Money rules and a specific mindset applied by the super-rich enabled them to achieve extreme financial success. There are 7 rules of conduct that can be used by almost anyone who wants to enhance his/her net worth. Today, we are sharing them with you. Those rules won’t only help you get rich but will enable you to live your life to the fullest. Learn what the compound interest is, how to actualize your decisions, and how a super-rich thinks about failures.
- The biggest takeaway from The Epic Intensive
- What you will learn if you register for the next workshop and where you can do it
- Questions you want to ask yourself if you wish to live your life to the fullest
- What the compound interest is
- Why people don’t act upon an easy decision that would make their life better
- How to be serious and successful when it comes to actualizing your decisions
- Being committed vs. being interested in creating wealth
- Where super rich concentrate their skills and talents
- Why you should always compensate people who work for you
- How to understand failure
- Why you need to identify your strengths
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Speaker 1: My biggest takeaway from The Epic Intensive is to get the property under contract. I am a little bit of a perfectionist and so sometimes I’m reluctant to get the property under contract when I don’t know how all the pieces are going to fit together perfectly so having several people tell me that I just need to stop worrying about all the little details, get the property under contract, and it will all sort itself out, I needed that push. That was my main takeaway so far.
Matt Theriault: Hey rockstar, Matt here. Thanks for listening. I got a really good show for you today, but what you’re going to discover right now is a quick walkthrough on how to buy more discounted real estate through the power of a really good automated lead machine. There are a bunch of benefits to buying discounted real estate this way.
First, you’re going to identify the right property owners with the right motivation. Second, you’ll stir up an intense curiosity for those property owners and third, they’ll be triggered to act and voluntarily reach out to you, like almost an impulsive reflex. A really good automated lead machine doesn’t have to be high tech, it doesn’t have to be expensive. In fact, some of the best performing automated lead machines hardly cost anything to run at all. When you come to The Epic Intensive, you’re going to notice that I focus on three levers of great automated lead machines. Find, control and profit.
As you can imagine, if you learn how to create a really good automated lead machine, you could probably buy and sell a lot of discounted real estate. Speaking of a really, really, really good automated lead machine, I want to invite you to a special event coming up, it’s The Epic Intensive Lead Machine Workshop, it’s July 18th through the 20th and at this workshop, it’s a three-day live event in Manhattan Beach, California where together, we’ll build your own automated lead machine, revealing the art of how to influence sellers and win deals, and pull back the curtain on creative deal structuring so you can maximize the ROI with every opportunity that crosses your desk.
You’ll learn the lead machine building blocks to attract better leads, the language patterns to get more sellers to accept your offers, and how to creatively finance without using your money or your credit. You can register for The Epic Intensive Lead Machine Workshop today for a small fully refundable seat deposit, but it’s really worth 100 payments of that seat deposit and here’s why. First, you’ll walk away with your very own automated lead machine that you’ll be able to bring back to your market and put to work. This is going to remove the limits to the money that you can make in real estate, and you’ll leave with a customized escape the rat race game plan. I’ll show you how to put that money that you make to work so that it works harder for you than you did for it.
Seating is limited. I don’t have to say that. It is. We sell out every time and this is going to be the last Lead Machine Workshop that we do before we change it up for next year, so go to epicintensive.com to reserve your seat and if you don’t absolutely love The Epic Intensive, your seat deposit will be completely refunded right there on the spot and you can keep all five of the bonuses that we’ll be handing out at the door. How’s that for fair? Remember, this is the last Lead Machine Workshop, July 18th through the 20th and seating is limited so again, go to epicintensive.com, reserve your seat, and I’ll see you there.
Hey, it’s Wednesday, way back Wednesday as we are reaching back regularly into the archives of The Do Over Show, The Do Over Podcast. The original show that launched The Epic Real Estate Investing Show. Got a hot one for you today. The Seven Money Rules of Billionaires, How to Live Life to the Fullest. Enjoy it.
Speaker 3: This is Theriault Media. During an era where countless people, businesses, and organizations are feeling the pinch, running out of time, running out of money, losing confidence, feeling as if life is unfair, praying for another chance, and unless something is done, life is going to pass them by. Life is going to pass them by. Fortunately, in the nick of time, there is now a place where the ignored, underestimated, and unknown steps to producing results and making life work are revealed. Save your career, save your business, save your health, save your relationships, save your life. Get from where you are to where you want to be faster, and with greater ease than you ever thought possible. Say hello to Your Do Over.
Welcome to your Do Over, the place where you will hear, learn, and take action on the ignored, underestimated, and unknown steps to producing results. This is the show where I show people dissatisfied with their current situation, how to start over and begin a new life, setting goals and objectives so that they can create wealth and happiness, and live life to the fullest. Doing it easier, faster, smarter. You know what? You can go get a headstart right now and lay a solid foundation for a better life using The Three Pillars of Creating the Ultimate Do Over. That is yours for free at freedoover.com. It’s a 55-minute MP3 audio program that I made just for you with three specific steps on how to get success as you start over. It’s yours for free at freedoover.com.
We’re here. We made it to episode 10. Thank you all for your support, the subscribership to your Do Over Podcast is climbing steadily and I’m just very, very grateful. I have a question, if you could live life to the fullest, I mean if you could really live life to the fullest, would you? I mean that’s not a trick question by the way, and here’s what I mean. Do you remember where you were when George W. Bush replaced Bill Clinton as president? Do you remember who you were with, what you were doing? Do you remember when the world was first introduced to Harry Potter? When the first Harry Potter movie came out? Do you remember where you were?
How about when the X-Box entered the gaming arena, or maybe the second generation of reality TV hit the airwaves with the likes of Fear Factor and The Amazing Race? Do you remember what you were doing? What you were thinking about? Do you remember which house you were living in or which job you were working? Do you remember when Britney Spears managed to capture her third straight year at Google’s number one search term? Gasoline was $1.46 a gallon? Enron filed chapter 11? The Russian Space Station Mir was decommissioned and fell to Earth? Apple released the iPod, do you remember where you were? What you were doing? Who you were doing it with?
Do you remember when the RIAA shut down Napster? How about when Mars Odyssey Space Craft landed on Mars? Do you remember? We actually landed on Mars. We wanted to see if life was there, remember? If you can’t really place what you were doing or who you were with or what you were doing, what you were dreaming about, what was going on in your life, that was the same year as the 9/11 attacks. We all remember where we were then, right? We all remember when we saw the planes crash into the buildings, when we saw the buildings crumble. Now you got it. You should have it now, right? You should know exactly where you were.
I want you to take a moment and stop and think, if I had asked you back then, what will you be doing 10 years from now, what would you have said? What would you have said that you’d be doing 10 years from now? Well, guess what? It’s been 10 years. Isn’t that amazing? How’d it worked out for you? Are you doing what you dreamed of doing? Do you have what you dreamed of having? Are you the person that you dreamed of becoming? Time flies, doesn’t it? I mean a decade can just pass in an instant. Are you ready for a do-over? I know there’s a lot of people out there right now, for a lot of people the last couple years have been kind of tough.
If you’re ready for a do-over, pull out a piece of paper. Pull out a piece of paper, something to write with and I want you to answer the following questions. If you don’t have a piece of paper handy, then you might want to come back and listen to this again. Go through these and just answer them in your mind depending on where you are. Maybe you’re in the car, or you’re on the treadmill, maybe you’re riding the subway, wherever it may be, but take this time to reflect and to reflect that what you might’ve done differently the last 10 years and more importantly, what you’re going to do differently the next 10.
Answer me this, I’ll start with the basic question, the first question I start off with. Do you want to live life to the fullest for the next 10 years of your life? You can write that down or just kind of say it in your mind, maybe say it out loud, okay? This is your life. Will you begin living life to the fullest today in order to create the life you want tomorrow? Are you ready to start today? There’s a saying that today is the first day of the rest of your life. It’s the first day of the next 10 years.
What will you no longer tolerate in your life from this day forward? What are you no longer going to put up with? What will you commit to from this day forward? What are you going to stand for? What is your life going to be about? What actions can you take right now to begin living life to the fullest? What you want to embrace, what you want to get really clear with, what you’ll want to really understand is the fact that the next 10 years are going to pass regardless. Whether you make the decision to begin living life to the fullest right now, or not. Whether you decide to no longer tolerate the commute to work, no longer tolerate your self-sabotage, no longer tolerate your procrastination, no longer tolerate your boss. Whatever it may be, the next 10 years are going to pass regardless, and where do you want to be when they do?
We’re already a couple of weeks into the new year. How are those New Years resolutions going? You see, you can make excuses or you can make a living, but you can’t do both and nobody is going to do it for you. This is your life, it is up to you. 2021, it’s going to be here before you know it. You’re going to look back on this day in much the same way you’re looking back on 2001 right now, and you’re going to realize what an amazing opportunity you had right now. When you look back, will you be fulfilled or will you be filled with regret? It’s up to you. It’s your decision.
You see, everything you have going on in your life right now is a culmination of all the decisions you’ve made in the last 10 years. Those are the big decisions you made. Those are the medium decisions you made, and what’s completely underestimated are the small daily decisions that you make on a daily basis. The small, little decisions over time that either adds up to a fulfilling life or they add up to a life of regret.
If I gave you the choice, would you like $1 million right now, that’s what I have in my left hand, do you want the million dollars in my left hand, or do you want the penny in my right hand that doubles every day for 30 days? I’m sure a lot of you have heard this before and you can recognize that it could possibly be a trick question and you’re right. For those of you that have heard it before, think about what you thought the first time you heard that question. Yeah, it’s a million dollars today, or it’s the penny that doubles every day for 30 days. You see, the penny after doubling every day for 30 days will equate to a little over $5 million, so you can have the million dollars now or the $5 million in 30 days.
How does that work? Well, that’s called compound interest. Albert Einstein had said that “Compound interest is the most powerful force in the universe, and it’s pretty amazing.” I think he said it’s the most, he might’ve said it’s one of the most but I think he said, “It’s the most powerful force in the universe.” It really is because it’s those simple little things over time, and a lot of people if they hadn’t known the answer to that, they instinctively might’ve gone for the $1 million because they’re looking at it, well, it’s just a penny. It’s nothing. Well, it’s not anything, it’s something. A penny is something. It’s a penny. It’s a penny that doubles every day. You want to look at the decisions that you make in life as that penny.
Well, it’s nothing, it’s just a little simple decision. No, it’s a decision. Those little simple decisions that are ignored or dismissed on a daily basis add up. It’s those little decisions that have you where you are today. It’s the little ones. These small little decisions you see, it’s easy to go to the gym. It’s easy to just go and knock out a 30-minute workout. It’s easy to go in and read a chapter of a book. It’s easy to go and just do something really nice for your spouse. It’s really easy to go and do something nice for a family member. Here’s the trap, it’s really easy not to do those things as well. Over time, those little decisions, those small little easy decisions add up and they create our lives.
Ten years have passed, 10 years have passed since George W. Bush first took office. Since we were introduced to the iPod. Who knows what’s going to happen 10 years from now. Who knows what’s going to be here 10 years from now. All we know is those 10 years are going to pass, regardless of whether we want to pay attention to our decisions or not. I want you to decide today to start living life to the fullest. The next 10 years can be the best years of your life. It’s never too late to be, do, or have what you might’ve been, done, or had. I mean all it takes is that first decision, and then start looking at those decisions on a daily basis. The small little simple decisions. First, I want you to decide.
Second, it’s going to take action. You’re going to have to follow up the decision with action. Those little decisions, they are always followed up with action actually, but now you have to choose the action to correlate with the decision. Third, I want you to monitor what’s working and what’s not. Take the feedback. Change your approach. That’s what your final step is, to keep altering that approach until you are living life to the fullest until you’ve got what you want, until you are who you want to become, until you’re doing what you want to do. You got to keep monitoring what’s working, what’s not, and keep altering your approach until you get there.
Now assuming you’ve decided to live life to the fullest, what action can you take this very moment that will launch your next decade into the right direction? What can you do this very, very second? Who can you call? What email can you shoot off? What can you go to buy? Who can you contact? What action can you do right now that is going to launch your decade into the right direction? Never ever leave the sight of a goal without first taking some sort of action toward its attainment.
It’s really, really easy to take that small simple little action right now, but because it’s really, really easy, it’s easy not to take that action right now. That’s one of those small little decisions that’s going to shape your next decade. Hopefully, that makes sense. I wanted to talk about that just as you know, we’re a couple of weeks into the new year and it doesn’t matter because I know these podcasts, they stay around forever. Once they’re on the internet, they’re never gone. You might be listening to this in June or July or maybe you’re listening to this I don’t know, four or five years from now, it’s time-honored wisdom. It doesn’t change.
Monitor those small little decisions. It doesn’t matter but I chose right now to talk about this because we’re a couple of weeks into the new year and I know you made some resolutions either I know you did this, either you made a resolution to make more money this year, or you made a resolution to lose weight, or you made a resolution to find your soulmate. It’s usually one of the three. How are you doing so far? Are you sitting around just kind of hoping it happens, or are you making those small little daily decisions and taking those small little daily actions to move you towards that?
Have you taken enough action already that you can see what’s working and what’s not? Once you’ve seen what’s working, are you doing more of that? If you’re seeing stuff that’s not working, are you altering that approach? You’ve got to keep doing that. It’s an ongoing process until you are actually living your life to the fullest, until you are living the life that you want to live.
Okay, so hopefully that’s sitting with you and its got you thinking. That’s the intent, because a decade can pass in an instant, in a blink of an eye. It’s amazing how quickly a decade can go. I mean it seems like just yesterday we landed on Mars, doesn’t it? It was 10 years ago. Absolutely amazing.
Okay, so a big portion of my personal do-over has had to do with my focus on money, and my last couple episodes have been had a money focus. Money is something that’s going to make a lot of our do-overs a lot easier. Even if your do-over is around a charitable cause or making an amazing contribution to other people, having money and creating wealth is going to make that easier for you. Now if your do-over has to do with owning seven luxury cars and having a seven-car garage out in the country somewhere, money’s going to make that very easy for you as well. Regardless of what you’re up to, the society, no, not even the society, the world that we live in, nothing really happens without money, without the finances. That’s doesn’t necessarily always have to be your money, but money has to come from somewhere typically to make things work.
I give a great deal of credit to my successful do over as how I’ve changed my mind about money. I’ve changed my thoughts of how it’s created, how it’s preserved, how it increases and just overall, how it’s made and how it serves us. Just this week I was reading a copy of the latest Forbes Magazine. It’s got the founder of Groupon on the cover, Andrew Mason, and I was reading, I’ve got it right here actually, and I was reading and I stumbled across a page and it says, “So you want to be a billionaire.” Like a millionaire isn’t enough anymore. Shamefully I guess it’s not, it’s not really that much money anymore. Now you see people inserting the B before illionare.
So you want to be a billionaire, in fact, they even wrote a song about it. The guy says, “I want to be a billionaire so frickin’ bad.” At least that’s the radio version, I’m sure he said something else on the unedited version. This two-page article, it gives us the seven rules of conduct of becoming a billionaire. I’m not a billionaire so I couldn’t even start to tell you what the seven rules are, so I just wanted to share it with you. What does it take to become a middle-class millionaire? A hecto-millionaire, a billionaire? Well, Keith M. Bloomfield, the president and CEO of Forbes Family Trust and Russ Alan Prince, president of Prince and Associates Inc., they draw from their new book in this article, The Family Office: Advising the Financial Elite. They draw from their new book, to explain the money rules that can produce great personal fortunes.
If money is at the center of your do-over, then you are in the right place, okay? This is the seven rules to becoming super rich. You see becoming super rich, it often requires intense dedication to the money rules, these seven rules that I’m going to share with you. These rules of conduct are based primarily on in-depth, ethnographic research with the super rich, especially of billionaires and people striving for that B status. The money rules are the mindsets and behaviors most regularly applied by the super rich that have enabled them to achieve such extreme financial success and then again, these same rules of conduct can be used by almost anyone to significantly enhance his or her net worth. That’s why I’m sharing it with you, is that they can significantly enhance his or her or your net worth.
Seven rules of conduct from the money rules. Rule number one, you have to commit to extreme wealth. Commit to extreme wealth. There’s a big difference between commitment and interest. When you have an interest in something, it’s something you’d like to do, it’s something you might do when time permits when it’s convenient, but a commitment is something entirely different. Commitment is as if you’re life depends on it. Rule number one is to commit to extreme wealth. By and large, the super-rich have a clear sense that money is if not the critical objective. They prioritize and concentrate on those activities with the highest potential return, and assign a lower priority to almost everything else. To attain billionaire status or any status of super wealth, rule number one from the wealthy people that are friends of the Forbes Family Trust have found is one, you got to commit to it. You got to commit to extreme wealth.
Ruler number two, you have to engage an enlightened self-interest. You see the super-rich, they tend to be focused on reaching their specific goals, and never waiver or allow themselves to be derailed by the chance for group happiness or please for fairness. That’s kind of scary. At the same time, they regularly do the advanced work necessary to create an advantage or exploit the weakness in an opponent. That was something that I was actually unaware of. For some of you, reaching billionaire status, that goal might’ve just changed after hearing that. That one of the mindsets of becoming super rich is you have to create an advantage or exploit the weakness in an opponent. As I would read this, it seems that there’s no win-win in becoming a billionaire.
Let’s see, rule number three, put yourself in the line of money. Number three, put yourself in the line of money. Since most abilities are portable, the super rich predominantly concentrate their skills and talents in those situations that offer the highest returns. They pursue the projects and initiatives that have the highest potential for out-sized returns now and in the future. Well, that certainly makes sense. It just kind of looks at what pond you’re fishing in. If you want to catch a trout, you probably shouldn’t go fish where the guppies are. If you want to catch a whale, you should probably not fish where the trout are. That make sense? By the way, these rules are not the do-over guy rules, I just found them extremely interesting. Take them for what they’re worth, but they come from people who have obviously had more interaction with billionaires than I had and it’s just some of the character traits that they’ve noticed that billionaires have in common.
Number four, pay everyone involved. The super rich generally never assume people are willing to work for satisfaction or fulfillment and therefore reward handsomely to cultivate loyalty and specific behaviors in their associates and business partners. They key is to identify the value people provide and reward them accordingly. I can relate a little bit to that as a full-time real estate investor. One of my mentors, he said, “The best way to stay out of court is to make sure that everybody gets paid.” I had another mentor that said, “The best way to motivate is to compensate.” Apparently, that is a similar belief amongst billionaires.
Number five, connect for profit and results. For the most part, the super rich engage in notal networking, where a person has a few very powerful highly-targeted professional relationships with people who in turn have an array of similar relationships of their own. Thus they develop and maintain a small network of relationships that lead to power and influence. I can actually relate to that one as well. It suggests as I’ve talked about in the past, that focused energy is more powerful than energy dispersed, and focusing on your specific network is a rule, a money rule that leads to extreme wealth.
Number six, use failure to improve and refocus. Number six, use failure to improve and refocus. Failure is inevitable, which is something we talk about here on The Do Over podcast, it’s going to happen, you can’t get around it. There’s no use in trying to avoid it. It’s not necessarily the objective is to avoid it, it’s going to happen. Most of the super-rich seriously dissect their failures and do all they can to prevent repeating missteps. Well, that’s essentially your Do Over podcast in a nutshell right there, is to learn from your mistakes and learn from other people’s mistakes, and to make sure that you don’t make the same mistakes twice. That makes a lot of sense.
Number seven, our seventh rule, the last and final rule, stay highly centered. The super rich for the most part realize that there are very few things they do well and they’re clear about what those few things are. The insight enables them to align their skills and talents and directions that translate into maximum personal wealth creation. That actually makes a lot of sense as well. I’m a big proponent of identifying your strengths, focusing on your strengths, doing what you do best, and delegate the rest. Whether that’s through employees, it’s through business partners, or it’s through freelancers or maybe virtual assistants. I use E-Lance a whole lot. I know I had spent the last year on learning how search engine optimization on the internet worked and after a year, I had a lot of information in my head but I’d taken very little actions so I was like, you know what, this is not the best use of my time. I know there are people out there that already know how to do this and that can do it for me. I bit the bullet and I just hired people to do it for me.
Those are the seven rules of becoming a billionaire right out Forbes Magazine, that is if you want to go pick this up. It is the August issue, 2010. I guess it’s been out for a while. It just made its way to my desk somehow. August 30th issue of Forbes has the seven rules of becoming a billionaire. If you want to become a billionaire as we say here, you should probably learn from a billionaire on how to do it.
Okay, that’ll do it for this episode of your Do Over. Next time, I will bring to you five different methods of creating passive income as I’ve been promising for a while. Not only will I share with you five different types of passive income, I’m going to give you some invaluable resources so that you can put multiple streams of passive income to work in your life. I’ve got some great how-tos and how to nots and some awesome step-by-steps. If passive income is something that’s at the center or even at the outskirts of your do over, you will not want to miss the next show.
Together we can continue to keep setting goals and objectives, creating wealth and happiness, putting systems in place to make them a reality, your reality specifically, and just flat out living life to the fullest. If you like what you heard today and/or if there’s something that you’d like to hear more of as you begin a new life, as you do over, please visit iTunes at your convenience and leave your comments and suggestions. Much appreciated. I am Matt, The Do Over Guy, Theriault and I will see you next time on your Do Over.
Speaker 3: Thank you for tuning in to your Do Over, where the ignored, underestimated, and unknown steps to producing results and making life work are revealed and remember, knowledge is potential power. Take action on what you learned today. This is not your learn-over, it’s your Do Over. To view the resources referenced in today’s show and to retrieve a complete show transcript, visit www.thetooverguy.com. Stay connected with Matt, The Do Over Guy, Theriault on Twitter @TheDoOverGuy and on Facebook at www.Facebook.com/DoOverGuru.