One of the most common things I see when
I sit down and do business, plan with
somebody and they want me to look
through it. I'll notice I want to become
a millionaire and I want to become a
millionaire by this age I say great and
nowadays if you pretty much want to
write a book and have the book do well
write a book and have the title.
Millionaire in it it's probably going to
do well, this is the one minute
millionaire the self-made billionaire
effect think like a billionaire Trump
will see if will be a president or not
secrets of the millionaire mind secrets.
I mean I have so many I can go through
there are so many books ,on how to become
a millionaire, everybody wants to become
a millionaire and I think a lot of times,
just like in sports think about in
sports we admire Michael Jordan.
We admire LeBron James but if you're not
six a to 16 you cannot jump 40 inches,
you're not going to be LeBron James okay
so that's not the most duplicatable,
story to try to be inspired by we can
respect it we can admire them but it's
not something we can be and that can be
intimidating sometimes so a lot of you
guys may you I'll see people like myself
even back in the days you'll see,
somebody like an Elon Musk or you'll see
somebody like a Mark Zuckerberg is I can
never be like Zucker .
I can never think
like Elon works with they're an anomaly
what I'm talking about is something you
can be Stefan curry is only six feet,
tall couple inches 170 pounds he doesn't
do 360 dunks but he practiced the
formula I'm going to cover is more a
duplicatable way of becoming it a stefan
curry or a Sam Walton Co Walmart or
something that's duplicated but that's
what I'm going to cover with you here
today okay.
So let's get through it what it really,
takes to become a millionaire ,I call it
the 2 5 10 20 30 40 rule let me explain
this is your time line you've got to
know your time line the one thing about
becoming an entrepreneur know that the
first two years is survival mode if
anything that can go wrong it's probably
going to go wrong in the first two years
of being a business and you're going to
experience all of it and you need to
experience all of it that's the first
two years in business within five years
if you follow the formula that I talked
about you have a shot at getting to a
quarter million to a half a million
dollar your income
within five years within ten years you
ought to be at a million dollar your
income if you cover the formula I'm
talking about you'll be at a million
dollar your income then 20 years is 10
million 30 years 100 million 40 years a
billion but the formula is a formula
that's duplicatable to everybody so
let's start off with the formula you
need four elements to be in your favor
sometimes I'll hear a lot of people when
you do an interview with a millionaire
or billionaire I interviewed with Mark
Cuban and he talks about a hard he works
Monday through Friday and Saturday and
Sunday he's going through this going
through that hey what does it take to
become wealthy and you hear a lot of
people's you gotta work hard well what
does that really mean you gotta work
hard because sometimes I visit
entrepreneurs offices and they're at the
office purely on Facebook all day long
but they're at their office for 12 hours
that's not working card that's just
being at the office I'm talking pure
work meaning if you're in sales you're
either answering the phones you're
either in the field or not you know
meeting with people or you're having
people sitting in front of you at a
kitchen table selling something but
you're constantly playing offense it's
not a lack time so let's talk about work
ethic you've got three levels level
number one is a part-timer if you work
40 hours a week as an entrepreneur to me
you're a part-timer I know in the
full-time world in the job world if you
work 9:00 to 5:00 your full timer but as
an entrepreneur forty hours a week
you're not giving yourself a chance to
make it level number two to me is a
full-time or a full-time or as an
entrepreneur is somebody that works 60
hours a week that to me is a full timer
now level three
I call it all the timer all the timer is
80 hours a week and I know a lot of
times people may even turn off the video
right now because you may be saying 80
is he out of his mind is he crazy
he must be nuts this isn't a video for
everybody to watch this is if you want
to know what it takes to become a
millionaire a Decca millionaire you know
those days of just coming out with
snapchat and Instagram and you becoming
a billionaire overnight those are
anomalies that's that's not duplicatable
if you only strive for that you may be
another person that 60 years trying to
get something to come out of be so for a
couple billion dollars this is a
duplicatable system that I'm talking
about now on the work ethics side let me
explain on the work ethics side I'll
have people that will say I worked 80
hours last week
you have no idea hard I work last week
that's
but how hard did you work the week prior
to that and the three months prior to
that and the six months prior to that
and the following week when you have a
birthday party coming up and next week
when it's Superbowl and next week when
it's this how hard are you going to work
every week this is not one week everyone
has one week to brag about this is every
single week you may have a week you
don't feel like working and all the
timer still shows up a part-timer only
shows up when they feel like it and all
the time or whether you feel like it or
not they show up now second element is
personal growth speed let me explain
personal growth speed if you're only
working working working working working
and you're going into like the whole rat
race if you're just working working
working working working and your
identity isn't growing nothing changes
there is an ability to scale your income
to get to a millionaire if you're
working figuring out working figure not
working figure not solving learning
growing then you're can't stay tuned
it's so here's how it works
level one if you average 24 books a year
two books a month that you're feeding
your mind
that's a part-timer if you average four
books a month that's a full-timer
average CEO reach 56 books per year if
you read and all the time or if you read
eight books a month a hundred a year to
me you're in all the time or you're
constantly feeding your mind I'm not
talking about you know the fantasy books
I'm talking real business books that's
growing your mind on solving problems
and issues and learning from this guy
and how that person did it and how that
person did this you're learning you're
growing it's hop and you figure things
out that's an all the time so so far we
covered work ethic and we covered
personal growth speed element number
three is how many start stops you have
as you're running your business you
rarely hear us talking about this listen
I am by far not the smartest guy I'm not
the most talented guy I don't come from
a family of wealth
my father was a cashier at a 99-cent
store in Englewood one point a GP a kid
I went to the army I took an acid I've
got a 31 on my aspect this is not a
product of I'm supposed to do whatever
I'm supposed to do and be running you
know whatever
multi multi-million dollar company and
doing what we I'm not supposed to be
where I'm at right now I'm supposed to
be a statistic that's what I'm supposed
to be doing but I watch a lot of my
competitors who are sharper than me
degrees better family better market
better upbringing they know how to play
golf very well from a young age so they
could go and network with other people
and their score was very good
just pure form great all that stuff but
they had a challenge that no one sees
you don't see it you don't visualize
this is something nobody ever sees and
it starts stops let me explain what this
is
a part-timer typically typically has two
to four distractions per year setbacks
per year let me explain what this means
this may sound a little cold and some
people may say Oh Pat that's absolutely
cold you can't think like that a
part-timer has two to four distractions
per year it could be it could be a
bankruptcy set some back for two months
it could be a breakup there you to
recover from a breakup take some six
months it could be a loss of a loved one
a relationship didn't work out something
that happens to them they are devastated
for way too long
that's a part-timer two to four setbacks
per year a full-timer to me is one
distraction per year so they'll have
business everything's going right on
boom something happens they're gone for
six weeks now they have to go and start
the momentum all over again
because they don't know how to handle
distractions they're not good at
managing distractions very well they
give too much attention to distractions
and they have way too many setbacks
they're not able to experience the whole
thing number three is and all the timer
all the timer to me is somebody that
experiences one major setback every five
to ten years no one is perfect
everyone's going to experience some
setbacks divorce health family things
are going to happen it's up for some m80
divorce for some it may be something
else for some it may be a financial
thing for some it may be a family thing
everyone's going to have it how you
react to it will dictate your odds of
being able to become a millionaire dekha
million or whatever that goal is for you
to become right so that's how many start
stops you have now numbers number four
to me is number of industries a
part-timer changes industries as quickly
as an 18 year old changes boy
friends and girlfriends it's just a new
industry again a new industry yet a new
industry again so you're talking about a
part-timer changes new industry every
two to four years real estate in and
work I'm gonna go do this this didn't
work I'm gonna go do that that didn't
work I'm gonna go through this a
full-timer changes industries every five
to ten years oh this is too boring to me
I'm going to go to another industry and
then they'll stay focused for 10 years
they'll get to a certain level and then
boom they go again and then they never
ever really fully understand what their
capacity is if they stick around the all
the time er 20 to 40 years one industry
let me explain Jeff Bezos is one
industry okay.
Berkshire Hathaway they went into one
industry and those guys started with an
all the time er mentality they're
companies right now Berkshire Hathaway
worth about three hundred and twenty six
billion dollars their annual shareholder
meetings happening on April 30th forty
to fifty thousand people show up.
I
think it's Omaha somewhere there it's
it's the most ridiculous Center
everybody see you go look up the picture
on what it looks like they show up and
they never got into technology they
stuck to their philosophy they stuck to
insurance everybody called them boring
everybody called them all this type of
stuff Charlie Munger's worth the billion
to two billion dollars and Warren
Buffett's word forty to seventy billion
dollars depending on what date and what
time of the year you watch this video
why one industry they stuck to it it
doesn't matter it's what industry now
some people will also say well I feel
like I have to start a company to have a
shot at becoming a millionaire .
I have to
you have to be an entrepreneur
you have to be an entrepreneur that is
definite you need to be an entrepreneur
but an entrepreneur may also be somebody
that gets with the company and increases
value of themselves and eventually they
become a an executive a voice a
president a CEO whoever it is I mean
Steve Ballmer a great example the
Microsoft get started in 76 he gets
started with Microsoft in 1980 he
increases value by what he brings to the
table with Bill Gates and Microsoft
eventually his word twenty two billion
dollars owns the Clippers he had a blast
the Enza becoming a CEO after Bill Gates
and he was not the founder of Microsoft
but he was somebody that positioned
himself well worked very.
Artie was an all the time where he was a
value guy chose one industry he read the
books to find that he was a great
student he didn't have a lot of
distractions he kept on showed up to
work yeah that's what ends up happening
for him to become who is today so now
what conditions what intangibles need to
be on your side I wrote all this stuff
on this epic summer I might say well
what if you do all that stuff can I
still go wrong yeah of course you could
let me explain what things if it's only
a want for you to become a millionaire
and it's not a must kiss her goodbye
ain't going to happen nobody becomes a
millionaire by wanting to become a
millionaire everybody wants to become a
millionaire too few it's a must if it's
a must you'll do it next focus and
intangible how focused you stay ambition
desire cannot be taught no video in the
world is going to give you ambition and
desire the only thing that's going to
give you ambition and desire is you
you're here right here right here do you
have it do you truly want this to become
a reality.
Positioning equity do you position
yourself in a company they can
eventually own a piece of it are you in
a place they can increase value and own
a piece of the company marriage who you
pick as a partner is very important how
you pick that it may not work out the
first time second time but you got to be
good on how you pick them it's got to be
clear on how you do that this is going
to play a very big role do you have a
chip on your shoulder you know if you
grew up in a perfect family everything
was good and you don't have to pursue
you know prove anybody else you just
okay you had a great life you know I
didn't have any problems growing up
there is no chip I don't have a chip so
what's the purpose of doing this you may
not have a chip to want to do it you may
not be that important to you.
Jordan had a chip Bezos had a chip Steve
Jobs had a chip these guys have a chip
is there a chip on your shoulder enemy
who is your enemy who are you trying to
compete against is that somebody want to
prove right or prove wrong maybe your
mom would that sacrifice so much you
want to prove right that the decision
they made what's right maybe mom and dad.
Don't believe in you may be a relative
doesn't believe in maybe an ex-wife
ex-husband ex-boyfriend ex-girlfriend
doesn't believe in you do you have to
prove to somebody maybe you yourself the
man in the mirror the woman in the
mirror you got to prove that person
right or wrong are you going to do that
is that important risk is a big part of
it value do you increase your value
wherever you're working at your
decision-making process this has got to
be one of the best.
Friends association do you constantly
revert back to friends and associations
that teach you two bad habit that gets
you to work backwards are you pretty
focused do you constantly revert back to
bad habits do you do that luck and
timing that's also part of it
positioning timings are part of it but
look in reality of it everything I
covered with you somebody may watch us
in say 80 hours a week I'm already tired
watching this video this video may not
have a lot of use because somebody may
watch this video so I don't 80 hours I
lost I don't wanna watch any more of it
that's totally fine.
But if you're still watching it and
you're saying I mean I want to be in all
the timer you got to be a little bit
crazy you got to be a little bit of a
maniac some people are going to call you
a lot of different things and you got to
be okay with it so my challenge to you
would be this success to me is not a
part-time thing is not a full-time thing
it is an all the time thing in any in
any industry athlete business.
Entrepreneurship doesn't matter you got
to be in all the time or if you're not
on all the timer you maybe become a fan
there's a lot of people that are fans of
Elon Musk there's a lot of fans of Steve
Jobs there's a lot of fans of Jeff Bezos
there's a lot of fans of Stephan curry
there's a lot of fans you can become a
fan or you can become a player but you
can't do both part-time or full-time
you've got to be all the timer so my
message to you if you got any questions
about this comment on the bottom take
care.
https://youtu.be/KW9R_aNGF4E
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