Mr Buffett how can I make 30 billion dollars start you on them the big thing about it is we started building this little snowball on top of a very long hill so we started a very early age enrolling the snowball down and of course the snowball the nature of Compounders versus it behaves like a snowball of sticky snow and the trick is to have a very long hill which means either starting very young or living very to be very old you know I would do it exactly the same way if I were doing it in
the investment world I mean if I were getting out of school today and I had ten thousand dollars to invest I'd start with the A's I would start going right through companies and I probably would focus on smaller companies because I would be working with smaller sums and there's more chance that something has overlooked but I mean you have to buy businesses and you or little pieces of businesses called stocks and you have to buy them at attractive prices and you have to buy into good businesses and that advice will be the same 100 years
from now in terms of investing that's that's what it's all about and you can't expect anybody else to do it for you you've got to learn what you what you know and what you don't know and within the arena what you no you have to just pursue it very vigorously and act on it when you find it and you can't look around for people to agree with you you know you have to think for yourself I started off investing at a really young age how early seven which is just completely bizarre right but here's here's
the thing I was obsessed with money as a kid so I when I would go and visit my grandmother all I wanted to do was play Monopoly it was my favorite game in the whole world and my parents hated playing with me because I would always win so when I would go visit my grandmother in Milwaukee Wisconsin she would do whatever I wanted and I want to play Monopoly so at seven years old the other thing she would do that my parents wouldn't do my parents are very mean no I'm kidding I would want to
go to McDonald's so my grammar go you want to go to McDonald's we'll go to McDonald's right we could go to McDonald's twice a day even it was amazing whoa so seven years old I'm at McDonald's and my grandmother says to me she leans forward she says you know David I'm going to teach you how to play Monopoly today for real I go what do you mean she says well you love to play the game of money how about I teach you how to play money for real so she she taught me a lesson at
seven on my seven-year-old experience she taught me a lesson seven that by the way all of you can teach your kids you can teach yourself because at seven I got it she said seven and she's like there's three types of people in the world and I'm going to explain it to you right now the person right now who's working at the cash register has a job that job pays minimum wage the time I think it was like 85 cents an hour literally that was minimum wage was she said it's a very hard way to make
a living and I feel for those people you should always appreciate them because they work so hard but it's tough to build wealth that way she said the second type of person is somebody like you who comes here and eats and spends money it's called You're called a consumer and everybody who does that and then the third type of person is the person who gets Rich there's a person who actually owns McDonald's and she said if you own McDonald's you can become very wealthy I'm like Grandma how would I own McDonald's so she said well
I've got a plan because I'm gonna teach you so we went home and she took out the Wall Street Journal I'm remember I'm seven but she opens up the Wall Street Journal she's she circles MCD for those who don't know MCD to this day is still the stock ticker symbol for McDonald's she said no I'm going to teach so she showed me the price but that price was yesterday so she said that was yesterday's price now I'm going to teach you how to know what today's price is this is before the internet so she brings
me into the family room puts me in front of a TV screen and teaches me how to read it a stock ticker symbol and she says every time you see MCD go by call out the price that's the price at that moment he says tomorrow I'm going to take you down to a stock brokerage firm and we'll buy you a share of McDonald's and you will own this place every time you come here now you'll make money from yourself every time your friends come here you'll make money this is how people in America get rich
and my grandmother at 30 was poor she was didn't have a college education sold wigs at gimbel's department store and through investing became a self-made millionaire over her lifetime passed those lessons on to me my father my sister we my family's now been in the financial service industry for 50 50 years hey it's Evan Carmichael and I make these videos because the thing that saved me as an entrepreneur was watching the stories of other successful entrepreneurs and I learned from their advice I learned from their motivation and honestly I have no idea where I would
be if I didn't have those videos to inspire me I still need them for myself today too and I hope that they can inspire you as well so today let's learn how to master our money from some of the wealthiest entrepreneurs in the world enjoy rule number two is learn how money works with Grant Cardone if I did it all over again today the first thing I would learn today is the money game I believe this is the single most important thing your staff can learn your Executives can learn uh your your financial person your
CEO by the way the person your CFO your your Chief Financial Officer they don't even know anything about finances what they actually actually let me change that it's not that they don't know anything about finances what they know is actually one of the people holding you back uh [Music] the kpi the return the Met we're not getting a Roi on this investment the return on investment is terrible this is not a good return you know like like you got to understand they're counting money they're not creating it right so our expenses are too high we
need to reduce our expenses and we pay sales people too much money in our in our company number one most important protected group in the company is the sales team I think we gonna overpay anybody if we overpay anybody it is the guy and the gal that is going out bringing in the kill that's right okay so the income line man this money thing this money game this is this is how a financial statement Works income expenses net okay I I screwed the whole deal up I spent more time on this line than I did
on this line how many of you know people do this reduce the expenses reduce the expenses reduce the expenses reduce the expenses how low can you go to zero how high can you fly see I can take this number to Infinity I can only take this number to zero everybody agree so I spend today 95 percent of my time on income in less than five percent of my time on expenses so you're you're your financial officer is spending all their time on what oh this expense and that expense and where this went and where that
went I saw Brandon the other night we went to dinner with Brandon and some of his clients so that it's very very special Elite clients and um we were having dinner and and Brandon when the bill came and ran and picked up the bill and and and he took a picture of it I said why are you taking a picture of it well to send this to the to whoever collects history because once it's an expense is history everybody agree now have you ever gotten rich off of History and that's what accountants do they record
history something that was done where's your where's your future going to come from income is the future right so I spend 95 percent of my time on two things marketing and income and if I spend too much big deal I'm gonna go find this is the solution to all my problems marketing and income everybody agree I'm gonna go expand Netflix Amazon Apple Google they don't worry about their expenses they're like how much can we spend how many people can we hire how big can we get how long can we bleed and one day we'll own
the world rule number three is outwork everyone with Mark Cuban most people do a lot of talking and most people don't put in the effort there's nothing you can't accomplish in in life with the right amount of work the challenge is you know are you willing to to do the work and the reality is most people aren't but that's the opportunity right it's I mean it's like people you know at school most people are lazy right they just they barely get through it and and so that creates opportunity I tell my kids that a if
they want something they're going to have to earn it yeah and B if they don't work hard enough to earn it I'm going to sell them off as medical experiments experience [Laughter] you need money okay we'll sell you off as a medical experiment we can get you money that way I'll go give blood Dad I'm seven I don't care rule number four is get strategic with Paul or failure business is an art form if Da Vinci came back you'd say wow man I think I could have done some more pink in that picture a little
more blue they're artists this always can be done better then you're never done it's never perfect it can always be improved what was your first job what was the first like business you started the first job you had I went to the market bought some strawberries and sold door-to-door it's about nine years old I just bottom of the retail store and sold them ours doing door-to-door stuff I was like hustling that's my favorite if anything I like the best of sales how did you learn so I don't know you just do it sell newspapers you
just us just I sold you know the Easter Seals for the Christmas stamps I used to hustle Lowe's in grade school it just came easy to me I don't know how I just so how did you make your money the word these Kinkos yeah how do I make I was a saver my whole life I I'm not a very good reader and I had a lot of problems in school and uh I kind of figured out I'd have to do with my savings account your children know how to be successful in either one of two
ways and then they'd be good in the school thing whether a doctor lawyer or something with their education or they better be good with their money and I was always uh saving my money and trying to figure out what to do with my money so I was a saver and you made the majority of your fortune through Kinkos well yeah I've made other ways of making money too but I did that I love it here oh I've always invested in stocks equities and uh real estate I think when you start your career you have all
your money in your business do you get a little older you have liquid instruments like stocks and bonds because the best way to destroy your business is not turning money into cash and not paying your bills then you get a little older you have a third year business a third and uh equities are liquid instruments a third in real estate then you want to retire it's paid off real estate a little bit of stocks stocks and bonds and if you want aggravation you can still have employees how did you how did you take Kinkos from
one story like how did you make it a billion dollar business uh we did when I left it was about three billion um how yeah I guess you know what if people ask you that how did you be when you're four years old how did you get to be 20 years old and so tall you just do it I mean it just happened every day I'd go and I try to make it better one of the things I've always approached my job as things went beautifully without me but whatever I did every day I made
it better so if I didn't go to work things ran I had a system where it ran without me very well well I think for you it may becomes a little more naturally I think for there's a lot of people out there that are like I'd like to explore entrepreneurship I'd like to make a billion dollars or I'd like to have freedom and so I think it's more like you know to create a your fortune you you found that there's this copiers and opening a bunch of stores for your copiers is a great way to
make a fortune well I think when you go to someone's Soul the question is do you like to do everything yourself and you can you put up with a vagaries of human beings do you want to eat your alphabet soup alphabetically I wouldn't try to get an employee uh uh I was always comfortable uh with ambiguity go on well businesses everything I I dealt with in my business was an ambiguous decision if you pay people a little bit too much or do you pay them enough with the marginal benefit of a little bit more for
health insurance how much benefit do I get out of that um I think it goes back to microeconomics and we don't understand you make decisions on the margins and that's all the executive or the owner does is make marginal decisions and you make marginal decisions every day if you drive in the freeway at 65 your chance of getting a ticket is zero if you go at 90 you're going to get a higher probability we make marginal decisions instinctively every day but we don't think about it for this video the worksheet will highlight all of the
Lessons Learned in this video as well as pull out our three favorite learnings and quotes that will inspire you to actually do something the worksheet will also give you space to write down what your key takeaways are and your specific plan of action to make sure you're getting results if you want the worksheet designed specifically for this video absolutely for free there's a link in the description below go click on it and start building the momentum in your life and your business I'll see you there rule number five is make believability weighted decisions with Ray
dalio I should explain believability weighted decision making to you if you're sure if you're interested okay so ordinarily you're the two ways of making decisions pretty much there's the boss has control and so autocratic autocratic I'll call that autocratic takes in everything and then he makes a decision or there's Democratic pretty much one man one vote um but really the best decision making is believability weighted decision making and if you think about it first conceptually you would say if you're going to make a decision of what you have medical condition and you're going how are
you going to get that you're going to think who are the best doctors consult the experts right consult the experts but this one knows more and that one knows less and how do you do it and then you have this triangulation and then you make that that's kind of the idea of believability decision making we have ways of uh signing believability that we all agree are fair that we each assess each other and we get certain amount of believability points so now imagine that you had believability your believability on a subject matter maybe it's investing
maybe it's accounting whatever the subject is that you have a certain amount of believability weighted points and you're together well those believability weighted points uh when you say okay what should I make as a decision now I'm responsible for something but I ask everybody else I and I take a believability weighted vote I can have a believability way to vote when I have that believability way to vote vote I really do believe that it's going to be a better decision than I would individually make that's believability weighted decision making and it's fantastic um when you
have independent thinkers in in order to be successful in the markets or as an entrepreneur one has to be um an independent thinker that makes decisions better than the consensus decisions it's fair in the markets the consensus is built into the price it's beta yeah so now um you have to bet against the consensus to make money therefore you have to be an independent thinker the best Dynamic is to have a bunch of independent thinkers now you've got a bunch of independent thinkers how are they going to have thoughtful disagreement and get past those disagreement
how we have done that is the key to our success rule number six is gamify Investments with our Meat Safety we all have to go on our own investment journey I did when I thought I was a genius in 2000 and I put it all in the you know in the market picking individual stocks and I realize oh man I got to learn how this works and so there are some basic investment truths and there are some basic truths in you know every industry for example you have people you know they struggle to lose weight
for example in my case I struggled to gain weight I was a really skinny guy and you could have sat there and told me hey ramit you need to eat more calories and I would have said no no no no you don't understand like I have a fast metabolism blah blah blah and I had to go through this journey I had to ask friends to help me train at the gym I had to watch other people read a bunch of books and get trainers and eventually I realized oh my gosh it's actually pretty simple but
to get there I had to go like this so I actually have a lot of compassion for um anyone who's on their investment Journey because this stuff is not easy Once you really get good at it it's quite simple and you realize oh my gosh I only need to sort of set up 20 automated savings I need to have these kind of basic ratios but the rest of it's just like easy to get there is not easy so I totally understand that and for anyone watching we all start at different places whether it's on our
fitness journey money Journey spiritual journey and you know the goal I think is to find something that fits us is simple and helps us lead a rich life rule number seven is shift your thinking with Dean graziosi people think money doesn't solve problems or money won't um make me a better person or money won't make me happy and I think however you want to classify money but for me I just know this if that's a driver for you I don't think we should drive for money I think we should drive to be a better version
of ourselves when money was no longer a worry for me I dove into me and I have been ignoring and tucking down a lot of crap for a lot of years and I was surface level I looked like the guy that had it all going on my businesses were doing good I have amazing children company thriving I live in the right neighborhood Drive the right have the right friends everything looked great but it was all masked and when money got out of the way I was able to find dig into me and do my own
personal development and my own personal growth and really find the things that I wanted to fix so I could become a better version because I know if I'm pointing because my son's over there it doesn't matter what I tell him as a parent and if you're a parent you know what I'm talking about I could teach him everything I give him lessons we do Sunday meetings I could teach them lessons every he's going to become and who I am not what I say and I'm going to lead by example and I want to be a
better version of me and money's allowed that money has not made me uh uh evil or done bad things it's it's allowed me to not worry about that part so I could focus on me and simultaneously the more I focused on me the more I want to do take my money and do better for other people I mean I heard somebody say once when they said they think money's evil they said you haven't made enough and you haven't given enough away yet to see that it's not so that kind of shifted for me as like
I just wanna I wanna fine tune and hone my skills for making more money then I have the ability to help more people because that's the gift I got right um so I think I know you asked about money myths I think I think the the whole thought of money is evil or it can't help problems or we're hurting other people by taking it I just I don't believe in that as long as the byproduct of you making money turns you into a better person and allows you to help more people and Rule Number Eight
the last one before some very special bonus Clips is stop wasting money with Jay Shetty if you want to have more money one way is to uncover the areas where you may be wasting money and that's why we're talking about 5 five common ways we throw money away where exactly did you miss you go money is something a lot of us struggle with check this out in a 2019 employee survey at PWC 71 of Millennials said their money stress had gone up over the past year it is stressing me out and nearly half of all
respondents said that they spend three hours or more every week thinking about or trying to sort out their finances and money woes don't just affect us individually 44 of young adults said that the money is the number one stressor in their relationship I mean the borrow some money and check out these stats according to Erin Lowry creator of the broke Millennial Blog the average Millennial graduated with 37 000 in student debt that's in the states and some have much more that's enough to buy a brand new car or put a down payment on a house
maybe you're like yeah don't remind me Jay hey I get it lots of Us come from tough places financially and you might be there now growing up my family definitely was not what you'd call wealthy for some of us the hard times actually helped spur us on to success here's one of the stories that's really inspired me it's of a young man who at 14 was evicted with his mother from their apartment and couldn't afford a place to live by the time he was 16 he was arrested multiple times though he went on to secure
a spot to play American football at a top college in his junior year he lost his spot and his NFL career opportunities with it at one point he found himself with only seven dollars in his pocket but he kept working and striving and today Dwayne The Rock Johnson says that every time he experiences a big moment of success he reminds himself of those early struggles when his back was up against the wall and the only way to go was forward and that's why he named his company seven bucks Productions still even if you don't have
aspirations of becoming a Mega Movie Star Financial Security is Within Reach and a place to start stop wasting money now a little disclaimer first what I'm going to share with you is for informational purposes only it is definitely not intended as formal legal tax investment Financial or other advice you want to consult a qualified licensed professional for that okay so here are those five big areas where you can stop wasting money and get yourself on track financially take notes boys let's start with a super common one that's really simple Financial expert sus Allman says if
you're buying a coffee every day you may be literally flushing your chance to be a millionaire down the drain you know because after the coffee goes through your body okay never mind you get it anyway Oman says that if you invested the 100 or more per month so many of us spend on coffee in a Roth retirement account over 40 years with compound interest you'd have a million dollars what that's worth making your own coffee right actually the entire category of food and drink is is a big one not only do we spend loads of
money eating out for dinner another big money waster people often Overlook is lunch here's a quick quiz how much do you think the average person spends on lunch in a year according to Visa is it a 520 B 1280 and C 2746 if you guys see you're right the average person spends 2746 dollars per year on lunches now check this out if instead of buying lunch you invested that money every month in a basic savings account over 20 years you'd have hope you're sitting down because this is unbelievable you'd have sixty thousand seven hundred and
sixty dollars and 41 cents I'm gonna sit down and that's just with basic compounding interest okay so here's another big way we raise money buying new now here's the thing I know for lots of us I'll be honest myself included how we look is important we enjoy fashion but you can continue to have your unique look and have favorite Brands and still spend less money on clothing here's a way to do that I have another friend who's into designer Brands but would never pay designer prices her secret is to shop at consignment stores and now
that there are lots of these stores online there are tons of items to choose from and you can even shop by your favorite Brands the other month I complimented my friend on a sweater and she told me she got it for 65 less than the original price and it came brand new with the tag still attached plus shopping Consignment also benefits the environment because we're recirculating clothes instead of just making more stuff Beyond clothing there are loads of things we tend to buy brand new that we really don't need to and what I found out
is that people want to learn about money IQ which is about financial intelligence it's about investing how to buy stocks and how to trade and all the other things but what I found out is that money EQ is more important than money IQ mining EQ is emotional intelligence about money how healthy you feel with money a healthy relationship is that when you feel happy about money your money EQ is high when you constantly worry about money and you you have fear on money but your money EQ is low and the highest money IQ people with
all the mbas and all the doctor degree they are good at investing and they're super good with business but these high money IQ people often lose everything because of low money EQ even though you build a high tower with money IQ the foundation is shaky it's gonna fall so money EQ is a foundation of life for example if you get a 500 raise which is great but can you keep the money probably you will celebrate your race and spend it all and then if you get a two thousand dollar raise which is great probably you're
gonna move to a better and bigger house and then you're gonna probably buy a bigger car and more expenses go up so uh even though you get a raise you make more money your expense is also are trying to match your income so you have no money at the end of the month anyway I have known many CEOs who are making a few hundred thousand dollars a year but still they cannot keep any money left because their lifestyle consumes all the money so unless you learn about money EQ and how the solid foundation you'll never
be able to feel peace with money and you'll never be able to achieve true Financial Independence because you made it this far in a video I want to celebrate you most people start and don't finish most people never actually follow through most people say they want something but they don't ever do the work to actually get it but you're different you are special believe Nation you made it here all the way to the end and I love you so it's a special celebration if you put a hashtag believe down in the comments Below on this
video I will showcase you and celebrate you somewhere on the screen in a future video because you are awesome if you want to learn about wealth and success from Les Brown check the video right there next to me I think you'll love it continue to believe and I'll see you there whatever you do you want to be excited about it you want to have the kind of excitement that is so contagious that people want to be around you because whatever you're doing whatever you talk to people about this particular idea that you have
