How can I help a client who wants to become wealthy but has no references or knowledge about it?

Summary

The speaker reflects on the misconceptions of wealth and the value of learning from self-made individuals. They emphasize the importance of understanding wealth's impact on life quality and suggest talking to successful people, especially in retirement homes, who can share their experiences and insights. The speaker also discusses the limitations of charging by the hour and the significance of belief in achieving success, highlighting that many millionaires and billionaires started from nothing and that belief is the key to trying with full determination.

Takeaways

• 💡 Wealth is not just about money; it's about the quality of life and personal growth.
• 👨‍🏫 The speaker once perceived college professors as wealthy, but now acknowledges that many are underpaid and have shifted from teaching to preaching.
• 🏛 The speaker believes that colleges have lost academic prestige due to the focus on politics rather than education.
• 📈 To understand wealth, one should seek advice from self-made individuals who have experienced the journey from nothing to success.
• 👴 Retirement homes are a good place to find self-made individuals willing to share their insights and experiences.
• 💼 Success often comes from learning from those who have been there and done that, rather than trying to reinvent the wheel.
• 📊 The speaker emphasizes the importance of charging for value rather than by the hour, which can limit earning potential.
• 💹 The speaker discovered that charging a sliding scale based on what clients could afford was more equitable and reflective of their value.
• 🎓 Success is often perceived as luck or intelligence by others, but the speaker encourages a belief that if others can do it, so can you.
• 🎸 Learning to play an instrument, like the guitar, is an example of how success is about making music rather than technical complexity.
• 🌐 Modern technology provides access to learning tools and resources that were not available in the past, making it easier to develop skills.
• 🚀 Building wealth is about tenacity, determination, and hard work, but it all starts with a strong belief in one's own ability to succeed.

Q & A

What is the speaker's initial misconception about wealth?

The speaker initially thought that college professors were rich, indicating a lack of understanding about what constitutes wealth.

Why does the speaker believe many college professors are underpaid?

The speaker feels that professors are underpaid because they have shifted from teaching to preaching, which has diminished the academic prestige of colleges.

What does the speaker suggest as a way to understand wealth?

The speaker suggests talking to self-made individuals, particularly those in retirement homes, as they can provide insights into wealth creation from scratch.

Why does the speaker think self-made individuals are willing to share their experiences?

The speaker believes these individuals are open to sharing because they enjoy discussing their journey and discoveries, and they don't want others to reinvent the wheel.

What advice does the speaker give regarding the value of services provided?

The speaker advises that the value of services should not be based on the client's wealth but on the provider's own worth and the change they bring to the client's life.

How did the speaker's approach to charging for services evolve over time?

The speaker initially used a sliding scale based on the client's wealth but later shifted to charging by the change they provided, considering what the client could afford.

What is the speaker's view on the limitations of charging by the hour?

The speaker believes that charging by the hour limits one's income because it is capped by the number of hours in a day, which can be both good and bad.

What alternative method does the speaker use for charging clients?

The speaker charges by the change they create for the client, using a sliding scale based on what the client can afford.

How does the speaker address the misconception that success is due to luck or intelligence?

The speaker encourages people to believe that if others can achieve success, they can too, by adopting a mindset that dismisses exclusionary excuses.

What example does the speaker provide to illustrate the simplicity of learning to play the guitar?

The speaker mentions Crosby, Stills, Nash & Young, whose songs use a limited number of chords, emphasizing that success in music is more about making it sound musical than technical complexity.

What is the speaker's opinion on the importance of belief in achieving wealth?

The speaker believes that a strong belief in one's ability to achieve wealth is crucial, as it drives tenacity, determination, and hard work, and without it, one may not even try.

Outlines

00:00

💼 Understanding Wealth Through Personal Growth and Experience

The speaker reflects on the concept of wealth and how it relates to life quality, emphasizing that self-made individuals often start with no concept of wealth. They discuss the shift from teaching to preaching in academia and suggest that talking to those who have built wealth from scratch, like those in retirement homes, can offer insights. The speaker also shares personal experiences with charging by the hour versus by the change, highlighting the limitations of hourly rates and the value of personalized service based on a client's ability to pay. They conclude by encouraging a mindset of 'if they can do it, I can too,' using the example of learning to play the guitar and the simplicity of famous songs to illustrate that success is attainable with the right approach and mindset.

05:02

🚀 Building Belief in One's Ability to Achieve Wealth

This paragraph focuses on the importance of belief in achieving wealth. The speaker argues that the number of millionaires and billionaires has never been higher, and many started from nothing. They stress that tenacity, determination, and hard work are crucial, but it all begins with a strong belief in one's ability to succeed. Without belief, one is unlikely to try or commit wholeheartedly. The speaker encourages adopting the mindset that if others have achieved wealth, it is possible for anyone to do the same, suggesting that belief is the foundation for taking action towards financial success.

Keywords

💡Wealth

Wealth in this video script is discussed as a concept that is often misunderstood, initially perceived as a static state rather than a dynamic process of quality life improvement. The speaker emphasizes that self-made individuals once had no concept of wealth, indicating that it is something one learns and grows into. The script uses the example of college professors being once considered wealthy from the speaker's perspective, highlighting a shift in understanding of what wealth entails.

💡Self-made

The term 'self-made' refers to individuals who have achieved success, typically in terms of wealth or status, through their own efforts and without inherited wealth or privilege. In the script, the speaker reflects on how self-made individuals initially had no concept of wealth, suggesting that understanding and accumulating wealth is a learned process. The speaker encourages learning from such individuals, as they can offer insights into creating wealth from scratch.

💡Quality of Life

Quality of life is a broad term encompassing an individual's overall well-being and standard of living. The script suggests that wealth is intrinsically linked to the quality of one's life, implying that the pursuit of wealth is not an end in itself but a means to enhance life experiences and comfort. The speaker argues that understanding wealth in this context is crucial for those seeking to improve their financial standing.

💡Teaching vs. Preaching

The script contrasts 'teaching' with 'preaching,' suggesting a shift in academic environments from imparting knowledge to promoting personal beliefs or ideologies. The speaker criticizes this change, implying that it detracts from the academic prestige of colleges. This serves as a critique of the modern educational system and its impact on the pursuit of knowledge and understanding of wealth.

💡Academic Prestige

Academic prestige refers to the high regard and respect that an educational institution or individual holds in the academic community. In the script, the speaker laments the loss of this prestige due to the shift from teaching to preaching, indicating a perceived decline in the quality and objectivity of education, which could impact one's understanding of wealth and success.

💡Investment Advice

Investment advice in the script is presented as a crucial component of wealth creation. The speaker mentions that self-made individuals often received investment advice, suggesting that understanding how to grow and manage one's wealth is key to becoming wealthy. This advice is portrayed as a learning opportunity, where one can gain insights into expanding a business or growing wealth.

💡Scaling a Business

Scaling a business refers to the process of growing a company, often in terms of size, revenue, or market share. The script touches on the idea that there are different approaches to business growth, with scaling being one of them. The speaker suggests that understanding when to grow slowly versus when to scale up is an important aspect of wealth creation.

💡Hourly Rate

The concept of an 'hourly rate' is discussed in the context of limitations on earning potential. The speaker shares a personal anecdote about transitioning from charging by the hour to charging by the change, recognizing that the value provided was not dependent on the client's wealth but on the service rendered. This reflects on the idea that wealth creation is not solely about the quantity of work but the value of the service provided.

💡Tenacity

Tenacity is the quality of being determined and persistent, especially in pursuing a goal. In the script, the speaker attributes the ability to acquire wealth to tenacity, along with determination and hard work. This highlights the importance of a strong belief in one's ability to succeed, which is a driving force in the pursuit of wealth.

💡Belief

Belief, in the context of the script, is portrayed as a foundational element in achieving wealth. The speaker emphasizes the importance of building beliefs that support the idea that if others have achieved wealth, one can too. This belief is presented as a prerequisite for trying and committing fully to the pursuit of wealth.

💡Success

Success in the script is discussed in relation to overcoming exclusionary excuses and recognizing one's own potential to achieve wealth. The speaker challenges the common perceptions of success being due to luck or superior intelligence, instead promoting the idea that anyone can be successful if they believe in their ability to do so and are willing to learn from those who have succeeded.

Highlights

Wealth is initially a foreign concept to everyone, especially those who are self-made.

College professors, once considered wealthy, are now viewed as underpaid, focusing more on politics than teaching.

Understanding wealth relates to the quality of life, not just money.

Speaking with self-made individuals can provide invaluable insights into achieving wealth.

Many self-made individuals are willing to share their experiences to help others avoid the same mistakes.

Effective wealth-building requires good advice on investments and business expansion.

Charging by the hour limits income; charging by value or change can be more profitable.

Wealthy individuals often started with little to no resources but found ways to succeed.

Success should be seen as achievable by anyone, not reserved for the 'lucky' or 'smart.'

Learning new skills, like playing the guitar, can be simplified with modern technology and online resources.

Believing in your ability to succeed is crucial; a strong belief drives effort and perseverance.

There are more millionaires and billionaires now than ever, many starting with nothing.

Immigrants often achieve significant financial success in a few years through determination and hard work.

The key to wealth acquisition includes tenacity, determination, and hard work.

Without a strong belief in your potential, you are less likely to try and persevere.

Transcripts

[Music]

and help well everybody who's rich had

no concept of

wealth at one time anybody who is

self-made had no concept of wealth

whatsoever you know uh you know at some

point in time in my life I thought

College professors were Rich uh you know

and you know for my point of view now

they're you know they're completely

underpaid most of them uh but of course

they've stopped teaching for the most

part and started preaching you know

there was a time when I was in college

where they actually taught you things

and you know some professors still teach

and some preach now you know it's all

about politics you know uh this is why I

think the colleges have lost a lot of

their academic Prestige but wealth is is

you know is is you know a lot of people

don't understand wealth has to do with

the quality of your life this is why you

need to find some way of understanding

and you know the best way to do that is

to talk to people who have done it

people who started with nothing and made

something of themselves retirement homes

are full of them uh you know and you

know and oddly enough some of these

people that are self-made have no

objection to talking to people you

and uh and and answering questions about

such things because most of them you

know like what they do and they like how

they did it and made discoveries along

the way you know that they don't they

don't want other people to reinvent the

wheels they had to reinvent and most of

them got advice from people that knew

what they were doing you know they got

investment advice they got advice about

you know that the re you know that you

know about expanding your business you

know know really there's you know

because you either grow slowly or you

scale your business and there are

sometimes one is better than the other

and if all your money is made by the

hour then you're limited by the number

of hours in the day and that's just a

plain fact uh that can be a good thing

that can also be a bad thing if you

can't up the number of you know this is

why I charge by the change not by the

hour and you know that I discovered

early in my career that charging by the

hour had a real limit and you know that

that that you know I first started out

like charging some people more than

others depending upon their wealth I had

a sliding scale and then I discovered

that the value wasn't them the value was

me and so I started charging by the

change depending upon a sliding scale of

what they could afford because I had I

used to see clients that had no

resources I had somebody who came in and

with five of their relative

and they each put $10 down on the table

because the person had no money they'd

spent most of their time in and out of

Mental Hospitals you know and then when

they came back a year later they paid

their own way because uh they went they

went back to work and started doing

things because they weren't plagued by

terrible auditory

hallucinations uh your your ability to

understand success really should be see

most people look at somebody who's

successful and they either go they got

lucky you know or they're smarter than

me they have all of the exclusionary

excuses and you really need to look at

it and go you know if this dumbass can

do it so can I I remember somebody once

telling me they wanted to learn to play

guitar but they thought it was too

complicated and and I asked them I said

have you ever met any guitar players and

you know and they go famous ones and I

said no I said you know because you

don't have to play that well to be

famous you know you you know if you look

at all the chords in Crosby Still Jan

songs you know it's like they don't even

know what the guitar can do you know

they're you know they're good at

harmonizing they're really good at

writing songs but they don't use a lot

of chords to do them Graham Nash wrote a

song that that has four chords in it and

one of them just plays over and over and

over again and then they go through the

other three and start over again and uh

you know it it it it it's not a

complicated thing it has to do more with

your ability to to make it sound musical

it has to do with your ear and uh and

and understanding and you know now

especially nowadays you could take all

these lessons online you know when I

grew up we used to have to go to places

and watch you know sit there in a club

and watch the play a person play to see

how it was done because you know

somebody did something unique you know

this wasn't on film everywhere they you

know now famous musicians have podcasts

with things where they show you what you

can do uh you know you don't even have

you can get an app to help you tune your

guitar um you know and to me developing

your ear is important but when it comes

to wealth whether it's you know the the

magical wealth of being a musician or

the magical wealth of making money that

your your belief is the strongest thing

you have to build beliefs that say that

if other people did it I can do it and

there are now more millionaires and

billionaires on the planet than there

ever was and lots of them start with

nothing people come to this country from

all over the world and a few years later

they're a

multi-millionaire and some of them

become

billionaires uh and their the ability to

do that to acquire wealth has to do with

with being with tenacity

determination hard work all of the

things they tell you about but it starts

with a big belief that says you can do

it if you don't believe you don't try

and if you don't believe with a big

belief you don't try with every fiber of

your

soul