Copying Rich People's Habits Won't Make You Rich

0:00What do you think about uh there's this odd trend of uh entrepreneurship like uh I don't know like mindset stuff where you got to be doing sauna cold plunge meditation and I feel like that only makes sense once you're successful and then you look at the successful people and you're like well yeah the rich guy has a sauna but what was he doing when he was broke he was waking up and getting on his laptop but how have you reacted rich people fly private so I should fly private in order to get rich it's it's conflation Um, okay. So, at the most basic level, you have to do work.

0:35>> Yeah. >> And if it is not the work, then you have to have a very strong argument that is going to increase your output per unit of time. >> Mhm. >> Period. And so, if you have a three-hour morning routine and that's the first three hours a day when you're probably the cognitive like the freshest, have the most energy. You would have to have an incredible Do you curse on this show? >> We don't. >> Okay. A credible darn argument for You're welcome [laughter] to. our kids are our kids are watching. But, you know, by all means, >> you have to have an incredible argument for why that's going to improve your output. And so, like the morning routine that I'm a big advocate of is you wake up and then you caffeinate,

1:05>> you shut off your your distractions and then you begin the work. And how how much you can compress the time from waking to beginning work. >> Sure. >> Is the ideal. And you are the freshest whenever you are postleep. >> Yep. >> And so I like if you want to do that stuff, I'm like by all means go for it. But like just like you can >> plenty people have hobbies. You can have hobbies. Like there's nothing wrong with that. It's just is this actually and you also need to work 16 hours a day in order to get what you want. I I have plenty of friends who are super successful and don't work that much. Now did they work

1:36>> 16 hours a day to get there? Probably. And so this is the modeling the rise not the plateau. And what's difficult is the plateau is what's more visible. Sure. >> What do you think there? And then you can make the content, right? No one's making this part. No, no. >> What do you think about uh people sort of like staging out their sort of career as an entrepreneur? I was talking to >> a friend of mine who has a

2:01>> something like an agency business in fashion. He's going to do like about a million dollars this year of like profit. It's a fantastic business. >> He has he he eventually wants to have his own his own brand. My my advice to him is like fashion is such a like bad business until it's a great business, till you have like a flagship brand that takes 20 years to make. Uh I was like get your business to like a couple million a year. Get it like established, couple million a year profit at least.

2:31Get it established, get, you know, 10 20 flagship clients that are on sort of long-term contracts and then basically use that cash flow to invest in your brand. And like a lot of people would be like given the advice now of like just go all in on go all in on the brand like why are you wasting time with this other thing and I feel like that's very uh that that works super well like if you have a trust fund but for somebody who's like 27 let's assume they want to have a family in a few years I was pushing him to say like make this thing great even though you know it's not the thing that you want to be doing for that 40year chunk of your career but how would you talk to to somebody in that sort of space? So, I don't think there's a right answer because it's all dependent on risk, which is entirely personal. Yeah.

3:14And so, if you want to go balls on the line, that's not cursing. Um, [laughter] then then do it. Go all in. But like just understand the risk that you're taking on. And so, I would say that that's not a risk that I would take. Um, I would say that I'm relative. >> There's there's risk to being allin and then not having the capital to actually fuel the opportunity. Right. My point of view was like you're going to be way way way higher likelihood of success if you sort of build slow and you can put half a million a year of like outside capital into the business versus like trying to build this brand when you don't have a a capital source.

3:48>> Depends on gold depends on risk tolerance. Like I want to be a trillionaire and then and I'm willing to take the risk then it's like yeah I mean you should have started yesterday. You know what I mean? Um, but my perspective is I would like to get my oxygen mask on personally and I was able to make I've been able to to take significantly bigger and bigger bets in my career because I don't they're free swings. >> Yeah. >> If I lose my ch my life changes zero. >> And so in thinking about big life changes, what's been really helpful for me is what is my what tactically changes about my life? Do I change what I eat?

4:19Do I change what I wear? Do I change where I live? Do I change the car I drive? And and do these things matter? Right? Does it change who I'm married to? If none of these things change, then almost none of these decisions are gonna actually have a huge impact on my life, which then makes the argument for like maybe I should take a higher risk adjusted return move. But I would say that from the emotional side rather than the logical side. Um it was I have tried I very quickly tried to have a nest egg to be like I'm good

4:45>> and that's what's allowed me to take really big bets like things like school. School's a platform. likelihood that >> oxygen mass is a is a great way to put that on if you're going to be >> if you want and if you have responsibilities too. If you're if you're a parent and you've got kids and you've got mortgage and and you want a certain lifestyle for them and certain schools that they you know that cost money um then then you're also risking their futures to a degree and so again it's your decision but just know what you're putting at risk and how much is my life going to change if I lose. Keith Cunningham has a great frame on this which is just um what's my upside?

5:16What's my downside? And can I live with my downside? >> If you can't live with the downside, don't take the bat. If you like this video and you're a business owner who wants to break through your current revenue ceiling, I distilled every lesson from scaling 10 businesses past 10 million and three businesses past 100 million into a completely free scaling road map that I've used to go from 0 to 1, 0 to 10, and 0 to 100 plus. And so you can click here and you can check it out. Again, absolutely free. And since you're a business owner, appreciate you. And uh enjoy.