself with successful individuals who have practical experience in making money is more beneficial than listening to theoreticians.
Q & A
What is the primary advice given to a 20-year-old self regarding money?
-The primary advice is to understand how money works as a system, which is quite simple, and to know how to play the financial game effectively.
Why do people with less financial education tend to keep their money in banks or with wealth managers?
-People with less financial education often keep their money in banks or with wealth managers because they are unaware of other investment opportunities that could potentially yield higher returns.
What is the role of Main Street money in the financial system as described in the script?
-Main Street money refers to the funds held by everyday people, which are often used by Wall Street to fund their investment ideas and get rich.
What does the speaker suggest about the importance of seeing opportunities that others do not?
-The speaker suggests that recognizing opportunities that others overlook is crucial for financial success and that this ability comes from wisdom, study, and financial education.
Can you explain the example of the cranes in Nashville and what it signifies?
-The cranes in Nashville signify ongoing construction projects, which the speaker uses as an example to illustrate the importance of recognizing the people behind such deals and the opportunities they represent.
What is the significance of repurposing old commercial spaces like regional malls?
-Repurposing old commercial spaces is significant as it represents an opportunity to revitalize underperforming areas and create new value, such as turning a mall into a hotel or multifamily housing.
How did the speaker's son Kyle make money by buying and selling headphones?
-Kyle made money by buying headphones in bulk and selling them at school just below retail price, making a profit of $80 to $100 per set.
What lesson does the speaker want his children to learn from their money-making experiences?
-The speaker wants his children to learn to be self-sufficient and resourceful, finding ways to make money on their own without relying on their parents.
What is the importance of taking action when starting a business according to the script?
-Taking action is important because it allows for learning through experience, adapting to new opportunities, and growing both the business and personal net worth.
How does the speaker describe the process of learning from starting a business?
-The speaker describes the learning process as one that happens by physically doing and taking action, where experiences, both successful and unsuccessful, provide valuable lessons.
What advice does the speaker give about surrounding oneself with successful people?
-The speaker advises to surround oneself with people who have made a lot of money through real businesses, as they can provide guidance, mentorship, and potentially invest in you.
Outlines
💼 Understanding Money and Opportunity Recognition
The speaker reflects on the importance of financial education, emphasizing how understanding the money system early in life could have empowered them to play the financial game more effectively. They discuss the concept of Main Street money being used by Wall Street to fund ideas and how recognizing opportunities, such as real estate redevelopment or business ventures, is key to wealth creation. The speaker illustrates this with examples of their children identifying and exploiting market gaps, such as selling headphones in bulk or repairing broken iPhone screens, to generate income. The message is clear: the ability to see and seize opportunities is crucial for financial success.
🚗 Entrepreneurship and Learning from Action
In this paragraph, the speaker narrates an experience with a young entrepreneur who provided car detailing services at home. The entrepreneur's strategy of offering a discount for a monthly subscription is highlighted as a clever business move that secured long-term clients. The story evolves to reveal the entrepreneur's expansion into a car rental business, showing how starting with a simple service can lead to significant growth and diversification. The speaker stresses the importance of action over theory in learning and growing a business, and the value of surrounding oneself with successful mentors. The paragraph concludes with advice to start businesses, learn from failures, and seek guidance from those with real-world experience and success.
Mindmap
Keywords
💡Financial Education
💡Wealth Managers
💡Stock Market
💡Wall Street
💡Debt and Equity
💡Real Estate Development
💡Opportunity Recognition
💡Entrepreneurship
💡Barter
💡Networking
💡Action
Highlights
Understanding money as a system is crucial for financial success.
People with less financial education often keep their money in banks and other places that Wall Street uses to fund their ideas.
The importance of seeing opportunities in everyday situations, such as observing cranes and considering the deals behind them.
The role of wisdom, study, mentors, and partners in financial education and spotting opportunities.
Transforming underperforming spaces into profitable ventures by using other people's money.
The perspective of different professionals on vacant land and how it can lead to various business opportunities.
Encouraging children to find creative ways to make money, such as buying and selling products in bulk.
The story of a son who repaired iPhones by learning from YouTube, demonstrating self-education and initiative.
The value of learning from both successful and failed business attempts.
The importance of taking action and starting businesses without necessarily needing initial capital.
The story of a young entrepreneur who started a car detailing business and expanded into a rental service.
The difference between successful individuals and their peers is often education and action.
The necessity of scaling a business and adapting to new opportunities as they arise.
Learning by doing rather than just reading or watching, which is crucial for adjusting one's business strategy.
The hiring process for a Graphic Designer to elevate a YouTube channel, indicating practical applications of the discussed strategies.
Surrounding oneself with successful individuals to learn from their experiences and gain potential investments.
The speaker's emphasis on starting businesses and learning from the process, even if they don't initially succeed.
Transcripts
So here's the advice I would give my 20 year old self.
The very first thing would be how money works.
If I understood the system, because it is a system and it's actually quite simple,
if I really understood it as a young man, then I would know how to play the game.
The people with the least financial education, they're the ones that
keep their money in the banks, with wealth managers in the stock market
and all the places that other people use that money to get rich.
That's the pot of money that all of Wall Street goes to to fund their ideas.
That's the same pot of money that I go to to fund my ideas.
And that is where all the money is.
It sits in Main Street and it gets poached by Wall Street.
Deals are everywhere.
It just comes down to what you see or don't see.
That's it.
A lot of it's wisdom, some of it study and some of it is just financial education
or mentors or coaches or partners that you're associated with.
For example, this weekend I flew into Nashville, Tennessee,
and as I was flying in, I was marveled at the amount of cranes sitting in the air
and all I could think about was who was it behind that deal?
Who was it that bought that city block or maybe some kind of redevelopment?
Put up that crane?
And who was it that went out
and found the debt and equity and came up with the whole idea, the whole plan
that we all end up going to to consume later?
You know, who is it that buys that regional mall
in the middle of town that Macy's and Penney's
and Kmart and all the big stores that are now out of business?
Who is it that buys that and later
turns it into a hotel, a multifamily, maybe a retail?
Who does that?
Most people just look at I'm so glad that there's now a triple lay near me.
But there somebody above all of that that's looking at the whole space and
said, how do we take this transfer format
using other people's money, both debt and equity, to make this whole area
that's currently underperforming and turn it into something new
and breathe new life into an area using other people's money,
which later, of course, shows up as your favorite hotel,
your favorite restaurant, or maybe an amazing place to live.
So it really boils down to what you see that no one else sees.
What are you actually looking at
when you see a vacant piece of land that you're driving on by?
A homebuilder sees one home, a multifamily person sees a multifamily property,
an office person sees an office building, a storage person sees a storage property.
So what is it people see to make more money?
And I'll give you a couple examples.
When my kids were little,
I used to encourage them to go out and find ways to make money.
And there's multiple, multiple stories that I have.
But one in particular was my son.
Kyle would go out and buy in bulk these beat headphones and all the kids
at the time love these beat headphones and he would go out and buy them in bulk.
And then what he would do, he would simply bring them to school
and sell them just below retail.
And they were flying off the shelf and he was making 80 to $100
per set just by buying them in bulk.
My other son did the exact same thing when he wanted something
as simple as a knife.
The knives were $30.
So I said, You got to figure it out.
So he got three kids to buy them at 40 and he got his for free.
It's just the way you think.
And you always just got to look at the opportunity and where it is.
It's always right in front of you.
I'll give you another example.
My son Kyle, which I talked about a minute ago, was in college,
and everyone in high school and college has a broken eye
for all welfare fraud has that and they can't afford to fix it.
But they always drop in. The screens are always broken.
I think you all know what I'm talking about.
Kyle figured out a way to buy the iPhone screens
and to actually repair these broken screens that people had.
And so he would simply just see when he was at school
or maybe out at a restaurant or somewhere, he would look down and say,
I see your iPhones broke and I can fix it for 100 bucks.
And they said, Really?
And he would go do that or he would take their phone and fix it.
And he did all of that by simply just watching a number of YouTube
videos and getting the correct tools in order to do that work.
But through college, he fixed hundreds of these iPhones
at anywhere from 50 to $100 each, just depending on the kind of phone.
And this might sound simple and trivial, but one of the things I wanted with my own
kids was for them to be able to see how to make money on their own
without always having to come to the parents for money.
Because that's what that's what most kids do.
I said, You can figure it out. You can do barter.
You can figure out what do people need?
Solve that problem for them.
And then miraculously, you'll have a bunch of cash in your pocket.
One time I went on the internet just looking for my car to be detailed
at my house.
Now, for a lot of you guys know I like Ferraris and that,
so I didn't want to take it anywhere and leave it.
I wanted somebody to come to my home and who showed up?
A 60 year old kid with two other 16 year old kids to do
not only that car, but a bunch of other cars.
At the time, I had several. The kid did a great job.
The best thing that happened with that kid, they said each car is $100.
But if you sign up on a monthly subscription, I'll make it 50 per car.
And of course, you're going to do that. It's a 50% savings.
What he did
is he set the price really high and made it sound like I had a huge discount
when really I signed up for $150
a month for my three cars for him to come each and every month.
And he had a long term client and that was three years ago.
And he's still doing my stuff.
This kid will work for me until he decides that he's got too many clients.
The coolest part about that story is after a couple of years
I was talking to that kid again and he said that he grew his business
into a Toro business.
He had over a dozen cars that he had bought and was renting out
on a daily, weekly basis, and his dad was getting all fired up about it
because he had over a dozen cars in his house
that he was rent out all the time and he was driving better cars.
He employed a bunch of kids from his high school, and all of this time
he had a detailing business and a Turo rental business.
And he's just saving a lot of money for his next business.
I can assure you that the business he's starting with, which is detailing
cars, is not the business he's going to end up in.
But the point is he started
and he had lots of lessons and he's going to have a lot more
as he progresses into whatever this young man decides to do.
So what is the difference between him
and the 20 other kids that are sitting in his class
in front of him, behind him to his left and his right?
What is the difference?
It's all education and it's action.
You just need to take action.
In many, many cases, almost all.
You don't even need money to start, especially in a car detailing business.
You just need to put your phone number up on the Internet
and start getting calls and show up.
If I was 20 years old, the first thing that I would do
is go out
and find customers and sell them on whatever it is that you're trying to do
and then scale that business, because whatever you think it's going to be,
it'll be very different in the first year, second year, third year, fourth year.
As new opportunities start to swirl around, you'll see that business
might not be as profitable as maybe another opportunity that comes your way.
But you're going to see as your network grows, your net worth will also grow
and you learn by doing, not by reading, watching a YouTube video or anything else.
You actually learn by physically doing by taking action.
You're going to realize very quickly that when you take action,
you're going to learn a lot and of course you're going to have experience
which allows you to adjust course as you're moving down the road.
Sometimes the best jobs are the ones that you learn the most.
And right now we're hiring.
For example, we have tons of positions, but one in particular,
we're looking to take this YouTube channel to the next level with emotions.
Graphic Designer You guys are interested of that.
Just click on this email below.
I know when I was 20 years old that I always wanted to get rich quick.
Well, I can assure you that this strategy is not a get rich quick strategy.
This is a long, drawn out process for when you start to be a very
good business person, you'll understand how the money system works
and you'll understand how to get other people's money
to grow your net worth and help other people make a lot of money
by investing in you. Just start stuff.
Even if it doesn't work, just start because you'll learn a lot.
You learn a lot when it doesn't work and you learn very little
when it does, just start.
One of the ways a young person can get quicker in
life is to surround themselves with people that are to make a lot of money.
Be careful who your teachers are.
If you're listening to somebody that just has theories and standing
in front of a room teaching something, but they themselves have never done it.
Stay away.
Always align yourself with real people that are doing real things
and have real businesses that have made a lot of money
somehow because they will invest in you if you just ask.
So everyone always asks me, How do you build $1,000,000,000 company?
I just made a video to show exactly how.
Watch out here.
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