- On this episode,
the legend stops by!
(hip hop music)
You ask questions,
and I answer them!
This is
The #AskGaryVee Show.
Hey everybody, this is Gary Vaynerchuk,
and this is episode 242
of The #AskGaryVee Show!
I mean I don't really know what else to say.
Legend in the room.
You know what I really like, Tony?
And I'll just get right into it,
thank God for your documentary.
Because people realized that you cursed,
and that gave me (Tony laughs)
the air cover.
People are like, oh Gary it's okay that you curse now.
I'm like, phew!
Thank God!
I was pumped, people are like tweeting like,
Tony curses like Gary!
I'm like, yeah!
- I used to bring you to my talks
so that people would feel good about me
after listening to you, - Exactly!
- So we're doing the same thing for each other!
- Tony, for the quarter-of-a-person
that is watching right now on livestream
and on this show who doesn't know who you are,
why don't you give me the one second thing and
obviously, today's a big day!
New book! You look good in this shot.
- (laughs) Thanks man. - This is a good one.
This is pretty quick, your last
finance book-- - I didn't write a book
for twenty-five years.
I like writing books like I like selling my organs
to the black market.
You know, I hate it, but,
I really wanted to write a book that would protect people
because, you know, we're in the eighth year
of a bull market, second largest in history.
Everybody knows a crash is coming,
there's all this volatility.
- I like this subject. - But I want to
really protect people but more importantly,
show them how a crash is
one of the greatest economic times in your life,
if you're prepared for it,
to leap frog from where you are to where you want to be.
So if you're a millennial out there
and you got all this debt from school still,
it's crazy.
I know how stressful it must be for you.
Bottom line is, you can literally jump during this time.
Or if you're a Baby Boomer and you didn't get started 'til
way too late and you think it's too late,
it's not too late in these situations
'cause the corrections provide
opportunities like never before.
And people just aren't prepared for it,
so I have a partner named Peter Mallouk.
He's been rated, the only man in history rated
the number one financial advisor in the United States
three years in a row by Barron's.
Two years in a row by CNBC, and this last year Forbes,
this year Forbes just came out with their first list
and he's number one.
So I want people to know, I'm his partner
I'm on his Board of Directors.
But he has grown his business from nothing in
basically 2008.
He grew it to 2 billion
during the worst economic time, 'cause he warned everybody,
there's gonna be a crash.
Here's what you're gonna do so you don't lose money,
and here's what you're gonna do so you make
more money during the crash than anybody imagined.
So with no advertising to 2 billion.
Now he's, when I joined him a year ago,
partners that were 17 billion.
We're now 23 and a half billion in assets,
because this guy knows what he's doing.
So I took the best of what I learned from the
50 best investors in the world
from Warren Buffet to Ray Dalio
to Carl Icahn.
Shrinked it down into just--
- Really, by the way, nice size.
- Yeah my last one's 670 pages.
- Yeah, different size, right?
- My whole focus here is destroy the fear
with real results with a real strategy
and make it a playbook and get people so
they can really win.
- For my audience,
I don't talk about this often but I've mentioned it
a couple times in the vlog,
both Wine Library--
- Yes. - My family business,
and VaynerMedia were built out of horrible crashes.
- Yes. - I got involved
in Wine Library full time in '99,
and just as I started getting going,
9/11 happened and the 2000 crash happened,
and VaynerMedia was started in 2009,
right on the back of all the issues.
So, for me, I'm a big fan of this.
And I will say one other tidbit,
there's a lot of youngsters who are watching,
who are on the flipside,
are not sitting with debt.
Who are making some money being influencers,
have found themselves into some quick 50,
100 thou,
nothing will turn $50,000 dollars in cash
into millions of dollars quicker
than a bust.
- Yeah that's
absolutely correct. - So let me--
- Well a bust that you participate in. (laughs)
- Well, right. - You're prepared for it,
you take advantage of it. - So here's
something you might find this interesting.
I am sitting on more cash,
and not because I've made more.
I am actively sitting on cash right now
because my hope is that there is a meltdown
and I can buy things for 20 cents on the dollar,
5 cents on the dollar--
- How long you been in cash?
- About a year and a half.
- Yeah, so, you are a perfect person to chat with
'cause I would have had the same mindset before.
- Yes.
- After interviewing all these people,
I learned some really interesting facts.
First of all, trying to time the market--
- Impossible.
- Yeah, and Warren Buffet said to me,
listen, all these market forecasters you see on CNBC,
he said their whole purpose in life is to make
fortune tellers look good.
- Yeah. - No one can do it,
I can't do it. - That's exactly right.
That I know.
- So, but, logically you say,
I'm waiting for the crash, 'cause it's gonna come.
But while people are waiting,-- - People are making money.
100 percent.
- Unbelievable amounts of money! - A hundred percent!
- 250 percent since 2008.
How about just since November
with the President, 14 and a half percent, right?
- So, tell me how I'm doing this wrong or right.
What I'm also doing with the rest of my activity,
'cause it's not a,
it's a piece of my wealth.
I'm being ultra-aggressive and driving the other way
there playing on both sides of the extreme.
- I get it,
the-- - So not real estate
or like, yeah. - The whole secret is
diversifying, obviously,
and knowing where you're strong and where you're weak.
But what people should know about the market,
'cause it's really important.
The stock market has provided,
you and I know a million people that have made
a fortune, and then go broke.
- That's right.
- Whether it be an athlete--
- That's right. - or an actor or anybody
of that nature. - Unlimited people.
- 'Cause, no matter, what's his name right now?
I just saw, 50 Cent just went bankrupt.
He made $100 million on Vitamin Water
'cause he got a tip.
He made like $400 million and broke.
He's about through a divorce,
what's his name, Pirates of the Caribbean?
- Johnny Depp? - Johnny Depp!
Made $750 million, three quarters of a billion
and they say he's gonna go bankrupt now.
He spent $30,000 a month on wine.
So you should've got him--
- I got a couple pieces of that.
(Tony laughs) Shh.
- But the point of the matter is,
you don't earn your way to a fortune.
The way you have a fortune long-term is
you make money your slave.
You and I have done it through
multiple businesses, right? - Yes.
- But the other way to do it is through the investing.
And I always tell people,
how great your business is,
you should have a money machine on the right side of you
with no employees, with no moving parts,
it takes 15 minutes a year once you know what to do.
That's what this is.
But let's talk about the market for a second.
People wait to try to time the market,
- Yes.
- So watch this, and first of all, you get a correction
every year. People are overreacting and I tell people
the market never took a dime from anybody,
only you did that because you got fearful.
- Yep.
- So last year, since 1900, a hundred and sixteen years,
we've had an average of one correction a year.
Correction, by the way for people that don't know,
it is when it goes from a market high, you drop
by ten percent, up to 19 and 99 percent, 'cause at
20 percent or more, it becomes a bear market or crash, okay.
So, we get one of these every year, so last year in
January, worst January in the history of the market,--
- Yep, I remember. - $2.2 trillion meltdown.
- Yep. - People are freaking out.
Market drops 900 points in a day,
All the wealthiest people in the world are at Davos.
They go interview Ray Dalio, the number one,
you know, hedge fund in the history of the world.
- And?
- You know large hedge fund's 15 billion, he's 165 billion,
you need a $5 billion net worth and a
$100 million to talk to him.
- Yep.
- I got him to share with me, they put him on TV,
they say, what do we do? Is the end coming?
He goes, it's a correction. He said go read Tony Robbins'
book, I explain the theory of how I've made 85--
- Did you sell some copies there?
- I sold a great amount there, but--
- You're like yes!
- But I got him to give me the answer that has made
money 85 percent of the time in 75 years, but
here's what you need to know. 80 percent of those
corrections never become a bear market.
They all correct back, just like last year.
But if you sold, you lose. - Of course.
- But then let's look at the crash.
Crashes happen every five years on average.
We've gone eight without one,
that's why we're due for one. - Mhmmm, mhmmm.
- And you're right to be somewhat prepared, but while
you're preparing, there's opportunity that's happening
because, first of all, every bear market lasts
on average a year.
Goes down 33 percent, but you don't lose 33 unless you sell--
- That's right.
- And here's the one thing I want people to hear,
in two centuries of American Business,
every single bear market was followed by a bull market.
So you remember 2008, and people lost 50 percent?
- This is where--
- It went up 69% the next twelve months.
- This is where Buffett wins. Buffett's got--
- He always talks about this.
- Buffett is so, it's such a great concept I believe
in it so much, which is, unless you're betting on America
disappearing, you will win.
That's it, that's it, that's the punch line.
- For centuries, and we're gonna keep, by the way, every
month on average we have a new high, so we hear it's high,
oh my God it's gonna crash it's high, but let me
give you one more, 'cause it's the timing.
- Please.
- And this'll be the payoff for you.
Payoff is, I just did the JP Morgan alternative
investments conference in Miami. You have to be a billionaire
to attend, to prove it with your net worth.
There's 400 people there. It's an amazing group.
JP Morgan did 20 year study, and Schwab did one
also, separate. They found that in the last 20 years,
that S&P 500 gave you an 8.2 percent return,
so you're doubling your money every nine years,
- Yep, Yep.
- Pretty cool thing, but what they found was
if you're out of the market on the ten best trading
days in 20 years, instead of 8.2, you got 4.5.
Almost half as much money.
If you miss the top 20 days, trading days,
in 20 years, one day a year,
you're doing what you're doing trying to be the right timing.
- Yeah, yeah.
- You got a two percent return, you might as well
buy bonds. - Makes a ton of sense.
- If you miss the top 30 days, you lose money.
- Makes a ton of sense.
- In 20 years, so the most difficult, the dumbest thing
you can do is be out of the market, not you,--
- No, no I get it.
- 'cause you can be in the market.
- I'm plenty, I'm plenty in the market,
'cause I believe in it. - Plenty in the market,
and then also being prepared like you though.
- So Tony, listen, first of all, one of my favorite
things about you from afar, we get to hang
once in a blue moon, random calls here and there,
- Yeah.
- But from afar, you know what I love about you?
You fuckin' hustle. Like I feel like, the book came
out today, you're freaking everywhere, doing your thing.
That's what you're good at. We have a very
large audience, of a, I know what you're doing,
but here we have a real awesome opportunity because
I think we're gonna go deep in a narrow field.
- Yeah.
- So the majority of these people I don't think are
looking at the stock market, I even look at the
characters here,-- - Yes, I know. I'm looking.
- They way they're thinking about the stock market,
so different, in a world where you might not have
cash, and where you might have debt,
or if you're not even in debt, you just don't
have a lot of cash, talk to me about somebody
sitting with $10,000, which by the way for a high
percentage is still a ton. - Correct.
- But is there anything that, if they have $1500
are they, should they be out of the market?
Like what are they, like, I know we're going very,
very, very micro here but I actually want to bring value.
- No, I want to do it too.
- My payoff is actually bringing value to everybody
watching, go ahead.
- I'm of the same, I actually give an example
in the book here--
- And then we're gonna take a phone call.
Get ready phone calls. Chris you ready?
- Yeah, so, forget just the $10,000, what matters
is the system you put in place.
The shit you do randomly every now and then
because you got money is not gonna help you much right?
- Especially if it's fuckin' fat whip or a watch.
- (laughs) Yes. - I don't even want to start.
- So, number one most important financial decision
for everyone watching, everyone in this room, really
we all know you've got to become an owner instead
of somebody that is constantly, you know, utilizing products.
In other words, if you have an iPhone and
you don't own Apple, what's wrong?
You're a consumer you're not an owner,
- That's cute. - How do you do it?
Every person in this room has got, regardless whether
you think you have the money or not, to make the most
important financial decision which is to be an owner
I have to take a percentage of my income
and then no matter what, off the top, automate it
so I don't see it, put that in an investment account.
Now what's the number?
You might say I can't, Tony. I'm starting my business,
I'm strapped, I tell all business owners, example
of a gentleman, true story, Theodore Johnson, 1950's
works for UPS. Guy never makes more than
$14,000 in a year. He retires with $71 million,
he gives away $35 million while he's still alive.
- So good. - How is that possible?
A friend of his, did what we're teaching.
Comes to him and says, I'm gonna make you rich.
He goes, I'm not rich, I make 14 grand in a year, right?
He says I'm make you rich. I'm gonna put 20 percent
tax on you. He goes what are you talking about,
I can't pay my bills as it is. He said listen to me.
- Adjust.
- If the government gave you additional 20 percent tax,
you'd bitch, you'd yell, you'd scream,
and you'd pay it because you'd have to and your brain
adjusts, but that money goes into his investment account,
the compounding of that account made him $70 million
and he never made any more than 14 million.
- Andy, do you have Facebook stock?
- [Andy] Yes.
- Because of all the chatter we always have in here?
- [Andy] Yes.
- Like that's the punchline, right, like we know
because we live in this world for the last three years--
- Yes.
- I've been yelling and Andy will tell you,
(phone ringing)
not yet.
That just buy Facebook. We know Facebook's underpriced.
That's even narrow.
- But, but, but here's what you've got to be careful of,
and this is something Ray Dalio taught me, one of the
smartest men on the face of the Earth, he said Tony
I don't care what it is you know, you're gonna invest
in what you know 'cause you have certainty, right?
- Of course.
- Whatever you know is gonna drop 50-70 percent
sometime in your life,--
- That's right. - and he said if it's
it's later in life, you're completely screwed.
- That's why diversity matters.
- That's why a diversification matters.
But let me give you, the guys here watching,--
- But, but let's talk about that for a minute,
- Yes.
- And Ray's right, like that's just non-debatable.
- Of course, that's totally undebatable.
- That's data, it is interesting to see, where--
- What I'm saying is, you don't just want to own Facebook,
and you've got to have across the board because
you say I want the best, I want Facebook, I want Apple,--
- Here's an interesting debate that if you actually
knowledgeable about a sector, and you're only putting
$2-4,000 a year to work,
that's an interesting debate.
- It's an interesting debate,-- - and by the way,
Netflix and Amazon, yeah.
- When you're this young, you can also be more heavily
on stocks, you can take more losses
'cause you have more time.
But think of it this way, just go back to compounding
as a simple example.
Guy in here, I talk about in the book, 19 years old,
dad convinces him to save 300 bucks a month,
4,000 bucks a year, so it's within the range of
anybody here you're talking about, right?
- Yep.
- Guy starts at 19, stops doing it at 28.
He only puts in 35 grand.
He puts it in the market and the market's grown
10 percent over 30 years, but let's use eight percent
to be more conservative.
Last 20 years have been more eight percent.
At eight percent, that will grow to 941,000
without another dime.
He'll have a million bucks off of $50,000.
- You're preaching.
- But on the other hand, his best friend waits 'til
he's 29, he does the same thing but he has to keep
investing to 65.
He puts in almost 980 grand, he doesn't
get the million bucks.
- Yeah the math is the math. - You gotta get in.
- You gotta get in. - Alright, you got something?
Go ahead.
So, you're inspired now?
- By the way, I wanna tell everybody by the way.
I wanna tell you guys by the way.
- You're gonna remember this interview your whole life.
Let's go.
- I want to tell you by the way, for everybody watching,
this book, my last book, I donated 100 percent
of the profits, five million bucks.
I'm doing the same thing with this one.
We fed 100 million people between my donation
and the additional donations I made in 2015.
100 million people last year through my
partnership Feeding America.
We're gonna be 100 million people,
100 percent of this goes to that.
We're gonna feed a billion people over the
next seven years to give you an idea.
It's pretty cool.
It's pretty cool, and it's all coming from the book.
- While Chris is trying to figure out how to dial a phone,
(Tony laughs)
Talk to me real quick about the Netflix documentary impact.
I try to trade culture and attention.
- Yes.
- I could taste it in the ecosystem.
You've been a known brand for decades.
Where does that, what was the impact of that documentary?
- Huge, it was huge because it's taken,
I decided to put it on Netflix 'cause it immediately
put me in 172 countries, and they translated it
for all those languages. - Huge.
- So the level of distribution. - Global.
- And it's free, you're already there, people are
already in Netflix, and it got five stars and
it took off like crazy so the concentrate,
you know I went to the fight with Diaz versus.
Oh there you go. - There we go.
- I went to the UFC fight, and it's like...
- We'll pick it up.
- All these young guys coming up to me.
- Yep.
- That normally wouldn't know that are like...
- This is Gary Vaynerchuk and you're on
The #AskGaryVee Show with Tony Robbins.
What's your name and are you excited?
- [Brandon] Holy shit.
(Gary laughs)
I'm so excited, I'm a huge
fan of both of you guys, this is absolutely incredible.
My name is Brandon Dendiff
and I'm coming from Denver, Colorado.
- Love it man, what's your question?
- [Brandon] So it's a little bit off topic.
- That's okay.
- [Brandon] I know you guys were talking about the market...
- We adjust.
- [Brandon] But, both of you are
huge advocates for gratitude
and that kind of, you know, delivers your energy
and how you guys interact with everyone.
- The world.
- [Brandon] Especially you Gary on social media,
stuff like that.
So, my question for you is, how do you become--
- Grateful?
- [Brandon] So grateful yeah, exactly.
To have this energy, especially from Tony's position
of just like, I dove into your documentary on Netflix,
and that was actually the first time I was exposed to you.
Actually my father, who owns an independent agency
in Connecticut, very successful.
He quoted you as a huge inspiration so, I kind of dove
into your content, and fell into kind of your hands
and your guidance so.
- They're big ass hands too, by the way.
Jesus.
Well listen, thank you for the question, Tony?
- The question is, how do you create the gratitude?
I'm not quite clear on the question.
- Yeah, how do you?
Go ahead.
- [Brandon] Well, how do you become so grateful,
and because of that, you live a life of...
- I think this is, actually, this is a great first question
Brett, thank you so much because I actually think
he nailed it, which is, I actually think he's right.
Like, in what I see in you and from others like,
gratitude, it's incredible what gratitude does.
- Well the two things that mess everybody up
are anger and fear.
When you let them dominate you, you're in trouble.
And you can't be angry and grateful simultaneously.
- Nope. - It's the antidote.
It's the only attitude that really works.
And you can't be fearful and grateful simultaneously.
So for me, the answer to his question,
I don't hope I'm gonna be grateful.
I have a system, like anything in life I, you know,
if you're a great pilot, you know how to fly a jet,
you still have a checklist 'cause if you miss
the checklist the consequences are too big.
So I'm not a big meditator.
My meditations have been active, it's been physical,
it's been in nature, it's been ripping things open.
It's being on stage.
But I started a few years ago doing what I call priming.
And what priming is is most people think their
thoughts are their thoughts. When really your thoughts
have been primed by the environment.
That's why you want to create the environments
like you create and I create 'cause it makes you be
your best, but specifically there's a study where they
took a group of actors. They had 'em go out to 200
people and the only thing different they walked up
to each person, and the only different was they held a
cup of coffee. They walked up to you a stranger and go,
would you hold this for a sec?
And they'd look down so you can't say yes or no,
and you'd end up taking it.
They get their phone, they adjust it, they take it back
and say thank you.
That's the whole thing.
Same facial expression for every person.
Only difference, half got an iced coffee,
the other got hot coffee.
Now, 30 minutes go by, they send out an assistant,
a research assistant with a clipboard and they come up
to these same individuals and say,
if you give us two minutes of your time
we'll give you 20 dollars.
Will you just read these three paragraphs,
and tell us what you think of this character.
Couple questions.
They read the three paragraphs and they say,
what do you think of the main character
in this little story?
81 percent that were given ice coffee say the person
is cold and uncaring.
80 percent, a one percent variance, of those who are
hot coffee said the person is warm and connected and caring.
With nothing else but coffee 30 minutes earlier ice cold.
I can tell you 50 of these. So what I do,
is I get up every morning and I make a radical change
in my state, and I have a simple deal with myself.
I prime for 10 minutes every day.
'Cause if you don't have 10 minutes,
you don't have a life. - Hundred percent.
- No excuse.
So I come in, I do this radical breathing change.
These three sets of 30 breaths where I bring the
air in and explode it out my nose 'cause,
I'm sure you know from Eastern philosophy,
the breath is like the string on a kite.
The mind is the kite. - Yep.
- You can change the mind through breath.
- Yep.
- So I do this radical breathing, takes a minute.
- Then I do three things for three minutes, really simple.
I take three minutes and I focus on
three specific individual things that I'm grateful for
but I don't think about intellectually.
I step into the moment. Remember it, feel it.
What does is it activates it not as a thought
but as a biochemistry.
Then I do three minutes of prayer and blessings,
starting with my family and moving out to everybody,
my clients, friends, people I meet.
And then I do three minutes on what I call three to thrive
where I focus on three important outcomes that I have,
that I wanna accomplish but I don't think about
want to accomplish it. I see it, I feel it,
I experience it and then I feel grateful.
- That's your move.
- I actually go 15 or 20 minutes 'cause it feels so good,
but what's happened is now you're primed.
You're not hoping you're in prime time,
you are in prime time.
And to me, that's how I do it.
Once you've primed yourself, you start noticing
things to be grateful for all the time.
When I asked Sir John Templeton,
one of the first billionaire investors,
international investor in the whole world.
Started with nothing, built it up.
When I asked him, I said, "What's the secret to wealth?"
I'll never forget, he looked at me and smiled
and said, "Tony, what do you teach?"
I said, "Well, I teach a lot of things, which thing?"
And he goes, "Gratitude."
How many billionaires do you and I know
that are miserable human beings and they're so unhappy.
He said, "They're poor."
If you've got a billion dollars but you're frustrated
and angry and sad all the time,
your life is frustrating, angry and sad.
How many people have nothing but they're grateful
for their family or their health or there, there.
That is the game, it really is.
- To me, it comes down to its cousin which is perspective.
- Yes.
- So I do something very similar every single day.
I make pretend that my mother, dad, sister, brother,
wife or children are killed.
Now, I know this is a different version of it.
(Tony laughs)
I know, you didn't expect that one?
- I love you crazy son of a bitch.
(group laughter)
- I know it's a little different.
- Yes, they get stabbed in the eye,
and then they take out the groin.
- Yes, it's sometimes even in detail
but I will tell you, it's very fleeting.
It usually happens within-- - It'll make you grateful
for them still being here (laughs).
- But I promise you, I know it's a little left field.
It's insane what that perspective does me.
Nothing, and I feel it.
- Well, it's contrast. - And I feel it.
- I get it. - I feel it in my soul.
- Contrast works.
- It just makes every bad thing,
and by the way, I'm sure for your business,
when you're the last line of defense.
You know how they say occupation on the doctor form?
The last time I filled it out I said firefighter.
(Tony laughs)
Because that's what I think I do for a living.
It's just problems.
When I get done with this interview and
I'm gonna look at my phone,
seven problems, seven fires to put out.
That's what I do.
For me, it's perspective.
I don't understand how people don't get
that there's seven plus billion people,
that there's so many people that have it worse than you.
- If you live in this country,
you know, I feed 100 million people a year, I care.
But if you live in poverty in this country,
you're the one percent.
You're not the 99 percent. - I know!
- Two thirds of the planet lives
on $2.50 a day, $900 a year.
If you're making $18,000 a year,
I don't want you to make $18,000,
but you've gotta start with gratitude
that you're one of the richest humans on earth.
- You're preaching. - It doesn't feel like it,
but you are. - Preaching.
DRock, don't produce the show.
Hello, this is Gary Vaynerchuk
and you're on The #AskGaryVee Show.
- [Miguel] No, there's no fucking way
I have this luck (laughs).
- (laughs) You're on man!
What's your name, where are you from?
- [Miguel] I'm Miguel. I'm from Los Angeles, California.
- Awesome, Miguel, what can we help you with?
- [Miguel] Okay, so, God damn, hold on.
(Gary laughs)
(laughs) Alright, so,
I'm 20 years old.
I'm in college right now.
I'm in my junior year, the hours are really crazy
'cause I'm going to school for game design.
That's what I really wanna do.
- Okay.
- [Miguel] I really want to be able to
just purchase my own games studio.
- Okay.
- [Miguel] I also work part time,
I just started a marketing business
to try and bring more money in
but this is the first business thing I've ever done
and I'm trying to start my own gaming YouTube channel
just to get my name more out there
and learn basically how to get my own following
and become an influencer for video games myself.
- Okay.
- [Miguel] My question is,
how do you know whether or not
you're trying to basically take too much on--
- Right, are you stretching yourself thin?
Yeah. - [Miguel] Yeah, yeah, yeah.
Like, I wanna know--
- I got it, Miguel.
- [Miguel] How do you know when you get to that point?
- I got it.
Tony, this is such a classic question
for a lot of entrepreneurs.
You've done it, I've done it. We've lived our lives.
You know, where does doing a lot of different things
to see if there's upside in it,
which all my great things have come from.
- Me too.
- Stop, and where does it start to,
you're taking on too much and now you're trying to do
everything which means you're doing nothing.
- First of all--
- Thanks for the call, Miguel. - Thank you for the question.
Most people who start a business, very often,
will start two, three, four more
and the reason they do it is because the first one
isn't succeeding or they no longer
have juice for it. - They lack patience.
- Exactly right, and so what happens to that person
is they're never gonna successful in most cases,
unless they get lucky.
- Yeah. - You can get lucky,
bounce across something that's easier to do.
But most people are always looking for that next level.
What my view is is it's great to test all these things
but you've gotta find, what is your flagship?
What is it that you're gonna commit your soul to?
Because if you don't do that,
the inevitable challenges are gonna come up
and you're gonna then move on to something else
that's more enjoyable. - [Gary] 100 percent.
- And so, the other thing I look at is,
business is about constantly, not only adding
such massive value, doing more for others than anybody else,
but it's also simultaneously about your own psychology.
It's your ability to go through thresholds of control.
It's like, I can remember when I didn't have $50,000
to keep the doors open on my company.
I had 12 employees and 11 wanted to quit
'cause they hated the person running the show.
And $50,000 would be like 500 million to me today.
And I figured out how to get through that threshold,
and once I did, all the problems
related to that were handled.
I know you've done this as well.
And then I had a $5 million lawsuit,
it was totally unfair and unjust,
and I finally had to just,
the amount of the time, energy and money,
I had to bite the bullet and five million
was more than I could remember.
Then I got a partner who took a company
that was losing a million dollars a day
and turned it into 1.5 billion in positive EBITDA.
I'm not mentioning names, Amway.
(laughter)
And he wanted me to join him in business
with some other partners, not doing the multi level side.
Did the business, put in 10 million bucks,
we all put in 10 million, it was 40 million of debt,
but I signed joint and several,
which I didn't understand in those days what that meant.
Two of my partners were supposedly
billionaires and they went broke.
We bought some more companies.
I end up with $120 million in debt
that I was on the hook for.
No one else had any money,
and I'm getting up to do a seminar wanting to throw up.
It was a new threshold of control.
So you know when you ski or you snowboard,
and you think you're maybe, just new at it,
and you think you're going down a blue or green
and turns out to be a double black
( Gary laughs) and you're like, what the fuck?!
- Yeah. - Right? And so you have
two choices, one is you start to go down and
you freak out and you're gonna die,
you slam on the ground and try to hang on for dear life.
Or the other is, baby you focus on where you wanna go
- And go. - And you find a way to curve.
You find a way to cut.
And once you do it, a couple of times,--
- You get used to it.
- You have no more fear of that element,
now my biggest one, out of that,
that led me to a billion.
I have 31 companies now to give you an idea.
Seven different industries, as diverse as
stem cells to virtual reality.
We have the exclusive to the NBA now,
in virtual reality to give an example.
We got 1200 employees, we're on three continents,
and we got $5 billion dollars in sales.
But I did that because I first stayed on
one freakin' thing and
I got so masterful at it.
The way I look at it, I'll give you one more metaphor.
You're probably not old enough to remember this
but I'm old enough to remember-- - I'm pretty old.
- Mel, I forget his name, he was a,
the guy that-- - Mel's Diner?!
The great '80s sitcom?! (Tony laughs)
- No the guy that looked for gold on the Spanish galleon.
I forget his name.
But anyway, he found a half a billion dollars in gold
but it took him like 31 years to do it.
And you can't live on that,
that's a good start!
- Maybe he loved the journey, though.
- No, he did not love the journey!
His son was killed on the journey!
- Well that's bad. - He made no,
if you could imagine 31 years of going out there,
getting money from investors
and showing nothing?
I mean after a year, two, five, ten
some point you hit your breaking point
He never hit his breaking point.
So I looked at my businesses back then
and I was always looking for the new business that
was great for opportunity.
I loved what I was doing,
it's emotionally rewarding but
low margin business.
And, I had these meetings with a group of billionaires.
And they said, you have not maximized.
And then I saw this guy Mel and I thought,
I don't believe, I have not the right beliefs.
You need three beliefs to be
successful in your business the highest level:
you have to believe, number one,
what did this guy have to believe to go 31 years?
He had to believe, number one,
that the treasure was out there.
Number two, he had to believe,
I'm gonna find it.
And number three he had to believe it was
going to be worth it.
- Yeah. - If you don't believe
there's that treasure in your business,
you'll never find it. - [Gary] You're finished.
- You've got to use those three things
to go to another level.
- Miguel to answer your question,
I've now had a career for twenty-plus years.
I, at every minute, was running one of two companies.
Wine Library or VaynerMedia.
There was never a day in my life
where I didn't have something that I called,
"The 80 percent of what I do." - That's right.
- That's exactly what you were saying.
- Yes. - I call it the meat,
the main dish.
You can go and have side dishes,
and if your meat, if your steak is perfect,
you'll always be able to absorb the losses,
because they're smaller losses
and then when something over here becomes bigger,
you can turn that into the main part
and that can become the steak.
Too many people have all side dishes,
and no steak.
- I want to say something else about it too.
- Let's do another phone call. - Most people
massively overestimate what they're going to do
in a year.
And they underestimate what they can do in a decade.
So what happens is they get all disappointed
and frustrated and they don't stay with the game--
- Talk to me about lack of patience.
This is something, I've been pounding patience.
- You've been pounding patience?
- Yeah. (laughs)
I actually, do you know that I genuinely think
I'm the most patient? Do you know that--
I genuinely call myself a tortoise in a hare's costume?
Don't let my energy or my stage presence
confuse what I've actually been doing.
- Yeah. No I get it, I'm teasing you.
- I know you are. - I know.
- But the reason I want to put it out there is
I think it's an important thing that,
it's an enormously important variable.
- I think so too,
let me mention one thing with it.
You really, I think all businesses though,
we've talked about focus, I just want to add
one last piece to that before we go to what you're saying.
I think all businesses should be running two businesses.
The business you're in and the business you're becoming.
Because, if you only run the business you're
excited about you're going to become,
you're gonna miss the cash flow of managing your business.
If you only focus on the day-to-day,
you're not anticipating the competition.
- This is GaryVee, and you're in
The #AskGaryVee Show with Tony Robbins.
Who's this?
- [Nico] Yo Gary, it's Nico from Chicago, man.
- Nico, how are you?
- [Nico] I'm good, how are you?
- Good man, what's your question?
- [Nico] Alright, so just a couple sentences
to give you a cap of what I do.
I'm building two things right now which is
a small business, my creative studio,
and my personal brand.
- Okay. - [Nico] So my creative studio
does photo/video content for small businesses
and my personal brand is just my creative content
and me documenting my life through Instagram and YouTube.
- Okay.
- [Nico] So, I'm wondering, should I leverage,
or should I use my leverage and community for my
personal brand and funnel that into my business?
Or should I keep them separate?
Or what do you think I should I do?
- Well look, obviously I know why you're
asking this, because I've lived this life, right?
Now the thing that's interesting about me
and I've talked about this is
a lot of my audience doesn't necessarily
represent the clients of VaynerMedia.
VaynerMedia does, you know,
gonna do $125 million dollars in revenue this year,
and it's mainly Fortune 500 companies
who are not necessarily watching my 25 minute vlog.
Now, what I knew about being in the business
you'll be in the future,
is that the technology would drag people down.
And that the 53-year-old cliche executive
would eventually watch YouTube and be on Instagram.
I would tell you,
here's what I would say to you, brother;
Intent matters so much.
As long as the content you're putting out and the
stuff you're doing creatively,
isn't just a gateway to get clients,
just because of that.
I think you'll be perfectly fine.
It's going to happen naturally anyway, first and foremost,
because people are going to become aware of you.
I think, listen, I wrote a book called,
"Jab, Jab, Jab, Right Hook".
I think it's okay on your personal brand
once in a while to say, hey is anybody looking for
small business clients?
As long as that's three, six, seven percent of your,
and that's an arbitrary number.
As long as your audience doesn't feel like
that's your intent.
Look, Tony and I get compared to a lot of people
that we are opposite of.
But it's our energy and the way we roll that
people think we look that part.
The intent matters.
So I would tell you that,
as long as you're asking instead of making, you win.
Do you know how many people have landing pages
where they get you in and you got some content
and then all of a sudden you got to pay to keep going?
That's making people pay.
Putting out good stuff to the world
and then maybe some of it coming your way?
"Jab, Jab, Jab, Right Hook" was
give, give, give and then ask.
Most people interpreted
it as give, give, give and then take.
That's a very big difference!
- I like that.
- [Nico] Okay, so my first brand is like, the complete,
it's exactly what you're describing.
It has nothing to do with my business--
- It will work. It will work.
Dude, dude, dude,
do you know how many people have given me business
'cause I'm a Jets fan?
That's real! We connected on the Jets,
but it became,
absolutely. Speak your truths,
have pure intent, work hard, a lot of good things happen.
And by the way,
I heard your structure, your strategy is on point.
You've got an 80 percent stake,
you're building a personal brand over at 20,
you're doing YouTube and Instagram today,
as we record this.
That's right.
So you've got every piece in place.
Keep going with your intuition.
- [Nico] Alright, thanks brother.
I love you man. - Thanks man.
I love you too, man. Alright. Bye.
- Tony, while we transition,
we'll get one more question in here.
What's going on with you and social media?
I remember very, very, very,
the last time I reached out to you I got inspired.
I called you, and I said, bro, Snapchat.
This was fifteen months ago. - Yep.
- Talk to me about your journey on that,
and one other thing that we have to do before we leave.
I've never asked you this, and I think it's really funny
to ask here, and you may not remember.
I will never forget being at SXSW 2008, '09 or '10.
And I get this email, it says Anthony Robbins.
And then it's a voice email!
- (laughs) Yes.
- And I'm like, I don't know.
Click. It's like,
Gary! Tony Robbins!
And I'm like, holy shit!
(group laughter)
I don't know if you recall that.
- Yes, I do. - But what I'm curious about
is, do you recall why you wrote that email?
- I don't remember that in particular
but I use audio emails much more than regular emails
because-- - Context.
- You hear your voice, - Context.
- That context that you can't get that in a normal email,
plus, if it's a couple lines I'll type it,
but if it's something that has emotion to it,
I want somebody to hear it,
so I can connect with them. - I love it.
- The piece there, so that's it.
- I love it. I love it. Alright let's go to this.
And I'm not letting you off the hook,
(phone rings) I want to know
what's going on with you and social.
- Oh, I'll answer that question.
- Let's, we'll see if this person.
- If you got it, go. (phone ringing)
- [Doug] Hello.
- Hello, this is Gary Vaynerchuk and you're on
The #AskGaryVee Show with Tony Robbins.
- [Doug] Fuckin'-A it is GaryVee!
- It is! (group laughter)
- [Doug] Brother. - Who's this?
- [Doug] This is Doug, Austin, Texas.
Doug, Austin, Texas. - I love it, man.
- [Doug] My question for you is
how can I possibly thank GaryVee
for pushing me through all these years.
Starting with 2007, I'm looking at my
101 wines right now, founded by you.
Know your pal,
you were in Austin with the book signing.
Tony, loved you in Shallow Hal.
(group laughter)
- Amazing.
- [Doug] I just wanted to call in and
give you the gratitude.
(inaudible) This production company here in Austin, Texas.
Just grassrootin' it.
It's been fun, and I appreciate you just hustlin'
and showing us how it's done, man.
- I appreciate it man,
listen. - [Doug] Been solid.
- You go impact one other person.
The right way to do it, and that's more than a payback.
But if you find yourself in New York,
or wherever I am, I'm gonna be in Austin a couple weeks
for South-By, come and shake my hand.
Send an email to Gary - Hair, brother!
- (laughs) I will, man,
it's good to see you. Thank you for the love.
- [Doug] Peace out, thanks.
- I forgot about that amazing appearance you made.
Was that fun? - Which one?
- The Hollywood, when you became a Hollywood star.
- You know what's interesting is,
the guy that wrote that is legally blind.
That's why the story is about
seeing the beauty in someone--
- I did not know that.
- And he bought my audio programs because he's blind,
he has Personal Power.
He listened to it. He went to the Farrelly Brothers.
Never wrote a movie in his life.
Sold the film, they'd ask me three times to be in films.
I said, look, I'm not an actor.
I appreciate it but no.
They send me the script--
- They're like, you're in it!
- Made me laugh, I cried.
But then what they didn't tell me was,
they re-wrote that section.
The writer didn't do it, he had like a fortune teller
doing it and they said, eh, that's bullshit.
If you were stuck in an elevator with Tony Robbins
your life would change.
(Gary laughs) So I show up and
I start speaking, and they didn't tell him
and they didn't tell me this is how it came about.
So he hears my voice and,
Tony Robbins!
And tells me the whole story!
- So cool. - Then I go to
do the piece, and I've got Jason Alexander there, right?
- Yeah, yeah, yeah.
- And I said, look guys, you wrote this whole thing.
I'm honored to be the center of it.
It's not me,
I wouldn't say the shit. - I'm just gonna do my thing.
- He goes, well there's no script.
I said, he's an actor, let him act.
And so when I healed him like that,
when you see him shocked, that isn't acting!
He wasn't prepared for it to give you an idea.
We did it over and over again, it was a fun trip.
- Tony, end with this for me.
What has been your journey on social?
Where are you now?
What are you excited about, are you into it?
Is it hard for you? You're very busy.
Like every,
don't pander to us, I'm actually curious to where you're at.
- This young man right here runs it for me.
- Yep. - So, Tyler, he does a
great job but I do all my own personal components.
I get him to go leverage and get the pictures
and the graphics and all those things.
I found that Facebook Live is one of my favorite
tools at this stage.
- Yep. - 'Cause we get three-quarters
of a million people,
- Watching. - It's like you have
your own show, you just go in there and, boom!
So that tool to me is one of the most viable tools.
But you know, we've got a million people on Instagram,
- Tyler. - We got 10 million
people there now. - What do you want to see,
this is your chance.
This is the air cover
you've been waiting for. (Tony laughs)
I'm gonna be your shield here,
this is the right room to do this.
Where's the place that you'd like to see him
focus a little more on?
- For me? - Yes.
- Had you asked me six months ago,
I would have said Snapchat, but now I'll say
Instagram Stories.
- [Gary] Yep. - Yep.
- We're doing it today, he's taking a little run-through
on it, - [Gary] I love it.
- He's digging it.
You know, it's ephemeral, it's here today gone tomorrow.
But you're, he's able to connect with his fans.
And give them that little sneak peak behind the scenes
of what he's up to.
- [Gary] My man. - I'd love to see that.
- And I love that Instagram is more your
personal life to a great extent.
Each piece, you know,--
- Yeah, Facebook's like mainstream media.
And by the way, they ebb and flow to his point,
he's exactly right.
Six months ago it would have been Snapchat,
and tomorrow, somebody might buy Vine,
create one feature and we all care.
- Yeah. - It's a moving market.
- Without a doubt. Without a doubt.
Thank you, brother! - It's great to see you.
- Listen, people watching,
I want to plant one seed, one seed for you too.
Both of us have achieved a lot.
I'm sure many of you have achieved a lot too.
Success without fulfillment's the ultimate failure.
This guy's very fulfilled, that's why he
works 24 hours a day.
His whole hustle is that it fulfills him.
Same thing with me.
If you don't find what fulfills you,
all the achievement's worthless.
I had a really cool conversation,
and I talk about it at the end of the book here because
money is not gonna make you happy.
It'll give you resources, it'll give you tools.
But you got a 2 million year old brain
that's always looking for what's wrong
'cause it's trying to make you survive.
If you're going to override that,
you've got to learn what it is that's gonna
fulfill you most.
And if you discover that, and you pour
all of your juice into that,
forget the money, the money will be fine.
But what you really will have is an extraordinary life.
That's what this character has done for himself,
'cause he lives it every single day.
I live it every single day.
There's nothing short of that that's going to
give you what you want.
So, hoping you read this, you'll also find there's
pieces there about how to master the mind.
'Cause this is what messes this up.
You can be a billionaire and
be miserable. - This is the game.
This is the operating system, baby.
- We're the only creatures on the planet that can
think a thought and make ourself miserable,
and think a thought and make ourselves euphoric.
So, take control of your mind.
That's really the end of the game for you,
that's how you'll survive.
- Two things, you gotta ask the question of the day.
That's what every guest does.
So you get to ask a question, and there'll be
thousands of comments on Facebook and YouTube.
So give that a thought of what question you
want answered.
Number two, I'm about to take a picture with
this man, and I'm gonna give away a hundred copies of this
on Instagram over the next 24 hours.
- Cool! That's exciting!
Question I have is,
what is your definition of a magnificent life?
I'd really be curious.
- Oh we're gonna get
some good stuff. - What's your criteria
for a magnificent life?
Which to me is life on your terms.
It's different for everybody,
I'd love to know what yours is.
I'd love to see the variety of people.
Thank you, brother.
- My pleasure. - Good seeing you, man.
- You keep asking questions,
we'll keep answering them.
(hip hop music)