I'm getting ready to go in and do a meeting for my sales team
They're on the phone every day. They think I'm going in there talk about sales
I'm going in there talk about money because if you don't have your money, right if you're not thinking about money correctly. Guess what?
You're never gonna make a sale. You're never gonna push through the objections and the barriers and the hang-ups and
Everything that goes on the sales a disappointing job. It's a tough job. It's a crazy job. It's like being an actor
Okay, why would anybody be an actor after they go on 100 auditions?
Nobody ever picks them and they're like I'm done. The only reason you want to do that is because you want to be a superstar
Okay guys, so this is what I want to do. I want to talk to you about money today not sales
If you don't get the money, right, you're not gonna make the sale period okay million dollars a million dollars
Peter Thiel
2.8 billion dollar Peter Thiel said the single-digit millionaire
You know what? That means god with $1,000,000 or 2 or 3 or 4?
Cannot even provide his family with proper defense legal defense in America
much less much less
Emergencies divorces, you know major lawsuits business lawsuits
issues happening to kids going to college
So what he's saying is this ok, it become a very very controversial article because he's like rich dude
Scratching fingers on the chalkboard, this slides. Okay, he's saying hey man, if you got a million dollars, you're basically just a freakin deadbeat
And that your daddy didn't tell you that your daddy's like oh man a million dollars a million dollars you and the money
So what I want to do is I just want to, I'm gonna show you today how to get through all this rejection and disappointment
Discouragements the hangups, you got to change the way you look at money. This is not money right here. Okay
This is not money. This is just dumbness
This is you not make a decision
This is you being lazy saying man a million dollars
Then I'd be set just do the math on a million dollars. I did this when I was 34 years old
million dollars if you didn't have any more income and you were
How old are you?
27 years old and you didn't have any income a million dollars a
Million dollars. What does that say right there? Oh no income, zero income
You're 27 years old. I'm gonna do this at 47. I'm gonna do it at
It's 65
Okay, 27 you don't have any more income how long would that money last if four thousand dollars a month
You got 25 years
Where can you live on four thousand dollars a month by the way four thousand a month assumes
No other income social security systems broken Medicare is broken because they are already it's just a matter of when
probably gonna happen in most of your lifetimes
You'd have to live on four thousand dollars a month for 25 years. You will be 52 years old my friend and dead broke
Okay, four grand a month, four grand a mounth is is is what thousand bucks a week
You're spending probably $900 a month on groceries
20 what's your rent?
3,000
You got like 12 years left and you're a millionaire. Everybody's like, oh my god, the iconic millionaire. You're wealthy
You're not wealthy dude, you're worried is what you are. Okay, because you don't have new income
So so watch what happens what if what happens if there's an accident a major car accident? Are you married? Okay married kids
Okay, the two kids will cost a million five each to get through college
So you're busted you understand. So when you come to work in the morning, you're like man
I need to make 80 grand this year
I need to make eight thousand or ten thousand you guys got to change or think on money
Like if you want to make real money
if you're 47 years old you have until 62 to live if you're 65 years old by the way, and
Anything bad happens like anything you lose a job. You lose your income
If there's any inflation this this equation right here doesn't assume any inflation assumes everything stays the same in this rent never goes up
It's car payments. No gold. Nothing goes up. It's impossible. It's an impossible cycle
the problem is nobody talks about this because nobody wants to go on TV and say hey millionaires are basically
middle-class people that are worried about money
So when I did the math at 33 years old, I'm like do I need a lot of money?
This is where the whole 10x concept comes up from. All right
Hey, man, what if what if it took 10 million, by the way, I think that's the number CNBC says it's 5 million
I think the numbers really 10 million ok, 10 million with no new income
You could probably live
The life you wanted to so how would you get that if that's the number cuz this is clearly not the number
Everybody agree with that by the way, if you make 40 grand a year for the next 25 years
You're gonna make a million dollars anyway. You're gonna make the money if you make
$80,000 a year every time you double this you cut the years this takes to twelve and a half years if you make
$160,000 a year it takes you six years right or you could just go make a million bucks in a year
So you got to do the math if you hadn't done the math if you're going for the wrong target
I'm always talking about targets in here. Do you you and the husband you and the wife need to get the target, right?
We're talking about. Oh, man. I love this new car
You you I'm gonna go buy a new car like Sisler will go by imma get a new car, dude
Your attention needs to be on this. This is the target. It's not the watch. It's not the car and it's not the vacation
It's freedom
67% of wealthy people's surveyed said they weren't going for wealth for cars and boats and trips
they were going for the freedom of
Worry to not be concerned about money every day. I want to be concerned about my kids
I want to be concerned about you know, what we do when we're when we have time together
I want to be concerned about how happy I am in my marriage. I don't want to be worried about
Pieces of paper that I don't have enough of or where it's going or what things cost
That's why you're making these phone calls. Okay, so now what's the target?
Because if you're just in here making phone calls saying hey, I'm gonna make I'm gonna make a call
I'm gonna make a close. All you're gonna do is get me rich
I'm already rich
okay now and I started with zero just so you guys know I didn't have anything so when you're sitting there on the phone thinking
How am I gonna get to there you can but you need to stay focused. Okay?
So number one thing you got to do is this you've got to change the target and you need to look at the target daily
The target you have the wrong target right now, if you're struggling you have the wrong target
When you change the target everything changes?
Right so that when I'm talking to a guy
You're contributing to my 10 million every person I've ever sold
I treated like an investor this guy is going to invest in my future. He's gonna pay for my college. He's gonna buy my shoes
Every time I'm on the phone
Somebody's paying for my shit
right, so if I want to go on a trip
I want to go on a trip and I want to stay in a house that cost 25 grand a night
Other people paid for that that's other people's money
So you don't need to wait to be a bank to get other people's money
Right, the money that I put in real estate that is other people's money. I'm putting in real estate
People I had a guy yesterday say man. How can you put 60 million in a deal dude a mine?
Say what do you mean raising on? No, no, dude
I went and sold stuff people gave me money and I put it in the real estate
Which is part of this equation number one the target number two, you need to get your income to a place
This is a fascinating concept right here. Okay, you can do this
I guarantee you'll be rich you need to get your income not to what pays your bills but to where you can say 40%
of your gross income
is saved
Okay, you want to talk about something difficult this is way more difficult than that if you can do this
You will get that
All right, so when you sit down and do the math what would it take for you to say 40% of your income
So watch what happens?
if you make $10,000 a month and
You want to say 40,000 of it you would pay yourself. First. The government doesn't let you do that. They don't trust you
They're like no no get that money from him first before he blows it. We know he's going to blow it
okay, we know the IRS is gonna take they're gonna withhold probably
44,000 of it. So look if you'll pay the freakin IRS four grand of ten
You need to figure out how to pay yourself for gram. What's the problem here? You got a live one two
So just keep doing the math. Now. This is the math you need to do with your spouse
You need to keep working it out until you're like he's like, let's go buy a new car
Yeah, we ain't got any money for a new car. That's why when I was 35 years old
No one knew that I was a millionaire
Nothing had changed. I was still running with shit shoes, you know buying
$40 shoes and and and working a shirt out as long as I could and like
Nobody saw I didn't have fancy cars. I'm driving a Camry but a million bucks in the bank
Because because I was using this, okay, I paid the IRS. I've always paid those bastards
All right, and then what I did was I'm like I'm a bank four grand and then I realized yeah
I can't live I can't live on two
It's make it's making my life hard to do this this money, by the way, a better a better word for saving is storage
I was storing storing money not saving money. I'm storing it. I'm stockpiling if you like that word better. You don't want to save money
It's worthless. It's like saving a legal pad a legal pad is only good if you use it
Money is only good if you use it, you haven't how many heard this term cash is king. It's worthless cash is worthless
It's not a king
It's no king, dude
Like like cash is not king cash is shit
It just sits there and dies
Are you losing if you if you leave money in this storage account too long?
Guarantee you it will disappear it always has in your life. If you look back over your life the longer this money sits in storage
Pablo Escobar will see the drug King. That was his biggest problem
mold bugs somebody steal it rats
You don't want to you don't want to leave it in storage too long because it's going to zero all cash goes to zero
All right. So now now when you do this math you like dude, how much money do I actually need?
Let's kick this up to 20 grand at 20 grand what happens?
You're saving 8
storage you're paying 8 and
Now you can live on four. See? Now his is the right way to do a budget
You make 30,000
twelve is going to storage
twelve is going to the I, R and the S and
At leaves you at six. So now you can start seeing you got to be somewhere north to 300 grand a year
This is what they don't teach you at Harvard
you got to be somewhere north to 360 a year before you even have money to live on unless you're just
You know your Trek
you're just the irresponsible human being that that's
You know not putting stored money away for the future
Okay. Now you're saving 12 grand a month. That's 144 thousand dollars in one year in 10 years
That's 1.4 million dollars in ten years. You're a millionaire stored
Okay. So second thing to do you got to you got to you got to keep playing this 40 percent game
Todd you need to work with your guys on: "dude, here's your money yet?"
Not on what the call is not on what the script is not on what the handle the objection you need all that
But do you need the driver here? You guys need to be heavily money motivated from a survival standpoint. Okay number three thing
You're gonna do
you're gonna go broke right here and
invest
The storage
Storage has to get invested
The Golden Goose is only good if she lays eggs
Otherwise you can kill her either for chicken
Need a a money needs to make babies, right? So your goal right here is to invest
to invest the storage money and
Continue to do that until this money over here the passive money
is
equal
To
Your income
Tough game man
Right. So what would I do? I'd go out. I'm gonna make 30 grand. I'm going to store 12. I'll pay to IRS
I'm gonna live on six
In Miami, you're like there's no money left over
But there's six grand in storage right now
six grand six grand keep pumping the six keep pumping it keep pumping it until you find a place where you're like,
I'm gonna invest this money now when you make this move right here do not
Invest in anything that is a maybe
Okay, you don't want to put your money in anything. That's
You can't risk this money Warren Buffett says don't lose money number one number two don't lose money I
Would tell you number three don't lose money so what can you invest in you can't leave it in the bank because that's losing money
They don't pay you anything takes you eight hundred and thirty three years to double your money at the bank today
eight hundred and thirty three years
To double your money at today's Bank rates
So if you guys don't know this you need to start looking at this and hey at night man
What am I doing? My money man confront the beast
Right. So right here the the passive income your target right here should be my passive income
now exceeds
My monthly income you just need to do the math on how much money would I need invest it
Right
So that this this $12,000 I've been throwing his storage over time Jed where you at aren't you don't you exceed your income right now?
JED: Passive income is about eleven grand
So his his monthly income exceeds his salary that's what you're looking for right there
Not not his whole bonus and everything at the end of the year
But his monthly income from the investments now exceeds his income his that made you more or less motivated
Extremely Motivated
So so he used to be like oh debt man if you got enough debt then you'll be motivated
No, you're not. You're gonna be motivated for a little while to pay your car. And then you're gonna be like shit this games
No fun, dude
It's a terrible game
Alright
Okay. So look, it's simple target. What's your new target? Freedom? Yeah freedom, but but but let's put my number one
Your first target should be ten million dollars and nothing short of that
and
Everybody in the room can do it, okay
I can I can show I can show everybody in the room somebody on this planet that came from your situation
That's bank ten million dollars
You don't need a degree. Oh, yeah, I can show you for every case bad problem
You got I can show you somebody you trade problems. So you'd be like no. No, I'll keep mine. You keep yours
Second thing you got to get your income to 40% You got to get your your income to where?
You can bank 40% of your income
This is the most difficult part of this in the beginning
Because you're starving here
Until you confront the real problem. The real problem is income
Third thing is this money. You need to stay broke with this money
You need to get this money in a sacred account somewhere where no one is going to Jack with this money
I remember my mom called me once you suck. I got this thing going on on my Campion. I
Had a bunch of money sitting aside
It's just like is this piling up can't help you? I'd violate my policy here
Okay, let me go sell something. See if I can get you some money
Like, you know anybody came to me for help. It was like I'm not you got I'm not the bank can't help you, dude
I got my own shit going on here. I'm busted all the time. I'm broke all the time
This is what I got on me today
Okay, like I'm piling up everything right now to make a net make another deal
Right. So I want that's what it means by being broke. It doesn't mean get money blow it. It means get money store it
Okay, find a place that's gonna go where you don't lose the money number three don't lose money
Cars don't bomb Lisa
Okay, where you live don't own it rent it
Don't own anything dude just stack cash and
Wait till you can put it in something where it won't be lost. It just goes away for a while and
inflation
Over time five years seven years ten years. When do you look I'm like, okay. I didn't lose my golden egg
That thing is protected
I got a little trip every month from it and
you keep adding to that so the drip gets bigger and bigger and bigger and bigger and
Then you can come to work on Monday and say dude. I've got money coming in here
I've got money coming in here, but I'm broke all the time
So I got to keep replacing the game, you know when you get off the treadmill
Whatever you want it
once you get to there
Okay questions
Is there a certain amount of storage that you should have before you move it
Anybody saying hey come come you can jump on my vehicle. So I was trying to store enough to
You know, if you know the story about the real estate deal first real estate deal. I did was seventy eight thousand dollars
It's because I had five grand my next deal would be three years later and it was three hundred fifty thousand dollar purchase
So I was storing money the whole time until I found the right deal in between. I was just shopping
Now if I'd have had somebody they said to just lay on my deal
I would have been pushing money there the whole time I would I didn't need to own the whole first deal
I just needed to be in the right vehicle
a Steve Ballmer, uh
He was a partner with Bill Gates and Microsoft dude. The guy's one of the richest guys in the world
He didn't own the company. He was a partner in the company
So you don't you need a vehicle you need two vehicles?
You need one that produces income so you can pay the bills over here and pay the IRS and eat
That's that's the one you're just you're serving. The the basic needs from your job. The second one is to play
The second one is how you get the financial freedom
So you what you're looking for while you're here's any little any little
Streams and rivers and canals that get bigger
Right. I'm looking for like like if you look at where villages are on this planet
They're all where there's transportation routes the bigger their transportation route the bigger their stuff moving up and down the Nile
Oh, let's put a village here because there's food stopping here gas stop in here, right? These are the valuable ports. Why because
All the water weights meet there. So at this company I could be on the call forever
Make them one call. It's one line writes one little fiber optic line, or you could start looking around saying dude
Where's all the other flows here?
Right, so you've got you go tinker in this little stream tinker in this little stream tinker in this one and you take on more
Responsibilities you're like hey, I want a bigger vein here
Where all the flows come together, but you're not gonna do any of that until you get great at what you do you got to
Get great this first thing keep the target in mind. Okay, see if you can keep it
Maybe you can maybe you just lose the motivation
I can't do this and
Then and then you just get recycled into the universe of people that are worried every day
and that's the reality the situation that's what Peter Thiel was saying a
Single-digit millionaire cannot even provide themselves with their own
Personal defense in America. Okay, Hulk Hogan all that money Hulk Hogan made. He blew it all
He blew it off probably buying hair pieces
Okay, he blew it all he blew it all ended up with a little money thought he was the shit. Oh, man
I got a little money until he had that frickin lawsuit and then he can't even defend himself
Peter Thiel funded that lawsuit
for him
Right, so I had a lawsuit back in 2009. It cost me 200 grand a month
To defend myself against a criminal lawsuit a guy that sued me trying to get money from me to hold him hostage
That's the game in the legal thing. It wasn't a car accident. It wasn't cancer what my mom getting sick
It wasn't kids. I didn't have kids yet, you know, so all those things can happen - they're probably going to happen to you
Yeah, how do you balance the paying the debt whether it be school loans credit cards everything else along with the four did
Not chase the pass
So if I made a bad deal, I'm not gonna go chase that deal today
I call him up and say put me on hold. Aughh
Okay, I would pay it if you want to cut it back to like 80%
Or we got to put it off
And I wouldn't mind if my debt was bailed not my credit was bad wouldn't but wouldn't matter to me if it lowered my credit
Score. I ain't buying anything anyway
I don't need credit doing anybody anything. I'm stormed out
Right, so I wouldn't worry about that when you're talking about making so much money per month and saving the forty storing the 5% yeah
should I lower my the way I'm living right now until I can
Until I can do that. Well, well notice how I know. I'm supposed to focus on the income first thing I paid was to
I paid me first. I paid the IRS second just because I have to
And then I got leftovers
So you're gonna either you're gonna either Todd's gonna either
live on the six
Or decide fuck man. I got to make more money man. I can't I can't treat the people. I love like this
So what happens is Jarrod just gets more productive. Remember Jarrod came here. He was making twenty five hundred bucks a month
That was his draw for three months, or did you have a draw back then?
Yeah, okay
So like he's not making 2,500 now now he's making eleven grand a month off
The income that's been in five years cuz he had a plan
Guys that are in their 40s. Yeah
I feel like I'm up against the time, but I'm making the most amount money I've ever made working with you
And I feel like that number to store right now is too low for me. I feel like I'm running out of time
You just need to do the math on you
You need to do the math on you get busy and talk to more people everybody you're talking to has money
These people are gonna fund your target you're not funding your target. This is not your job to fund your target
Your job is to talk to people that will fund your target and to get your spouse to fund the target
I got Elena on a phone call yesterday
Doing the show the genie show and I'm like, hey, here's a list of people
She didn't know she's about to do this start calling her shit. My sales teams called them Natalie's called him
I've come you call him now a damn man. How about throwing in a little bit?
She made four phone calls three of them didn't answer one of them. Did she got five grand?
So you could get your mom involved
Get your dad involved get you know kid you get you get your family members to back card on University
They're contributing to your target. Not mine. I got mine. I hit mine already
I've exceeded mine
This whole thing now is for you guys. You guys want to do some would it or not?
Perspective number three guitars investments. What do you feel? There's the like your top three safest investments
Okay, you know why because when I buy a building with an address it fits in the right location
It will be here 20 years from now
So I had a guy call me about car dealerships Odessa did I don't want about car dealerships?
I don't even know if they're gonna be here
So I'm not I'm not buying Bitcoin, I don't know anything about Bitcoin man you want to give me some Bitcoin I'll take it
But I'm not buying bitcoin cuz I know I'm not buying Twitter stock
I don't know anything about Twitter is Twitter gonna be here in the future. I don't know
I know I only invest in things that I know will be there in the future
Excluding my condo. I'm not gonna buy that I know I don't need that. I
Want to buy things that people pay for so this investment right here needs to produce what?
One of the criteria can't lose money number two
It has to give me a trip if it don't have a baby ain't behind it
See see why because I'm trying to get out of this my goal as to what I want money passive money from this
equal to this
So I'm not gonna go buy Google stock. You know, what because they don't pay a dividend every month. I
Need a drip. I'm not gonna buy AT&T stock. AT&T pays a dividend every quarter. When do they collect their payments?
Every month man. Can you imagine calling ATT's they do we want to pay you every quarter like you pay your dividends
That's how important monthly cash flow is. Do you understand that?
They pay their dividends to investors every quarter
They collect checks every month
The difference between those 89 days makes them hundreds of millions of dollars
The Bank of America Northern Trust right here will lend me money to buy an apartment deal
But they won't lend me money to buy their own stock
Think about that a
Bank will lend me money to buy a piece of property, but they will not lend me money to buy a Bitcoin
They won't even lend me money to buy a Bank of America stock
So, what do they believe in
Cash flow man
They believe in cash flow cash flow that any asset that generates cash flow into the future is going to be worth more money
So what do I invest in y'all? See where I'm putting all my money. That's all I talk about all the time
Because I know it's gonna be there
Grandson, I'm saving 40% each and every single month
oh, yeah, and so like I've heard you say when you're at a hundred thousand, that's when you should be like investing and like
The problem with that in Miami for you because I'm making a statement to a lot of people when I say that the problem in
Miami is 100 grand is gonna buy you a three hundred thousand dollar deal, which is maybe a duplex
Then that hits that other rule, I'm like never buy two doors
You need thirty two doors
If you're gonna go do these on your own you need thirty two doors and in Miami that's gonna cost you
more like six million dollars
And a million two down
Like that investment in personal development like training
Numbers of tenants should all be going into personal development all of it
Okay, like all your leftovers you should be worried about person will develop more than food
You eat a piece of chicken at Publix and then listen you you guys don't need any personal development
You just need to listen to me every day
Just tap into the freaking audio programs
You got millions of dollars worth of training around you every day just in the car
When you're working out just like stay with the same message over and over until it grooves in
Until you're like you're you you feel like me a little bit
and
then what will happen is it'll come back if you ever have you ever just been around somebody maybe when you were younger and you're
around this person else and you're like I felt like I was a Santa like you
right, you need to sound like me until the other you comes back on top of it and
then you underst
No effort in how you're thinking or the decisions you're making
This boring right here gossip its abort this is boring but I guarantee you it'll work,
okay?
So thirt... thirt... 33 years old 245 years old there was no vacations I didn't go to Hawaii
I didn't I went on one fishing trip
Okay, it was work man it was like that's my that's my vacation when I get that
Then then I'm gonna do what I got to do
If I was on a vacation it was because I would I was going there to see a client Jerrod see me
Jerrod see me on the road. John Hamlin gives me his plane one day. We went to five cities in one day
John Hamlin was on the plane. He's like I can't do any more a
hahaahhahaha
War John for two days after that, huh. He said he was so tired. He didn't go to work for two days after that
Yeah, cuz I'm chasing this
Or maybe it's 50. Maybe it's a hundred or maybe it's a billion
So so you got you got to decide what game you're gonna play here cuz right now right now you guys are being
You're being manipulated by the world. So I write my goals takes me about 25 seconds to write my goals
And then I'm bouncing. I'm on the phone man calling somebody to say hey
Move me to 100 then move me to 200 then move me. See you. See what I'm saying. I'm spending all my time in doing
So if you're spending more than 25 or 30 seconds right in your goals down
You play it you had
All right? you don't need to figure all this out right now
You just need to figure out the 40% thing just work on this
Can you get this because I guarantee you guys aren't close to this number right now if you're doing this good for you
It's awesome. Unbelievable
This is really hard to do
Okay, yeah
That's who you're calling today. Okay, and by the way, we give them a great product
We give them great service we support people and we help them do exactly what I'm saying here
Right. So because right now these people are being told they're doing good
You got you got a guys you're talking to out there and make it three and four hundred grand a year
Okay, I know for guys that are about to lose their job and they've been making 800 grand a year
They're gonna lose their job. They're gonna be told this month
you're done
Okay guy called me recently it's like I'm done with these guys they make an 800 sitting on the 800
They're happy with the 800. I'm done. He's like if I got to come to work here every day and they don't want to push
I'm getting rid of them find somebody else
four guys, we're gonna go from 800 grand a year to
zero
Next 30 days they gonna be looking for work
So it happens to a lot of people. I mean how many of you know a family member lost her job?
Okay
How many of you have a family member where the kid got a drug addiction he had to go to
Rehab for 30 days and it cost 40 grand bad shit happens how many of you know somebody got cancer?
Okay, how many know somebody in a car accident cost three or 400 grand?
Shit happens
Okay, the problem is not that shit happens shit happens and people aren't ready for it "Oh god, i can't belive this happened to me"
Oh shit, really?
God, damn you been around long enough, right?
How many of you can't swim
(laughts)
You live in a planet with water. I'm just saying you might want to get a swiming leason, unless it's a wind planet
(laughts)
Public: yeaah