Business Mastery

Business Mastery With Patrick Donohoe

TWS 4 | Mastering Business

 

All businesses are built on a core set of principles that, if you follow where they lead, you’re more or less guaranteed success. This is why mastering business is key to making sure you find the success you’re looking for. Patrick Donohoe shares his daily experiences from Tony Robbins’ Business Mastery, a conference where people come together to find their success by learning from some of the world’s most successful people. Throughout Patrick’s experience, you’re sure to also be learning something amazing that might not have even occurred to you. Find your path to business mastery today!

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Business Mastery With Patrick Donohoe

Tony Robbins’ Business Mastery

This episode consists of a daily review of my experience at the Tony Robbins’ Business Mastery, which is a multi-day seminar that took place in a warm, sunny and green palm tree-dotted Palm Beach, Florida. It was an awesome event and I know you are going to get a lot out of each of these episodes. Thank you for your support. Thank you for being here and expanding your knowledge of investment. I know it’s going to make a difference. It takes 1 or 2 decisions, 1 or 2 new thoughts to completely transform your life, making wise choices with your investments and your overall wealth strategy. That second business that you should be participating in order to balance your efforts as an entrepreneur, a small business owner and a professional. It’s important to know how to characterize investments and ask the right questions. I’m going to get into all of that in this episode. You are going to get a lot out of it.

In addition, one of my final invites to the Unleash the Power Within, the UPW Event that Tony puts on as like his introductory event in San Jose, California. That’s going to be in March 2020. You can reach out to Jeff at the Tony Robbins Institute. I’ve got a crazy discount for you, guys. I don’t get any benefit from this whatsoever but there’s an incredible discount based on my relationship with the membership that I have with Tony’s group. Take advantage of it. It will change your life. It’s one thought, one decision, one idea that separates you between where you’re at now and what you can become. These are the environments in which I can take place. Definitely look into that and if you can make it happen, I love to see you there. I’m going to come with my thirteen-year-old daughter most likely and to give her that gift, give her that experience will be life-changing for her. Let’s get to the actual content and my daily reviews.

I’m going to do an overview of my experience on day one of Tony Robbins’ Business Mastery down here in Palm Beach, Florida. It’s beautiful especially given the winter weather in other parts of the country. We’re inside the entire day and it’s colder in there than it is in most parts of the United States during the winter. Regardless, this is an event that I enjoy. I’ve been to it a couple of times in the past, but Tony always brings new information, new speakers and is keeping up with how society is evolving especially when it comes to business. I look at Business Mastery and associate it with his drive to empower people. I believe that business is an incredible idea and how people work together to bring ideas into reality.

It takes only one or two thoughts or decisions to completely transform your life. Click To Tweet

Tony talks through his experiences, the experiences of businesses he’s been a part of but also has evaluated. In order to extract some of the things that business owners as they’re in business, as they’re continuing to innovate can use to continually progress and grow. I look at what this has to do with our theme this 2020 which is an investment, specifically atypical investment. The correlation I’m making is the fact that all investment is ultimately a business. It’s a set of systems. I’m going to go through my note and review some of the main points that I took away from day one. I’m going to go day-by-day going through each of the main bullet points and the lessons that I took.

The first is I believe that successful investment is a result of a successful business. If you look at the last several years, there have been tons of disruption when it comes to businesses that could have been categorized as perennial. Those that are lasting generation after generation. Some of the examples he used were Hilton and Airbnb. Hilton has a history. They have a million or so rooms across the world and are valued at a certain amount. It’s like $25 billion or something like that. Airbnb came in and disrupted that market and provided better results, better service and/or no rooms and essentially facilitate a technology platform. They’re valued at $35 billion or $40 billion.

The idea there when it comes to businesses that have been around for a long time, if they’re not continually innovating and figuring out what their clients or customers need and giving them what they need. Making it more convenient and cheaper, then that’s when they’re ripe for disruption. The statistic that correlates to that is that 96% of businesses fail in a ten-year period of time. That’s indicative of successful investments. Even companies or investments that have been around for decades or generations, they’re still susceptible to failure and even new businesses. It makes the analysis important when it comes to knowing what you’re putting money into, knowing the business, knowing the investment that you’re making. That’s the first thing.

TWS 4 | Mastering Business

Mastering Business: You have to focus on the customer because their tastes, demands, and needs are constantly changing and evolving.

 

The other is, a successful business is 80% psychology and 20% mechanics. Most people in business focus on the value of their service, the value of their product and they’re always trying to improve that. However, a big piece that is ingrained in this seminar is focusing on the customer, focusing all your efforts there as opposed to the actual product and service because customer tastes, customer demands, customer needs are continually changing and evolving. For businesses to continue to provide value to those customers and be successful, they have to find new ways to provide value to meet those customers’ and client’s needs.

I look at one thing there that they introduced on day one that they’re going to go into it in a lot more detail as the days go on, which is the life cycle of the business. You also look at the different seasons that exist in the business cycle. Tony, for several years, has been talking about winter coming. With seasons, you have winter which is the death of things, the destruction of things but then you have spring which is the sprouting of new things. You have summer, then you have fall, which is harvest, reaping the rewards. Right now, we’re in a period of harvest. We’re in a fall season which is followed by winter. The timing is the challenge. We’ve been in the biggest bull market in history and looking at whether it’s the president or whether it’s the involvement of a central bank, the Federal Reserve in the economy, things have continued to prolong and grow.

The question really becomes, when is winter? Nobody’s able to time that perfectly, however, you can look at the past and see signals. There are lots of signals when it comes to winter being on the horizon. It comes down to the question of when. Some of the statistics that I pulled away to indicate some of those amendments, changes whether it’s winter, there’s definitely transition happening in the world. First and foremost, you look at the Baby Boomer generation and how they are involved heavily in politics and in business. They are in their 60s and in the mid-70s at this point. They’re going to be retiring. They’re going to be letting their business go.

A successful business is 80% psychology and 20% mechanics. Click To Tweet

The statistics that they used which are 87% of businesses that were the founder of that business are not going to continue past their death. I looked at the transition in business but I also look at the amount of money, the wealth transfer that’s going to take place between now and the next ten years. The tens of trillions of dollars are going to go in from the hands of Baby Boomers who invest in certain things, that do certain things with that money and that wealth to a new younger generation who are doing completely different things with money and they have different interests. That’s going to create a different set of demand and there’s now going to be money behind that demand. That’s an interesting thing to pay attention to.

You also have emerging markets. You have Africa coming online where they’ve created per capita more millionaires and billionaires than any other part of the world. You have the Middle East despite the stigma that’s attached to it also has a rising generation that is interested in Western things and is going to be demanding whether its product, services, etc. That’s something interesting to it to pay attention to. I’ll end with a few things, especially as you pay attention to investment. Hopefully, you see the theme here with the correlation between investments and business which is a successful investment is because of a successful business. A successful business is one that is in love with other customers, not in their product and service. They’re always figuring out better ways to meet their customer, meet their client needs and are adapting and innovating to do that.

This is an example that I shared last season regarding one of the exercises Tony does with purses and he does it with cars as well, but I’ll do the purse example. He has the female audience give him purses. He’s using it as an example. He has ladies raise their purses and he goes around and he picks expensive purses. He picks the middle of the road purses that look nice. He picks cheap purses. The principle is not to say that one is worse or better than the other. It’s that certain clients, certain customers have different needs, different tastes and different things they want out of those bags. You look at Louis Vuitton versus a bag from Target. The one that purchased it from Target is looking for efficiency. That’s their specific need. If you look at the margin in regards to that business, it’s smaller than the margin of Louis Vuitton. I would say, the difference in making the actual bag itself and manufacturing costs are going to be in a very similar range. However, the margin between the actual cost and what it’s sold for is hugely different. A Louis Vuitton bag is selling for thousands and thousands of dollars, a Target bag selling for under $100.

TWS 4 | Mastering Business

Mastering Business: Being able to understand yourself, especially your strengths, allows you to make even better decisions.

 

The principle there is understanding your client, understanding what they need and building a brand behind that. Louis Vuitton and some of these higher-level Prada bags, these luxury bags or clothing lines have established brand and subsequently margin. That’s also important to understand, not to say that Target isn’t profitable because Target doesn’t make bags. They do a lot of other things and they have a cool business model in a sense and now they’re partnered with Disney. Looking at how businesses are trying to continually understand their clients and meet those customers and client needs is very important when you’re weighing the decision of what to invest in. That’s all that I have for now. We’ll bring some new content and takeaways in the next episode so stick with me until then.

We are now past day two of Business Mastery, one of Tony Robbins’ events here in Southern Florida. Day two was pretty awesome. As I went back and looked at the main things I took away, I tried to extract again the information that’s relevant to investment. There are a few things. The day was very much about personal development and about the business itself, your business enterprise. As far as investing is concerned, I had to look for some of those nuggets. The first one is a quote from Tony that I liked. He says, “Wealth is the ability to master the mind.”

I looked at this and saw the relevance to not just business but also investing where understanding yourself and strengths, understanding how you respond to things especially your patterns, the emotional way you react to certain things. Understanding yourself more allows you to make better decisions. If you look at it, as I’ve talked about in the show, things or even circumstances don’t create the level of happiness and fulfillment that most people are seeking. That’s a hallucination, if you will, to think that once this happens, then I’ll be happy. Once this happens, then I’ll feel successful. Once this happens then that. I believe it’s the other way around. It’s the state of mind that we’re seeking and the state of mind can be accessed. Understanding our mind both the conscious and subconscious is paramount to becoming what we’re after, which is a wealthy mindset. That’s the first thing.

Wealth is the ability to master the mind. Click To Tweet

The second thing is the idea of the zone of maximization. I do think that this is important to understand. Tony has this description of a business as it pertains to a life cycle. In a life cycle of life in general, you have a birth and you have being a toddler, then you have been a teenager and then a young adult and then the prime of life. You can imagine the different struggles that human beings go through at those different stages. There are similar struggles when it comes to a business in those stages. The idea is to get to the zone of maximization.

That’s where I would say business starts to thrive. You also have the perennial businesses which maintain the ability to innovate and market to their customers and continually discover needs and find better ways of meeting those needs. When you’re looking at investment, when you’re looking at the actual underlying company, sometimes it’s valuable to know where they’re at in the life cycle. I’ll give you some nuggets as far as the zone of maximization is concerned. In that zone, you’re going to see a professional leadership. It’s not somebody becoming a leader. It’s not someone who’s trying to figure out their position. It’s someone that’s been there and done that.

The second is systems. There’s the quote that I love which is, “Systemize the predictable so you can humanize the exceptional.” I think that applies to most businesses. Having systems allows you to systematize the predictable, have things done the same way over and over again so there can be a focus of human effort in the most important areas. The third thing is culture. It’s the culture that’s representing the brand and bringing that message to the specific customers. When you’re in the zone, you also have growing revenue but also a growing profit. Sometimes in those younger stages, you have lots of growing revenue but you don’t necessarily have the profit. Finally, there’s the passion for the customer or meeting customer needs.

TWS 4 | Mastering Business

Mastering Business: There are specific languages in business and investing, and if you don’t understand these languages, you can’t play the game.

 

That’s hugely important to identify because that keeps the business thriving, innovating and constantly figuring out ways to discover better ways to meet customer needs. Finally, innovation and marketing. These are ingredients. As you can imagine, if you bake a cake and you forget the flour, the salt or the sugar, if it doesn’t matter what the other ingredients are, it’s not going to taste good. You look at the ingredients in the zone of maximization and it’s important to identify those. The ingredients are professional leadership, systems, culture, revenue up and profit up, growing, passion and then innovation and marketing.

There are a few more things. One is there was a gentleman who stood up and made the comment of, “Why weren’t you able to achieve?” It was that the person I hired, the group that I hired, the company that I hired, I trusted them and they failed me. It’s the difference between delegation and leverage. I thought this was really interesting and sometimes you have leverage as part of a financial transaction but it means something different here. Delegation is when you trust somebody else to do something. I think that’s in large part what the United States does from an investment standpoint. They delegate the responsibility to grow wealth to an institution or to an individual, whereas leverage is different.

Leverage is first and foremost, knowing what your end result is and being able to articulate that and then having enough knowledge to ask the right questions and to have high levels of accountability. Being able to leverage others, leverage financial advisors and leverage investment providers, you have to articulate what the end result is that you want and ensure that that aligns with the actual underlying purpose of the investment. When it comes to a relationship that you have with an investment provider, it’s understanding the leadership inside of you, which is the ability to influence the individual that you are in essence partnering with.

Systematize the predictable so you can humanize the exceptional. Click To Tweet

That requires them understanding what the end result that you want is as well as accountability along the way. The final thing I’ll end with and this applies to investment which is overcoming fear. It’s handling anxiety. Tony has five steps that he uses to overcome fear. The first step is to daily feed your mind with good information. Feed the animal, feed the person you want to show up in your life, not feed the one that you don’t. The second is to strengthen your body. Do something every day to challenge yourself. Do something that’s going to push you beyond the limitations of the day before. The third is the immersion in a role model. Seeing somebody that has been in the shoes that you want to be in and immersing yourself in their life, how they experience things and how they do things.

The fourth is proximity is power. Proximity is power, in essence, means to be around individuals, being in an environment that’s going to challenge you, that’s going to get you to think differently. It’s to connect with people that are going to help facilitate the results that you want. Finally, it’s to give more than you expect to receive. If you do that, then you’ll never lack abundance. Fear and faith can’t exist in the same mind at the same time. I also believe that when you do give, when you contribute to somebody else, the result of that is worth more than any dollar amount that it can give you. Tony’s famous saying is, “The secret to living is giving.” With that being said, day two is over. We’re onto day three. I’m excited to come back with you for day three recap. I’m sure we’re going to get through some awesome stuff.

A Personal Challenge

I’m going to do a recap of day three. We’re about to start day four but I wanted to get my thoughts. This day was interesting if you have been to events before, there are a lot of interventions. This is where Tony Robbins will engage directly with one of the participants and work through their business challenges. Everything comes out to be like a personal challenge. It’s fascinating how intertwined everything is. There’s a speaker that has been with Tony for several years and that’s what I wanted to focus on. I’m going to do a second session with even more details. There’s a whole other Business Mastery Convention that happens in Europe every year.

TWS 4 | Mastering Business

Mastering Business: Circumstances don’t just suddenly align to create your happiness and fulfillment. You have to do that yourself.

 

A second one, a follow-up to this where they go even deeper and it’s awesome. Keith Cunningham is the one that I’m going to cover and specifically some of the things he covered are that I felt were important and relevant to investment. Let me get some background in Keith. He is an older gentleman. He was partners with Robert Kiyosaki and Sharon Lechter in kicking off Rich Dad Poor Dad. He’s been around for a long time but he’s been speaking with Tony for a long time. If you haven’t picked up any of Keith’s books, they’re good. The Road Less Stupid is an amazing read. He also has a comedic personality and he’s from Texas too. He’s the old gray guy, Texas accent. He’s a good-natured guy. It’s interesting. He has some cool sayings.

Let me get into the things that I learned. First off, he goes through the three ways in which every business or investment failure boils down to which is number one, excessive optimism. Number two, bad assumptions. Number three, ignored risks. The idea is to learn how to understand the game of investing, the game of wealth and the game of business and avoid the emotional inclination to the end result which is either a loss, fear, more loss or gain which is greed. Going to the book he wrote, the key to wealth is to avoid doing stupid things. It makes more sense but it’s also funny. I want to get into how he goes about understanding the optics of a business, the optics of an investment. I think they are one and the same in a sense.

He associates it with dials on an airplane. These are what are known as more of the facts. If you look at what most individuals are doing when they’re analyzing an opportunity, they’re telling themselves a story. If you think about the lottery effect, most people dream about, “If I won the lottery then this would happen. I’d be able to buy this and this.” There’s this fictional story that starts to play in our mind as far as the end result of achieving wealth and investment, paying off, being able to retire and being able to be financially free. Then there are the facts and you have to use the facts as the basis for decisions as opposed to the emotions of it. He talks about the dials on an airplane and there are three primary dials in business. I’m not going to get into the details of these. The first one is the balance sheet. Understanding what a balance sheet is, assets and liabilities and how to read a balance sheet.

Failure boils down to excessive optimism, bad assumptions, and ignored risks. Click To Tweet

The second is an income statement which is income minus expenses. The third is a statement of cashflows. This is what business owners are about because an income statement, it’s not a reality. He calls it a theory. As you look at reality, what business owners are about is cash. It’s having operational cash as he puts it. That’s were understanding all three statements especially when it comes to a business or an investment. If there’s profitability but no cash and they can’t pay out a return. Understanding these three dials is vital.

The last thing I’ll use to describe understanding the language of business and how Keith puts it, which is you can’t play a game unless you understand the rules is he uses a funny story. He tells it every single time I’ve heard him speak. It’s a funny story about the game of cricket. In cricket for North America, it’s not a sport that we are familiar with. We all understand what it looks like, but as far as the rules and the language, we have no clue. He goes through the different terms. I’ll give a few, the wicket-keeper, the slip going out for a golden duck bowled over a maiden, a frog and rubbing the seam or rubbed a seam. He makes a crude joke as you can imagine with rubbing the seam in a very Texas old guy way, which is pretty hilarious.

The idea is that there’s a language in business or there’s a language in investing and if you don’t understand the language, you can’t play the game. That’s an important piece. The dials are one thing but then the language of business is another. The language of accounting boils down to the facts, not the opinions or the theories. Understanding the facts, being able to analyze the facts allows you to make a more prudent decision. A saying that applies to successful investment or unsuccessful investment is, “Those that don’t measure, don’t want to be held accountable.” That was a good overview of some of the financial things that I learned here at Business Mastery. There were some more theoretical, philosophical things and leadership principles that I learned. I’ll do a joint podcast with one of the people on my executive team, Dan, who’s here with me.

Wrapping Up

I’m going to do the wrap-up episode to Business Mastery. First, I want to celebrate the fact that you’re here. It says a lot about you and what you want for your life. Someone that takes time to read and to learn is the person that achieves what they are after. I know in a sense what you’re after. That’s what most people are after. The experience in understanding business principles and business acumen, it does relate to investment. I believe that it relates to what we’re all after which is this idea of living a fulfilling life, a meaningful life. It sounds somewhat superficial, cloudy and meta. At the same time, it continues to echo through these conferences, through my thoughts that there aren’t these circumstances that align in your life and somehow that creates your happiness and fulfillment. I believe that it’s the mindset and it’s trained and understood before the actual material thing happens.

What’s amazing is that the material thing happens a lot more quickly once you are able to go through and establish that sequence. First, understand the mindset, what you’re after and then experiencing it now and then things align so that you are able to experience it in the physical world. I’m going to continue to talk about this because I believe that the interviews that we’re going to be conducting around investment, around how to be a wise investor without a purpose, a very clearly defined purpose. It’s not going to matter how much money you have. It’s not going to matter how successful you are in business. If you understand that purpose, that is what people are after. It’s a true sense of meaning. I believe when you are able to discover what that is, it’s not like you arrive at the finish line. There is an ongoing process to cultivate, improve and magnify that. It’s a lifelong process.

We’ll continue to go there. I’ll give you a few nuggets from the last couple of days of Business Mastery. I would first say that I was grateful to take one of my guys with me, Dan. He’s been with me since the very beginning and we’ve gone through some ups and downs. We came closer as leaders in the company that I primarily work with and own, which is Paradigm Life. Understanding him at a deeper level and vice versa, it helped to see where we can make the biggest difference together. Going there and experiencing that with a business partner, an executive or a team member, it’s a profound experience to get outside of your typical culture and cultivate those relationships which make the biggest difference to you. I would say that that’s the first primary takeaway.

In the last couple of days, there are a few interesting things as it relates to investment. The first, Keith Cunningham did his second part of his overall presentation, which was a few hours. I look at what he’s teaching and how that applies to what you are after. I know you’re telling yourself, “I don’t need to understand accounting. I don’t need to understand what I discussed about the optics, which is a balance sheet, an income statement and a statement of cashflows. I don’t need to understand that in order to make a successful investment.” I get that and I understand where you’re coming from because I’ve been there. At the same time, I would say that the investors and people we work with that value our services and value this insight, the most are the ones that are lost. It comes down to not necessarily the investment being something risky and put your money into it and it didn’t work out.

It could have been the best value proposition, ideal environment and ideal leadership team. There are so many different factors within the economy, culture, society and legal that can throw it off-kilter. Understanding not just a snapshot in time of what the optics are of a business or an investment, then you’re placing more risk on your shoulder. Those three things that he talks about, the three pieces of paper to master those, he hit it home by describing the Enron demise. Again, the balance sheet, the income statement and the statement of cashflows, understanding those pieces of paper and how they relate to the health of a business.

He talked about Enron and for those of you who have been around a while as far as investment is concerned, Enron in one year went from the top of the world to bankrupt and there was a tremendous amount of fraud behind the scenes. There’s a documentary on Netflix which is The Smartest Guys in the Room. What it did is it showed how the Wall Street analysts that were looking at this company and its health and what their recommendation and feedback would be. It started off when they’re at their height, “Strong buy. It will definitely hold. This is a company that’s going somewhere,” then the price started to go down.

The analysts were saying the same thing. It was cut in half. The analysts were saying the same thing, strong buy, this is the best time to buy and the best time to hold. They were looking at one piece of paper and they were looking at the income statement which showed the profitability of the company from an accounting standpoint. The price kept going down because the unloading was happening by those who understood all three pieces of paper. If you looked at the statement of cashflows, they were losing hand over fist in their market value. When it was going from $80 or $90 a share at the top to even $2 and $1, analysts were still saying strong buy. Sometimes, when you rely on supposed experts and don’t understand yourself, what you’re looking at, it creates a tremendous amount of risk.

Let me touch on a couple of other things. Tony did go into the theory he has when it comes to your personal financial life. I like how he looks at it as a second business. The majority of people there are business masters. They’re there because they owned a business. As you established your business, what happens often is there’s so much opportunity in a business that people will invest their assets, earnings, and profits into the business because it’s giving the highest rate of return. At the same time, these other factors that are outside of the periphery of the business owner whether it’s the economy, society, maybe the target demographic is no longer relevant. There are all sorts of factors that could put that business in jeopardy. The competition that comes up. That’s where Tony advocates having a second business. He calls his investment strategy and his personal wealth strategy his second business.

e makes it easy. He talks about asset allocation. It’s very similar to what I talked about in Heads I Win, Tails You Lose, which is the hierarchy of wealth. One thing that he talks about is buckets. There’s a bucket that he mentions that I don’t talk about often enough. He has your foundational theory, your growth bucket and Tony advocates the use of specifically designed insurance which was cool to hear. He said that before but these are your secure safety assets. That’s why I said growth before but it was more of your safe assets, your foundational bucket.

He recommends filling that up before you get into alternative types of investments which I don’t necessarily agree wholeheartedly with but we won’t use this episode to debate that. I’ll do that when I go to the finance seminar. He goes into the growth side of things. The growth is where you have your assets that are diversified and he believes in getting as many non-correlated assets as possible. Looking at where our economies go and how assets are within a correlated standpoint. The market can fluctuate in a very similar way. It doesn’t matter how diversified you are. He goes through a lot of that.

I want to focus on the dream bucket. The dream bucket is something that I gloss over sometimes. The dream bucket is more of setting money aside to do those things that give your life that meaning, the experiences that you can have. I’ve talked about it in past episodes about how simply going on vacation, doing something with your spouse or your significant other or your family unplugging yourself from your normal routine is so healthy for that relationship, yet most people will save money as opposed invest in those types of experiences. That’s destructive because it takes away from the meaning of the investment in the first place. That’s why it’s important to identify your purpose, identify the end result that you’re looking for before you start investing. “Beginning with the end in mind,” so goes the famous saying by Stephen Covey.

That’s the idea behind what he was talking about when it comes to the dream bucket which is allocating money so that you can drive a nice car, live in a nice home, go on a nice vacation and the list goes on. It’s a much smaller percentage than the money that you allocate toward your security bucket, your growth bucket. I love how he looks at that. He makes it very simple. The bucket approach is something that I talked about in the Heads I Win, Tails You Lose. It’s very similar to what Tony talks about. That was another takeaway.

There was a cool end speaker that impacted me. He’s from the East Coast. His name is Jesse Itzler and his wife is Sara Blakely, the Founder of Spanx. It’s a $1 billion company that she owns 100% and built it from scratch. It’s an amazing story. Jesse is one of those crazy, driven guys. It was really inspiring because as he was talking about it, five minutes after, he concluded his remarks is where all the notifications came out about Kobe Bryant. He talked about looking back in his life and he wasn’t going to be satisfied with 80%. He wasn’t going to look back and say, “I’m glad I lived a mediocre average life.” We’re not about that. We get pulled into that sometimes. We’re getting to this point in society where we’re not going to have to do much at all.

The technological advances, there are a couple of companies that are in this incubator, this investing conference I’m going to. They’re going to change how much energy costs to nothing or very little, transportation and entertainment. Oftentimes, you look at the glass half empty with regards to the conflicts within countries. The other social issues that are going on, what’s going on in Washington, DC. The news is plastered with negativity, but we live in an amazing place. We live in an amazing time and we’re getting to the point technologically where we’re not going to have to do much to live a good life. That brings up a huge issue.

I’ve talked before about how life expectancies because of our understanding of health and longevity, they should be going up but they’re going down. They’re going down because people are not fulfilled. They’re drinking or taking drugs and they’re committing suicide even at high levels when they’ve achieved all sorts of success. Jesse was inspiring because he practices what he preaches and he lives it. He’s run ultra-marathons. He pushes the limits when it comes to business. He does it because of one thing and that’s what I wanted to end with. He does not negotiate with his goals. When he establishes a goal and says, “This will be done,” he figures out a way come hell or high water, given anything to do it. He wrote a book called Living With a SEAL, which is hilarious. There’s some language in there.

He was so driven to experience how a Navy SEAL lives. He experienced that at a race that he was at, seeing how that individual handled himself in a hundred-mile race. He wanted to see how that person lives. We invited this navy seal guy that lived with him for 30 days. The book is hilarious because he has him do all sorts of crazy stuff. That says a lot about him and how he finds meaning and fulfillment. I believe that it’s very similar to how most of us think and feel wired for mediocrity and average. Meaning comes from discovering who we are, what we’re about and making the biggest difference for everyone else.

The quote that was used was, “Purpose is found at the intersection of what you’re good at, what you care about, and what makes the biggest difference for others.” I believe that that is inside of all of us and we can find it. When we do, that’s true wealth. All of this other stuff, making investments certainly a part of it, but there are some foundational things that magnify the purpose behind why we make investment decisions, why we choose this, why we choose that, why we do this, why we do that and what the end result is. I’ll be back in the next episode. Thank you so much for going through this longer episode because we’ve had different segments lumped together.

The invitation is still open to the Unleash the Power Within, the UPW Event that Tony puts on. It’s going to be in San Jose. Go check out TheWealthStandard.com. It has all the information to sign up. We’ve got some awesome discounted prices. It’s going to be an incredible experience. I can’t wait to meet some of those who have already signed up. Thank you so much for your support. Thank you for the feedback on this season. It’s been fun and there’s still a lot more to come. We got an investment conference. We have a finance conference where there are going to be five billionaires speaking. There is a lot of good stuff to come. Stick with me until then. Thank you so much. I really appreciate it.

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Mastering the Business of You, Insights Gleaned from Tony Robbins – Episode 134

In this special edition of The Wealth Standard Radio show, Patrick Donohoe and Wealth Strategist, John Stewart share their insights from the Business Mastery conference with Tony Robbins. They will discuss how to view and grow yourself as a business – both personally and professionally and interview a special mystery guest. So join in, they are amped up and ready to share some of the amazing things they have learned.

• Visit: http://paradigmlife.wpengine.com
• Email: info@paradigmlife.net
• Call: 801-532-3660
• Follow: @paradigmlife