How to REALLY Become A Millionaire

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 and 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

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Keywords: Entrepreneur, Entrepreneurs, Entrepreneurship, Entrepreneur Motivation, Entrepreneur Advice, Startup Entrepreneurs, valuetainment, patrick bet david, How to REALLY Become Millionaire, how to become a millionaire, how to be rich, how to be wealthy, how to make a million dollars, best channel for entrepreneurs

Id: KW9R_aNGF4E

Length: 14min 50sec (890 seconds)

Published: Thu Jan 07 2016