I want you to think about this here. In your entire lifetime, how much money has
gone through your hands? How much? Let me explain to you what I mean by this. Maybe you made $73,000 last year, at 28-years-old. And the first time you got a check was 14
years old, it was $100. Add that whole thing up. You'll come out with a number. $493,000. Or $1.9 million or $6.3 million, depending
on who it is watching this video. The question is this. How much is left in your wallet? Truly. What is in your wallet? Not what's in your wallet with Capitol Choice. I'm talking about really, what's in your wallet? What do you have left? How much savings do you have left? And if you're not too happy with this question,
it's very simple. The reason why you don't have a lot of money
left is because you don't know how to play the money game. Simple as that. So today in this video I'm going to cover
with you 20 rules of money. These are rules of money that I've followed
and it's obviously from a lot of mistakes I've made. Because there was a point in my life where
I made money and there was nothing left in my pocket. So I'm telling you from experiences. But rule #1 is the most important one. And it's the one you have to buy into immediately. It's very simple. You can fight and say whatever you want to
do to it. It's a rule. And the rule is, it's a game. Money is a game. And the great thing about any game is the
following thing. No matter what game you play, the most eventually
get good at it. If I've never played chess, and I play you
and you've played 100 times chess, you're probably going to beat me. If I have played Monopoly 1,000 times and
you've played three times, I'm probably going to beat you, because it's a game. So the great thing about the money game is,
it can be learned. So many times people fight it and they have
problems with it. And they say, well, you know, that person
became rich because they're smart. This person. . . No, no. They learned the game, and you can also take
the time to learn the game. Rule #2, don't be a hater of money. If you hate money, you'll never get money. Because money doesn't like haters. So if you're a hater, and you constantly say
things like, well, money doesn't grow on trees. Money is this and money is that, and rich
people are this. . . you're right. Money says, "you're right!" I'm not turned on by you. It's almost as if going on a date with an
attractive girl and telling the girl that you don't like attractive girls who don't
know a lot about philosophy and all they care about is their looks and doing makeup and
doing this and working out and going to the gym. And this girl's like, dude, I put makeup on,
I work out every day to stay in shape. But I also like other things in my life. But you know what? You're right. You're not attracted to me; I don't like you. She goes and finds another guy that says,
"I like a girl that takes care of her body. I like a girl that takes care of her skin. I like a girl that does makeup. I like a girl that works out five days a week." She's attracted to that guy. Keep that part in mind. Don't be a hater with money. #3, it's a doubles game. Listen. This should - you can stop watching the entire
video. You got the main things out of the way. It's a double game. And by the way, at the end of the video I'm
going to give you a free PDF. It's a double game. What is a double game? The entire game of money is about doubling
your money. So what do you mean, Pat, double your money? Let me explain it to you this way. If you right now have $1,000 in your bank
account, if you - you're watching this, and you have $1,000 cash, you are 10 doubles away
from a million dollars. That's it. You're five doubles away from having $32,000. You're 13 doubles away from having $8.192
million. You're 14 doubles away from $16 million. It's a doubles game. So how soon can you double your money? That's truly the game. Can you take that $1,000 and double it to
$2,000 in the next year, so the next thing is, now it's $2,000 you have in your account,
now you nine steps away from a million dollars. You may say, "Pat, I already have $100,000
in my account." Well guess what? You're 4 doubles, three doubles away from
a million dollars. It's a doubles game. This is a piece of cake, when you learn it's
a doubles game. So the question becomes what? How soon, this is the real game of doubles. It becomes two different things. Risk tolerance, because you've got to know
yourself when it comes to money. Your risk tolerance, depending on the age
you're at. If you're 65, your risk tolerance is going
to be lower than you being 22 years old, right? So you have your risk tolerance, you need
to know you. Then the other part is time horizon. What is your time horizon? So the time horizon could be, I want to have
a million dollars by ten years from now. Great. If it's 10 years, what do you have right now? Then you have to play your doubles game. How many doubles do I have with this $17,000
to get to a million bucks? It's a simple game! That you can learn what to do, as long as
you know your risk tolerance, you know your time horizon, what it is and what the amount
is, then you're playing the doubles game. #4, seduction. Let me explain to you about seduction. Okay? Listen. I use the analogy with ladies because it's
just how it is. Okay? Money likes to be seduced. Money's attracted to seducers. Just like a woman doesn't like a desperate
man, money doesn't like desperate people. Money's not attracted to desperate people
who want it so bad because they want to make this money and show it off to everybody. No, no. You need to seduce money. Seduce money. And all of a sudden money says, ooh, I like
this guy. I like this girl. Oh my gosh! I'm turned on to you. Don't let money seduce you. You seduce money. It's a seduction game. So whoever learns the seduction game with
money, all of a sudden money starts coming from all over the place to you, because money
is turned on by people that know exactly what they're doing. Money likes investors who know what they're
doing. Okay? A girl goes on a date with a guy that knows
what he's doing, she's most likely to come back and then there's experience. So learn how to seduce money, once you learn
this whole thing you'll get better at this game as well. Next, timing, when it comes down to money. Let me explain about timing. I'm not talking about timing like this is
the best time to invest into Snapchat or this is the best time to buy the IPO of Facebook
and etc. I'm not talking that timing. Although that's a whole different conversation
with timing. Timing I'm talking about, running a business. I'll give you an idea. There was a time where logically I had to
cut down. Okay. In my business. And I had to get rid of two or three employees. Logically I had to cut down. But I knew what I was getting ready to do
and I had access to all the information. I decided to double down and that helped expand
the business to new areas, new territories. So, and then the other part is cutting down
expenses, you knowing, maybe numbers are looking very good, but there's an area that needs
to be cut down that no one knows about the information. You need to cut down because you have access
to all the information. So there's got to be a part where you need
to know. And this is the thing we can't teach you. This is not something I can teach you about. But this is going to be a part of it, that
you're going to learn from experience with timing. Timing with when you buy. Timing on when you invest. Timing on when you stay light. Timing on when you stay liquid. Timing on when you go. . . there's a timing aspect to all those decisions
you'll make. #6, boredom. Let me explain what boredom means. Money needs to be moved. Okay? Again, if a girl is bored with you, she leaves
you, because you're too boring. Same with men. If a man is bored with a girl, they're going
to leave. Because it's boring. Money doesn't like to be bored. What do I mean? If money stays in a checking account, money's
going to somebody else who knows how to use that money. If money is just staying somewhere, and it's
not working, it's too boring, it goes to somebody else that knows what to do with money. So you've got to make sure money's always
moving. Money's always moving for you. Always moving for you. Always moving for you. Always working for you. Always out there doing something to create
more money for you. Next, secret account. You always have to have a secret account. Let me tell you what a secret account is. It's an account that no one knows about - your
wife, your husband, your boyfriend, girlfriend, mom, dad, brother, sister - no one knows about
this account. What is this account? It's a crisis account. A crisis account could be cash. A crisis account could be somewhere sitting
down that no one knows. But I know you may say Pat, you talked about
boredom. Two completely different stories. You've got to have a crisis account, that's
not your emergency fund. I'm not talking emergency fund that this is
the right thing to do. I'm talking a crisis account. What saved the business when we were going
through a difficult times, and our company's checking account went to $13,000. I had payroll, commissions, everything, $13,000. We were about to shut down the company. It was this close. We're about to shut down the company. What saved us was the crisis account that
I had. No one knew about it. That money showed up, put it back into the
business, saved us, we lasted, we made it through the tough times, and now we're here
where we are today. But it's because I had a secret crisis account
no one else knew about. You need to always have a secret crisis account. #8, don't fly first class until you have $10
million in the bank account. I see so many people spending two grand on
a flight where they can spend $400. Listen, I'm 6'4", 6'5", 240, and do you know
how many times till today I've paid first class? Zero! I don't pay first class. Other people pay for my first class, but I
don't pay first class. I've been paid first class, flown first class
many, many times because I have the miles or people pay for my flight. I don't pay first class. And why is that? Here's how I did the math. Now obviously, I can afford to do it, no problem. But here's how I did the math. You're trying to tell me that $2,000 for a
first class flight and I can get $500 for the same flight, that $1500 times nine flights
in a month, that's 9 x $1500, is $13500, some number like that. You know what I can do with that number? That's four employees. That's marketing. That's expansion. Over a year that's $200,000, $180,000. Why am I going to waste that money? That's an executive I can bring in. That's two incredible employees I can bring
in. I don't pay first class. Other people pay first class. Once you get 10 million bucks and you want
to do it, that's great. At that point you may want to get yourself
a private jet, but don't fly first class. Next, comp plan. Let me explain to you what I mean by comp
plan. So, no matter what country you live in, okay,
I get emails from 100 plus countries around the world and some of you guys and I talk
through your communistic system, how you're upset and you ask me what to do and I tell
you if it's not going to change, you have to leave. You have to leave a communistic regime you're
part of. Some of you are in socialistic places, France,
taxes, Spain. You're upset with the taxes being where they're
at, and I tell you, if you don't see the horizon changing, you need to adjust. But regardless of where you're at, rule #1
about your comp plan, your comp plan at whatever country you live in is your taxes. Study how you get taxed, because that's your
comp plan. And let me explain to you why the comp plan
in America does so well. A lot of people say things like this, they'll
say, "you know what? I can't believe the tax structure in America
benefits business owners and you know why is it that they benefit business owners?" Because business owners create jobs. If you created jobs, we'd give you a tax benefit. If there wasn't a tax benefit, and incentive
for business owners, then who's going to create jobs for all these millions of people that
need jobs? So you may say, "Well, Pat, if the incentives
are for business owners, shouldn't I be a business owner?" Yes! Every single episode's about you becoming
an entrepreneur. Yes. You ought to be a business owner. You ought to be an entrepreneur. Because it benefits you in your comp plan. It benefits you in your comp plan. And position yourself properly by knowing
what your comp plan is. Rule #10, end of the world mentality. Listen, CNN, MSNBC, Fox, Suze Orman, Dave
Ramsey, whatever these names you want to go through, all of these names put them all together. You know what they get paid to do? They get paid to sell crisis, because if it
happens, you've got to be ready for it. Okay? And so what happens a lot of times is people
get afraid. And they think it's the end of the world. And like when in 2008 the market crisis took
place, the market went all the way down to 6000 something, Dow Jones did, everybody started
pulling their money out. It's at 21,000 points today. Imagine if you left the money in. How much compounding money was lost, simply
because you thought it was the end of the world? Simply because you thought there was a nuclear
war that was going to happen all over the world. By the way, let me explain to you, if truly
a nuclear war's going to happen, do you really think your money matters? C'mon. We're not going to exist. So you've got to act as if there's no nuclear
war that's going to take place and panic so much when everybody tells you everything,
and you've got to learn how to manage those times when 90% of the world thinks it's the
end of the world, you've got to be ready. So how do you do that? Let me explain. I was part of the community that said it's
always the end of the world, until I realized how you become wealthy is during this time. During this time when it's the end of the
world, you know who wins? Those who have cash. This is why it's important to have cash set
aside. And I'm not talking boredom money. I'm talking cash set aside when it's the end
of the world for you to buy stuff. Every time crisis takes place, a lot of people
become wealthy. A LOT of people become wealthy. Because everything's on sale. Everything's on sale when there's crisis. People sell their exotics because they can't
afford it. People sell their art work for 1/5 of the
price. Homes sell for 1/2 of the price. Investments, all these things are for sale
during the time when there's the end of the world type of mentality. So you've got to have a strategy for this
time. Some say markets about to tank again, in the
next two to three years. I don't know if it is going to tank in the
next two to three years. Here's what I do know. It's going to tank in the next 20 years. And I'm ready for it. And I have to be ready for it. Because there's going to be opportunities. You also got to be ready for it. #11, study your politicians, especially your
president. Let me explain to you why. You've got to know what your politicians in
your local community are going to do and what their philosophies are. Here's why you need to know their philosophies. If their philosophy is to do heavy duty taxing
on you, you need to adjust accordingly. If their philosophy is cut down taxes, you
need to adjust accordingly. People ask me, Pat, what am I going to do
with Trump? Start a business! Taxes are being cut. Go make your millions of dollars in the next
four years. And if it's eight years, go make your money. Adjust. Everything's about adjustment. But you can't not know what their philosophies
are. You need to know the philosophies of the politicians
in your community. #12, study smart investors but don't be too
religious about them. Like for instance, you ought to read everything
Warren Buffett's got. Read every single thing Warren Buffett's got. Every single thing. Read any of the books he's got, go read them. Because what he's going to teach you is his
way of thinking. His mindset. He's going to teach you the way he thinks. Like some people ask, "Why did Warren Buffett
spend $35 million to buy silver six years ago and why did he. . . and why does not do
any technology and stays away from it? You know, why does he. . . these are philosophies. The thing you've got to respect about Warren
Buffett is when he says, "I don't do technology," he didn't do technology. So he stuck to a philosophy long enough until
it worked. Study smart investors. #13, play your game. Don't compare. Let me explain. This is extremely problematic to a lot of
people because let's just say on this doubles game, you're here [$8,000]. And let's just say your cousin is here [$4,096,000]. Why are you comparing yourself to him? You need to play your doubles game. Let's say you're here [$8,000]. Let's say your best friend is here [$128,000]. It's not the same game. He's four doubles ahead of you. It's not the same game. You've just got to make sure to play your
game. You can't say, "I'm going to play my game
at the level with the other guys," because when you do that way, you make reckless decisions
and you lose a double. You don't want to lose doubles. You want to gain doubles. I hope I'm making sense to you. You don't want to go backwards and any time
you focus on this guy [people ahead of you], you sometimes go backwards. So focus on your game. Focus on your strategies. Focus on your time horizon. Focus on your risk tolerance, and play according
to that game. Your vision may not be to be a billionaire. Your vision may not be to go out there and
do something very big. Your vision may not be to be a person that's
got $150 million bucks. Your vision may not be to be a deca-millionaire. Your vision may be, I want to one day have
$2 million. That's all good. Play to that game. And put a plan next to it. Play to that game. But don't constantly compare yourself to other
people. Next, index. A lot of people say, "Well, as long as you
beat the index." Okay, as long as you beat the index. I am more concerned of beating my goals than
I am about beating the index. I'm not worried about beating the index. I'm worried about beating my goal. What is my goal? What is the deadline? I want to beat that number. Because it's mine. That's what I'm committed to. What is my deadline? And I'm committed to this. I'm not committed to the index. I'm committed to this. Maybe I need to do a lot more than what the
index is doing. Because this is why I'm in business. In business I can control the amount of growth
I'm going to have in my income. I can't control if I'm studying just the index
and the index is going 11.9%, and I beat it 2.3%, but that's going to take me a long time
to get over here [bottom of doubles]. No, no. Play your game. Beat your goals instead of trying to beat
the index only. #15 - befriend money makers. I'll tell you why befriend money makers that
you trust. If you're around other people that know how
to make money, you're going to make money. That's just kind of how things work out. If you're around people that know how to make
money, you're generally going to make money. If you're around people that don't even know
how to make money, or don't even make a lot of money, you're not going to make a lot of
money. You know, so know who you're going into business
with, know who you're doing things with. Sometimes things seem too sweet or sexy and
all this stuff, but you don't know the person. I don't touch any of that stuff. It's important for me to know who I'm going
to be doing business with. I hire very slowly. Very slowly. I fire very fast. The moment I'm done with somebody [snap],
boom, gone. Four people we fire in a day, no problem. I can't do this, the tolerance is not in the
right place, we can't do this, we need to move on. But I hire slowly. Especially the higher up it is, the more I
travel with the person to get to know them. Same exact thing when it comes down to here. Whoever you're going to do business with,
befriend them. Travel with them. If somebody's extremely wealthy, go to dinner
with them. Get to know their wife. See how they are around their kids. Kind of see their standards of living, see
their discipline, see their behavior and then say, "I like this person. I like what their friends say about them. I like how his. . ." This is the person I can do business
with. #16: Diversification is for absolute sissies. Okay? So if you're a sissy, and your risk tolerance
is very low, it's okay. It's okay to be a sissy. A lot of people are sissies. But if you truly want to create your wealth,
and you're wondering why in your lifetime you work for 17 years and you don't have a
single penny, and you've made $617,000, yet you only have $6,000 to show for it, there's
a problem there. There's a problem there. What is the problem? Diversification is a great concept to sell
for these expert financial advisers that are playing every single thing safe and all these
other things, yes. Now, for those of you that are watching this
and you're 73 years old, diversification may be good for you, if you already have hit your
goal of $6 million and you're where you're at. You're 62 years old, and I respect the fact
that you already hit your numbers are solid. Risk tolerance is lower, time horizon lower. Okay, you're playing a different game. I'm talking mainly to the people that are
in the offensive mode of their lives. That you're trying to get here [near the bottom]. Maybe you're around this market [middle]. I'm not talking to the people that are here
[at the bottom]. I'm talking to the people that are here [between
the front and middle]. You're trying to get your doubles to go quickly,
faster. If you just rely on diversification, 20, 30,
40 years, well, you just got to know that's going to take 40 years, it's going to take
30 years. Maybe. That's if everything goes the way it's supposed
to be going. So I don't recommend just relying on diversification
to take you to where you want to get to. 17, the game is about leverage. Everything is leverage. Now let me explain what leverage means. I'm not saying leverage go into debt with
everything. I'm not talking about leverage like that. I'm talking about leverage, period. What could leverage be? Leverage your business. How can you grow your business if you're running
a business? How can you leverage to have more support? How can you leverage to sell more? How can you leverage to expand more? How can you leverage to increase the volume
of business more? How can you leverage to market yourself more? How can you leverage to get to the customer
faster? How can you leverage to increase the speed
of growth of your business? How can you leverage to get certain things
going? How can you leverage? Everything is a leverage game. Everything is a leverage game. And the more you study the concept of leverage
and the game how it works, the better it is for your wealth. #18, positioning. Positioning has to do with, for instance,
I'll tell you what positioning is. We could do a whole thing on positioning,
but I'm just going to give it to you in a shorter sentence. Positioning. If I'm going to go work at a company and I'm
going to have a piece of the equity, and I'm going to position myself to own a piece of
that company, and it's going to go public, that's smart positioning. That's very, very smart positioning. Tom over here who's our president, Tom created
his wealth by positioning. He went and positioned himself in certain
places and participated in the victory by owning a piece and he positioned himself. Sometimes it's positioning. Sometimes it's who you're running with. A lot of times it goes like, "I'm making great
income with this company I'm at." Yeah, but you haven't positioned yourself
yet because there's no backing on the equity. So it's positioning. You've got to also position yourself here
to make sure you're taking care of that part, right? Of course you've got to take care of your
credit, you've got a high income, savings, investments, but you've got to make sure you're
positioning yourself properly as well. #19, strategic partnerships. Strategic partnerships. The more you can create an environment, it's
kind of similar to befriend money makers, but this is slightly different because it's
intentional. If you can figure like what we do at our company,
is we have strategic partnerships where a lot of people make money. Okay? The more people make money, the more people
continue to do business with you, if there are strategic partnerships. I have strategic partnerships with $400 billion
companies, $200 billion companies, $60 billion companies. I have strategic partnerships with a lot of
different companies that benefits them. Okay? Strategic partnerships increases the value
of making money because a lot more people are making money with you when they go into
business with you. Last but not least, big check syndrome. Let me tell you what the big check syndrome
is. Oh my gosh, I've seen so many people screw
this whole thing up. And I'll just explain to you what it is. So, for instance, say you are doing real estate,
hypothetically. Okay. And all of a sudden, you get this one client
wants you to sell their home. It's a $3 million home. I'm just throwing numbers out there. And you go and sell this $3 million home,
and the check is a hundred and some thousand dollars that you get. And you say, "Oh my gosh, I made $100,000
and for two months, you live as if you made $100,000 in a month. What you don't realize is that $100,000 check
in a month, you need to look at it as an $8300 a month income for that year. That's what that means. It's not $100,000. And I've seen so many people who treat this
as $100,000 in a month, and they get cocky, arrogant, all this stuff. And then they go back to right here [beginning
of double]. And their double goes lower and lower and
lower. And they don't realize it's just a big payday. Let me explain. Would you rather have right now a half a million
dollar cash I give you. Watch this question, you're going to answer. Would you rather take a half a million dollars,
okay, given to you, up front, I'm going to give you a half a million dollars or would
you rather take an income stream, guaranteed of $100,000 over 20 years? Which one would you take? Half a million up front, $100,000 over 20
years? Which one would you take? Believe it or not, most people will say, well,
I think the right answer is $100,000. Most people would take a half a million. Let me tell you why the $100,000 allows you
to do more. The 100,000 is two million bucks. The half a million dollars is a half a million
bucks. See, this gives me the opportunity to have
a stronger backing to make bigger decisions to get bigger doubles. Now you may say, Pat, but half a million dollars? That already puts me here [$512,000]. It's irrelevant if you don't know how to play
the money game. It's irrelevant if you don't know how to play
the money game. I want high income as well. I want income coming in that feeds my game
so I can increase my net worth. This [income] is a very, very important game,
so don't get too crazy about big check syndrome and all of a sudden fall for it and lose everything
that you got because it can totally mess up your net worth and you work all the way back
to your double. So with that being said, this is what I want
to do to you. This episode is obviously an episode that
people would want to look at on a PDF. So we're going to give you a free PDF. But this is what you need to do. You need to visit PatrickBetDavid.com, we'll
put the link on the bottom of the YouTube video as well so you can see it, but if you're
not here and you're seeing this video on a completely different place, because videos
nowadays are being shared everywhere, you can go to PatrickBetDavid.com, okay. When you go to the website, the link for this
is going to be there. Look for the link. And if you don't see it anywhere, just go
on the search on the bottom of my website, Paul, show exactly where the search would
be. Type in "money," and this will come up. Rules of money, this will come up and get
the free PDF. Print it out, and look at it and start studying
which of those 20 rules you follow and you do very well at, and which you don't, and
start adjusting to it, and study the areas that you need to improve in those games. So with that being said, if you have any questions,
any thoughts, any comments, comment on the bottom. And thanks for watching everybody. Take care. Bye bye. Hey, thanks for watching this video. Let me make a case for you why I believe you
need to subscribe to Valuetainment and also join the notification squad. Look, there's two ways you can learn about
business. One of the ways is go to college. Learn a bunch of theories by professors who
have probably never ran a business before or you can watch Valuetainment, ran by entrepreneurs
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right. And by the way, I'm willing to bet anybody
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