Signs That Predict Success [0:00:00]
Quick question. Is it possible to predict the future success by whether or not you eat
a marshmallow? Yes. This is a real question and it's based
off a landmark study conducted at Stanford University in 1972. Labeled the Stanford Marshmallow
experiment, what these scientists did is brought in a bunch of kids and offered them a choice.
Now, the choice for these five-year olds was this. First, you can eat the marshmallow sitting
right in front of you or if you wait 15 minutes -- and they had to wait with that marshmallow
sitting right in front of them -- we will give you two.
In a nutshell, what we're talking about here is instant versus delayed gratification. Are
you going to eat that marshmallow right in front of you and be instantly satisfied or
can you wait 15 minutes and get a bigger return? Now, the immediate results weren't that interesting.
About half the kids immediately ate the marshmallow. The other half, they sang themselves songs,
they distracted themselves, but they waited and they got two marshmallows.
Now, the interesting part is what happened to these kids over the next 20 to 30 years.
It turns out that the kids that were able to delay gratification resist the marshmallow
were able to live more successful lives. And by success, I'm talking about quantifiable
factors. So, their SAT scores, whether or not they were able to get into certain colleges,
their BMI, how much money they're earning. What they found is that success as measured
by those indicators was more likely for people that could delay gratification.
So, are you going to be rich? Are you going to be successful? Are you going to be able
to achieve your dreams? That's what I’m talking about in today's video as we talk
about the habits that millionaires that successful people have and a lot of people that aren't
successful seem to ignore. [Music]
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that I sent you. The next habit I’ve noticed about really
successful people, they don't eat food that comes in through their car window. On top
of that, I noticed when these guys are shopping in the grocery store, they don't go to the
center of the store. They avoid it. They stay on the outside.
They go over to the vegetables, they go over to the meats, they go over to the fresh foods
that have to be refrigerated. Ones that have an expiration date. They stay away from all
those processed foods in the center of the store.
Obviously, what I'm talking about here is successful people pay attention to what they
put into their bodies. They understand you are what you eat. You only have one body and
you need to take care of it. I know, it sounds obvious, it sounds common
sense, but how many of you out there are actually doing it? I'll admit, I wasn't until I started
tracking my food. And all of a sudden, once I'm tracking my food once I’m measuring
everything that's going into my body and I start to understand where carbs are coming
from, I understand how much protein this has, I understand everything that's going in you
can always be getting better. And here's the thing, the people at the top,
the successful guys I’ve noticed that are just killing it, they're also paying attention
to their body because they realize, hey, the more I take care of my body, the more energy
I’m going to have to be able to focus in on what matters in my life.
Next up, rich and successful people don't play other people's games. They play their
own. They play a rigged game, that's rigged in their favor. And that may not sound honest,
but guess what? Life is a series of games. And let's take business. You want to be rich,
you want to be successful in your field. Well, guess what? If you're working for somebody
else, there's always going to be a cap, there's always going to be a limit on how much you
can earn. But, if you were to set up a -- become a co-owner,
find a way to actually profit-share or to get a, you know, salary that's based off of
performance or maybe go off and start your own business. Many different ways to do this,
but all of a sudden your income is going to be tied to factors that go beyond just simply
how many hours you put in, but also how you perform, how you're able to produce.
And this applies in my opinion to the nonprofit world as well. So many people don't -- they
don't think about it that way, but I -- we were trying to find something as a family
that we could contribute to in our area and I had trouble finding a company that would
actually value my family's time and make time for us.
So, we started up our own deal. We actually found ways to contribute to our community
that we controlled we could have bigger impact. [0:05:02]
And that's what I’m talking about. No matter what industry you're in, if you can control
the game, all of a sudden you can write the rules and you can make sure that things consistently
fall in your favor. Next up, most of my successful friends don't
care if they overpay for a latte. Who cares if it's five bucks? What they care about are
the bigger expenses. The things a lot of people don't even think about like the interest rates
on their home, the interest rates they're getting with their business. They go back
every six months, every year and they're renegotiating those big expenses.
And I know little leaks sink big ships. I know that's saying and I agree with it to
a point. But, if you're spending your limited energy and time, focusing and trying to save
pennies here when you are losing hundreds if not thousands of dollars on your high interest
car loan. I mean, that's where I see these people saving big amounts of money, so that
they can enjoy the things they want. Because if you enjoy coffee, if you enjoy
little expensive things, nothing wrong with that as long as you know that that is where
you're going to have your little bit of luxury. But, make sure that you are saving on those
expensive, those big things that we've -- checking your insurance, making sure not maybe you
have the lowest insurance, but maxing out your insurance, so you're fully protected.
Going through talking with your advisors and making sure that they their fees are low and
that you're not getting overcharged for that. Those are the type of things those people
worry about. The next indicator that you're going to be
successful that you're going to be rich, you do not lie to yourself.
Okay. What I’m talking about here is you are brutally honest with where you're at,
what you've achieved, and you actually seek out criticism from people you respect to be
able to tell you the truth to be able to help spot the problems that you're not seeing.
And this is key because it's very difficult for us when we work hard to be able to take
criticism, negative feedback because we feel that we've put our heart and soul into this
project into getting that watch company off the ground. We want to be an artist and we
think our artwork is top-notch. And it's tough to accept that criticism especially
from somebody who gets it and is still saying that we can be better. But, here's the thing
they see and they're telling you this because they probably think that you have the potential
to achieve more. You've got to have the courage the ability to accept that.
I’m in a call the other day, very successful YouTuber helping out a smaller YouTuber. And
the smaller YouTuber is all upset because his friends and family have said his channel
is awesome. And larger Youtuber is trying to point out, that's why you're not getting
any views and there's a reason why after 50 videos, the algorithm isn't showing you any
love. That YouTuber knew, that big Youtuber knew
what he was talking about. One of the top guys in the game and you just see this guy
getting emotionally charged that somebody is attacking his baby his creations and doesn't
see his vision. But, here's the thing, the world is not fair.
And you've got to understand that if you want to be successful, you've got to be honest
at least with yourself. The next sign that you're going to be successful
that you're going to be rich, you understand economics and the theory of risk aversion.
No, just kidding. You don't have to understand that theory, but I think what you do understand
here is that people are scared of loss. This is natural. It's kept us alive for thousands
of generations because, hey, if they're, you know, you thought you heard something out
in the grass and it turns out not to be a wild animal and you were wrong, guess what?
You were just wrong versus if you were wrong not to react to that, you're dead.
So, there is a high, you know, there was a time period, we need to watch out for that
stuff, guess what? Nowadays, in today's society, we're being overwhelmed with false scares
with things that really aren't that bad. And, when people see a mathematical, you see
it's a 50% option on this investment, you'll make money, 50% option you'll lose money.
The same amount each way, guess what? Most people will not take that bet.
So, how can you actually maybe get the odds a little bit more in your favor? And if you
can, you got a little bit of insider information, how can you still deal with that risk aversion?
Okay. There's still a one in three chance that this is going to fail, a one in four
chance. Here's the thing. Successful people that I
see, they're able to remove the emotion and they're able to say, okay, you know there
is still a 75% chance this will succeed, there's a 60% chance this succeed. I'm going to spread
my bets out and statistically I should come out ahead.
Now, I do think to be able to be risk-averse is actually to have a solid foundation. So,
make sure that you've got the little things taken care of, like your expenses. You've
got an emergency fund out for a year. You've got your expenses down.
I know for me giving myself runway, that has allowed me to be a lot more risk-averse with
other investments I’ve made in other companies that are now starting to reap benefits.
So, that's what I notice about really successful rich people is that they're able to, again,
put -- give themselves that comfort and set up that barrier that bubble that they've got
and then they're able to take their other investments and remove the emotion and say,
“You know what? Yeah, this has a 65% chance of achieving success. I'm going to go ahead
and put my money there and I’ll spread that out over 10 bets and over time over the spread,
I should actually get a pretty good return.” [0:10:04]
Another common factor I’ve noticed around very successful rich people is that they have
good etiquette and good manners. Not all of them, but the vast majority. And what I noticed
about this is it's their ability to understand other human beings, because that's really
what manners are. It's about making other people feel comfortable around you.
Successful people realize they can't do things on their own. You're not an island, you need
if you're going to start a company, you need a team, you need people that are going to
work with you, are going to follow you, are going to take that company to heights that
you could never take it by yourself. If you want to be successful in society, you
want to get that nonprofit up off the ground. You're going to need to work with other people,
with bankers, people in different industries, people from different, you know, parts of
society even different countries. And you're going to need to master a way to interact
with them and for them to like you in those interactions. Gents, manners maketh the man
and they can affect your bottom line. The next sign that you're going to be successful,
you don't give up. You understand that obstacles are there to stop other people, not you. You're
going to find a way to become the man you know yourself to be.
Me, personally, I went through a bankruptcy almost a decade ago, one of the most painful
experiences of my life. You want to hear about it? Guys, I talk about that right in this
video here. I go through the details. Talk about how it felt, how actually how you go
through it all the things that happened. It was quite the experience.
And I'm happy to share it with you here because I think that you guys can learn from my mistakes
from the things that actually made me who I am. So, check out this video right here.
I think it's one of my best. [0:11:30] End of audio