NEXT BIG MARKET CRASH: 7 Ways To Prepare For An ECONOMIC COLLAPSE | Lewis Howes

you know the last crash was 2008 i made more money and then my whole life really whether you're making 250k or 2.5 million for the high earners here don't get too smart for your own good this could be the best thing that ever happened to you there's a lot of good that comes out of this much pressure because it forces you it can be a scary thing when the market crashes that's why in this video i bring together some of the top money experts in the world to talk about how to master and manage your finances if you enjoyed this make sure to like the video leave a comment below of your biggest takeaway and subscribe for more greatness in your life [Music] why is a time like this a great time to make money well it's a great time to be introspective and to pivot and to do resets and to try stuff you never tried before yeah because you might as well right we're all sitting at home we've got some people those freestyle i mean we pivoted a whole bunch of product lines here at ramsey and all kinds of things and we could throw all these offerings out there stuff that we might have messed around with split tests for a year or whatever instead we just dumped it on the street let's just try it to see if we can help some people and give some people something to do while they're at home with some digital products and so that's exciting you may have a situation where you hated your job i mean statistics tell us that 68 of americans hate their job and some of you don't have that job anymore so you get the opportunity to get one you like now uh and you might not have done that on your own so this could be the best thing that ever happened to you there's a lot of good that comes out of this much pressure uh because it forces it forces you to reset yeah it forces you to rethink and uh you know two or three four crisis ago i don't know back i'm an old guy now i i had a personal crisis you know of losing everything i decided i was never going to be the victim of the things i can control when one of these things that i can't control come at me again and so we got out of that and we built an emergency fund and we were in the last downturn of 2008 we were in a position of we had piles of cash and so i was able to buy real estate at a nickel and a dime on the dollar it was a wonderful time but there were other times i was broke and couldn't take advantage of stuff being on sale but uh if you're in a position you got money right now the stock market's on sale real estate's not moved much yet but if you're buying even consumer items other than toilet paper most things are on sale i know how much how much deeper down do you think this will take in terms of you said real estate's not on sale yet but it probably will be how much farther down do you think things are to go and for how long with your well just your guess on this i mean you know weather forecaster is an economist only people can be wrong all the time and still keep their job so i have no idea but i do know there's going to be a direct correlation between how long we stay out and how long it takes us to recover uh no kidding that's kind of common sense the obvious is every week that we're out there's another series of businesses that will never reopen that will close and so and that's a a recession is two consecutive quarters of the gross domestic product all the goods and services produced in the u.s shrinking rather than growing that's all it is it receded rather than expanded and so recession sounds like a big scary depression type word but it simply means two quarters we've not had one quarter yet shrinkage so it would have to be up into the fall before you can officially declare this a recession or or what results in the from the corona shutdowns a recession so i don't know but um i i i'm sure hoping that that the folks are not ill and that nobody dies and it's a horrible thing and uh but and the juxtaposition with that is the sooner we can get back to work uh the fewer people are going to be um you know affected by the economics of this and it's not saying i'm trading a dollar for a life but today actually that we've lost uh about a hundred jobs per case of corona right now wow so the corona in america in america or in america yeah we've lost about you know the crime shutdown's affected 100 families jobs for every case uh not not death for every case of the virus and i don't want anybody to be sick i want anybody to die and i don't want the hospital bills the beds and the ventilators run out i don't want any i don't want any bad stuff okay don't know i'm not a medical person uh but but i am an entrepreneur and i'm you know every day you were uh not working uh is a trade-off and it is a good trade-off because you don't want to kill people believe me i'm saying that but but man it's just it's painful to watch these people lose their businesses yeah from your you you mentioned you've been through three or four recessions i don't wanna i'm gonna say your age out here but it sounds like you've been you've been around the block you've experienced some stuff you know i only went through really uh you know i guess my adult life um when i was 24 i guess it was the 2008 to 2009 time time frame when i was just got out of school and i was trying to figure out my life i had three credit cards i was living off of i was living on my sister's couch for a year and a half i was in college debt and i didn't have any skills that i thought were usable to get a job or do anything and when i look back you know 11 12 years ago that was actually the greatest time and the greatest gift for me to develop skills to work hard to hustle to try to see how can i make a hundred dollars here and there and then turn that into a business and it was the greatest it was the hardest time and the greatest time for me i'm curious with your experience in in watching these over the years what were the greatest lessons you learned from each one that you applied in the last three weeks with your personal business well it is cliche but cliches come from truth that um you know that that you know it's the greatest time and the worst time in your life uh you don't want to go back there good lord no i don't know back there i went bankrupt i lost everything in my 20s i don't want to go back there but the lessons that i learned from that pain were so thorough pain is a thorough teacher yes that uh you know i i it was a rich time the fertilizer was everywhere lots of place to grow stuff you know lots of poop so you know and and that's you know that's what you had there in 2008 there weren't any jobs you couldn't like you could just i mean there was a con a contraction of the economy a recession and you're there you are on your citrus couch and so you found out that the secret sauce in your life is the guy in your mirror that it's not some outside variable that's going to come and save you the calvary is not coming santa claus doesn't live in washington dc it's up to you baby get up off the couch i got to go leave the cave kill something and drag it home you found that truth in that moment i found that truth that you know what doesn't kill you makes you stronger you know that old saying i found that truth and so nowadays now that i've been through you know y2k or 911 or all these initials come at you you know the the the horrible thing of 2008 now the corona the only thing i am sure is we're going to get through this yeah you get hope because you go it's not going to kill you well i guess you could get the virus i don't mean that but i'm saying the economic stress that we're under the fear that we have the concern or the worry that we have it doesn't you don't die from it you but but you feel you feel like like there's this hopelessness and the truth is that's unfounded the truth is there's a lot of reason to have hope uh by september where do you really think we're gonna be by this time next year are you not 90 something percent sure that the economy will be roaring again and your life will be back to some level of normalcy you think it's going to be 10 years for you to personally recover from this no that's absurd and you know that once you've walked through several of them and so it's just to me it's like yeah you're gonna make it we're gonna be okay yeah and so your personal i guess i'm just curious about your personal thoughts do you think to yourself like i'm fine because i've i've followed my seven steps for years and i've got you know cash and i feel safe and protected so now how can i shift and adapt and pivot and serve my community and customers more or do you feel any do you feel any anxiety personally at all or oh no none no i mean i'm we're we're in fabulous financial shape it's not a yeah i've got a lot of money invested in the stock market it's going down i'm gonna put some more money in while it's on sale you know i mean it's if real estate goes on sale again i'll buy some more so no i mean my personal stuff it's it's it's not arrogance it's just i've been doing this a long time you're the king of it yeah i'm the i'm the little pig in the brick house you know i mean huff and puff baby and so uh but but i do it does put you in a position to serve then and truthfully you get more joy even in a crisis and serving than you do in sitting in the basement and counting your coins i mean so uh the opportunity i got a thousand folks on our team and you know the struggle and the scratching and the scrappiness and the clawing to keep this place running and all of them not have their incomes interrupted in any way during this time that's an act of service in leadership the act of service of speaking hope and life into this uh into the communities around america right now is an act of service on my part uh it's uh being on the air three hours a day at the dave ramsey show i'm saying it's gonna be okay it's gonna be okay it's gonna be okay over and over and over again right now that's my job that's what i do um and it's that's just so much more satisfying than counting coins yeah now i followed your steps when i was you know 25 26 when i started making some money when i was like it's hard to it's hard to follow a step when you feel like you're you're living off credit cards and in debt and you're not making any money you feel like this sense of helplessness really and i know i've listened to a lot of your shows with people where they feel helpless and it takes that initial momentum to kind of kick start it and see little savings here and there and then pay off one thing here and there but i'll tell you once i finished those i guess really the the first five to six steps i don't have a home still i still uh rent for personal reasons but the first uh five to six steps and then building wealth and giving and giving once i got through these it's just like man you feel so much more bulletproof i feel so much more bulletproof now after 10 years of building into this recession i feel safe i feel fine i feel protected and it gives me so much more peace of mind since i did follow your steps so i would first want to acknowledge you for that for creating something so simple for us and providing this three hours a day for everybody i think it's amazing you sound like a preacher and a motivational speaker to me in the last few minutes to just to speak in life and hoping to us so i appreciate that um what are you telling the people right now who are saying you know what i didn't follow your advice i didn't do what i should i should have done i i still love off credit cards i overbought paid for my house and i've got this expensive lifestyle and credit cards that i i know i'm wrong i've made a mistake i own it and now i'm screwed and i just got 50 cut of my work i might lose my job in two months i got all these bills like how do you even how do you even respond to something like that yeah well i certainly don't say i told you so uh that's not that's not the message because i've been there i've done stupid stuff too and that's not helpful uh and it doesn't bring it doesn't bring any healing uh the thing is this we all get wake-up calls we get wake-up calls in our relationships our spiritual walk our leadership styles we get wake up calls in our finances and some people the phone's ringing off the hook right now uh they're getting wake up calls on a bunch of things uh they're at home with their family and it's and they're starting to realize i was disconnected from my family i haven't been plugged in they got a wake-up call on their relationships at home they've gotten a wake-up call on you know i don't have any savings and i've got i'm deeply in debt this isn't working and so the you know the the cool thing is when you get the call then you have to make the choice are you going to answer the phone if you pick the phone up that means maybe it's time to change and uh you can look back and you might be uh 27 years old right now watching this and you're screwed you lost your job you got no money you got no savings and you feel like it's all over uh and i remember in 1970 i was 10 years old and i was in my grandpa's backyard we were tearing down an old deck and i pulled some nails out of those old boards as we were taking the boards off and he taught me to put them down and straighten them with a hammer and save those used nails in a coffee can now my grandpa ramsey was one of my favorite people on the planet this is 1970 and he was still answering the phone that rang in the great depression it changed his life he was frugal and careful and wise with money the rest of his life and so someday 27 year old you're going to be sitting on the back porch with your grandkid and you're going to remember back in alt 20 there was the carnovirus and it changed my life you know and that you're gonna be that guy you're gonna be giving dad jokes you know and grandpa jokes right like i am now and you're going to get that opportunity i was 28 years old when i lost everything it was my fault it was the snl crisis the banking climate changed i built a house of cards i was stupid and the phone rang and it was my wake-up call are you going to answer the phone are you going to change your life to where you say never again i'm going to control the controllables to where i'm the little pig in the brick house never again that may be the only thing you get out of this crisis and if it is you got enough preach to me dave come on now i love this what's uh what's the biggest wake-up call for you this has had maybe it's not the financial side of things or business because you guys are thriving is there something you know relationship family friendships health is there anything that's woken you up now or in the near future recently well i've spent the last 15 years pouring into our leadership team and the ramsey personalities creating the succession plan of and so uh it's not a wake-up call is more of a source of pride as to how our leadership team and our ramsey personalities are reacting in the moment here uh without me coaching them they already knew what to do they're leading they're out there doing it they're doing it they're out there they're not waiting for grandpa dave to say what do i do tell me the steps they already did it they already did it and then i found out about it you know and that's that's awesome and so it's just a sense of ah this is starting to work you know i mean when uh rachel cruz and ken hogan and these guys are doing ken coleman are doing all these hits and chris hogan all these guys are doing all these hits these radio and tv and appearances and all this stuff everywhere and the networks are calling and asking for them uh which is awesome and so um you know that kind of thing is uh i don't know if it's a wake-up call as much as it is it's very satisfying to say you know all that work of the last decade and a half of getting everybody ready to win because we were winning in a winning environment but then when you get the pressures on and you get squeezed you see what comes out and it's good stuff coming out what was the last uh i mean what year would you say was the last big wake-up call for you around you know one of the main areas of your life do you remember when that was we're like oh my you know i'm eating a little too many uh candy bars or you know my relationship or you know what it sounds like you've had the it down for many years but is there another yeah you're like oh you know what i really didn't do as good as i should have done here i i guess it's probably leadership and i probably get one of those calls every day there's some days i'm a world-class leader and some days i'm just a butt in what way like how are you [Laughter] so i mean sometimes i do a better job than other times as a leader and i uh i own it i'm i get it but uh you'd think as old as i am i'd be doing better so uh but i know what i'm supposed to do but sometimes i just don't have the energy to do it i don't care yeah and uh i i should just care more i really shouldn't be such a grouch oh no you care a lot about a lot of people i'm curious what's the best uh what's the best dad joke you share oh lord i can't i don't have no idea oh you got me i'm not a dad joke guy really other than just stupid stuff off the cuff that doesn't even make sense generationally so yeah no good dad jokes what uh what is the the most common thing that you're hearing with your your the people that are calling in for you right now what's the thing that you hear over and over again that they need the most support with i think there's a sense i think when hope gets gut punched the way it has for folks right now um the the the the answers fall a lot of them fall in the category of this is not gonna last forever uh because there's this sense that you know stock markets down do i take my investments out well only if you think it's gonna stay down forever right uh because you know you're you're 35 you're going to be investing for 30 more years you don't think it's going to come up in 30 more years i mean really you're predicting the end of america i mean that's that's silly but your emotions tell you lies when when they're based in fear and when they're based in anger and they tell you lies and and they tell me lies we believe those lies in situations like this so uh you know i lost my job i know but that's happened before and probably happen again just get you another one well this is yeah there's a lot of people hiring right now there are a lot of people hiring amazon amazon's hiring 100 000 people right now yeah so i mean there's jobs it may not be the one you want but you can get some food yeah i mean get you a leaf blower and rich people are afraid of leaves you know i mean you can make some money so there's some stuff to do out there but the uh uh so the thing that the sense that that that the thing you're afraid of is going to last longer than it is yeah whether it's the actual virus whether it's the shutdowns whether it's the economic repercussions of the shutdowns whether it's the employment situation uh whether it's the quarantine it feels like it's gonna last forever but i mean the chances of you being in the exact situation you're in in a few months is almost zero your life is not a snapshot you're not trapped in this moment it's a film strip the story's going to continue to unfold yeah and so that when hope takes a gut punch though when we get down in that fear or we're mad or what however it is we manifest that stuff that those negative things we the emotions that we all have in these situations that's where a lot of my questions are coming they're all built in that i'm spending all my time going uh yeah but it's not gonna last forever uh yeah but it's not gonna last forever uh yeah but let's visit this in may i think you're gonna be okay uh by june are you even going to remember this it's the great toilet paper shortage of the spring you know i don't know i mean what is it you know it's you know some people are going to have devastating horrible things that are going to be life changing but that that's a very small percentage compared to the number of that are worried about it yeah and so you know you and you're going to get out of it you're going to get it out i'll be okay most i mean you're going to be okay i like i like preacher dave man this is a it's just big preacher show you know i like this what is the worst investment people should be making during this time and what's the best investment they can make um in my life when i have become desperate right after that's when i become stupid and explain the other one the other one is when i get well when you know when you get scared and you go rushing towards something out of fear that does a sense of desperation this thing when you do that you're getting ready to screw up i mean just count on it uh and the other time you do that is if you're greedy uh if you think you okay i got this one i can take advantage of this and uh i mean greedy as a lack of virtue greedy i don't mean greedy in a a positive way where i'm being ambitious okay i mean the negative sides of greed and so if you're functioning in desperation or in this no holds barred i've i'm gonna just clean up on other people's pain thing that's when you're getting ready to screw up and you're getting ready to make a major mistake and and so you're set up also for con artists when you do that um and so if you're if you're functioning in high emotion your brain just doesn't work good my friend art laffer says what people when you're panicked and when you're drunk you don't make good decisions and so you know you you're when you're on high emotion your brain is it's your critical thinking skills shut down and and so that's when i made the biggest mistakes in my life is when i was desperate and the few times that i was greedy where i thought oh i'm gonna slip in there and that's gonna be easy money so how do we um invest without fear of oh it's going down i need to take it out or like trying to time it how do we do that great question it's one of the main reasons i wrote the book i always tell people if you just read the second chapter of the book nothing else it'll change your life you're doing that with multiple chapters but that chapter is really about teaching people that winter is coming we all know winter's coming right quite a phrase but that winter is the best time on earth and i know that's counterintuitive and i don't mean like being a positive thinker i mean pure facts so in the book i take you through 10 facts i'll give you a couple of them right now the first fact i give people is why do people not invest they're afraid of failing they if you're a millennial right so you grew up witnessing 2008 when you're still relatively young how old are you now 33. okay so you were what 27 what were you what what 2008 um yeah 27 yeah 27 28 years old so you're a young man and you're watching the world melting down in front of you for most millennials they are the first generation since the generation that went through the depression that is not investing at the ratio they need to even close have more depth than everyone probably right with all those they have more college debt than everyone absolutely true i have a friend that has 400 000 of debt dental school president obama just paid off his debt five years ago while he was still president no i swear to god it's mind-boggling and he had a bunch of scholarships for the last bit it took him that long so what i tell them is listen debt paying off your debt's not enough you've got to become an owner or you're always going to be in that place so yes pay off your debt but here's what you need to know you gotta become an owner you gotta get in the game but you gotta understand the rules of the game you know the rules of the game the old phrase is you get you know what a person with experience meets a person with money we know the phrase the person the money ends up with leaks ends up with your money right yeah so i teach people the rules of the game so they don't get screwed but the most important thing is this winter's coming but people react so let's take last year last january 2016 we had the worst stock market opening in the history of the stock market first first i think was 10 days there was a drop of 2.3 trillion dollars with the t crazy everybody's freaking thinking the bear market's here the market's over the crash is here i think the market dropped 800 points one day and on that day all the richest people in the world were in davos switzerland you know for the big conference that they do every year and they went there msnbc went there and everybody's freaking what's hap what are we going to do and they said let's go ask ray dalio now your listeners may or may not know ray value as if if you're not in the financial business probably never heard of them they've probably heard of warren buffett but ray talia has done more you have a 5 billion net worth and 100 million dollars to give him or he wouldn't talk to you 10 years ago now he doesn't care how much money you have he won't talk because he's got a closed font but they go and they put value on television cnbc he's the king what do we do and he says well you don't need to panic corrections happen all the time yeah but you need a strategy that when markets go up and down you don't go up and down and he said i spent 15 years of my life to perfect such a strategy all of my money's in that plan and he said it's called all seasons and i've never revealed it before but i gave it to tony robbins he extracted from me and it's his book so you got to go read his book he says on national television the day the markets are crashing and that day to give you an idea which is the beginning of february i think it was nine days in february the market was down 9 in the first five weeks of the year his strategy which he gave me which has made money 85 of the time for the last 75 years wow it's averaged a 10 percent return just under and the average loss of when it fifteen percent loss was 1.6 right so if you go to vegas and you could spend 85 percent of the time make money and when you made money was 10 you lost is 1.6 you can't go forever his plan made two percent while the market was down 9. so it was up 11 difference now i'm not suggesting that's the only strategy to do there's many his is the smoothest ride with the least risk but what it did was combination of that and then right after that i interviewed uh fed chair alan greenspan he was the head of our economy the most powerful man in finance for 19 years four presidents he was there running i was just with president clinton this last week he was he was the fed chair for him and i interviewed him for like two hours you know three hours off stage two hours in front and i asked him in the very beginning of this thing i said to him i said look if you could be put the fed today what would you do and he looks at me and as i said he leans forward and he says resign so i look at that and go oh my god i need to write a book that will free people so here's what will for you everyone's afraid of the crash so here's we need to know two terms you should understand correction versus crash anytime the market drops from its high by 10 or more up to 20 it's called a correction right if it drops 20 or more up to eighty percent like in you know the the great depression then it's called a crash or called a bear market okay so how often does a correction happen how how often we have to prepare for it since 1900 we've had a correction on average every year wow for 116 years so when is winter coming this year on average it's like how often does winter come you wouldn't be surprised if it's stormed and rain now some winters are long some are short some are harsh some are light but winter always comes so i wasn't panicked when this happened last year i'm not panicked whenever it happens because i know it's supposed to be how long does it last average 56 days okay so just under two months what's the average drop during that time 14 over the last 30 years 13.5 of last 100 years so i use the more recent one 14 gets your attention right 14 you get a little gut check but here's what you need to know 80 of all corrections never become a bear market 80 percent so all this fear and what people do is what you said you did is they see it it's freaking out and losing money i'm the hell out of here and they get out the stock market never took a dime from anybody only you can take it from it you sold that's why you lost right right so if you look back and say what was it like in 2008 i remember vividly being with my platinum partners and saying you see these 80 stocks this is six months before the crash i told them in april i brought them to dubai and i said these stocks are going to go to eight and some are going to go to a buck and by october and i told them what to do so they were able to get out october i go on the today show in october of 2008 and they go tony there's been three trillion dollars meltdown pump the country up you got four minutes like ready go that's not what i do first of all and i said i'd be alive i'm not gonna pop up at that point the 80 stocks were eight i said some of those i said i'm not a market forecaster but i work with paul tudor jones one of the greatest investors in the history of the world in the biggest market crash in history in 1987 he made 200 wow when everybody else was losing their entire life i've been coaching him continuously now for 24 years every single day so i said i work with the best in the world and they're telling me based on history in the 30s in history in the 70s this eight dollar stock some are going to be a buck and i remember the day in march of 2009 citibank which had been i think 70 sold for 97 cents you could go and take your money out of the atm yeah it cost you more to take your money off than to own the bank right and then i told people it'll jump from 99 cents to six 10 12 in a month or two is exactly what it did right so what you got to know is corrections happen every year you got another couple months gotta know it's 14 and you won't lose because eighty percent of time it doesn't go to a bear now what about the bear the bear market it happens to give you an idea in the last hundred years every three to five years you've gone eight without one we're way overdue in modern years last 30 years it's about every five years the average length of a bear is one year the average drop is 33 a third of those drops go 40 or above that i don't care how well prepared you are that's a scary thing yeah but it is the greatest opportunity in your lifetime to go from wherever you are financially to where you want to be i hope your audience is listening right now hear me if you want a leapfrog and you're a millennial and you think there's no future or you're you know a baby boomer and you think you're too old and it's too late the greatest gift you have is coming i know it doesn't sound like it this is not positive thinking this is the truth wall street the stock market is the only place that when things go on sale people freak out if i said you like ferraris sure if i said to you ferraris go on sale for 50 percent off awesome but when i tell you apple's on sale for 50 off oh what am i gonna do here what's wrong the whole world's coming to an end if you think about it how old are you 33 33 so let's assume if you were 35 and you lived to 85 you got 50 52 years ahead of you that means you have 52 more corrections to live through right that means you're probably in those 50 years gonna have 10 more bear markets to live through if you're going to have a gut checks every time or you're going to leave out of it right if you didn't participate because you thought oh the market's too volatile i can't trust it all that stuff you missed 250 return in the last eight years i mean you've missed out on everything while you're waiting for things to be better and if you won't do it when it's like this when it crashes you're not going to get in so here's the good news about the bear good news about the bear average ones a year could be longer but that's the average could be shorter but here's what's cool every single bear market in the history of the united states has led to a bull market meaning right afterwards so 2008 this plummeting what happened in 2009 up 67 in the year i can show you every single bear market and the next year when it comes out it's this explosion now that's not true in every market in the world it's true for two centuries in the united states so that's why warren buffett says i want to be greedy when people are afraid and i want to be afraid when people are greedy if you remember 2008 he was telling everybody bye he was having the time of his life bye bye bye everything's on sale so what you have to do to become unshakeable is turn when i only the metaphor i use is the turn the snake into the rope meaning we all know the story it's the middle of the night you're walking through the yard or someplace and you see a snake and you're freaked out you pull back you come in the morning and it's a rope once you know it's a rope you're never afraid again i want to take for people investing and show them how to turn that snake into the rope it really is and i'll tell you one final stat on all this people always say and you start to bring it up timing how do i time it like right now things are too expensive oh wait people have been saying that for eight years is there going to be correction yes but when it corrects you just you want to invest again you'll get dollar cost averaging if you paid a little too much here you'll pay paying less here it'll bring the average price to a reasonable place it's going to allow you to succeed but here's what people need to know about timing if you are not in the market it's the most dangerous thing this is so counterintuitive so i hope your audience is listening let me show you research there's two different research projects one was done by jp morgan i just spoke for them the other day at their alternative investments conference and to be in the room there are 400 people you have to have a billion dollar network to get in the room crazy it was mind-boggling right so jp morgan did a study and also schwab did a separate study 20-year studies in the last 20 years to give an idea the average s p 500 that index has produced 8.2 over 30 years it was 10. 28. in the last 20 years a little bit less still great you double your money you know roughly you're you're in a position you're developing money a little more than every uh you know you know what is it now 7.2 so be like a little more than 10 years but here's what they found out if you missed the 10 best trading days in 20 years because you're trying to time the market and you're not in it during one of those days you went from 8.2 return over that period per annum per year it dropped down almost half 4.5 what are the chances of you knowing the past 10 days to trade in 20 years none yeah right warren buffett said market timers and market forecasters are only there to make fortune tellers look good because no one can do it successfully even if they do it for a while it doesn't last because luck you know uh jack mogul told me he started vanguard you know three trillion dollar company wow he said we took gorillas a thousand in a room and had him flip coins and we did we said how many times got heads how many got tails just gorillas flipping them randomly and he said one gorilla in that set of of those turns flipped heads 21 times in a row now when you look at that see all this gorilla's doing it you look out and say what a lucky gorilla he said but in the hedge fund industry in the mutual fund industry when somebody does tend to bro you go what a brilliant investor right what a genius and it's just it's just averages in luck at that time yeah in fact he showed me that 96 of all mutual funds failed to match the market over a 10-year period of time only four percent make it they're constantly changing so the statistic i want people to know is if you missed the 20 best trading days in the last 20 years just 20 days and 20 years one day a year and 20 years and you're wrong you're wrong on timing you're 8.2 doesn't drop to 4.5 it drops to 2 percent you might as well be underwearing a bond you have no no risk right if you miss the top 40 trading days to give you an idea you are minus 2 so you've got to get in the market and if you're saying what about my timing though study was done by schwab if you've got the perfect timing for the year the right day the best possible day to buy some people the worst day someone else dollar cost averages just keep spending the same amount every month regardless of prices and somebody stays in cash who has the worst return the guy trying to time or no cash the cash you get nothing for cash gotcha the guy who was the best had the best timing got it the guy that was the worst the guy at the dollar cost average and the one that was on the worst day were almost identical but after seven years there was only a 20 000 difference in accumulated assets between the worst day and the best day the worst was not being in the market right so you got to be in and i'm not saying put everything in stocks we teach in the book all these different assets but stocks in the last two centuries have provided the highest return so you have to have significant exposure to that if you want to get the highest return got it and what i love uh in the book you say that 80 of financial success is psychological 20 is mechanical right so it's not about timing and trying to like figure all these things out and when's the best thing or the best funder this is not about trading it's about investing trading is trying to do that and most people lose money trading even the guys that tell you make money see how they're making money two or three years from now they usually eat the dust right exactly so yes you've got to have the psychology and my best way of psychology is not to pump you up if you want to be unshakable you want to be educated and you went into the facts you want to know look every five years i'm gonna get a bear maybe three years i'm gonna get a correction every year but i'm gonna be in the market make money do you know that six of the ten best trading days in the 20 years happened within two weeks of the worst trading day so when when trump was elected the market dropped i think it was 800 points that night then he at three or four in the morning he made a speech where he was somewhat you know human and normal and the market which got all its money back and since then we're up 14 in november december january in three months february you know three and a half months so people need to understand you've got to be in the market because the worst days will bring you your best days right [Music] we're probably going under depression you know we're not going to get out of this really oh yeah and so the thing is is this good for you or bad for you i'm looking forward to it you know the last the last question was 2008 and i made more money in 2008 than in my whole life so this one here 2 000 you know what is 2020 i'm going to get even richer but i'm going to get poor and if they're baby boomers they're going to blame it on this corona virus all my health you know that hey hit the road put on some running shoes change your diet get some sunlight you know get healthy don't get don't be a wimp but oh no i'm so afraid of dying you're already dead you don't even know it yet you know in the marine corps you know in the marine corps we used to call them corpse people right corpse not core yeah of course no a corpse a corpse man is a person who's dead but doesn't know it wow they're so afraid of dying they're already dead yeah it's about taking action taking control of your life taking control your health your finances everything this is the best time to be alive right now i did an interview with uh dave ramsey uh last week and he said you know the last three or four recessions or down economies whatever you want to call it crashes he said i made more money during those times than i do in in good times so i'm hearing him say that i'm hearing you say that how did you make more money then and how are you planning to turn this into an opportunity to make more money now for you what are the things the actual like action steps is it investing more in the stock market is it real estate is it buying other assets what does that look like for you well now the lesson is here you gotta choose your teachers wisely when the market crashed in 2008 guess how much money i borrowed a lot 300 million no way from investors the banker how's that how does that work because interest rates were dropping and real estate prices were going to the toilet and when i walk into my banker this is what rich dad poured out about this airport is about a financial statement income statement balance sheet statement of cash flow it's a book on accounting people don't even know it's a book on accounting so i walked into my bank with my partner and had all this property that was floating to the surface and i say i'll take them off your hands i just give give me the money to buy the property wow that's cojones 300 million give me the money and i'll buy your properties for you that's crazy so it depends and this is my whole thing i'm now 700 million almost a billion in debt really you know why because i don't pay any taxes the more debt i have the less tax i pay and the average guy goes how do you do that because you have bad teachers and so it's this whole thing that you got to choose your teachers wisely that's why i wrote the book fake fake money fake teachers fake assets i don't touch that garbage of wall street puts out i don't have a 401k i don't have stocks visual funds etfs doesn't mean you shouldn't but i don't need them okay right and the other part is look for young guys the best teachers are not on colleges the best teacher are on youtube the best teachers are on youtube wake up you know this guy is george gammon he's fantastic patrick beth david fantastic you know he's great records the fake teachers are in colleges and they're telling me to get a job right the corporate ladder you know patrick david said it the best and i love that guy he says there's two kinds of leaders wartime and peacetime and a peacetime leader is a guy like my poor death he goes through all the right schools he has all the pedigrees the credentials he does all the right things he climbs the corporate on the government ladder and all that wartime leader ghost goes to war so jobs steve jobs the wartime leader i'm a wartime leader differences i went to war i went to war twice on the front lines yeah and i checked what happened so i joined the marine corps i got a flight pull in pensacola i learned to fly i go to camp pendleton i strap all my weapons i go to advanced weapons and camp pendleton i go to okinawa and then they send me into vietnam and i came out of vietnam about four months later back to back to raise stage in okinawa and i thought everybody had changed i looked at the fellow marines and i thought and it wasn't that they were i had been to war you got tougher it's different when somebody's trying to kill you every single mission i went down three times no way yeah and i came back stronger and tougher so i come back to okinawa i got like a week off and they're going to ship me back into vietnam again i said what happened to these guys and it wasn't that they changed i changed so what happens to entrepreneurs who go out and they get their ass handed to them and they survive if you survive you see the world differently so that's what happened to you when you get injured and all this yeah you see a different world whereas some peacetime who's climbing the corporate ladder right now they just lost their job they're sucking their thumb you know this is the worst time for them yet for a wartime leader they're excited they're excited about it yeah it's the best of times yeah if you're an entrepreneur right now the world's open to you you're an employee your world's dead to you what advice yeah an entrepreneur can create their own success yeah what advice i'll start going it's a job they're a peace time warrior remember see watch patrick beck david you know he's great later peace time later which one are you you know i mean no that's that's what it comes down to yeah that's true so this is the best of times for the wartime guys horrible time for peace time right and for the people that are the wartime people what is the the best advice you would give them now for the next year or two years to capitalize on how do they make more money how do they make their millions during this time what would you say you can't make money now you should hang it up i i tell all freaking millennials man you got you know i don't know where it is gotta i got this iphone if you can't make money with that hang it up you know like we used to say hang up the jock strap you're not gonna make the team you can't make money with an iphone through social media through marketing you have the world at your fingertips and you can't make money the problem is between this area and this is not out here it's in here that's why you've got to choose your teachers wisely yeah you know so let me just say it again the best teachers are on youtube so is the best porno take up your mind make up your mind which you want to listen to you know we have advice so yeah i'm just being real to you i hear you man i hear you what's what's the best investment people can make then to to opera uh capitalizing this opportunity is the investment in education left here look if you're poor right now it was called look in the mirror always said to me says if you're looking in the mirror right now and you see a loser that's what you are you can't make money in this economy you better change your thinking you know you know hindsight is 20 20 as i said yes yes that was if you're looking you know you don't have any money you don't have a job your boyfriend or girlfriend has left you and uh they goes well how did i get here how did i get here there was a there was a great book called uh you know gulag archipelago by sulza nathan so he gets thrown in this in a um concentration camp or a gulag in siberia and he says how did i get here you know how he got there because he was a peacetime leader didn't fight back so people are being sold able go to school get a job pay taxes save money get out of debt buy a house in your house as an asset and invest for the long term in a well-defined portfolio of stocks bonds mutual funds and etfs and i do none of that and why do you recommend the opposite because i don't have to do that crap that's that's kool-aid go to school go to school what do they teach you about money nothing get a job you pay the highest taxes pay your taxes i don't pay taxes get out of debt well debt money is debt after 1971 if you know your history of money your house is not an asset else is a liability and why would an investment long-term in the stock market when i can make my own assets i don't need the stock market i'm not saying you shouldn't but i create my own assets i create my own cash flow every day i mean through you mean through your business through your your right your creativity i'm i'm an entrepreneur yeah most people are employees they're looking for jobs i'm just looking for so like right now should entrepreneurs invest in in the stock market you think if you're entrepreneurial you should be investing look find a stupid teacher who's gonna tell you what to do i'm asking your opinion i'm curious as a teacher i don't give advice you know i wouldn't follow warren buffett either you know why because he invests the money why do i let him invest my money i want the fun so what's the what's the investment you make the most in look please hear what i'm saying yes i made a fortune in 2008 2020 i'm making more money i'm paying less taxes it doesn't mean i don't have problems but i'm prepared for this my biggest problem right now is because everybody's taking a vacation i can't get enough product i'm selling out you know my cash flow game is sold out it's selling out constantly all over the world all over the world i get royalties from my book sales my book sales are going through the roof right now so i'm making more information yeah there's two kinds of discipline there's internal self-discipline and then there's external discipline so right now if the world's kicking your butt that's external and if you're self-disciplined the world's kissing your butt right now it's up to you so that's why i love the marine corps that's why i love going to military school and not a university because i got my ass kicked every single freaking day first word i had to learn at the marin at the academy mission mission is spiritual what's your mission and my mission has always been to serve people most people all they give a is making money that's brewing people that's called the federal reserve bank wall street and all that i want nothing to do with them i just don't play their game but you have to get smarter not to play their game so that's why youtube has the best best teachers this guy george gammon man he's a great great teacher patrick beck david fantastic teacher you know cartoon fantastic teachers so choose your teachers wisely that's all that's what i said because i had to choose between my rich dad and my poor dad my poor dad phd poor helpless and desperate and that's what he wanted me to do when i came back from vietnam let's get my master's degree at my phd and fly for the airlines if i had done that you know my friends who flew for united they're broke you know why they're broke because wall street stole their pensions you know it's called an esop employee stock option plan the biggest crisis coming up right now after this pandemic is pensions are going to crash that's right you got it now yeah thanks why are they going to crash because they're empty him my god wake up wake up you know there's a better book than that it's called the creature from jekyll island by by g edward griffin it's a big book get it on audiobook and listen to it you know a couple a couple of 10 minutes a night or something the federal reserve hill has only one prop only one purpose is to keep the rich rich that's their only job so every time the market crashes as you notice money pumps in they pump the mark that they pump the prices up the rich exit and the poor middle class who listen to dave ramsey and susie ormond their advice is good for the middle class doing me wrong they're told to invest for the long term okay so what's happening to the poor middle class with their 401k and ir right now are set that's like saying okay put the handcuffs on on the titanic it's going down meanwhile the rich have got their g5 flying in to pick them up and get off the boat they're out right because the problem isn't in the stock market the prop you know the problems of the repo market corporate credit market the consumer uh commercial paper market they don't tell you that they don't teach that in school so suddenly voila you know in september the corp the shadow banking which is corporate credit and the uh commercial paper and the commerce i mean the corporate credit and commercial paper market started to go bad in september suddenly pandemic oh that was interesting funny how that appeared you know so i'm not saying the pandemic isn't real i'm saying the real crisis it's a smoke screen for the real crisis going on right now they're stealing your wealth through your pensions your 401k your ira through social security through your taxes through medicare that's why we have socialism kicking in right now we have bernie sanders and aoc and elizabeth warren hardcore socialists but if you can see if you unders if you really have a financial education we're going from capitalist which i am nothing wrong with a socialist you know there's there are some people eighty twenty percent of the people need to be given money because they're that unable whatever reason they're not able to so we should give some people money but not everybody so we're going from capitalism to bernie sanders socialism and hillary and all those guys and then we're actually going to communism and you can see it right now because boeing is asking for a bailout and all the guys asking for bailouts but this time the fed's going to take percentage ownership yes that's communism central control of the economy i'm not saying it's right or wrong but it's coming but that's what they should teach us in school and our school teachers most of them are socialists most are some of them are communist they want the government to tell us what to do they're really fascist you know they're really fascist a fascist wants to tell you what to do so you look at this look at this stuff what's it called social distancing you know that's you're taking away the first amendment the right to assemble pc political correctness is freedom of speech okay that's what's going on and then they're printing money under all this scheme so if you study real world pcnis we've lost our freedom of speech that's what stalin took away and social distancing is the right to assembly which is why there was a revolutionary war back in 1776 you know the uh the americans were had to go hide in a church because the british would kill them if they were caught on assembly repeats i'm not saying it's right or wrong but you know most people are taught this yeah that's why i love going to military school versus university they teach a lot of history probably we're taught military history you know history is you know through the victor goes history you know so the person that writes hish wins the war writes history to justify their position today that's called his story you know the loser doesn't get to tell their story funny so anyway that's where we're at and yeah i just leave it to your generation you guys are the best position ever because you're still young you're tech savvy which and the baby boomers aren't so they're all a lot of them are feeble and they're gone yeah so you guys have the world ahead of you and use this time to be creative and and action and be bold and i think i saw something about in 2008 to 2010 some of the greatest companies or the biggest companies of today were started then airbnb uber uh you know all these other companies bitcoin 2009. wow see i love bitcoin what's your thoughts on cryptocurrency why do you love bitcoin listen bitcoin is open source the fed can't touch it you don't like the fed the creature from jekyll island the fed a bed is not a bank it's a cartel by the richest guys on earth okay if you guys just wake up you know so anyway the fed is a cartel so when i saw bitcoin come out it's open source it's people's money gold and silver are god's money so i my whole objective is i go through my system of business but i'm buying gold and silver i store it in other countries legally because you can't just move that stuff you have to move it legally and declare it i move my money illegally i want to get out of this country so i keep my wealth outside this country not because of my government it's because there's so many people you're going to see lawsuits are going to go up because people are desperate they don't have any money so when the economy gets bad that's why you know have you been in an accident have you been hurt let me i'll come out sue them for you so if you don't have the right corporate corporate entity like llcs c corporations as corporations offshore accounts you're gonna money's gonna be stolen it's the real game okay your pensions you watch in a few years oh he did tell us our pensions are gone you know what's gonna happen they're gonna bail them out again because if you read this book here a creature it says bailout is the name of the game you know back in the 80s there was a guy named neil bush let's see the bush family george george silverado savings when when when neil bush got in trouble george and george bailed them out what have you found are the top places that people should be investing well i think first you you start with what are the most important things that you're closest to like is it your business first calculate how many days weeks months or years you can live on your saving because when you do that you'll start to you'll gain security you'll gain that okay so look at how much you're spending okay and then say how much do i need and whatever that number is you're going to need more than that because it may go down rather than go up so okay now do i have a year's spending okay you so i think i think you you start there then you start to think uh what are the things that are most important for me like and then you start with your your business or your residents that have a symbiotic relationship and that you know well let's say if you start with your business okay you're closer to that investing in yourself with whatever that may end up being that may be your best investment not not real estate not stocks not the market well it depends if you're if you're not you know if you're doing something where you can do it yourself and that's the thing but if you're in a job and and that that's not the thing right because you because you're in a different position okay but anyway if you and then i i really think there's something good about your home a basic thing about your home because uh it's nice forced savings and it also means that you you fix it up you you know you're saving you find out there's oh well if i add this thing or that thing and you're enjoying it so when you're enjoying it and you're controlling it and it's yours and so on uh that's that's pretty good and if you know if they keep mortgage tax deductions and so on you know there might be some benefits to it also okay but that's not a black and white answer you know so you could take a short pencil and say is it better to rent or buy okay that's a different question maybe i said but by and large am i going to move you know all of those other questions but so when you start with okay what is it that's close to home and how much you need a certain amount that's liquid in other words you got it in your house you got to make a mortgage payment or something and all of a sudden you're uh you know you know it's not liquid and you lose your job well that can cause you trouble so how much do i have that's liquid how much do i have that's not liquid okay and you start to get those things right okay oh i've got enough liquid i got enough okay not liquid and those other things okay pretty soon you're you're getting yourself in good shape yeah you do those things you know you're pretty much in good shape and then you're also having some experiences and then you go beyond that you know and then so you start to okay what you know okay what's a stock what's a bond and then you know you learn through experiences i learned through my my experiences i started when i was uh a kid 12 i used to caddy and i took my caddying money and i put it in the stock market and i was lucky what happened to me by by the way is i took my catting money and um i bought the only company that i ever heard of that was selling for less than five dollars a share and i thought that that you know well i was really dumb i thought i'll buy more shares so if it goes up i'll make more money uh and it was the only company it was a company that was about to go broke but somebody some other company acquired it and it tripled and i thought ah there's an easy game and i like it easy money so but you know you experiment and you learn you're a very philanthropic individual you and your wife uh your foundation your company you give back in a lot of ways some might be through donations like computers some might be through financial some might be through just your work and your content on linkedin which is amazing i recommend everyone subscribe to on linkedin the content there is amazing you're giving back in lots of ways i'm curious what's the greatest gift a rich person or someone with money can give someone who doesn't have money to give the knowledge uh teach a man how to fish is better than to give them a fish i mean i think you can give them both you can give education and you can show but ability the the capacity to be productive because you know if i can give you the capacity to go out in the world it's like go into a jungle i give you a knife and can you live in the jungle okay if i give you that capacity that's the best thing i can give you that's why i wrote the book and you know pass it on i wrote those principles over years and i wrote them down and that's what i want to pass along that's the most important thing yeah but but if you but if you've got money you can help people uh a lot in a lot of different ways which is thrilling what would you say then are the three greatest skills that people that aren't financially abundant or that are struggling financially should learn to master in order to be in a better position financially three skills what would you say they should learn well as i said before i remember watching the movie that was young david copperfield with w.c fields and he speaks to david copperfield and he says he said something like and i'll put it in dollar terms you're in a hundred dollars and you spend 105 dollars that's misery if you earn a hundred dollars and you spend 95 you'll have a good life i mean and what wasn't exactly like that but it was but but basically i know so many people who don't earn much but are there because if you start to think about what it is that it costs you to live in terms of let's say the basics you know uh give me a bit to sleep and give me the food let me be educated and so on so forth i think most people can get themselves in a position where you know they're net positive so if you can be net positive and you could do that that you know that's number one uh you know as i carry that so that's you know that's number one then i guess it was the list that we went to you know the second is you know what do you do next in terms of what do you need what do you invest in you know and then and then you know going beyond it and then there avoid the following mistake the most common mistake of investing thinking that the investment that did good is a good investment people rather more expensive the things that quite often those markets that did really really well became more more expensive and everybody smart money is all the time compete comparing them and competing so what happens is um the naive money buys the thing that was hot or is hot the thing that has been terrible which might be the thing that's beaten down so i would say also an important element okay so here's another one that's really important diversify so don't put all your eggs in one basket right because what i learned about this is that first of all all investments uh compete and it's not easy to sell tell whether one investment is better than the other because if people could do that life would be easy and everybody make a ton of money um so and this is a competitive game that's very difficult to compete in so it's very difficult to say which one's better or worse you could take experts and you could and do all sorts of tests and you'll find out that they can pick that and you can't tell whether the worst ones are going to be better so because of that you understand that um even picking the best ones is difficult and particularly if you're naive like we spend hundreds of millions of dollars each year on research to try to give us an edge okay now you've got to compete with us so uh competing in the markets is more difficult than competing in the olympics you wouldn't go think i'm going to compete in the olympics but there are more people who try harder in order to do that so it's a zero-sum game so but diversification um that they're different uh will reduce your risk without uh reducing your return yeah so if you know how to diversify well so um that's critical so i would say again uh get get your savings right and the reasons i say i would say um have great humility about what you what you don't know don't buy the thing that was hot just because you think it's hot and then know how to diversify well [Music] what i do with my financial system is i set a target each year this is how much money i'm going to save and invest and those numbers are aggressive there's that's a lot of you're going hard yeah like every 10 30 yeah so anywhere between those ranges and we have folks who what you earn correct yeah and and then remember whenever i make any unexpected income let's say i did a speaking gig or something yeah i might get myself some i might go out to dinner but the rest i'm just putting straight in investments wow okay so that money grows aggressively and i also want to remind everybody especially the entrepreneurs watching i know you have a lot of entrepreneurs you wouldn't believe how many entrepreneur friends i know who have a good business and they don't invest at all and that's a huge mistake what should we be investing in if you have a good business simple low-cost target date funds is a great way to go entrepreneurs yeah index funds yeah they get a little too smart for their own good they say i could just put that money in my business and i always say look i'm glad you have a business that's throwing off tons of cash that's awesome most businesses don't last 80 years so be smart give yourself a small plan b put 5k a month 10k a month whatever is appropriate for your level of success and hey maybe your business does really well that's awesome but maybe one day something goes wrong always want to be prepared you never want to have your back against the wall so i just want to encourage everybody whether you're making 250k or 2.5 million for the high earners here don't get too smart for your own good keep investing and saving what are the three or four main things you invest in with that 10 to 30 a year and does it change year to year yeah i'll kind of walk you through for the high earners and then we can talk about people 100k and less so once you have a certain amount of capital you do have a few opportunities that you probably didn't have before um everybody has this idea that you know the rich have all these crazy tax breaks and captive insurance and this and that and i've looked into all that stuff right right i know what you're doing insurance companies and all these other things yeah here's the truth the truth is some stuff is a little sketchy but yeah definitely and i'll say my core values are that when it comes to things like taxes i love your principle on this i'm very conservative i'm like dude only in this country could i have been this successful i love this mindset i'm happy to pay my taxes it means that i had the opportunity to create something great and if i pay an extra 5 000 or 30 000 it doesn't change my life at all and i want to be able to give back to the society that enabled me to do what i do that's a powerful mindset and it and it gets you away from you still want to optimize tax breaks that are out there but it gets you away from trying to constantly look for some of the shortcuts or like schemes or something it's like yes i've always found that the people especially entrepreneurs who talk about tax breaks all the time are typically the most unsuccessful ones two reasons one why are you talking about tax breaks instead of growing your business and two it's a very scarcity driven mindset oh i only have this much that i have to protect when really you can just grow the pie and your taxes are simply a proportion more just make more now yes you do want to optimize and take advantage of all uh legal tax breaks so as you earn more you do have more opportunities you have uh not only your 401k you have all kinds of advanced ira options you have hsas you have a variety of things but at a certain point if you're making enough you're going to max all of those out okay what do you do when you max it all out so then the next step is to simply create a taxable account it's just a typical non-retirement account just that vanguard or where i use vanguard whatever you want and you just continue to invest so that's one and that's going to keep making you money over the long term it's just you're not going to get those tax breaks from a 401k and ira et cetera the other thing is as you accumulate more and more assets you're going to start to notice a lot of different people are going to come with opportunities dude i get text messages from these crazies they're like hey i'm opening up a bar in brooklyn i'm like i don't want your stupid bar i'm not investing in that i could burn my cash easier but you're going to want as you start to accumulate a lot you're going to want to do have a little fun with your money when it comes to investing so some people want to do crypto i think a lot of these people are complete nut jobs great okay look you could put a little bit in there just to like have fun but i was like thank goodness i didn't put more in there because everyone's losing their money exactly and they you know they're all okay i don't want to get into crypto because i'm going to get a lot of angry emails hey if you want to email me about your angry crypto opinions just send it to trash i will teach you to be rich don't send it to me but you know what i like what you said you took a little bit you had some fun yeah had some fun five to ten percent once you've got all your other stuff automated you've got your index funds lockdown hsa your different accounts um i don't have any problem i think you should take five to ten percent and you should have some fun with it for me i did angel investing and i basically learned that i suck yeah my investing is not good i haven't made any money yeah my deal flow sucks my choices were okay some hit most didn't i basically just wrote that money off but it was fun and it allowed me to have an outlet and you learned i learned to meet people and you yeah yeah so if you want to do crypto if you want to invest in somebody's bar you want to do angel investing if you're qualified etc be my guest but don't jump to that first get all your stuff automated and at a certain point the compounding is so insane you will start to actually earn more from your investments than you will from your income even if you're making 500k a year from the index funds you're talking about if you're investing in that what if the market's going down or up should you even worry about that let's say you put a half a million in yeah it went up 100 000 over a couple years but then it went back to the original investment should you be like oh my gosh i need to take this out do not do that i'll give you a really just put two years of my money into this and it's still the same amount she just left in the bank no you shouldn't have left it in the bank all right so this happened to me just about two weeks ago so the market went down and uh i hardly ever log i log in about once a month nice to see like yeah and really you should not be checking your investments every 10 years once a month is good and like don't you're not a day trader okay so so i happened to log in and i saw that in the 11 days of that month in one of my accounts i had lost 75 000 okay so for everybody listening yeah how would you react if you lost 75 000 in 11 days most people would be freaked out they'd be freaked out they would take the money out yeah which is exactly the opposite of what you should do that so everyone says this common thing and they just roll their eyes oh buy low sell high but in reality they actually buy high and sell low do you know what i did i did nothing i logged in i felt no emotion it wasn't like my life is over it was like watching someone offer me concrete to eat like i felt nothing i'm like that's fine whatever i just closed the window the key there is every month my system is automatically investing it's called dollar cost averaging it's just automatically investing and you should set the same thing up too you shouldn't be paying attention manually you shouldn't be sending a check it just works automatically and so i knew this month the market is down and if you think about any other thing you buy if the price of toothpaste goes down you're happy if the price of milk goes down you're happy the only time we get weird is when the price of the market goes down and then we're like oh let me pull all my money out bad move the price went down if you're young and you have a long time before you need the money you're getting the market energy get excited you should get excited so i just said great it went down fine doesn't bother me and i just closed the window and a few days later my system will just purchase it again so it's up it's down it doesn't matter in the short term but over the long term we know that the market tends to return about seven to eight percent over time but but it can go up it can go down and so you do not want to be paying attention in the short term let's say you've got a half a million to a million dollars extra cash okay laying around you've maxed out all your iras you've got five to ten grand a month going to your index funds you've got you've dabbled in the uh the the smaller investments and startups and you've kind of you've done it all yeah you've got a little bit of crypto you've tried everything what you do with that extra million dollars a year okay great question first off um this is like somebody saying to a fitness instructor you know i've done everything what should i do next and that you know what that fitness instructor is gonna say they're gonna say when you say everything what do you really mean like show me are you doing foam rolling are you doing this yeah are you all balanced for the person who's doing this i'm going to give you your answer but i'm going to first say are you sure have you planned out so you know that 10 years from now you're going to buy a house do you have a 20 down payment set aside i do and i have no plans to buy a house anytime soon but i have 20 set aside for a house at that moment yeah yeah for when i so i already plan for what i know is coming even though i have no interest in it today what about the first year of your kid's life do you have that set aside what about xyz you taking care of your parents when they get older one thing that that i really love to do is talk about relationships so i love to invite my family once a year for a big big vacation where we can all stay in a house and there's a you know like a chef and all this stuff and we can all be there and the kids can be playing is that something that's important to you or cool right so plan for that now if you've done all that stuff you got your six month emergency fund you've got your investments automated on autopilot and you still have money left over you're in an awesome position and now you can do a couple of things one if you want to keep growing that money you can simply invest it in a non-retirement taxable account and that money will grow like crazy if you're putting in 10 20k a month that money will turn into massive amounts and you can if you guys don't believe me just go uh search for compound interest calculator bank rate has a really good one and plug in 20k a month for 10 years and that's it just stop and watch what happens what is that seven or eight percent yeah at seven percent returns and watch what happens it is it becomes like an a tsunami you cannot stop it so that's one the other thing is if you want to invest in a little bit of fun stuff if you're like hey i want to take 10 of this and invest in like this crazy investment my buddy's starting a thing go ahead just be prepared to write it off maybe it works maybe not and then from there you should also remember a third thing and nobody really talks about this maybe it's time to increase your quality of life maybe instead of uh staying in the middle back seat right it's time to upgrade to the exit row right or business class business class or maybe it's time to eat at a different restaurant maybe it's time to really think about your money dial and say hey i always claim that wellness is important and yet i'm still eating like the same old thing i used to eat 10 years ago maybe it's time to upgrade what i eat and and where i work out and all that kind of stuff my gear you can do that you've made it you already won the basic game so now you get to benefit from it what about real estate because a lot of people you're there i hear people that are all in on real estate investment or they're kind of like all in on the market uh yeah i think that real estate so a lot of people gonna hate me after i say this i know you guys have all been told uh since you were like two years old real estate's the best investment ever and it turns out that's not really true a couple of things that might surprise you buying one home if you're buying a house and living in it if you're buying multiple units or buying multiple homes and that's your business yeah it might be a better investment correct let me make the distinction so most people in america are told that the american life the american dream is graduate from college get married buy a house white picket fence 2.5 kids and you made it and i think we all just have to look at people who are a little bit older than us to realize that might not be our american dream we might want to travel more we might want to work remotely i mean here we are in the middle of a weekday yeah chit chatting and sharing it with millions of people this is our dream so i want to challenge people to really question what you've been taught that's number one number two most people who buy a house and live in it think that it is the best investment but most people have never really my piggy bank yeah they think that they don't understand that when you spend money on a house you've incurred tons of phantom costs you have taxes you have maintenance you have all kinds of things that you don't count and if you actually factor all those numbers in real estate often in fact many times is not a great investment at all it's a place to live and you have these phrases like you're throwing money away on rent it's not true uh your landlord's making a profit otherwise they wouldn't do it that's not true your landlord can't charge you whatever they want they can only charge you with the market market yeah so if you search my name in real estate you'll see all the numbers played out now on the other hand if you are a real estate investor and you're disciplined that's a different story and that can be effective but mom and pop who who are thinking that they bought their house in 1970 for two hundred thousand dollars and now it's worth six hundred thousand they think they made four 400 000 actually not if they had taken that money and put it in the market they would probably have much much more really yeah wow and less headache way less headache well depending if they looked at their investment every week maybe they'd be more stressed out the level is going up and down yeah yeah so and listen if you i will buy a house one day okay so i don't want anyone to think that i'm telling you never to buy a house yeah if you want to rent for the rest of your life you absolutely can many people in new york san francisco and other high of living cities no there's no shame in that i rent by choice i could buy a place tomorrow cash and i choose to rent why do you choose to rent after you've been here for 10 years and you've been renting the whole time yeah on purpose and how much is that do you think over over a half a million dollars oh yeah it's a lot of money well over i rent a nice place yeah um why do i do it because could have used that money in something else you could have put it in i did i put it in the market and i made more and because you didn't put it into a home correct where it was a lot more money up front it was more money up front i used that money instead i put in the market but there's also other reasons too i couldn't get for the amount i'm paying where i live if i were to buy a place in the same building it would be four times more expensive so that's the first second is maintenance i'm gonna give you an example uh i woke up one day and the doorman was knocking on my doors like 8 30 in the morning on a saturday he's like sir sir do you mind if we come in and take a look at something i said okay and we go into the living room and there's a pool of water just sitting there in your apartment yeah it had dripped down three levels so i was like oh my god they're like sir go back to sleep we'll take care of it that day they came they repaired the floors not just of mine the ceilings for the next two levels down that's probably likely to have costed them let's just say 50k maybe 100k because it's manhattan and it's a weekend service who knows that's not my fault you didn't pay for it no and and i and i said great that's their problem i'm going back to sleep man i got another hour of sleep here so i want everyone you don't have to believe me you don't have to believe what someone else does all you need to do is run the numbers that is my only suggestion to you go to a buy versus rent calculator make sure you plug in all the fees not just the taxes the realtor fee uh if you get a bigger place you're probably going to get more furniture for it the hoas or the yeah the lawn maintenance or trash service or whatever it is the key thing i think whether it's a house or investments my point to you guys is take your money seriously once you take your money seriously and you put some time in it whether it's this book or wherever you want to get your information you're going to be better off for it you don't want to delegate this to somebody else i want you to understand it and once you understand it and you automate it you make a few good choices in life you never have to worry about lattes or appetizers again how do you make the emotional shift when you're when you started renting an expensive apartment and you're like man if i added all this up after a year that's close to a down payment on a nice house in the midwest or maybe you can buy a whole house in the midwest you know what i mean yeah how do you emotionally rationalize that where you're not frustrated like oh gosh i just spent ten years yeah you're throwing this money away because sometimes i feel that way sometimes like man i just spent a lot of money these last few years well let me ask you this um but i like the freedom and the flexibility of not having to incur all those other yeah what do you like to eat you like strawberries no okay what do you like to eat some good steak and veggies okay steak once you when you buy a steak and you eat it do you feel like you just threw your money away on that steak no i enjoyed it but it's where is it i don't see it where's my investment right in fact isn't it coming out in the toilet in a couple hours it is yeah so what are we talking about here you get value out of a stake just like you get value out of renting now if you want to incidentally build equity that's great but remember you can also lose equity right now in manhattan do you know rents are down yes and so are prices of houses if you want to buy they're going down every month a lot of people like oh my god it's so expensive sometimes but sometimes it goes down five percent 10 percent some of these neighborhoods are down 15 percent yeah so a lot of people don't realize in fact i did a survey of my readers i said do you think it's possible for real estate to decrease over half of people said no they had never even thought about it so i wanted 2008 2009. memories are short you would think they would remember but they don't i heard people do they had three houses they bought it they were destroyed financially they had their credit was ruined they had to give up these houses and their identity as an investor and three years later they're like i think i want to buy another couple of houses wow it just goes to show i'm not saying they're stupid it's not that at all because a lot of people have gone through this it's the idea that the propaganda to buy a house or to follow a prescribed set of rules for the american dream is so powerful that even losing your own houses doesn't change people's perspective so how do you teach people to overcome the emotional rationalization of blowing their money on rent okay it's funny besides that story you just told which helps me i'll tell you what i i want to acknowledge that it's real because it's a fear that people live with yeah and i'll give you an example like i call it the handshake effect and it's when people would come over uh to my apartment and for the first time and they would say wow this is an amazing view and then they always say the same thing in new york do you own this place and we're like shaking hands right it's like we just met just me how much yeah how much you pay it's classic new york and i say no i rent and it's that moment where if i had said i bought they would be like this wow pretty impressive really cool yeah and you kind of get this this prize this pride yeah and then i and then when i don't say that they get really confused because this is the i will teach to be rich guy but also he rents and i thought renting is for people who can't afford it but you know they don't understand and they give me this look and i realized that so many of us are looking for somebody to approve of us while we are shaking their hands someone we don't even know wow and so instead of getting your approval from somebody you just met 10 minutes ago or from your parents who probably are not the most sophisticated investors if you're watching this show you know you talk about greatness and being great means choosing your own path sometimes you might choose to buy i have no problem with that if you ran the numbers and you consciously decide sometimes it means you don't but if you want to live the life of greatness you need to be comfortable making different choices than what other people expect zing i like it man [Music] you say don't be a saver be an investor should people be investing even during these times if they're not comfortable doing that or this is the greatest time to invest is what i'm hearing you say because the opportunity why would you save fear no but you know that was that worked before 1971. you know they printed 4.5 trillion after 2008 they estimate they're going to print another six to eight trillion maybe 10 trillion wow after 2020. the same time they're going to pay zero zero interest rate policy so you're saving money while the fed's printing money and they're going to pay you no interest on it why would you save it so that's that's all i say and so that's why when susie talks about saving and dave talked about i wouldn't do that but for the average person they should do that so that's why choose your teachers wisely right you just have to know money that's all yeah and what's your prediction with real estate over the next few years do you think it's gonna keep going down now or do you think it's like in la i feel like it hasn't gone down at all it's like the places continues to grow but eventually it's got to right i wouldn't invest in la for one reason taxes you know i just wouldn't that's your choice you know people there's a nice place to live and it is but i don't like paying taxes i don't move there plus you have you have what's called uh they try to pull it uh i think the name of it but you can't raise to rent some people so i don't like it great place to live great lifestyle but it's gonna we're gonna have the biggest crash we're going to depression right now we're going right past recession into a depression really yeah wow you can't have every business closing and the stock market is going up but like i said the real problems in the repo the shadow banking market that's what they're trying to save because it's broke they're going bankrupt in there so the dollar is going to be strong because everybody 80 of the debt is measured in u.s dollars so everybody needs dollars to pay off their debt okay but in the meantime the guys for a week their houses are going to come up for sale their lamborghini you know their real estate i wouldn't touch i wouldn't touch commercial real estate i mean uh office buildings office buildings you know for fun knowing because no one can go work anymore then people would work from home for a while or yeah whatever no no you know i go to south africa a lot in south africa the office buildings became low-income housing whoa it's the future you know those homeless people century city here they come yeah i know i gotta get i gotta get out of here now i'm gonna you know i just think differently that's all yeah that was the jobs thing think different yeah i got a few final questions for you i really appreciate you sharing and giving us this tough love which which i think a lot of people need right now not politically correct it's all good we all we all need different teachers and i appreciate your perspective um this is a question i ask everyone towards the end of their conversations i call it the three truths it's a hypothetical question uh but i'd like you to imagine for a moment that many years from now it's your last day on this earth and you've accomplished everything you've accomplished all the things you want in your personal life your dreams it's all happened uh but for whatever reason hypothetically you got to take all of your your work with you your books your content your board games all the teachings you've ever given to the world it goes with you and you got to leave only three lessons behind for the rest of us to learn from what would you say would be your three lessons or what i like to call three truths well i think the most important lessons probably i think i said this later i got said all the time my richard always said you know knowledge is finite stupidity is infinite stay stupid that's a great truth because that's how you get knowledge but he's always say that to me because my dad always hid behind his diploma he didn't know anything most school teachers don't know much you know when when people ask me about the fit what is the fit i said have you ever watched uh the wizard of oz and they go yeah you know how dorothy and the tin man and the lion and the straw man they went down the yellow brick road they were hoping to find the wizard and the wizard was going to give the lion a heart or you know dorothy whatever she wanted and all this stuff and when they get to the wizard or the fed there was a behind it there was nothing behind it that's the fed that's the phd they're hiding behind this thing called diploma that's obsolete and so that's the second lesson be careful who your teachers are make sure your teacher actually practices what they teach so my tax guy is tom will write this book is tax free wealth you really want to stop paying taxes get that book it's 20 bucks you'll probably save a couple of million dollars over your lifetime but if you don't change you know this left here and right here that gap between there you're screwed yeah and then you have my other friend mother advisor andy tanner he wrote the books uh stock market cash flow instead of investing for the long term he makes money the market's going up or down i'd rather do that than buy prey and hold and listen to suzie orman and dave ramsey but it's your choice yeah other guys uh um kenny mcelroy he writes all my real estate books he's my real estate partner we've made fortunes together you know this is just fortunes tax-free why would you go to school just buy some books study them get through youtube and make some make some mistakes on your own right oh you don't have to just get stupid but blessed are the me for they shall inherit me means ego loss i'm gonna learn so i know what goes on in the stock market that's why i stay out of it but if you don't know might be the best place for you so if you want us to in the stock market that's andy tanner stock market cash flow and 401 chaos they tell you what's really going on because they're real they're in the market every day you know jim rogers wrote investment biker and all that he lives in singapore he basically says the problem with the fed is they don't know what they're talking about they're idiots and we listen to them they're the wizard of oz everybody thinks they know something because they got this piece of paper like my poor dad called it phd rich dad poor dad had a financial statement you cannot lie in your financial statement because that's fraud phd's diploma rich people financial statements the other thing is this i don't have a financial planner i have a family office the rich have family offices so we have money to lend constantly we make so much money so there's a difference in the mindset intelligence and what you learn so i think the most important thing that you're teaching people in the school of greatness is basically choose your teachers what path you want to go down you know when your football career ended it was the best thing that happened to you yeah started finding mentors yeah and that's what you're doing and so you you're a great role model for your generation oh thank you in my generation they're still baby boomers what's that hello boomer what do they say about murder they're idiots geez they still most boomers are still counting on social security in the stock market i hear you i did i don't know if you said the third one you said knowledge is uh finite stupidity is infinite so stay stupid number one which i love that because i've always felt like i'm the best person what's that be humble and make mistakes i learned yeah exactly exactly uh be careful who your teachers are and the third one was um don't hide behind the diploma hmm you know if somebody says to you oh show me your financials so like that's a story of a family office versus everybody has a home office that's different than a family office so a family office is like a hedge fund but what rich guys have their own hedge funds or their own private equity firms is what it is yeah so that's where you want to get to so when you're there the difference is people ask me for money like like on shark tank the first thing i ask them for is not their diploma show me your financials if they don't have financials i won't invest with them because they don't they don't know what they're talking about just because you have a cool degree or fancy paper doesn't mean you can get results oh god you see you can lie from behind a diploma that's what the fed's doing so that's all rich dad poor dad it's about about financial statements and the cash flow game is you physically again like i said it's physically yeah there's four intelligence mental emotional physical spiritual the name makes you fill out your financials on these four intelligences yeah because you have to move the things you have to fill out the numbers and all this stuff so it's max it's max learning before we continue this video make sure to subscribe below and turn on the notification bell right now so you don't miss out on these great videos every single day [Music] i remember a case that changed me profoundly to tell you the story quickly so i started my business in 1975 investing and it's you know it's easy to be wrong in investing that's part of the game um but in 1980 81 i calculated that american banks had lent a lot more money to countries than those countries were going to be able to pay back and that they would therefore have a big debt to fault and that would cause an economic crisis and um it got a lot of attention because it was a uh controversial view um and then in mexico defaulted in august 1982 so that prediction sort of wow came right and some countries did and i got a lot more attention because of that was right and i thought we were going to go into an economic um spiral a depression a big debt crisis and i couldn't have been more wrong and um i i was exact that was the exact bottom in the stock market yeah and i lost money i lost money for myself i lost money for my clients i had to let everybody in my company go and i had to i was so broke i had to borrow four thousand dollars for my dad wow pay some of my family bills so i mean i was it it was a lot of pain this was 82 yeah so you're broke then 82. broke totally no money no money no wow and that was one of the best things that ever happened to me it was very painful but it was one of the best things for because it gave me uh the fear of being wrong without me losing my audacity in other words um it gave me an open-mindedness it made me start to think um what how do i deal with what i don't know so i it made me uh find the smartest people i could find who disagreed with me to start to understand their thinking it made me think about how i could maintain that uh that upside you know risk goes with return so i didn't want to uh have an ordinary life so i still wanted the big upside return but how could i do that without less risk that's right and i so that was a problem that that was part of my reflection and that reflection led me to understand how i could diversify better how i could stress test my thinking better and so on then i brought in the smartest people i could find who were independent thinkers who would disagree with me and then i and and and i did that and that was the exact bottom financially and so on in my life from that point up to um you know not long ago fortune described bridgewater as the fifth most important country private company in the country in the us and so it was that pain and reflecting well on that pain that gave me a greater ability to deal with what i don't know and i learned this is an important thing to learn that i learned that uh whatever success i had came more from my knowing how to deal with my not knowing than from anything i knew in other words what you know in your head is only a small percentage of what the important things and the right things to know is and so to be able to go outside of one's head and to take in the best of the best of the best wherever it comes and then use that to make decisions and all of that came from that painful very painful mistake where do you think you'd be today if in 82 you didn't go broke and have that massive pain i'm sure i'd have a you know a very uh ordinary i don't know life i don't know you know because i wouldn't have known how to have great upside while having acceptable risks right in other words like like i at the time i reflected it i i felt it was like like the following i'm on one side of a jungle and i'm on this one side of a jungle and i and you could go in order to imagine you could have great success if you can cross the jungle alive to get to the other side but in the jungle are all sorts of terrible things that can kill you and and so on and you have a choice you can have this bore boring or you could have this ordinary life or you can try to cross the jungle now each one of us would approach that differently for me i had to have the greatest life i could have so i had and i have a little bit of a taste of adventure so how would you cross that jungle and what i learned was that the best way to cross that jungle would be with a team of people people who i cared about they cared about with me who could see things that i couldn't see and i could see things that they couldn't see and that way you could be effective together and when i and so that's what i did that's how it worked and what i also learned through that thing is like i don't want to get out of the jungle i don't want to get to the other side because the actual act of being in it with them and to do those things is itself rewarding so i i'm i'm confident that i wouldn't have learned that if i didn't have that kind of experience so you're still in the jungle today yeah i'm in my job but my jungle all everyone's jungle um is a life arc there's a life arc right um you have to recognize the life arc you know zero to i don't know 80 85 or something is the life arc um something like that i'm 71 i know where i am on that journey okay it's important to know where are you on your journey and then when you start to think about that like where will i be in 10 years i'm going to be a different person in 10 years okay where will the people i love be think about yourself where will you be in 10 years and where will the people you love be it could be your kids it could be your parents where will they be and what will their experiences and the journey that they're going through and you're going through and this script in the journey by the way is is pretty well known right like um i think i'll give you example i think it comes kind of in three phases uh the first phase is when you're dependent on others and you know you're learning okay then what happens is you get out of school and you become independent and you go to work and then it's entirely different you're in the second phase of your life when others are dependent on you and you're working and you're trying to be successful and then you and and but there are the arcs and you could see it the markers along those lines you know do you get married when do you have a kid when like i i realize like when my kids have kids i'm now in my third phase okay so so you see these things you know yeah and so you have to see that so what i want at this phase of my life at 71 i'm in tr in transition from my second phase in which i've uh worked and i've won and i've you know i've played you know it's like had my battles and it was great and so on and now i'm in a mission to pass along the things that were valuable to me i want to pass them along to others and then i'm going to go quiet and then i'm in that other phase you know but you learn things and so this is kind of a mentor pass personal long face how do you stay confident in transition from kind of one identity to a new identity that's something new that's something unknown whether it be in your personal transition life or in the financial world where things are unknown things are transitioning or it might seem like it how do you personally stay confident in the transition first of all um you're really talking about comfort with ambiguity yeah okay um and the way uh the way that i feel it is uh life is like an adventure i mean if you knew everything it wouldn't be nearly as good right and so the ambiguity is part of it it's part of the game it's just the way it is and then so to then experience that and and and to know how to deal with ambiguity because the same rules apply you know feel it feel it what's it like how does it feel where are the pulls to how do you learn how do you learn how to approach it what's it like speak to others who have been in there in that spot before um you know taste it and so on our preferences change you know as you as you're going through all those things so you feel it out you learn about it you go to the things that you feel the pull toward i'm curious if you're you have feelings you've been talking about for a few moments but i know you're a very thoughtful human being you create algorithms for your entire work your team everything is based on algorithms kind of thoughts and ideas but i'm hearing you say you're a deep feeler as well are you would you say you're more led by thoughts or your feelings and i think it's the alignment of them okay here's the facts of pertaining then there is a subliminal mind that we have and there's a conscious mind freud discovered that there's a subliminal mind so we have and in that subliminal mind um we we just don't see it because you know because it's not conscious but it it has a big effect and so feelings and those things are coming through that subliminal mind and it really has a big control and then there's a conscious logical mind so they for everybody and so they're in your mind they're like everybody's mind they're these kind of two minds that are working now i i find that when i align them meditation has had a big effect on me i've been meditating since uh 1969. wow so so for a long time because what that does literally it's an exercise where you repeat a mantra the sound and then you lose sort of a consciousness and you go into the subconscious mind but in any case to reconcile feelings with thoughts to recognize feelings with logic and align them like each has to double check for me like if my feelings i'm yes i'm a big feeling person the the most important things in life for me are what inspiration love um you know what what is it about i mean what are you doing it for but at the same time to be able to get their logic and be able to express oneself and you know in algorithms or so is a good thing so when they're aligned it's kind of a double check and it works at both levels so i think that's most important when you doubt a decision or maybe just a moment in your life personal or business related doesn't matter when you when you're in doubt of something what is your personal mantra to get you back to a kind of a centered aligned place where you can make a better decisions well um on the doubts you know the question is always like how big of a deal is it and what is this type of bed and so on and yeah you know little doubts no okay that's no big thing um you know life and death decisions uh those kinds of things they're big you know those are the big questions um and what i um what i realize um on those is um doubting is part of that process you can only be sure a certain amount how do you get to the best triangulation in other words take in from the smartest people and your own thoughts and so on so that you're making that understand how reality works and then try to make sure that none of your um decisions are the ones that knock you out of the game in other words like i've got an expression for people who uh who work for me you can scratch the car but you can't total the car you know you could so realize okay you don't win it all you you know you you make your best bets but don't have the one so you have to eliminate the the killer ones because you have enough killer ones um and one and odds are one of them's going to get you right so so you know i approach it basically uh that way you know try to make the diversification try not to have any killer eliminate all of those that are unacceptable and then go for the upside and and doubt but you know i'm used to doubt i doubt you know there's there's everything every time you put on a position in the markets for example i am never sure if it would be easy if i knew so there's a lot of doubt right so so doubt is part of it but yeah you know don't have don't put yourself in a position that you can have unacceptable when you go broke hanged around a little bit is okay yeah right so how do you have confidence when you're doubting yourself and you're like i think this is gonna do well based on all the math and historical evidence and feelings how do you have confidence when you you know place that bet i have enough bets that uh i make the bet so that no no one of them i'm i won't allow anyone that'll kill me and then i raise and i'll typically only want to make bets that i feel good about and i will have them stress tested my bets by having other people stress test it so yeah just imagine i don't know you're playing a chess game okay now okay maybe you're a chess master but okay what are you gonna do you have to still make a move so okay what's the best thing to do now imagine you could ask the best chess masters in the world what you do and think about the pros and cons and make your decision and and just not make it that also one's gonna knock out of the game so it's that if you're looking for more greatness in your life make sure to check out this video right here and also check out our free pdf the three secrets to unlock the power of your mind to help you change your life download it right here the investment has to be indestructible so i'm i'm indestructible right i can invest in me

Channel: Lewis Howes

Views: 109,687

Rating: 4.8128886 out of 5

Keywords: Lewis Howes, Lewis Howes interview, school of greatness, self help, self improvement, self development, personal development, success habits, success, wealth, motivation, inspiration, inspirational video, motivational video, success principles, millionaire success habits, how to become successful, success motivation, MONEY, cash flow, stock market crash, dave ramsey, robert kiyosaki, next big market crash, stock market, investing, investing for beginners101, market crash

Id: sThtOflhxRI

Length: 113min 49sec (6829 seconds)

Published: Sun Mar 21 2021