financial freedom

The Concept Of Wealth And Winning In Life With Garrett Gunderson, Part 1

TWS 15 Garrett Gunderson | Winning In Life

 

Winning in life isn’t easy. We all want to live comfortably and not deal with pain, but life doesn’t always work out like that. We will always experience hardships. Join Patrick Donohoe and the Founder and Chief Wealth Architect at Wealth Factory, Garrett Gunderson, as they delve into experiencing life with all its uncertainties. Garrett shares personal experiences that shaped him to be the person he is now. He also talks about how he dealt with his insecurities and allowed his vision to expand beyond his comfort zone. Finally, he shares how he was able to change things in his life in order to live winning it.

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The Concept Of Wealth And Winning In Life With Garrett Gunderson, Part 1

There is a saying that embodies the idea of absolute and unwavering commitment. That saying is “burn your boats,” which is to say when you make a decision or a commitment, there’s no Plan B, escape clause, way to back out of the commitment. My good friend, has made a bold commitment. He’s made one of the riskiest moves that I’ve seen in a long time. He spent what most people would consider a fortune on training, coaching, Hollywood level film producer and production crews and other consultants to create this one-hour comedy special, primarily focused on the topic of money and personal finance. In June of 2021, I was fortunate to be invited to the live taping. It is seriously a Level 10. It met all expectations and exceeded them. It’s honestly hilarious.

Before this film is made available, Garrett is going to be doing a multi-city tour and it may be coming to a city near you. Why did he do it? Why comedy? I would say the taboo topics of politics and religion have a stepchild, which is money and personal finance. The stack of cognitive biases that prevent the mind from rationally evaluating financial strategy is pretty thick. The exception is someone having an open mind. However, the rule is what’s familiar with the status quo it’s to stay on that course.

Garrett hypothesizes that humor is a catalyst to breaking through these filters. He’s written books, three of them, one of them, a New York Times bestseller. He’s been in the space for many years. Despite what most would consider a success, his mission is to break through what keeps holding people back from living a life they truly want. He’s spoken on videos has a broad social media audience. He’s taken his message, he believes, as far as he can go. In this three-part video podcast series, you’re going to learn a few things about what he’s doing and why he’s doing it.

Number one is how powerful ideas have made their way into our belief systems with any vetting, scrutiny or evaluation and how difficult it is to go back and objectively understand these beliefs without shortcuts, such as humor. Number two, you’re going to learn a unique perspective on wealth and what people are after with their goals like retirement or financial freedom. In the third episode, we’re going to talk about Garrett’s journey where he’s put his essentially successful career and reputation at risk, and why he’s done it and everything that has led up to this point in time and decision. You guys are going to love these episodes. I can’t wait for you to experience this new content from Garrett to learn more about his tour and if it’s coming to a city near you, go head over to FreeFlow.group. Enjoy.

What is interesting about what I’ve learned from you because of this pivot that you’re making is when you have this humor, first off tapping into that, you got to be vulnerable. I’m not sure if you can fake funny. Maybe you can. I don’t know, but I feel like that’s the genuine person when they’re funny. Number one, I think it brings down those barriers, but then number two, comedy in general, talk about taboo things, off-limits things. Even if you go to Chris Rock standup or Eddie Murphy standup, they talk about hardcore shit you don’t talk about at a dinner table or a conference.

Going through rough times is okay. You have to learn how to process through pain. Click To Tweet

Without the comedy, it’s like canceled. People are angry.

I think that’s an interesting dynamic where these experiences that you’ve had have taught you about personal finance is a challenging industry. You’re always up against belief systems, but you figure out a way where you tapped into something genuine by yourself, able to connect with people at a different level where they’re now open to talking about what was off limits before.

I wrote this poem and part of it says, “Comedy is the key when no other will do. Love is the answer but can’t always get through.” Satire is pointing out what we hide, but everybody already knew. That’s my summation of why comedy is so profound because they say that when you scare someone to death, they remember. I don’t want to do that to people. It’s almost as effective to make someone laugh. I was talking to my sound engineer. We’re doing the final processes of a special. He goes, “There are so many gut punches in this. I’m a specialist. I have to be candid with you. When they told me what you were doing, I thought, how is that ever going to work? It’s great.” It’s cool to win over some intense critics in that world with a lot of like stature and knowledge. Some of it hasn’t. Some pay me to do. It’s a joke that happened to come out that night that I was not expecting to say. It was too funny not to include, but I think that theme is there. I think that it’s going to help the masses face a topic that they’ve been afraid of.

I’ll make one more comment. I don’t want to get into some topics specific to the special but also your experience. I’d say that, as you look at humor, roasting, whatever comes to mind when Demi Moore was roasting Bruce Willis. It was fascinating because those are things without that platform. The conversation does not take place. It’s almost like society has gotten to this superficial level, which I think we’re all involved with. It’s who you are, but then it’s who you are in public.

There’s a joke in my special that my manager is scared of. You’ve heard the joke because you were there. I’m talking about kids that they don’t labor. They don’t need Labor Day off. Driving around at Uber isn’t labor. We’re going to Jamba Juice that’s typing on a Zoom meeting isn’t labor. Having a baby is labor. That’s why they call it that because it’s hard ass work that wrecks the woman’s body. Ladies, you deserve a few hours off afterward. He was like, “You can’t say that joke.” It’s a joke because it’s stupid that guys would say something like that or feel that way. That’s what makes it funny. It’s not like I’m saying it as a sexist. I’m saying it as the opposite. How stupid are we? That’s why you get a laugh out of it, but we’re a sensitive society.

TWS 15 Garrett Gunderson | Winning In Life

Winning In Life: One of the driving forces of human beings is freedom, including financial freedom.

 

The sensitivity is that conflict between who we are in public and internally. I think that gap continues to widen. These are thoughts everybody has, but nobody’s willing to express because it would violate some stigma associated with their public personality or profile.

My set’s pretty clean because it’s not made much funnier with vulgarity. I want to have a reach. In my everyday life, I swear a lot more than when I’m on camera. I’m also thinking about it like, “Does it add to it?” There’s plenty of jokes that I remember. I posted one of my comedy sets, and someone was like, “This was supposed to be cleaned. The sexual innuendos here are so Philly.” I have a filthy mind, what am I going to say? I don’t want to mute myself. I want to be able to say things that other people can’t say and that’s what makes it funny.

I also want them to remember some things that help them in life, but the goal is to be funny first. It’s not another lecture. I am truly declaring myself a comedian based upon who’s involved with the project, and I think, “Where it’s going?” I remember I did a practice run for a group of your advisers. You were laying on your side at one point laughing at my insurance jokes. I was like, “This is fun. This is good.” That’s good because I was doing a lot of Zoom at the time to prepare. Zoom is not as fun as people in the same room as you. You can only hear laughter one way a lot of times on Zoom. It’s been a challenge, but a good one.

Let me hit on something to pivot the conversation. You want to get through to people to help them, paraphrasing. When we first met, there was a sincerity and genuineness about you where you wanted to make a difference. You talked about the things that you thought were most important for other people to know. Your journey led you to the point where even though you were saying the things that would help people, there was resistance on that initial layer that they were not able to get past. Therefore, they weren’t helped. Maybe get into where you’ve come with your understanding of what wealth is. What are people pursuing? Maybe unpack why aren’t people achieving levels of life that they want, especially in a society where all the information, all the books, everything’s there to do it, but people are still stuck in a sense?

Wealth to me is knowing what your win is and living by your rules and win, not everybody else’s. We lose well when we try to conform to society, to please others at our own expense, buy into this notion that this is going to be a temporary thing, that we’re going to give up so much of what we enjoy so that one day we can find a live a life that we can love. The problem is those habits become who we are. I had this conversation with someone that said, “I’m leaving social media.” I’m like, “How are you going to do business?” There was business before social media, there will be business after, but social media is not part of my win, my wealth. I don’t want to have digital assets where how I’m viewed is based upon the number of subscribers, of likes or of comments.

It’s important to know how to show and choose love even when it's difficult. Click To Tweet

I start thinking superficially about what would be viral or what would be controversial versus being who I am. This is a weird notion, but I’ve had like a Renaissance in my life where I decided hobbies were going to be as valuable to my wealth as my business activities. They would be on par. They wouldn’t be beneath that. I started taking courses on being a barista. My friend, my client, and I built this thing called The Roast, which has got a big bougie seat to pull up behind my e-bike. It’s got a chalkboard that you open up, an expresso machine put up there, a generator on it, and a sound system. I could roast coffee while I roast bad financial ideas. It’s almost like jaywalking would be on the street.

I’m like, “That’s fun.” I became a whiskey sommelier, and then I started learning how to fish, taking classes at Trager. I went and shot an elk with a bow. I started doing these things that weren’t anything to do with money. They were about my enjoyment. I started thinking about like, “What art do I enjoy in life? What are art forms that I would do for myself?” I write some poetry sometimes. Obviously, comedy was part of that. Some of that crossed over into a business world or a financial aspect. The start was considering my life and myself valuable enough to take time for myself for no other reason than I would enjoy those moments. Not because of validation by the external world. By doing that, I feel like I could be more connected to the world versus having the world tell me what wealth is or what my win is. That has been this revitalization of my life in the last few years. I feel more inspired, more ability to connect with people.

A lot of my hobbies have to do with satiating experiences, either meditative experiences or satiating. Satiating experiences are how I can create conversations that lead to connection? When I’m making a latte, I’m listening to someone. We sit down, have that latte and have a conversation while we sip on that latte, which prolongs that conversation. I started smoking a tobacco pipe maybe once a week or so. I ended up doing that with my dad, who grew up a Mormon. That was a surprise that he enjoys it. They texted me talking about he was having some tobacco and pontificating something about life. My mom’s like, “That reminds me of my dad. He used to smoke every Sunday.” I was like, “That’s a 30-minute smoke.” It was a beautiful artifact.

I started to invest in hobbies. I have this philosophy in life that I win when I play. I play doing comedy. Even my new website I’m writing now, I’m writing things that are funny and enjoyable that are part of that process. I created life on my rules and on what my win is. I’m not trying to retire from anything. I’m not trying to run from anything. I’m no longer trying to hide from anything. That can be difficult at times, but it’s so rich and rewarding. That’s wealth. When you know your win, and you’re living your life based upon winning all the way along, not about arriving somewhere.

That was the point I was going to make. I would say follow-up question because this is something that I think most people would resonate with. That would be nice. They look at you, others that fit that persona. They say to themselves, “I have to do this first in order to do that.”

TWS 15 Garrett Gunderson | Winning In Life

Winning In Life: Pain is a gift even if we don’t like the wrapping. It’s a tap on the shoulder so that we could do better.

 

That’s sacrifice. Unfortunately, we learned that through conversations and culture. Did you ever play the Game of Life, the board game?

Yeah.

The only way you win is by getting your college degree in that group. That creates a subtle belief about why we have to go to college. We played Monopoly. How do you win a Monopoly? Get as many things as possible. It’s a zero-sum, winner-take-all game. We start buying into that belief with capitalism. It isn’t what true capitalism or free market would be. It’s what cronyism becomes. It’s the survival of the fittest versus collaboration. I’m like, “I’m playing games that everybody else told me to play, go to college, get a degree, have a big business, grow that business,” which was always about, “I’ll take care of my health later. I’ll have time for my family later.” Those were always in the background and then the great line that all business owners never tell their spouse, which is, “I’m doing this for you,” but it’s not. It’s for our fulfillment of our narcissistic ego. There’s an unfillable void of more is better. All those kinds of things that we learn in society, especially here in America.

There is merit to some of that. There’s a lot of false reward to a lot of that, especially when we’re trying to prove something to other people. I was practicing my comedy set and I had a terrible night. It was on Zoom, had some people on, including someone who used to coach me in speaking and I had some friends in the dining room. There’s a chef in the kitchen. It was at my friend’s house. My wife’s doing her culinary homework in the kitchen. It’s noisy. They’re like, “How long can you be done in an hour?” My set is an hour and a half. The worst thing you can do is take an hour and a half in comedy and make it an hour.

The best thing you can do is go, “I won’t share a third of my set.” I condensed it. The guy said, “You sucked.” I did. That’s the truth. It wasn’t good. What was hard is not to have that be a chip on my shoulder and be like, “Wait until I do this.” What I did was I waited, and a month later, I finally shared it. He goes, “I can’t believe that it’s the same thing.” I’m like, “Yeah, I had an off night.” I definitely did. I learned a big lesson from that. The big part of the lesson was along the way, enjoying it. It’s not waiting for April 15th, but being like, “I had this set in March in Ogden at the Wise Guys theater there.” It was like, “It was an amazing set. It was one of the best nights.” I’m like, “It wasn’t. The April 15th was good.” As a standalone, that was a win. That was an enjoyment. Enjoy that moment. Extract that moment. Even leading up to that night, the last line, I thought, was awesome.

Intuition is such a gentle nudge. It's an inner note and a gut feeling. Click To Tweet

I couldn’t wait to sit. I was like, “I want to enjoy every moment on that stage.” Often in life, we’re trying to get to the next moment. It’s a silly movie. A movie that impacted me was Click. He could fast forward through anything. He missed everything. Most people would do that without proper perspective. We’ve learned that pain is something to avoid. What I’ve learned is pain is part of the process. It’s a gift even if we don’t like the wrapping. It’s a tap on the shoulder. If we’re willing to go through it with love and compassion, the other side of that pain is always a connection and lesson. My wife walked up to me and I’m like, “What’s up?” She’s like, “I’m sad because trying to get our son in this camp, but he’s got to have certain vaccinations.” My son had an adverse reaction to a vaccination back in the day. He’s not up to speed on certain tetanus and polio, which I don’t even understand why he had to have that. She’s like, “I don’t think they’re going to let him in the camp. He’s struggling with friends.”

I was like, “If you need to call the camp and have me on the call, I’ll be on the call.” Otherwise, I was doing my best not to get sucked into thinking that I have to make her happier. That’s my responsibility or that there’s something wrong with her being sad. She was able to get a hold of the camp and they’re going to let him in. Even when she did, I do a lot of times, which is we suffer the future. We start thinking about what’s coming up, about what can go wrong with that? We start our suffering now for something that hasn’t even happened and 99% of what we worry about never is reality. The stuff that is the biggest problem is things we could have never predicted. I feel like we’re going to have the tools and have the lessons through those, even if it is painful. The people that struggle the most are the ones that try to avoid the pain, hide and run from the pain, go around the pain when going through it is the only way.

I was reading Meditations by Marcus Aurelius. The definition of a meaningful life hasn’t changed at all since then. Yet, the world has become more complex. It’s been more difficult for people to have those moments of meaning.

We are better at faking things now. We have tools to make things look and feel real.

It makes it even more difficult.

TWS 15 Garrett Gunderson | Winning In Life

Winning In Life: When we try to conform to society and please others at our own expense, we’re going to give up so much of what we enjoy.

 

Filter and social media editing, I don’t know how to describe it without sounding too crazy, but I’ll say it. I’m at acupuncture, relaxing. I have this moment of clarity. I felt like it was God say, “There’s nothing to worry about. I’ve got you. You’ve got this. When you make mistakes tonight, it’s part of the process. Make that it’ll be okay.” I didn’t make as many mistakes in Show 2 as I did Show 1. At Show 1, I forgot where I was at one point. This girl, Trivinia was laughing so hard. I got distracted because she thought the word cavemen are funny. I kept saying cavemen, but then at the end, I go, “Does anyone know where I’m at?” Everybody started laughing because I’m making a mistake. My manager yells out. I picked it back up. In the second show, the mistake is, remember the tooth bunny. I meant Easter bunny but said, “The tooth bunny.” That stayed in the special and it was a mistake, but it was funny.

I had talked about the Easter bunny. No wonder we have a problem with pedophilia. You have a stranger in a costume here. Kids go to them and they’ll give you things for free. I go, “That reminds me of a story with my wife,” and everybody started laughing because the last word was a pedophile. What it was supposed to be referencing was free because she went to spring break when we were dating instead of, “I don’t need any money because the guys are super nice. They’ll give you drinks for free.” Those were accidents. Those were mistakes that made it funnier. The fact that I went in with this knowing I was able to be in that moment without fear. I didn’t tense up. I laughed with you guys.

I rolled with the punch. In life, we try to control the uncontrollable and that creates unnecessary stress and worry. That worry starts to become who we are instead of who we really are. Everybody gets a dumbed-down lesser version. That’s not present because of how we handle pain, of what we think is right and wrong, and of how we don’t want to be judged. Ultimately, we don’t show who we are because we think that if we’re someone else that people like us more. That’s my estimation.

I’ve done a lot in my life. I don’t think you can completely avoid that. It’s part of our makeup. We’re aware of it.

I have too many windows open that are running in the background, still learning the software down. I can be like, “Why am I worried about that? I’m going to call that person. This person texts me back. Do they not like me?” I’ll call him instead of sitting there and like worry about it. I always think, “Maybe they have other things going on,” or maybe a lot happening is in their life. If they don’t like me, that’s up to them.

You’re walking on the side of the road and met a stranger. You have ten minutes to talk to him. What do you tell him? We’re all human beings. We all essentially suffer from the same programming in a sense. We’re all part of the experience where stuff happens and respond to it in very similar ways. It’s this never-ending pattern that we get stuck in. You’re talking to someone for a brief period of time. What do you say?

Wealth is knowing what your win is and living by your rules. Click To Tweet

What would life be like if we trusted ourselves more? What would life be like if we listen to our intuition? Intuition is such a gentle nudge. It’s an inner note. It’s a gut feeling or a light feather face. It’s super easy to ignore, but the more we ignore it, the more we have unrest, even depression. We succumb to scarcity. Intuition doesn’t always lead us towards the easy path. That’s the thing. That’s why we like to ignore it sometimes. Sometimes it leads us down a challenging yet rewarding path. Sometimes because we think that we’re too alone or we’re not capable or haven’t been done before.

When I say we, I could be good at talking myself out of any of this. I had hernia surgery, November 3rd, 2020. I was in my bed for several days. I was eating gummies for pain management to go to sleep. I didn’t want to take any opioids. I don’t do good with weed at all. It makes me disconnected. I can’t even formulate good sentences. I found myself being like, “I think I could be a comedian. This is stupid. This is dumb.” That time I was like, “I think I’m going to do a special. I’d written it out.” I turned on The Zen Diaries of Garry Shandling that was done by Judd Apatow. It was him talking about his doubts of ever being good enough to be a comedian and all this stuff. I was like, “Okay.” He has some cool things he wrote in his journal, which reminded me about things I’ve written in my journal. I was like, “I’m going to do this. Can you walk downstairs because of surgery?” November 15 was when I called comedian Marcus and said, “I want to write this. Do you want to help me?”

I think we could write a special by January and then I’m very cats. My managers, chemistry starter podcast, email, somebody does it April 15th. I was considering it. All of a sudden, a brand new comedian is going to film an hour special. I started writing November 15th. I remember April 15th where most professionals are going to take a year to do this. I’m on Zoom five days a week, testing this out. You were there for one of them. I’m like walking, reciting, rowing and rewriting. It worked out great, but it was uncomfortable. I had to face so many demons of insecurity, of how to be direct with people, how to ask for what I want and to allow a vision to expand beyond my comfort zone, to make changes and to like say no to things, I could truly focus on this, how to allow other people to support me.

There were many things that had to go on for that to occur. Who I am from January 2020 to who I am now? I feel like I have to reintroduce myself to the world from who they knew in the past. I’m willing to listen to intuition. I’m willing to do the harder things and process through pain. I’m convinced on other side is love and connection. I feel worthy of love. I feel that I still have insecurities, but I still love myself even if I’m imperfect. I’ve adopted a statement perfectly imperfect as part of my life. I don’t have the answer, but I do have the question.

My question at all times, whether it’s convenient or inconvenient, is what would love choose? What would love do, how would love show up? I used to think that what was most unique about us was our abilities because that’s maybe a strategic coach concept. What makes us most unique is how we show love, express love, receive love. I’m like, “What if I mastered that? What if I invested in that?” Not in all the other stuff about more, but how to show up as love, how to choose love when it’s difficult, when I want to pout and be a victim, when someone I feel is wrong, me or said something negative about me? It’s like someone I look up to when I said, “I don’t want to be part of this anymore of something I was on the board.” He was like, “That’s going to impact us. “

TWS 15 Garrett Gunderson | Winning In Life

Winning In Life: When we try to control something that is beyond our control, it creates unnecessary stress and worries. That worry starts to become who we are.

 

I’m like, “I know, but you’ll figure it out. What am I going to do? You always found a way.” In the past, I’ve been like, “You’re right. Let me do it even though I don’t feel like I have the time or capacity or that I don’t feel like this is my calling because I want to appease you.” I was like, “We can still be in a relationship. You can even go tell people I’m an ass and I’ll be okay” because I’ll keep showing up as love and part of the time is having clear boundaries. It’s ten minutes of what I would tell someone.

What I took from that is the question you ask yourself, especially when you’re experiencing fear or anxiety or stress.

This shit’s easy when things are good.

The primal part of us shows up when things are not how we expected. Number one, it’s the awareness of it. Number two, it’s not relying on those carnal instincts. It’s strategically designing a way in which you can ask yourself different questions and catch yourself. Obviously, be more present and enjoy that moment.

I don’t know how you feel about this. The way I feel about this is I have the ultimate testing ground and having a wife and having kids because I can be neutral about things in business and not take much offense to it or not have a drag me into drama or a lot of emotion. If I don’t get my way with my wife, I can find myself on a path. I could find it harder to ask for forgiveness immediately or to not be right at the moment. That is the ultimate place because I’ve shown her more of who I am and I’ve shown anyone else in the world. There was a time where I believed if she didn’t love me, I wasn’t lovable because I’ve shown her so much. When I recognized that was a limiting belief, I’m able to even give her more love without the fear of is it reciprocated or what if she doesn’t like this about me? I joke that this is like the 26th version of who she’s been married to. I’m like the only woman that’s been married to more men with one marriage is Danielle White. Garrett White’s wife. He’s on Version 35.

It’s one of those things where I hope that’s what we all pursue. I don’t think there’s this end to our becoming. It’s weird. You have so much brilliance and meaning when you’re living in the present moments. That’s what all exists, but it’s this constant awareness that you can continue to do iterate, improve and be better, not to take away from how you are right now, but be even better and continue to improve on the experience.

Important Links: 

About Garrett Gunderson

I am the author of the New York Times and Wall Street Journal bestselling personal finance book Killing Sacred Cows: Overcoming the Financial Myths That Are Destroying Your Prosperity.

Founder and Chief Wealth Architect of the Inc. 500 firm, Wealth Factory. A regular on ABC’s Good Money, he has been on Fox, CNBC, as well as hundreds of radio interviews, and I contributor for Forbes. I also am a frequent speaker at workshops and conferences and live in Salt Lake City.

I have also been interviewed by some of the greats in the personal development space like Hal Elrod, Robert Kiyosaki, Ryan Moran at the Capitalism Conference, Dan Sullivan from Strategic Coach, the Mindvalley Podcast, Project Life Mastery with Stefan James, Joe Polish of Genius Network, Entrepreneur on Fire with John Lee Dumas, The Science of Flipping with Justin Colby, The How of Business, and many more!

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The Rich Doctor: Creating Financial Freedom To Design The Life That You Want With Tom Burns, MD

TWS 73 | Rich Doctor

 

Why don’t doctors get rich? It’s a baffling question considering how much hard work and service these individuals are putting in every day. And it’s not all about the money, even. Doctors do have a comfortable salary, but most fail to develop and design the life that they want simply because they have no time. Tired of being trapped by his own profession, sports doctor and orthopedic surgeon, Dr. Tom Burns started to look somewhere else to find a way to create that financial freedom he was looking for. After reading Robert Kiyosaki’s iconic, “Rich Dad, Poor Dad” (the very first copy, no less), he knew that the answer to his question is in real estate. Through a combination of hard work, luck and the right people to support him, Tom developed his own real estate portfolio that now provides him the financial means to do what he wants with his life. In his book, “Why Doctors Don’t Get Rich,” Tom shares his story and message with other doctors, creating the beginnings of a community of physicians who are passionate about creating wealth and freedom for themselves. Listen in as he joins Patrick Donohoe in this eye-opening discussion.

Watch the episode here:

Listen to the podcast here:

The Rich Doctor: Creating Financial Freedom To Design The Life That You Want With Tom Burns, MD

I have a guest that I’ve been looking forward to interviewing for quite some time. He wrote a book, which is called Why Doctors Don’t Get Rich: How YOU Can Create Freedom with Passive Income Investing. His name is Tom Burns. The first time I met Tom Burns, he was telling the story of how he purchased the very first copy of Rich Dad Poor Dad from a carwash owned by Keith Cunningham in Austin, Texas. He looked at the number on the back of the book when he was finished reading it. He called the number and lo and behold, Robert Kiyosaki himself picked up the phone. From there, they developed a relationship and it was awesome hearing that experience.

The next story I heard from Tom was when he was down in Southern Chile on a cruise. It was an icebreaker ship going toward Antarctica. This guy is an amazing guy and has incredible stories. You are going to love him. Tom is a physician. He started his adult life as a doctor. He’s trained in sports medicine as an orthopedic surgeon. He began his career in Austin, Texas and he continues to practice to this day. Along the way, Tom decided that he wanted an exceptional life and didn’t believe that a career as a doctor would check all of the boxes.

He wanted choice, freedom and time with his family. Through a series of events that included hard work, luck, loyal friends, great partners, patient educators and giving mentors, he developed a real estate portfolio that gave him the financial means to determine his ultimate future. Tom gets to live a pretty extraordinary life and he wanted to give back. He wrote this book. He is specifically focusing his attention on doctors, those in the medical career, which in 2020, they have had some challenging times.

It speaks to his experiences and what he did in order to achieve even more freedom. I hope you guys love the interview. Go pick up his book. You can go to RichDoctor.com in order to learn more about Tom. He has a newsletter and a blog. You can also go to Amazon and purchase his book. The audiobook will be coming out soon. It’s a great interview. I love talking to Tom. He’s such a good guy. I hope you enjoy it. We’ll see you in the next episode, until then.

It’s great to have an honored guest, a revered guest. His name is Tom Burns. As I mentioned, Tom, correct me if I’m wrong, but you purchased the first Rich Dad Poor Dad book ever.

I got lucky and picked up a good book. It happened to be the first one.

That fact alone says a lot about you. First off, how long ago that was, but also what you’ve done with your career and outside of your career. You have these dual careers in a sense as an entrepreneur investor and medical professional. It’s going to be awesome to interview you. When we first met, I don’t know but there’s something special about you. It’s something that I believe others could have benefited from. You took the plunge into the writing a book world. What was the experience like writing that book?

It was something. A friend of mine, the author of that book you mentioned, suggested that I write a book. I never wanted to shy away from a challenge. I said, “Okay.” I didn’t know what was going to happen. I started the process. People would ask me, “Who’s going to be your ghostwriter?” I didn’t have one. I’m a physician and sometimes a doctor’s disease is to do it yourself, but I had a specific reason I wanted to write every word in the book. I was writing to everybody, but directing the book at physicians, using them as an avatar for anybody that makes any kind of a paycheck.

I knew that my words would get through in one of the processes. What happened was I ended up growing because I wrote every word. I found out how to do it. I got editors to help. I learned a lot of terms and things that I hope to never have to remember now. It was a real blessing. It was because I learned a lot about myself and I was at first started writing a book. Somebody suggested to write a book. I’d never done it before. It sounded like a cool challenge.

Life is not all about money, but it’s a great tool to use to get the life that you want. Click To Tweet

What happened was I grew, changed and found out that the problem. I discovered a mission because in my world, in the physician world, there are a lot of unhappy, sad and trapped feeling physicians. Although the books written for anybody to learn about freedom, it was written to the doctors to try to help them because over 50% of them are unhappy. You and I, Patrick, when we get older, we would prefer to have a happy doctor taking care of us. It was a selfish reason I wrote the book.

As I did the research, I developed a website and developed some tools to help them. It has been a process. I’m still a tadpole in the evolutionary world trying to learn how to do this, but it was, it was great. I learned a lot about myself. I learned a lot about the world and learned a little bit about book writing. It was fun. It was a growth process and it was a blast.

I know that it has been months and months in the making, but what an iconic or serendipitous year to release a book like that. The medical world has been stretched in 2020, more so than probably any other year in memorable history. In 2020, I would say this statistic most likely has worsened as far as the medical world asking that internal question, is this worth all the decades of school and hundreds, millions of dollars in opportunity costs, but also tuition, school fees? You coming out with a book, Why Doctors Don’t Get Rich, it is somewhat of a wake-up call to them. You started down this path, but how would you characterize the theme of the book? What you want the medical world specifically to walk away from reading it? What do you want them to understand based on reading it?

I’ve had quotes from people. I felt trapped being a doctor. I didn’t know anything else was possible. I want it to be an instrument of guidance and hope to people that bring them a paycheck and feel like they’re trapped, particularly doctors. We know life’s not all money, but it’s a great tool to use to get what we want. There are certain ways to buy back your time, which is our most precious resource. A lot of physicians, a lot of people in the world don’t have time.

With some extra time, you can start to develop and design your own life. I want people to know that there is an option. It’s not for a special group of people. It’s not that difficult. Once you know the steps to buy back your time, create a little bit of even partial freedom. You take a little pressure off, life gets good and you start to smile a little bit more. The book is designed to give people guidance, hope and a bigger smile.

I know you speak to this in the book. The idea of freedom is it’s in your mind. It’s feeling, a sense of freedom because I know a lot out of people that have a financial amount of money that I would say anybody could consider being free if they had that sum of money, but they don’t feel like they’re free. When you felt that sense of freedom knowing that you didn’t have to perform surgeries, you didn’t have to work in the field that you were trained in, what was that like and how did it impact your work?

On the one hand, it was exhilarating and happened slowly. I wasn’t looking for it. I was doing my thing. All of a sudden, I realized one day, the money coming in from my passive vehicles has eclipsed my doctor’s income so that was exciting at first then it got confusing because what do you do? I wanted to make sure that I had a purpose. Freedom, money, it’s not everything you do. You do somewhat need to have a purpose. We all want to have some worth and a mission in life. It gave me the chance to sit back and see what I wanted to do with it. Selfishly, I traveled some, but then I started realizing that a little contribution to the world might be nice as well. I started looking for a mission and a purpose. It came like that. You can have the money to be free, but if you’ve got a bad home life or you’re unhealthy or your spirituality is compromised, it’s not freedom. It’s somebody with a lot of money.

Robert is the one that inspired this several years ago. He did a private education for a bunch of investors and talked about Maslow’s Hierarchy of Needs. There are these levels of Hierarchy of Needs, and most people get stuck in the self-esteem level where they achieve a lot. They go travel, they buy nice cars, they wear nice clothes. They eat at nice restaurants. It’s a Law of Diminishing Returns. The more that you pursue that, the less fulfilled you are. That’s where Maslow has his self-actualization level where it switches from satisfaction based on pleasing oneself to satisfaction coming from serving a purpose or a mission. Looking at this book, I imagine that was part of being able to offer and create value for those that you have empathy with. What has been your experience along the way, being able to give this gift to those that are in a similar situation as yourself?

It’s been a blast and that was part of that growth. I wanted to write the book to get the information out, then the mission developed. What you give, you get back ten folds. Now, I’m getting the opportunity to talk to people from all over the world and it’s been a blast. That mission has gotten deeper, broader and more focused in my life. It’s given me a great purpose. I’ve got a twenty-year plan to keep going. I hope to be doing something until I fall over and go to the next level. It’s been a pleasant surprise and it gives me a lot of fulfillment. I get to do things like this. I get to talk to good friends like this on Zoom. I’d rather do it live though.

Let me ask you a question around, I would say the information that medical professionals are exposed to with regards to finances because it’s a profession where there’s very little time. There are strenuous hours, plus there’s a lifestyle on top of that. The medical world in my experience at least has been the target of a lot of financial advertising. They’re pulled in all these different directions. When you look at the message you’re wanting to send, knowing that, how did you want to separate what you were trying to get across to this world that’s different than the typical advice that the medical world has given financially?

TWS 73 | Rich Doctor

Why Doctors Don’t Get Rich: How YOU Can Create Freedom with Passive Income Investing

One, you mentioned the education. We rarely get any financial education although a lot of younger physicians now are taking some business courses. They’re doing combined MBA and medical programs. People are becoming more aware or medical professionals are becoming more aware. In my instance, I was a biology major and I took zero financial classes. That’s the one thing. They will get targeted for lack of a better word. Nobody feels sorry for physicians and you shouldn’t. We make a great income and it’s a great profession. It’s a fulfilling, wonderful profession. Everything’s perspective, but they get targeted by people. I’ve been in the meetings when nobody knew I was a physician and I’ve heard the person in the front of the room say, “If you don’t have a client list yet, go for the doctors. They’ve got money and they don’t understand what you’re talking about.” That’s a true story.

There’s a section in the book that talks about all the traditional ways to create investments or create money or passive income outside your profession. They’re not bad. There’s nothing wrong with them. Sometimes they are proposed or advertised as the only way. I want them to know there’s a lot of ways for them to create a lifestyle, to create the money and the funds to create their lifestyle. It’s not so much about money, but it’s about buying back that time. If you’re a physician, you have to go provide a service in order to get paid. That’s the way it works. When you have some funds come in that you slept to make or that you were on vacation, or you didn’t do anything to do, and that check shows up, it becomes a little bit addicting.

I want them to experience that feeling and have the time to do what they want to do in life. It can be research to cure cancer or it can be to quit medicine. It can be either end of the spectrum or spend a little extra time with your kids or get off a couple of hours early so that maybe you can pick your kids up from the bus when they come home from school. It’s things like that and the list is endless. That’s what I want them to know is that there are other options and that there is a life out there that is not the one that has been prescribed and advertised to you. We’re only here once and I want the journey to be magnificent.

I had seen this study where this year 2020 specifically has inspired a number of youths that are in school right now to want to pursue a medical career as a physician. I look at where most of that drive and motivation is coming from. It seems to be coming from wanting to make a difference, having a purpose wanting. In the medical world, a physician is so revered because they work on one of the most precious things that exist, which is that human life. They are remunerated highly because of that. There’s a lot of dedication, work and investment of time, energy, money that goes into developing that skillset. What have you seen as time goes on in the medical career where in the beginning, there’s that passion and drive? Does it stay the same? Does it diminish over the course of time? What is your experience collectively? Following up on that question, when you sensed that feeling of independence, how did that change the way in which you serve your clients or patients?

The answer to part one is like everything, it depends. I have partners. I’m still practicing medicine. I have seven partners and they all love what they do. They’re great at it. They’ve been in it a long time. It’s not that everybody’s unhappy. There are people that enjoy the service. If somebody gets in to serve, that may be mission and purpose enough, and they may or may not need anything extra. On the other hand, a Medscape survey shows that roughly 50% of the physicians in the United States have at one time or another been burned out. Burnout means at one time or another, they didn’t want to be a doctor. We don’t want that. That means to you and I, that at one point, every other doctor you see, wanted to not be in medicine at one point. It’s a balance like anything in life. Everybody has different opinions, different things that motivate them. What is exciting to me is there are still a lot of physicians out that are happy with what they do.

Question number two, I continue to enjoy it because it’s been a decade since I haven’t required the income for medicine. Your question is that I was able to enjoy it more on a base level. I could eliminate the things I didn’t like. We, doctors, sometimes we take call calls when you stay up all night and the operator answered the phone. I decided that was infringing on my family time. I stopped doing that. If the hospital has too many rules or whatever, I won’t go into details, but you can stop going there. You’re not there for the money.

I was able to lower the volumes I was seeing. I can spend five minutes with somebody or 45 minutes with somebody. It doesn’t affect my income. It doesn’t affect my life. I’ve developed friends by walking and saying, “I’m Tom Burns. I hear you have a sore knee.” Years later, we’re going on trips together or we’re friends. That’s a blessing. I get to meet twenty new people several times a week. It’s been a blast. It’s been fun. That’s what I wanted every physician to have that, to wake up and realize I get to go in and see patients, not I have to go in and see patients. It doesn’t happen for everybody, but it was life-changing. If it hadn’t been like that, I would have been out of medicine several years ago.

It’s the professional world that has a very similar challenge. At the same time the medical world, the amount of time, effort, energy and money that it takes to develop those skills and be in practice is extensive. It magnifies that principle of being able to educate yourself financially and then develop a strategy to get to the point where you are free. You are independent and you don’t have to do these things. You have a choice now. You didn’t have the choice before, but now the choice is, do I practice because I want to or do I practice because I have to? It’s a very interesting question that most people don’t get to ask themselves. At the same time, those in the medical field, because of the amount of money they’re able to make have that option more so than other professions.

When you have a choice in life, you’ve got freedom. It gives you the choice to decide what’s most important to you. What’s most important might be serving your clients or your patients or whatever your profession or your job is. Your most important thing in life might be to travel and see the world or to be the best parent in the world or the best spouse or the best sibling. Choice does give you the potential to have and design the life that fits you best and that gives you the most meaning and self-actualization, as Maslow would say.

Let’s do this as we conclude. You have an extension to your book, which is a website and some tools that you’ve mentioned. Would you take a moment to speak about the website that you’ve developed and the tools that are there and how those that are listening could take advantage of those?

Choice gives you the potential to design the life that fits you best. Click To Tweet

For everybody out there, I’m transparent. I’m still learning how to do this stuff. I put a knee together but running a website’s been interesting. I wanted something to be useful. I wanted the book to be combined with a website that was a living, breathing organism. I have a blog that I put out and I find myself better on video. As time goes on, I’ll be having videos that have little lessons. They might be mindset lessons. They might be real estate lessons or money lessons. If you look at the book, the first half of the book is all about mindset.

Some of the how to do things is in the second half of the book. The website’s going to be the same type of thing. I’ll put out a blog that either deals with mindset or something concrete with action steps. I’ll put out some videos. I have a little section that will grow, that has some tools, things that I’ve used over time, that I developed to underwrite projects or to do some things like that. There are some spreadsheets and some resources. I encourage people to sign up and get the newsletter. It’s non-spammy. It comes about once or twice a month now. It’s usually got some helpful information. You can look at it or hit the delete button and it’s all there for help. It’s all there for you to grow and develop your own freedom.

Is the URL, the website just RichDoctor.com?

Yes. I’m the world’s worst marketer. You can go there and there’s a little sign-up sheet. It’s for everybody. I come from the doctor world and have maybe some credibility with them. You replace the word doctor in the book with your job, whatever it is, the principles are all the same. They’re all wealth and freedom-building principles.

Tom, thank you for sharing your wisdom. Thank you for writing the book. I saw how much it took and the number of revisions that you had to do. Did you end up doing the audiobook?

I haven’t yet. I’ve had a lot of requests for that so that’s step number next once I get the other mechanics of the website going and that’s about done. That’s probably the next project.

You had eyes on this book of some of the most reputable authors that are out there. It reads well. The information is compelling. It’s clear. I’d encourage anyone, regardless of whether you’re in the medical field to pick it up. Tom, any final words of wisdom or anything you’d like to leave the readers with?

I tell everybody, if you’re not growing, you’re stagnating and you’re going to wither away and die. I tell people that the $15 book is not going to change my life. I didn’t write this book to make money, but it might change your life. Whether it’s my book or your book, which is fabulous, anything. There’s always a little bit of information. You could learn something and then try to combine your education with a little bit of action. You’ll be surprised where it takes you. Life’s got a whole lot to offer and there’s a big world out there that is a lot of fun. I encourage everybody to use a little perspective and realize how much fun you can have and try not to be trapped. I don’t want people to be trapped and unhappy.

That’s one of the secrets of life is constant growth and improvement. I can’t remember what you called it. I call it the infinite horizon. What did you call it again?

It’s the second mountain.

TWS 73 | Rich Doctor

Rich Doctor: Doctors need to educate themselves financially and develop a strategy to get to the point where they are free and they don’t have to do the things they don’t want to do.

 

It’s the infinite second mountain because the second mountain will lead to the third mountain, the fourth mountain. Once you have something that you’ve achieved, in order to have that fulfillment and that enjoyment of life, you have to continue to achieve these milestones.

That first mountain might be about acquisition. There’s a book called The Second Mountain by David Brooks. The first mountain is about acquisition, which we all get into when we start, but the second mountain is more about contribution. The third mountain, the fourth mountain, we always find more mountains to climb, more to contribute and more growth to achieve. That’s what keeps you young. It gives you purpose and makes life fun. It gives you a chance to do things like this.

I’m going to ask one more question. There’s a quote that I think about quite often. It’s, “The quality of life is in proportion to the quality of relationships.” I know that you have valued relationships more than anything else. You mentioned it with regards to some of your patients. You in the book, it’s very evident of all the different seminars, all the different meetup groups and associations that you’ve attended over the years. Speak maybe to the importance and value of relationships and how they’ve helped you develop over the course of time.

We’re pack animals. We love people. I love doing this with you right now. I’d rather be face-to-face. I’d rather we be in a group of 300 people as well. You and I go on a cruise together frequently. That’s fun for me. Often, I’ll go to seminars where maybe I could be teaching some of what’s going on, but I’m going there to see the people. Relationships, when you meet other people, everybody’s so diverse. Everybody has a talent and you can learn from other people or you can live through their experiences. That’s what life all about. It’s a giant world. It is a giant passion for mine. I have my core values and they are adventure, growth and connection. We talked about all that.

The connection is so important to me that I put it as my top three of my core values. I want to be with people. This is fun what we’re doing now. It’s fun to go connect with people. You will learn and grow, and your life will be better for it. Your life will be enriched by the experiences of others. I can’t encourage people more to keep up with connections and start with your family. Family connection is most important. Those are the people that count. Broaden your circle, it will make your life a beautiful thing.

I’ll end with this comment where our society is evolving to this place where relationships are the true value of life. We have been blessed with technology such as this video conference software whether it’s energy or transportation. This is a year of disruption, but it’s going to pass. The way in which society is evolving, it’s going to, in my opinion, decrease the efforts and what we’re going to have to do in order to maintain our lifestyle expenses. That’s where, again, going to the value that people seek sometimes is right in front of us, which is our relationships starting with our intimate relationships, going to kids and going to friends. It’s no longer going to be a choice where we’re going to have a lot more time on our hands as a society. The principle of satisfaction and fulfillment is right in front of us. It’s meeting new people. It’s enjoying time with the ones we love. You don’t have to wait until someday. That day could be now.

The best time to start is always yesterday and now is the next best time. Don’t let technology run your life. It’s great that we have this, but there are 7.5 billion of us. Let’s go out and meet some of them.

I can’t wait until we meet up face-to-face again. It’s been a few years. It was in Austin. It was summer of 2018. This is a year that has made us value those personal interactions even more so. I’m sure the next time will even be sweeter. Tom, thanks again.

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A Daily Legacy: Creating And Passing On Generational Wealth To Your Descendants

TWS 72 | Generational Wealth

What is the greatest obstacle that is preventing you from living a life at the next level? For many people, it’s creating and passing on generational wealth. There are many ways to be financially free, but how do you enable your children and their children after them to have the same freedom? What does wealth mean for you in the first place anyway? Patrick Donohoe unpacks this for us in this special episode of The Wealth Standard.

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A Daily Legacy: Creating And Passing On Generational Wealth To Your Descendants

I hope you are in a festive mood despite the shutdown circumstances. I hope you have an amazing holiday and enjoy yourselves and enjoy the season. Welcome to this episode. I’m going to be speaking about generational wealth. Many of I sent out a survey in order to get feedback, insights and ideas about how to create a digital course that would be meaningful to you. I have completed that. If you go to Go.TheWealthStandard.com/freedom, you can purchase that. It is version one, I’m going to be doing some live Q and A sessions and getting direct feedback about some of the things I came up with in order to refine and improve, iterate and so forth. It’s exciting.

In the responses that I got, there are some common themes. That’s what I have been addressing in the episodes. I’m going to be doing that. The question I’m mostly getting into, which was in the survey, is what’s standing in the way? What’s the greatest obstacle that is preventing you from living a life at the next level? It’s obviously very broad but it’s been cool to read through the responses. This is one that I felt was important to address given the season but also given some things that I know that are on my client’s mind, my mind specifically. I hope they’re on your mind as well, especially if you have children even if you don’t, it doesn’t matter. It could be grandchildren, it could be nieces and nephews. It could be people in general, frankly. Let’s unpack the idea of generational wealth. Thanks for joining me.

The specific response was as follows. This is to what is the biggest obstacle that is standing in the way. It’s creating and passing on generational wealth. I’m looking to be financially free, but once I have achieved that, how do I enable my kids to have similar responsibility and freedom for their children? I’m assuming for them and for their children. There are a couple of parts here. Creating and passing on generational wealth, I’m looking to be financially free, but once I have achieved that, how do I enable my kids to have similar responsibility and freedom for themselves and their children? As I thought through this there are a few things that come to mind.

Be, do, have. Click To Tweet

Daily Journey

The first is, again, parts to this obstacle. It’s creating then passing it on. It’s the idea of financial freedom. It’s enabling kids to have similar responsibilities and freedom. Let’s address the first one, creating then passing it on. We should first talk about wealth in general. What I’ve come to understand as wealth isn’t merely financial wealth, even though that’s a part of it. There’s a cool book that I’m listening to. I have five days left on my 75 Hard challenge, which is an intense challenge. I listen to lots of audiobooks. I’ve been listening to Greenlights by Matthew McConaughey. It’s a fascinating book. I definitely recommended it. One of the things he said is, I’m paraphrasing, “Happiness is not contingent on certain things.”

He identified people that he had met in Central America and South America in the Middle Eastern regions. They essentially live like paupers but they’re the happiest, friendly and abundant people he’s ever met. Sometimes actual financial wealth makes it more difficult to understand the true nature of wealth because there are a lot of things that can mask it. When you don’t have as many distractions, it tends to be a little bit easier. Financial wealth allows more distraction that prevents the true essence of wealth. I would say wealth, again, I’ve defined in the past as being able to extract happiness, joy and fulfillment out of any moment, the good, the bad, and the ugly. Financial wealth, in the end, will only magnify who a person already is.

TWS 72 | Generational Wealth

Generational Wealth: There isn’t an end to passing generational wealth. It’s a journey and the journey is every day.

 

Creating the generational wealth and then passing it on first has to do with us, the individuals that do have this desire. I include myself in that. It’s understanding that there isn’t an end to passing generational wealth. I believe it’s a journey and the journey is every day. Our legacy is literally a daily achievement that we make because we don’t know how many days we have. We do know that they are numbered. It matters when and how. We look at life from that perspective. If we took a life, I would say, as more fragile, which in 2020 is a great opportunity to do that, regardless of how you feel about COVID-19, there’s been a scare. There’s been a health scare and it’s allowed us to evaluate our lives.

As we’ve been able to adjust, adapt and find happiness, joy and fulfillment within what has happened and how it’s disrupted our lives, that is a true test of wealth, regardless of how much money you have. I’m going, to be honest, and frank with you as I always am. In 2020, I had a great year financially so far. However, it was a very challenging year. I had nobody in my office. I came here by myself day in and day out with 1 or 2 people in here but little interaction where I’m used to interacting with lots of people physically. I didn’t know how dependent on that I was. I also have two teenage girls who’ve been prevented from visiting with their friends and going out and doing fun things.

We haven’t traveled anywhere. I haven’t seen my parents in over a year. It’s been a trying time and it’s been a great test. It’s been a great challenge because it’s allowed me to find the joy and figure out ways to be appreciative, to be grateful because when everything’s going great, it’s easy to be happy. The true test is when things don’t go the way in which you anticipate. This is a whole idea behind have, do, be versus be, do, have. One of the things I picked up in this response to the survey question was the idea of once. “Once I do this, once I do that,” and I try to eliminate that from my vocabulary. I believe we’re all habitually conditioned to think that once we have this car, job, title, girl, boy, spouse, children, that we’re going to be happy. It’s like when we achieve this, then we will be this.

I believe it’s the other way around. At least, I believe that we can experience the other way around. When we experience that, what we want in the end will come quicker. That is the be first, then do and then have. That idea of being, which is experiencing, embodying the idea of extracting joy, fulfillment, and happiness out of any given moment or experience, life is happening to me versus life is happening for me. A lot of this, I picked up from my exposure and experience with the Tony Robbins organization, where it’s our perspective of life that determines our happiness and that is a daily occurrence. Developing generational wealth starts with how you show up for your family, for your kids, for your loved ones.

Daily Legacy

That right there isn’t a one-time event. It’s a consistent event because when you’re speaking about children, the first 10, 15 years of their life is where a lot of their perspective of who they are, what life is about, what school is about, what money is about, what friends are about. Who they are, how they understand themselves, what they believe in themselves. That’s developed in the first 10 to 15 years of life. It’s not like someday you pass on a bunch of money and suddenly your kids are going to figure their life out. I believe that a lot of what we’re doing to influence our children is often looked over and it’s not seen as making that much of a difference. I have something that I love to say to myself as like an empowering statement which is what my legacy is today.

It’s challenging because children are getting used to life. They are pushing on you. They are pushing on one another, they are testing boundaries and they’re always going to do that. I look at sometimes how we, as parents and adults, show up to children’s lives. It allows us to influence in one way or another. I believe that that is the greatest set of gifts that you can bring to a child. It’s being able to influence their experience of life so that they can discover who they are. They can discover what life is about. They can understand virtues and principles and how to live by them because, in essence, they’re laws. Those are some of the greatest lessons because here’s the thing. Technology is following Maslow’s hierarchy of needs where technology is making the physiological needs of life almost zero cost eventually. Whether it’s transportation, energy, food, housing, communication, entertainment, the costs there are being driven down significantly.

When we cross this barrier, to a large extent, of having to work in order to live where we have to work. We have to earn money. We have to do those things that are becoming less and less of a truth. I believe that in the very near future, technology is pushing towards this working less and less but being able to live a decent lifestyle. Up until 2020, poverty rates around the world were coming down at a staggering rate because of the spread of technology, the spread of efficiencies that are being developed.

I believe our children and grandchildren will live a very different lifestyle from physiological and safety needs, which is the next step in Maslow’s hierarchy of needs, then we have. A lot of what makes us afraid of those that are currently in the X generation, the Baby Boomer generation, is that we still have on our mind this idea that if we don’t have a job, if we don’t earn money, then we’re not going to be able to survive. If we can’t pay our bills, we’re going to be homeless and we’re going to be on the streets. We go to these worst-case scenarios, those fears are going to be non-existent because of technology. That’s an opinion.

I have some evidence to back that up but hopefully, you know where I’m going with this, which is from a financial standpoint, is going to be different for our generation than it has been in the past, especially with regards to our kids and their generation. Wealth is very qualitative. It’s not quantitative as far as measuring in terms of money or cash flow or income. It is qualitative based on the quality of our experience in life, not yesterday, not tomorrow, not a month or a year or twenty years from now but now.

The first two hierarchies of wealth are the first two levels in the hierarchy of needs. The two levels above physiological and safety needs in the hierarchy of needs, these two levels. Technology, I believe, is rapidly solving. Now you get to relationships. Right now this is being expressed. Social media is incredible as far as how we develop relationships. You may not define them as relationships, connections, friends, whatever you want to call them. It’s this need of seeking community. This need for seeking relationships. This need of seeking partners, intimate partners, wanting that desire that happens to want to have children. These innate needs that Maslow talks about, are now being met with technology. You get into self-esteem. These are very important. This is where we, as influencers of our children, of other people, can focus attention on what a healthy relationship is. It is not necessarily by us directly teaching, but I would say indirectly showing through our actions, as well as self-esteem.

Oftentimes, I look at how completely different my kids are from one another. A big part of me has always wanted and tried to show them through the example of how to appreciate their uniqueness, how to understand that they are different than one another. I believe sometimes they want to be like one another in order to get love from their parents. Celebrating the uniqueness and difference of our children is a powerful way in which we create in themselves the seeds to enjoy life at a high level, not one time but consistently over time. I’ll end with maybe a few points around doing this and doing it strategically.

Daily Challenge

The reason I’m getting into this is I believe wealth is going to amplify who your kids, who your grandkids already are when they get money. It’s going to amplify whatever results they’re already getting. You hand them a bunch of money, it’s not going to improve their life from a qualitative standpoint. Long-term, there may be a house, a car, some cool things that they can do to entertain themselves. I do believe that that is also something that is drastically coming down at price. More people are going to be able to experience it. It goes to this idea of being, does, have versus have, do, be. If kids believe that they have to have a job in order to feel successful, if they believe that they have to get straight A’s in subjects that they may not be that great at, they have to do that in order to be successful and feel good about themselves.

TWS 72 | Generational Wealth

Generational Wealth: The bottom line with passing on generational wealth is you have to define what wealth is for you first. You also have to realize that what you are doing on a daily basis is your legacy.

 

I believe that instilling in children this idea that everybody is different and also demonstrating that through how we treat them and then carrying out, I would say, experiences that allow them to have challenges associated with who they are in order to develop self-esteem relative to what they’re capable of by overcoming challenges. It could be as simple as in the summer of 2020, we had some travel plans to visit my parents back East and some other things. All of those were disrupted. We were restricted to where we could drive, so we did a trip up to Northern Montana and it was cold during the summer. We hiked in the snow. We hiked in rain. We hiked some challenging things. For my six-year-old, it was definitely a challenge. He was on my shoulders half the time.

These challenges we may not believe or they may not seem like they are that impactful but they truly are where kids face challenges and they overcome them. They face difficult things and they overcome them. I wouldn’t say this is more physical than anything else but it’s also the lesson around it that you can demonstrate whether it’s directly or how you face your own challenges. Do you show up and battle and push through or do you tuck tail and run? Do you analyze it, celebrate it, realize how beneficial it is to your circumstances because it’s an opportunity to grow, or do we complain? Do we blame somebody else? Do we blame circumstances, COVID, the president, a boss, or the economy? Those are the things that our kids pick up on and it’s developed into how they view the world.

We have a place an hour up in the mountains and it’s right on this river. The river is cold all year round. One of the things that I do is jump in the river. I jumped in it and it was freezing. It was incredibly cold. My kids did it a lot up until it got a little too cold but it was this idea of facing something that you are afraid of, facing something that it’s like, “That’s going to be painful,” but you do it anyway and experience it. It’s not life-threatening. At the same time, it’s that experience that wires us to understand fear at a different level. Understand the anxiety of looking over at that water. I know that that is cold but you push through that and do it anyway.

I’ve always said that one of the decisions I made many years ago that made a drastic difference in my life, especially in my business life but also personal life, you can carry it into all aspects of life, was picking up CrossFit, which is a workout philosophy routine. I still do it almost every day. It’s not necessarily for the workout but it’s because you face physical failure daily and you figure out a way to push through what your brain is telling you one another, shouldn’t be doing. “This is too much. You can’t do it. Stop,” but there’s all the environment of CrossFit allows you to face that over and over again. That builds in a lot of physical mastery, as far as how we show up to the other challenges in our life. The other things where it’s like, “That’s impossible, I’m going to run. I’m not going to do that. That’s somebody else’s fault,” it allows you the fortitude. It allows you the strength to push through and overcome whatever that challenge is.

I’ve gone all over the place with this. The bottom line with passing on generational wealth is you have to define what wealth is for you first. You also have to realize that what you are doing on a daily basis is your legacy. If you currently have kids, you are influencing them. It’s stepping back and it’s analyzing, what am I doing now? What lessons am I teaching my kids indirectly? You want to do some direct stuff obviously but indirectly through my behavior, through my response, how I behave. By no means am I perfect at this. This is a very sobering episode for me because there are many things that I could do better for my kids. I try my best and I continue to try. I realize that I fail. Even when I’m doing something and I know that I’m failing, sometimes I keep doing it. It’s being able to step back when you’re in a neutral mindset and analyze the situation and go to your kids and talk to them about your shortcomings.

Talk to them about what you’re trying to do. Talk to them about their uniqueness, you wanted them to live a meaningful, beneficial life. Having those direct conversations, especially after you fail. I think that’s the worst thing when parents try to hide their faults. I’ve hidden mine in the past and it does not jive with my principles. I’ve had to go back and be penitent to my kids on more than one occasion. In the end, this demonstrates that making mistakes is okay as long as you learn and grow from them.

The last thing I would say is there are ways in which you can structure your finances so that your children benefit from that when you pass on. This is not what I usually start with. What I explained and went through was what I believe the true generational wealth is, which is basically the strategic design of having your kids experience the principles and virtues of life and come to understand their uniqueness. How they, based on the current circumstances that they experience as well as future ones, how to extract the lesson, how to extract the joy and the beauty. How to understand that life is happening for you as opposed to, to you, which is the case with most people, unfortunately, and your kids see that. My kids see that.

Your legacy is today. Creating generational wealth is an everyday responsibility. Click To Tweet

If we want to turn the tide, that is the greatest way to pass on generational wealth. Not from a financial standpoint. There are estate planning techniques. There are ways in which you can position your assets so that you don’t have a check written to your kids upon your passing, whether that’s later in life or prematurely. There are ways in which you can structure that so that it’s not a blank check so that it goes for specific purposes.

I would caution you here to find someone who is very astute at this in the digital course that I created, I have a financial directory in there. My personal attorney is in there. His firm does a wonderful job at helping to structure an estate plan strategy so that you can pass on your values, your virtues, what you want to pass onto your kids but you do it in a responsible and intelligent way. Andrew is great at this. Thank you for reading. I hope you have an amazing and eventful holiday season. Even though they’re not going to be the typical events, you can still create some cool things. I know you have some creativity inside of you to create those lasting memories for you and your family. Best wishes and we’ll see you in the next episode. Take care.

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Money And Psychology, And More From The Finance Summit, Part 1

TWS 7 | Tony Robbins Finance Summit

 

Any Tony Robbins finance summit always bring game-changing opportunities for thrill seekers and for those who want to grow and stand out in their industries. Patrick Donohoe shares his fruitful experience from the event. Understanding oneself is key to establishing what you want. A clear set of outcomes along with the excitement that sticks with achieving it is one of the highlights of the summit. Discover more learning from the summit such the idea of money magnifying the understanding of psychology, the archetypes that people have, the five financial dreams, and Erik Prince’s economic influence.

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Money And Psychology, And More From The Finance Summit, Part 1

I’m up in Sun Valley, Idaho. It’s beautiful up here and cold. As most of you know, I’m at the Tony Robbins Platinum Partnership finance trip, which is a summit of a couple of hundred people every year that learns from some of the best minds in the economy about what’s going on, what are the opportunities and what to be aware of. I’m going to recap every day for you. It’s going to be day one and it was crazy. It was over a twelve-hour day starting at noon. We didn’t get out until almost 1:00. It was packed. Tony did the entire day. I learned a lot and a lot is repetition. I’ve learned some of these principles and ideas before. As most of you know, sometimes it takes 2 to 4 plus an emotional experience to have those ideas resonate so that they’re understood, not just analytically processed. There’s a difference.

Day One: Real Wealth, Your Economic Identity, And The Four Kinds Of Archetypes

Day one is philosophical. In the next couple of days, they get into some alternative investments. The CEO of Blackwater, Erik Prince, is one of the speakers, as well as Bill Gross and Ray Dalio. There are seven billionaires that are going to be speakers. It’s going to be a stock-full of valuable information, but on day one, it was Tony. For those of you who have had the opportunity to go to one of his events, you understand where he is when it comes to the importance of mindset. It doesn’t matter how much material things you have, real wealth is in the mind. He started right out of the gate by explaining how real wealth is being able to master the mind. Mastering the mind usually is in unfavorable circumstances. If you look at the wealthy and successful from a financial perspective, they have made their wealth during the downturns, the winters, difficult times where everyone’s afraid. Nobody is willing to act because they don’t have control over those two competing forces, the analytical mind and the emotional mind. It was refreshing. The theme is to be able to live without fear, especially when it comes to finances.

Let me get into a couple of my notes. I have probably 30 pages of notes from one day. It’s crazy. I’m going to highlight a few things that he said and expand on them. Developing ownership of being the creator of your life, not a victim of circumstance. This is a powerful idea. It’s something that I thought a lot about, especially when it comes to business. I believe that we get caught up in what’s called the tyranny of how, which is the analytical mind is trying to figure out, “How is this going to happen?” The emotional mind is telling us that it’s not possible as well. That’s where it comes down to understanding yourself as the possibility of creation and being able to establish what you want. Not having a plan of how to do it, but having essentially a clear set of outcomes that you are passionate and excited about. The ‘how’ ultimately manifests. Being in that mindset is a prerequisite for that manifestation. It’s an interesting idea.

If you look at the nature of growth, typically growth is not controlled. People usually will have to have some unfavorable circumstances happen to them in order for them to wake up, to snap out of it, to have a realization or an epiphany. At the same time, you can control that. There are these thresholds that we have within ourselves when it comes to what we want and what we’re willing to do. If you look at the nature of equality, our souls are all the same and equal. The value that we bring comes down to our psychology. The value we bring to the marketplace is represented in the monetary remuneration for that. He stated that getting to the next level, there’s something in your way in which you identify with economics. There are these thresholds. It’s this idea that you hit these thresholds, whether it’s the money that you make or the investments that you make, your risk tolerance, but it comes down to your mind. He ended that thought with the idea of what real wealth is.

He defines wealth as the ability to extract enjoyment from life, no matter the circumstances and being able to do that in every moment. The idea of money magnifies that understanding of that psychology. What that means is if you’re not happy, satisfied and joyous about what you have, that lack of that state will magnify. If you’re in a scarce, fear-based, frustrated, egotistical, envious type of state, the money will magnify that. It’s a powerful idea. That’s why he focuses on mindset and state so that it’s established. Regardless of what your circumstances are, you’re able to find the beauty, the enjoyment, the satisfaction with whatever is going on before you get to the next level. It’s almost a prerequisite. That mindset puts you in this state of being able to have more. It’s fascinating. We’ve talked about that before with the whole Have-Do-Be instead of Be-Do-Have habits. It is that same idea.

It doesn't matter how much material things you have, real wealth is in the mind. Click To Tweet

Tony mentioned that with all the things that go, the reason why he bombards you with information isn’t so that you absorb and take in all of that information. It’s the one idea that’s meant for you, the epiphany, the one takeaway, the one action on it, the one realization requires one to completely change your life. That’s what these events are for. That’s why I was persistent in inviting you out to UPW, which is his foundational event in San Jose. There’s going to be another one in Chicago. If you want all the information for my contact over at the Tony Robbins organization, you can register for that too with the same discount. There’s one in Chicago and there’s going to be one in New York City toward the end of the year. The idea is for you to have this awakening of sorts. It happens based on his teaching and explaining based on some of the physical things that you do, but also based on some of the interventions that he does that requires one idea.

He went through a lot of different examples, but there is someone that pays for the Platinum partner membership and comes to the finance event. At the finance event is where all these ideas float to him. He made a deal in 2019 where he sold a business to Merrill Lynch for $1.2 billion coming from one idea that he got at finance. The thing is putting yourself in the environment in which these ideas come to you. It’s not going to happen in your general set of circumstances. I have one idea on the kickoff dinner that I could have gone home. It’s one conversation with this guy in the home renovation industry, of all industries. It rocked my world. It’s one idea to completely change one idea, one realization, one epiphany, that completely changes your life. Another purpose and theme of the week is expanding your economic identity, those thresholds, your relationships when it comes to money and finance.

Ray Dalio has this amazing video that was played. It talks about the economic machine. I think you would get a lot out of it. It’s deep with information. At the same time, he makes it easy to understand that. It will give you the idea of a system and what to look for when it comes to economic opportunities. I’m going to get into the final piece. This is my realization and it may sound strange. The guy that was sitting next to me was an extremely successful venture capitalist. He’s younger than I am. He’s in his mid-30s and has a couple of nine-figure funds. He does some incredible things. He helped me identify something that I hadn’t thought of before. Tony is a coach for a lot of high-level people. He coached Conor McGregor in his win. I didn’t watch the fight. I don’t watch MMA fights that often. He used that experience to talk about these four kinds of archetypes that people have.

You have the warrior archetype, magician archetype, the lover archetype and then the sovereign or the King or Queen archetype. This struck me. I’ve been to over a dozen events and he hasn’t spoken about this before, but he did this time and it clicked. The individual I was sitting next called me out on a few things that things started to click for me. I want to be a little open with you. One of the exercises they take you through is they have you answered the question, “What is money?” You keep saying everything that’s on your mind, “What is wealth? What is money not or wealth is not?”

It does extracts language. It extracts words, whatever is on your mind. That’s flowing there. I realized that there are some dominant archetypes that we have that I don’t believe we are fully in control over, unless you’re aware of it. As you can imagine, I won’t get into a lot of the details, but the warrior archetype, you can imagine what that is. The lover archetype, you can imagine what that is. The magician archetype, you can imagine what that is, as well as the sovereign or the King. These are part of our identity, our psychology that has been essentially formed over the course of time. It’s also natural. Based on our circumstances, based on typically child events where we came to certain realizations of who we are and what we need to do to protect ourselves, we’ve formed one or a couple of these dominant archetypes.

In the language that I was using when I was coming up with, “Where my identity thresholds were?” I realized that my identity was heavily in the warrior identity and lover identity. It oscillated back and forth. There was some magician in there every once in a while. What I wanted was the sovereign and the King identity, but the language I was using answering on all of these questions, all related to the language of the warrior and the lover. A lover being gracious, charitable, altruistic in a sense of giving. You have the warrior, which is make it happen, do whatever it takes.

TWS 7 | Tony Robbins Finance Summit

Tony Robbins Finance Summit: Develop an ownership of being the creator of your life, not a victim of circumstance.

 

I realize that there are elements that I’ve seen myself in the past, as far as the characteristics of my personality, my psychology, that has come to certain circumstances with the magician. I know what the outcome is. The sovereign, I became more aware of myself in being able to identify what the best results that I get when my psychology is growing the most is in this specific archetype. It’s figuring out how to identify what that archetype, in a sense, act and show up as that archetype will get me the results that I want. Yet, I was showing up as a different archetype. This may sound weird to you. Conor McGregor, the example he used was his natural identity was a warrior. It’s like going to battle fighting and winning at all costs, all odds.

Tony brought out the magician in him and the magician was creative, figuring out how we win the game in a way that wasn’t anticipated or expected. The magician is looser. They’re more free-flowing. He was able to help Conor capture that and subsequently win his fight in 40 to 42 seconds. That’s the biggest breakthrough I had. It is understanding how I show up in my specific set of circumstances, how I view money, how I view economics and then establishing what I want, as far as the enjoyment levels of life. I’m going to discuss that as some of the things I put down, essentially establishing what those are. Once it’s all established, once it’s stated, then you can come up with plans and how to accomplish that. The psychology of believing that it’s possible first takes precedence. You are amazing. Thanks for tuning in. We will be back with another episode. Take care.

Day Two: The Experience Of Life, The History Of Money And Their Patterns, And The Five Financial Dreams

I’m back for day two of recapping the event. I’m still up in Sun Valley, Idaho. It’s the Tony Robbins finance conference that he puts on once a year for his platinum partners. It has been packed. It’s been crazy. I can’t find any time to do these recaps, let alone sleep. I’m having a great time. I’m learning a ton. I’m going to recap the primary things I learned from day two. Tony started out the day talking about your body. He’s writing a book called Life Force Ha, coming out in 2020. He’s been working on it for a while. He started with this quote, “A person with health has a million dreams and a person without it only has one.” It eludes to this idea that the experience of life is very much dependent on our physical wellbeing, our health. Although we have many conveniences, life is becoming easier from a physical perspective, people are becoming unhealthy. They are no longer forced to survive, which helps them retain that physical vitality.

They don’t need it. It is more of a choice to work out, eat healthy, in a sense is even more challenging than having to do it to survive. He then brings in all his companies as well as others, whether it’s Egoscue, which is a form of physical structure and different stretching and ways you can align your body. He has a number of others. He is huge on this whole idea of health and having your body in its optimal state in order to have the best experience of your day. I’m going to get into a couple of other things that I’ve thought through. It does have to do with the whole idea of health and our physical wellbeing, but it’s patterns.

I didn’t cover this in the day one review, but the speaker late on day one was Niall Ferguson and he wrote The Ascent Of Money. He is a consultant to a lot of major hedge funds as well as sovereign funds throughout multiple countries. He is a brilliant individual, funny, great storyteller. He is good at British sarcasm and humor. I researched some podcasts that he’s been on. He’s worth the listen. He talked a lot about the history, as far as the history of money and their patterns. I believe recognizing those patterns help us anticipate the future. At the same time, we don’t necessarily have to be subject to patterns. We can create our own patterns. This is where health comes into play. We have a pattern of health. We have a pattern of how we do things and understanding that it exists and be able to essentially refine, break the pattern, create new ones in order to improve our results.

The psychological thing that's going on in our mind is we put an impossible number out there which demotivates us. Click To Tweet

He specifically talked about patterns as it related to what’s going on in the world. Even though it’s all different, there are some things that are the same because human behavior is the same. He spoke to a lot of what happened in 2008 and 2009 and referenced other times in history with the same things that have happened. I will pick up his book, The Ascent Of Money. He’s updated it in the last couple of years to reflect some of the more modern things that are going on mainly in Chimerica, which he talked about extensively. This is about what is driving China, what are their motivations, what are their intentions? He looked at history to help refine what’s going to happen in the future. That was interesting.

Ray Dalio did the same thing. He talked about patterns. I mentioned that when it came to how the economy works. I reviewed that because it shows you the different patterns that occur. It’s not necessarily going to predict with 100% accuracy the future, but you’re going to start to be able to see signs of what’s going on and understand how those fit within the patterns of how an economy works. I’m going to talk about what I believe Tony is brilliant at. He has helped me. I mentioned this idea of understanding outcomes, understanding results, understanding your goals. Those are insanely important to be crystal clear about what you want, why you want it and the motivations to get it.

We all have these psychological thresholds. We have thresholds based on the amount of money our parents earned, our socio-economic circles earn, our peers, maybe our extended family, our siblings. We’re psychologically kept. It’s a glass ceiling, at the same time, it’s a ceiling. Understanding goals going to push you to the brink of that threshold and breaking through that threshold allows you to achieve those goals. Being crystal clear about what it is, how it’s measured, believing that it’s possible, making it a must. Not a could, but a must, “I must do that. I must achieve that.” Then ensuring that it’s worth it, that the reward is worth the struggle and pushing through. Nothing’s going to come without hitting that threshold. Those psychological thresholds, especially when it comes to money, we don’t even realize they’re there, but they’re there. Being able to have something that is motivating us is huge in getting crystal clear about that.

One of the things that Tony brought up is he’s very well off, which is clear. Most billionaires are very well off and their motivations have changed to what they originally have been. He had stated that there were at least twenty different charitable causes, whether it’s the partnerships that he’s done. Feeding two billion people sustainably is what his X Prize is with Peter Diamandis and Elon Musk. He’s pushing to these more contributions to the world projects that is breaking through the thresholds that he had previously. He doesn’t have to work. He doesn’t have to do what he does, but he has these new motivations that he has designed. He has created commitments there that have made him push through new thresholds that he had in order to achieve more.

His whole life is about contributing and giving back. There is a birthday party that he’s doing in Los Angeles. His wife and his circle of influence are putting it on for him. The proceeds are going through Operation Underground Railroad. There’s a documentary that Russell Brunson did. There’s also a movie coming out with one of my favorite actors. The guy who played The Count of Monte Cristo. There’s a movie coming out about human trafficking, the sex trafficking that’s happening all around the world. A lot of the demand is coming from the United States. These are places like Haiti and Asia. It’s horrific what’s going on.

Operation Underground Railroad is out in Utah. Timothy Ballard, who’s the CEO and is a former Special Forces, he may have been maybe a Navy SEAL, but he essentially got to the point with his position in the government where it was difficult to go after these types of criminals. He took it upon himself to form an organization that goes out and does that and is making a huge difference. Tony has raised millions and tens of millions of dollars. This whole birthday party is around that idea of contribution. There are the things that are motivating him that are beyond him. This doesn’t mean that we have to have these altruistic, charitable driven things at the same time. The gift of contribution, the gift of making a difference in somebody else’s life. There are more psychological and spiritual benefits for that than anything else that you could do. At the same time, your enjoyment of complete altruism is imbalanced.

TWS 7 | Tony Robbins Finance Summit

Tony Robbins Finance Summit: We have thresholds based on the amount of money our parents earned, socio-economic circles, peers, and siblings.

 

It’s your enjoyment of life, being able to do the things you want, go to the places that you want. What Tony does is he explains that there are these five financial dreams. The five financial dreams are facilitated by having savings, having your investments at a point, at a level, he called the critical mass level. The money is at a certain level that if it were to earn 5%, it would pay for these dreams. The first level of dream is that your investments in a 5% return on those investments would pay for your basic living expenses such as your food, shelter, clothing, transportation and basic insurance. You calculate what that is. What is the bare minimum that you can live on your rent, your food and so forth? What is the dollar amount that’s needed to hit that threshold?

One of the exercises he did in advance of this was powerful, where he asked the question, “What dollar amount would you need to be financially free?” You had people that put down $5 million, $20 million, $1 billion and $500 million. The answers were all over the place. The reason why he did this was to seep where someone’s psychology is. As he goes through these dreams, his intention was to show that we think it’s going to be much money than it is to be financially free and it’s much less. The psychological thing that’s going on in our mind is we put this huge number, this impossible number out there. It demotivates us from even getting started. Being able to establish that threshold, what is it going to take? Then going into, what is it going to take to be the first dream financial security? Having that critical mass, that amount of money that if it earned 5% would pay for your food, utilities, transportation, basic insurance. It’s a number that’s much less than what people think it is.

Then the next dream is financial vitality. Financial vitality is all of your financial security expenses plus one-half of your monthly clothing costs, one-half of dining and entertainment, one-half of small, indulgent and luck or luxury. This gets to the point where it’s not only your basic living expenses, but maybe it’s going on vacation or maybe going to the movies or going out to eat. It’s calculating what is your critical mass, what’s the amount of assets with a 5% return? It would create a cashflow sufficient to pay for financial vitality. That’s a bigger number than financial security. It is a number that is way less than what people think they need to be financially independent. This purpose isn’t necessarily to say, “I’m going to have enough money, then I’m going to have my living expenses covered.” It’s not to do that. It’s to create milestones. To create these psychological levels where we know that we have enough money, sufficient resources and sufficient cashflow to pay for these things. Knowing that allows us to push more. It operates outside of fear. That’s what I said, to live without fear. These are ways in which you can position your psychology so that you establish thresholds where you have certainty in your mind that if this happened, “I have enough resources to pay for my basic expenses or financial vitality.”

Next is financial independence, which is the critical mass at a 5% earnings rate that would support your lifestyle. People budgeted out their lifestyle and then calculated what it would take to get there. The next is financial freedom, which is financial independence, plus 2 to 3 major luxuries. This could be a big diamond ring for your twentieth anniversary, or it could be a trip around the world or it could be buying a dream home or second home on the beach or something like that. It’s calculating what that dollar amount is.

He had pages in there that showed the luxury cars that are out there. A home, they had mortgage interest rates and payments. You’re able to see what it would take in order to do that. It was much less than what people thought. Next is absolute financial freedom is whatever you want, whenever you want. This is where people were pushed to put things in there that you usually don’t think about. I was like, “If I had absolute financial freedom, I can do what I want when I want and what would I do.” I’ve started to calculate things. Things that came to my mind were taking my wife’s family, who are underprivileged and taking them all to Hawaii for a week of Thanksgiving. I calculated out what that dollar amount would be.

Life is becoming easier from a physical perspective that people are becoming unhealthy. Click To Tweet

Another one was my wife and I had the opportunity to go to Tahiti a few years ago. What it would take to go back and be able to take my brother? I got married within nine months of each other. For our twentieth anniversary, I’ll take my brother and his wife to that same experience that Cynthia and I had. What that would be? I started thinking, my parents are going to be moving from Cape Cod to the West. What would it take to purchase a home there and continue the legacy that we have? We’ve gone to Cape Cod every summer for several years. What it would take to do that?

You come up with all of these different things and calculate it out. It stretches you. You start to realize, “In order to have that, I don’t have to do much more.” What it does is it helps to calibrate where you’re at and push you beyond where your thresholds are. That’s what I wanted to cover for this recap. The speaker for the second day evening was Erik Prince. He is the Former CEO of Blackwater. Blackwater is a private military contracting company that he’d founded. There are lots of conspiracy theories around Erik Prince and Blackwater. I’m not sure whether it’s true. I looked at a bunch of different things around the internet, but I found him to be genuine. I found him to be intelligent. He’s since sold Blackwater and he has different investment venture capital funds, not just in the US but around the world.

He spoke with somewhat intimate knowledge about the rest of the world. He talked a lot about the Butterfly Effect because of how intertwined things are. One little blip here and there could set things off, specifically based on what we’re dealing with is the Coronavirus. He spoke a lot about China and about what China’s intentions are. He made the statement that China is not militaristic. China is not after conquering the world with their military. They are about their economic power, their economic influence in what they’re doing.

I mentioned on the show before that they have a huge presence in Africa and other parts of the world. The way in which they’re doing it is interesting. Erik went into what the supply chain looks like with China and how that relates to the rest of the world as well as shipping. He said he wasn’t afraid of China. He also stated that there’s a time where if you’ve been indulging for too long, it’s good to go on a diet. He said that is what the United States needs. We are at a historic low-interest rates, highest tax revenues, but also the highest amount of debt we’ve ever had, as well as our entitlement benefits. We’re at this point in time where we need to figure out how to cut trim the fat. He didn’t necessarily allude to any type of trigger that would do that. He also said that China is using its influence to become more powerful. They are hoarding gold. There’s a rumor or speculation that they are creating gold back cryptocurrency to create a more balanced trade.

It was pretty fascinating. He talked about how Venezuela had a tremendous wealth there, but also alluded to Maduro’s influence being deep-rooted and it’s going to be difficult for Guaidó to get into his position even though he was elected. He talked about how things are becoming so much more international. The world is very youthful. One of the statistics I saw, this is by somebody else and not by Erik, there are 600 million people in the age of twenty in Africa, which I found fascinating. I’ll get to that one next time based on another speaker who has a 5G satellite company, as well as a new technology. His insight was fascinating. He talked about how China is dealing with lots of other countries. He also talked about how the manufacturing is dependent on them. I know I’m going off on China, but the majority of people’s questions revolved around China because of what’s going on with the coronavirus. There are also a lot of Chinese that were supposed to come to this event. They weren’t able because of the travel restrictions, travel bans. I’m going to leave it at that.

He did say that there’s a tremendous opportunity if you understand the rest of the world. I think that the United States still has a tremendous opportunity, but for those of you who are reading that are very knowledgeable about the rest of the world, knowledgeable about how to do investment overseas. He had mentioned that some of the Middle East countries, African countries as well as some of the dependent pieces of the supply chain that we have with regards to China are huge opportunities because there’s capacity in other parts of the world other than China. He was specifically alluding to minerals and how minerals are our main manufactured there and how parts, whether it’s for computers, how industrial metals are being used, how those are rare earth minerals are being used to create different technologies. It was over my head to an extent. Erik Prince is somewhat active online. You can follow him. That’s it. Thank you for tuning in for the day two recap of my experience here.

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Achieving Financial Literacy And Freedom With Sharon Lechter

TWS 22 | Financial Literacy And Freedom

 

Everybody wants to be financially free, but are they willing to take action? For today’s segment, financial literacy expert, keynote speaker, and best-selling author Sharon Lechter teaches about financial freedom in its barest definition and shares how you can achieve it. Sharon co-authored the international bestseller, Rich Dad Poor Dad, and fourteen other books in the Rich Dad series. She recalls the inspiration that started her into financial education and how this literacy can be a catalyst for change. She also touches on the power of association and reveals the secrets to successful entrepreneurship. The choices that you make today shape what you will become tomorrow. Take action and don’t miss this podcast episode.

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Achieving Financial Literacy And Freedom With Sharon Lechter

Our guest is an interesting one. You will enjoy the interview. It’s Sharon Lechter. Sharon is the former CEO of Rich Dad and Pay Your Family First. She’s an entrepreneur and a number one New York Times international best-selling author, philanthropist, international speaker, mentor, licensed CPA and chartered global management accountant. She co-authored Rich Dad Poor Dad, which is why you must be thinking about her name. She also co-authored with Donald Trump and Kiyosaki in Why We Want You To Be Rich. Also Greg Reid who we interviewed, she co-authored a book with him called Three Feet From Gold and also Outwitting The Devil, Think and Grow Rich For Women, Success and Something Greater: Your Magic Key. She’s written a lot of books and she’s written quite a bit.

She was in Columbia and had some cool things to say about that. I do a lot of work with the Rich Dad organization, mainly their Rich Dad Advisors. I have great relationships with all of them, with Tom Wheelwright and Andy Tanner, the Cashflow Wealth Summit which is an annual conference is 100% online. I never had the chance to meet Sharon Lechter although I know she was part of the Rich Dad story. I came to gain a good feeling about her as well as respect and adoration. The influence she had on Rich Dad or the influence it had on here and vice versa, I know it’s mutual.

She’s out there doing good and I believe she has some sound principles she talks about and we recommend you to go her website. She’s definitely mission-driven and still has a lot of work to do. I hope you enjoy the interview we had talking about the theme of entrepreneurship. She definitely is one that has seen many of those. If you like the show, we would love your feedback on iTunes. iTunes started deleting podcasts in general, hopefully not our podcast yet and hopefully never. They’re definitely restructuring some of the podcasts stuff on iTunes. If you would head over and support us, that would be amazing. All you have to do is give us a review and subscribe.

Sharon, thank you so much for taking the time to do this interview. I’m excited to talk to you about entrepreneurship because you have extensive experience in that arena.

Thanks, Patrick. I’ve been around a long time. I have done a lot of things.

Which says a lot. I’m hoping we can get to some of that. The first that I’ve been intrigued by is I’ve discovered that there are these universal variables or principles that determine the success or failure of a business or an entrepreneur. What are a few of those variables that you have discovered along the way? You’ve seen probably thousands of businesses, lots of success but also lots of failure. Have you come to some of those conclusions?

Certainly. One of the biggest ones is every entrepreneur, they’re in love with their product or their service, their idea, the deliverable of their company but too few of them take the time to build the foundation around that business. Everybody wants a successful business, but in order to make that successful business scalable and then ultimately saleable, you need to have the foundation around it. Some of that part is boring because you have to have the right legal structure, you have to have the right agreements, you have to have the right business systems and most people don’t think about that. It’s very important when you are a young entrepreneur to make sure you have a team around you and mentors that can help you build the business structure so that you can create and scale your success.

Getting to that point though, most entrepreneurs or business owners will start because they have a product or a service. Other than finding an amazing all-star team to put together right out of the gate, what are ways in which you’ve seen someone go through stages of a business to get to the point where they realize, “I need a team, I need some structure and I need to set up my operations this way?” What’s usually the process that an entrepreneur goes through before they have that realization?

The first step is you do start small. I invested $1,500 in our first print run of Rich Dad Poor Dad and continued to reinvest in the profits of the sale of the book so we can continue growing and expanding to a multimillion-dollar operation. It’s making sure you understand the needs that you have and then also that power of association is something that I talk about a lot. We were taught in school to do things on our own. Entrepreneurs typically they have their passion, they have their talent, they have their product and they feel they have to do everything themselves. The power of association is what’s going to speed your way to success.

When you're an entrepreneur, everybody's looking to you for the answer; it can get lonely and scary. Click To Tweet

In today’s world, it’s almost a necessity that you have the right people around, the right people that are going to help you market, the right mentors. It’s so important to have a mentor that can guide you around the pitfalls that other people fall into and open the Rolodex. When I have my mentoring clients, I want to make sure that they are looking at what that next level is, not where they are now but where they want to go and who can get them there the quickest. Do I know someone I can introduce them to? Is there a new association, somebody that can help them market their product? Entrepreneurship is a constantly creating environment but with that underlying structure, what you create stays and continues producing for you.

A few things that are interesting around people and having different people with different skillsets, different abilities. How do you go out finding the right person? How do you identify them? Resumes by now are understood as not necessarily the whole truth and nothing but the truth. How do you go about determining if it’s the right person?

There are lots of levels. If it’s an employee, I say hire slow, fire fast. You want to make sure that the employees that you’re bringing on understand your vision, understand where you want to go and that they have strengths where maybe you have weaknesses so they can fill that in but there’s a shared initiative. Let them be an entrepreneur within their job. Part of it is understanding what they’ve done in the past, what their strengths are and then giving them the opportunity to grow within the business. Not just hire them to do the same thing every day and give them the opportunity to own their jobs so that they feel that level of contribution.

In today’s environment, I talked to business owners all the time. If you’re not creating that entrepreneurial environment for the Millennials, install a revolving door because they want to feel like they have ownership over their life and what they’re doing even as an employee. When you’re looking at building your business advisers, does the accountant that you use have experience in what you’re doing so that they can bring their experience to the table to help create greater value for you. Is the attorney you’re using somebody that is an expert in what you do so that they can make sure they’re supporting you, that they’re not learning on your dime? Do you have a mentor who’s challenging you as well as supporting you?

Being an entrepreneur can be very lonely. You may have been a professional in a group of other peer professionals and if you had a question, you walked down the hall and walk into somebody’s office, but when you’re an entrepreneur, you’re the top. Everybody’s looking to you for the answer. It can get lonely and scary. That’s why it’s important to have those people that you and they may be in different industries, but if they’re going through the same growing pains, they may be able to help you deal with issues that come up and help you get past it. It’s a comfort to know that you have people out there that are supporting you in your success as you’re supporting them in theirs.

What are maybe some of those organizations that you have seen best support those leadership and entrepreneur roles? I totally agree with you.

There are quite a few that are regional. They may have a group in your area that may not be national. There is YPO, Young Presidents’ Organization. There’s YEO, Young Entrepreneurs’ Organization. There’s NAWBO, National Association of Women Business Owners. It’s for the women business owners who have more established businesses over $1 million. WPO, Women Presidents’ Organization, I’ve been on their national board and a member of for over twenty years. It’s an incredible organization of peer mentoring. There’s BNI, there’s LeTip. All of these are organizations are there to create and support and inter-networking and supporting each other in businesses. In addition, there are other probably local and regional organizations right here in Arizona. There’s one that’s more of a technology-based group. Check it out. Look out and find out. Talk to other people and what organizations they belong to.

That’s awesome because we haven’t mentioned any of those types of networking groups often. We’re talking about a lot of entrepreneurial principles but as far as networking, it’s always best to learn off of the experience of others instead of having to experience it yourself sometimes.

Experiential learning is so much better than book learning. If you get it from someone else, you save yourself the heartache of learning that lesson the hard way.

One of the things that I find intriguing is the notion of leadership. I find leadership an interesting principle. How have you come to characterize leadership and good leadership and maybe even bad leadership?

TWS 22 | Financial Literacy And Freedom

Financial Literacy And Freedom: Experiential learning is so much better than book learning. If you get it from someone else, you save yourself the heartache of learning that lesson the hard way.

 

There are so many thought leaders on the topic of leadership but from my perspective, I try to make things simple. A leader needs to know when to listen. A leader needs to know when to support. A leader needs to know when to make a decision. There are times when your function is that of a cheerleader, letting your team do what they do best and cheering them on. You duck when there’s praise, but you stand up when there’s criticism. There are times as a leader that you have to be the pit boss. You need to make the tough call. You need to call someone who are not performing. A leader always has the vision of the company, but also has the heart of the team and makes decisions based on both.

I would say one of the biggest things that I’ve faced is when you do have to make those critical tough, tough calls, I value the principle of co of kindness. Sometimes the managerial, dictatorial stick, for whatever reason, it’s never resonated with me. For those that experience those feelings, what are some rules of thumb to abide by to hold the line, tow the line but also do so with a degree of kindness as opposed to the proverbial stick?

The greatest talent of leaders being able to listen. Certainly, I know when I was a member of a team, if I knew I had the environment to be heard, no matter what the outcome was, I would respect it because I know I was heard. My thoughts and my suggestions were taken into consideration. As a leader, there are times when you have to be the decision-maker and you have to do what’s right for the company. Sometimes that means somebody on the team is in the wrong seat on the bus and probably if you sit and meet with them and you help them find something that’s better for them, they’re going to be happier in the long term. A toxic employee creates a toxic environment. That doesn’t mean as a leader that you can’t do it with passion and that’s how you communicate with them. Maybe it takes a little more time than a dictatorial leader will, but it ends up being better in the space in the long-term because an employee that is unhappy in their job may stay unhappy in that job. That’s not good for them, it’s not good for the company and it’s not good for the leader.

Part of that comes back to the first question you asked me is if you had the right business systems, the right code of conduct, the code of honor, things that imply what your business is for, what you believe the code of conduct is and an employee is not performing. If you can manage to the system, it’s a lot easier than manage to the personality because it keeps the emotion out of it. I had a client, a very successful dentist, he’s having a terrible time with her Millennial employees. She was very much more 8 to 5, “Don’t use your cell phone when you’re at the desk.” We sat down and I said, “Why don’t you have a code of conduct? When the next time you have a problem, you say, ‘Which one of these do you think you violated?’” It can almost become comical because I say, “I blew number five.” “What are you going to do about it?” It takes that angst, that emotion out of it because you’re pointing to a piece of paper, not to a person. That’s something that I share with all of my clients. Think of McDonald’s, you take out a little bit of that emotion and when you have high emotion, you have low intelligence. If you can manage the emotion, you’re going to get better results.

I’d love to hear your story. What are maybe some resources to point to, to understand what a code of conduct or code of honor is, how it’s created and then maybe get into some business systems? Are there some resources or guides that would help someone that’s listening that may have a smaller business that does not have established systems and would want to explore establishing?

Certainly. My husband’s an intellectual property attorney. He’s been by my side and he’s the legal mind behind many of the businesses I’ve built and created, this global brand as well as Rich Dad and many others. We put together a course called Essential Components of a Successful Business. I’m not intending this to be a commercial message, but I’m answering your question. We have that course. You can find it at SharonLechter.com because we couldn’t find it anywhere else. It’s like a college MBA class on how to build every aspect from the legal structure, understanding intellectual property, how to protect it and leverage it, business systems, how to raise money, different ways to use other people’s money, other people’s time, other people’s resources, understanding marketing and communication strategy and how important that is to have the follow up and the follow-through.

People talk about follow-up. Following through is usually the problem. It’s understanding every aspect of business systems from the moment somebody answers the phone, to following through on emails, whether you have a funnel, making sure that the customer experience is there and systems on how are you going to pay your bills, how are you going to collect money, what is your system so that you can stick to it, so that you have an organization that can be duplicated or scaled. Those systems are so important. It’s all held together by you as a leader, your team and your vision, your mission of the company. Once you can solidify that, you have an asset. That business becomes an asset. It’s no longer a job. It’s an asset that can operate with or without you.

From a system standpoint, there are so many different industries out there, different types of businesses, whether it’s product-related, service-related. Have you found that business systems are mostly universal or do they vary from industry to industry?

They vary between a large manufacturing company versus a service company. It is unique to the style of business that you have. Think operations manual, that’s step one. How does your business operate? How do you source your goods? How do you source your components? What are the financial terms related to that? Is it in time delivery or do you want to hold a certain number of days of supply down to how much of this do you have components? Who’s going to combine them? What’s the quality control procedures? What’s the return procedures? What are you going to do in handling defective merchandise? What is your return policy?

All of those and that’s a small piece of the types of systems that you have. Your operations manual is your first step in defining what’s missing within your business systems. I’ve got clients or people that have gotten all excited because they’ve got a big order from Costco or from QVC. They spent and they went and mortgaged their house to get the money to create products to be on QVC to find out that it all got dumped back to them. They lost a fortune because they got this high emotion. They didn’t have the systems and the financial intelligence to understand the importance of managing your cashflow.

Oftentimes, saying yes can get you in trouble. The entrepreneurial curse is you want to say yes to everything, but you should only say yes to a few things.

Financial freedom comes when income from your assets exceed your monthly expenses. Click To Tweet

A lot of people say yes and then figure out how. It can be a nice thing to say, but it’s a hard thing to do. You have to make sure you’ve got the financial wherewithal to follow through and then it’s the right thing for you and your business.

There’s a book that I read, Ready, Fire, Aim, and I see the point behind it. At the same time, there are also some drawbacks to approaching big decisions that way. Talk about what your story is and what gave you this bug. Clearly, you’ve had so many different experiences, whether it’s writing books or running businesses, consulting within numerous industries. What gave you that bug and what has kept it alive?

I started my profession as a CPA. Even from the very beginning of my career, I was inside companies of all different industries and saw how they did things right. Probably more importantly saw a lot of them did things wrong. It gave me this base of understanding of business operations and systems and what it takes to be successful in business. Fast forward a few years, I get married and meet the inventor of the talking book. I was able to take that and apply that in-licensing strategy around the globe. We had a new technology. This was back in 1987 before a child had any electronics. We were the very first electronic in a child’s hand. To get the parents to trust us, we partnered with companies like Disney, Warner Brothers, Sesame Street.

Understanding that power of association that helps validate you and elevate you when you needed it most allowed us to grow a very successful company that exploded over the four years from $1 million to $9 million to $23 million to $52 million in sales. Selling that company, we moved to Arizona. This was back in ’91 and in ’92, my oldest son went off to college and came home from September to December. He came home in December with a credit card debt. We didn’t even know he had a credit card. He got to college and there was a table saying, “Free pizza, free money,” and other one, “Free T-shirt, free money.” He had a good time his first semester in college. That was when he came home. It was December of ’92, we said no to bailing him out and we made him figure it out on his own.

It’s probably one of the better decisions we’ve made as parents. That was December of ’92 and that’s when I dedicated the rest of my career to financial education, financial literacy and entrepreneurship education. My passion now is as strong as it was in December of ’92. The way that I’ve done things that built the Rich Dad organization over ten years to be the largest personal finance brand in the world because of the need. I grew up in a very entrepreneurial home. I didn’t understand that everybody didn’t think the way I did. Financial freedom comes when income from your assets exceed your monthly expenses. It’s that simple. You want to invest your time in buying, building or creating assets. Once those assets get to that point, you’re financially free. It doesn’t need to be millions of dollars.

When I met Robert Kiyosaki, he was only making $100,000 a year. He lived in a two-bedroom condo. He had two small apartment complexes and it generated $100,000. His living expenses were $30,000. He was technically financially free. That message is what more people need to understand because people think financial freedom is when you’re at $10 million. No. You can become financially free if you focus on buying, building and creating assets. That has been my lifelong passion. I had fifteen books with Rich Dad. I’ve done four books with the Napoleon Hill Foundation, Three Feet from Gold, Outwitting the Devil, Think and Grow Rich for Women. Success and Something Greater, the reason I wrote this book is I want people to wake up that success means different things to different people.

We have some content that has never been published from Napoleon Hill, but we also highlight close to twenty people that have created success in their industries, all from different magic keys or secret sauce, whatever you want to call it. Their focus and their definition of success is different, but then they also always gave back that success and something greater. The reader is going to see these different stories of success and one may not relate to them at all but the next one can go, “I can do that.” I want to empower people to realize that you are where you are now because of the choices you made before now. If you want success in your life, start making different choices because it’s never been easier to start a business. It’s never been easier to promote a business. It’s never been easier to create success in your life if you do it with the right information.

From 1992, you have grown and it’s awesome that this book is coming out. At the same time, what trapped your son in 1992 it seems that the educational system, the business environment has continued to grow as well and not necessarily providing the financial education for individuals to achieve that end of financial freedom. What do you see in the Millennial generation or what do you see in the environment now that gives you hope? I’m talking mostly in the United States, but the indoctrination of kids and how they’re trained to be employees, trained to be managers, what are some signs that you see that things are changing, that kids are waking up? The Millennial generation, I find extremely fascinating because it’s totally different than all previous generations and they haven’t bought in as hard as a lot of other generations have. What else are you seeing maybe besides the Millennial generation that gives you hope?

There’s a positive and a negative. Millennials now and the younger generation, they recognize that there’s no job security. They recognize that there’s not going to be a 30-year career with a gold watch. They’re not going into it with that expectation, which means they also have more demands. You have to make sure you understand as an employer that it’s not just the paycheck, it’s the environment. If you want to build loyalty in your employees, you need to understand what they want, what they’re looking for and make them feel ownership in what they’re doing with your company. In addition to that, the school system itself is still behind the times. We’ve succeeded in some states, Arizona, we now have personal financial educations as a requirement for high school graduation. It’s not enough and we’re still working on that degree.

We talk about how the rich get richer, the poor get poorer. That’s because they learned about money at home, not at school. If we truly want to level the playing field for students and people around the world, providing that financial education is what’s going to give kids an equal footing. As we see these kids coming up, a lot of people say, “They’re lazy. They don’t want to do anything.” There are those individuals in every generation. I see young people eager to take control of their own lives, eager, recognizing that there is no job security. We will always need employees. Companies will always need employees. If you are in the market and with our low unemployment right now, it’s even more important to create an environment where your employees are proud to be part of your company. Proud to be there, proud to want to work for you and create success. As an employer, as a leader, sometimes you have to be more creative as to how you maintain that environment of excitement even if it’s a corporation and environment of entrepreneurship.

TWS 22 | Financial Literacy And Freedom

Financial Literacy And Freedom: If you want success in your life, start making different choices and start building your business.

 

Sharon, you’ve provided so much information. Tell the audience how they can get your new book and also access some of the resources that you have available. Maybe talk one more time about the business course that you have available on your website.

Thank you so much. I appreciate that. SharonLechter.com is my website. I’m also Sharon Lechter on Facebook, LinkedIn, Twitter, Instagram, everywhere. On my website, you can find more information about several online courses I have. One is the Essential Components of a Successful Business, which I spoke about earlier with my husband. I have a Financial Mastery Course that is also very in-depth getting you from being financially stressed to financially secure. I have a Play Big course, which helps take you to the point where you are financially free. All of those are available. I also have another course on Think and Grow Rich for Women.

For free, I have a podcast, Play Big Movement with Sharon Lechter and then I also have a private Facebook group, Play Big Movement with Sharon Lechter. I invite you all to join all of those. The book Success and Something Greater is available through Amazon. If you want to have a special gift related to you defining your own personal success equation, you can go to Bit.ly/successequation. It’s not a sales pitch. It’s a download of walking you through your own personal success equation, your passion, your talents, your powers of association, what actions you can take and most of all having faith in yourself, faith that what you’re doing is needed and necessary and faith that you can succeed.

Sharon, this has been amazing. Thanks again. Any final words of wisdom?

I want to thank you, Patrick, for what you’re doing. The more information we get out there energizes people to take action. I literally came home from Columbia and the folks down there, South America, they’re so eager to learn. They’re so excited. They were there before the doors open. They stayed until after the doors closed. They were so eager. I think we need to get people energized, particularly in the United States, to take the action. Many people are waiting for it to come to them. Don’t wait, make that decision and go out and create your success.

When the spectrum is wide as far as having freedom and not having freedom and being pushed in certain directions, especially from a country and political standpoint, it’s amazing how much freedom is valued, how much education is valued, how much other perspective is valued. I have tremendous hope for South America. Columbia has made its strides.

It’s amazing. It’s like the beginning. It’s on the upswing. It’s very fast-growing economy with people that are so loving and excited and eager to learn. I’m looking forward to seeing how the economy there grows.

Sometimes those countries have to experience some pretty rough times in order to turn things around and have a shift for the better. That’s awesome you were down there and were able to give them value.

Thank you. It was wonderful. They were incredible people. It was incredible seeing the progress.

I know it’s making a difference and I look at countries like Venezuela and I know Argentina is having issues too. It’s one of those things where you have the Columbias of the world and you have other countries that are making these drastic changes, it provides that flagship and a beacon of hope for the other countries that are their close neighbors. Thank you again for your time, Sharon. Best of luck on everything. We’ll get the word out on all the resources that you mentioned as well as your books.

Thank you, Patrick. Thank you for all that you do.

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About Sharon Lechter

TWS 22 | Financial Literacy And FreedomSharon Lechter is internationally recognized as a financial literacy expert and keynote speaker. She is a New York Times Bestselling author, successful entrepreneur, philanthropist, and licensed CPA and CGMA.

Sharon has been a pioneer in developing new technologies, programs and products to bring education into people’s lives in ways that are innovative, challenging and fun, and remains committed to education – particularly financial literacy and entrepreneurship. In 1989, she helped the inventor expand the electronic book industry to a multi-million dollar international market.

As founder and CEO of Pay Your Family First, a financial education organization, Sharon has served as a Presidential Adviser to Presidents Bush and Obama on the topic. In 2009, Sharon was appointed to the National CPA Financial Literacy Commission as a national spokesperson on financial literacy and was reappointed in 2014. Sharon is also a Founding Chancellor for Junior Achievement University of Success and was appointed by Arizona Treasurer Kimberly Yee in 2019 to the Arizona Financial Literacy Task Force.

Sharon co-authored the international bestseller Rich Dad Poor Dadand 14 other books in the Rich Dad series. Over 10 years as co-Founder and CEO, she led the Rich Dad Company and brand to global success. In 2008, when the economy crashed, she was asked by the Napoleon Hill Foundation to help re-energize the teachings of Napoleon Hill. Her best-selling books with the Foundation includeThree Feet from Gold, Outwitting the Devil and Think and Grow Rich for Women. And her fourth book, Success and Something Greater was just released in September. She is also featured in the movie Think and Grow Rich: The Legacy.

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