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The idea that you might have heard on my Grand Cardone interview is rich people sell wealthy people

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hold. Welcome to the game where we talk about how to get more customers, how to make more

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customer and how to keep them longer and the many failures and lessons we have learned along the

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way. I hope you enjoy and subscribe. In today's video I want to talk to you about why the rich

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get richer and the real reason why I didn't is probably know what you think and this was a video

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that was requested by my Instagram following I didn't ask me anything and my YouTube producer

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was like hey man I think one of the biggest things that's shifted since I've been working with you

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is just like your concepts on time horizon and so what I wanted to do was kind of share some of

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the thoughts and frameworks that have worked well for me and apply them in three or four different

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kind of scenarios and so right off the bat I think from a money perspective the idea that you

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might have heard on my Grand Cardone interview is rich people sell wealthy people hold and more

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specifically wealthy people buy and build and the difference is that when you sell you inherently

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shrink or you're kind of switching through an inefficient vehicle because you get taxed on a sale

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right and so you have to switch your equity for another version of something right that you can

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make money on whereas when you buy and build you can consistently expand and so most of the people

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who I know who are wealthier just continue to accumulate net worth equity etc rather than selling

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now like I said I mean the only time that you really want to sell is if you think the party is over

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or you no longer have interest in the thing and that's kind of a separate thing but purely from a

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financial perspective it makes more sense to consistently buy and build and so I wanted to hit a

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couple quick quotes before I dive in that have been meaningful for me in terms of framing this

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perspective first off is in terms of games so I prefer to play games where if I wait I win and so

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I think it's a useful perspective in thinking about what things we pursue and how we pursue them

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and so there are two types of games they're infinite and finite games and the games that are worth

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playing in life in my opinion like health wealth relationships marriage etc are all infinite games

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and so this is the basic difference and where people get in trouble is when they start playing

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infinite games with a finite perspective and so finite games are games where you have known players

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agreed upon rules and outcomes where you have a clear winner and loser right and so the point of

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the game and this is important of a finite game is to win and so if you have a baseball team you have

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nine players on both sides there's rules that are agreed upon and if you know at the end of the game

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the person with the most runs wins right and so that is a finite game an infinite game is a game

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where you have known and unknown players no agreed upon rules and the point of the game is to keep

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the game going all right which means that the point is to continue to play and so I think when a

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lot of people lose and this also applies to warfare right so a classic example Sonic's summit

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senate gave was how when the US went to Vietnam we were applying a finite game where we were trying

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to win the war whereas the Vietnamese were simply trying to survive and continue to play and the

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infinite perspective will always beat out a finite perspective because it's a subset and so in

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general and this is a third quote is he who has the longest time prize in wins and so the nice

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thing is that we can adopt this perspective in business and essentially I don't want to say

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guarantee victory but guarantee not losing which in many cases by default becomes a win and so

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I think that for myself adopting this perspective I don't think I'm going to sell another company again

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like like in terms of a big picture I didn't start some of my earlier companies with the same

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perspectives as I have now and I think that that's part of like leveling up in the game and so my

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hope is that I can share some of those perspectives with you so that you don't necessarily have to

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make the same mistakes and if you don't know who I am my name is Alex Mosey own acquisition.com

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our portfolio of companies does about 85 million dollars a year and I have nothing to sell you

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and so the first kind of place I want to apply this concept of the infinite first is the finite

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is the strategy of business and so I wrote down a couple points here that have been kind of

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conclusions that I've made that I think will be meaningful for you so the first is that the point

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of marketing if you have a more infinite perspective is to get people to buy so that we can figure out

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how to make the product amazing right if people aren't buying again and again or telling friends

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about us or our products then we will literally have to market our way through brute force and

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expand again through brute force of selling selling selling but the moment we stop that process

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our business will tank and so if we have a infinite perspective of like the point of the game is

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to keep the game going then we are willing to trade off the short-term growth for ego and status

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in order to learn how to improve the products and services that we have such that we get them to

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a point from a little bit of marketing and selling so that we can make a sale to get a customer

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rather than get making a customer to get a sale all right I'll say that again the point in

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the beginning especially is to make a sale to get a customer which is a long-term relationship

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of somebody who buys again and again rather than getting a customer to make a sale which would

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happen like one time right and so it's a flip and perspective in terms of how we approach

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the game of business overall and if we have an infinite perspective of like we're going to

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keep playing this game over and over again then we no longer have this rush and one of my other

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favorite sayings is mistakes make a rush mistakes love a rush decision and people make tons of

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mistakes in business purely because they arbitrarily cut their time reset I have to hit this monthly

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goal I have to hit this weekly goal I have to this quarterly goal rather than if I just did this

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one thing right over the next year or two then it would make it virtually impossible for me to

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fail or that this business would not grow because businesses in general continue to grow in both

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income and value over time with the exception of the times where they don't and which shapes they

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usually drop to zero or close to it and so it's better to take the time to get it right and not be

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in a rush and then have all the wind behind you because you've taken that time and here's the beautiful

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thing is that most people will never do this which gives you this massive strategic advantage because

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most people think in finite terms and so I'll give you a different example from a a marketing

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perspective so when you're selling a customer right the short term finite thing is like I need

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to get them to say yes because I need this money right versus what am I saying yes to by selling them

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right it's just a different way to frame the conversation in terms of like is this really what I

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want and then from an audience perspective in the short term you see lots of guys build tiny

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little bits of audience and then immediately try and liquidate you know or monetize their audience

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rather than thinking like what will happen if I just continue to provide goodwill for 10 years

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and one of the perspectives that I've learned about goodwill is that one goodwill compounds faster

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than revenue or money because you fundamentally fix the value equation in your favor because your

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price is zero and so everything that you deliver from a value perspective is above and beyond that

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now I would say there's no monetary price but the price of content or consumption of content is

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time and attention and so provided you are a better source of value for their time and attention

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they will continue to buy with their time and attention from you again and again and that will

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actually compound faster people recommend your stuff people tell other people about you and then

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your influence will grow faster now if they feel like you're withdrawing from that goodwill bucket

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where you're depositing value too quickly then their return goes down on their time and they'll

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be less likely to spend you become less viral from an audience building perspective and so

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one of the the pieces that I like about this perspective is that it means that you give give give

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comma give give give comma get and so it's a little bit different from what the way I kind of

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earlier understood it which is like always having a cadence between giving and asking which I think

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is a transactional way of seeing it which is not necessarily bad but in terms of a longer term

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perspective I think you should change yourself because if you can assume let's say that when you

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give give give ask you get let's say you know 10 percent of the people from your audience to buy

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something that's cool but then the growth kind of slows down right and then you have to rebuild it

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again and then ask again right because you have withdrawn from your goodwill bucket but imagine

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this let's say that you're every time you give you grow by whatever 10 percent right give give give

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and ask versus give give give and now you're getting 10 percent on this bigger nut give give give

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and then my hand continues to grow beyond the screen and then say 1% of people just give you back

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you just get you don't even have to ask you just get in response and like imagine what it looks

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like to be the rock or what it looks like to be Conor McGregor or what it looks like to have

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massive amounts of influence at a certain point there's so much influence and there's so much

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of an audience that is behind you that thinks just start getting thrown at you and you don't need

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to ask at all and so at least this has been a perspective that I've shifted in terms of like

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how to think about marketing overall it's also by the way why I think most of the biggest brands

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out there brand rather than doing direct response and I think that that's a shift that happens

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a lot of direct response marketers over time is we think short in the beginning everything's

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direct response and then over time we continue to extend our time horizon between giving and

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getting and the longer we can separate how long we give before we get the bigger the advantage

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comes to us compared to our competition all right and so that's just a couple of perspectives

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that I think about from a from a business perspective and strategy is like I want to set a strategy

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where if I wait I win and what happens is if you can extend your time horizon you can decrease your

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downside risk to virtually zero because you know that if you do this thing long enough

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you will eventually win and so those are games that like you can never lose money from an investment

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perspective in terms of shifting simply how you see your time which is also why Warren Buffett and

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Charlie Munger say you know if you just thought I was only gonna buy 20 companies for the rest of my

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life you would think about it differently and that's fundamentally the big the big shift that

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happens I think between the rich and the wealthy and so what I want to do is apply the same concept

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towards employees now so in the beginning you know you think about I just need to have our put a

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butt in a seat right I have this fire I need to put it out versus thinking a little bit longer time

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horizon which is man this is gonna take a lot of time to train this person I'm gonna have to

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onboard them and if I think that they're not gonna be a long-term fit then they might leave now I

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don't want to take this out of context there are times in businesses growth where you're gonna have

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people who are better suited for that season that's not necessarily what I'm saying it's much more

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so along the values that this person is going to bring and live through in the company is that

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going to reinforce our culture we're gonna detract from it real quick guys you guys already know

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that I don't run any ads on this and I don't sell anything and so the only ask that I can ever

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have if you guys that you help me spread the words we cannot more entrepreneurs make more money

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feed their families make better products and have better experiences for their employees and

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customers and the only way we do that is if you can rate and review and share this podcast so

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the single thing that I asked you to do is you can just leave review but take 10 seconds or one

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type of the thug that it means the absolute will to me and more importantly it may change the world

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and so this is kind of the long-term perspective is I'm willing to wait a longer period of time in

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discomfort in order to interview 25 people rather than five to get the right person and this is

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one of the frames that's helped me with with hiring talent which is I have to have this person

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and if I don't feel like I have that that feeling with someone I don't hire them anymore

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I used to say like I think this person's good enough like I think they could maybe do the job

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whereas now it's like I recognize that I'm like if I don't know I know and that's been very very

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fruitful for me in terms of finding talent and and leveling up the people within the business

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and so this is a different one that I will share with you that has been just unbelievably valuable

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which is most business owners especially in that three to five million dollar range and if you're

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below that this will probably apply to you is that the business that you have or all businesses in

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general are a subset of the amount of accumulated knowledge in the entire employee base and you being

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an owner or operator you're still an employee of the business right and so that means that

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everything that is done in the business is a subset of one brain if you know how to do everyone

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else's job better than them or you train every person in the positions that you have and if you're

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like shoot that's me that's okay there's a transition that ends up happening which is what I'm

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sharing with you all right so because you taught everyone and you know how to do everyone's job

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better it actually still means that only one brain is responsible for all this growth right and

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at some point depending on the size of the brain and the skill of the brain you're going to get

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capped right and this isn't an ego thing it's more like you will eventually get capped remember

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a long-term time horizon and so if I know that then I know that the only way to truly scale the

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business is to have more brains contributing to the overall potential of the business right and so

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that means that I truly have to bring in people who are a smarter than me and be better than me

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at certain things like if you can actually do everyone's job better than them you should be frightened

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right and on some level people were like well if I don't know how to do the job then it means

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that I am exposed and the answer is yes you are but every level of entrepreneurship is a new way

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of learning how to give up control because you cannot have you cannot want both freedom and control

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think about it if you control everything then it means everything requires you which means you

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are not free interesting right and so if you want to have a business that quote runs without you

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then it means it does not need you which means that it needs other people which means that you

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have your language control to those people so just a different thought in terms of like how to frame

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employees and why it's so important to be more patient in the interviewing process think longer

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in terms of this is do I want to continue to deal with this person for the next decade rather than

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the next day right and and the business will always grow to the cumulative knowledge of everyone

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else in the business and if it's just you who knows how to do everything then it's only limited by

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one brain right and so the final shift I want to make here and in this little conversation is

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actually there's two more one is relationships and this and the last one I'll do is health but I

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want to talk about relationships briefly so if we're thinking about mates right like the actual

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you know people that we want to date I think that would serve me well during the dating period

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that I had and I see a lot of guys and girls make the mistake of settling with someone as good

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enough for now and the analogy that I like to bring this to is like you move into a new house and

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you're like oh I got to get furniture you know what let's just go grab a you know a 50 dollar

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couch off praises we'll put it in we'll put it in and we'll get a nice one later and then five

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years later you still have the same damn couch right and so a lot of times there are these

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couches which are people in our lives we're like they're good enough for now and then you realize

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you built your life with this person that you don't even you never even thought was that good

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to begin with and you simply rationalize their existence as like they're there for now when

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and they end up being there for a very long time because it's much more difficult to remove something

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than it is to add it so we need to be usually much slower on the adding and much faster on the

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removal which is the concept of you know higher fast sorry higher higher slow fire fast right

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and so from a dating perspective am I dating this person's out of convenience because I am unwilling

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to be lonely in the short term or because I think I'm going to marry them and I will tell you that

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it was very useful for me is that when I was in my dating you know phase of life I I went on a lot

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of first dates and I was just very quickly like am I going to marry this person do I think I could

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marry this person and I would really only go on as many dates as was necessary to rule out the

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person as no I don't think I would marry them which also gives kind of birth to some of the ideas

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around like sleeping around and things like that which is like well you know if I don't think

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I'm going to marry this person then what am I gaining from this and is it fruitful for me in the

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long term and so a lot of times we're making the same trades between four things and so I like this

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little illustration I made it a tweet they got it a lot of shares and so fear is short term pain

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regret is long-term pain comfort is short-term gain fulfillment is long-term gain and so the

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idea is we want to trade fear for fulfillment we want to trade the short-term pain for the long-term

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gain rather than trading comfort right trading to get comfort right and so as I think through

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that perspective and I think it applies to business it applies to relationships it applies to

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a lot of things and I think if you can make that simple shift in terms of the relationships you have

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with friends and and mates it will serve you in the long run like how many friends do you have in

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your life that are like there they don't really add anything and what scares me is that if I extrapolate

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that relation for the next 10 years I ask myself who am I going to be with this constant influence

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of my life will I be better or worse and so a lot of times I think in order to prune the tree

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sorry in order for the tree to grow we have to prune it which means we have to cut off the branches

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and I think the the longer I play the game the less tolerant I become of of things that

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detract and are not really aligned with the long-term and the more willing I am to suffer in the

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short-term for the long-term gain right and so the last thing that I want to quickly hit on

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is is health because obviously I was in the space for a long time and I get a lot of questions

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about it and so I think my perspective has shifted a lot over time around this because

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well I've done I've done it for almost 20 years now but if you can't eat this way for a decade

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there's no point in doing it for a day and so if you can just approach diets and workout with

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that same perspective like you will get the greatest returns from compounding and consistency

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over time and so it's much more like what is the 5% that I can do every day that will that I can

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do forever and simply sticking to that if you have to cut out dessert for example or if you

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you know like drinking whatever I don't necessarily condone that but I'm just saying like if you're

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like I love this then cool like if you're not going to do something forever that's not

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going to um basically if you have to cut things out that make that make you enjoy life

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then it's by definition not a sustainable strategy for you and so there's no point in even

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starting it because you will set yourself up to fail right and so um an interesting perspective

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on this that you know has developed over time for me is that like if you work out you know 90

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minutes five days a week you will end up giving up like 15 20% of your actual living hours

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in terms of like waking hours or productive hours probably a little less than that actually um

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but you get the idea right if you're awake 16 hours a day then that would be whatever so whatever

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whatever the 10 10% of your of your life right and I'm going to get a a life extension of that same

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amount not necessarily from that amount of time you might even just break even on it and so

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if you're doing it for life extension man there are better ways to do it which would be walking

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10,000 steps taking a baby aspirin um and not smoking like if you do those three things you'll get

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all of the benefits of life extension um but it's just a question of like why am I doing this

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to begin with is it because I want to look a certain way which is fine and totally okay um

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but simply having the perspective of I'm doing this because I can do this forever and I think that

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it will allow you to cut out a lot of these short term BS because like think about this and I used

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to use this in selling conversations when I was selling weight loss back in the day which was

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if you look back on your life and you were in shape for six months three times in your entire life

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who cares right and so the goal is to have a strategy that will allow you to continue to do it

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for good and if the strategy in the short term is something that you can barely sustain

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then there's really no point in doing it in the long term and I will also share something with you

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which is like the people who look the best if that is your goal like doing it and if you don't like

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doing it it's far better to just find something you do enjoy doing even if it's not ideal for body

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composition so it's like if you just like doing cardio cool it's not ideal for body composition but

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if you like doing it it's better than doing nothing right um and that goes for it you know if you like

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climbing better than weight lifting cool you know I mean like keep doing that can you do it forever

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probably not but like you can do it for a very very long season and so I think if you just

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reframe the perspective on all of these things back to the original statements I have just like

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if I can't do it for a decade there's really not a point of doing it for a day if I don't think I

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would see my person this person in my life in a decade there's really not a point to seeing them

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for a day and if I'm thinking about this from a business strategy perspective will I if I do these

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actions will it increase or expands me in a decade or will it cut me down and so I think that

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if you can approach those things um and that was the reason that the the youtube producer brought

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this up he's like dude the first thing you said was all right well let's see if we can you know

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grow this thing over the next five or ten years and he's like literally no one has ever said that

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and I find that interesting and silly because like it takes a long time to get good at something

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and so why would I put such a short arbitrary timeline of like I have to grow in 90 days or

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I'm out it's like it's just not realistic and I'm I'd rather play games or if I wait I win

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and so um that was just a a perspective shift for me that has served me very well I wanted to apply

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then a handful of scenarios for you to hopefully provide value and um like I said if you don't know

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I am my name is oxrimousy and I'm an acquisition.com and hopefully enjoy the next video bye