Der größte Fehler auf dem Weg zum Reichtum

0:00If someone read all your books, listen to your podcast, listen to today's podcast, what are they going to unblock that's been tripping them up, keeping them behind or holding them back? >> I think they would have clarity on what actions were required to get what they wanted. And then at that point, they would only have to just think like why am I not doing it, which is a separate conversation. But there's a lot of confusion I would say around like what are the things that are required in order to create a business, in order to create an income. I would say that I'm an objectivist. And so I just look at what are the things that are observable.

0:33And I think a lot of time people spend inside their heads trying to think about manifesting and energy and all of this stuff when it's like we got to let people know about the stuff we have. We got to have something to sell and we got to make sure that what we're charging costs less than than it costs to deliver it. And we try and do that as many times as we can. And so each of those pieces obviously has frameworks behind them, but they're all tied to one thing which is just what actions are required. And that's been the single pervasive frame in my life that has made navigating reality significantly easier for me cuz I was very confused coming up and I was like I don't know what any of this is and I read all these self-help books and and I felt more confused after the 10th book than I did in the first book and and then it was just like okay what do I have to do and then that is kind of what has started this journey for me.

1:15>> What's that number one misconception you hear when people are thinking about building a business making money changing their financial situation? What's the number one thing you hear and you go that's the issue? >> I think the conflate sequence is probably the first and biggest thing because a lot of people who are wanting to make money believe that the making money comes from investing and investing is the last thing you do, not the first thing you do. And so one of the things is they'll look at people who are at the end of their careers and say, "Okay, well these guys are making all these, you know, these bets, right? I if I if I just bought this memecoin or I just bought Bitcoin in 2013, I'd be super rich." But it actually doesn't take into consideration what a decision-making process like that would create, which is if you took a swing at every type of Bitcoin, because you can't just say, "I would only pick this one." You'd have to say, "I'd pick every single super long shot." It's like we probably would have lost them 99 of the other bets.

2:02>> And so it's like we have to take it in aggregate. And so I would say making active income cool again uh rather than the passive bet and really just gambling um is probably the the first thing that that people mess up is that they're they somehow think that working or active income is not scalable when in reality the people who have the most money typically have tremendously high incomes and it's because of the excess of cash flow from that income are they able now to make big swings with riskier bets that sometimes pay off and sometimes don't. But you can't take those swings unless you have more cash flows coming in from the things you do every day.

2:37>> You know what? No one's ever said it that well, like from everyone I've spoken to. And I'm so glad you pointed it out because I completely agree. I have so many friends who when they saw the rise of crypto or whatever it was, jumped in with a large sum of their life savings >> because they heard of a friend of a friend of a friend who'd made a killing. >> Put it all in there. A week later it dropped by like 10k. They pulled it all out. The next week it went up double like and and it was just a mess. And so many of them lost like 10 20 30 40,000 dollars.

3:13>> And it's all because you're thinking that's the way to get there >> and it's cooler and it's smarter and like you're a genius >> if you and you're right. Actually, everyone I know that's made amazing money on any of that already had tons of money and it was play money for them. So it just changed into this. So what's happening there? Why is it that we've been led down this thought process and how do we get out of it? >> I mean I think it's fundamentally the something for nothing fallacy of like how can I get rich quick? How can I do it really easily? And um basically the more it feels like luck is usually where you should have your first red flag. If you I mean I have a belief that if you control all the variables then you can predict the outcome. Now, we don't always control all the variables in any given situation, but the greater number of variables we control, the greater influence we have over the outcome. And if you're getting into something like this and you're like, I actually don't even know what the variables are. Then it's like, you are you are 100% gambling. And so, this is your life savings. Would you put it on black at the casino? Probably not. This is really not that different than that. Except at the casino, you have no nods at least right here. It's like you have no idea.

4:16And typically by the time especially Genpop uh kind of retail investors find out about something it is the peak and it is too late. And so you have to be at the very beginning of these if you want to be speculative, which I wholeheartedly am not a big fan of speculative investments in general because it's basically the greater fool theory, which is what they call it in the investment world, which is just like we just keep selling to the greater and greater fool until sometime somebody is the greatest fool of all and then it drops, right? And so I prefer to think about instead of thinking of investments and active income, I think of it just money per unit of time. And that kind of takes out this binary or what I would consider a false binary of active and passive and think well and I I I feel like I can prove this pretty clearly which is we live in time and we collect money in that period of time. And so fundamentally all we want to do if we want to increase our income is just think what are we earning per unit and this is where again bad piece of advice is like never sell your time. It's like okay well if someone gave you a billion dollars for an hour would you not sell that? I would, right? So, it's a question of how much is your time worth?

5:17And then that creates a much more actionable uh decision-making framework of is this worth it or not? And to lad up to the active versus passive, it's how active is it versus how passive is it? And it's my belief that nothing is passive because there's always going to be a certain amount of if you're doing it right. Let's say if you you made one passive investment, if you're doing it the right way, you probably should have looked at a hundred deals and all of that took time and all of that takes diligence. And then after doing all this analysis, then you decide to make this investment. And so to say that it's passive, it's like it doesn't take into account all of the research that goes into ahead of time, which is absolutely still work. Now, after the investment, sure, but there's still time that you're trading. By first breaking that idea of like if for in order for me to get rich, it must be something that I don't trade my time for, I think is like big myth number one. So if we assume that then we say okay I have to trade my time for money because money comes in over time.

6:10What are the things that I can trade my time for that will get me more than I'm currently getting which is a much more solvable problem that also is significantly less risky. And so especially when you're trading time we have some. And so we don't we really just risk the time to be like I would I never want to I don't want to sell my I'm not a I'm not a slave. It's like calm down. We're it's a voluntary exchange and if it's and here's the thing is if you don't think the price is worth it then don't make the trade. And that's one of the beauties of capitalism is it's two parties both saying they'll be better off. And so fundamentally I would say the focus of the the content the stuff that I put out is how can I equip people with the skills so that when they trade that time they get more for it and then continue to trade up and up and up for the rest of their careers.

6:47>> Yeah. I mean that is that's actually such counterintuitive advice to what I feel has been spreading on the internet for the last two decades of every conversations around passive income. I feel like every one of my friends is addicted to figuring out how they can make passive income. And those are the same people that are not making >> any more money than they already were. >> But it's this addiction and obsession with if I figure this out,

7:14>> then I won't have I can quit my day job and whatever it may be. >> Yeah. Yeah. And I I've had influence. So the the my neighbor is um is he owns uh Panda Express and so last time I checked they did $3.7 billion in revenue and they have about a 27% net margin. So he took home $935 million in personal income not investment income. And so people see his investment portfolio which is impressive as you can imagine been doing it for 45 years. And so that starts to add up right. But the thing is he can only take these kind of bigger swings or bigger bets because he has this very regular cash flow that he spent 45 years building. And I would say that what's interesting is that you can build something very big in about 5 to seven years. And the problem is that I think most people spend that same 5 to seven years reliving the same 30 days over and over again, jumping from thing to thing to thing and never actually getting the root set so that they can pay down their ignorance tax of not knowing enough. Real quick, if you're a business owner and you are not growing as fast as you'd like, I'd like to give you a free gift. So my team and I put together the $100 million scaling roadmap, which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly where they got stuck and how they got past it. And so we broke it into these 10 stages and we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at and the most important part for you, what to do for each of the functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so no matter what you're struggling with, someone else has already struggled with it and solved it. And so I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information, and if you want us to actually help you deconrain the business and you're trying to scale, we'd love to help you out on the thank you page. You can just book a call with my team and we will look at the business, see if we can help, and if we can, we'll invite you out to Vegas and we'll do this in person live.