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0:00So, I I wonder if you can speak more to this idea of like learn versus earn. Um cuz I think that's a good model and this idea of paying down ignorance debt. I think I think that's a great model that more people could, yeah. It's the most expensive cost. Every Like right now everybody It costs everybody It costs me a billion dollars a year to not be to not know what to do to make a billion dollars. Or I do know how to make a billion dollars and I just have to wait and pay down my time debt, which is what I feel like I'm doing right now. I'm just paying down time. And so, I think understanding whether it's a lack of knowledge or or it's just a timeline thing. Like those are big differences, you know what I mean? At the baseline, right? You could be doing the right thing but just be 10 years behind when it's going to come to fruition. You will get outsized returns on the on the information, right? On the knowledge and the lessons that you will learn. And so, you want to you want to pay that ignorance down as fast as you can because as soon as you have that knowledge, you'll be able to skyrocket straight to 20, 50, 100, 500,000 a month like very quickly because you know how to do it, right? So, people are like getting obsessed about these micro changes when the big scheme changes like this is why in my opinion all of the money that somebody be spending And like this is relatively controversial. Um it's a whole S&P 500 versus SME 500 but like you will get a significantly higher return investing in your own ability to make money than you will in any any market. And so, if you look at all the the vast majority of very very wealthy people, they have tremendous earning capacity.

1:20Right? They know how to do stuff that makes money. Right? So, it's like we got to go get that. And so, there's really not like if you were to if you were to dollar cost average a thousand dollars into a month in the S&P 500 for for, you know, 50 years, sure you'd also not live a fun life but you could do that if you wanted to. You could do that. You absolutely could, right? Um or you could take that thousand dollars a month, join a mentorship program every year. You know what I mean? And this is why the my whole argument against like college is not that I'm against college.

1:51I think it's just overpriced. And so, you could take 200 Like you want to you want to I have have thought? In like in the US you can get a student loan for the full amount of college is about $200,000. If you go to like a really nice private school. Like that's that's what you can get subsidized through the government. $200,000 and you don't have debt payments for like a very long time. Here's a crazy thought. You could take that $200,000. You could buy a [ __ ] rental property that makes you $4,000 a month.

2:18And then you would literally exit the system before you even got into it with the money that they're giving you to become a worker which is just fat and you wouldn't even have to pay the pay down the debt service for the real estate. A buddy of mine did this. He's a PhD student. He got grants to go to school. He still took out the student loans and he finished finished his his PhD with 20 homes and $10,000 a month of income from from doors that he didn't even have debt service on because it was it was student loans.

2:45Crazy. Just as as a fun side note. Yeah. I know. So but but I won't even get into that one. But if we just think okay, I'm paying $2,000 a month if I'm paying to if I if I if I'm if I'm working for not working if I'm going to school for $25,000 a year. So 100 grand for 4 years. Whatever. I pay $2,000 a month. Is there another place that I could spend $2,000 a month and get a superior return on my ability to earn money? And my argument would be yes, there are many places, most places arguably will give you a better return on your money than a traditional four-year degree at this moment, right?

3:18And so you take the you take the $2,000 a month. You go and you buy a six-month mastermind on placing ads. You buy a six-month thing on selling. You buy a six-month thing on making courses. Whatever. Maybe it takes you 18 months. Well, you're still two and a half years ahead of the other guys. So what? You know what I mean? Yeah, I think this is this is like a key a key like mindset shift cuz I'm I'm just thinking there's so many conversations I've had with friends and people in my audience over the over the years where it's like you know, they've got like a regular job maybe earning 50k or something and they're like or even 30k like whatever and they're like I know I want to make some money on the side. Therefore, uh you know, talk to me about investing. I I've like do I pick stocks or index funds and I'm like I mean index fund but like Hang hang on like how how much money how much money do you have to make? Yeah.

4:06>> [laughter] >> You're poor. There's no like you're not going to make you're not going to make breathtaking and the thing and here's here's the thing is when you when you do the dollar cost average thing cuz everyone likes to put in the excel sheet everyone gets excel rich. The thing is is that by the time you retire with $4 million on that excel sheet, $4 million will be a million dollars today. Which is not a lot of money. Now people are like that is a lot of money. It's not when you're trying to live on it and you got like 30 more years to live. It's not it's not a lot of money, right? And that's in you know what I mean like it's it's just if you just take take the compounding of 4% a year on inflation and do that for 40 years and then see what the money really looks like, right? Like people aren't taking the inflation into account. And that's just not cuz it's a hot topic now. That's just always been whatever it is. I think it's around 4% has been the compounding rate of inflation. And so point is and this is the simplest example I have that can illustrate the concept. The same PhD guy, the good friend of mine, he has a daughter.

4:54His daughter got a job at a bowling alley. Minimum wage. She just you know lets people to the tables and get some shoes or whatever. Doesn't matter. She could spend $500 and get a weekend certification to become a phlebotomist. All right, phlebotomist draw blood for people, all right? All you need is a two-day certification. So you get the certification cost 500 bucks. Her earning capacity would go from $7 an hour to $25 an hour. Just from that one thing.

5:19So she has two options. She could wait eight weeks, save up the money and then spend the money on the certification, right? And then her earning capacity would go up it would triple immediately. Or she could borrow the money from her parents and then do it that weekend, pay the money back the next week from the earnings that she had and then have and then be seven weeks ahead of her other other path, right?

5:45Or she could save up the $500 and put it in the S&P 500 and make $2.50 a year. >> [laughter] >> Nice. And so the And so the thing is is they're they're making these these these assumptions and they're just not thinking through the math, which is like the problem they have is they don't make enough money. They have an income problem, they don't have an investing problem. Right? And the nice thing is that if you're poor right now, it means you have learned how to live on less, which is a good habit. So, keep living on not a lot.

6:11But then, this is where like this is where I don't understand people cuz like my my plan B for like if the gym didn't work, cuz you have to like for me it's always risk mitigation. So, plan B was um if I didn't want to do the entrepreneurship thing after that, I'd have a good story for business school. So, that was that was one path. Which they love sh- you know, it's having people try stuff, whatever. The other path was and this is probably the real path as soon as I started, I knew I wasn't going to go back. Um was that I would strip at night and I would drive Uber. So, if I drove Uber during the day, I could make I I knew if I drove all day, if I drove 12 hours a day, I could make like 80, 90 grand a year if I just did that. And then at night in 4, 5 hours, I could probably pull another 150 in.

6:50And so, I could make 250,000 a year just stripping and driving Uber, maybe even more. >> [laughter] >> Now, once I got the first level of skills, once I learned how to sell, I realized that my base levels my base level opportunity rose cuz then I was like I could just sell cars and make 400,000 a year and keep my clothes on. Right? I could sell cars. And then I wouldn't have to strip. So, that became my my you know, my new baseline. Now, once I knew how to once I knew how to market and sell, then my new baseline became actually what started which be which became my my int- intermediary model between when I owned my chain of gyms and when I started doing gym launches was when I I flew out and would do the turnkey sales system cuz I knew how to market, I knew how to sell. And so, what I did was I would just run ads. I would spend the money on the ads.

7:34I would get the leads. I would work the leads. I'd sell the leads. And I I kept all the cash. So, at when I did that on my own, no employees, I'd make a hundred grand a month. Like zero employees, I I mean I had to work 14 hours a day, but that's all I did. If I did that for a month, I would make a hundred grand. And so that became my new baseline, right? Of how much I could make on my own. And so like my baseline has continued to rise as my skillset has improved. Um and so I I I I I I I could go down that trajectory, but basically going back to the girl, going back to the girl. A lot of people are in the girl's position and are saying, "I am going to save my $500 in the next eight weeks and try and earn two and a half to five dollars a year on that money when they should be trying to solve the problem, how do I create another $50,000 a year in income?" Well, let me let me like boom, she can triple her earning capacity. And if she lives on the same 750, she now has a thousand dollar whatever that is, $25 an hour times times 2,000, she's making 50 grand a year. So now she can still live at her parents' house, have $30,000 a year. And for $30,000 a year, you can go buy any education you want in the world.

8:34Any skill you want is available for $30,000 a year. Any any sub ten million dollar skill, I'll put it that way. Real quick, if you are 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 dollar scaling road map, 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 ten 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 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 deconstruct the business and you're trying to scale, we'd love to help you out. On the thank you page, you can book a call with my team and we will look at your 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.