WEBVTT 1 00:00:00.000 --> 00:00:03.840 The difference between rich dads and poor dads and what they teach their kids 2 00:00:03.840 --> 00:00:09.600 is that rich dads in general will teach their kids to go after higher leverage opportunities. 3 00:00:09.600 --> 00:00:14.320 They'll go after opportunities that have bigger base units of measurement, bigger base units of 4 00:00:14.320 --> 00:00:19.600 money that they can compile together. Welcome to the game where we talk about how to get more 5 00:00:19.600 --> 00:00:23.360 customers, how to make more customers, how to keep them longer, and the many failures and lessons 6 00:00:23.360 --> 00:00:28.720 we have learned along the way. I hope you enjoy and subscribe. I'm going to give you two ways to 7 00:00:28.720 --> 00:00:33.760 identify how wealthy someone else is going to be in the future and how you can line yourself with 8 00:00:33.760 --> 00:00:37.520 those individual character traits. If you don't know who I am, my name is AuctionMozzi, I'm an 9 00:00:37.520 --> 00:00:40.640 acquisition.com. It's a portfolio of companies that is over $100 million a year. I make these 10 00:00:40.640 --> 00:00:45.520 because I actually enjoy doing it. That being said, there's two things and this came from a 11 00:00:45.520 --> 00:00:51.120 conversation that I was having with a good friend of mine. He exited his company for just under 12 00:00:51.120 --> 00:00:56.560 half a billion. We were just having a philosophical conversation around what is it that makes people 13 00:00:56.560 --> 00:01:02.560 successful and what are the things that you can identify early or mindset shifts in terms of 14 00:01:02.560 --> 00:01:08.480 perspective that allow people to have an unfair advantage. If you followed any of my stuff, 15 00:01:08.480 --> 00:01:13.280 I talk a lot about time. I talk a lot about money. It's unsurprising that the two traits 16 00:01:13.280 --> 00:01:18.000 have to do one with time and the other with money. One of the things that's interesting about 17 00:01:18.000 --> 00:01:24.400 this is the concept of measuring sticks. A lot of us have these base units that we measure things 18 00:01:24.400 --> 00:01:28.880 in. It's a short hand that you use in your brain. I'll give you a simple example. When I was in 19 00:01:28.880 --> 00:01:34.640 high school, I used to measure how much money something was by the amount of Chipotle burritos I could 20 00:01:34.640 --> 00:01:40.960 buy. Because I used Chipotle burritos, it was an understandable quantity of value for me. Everything 21 00:01:40.960 --> 00:01:45.520 was how many Chipotle burritos is this. That was because that was the amount of money that I was 22 00:01:45.520 --> 00:01:51.200 making and that was a material amount of value for me at the time. One of the measuring sticks 23 00:01:51.280 --> 00:01:57.440 that people use is in money. The bigger the people that you hang around with, the bigger the 24 00:01:57.440 --> 00:02:04.080 unit of money that they will measure things in in terms of like base units. You, over time, 25 00:02:04.080 --> 00:02:07.760 you want to increase what that base unit looks like. You're going to start measuring things 26 00:02:07.760 --> 00:02:12.800 in how many 10K units there are. How many cars is this? How many houses is this? How many businesses 27 00:02:12.800 --> 00:02:17.840 is this? Even just the amount of money itself. How many 10Ks? How many 100Ks? How many millions 28 00:02:17.840 --> 00:02:23.120 there is? Just as an aside here in Wall Street, in the hedge fund world, they have a term that I 29 00:02:23.120 --> 00:02:29.200 learned probably a couple of years ago, which is a stick. A stick is their measuring unit, which is 30 00:02:29.200 --> 00:02:33.840 a million dollars. They're like, give them a stick or put two sticks in. They say that because they 31 00:02:33.840 --> 00:02:38.480 have these measuring units that are significantly bigger than most people can fathom or imagine, 32 00:02:38.480 --> 00:02:44.480 but because our brains think in units. If you can hang around people whose base unit of measurement 33 00:02:44.560 --> 00:02:50.640 around money is far greater than yours, then you will start chunking up and thinking about money 34 00:02:50.640 --> 00:02:55.840 in those greater terms. All of a sudden, for example, let's say your base unit of money is $100,000 35 00:02:55.840 --> 00:03:01.280 or $10,000 even, then it makes it much less likely for you to go participate in an activity 36 00:03:01.280 --> 00:03:06.560 that's going to generate you $100 or $1,000 because it's not even a full unit of measurements. It's 37 00:03:06.560 --> 00:03:11.680 like almost white bother. What happens in the difference between rich dads and poor dads and what 38 00:03:11.760 --> 00:03:18.320 they teach their kids is that rich dads in general will teach their kids to go after higher leverage 39 00:03:18.320 --> 00:03:22.720 opportunities. They'll go after opportunities that have bigger base units of measurement, bigger 40 00:03:22.720 --> 00:03:29.280 base units of money that they can compile together. The first thing you can do in terms of identifying 41 00:03:29.280 --> 00:03:33.360 in other people and then also within yourself is what unit of measurements do they use? Are they 42 00:03:33.360 --> 00:03:38.880 using Chipotle burritos? Are they using $1,000 units? Are they using $10,000 units? Are they using 43 00:03:38.960 --> 00:03:42.800 $1,000,000 units? The bigger the unit of measurement they're using for money, 44 00:03:42.800 --> 00:03:46.800 likely the wealthier they are and the wealthier they become because they only will participate in 45 00:03:46.800 --> 00:03:50.000 activities that can be measured in those units. That's number one. 46 00:03:53.680 --> 00:03:57.920 Most of the nation real quick, if you are a business owner that has a big, old business that 47 00:03:57.920 --> 00:04:03.280 wants to get to a much bigger business, going to $50, $100,000 plus we would love to talk to you. 48 00:04:03.280 --> 00:04:06.880 And if you like that and would like to hear more about it, go to acquisition.com and you can 49 00:04:06.880 --> 00:04:11.120 plan anywhere on the page and talk to one of our team and see if we can help you get there. 50 00:04:14.000 --> 00:04:19.920 Number two is measurements around time and this has an interesting kind of like part A and part B 51 00:04:19.920 --> 00:04:27.360 to it. So part A is that they are on a micro scale within like day to day. They're going to act 52 00:04:27.360 --> 00:04:34.320 faster. They're going to be better utilizers of their time in general and then on the macro side 53 00:04:34.400 --> 00:04:41.360 and this is like to go back to iron out the first point. On the micro side, it's just about speed. 54 00:04:41.360 --> 00:04:45.600 It's about execution speed. If you start interacting with somebody and their speed of communication 55 00:04:45.600 --> 00:04:49.920 is rapid in terms of their turnaround time, in terms of when they communicate with you, in terms 56 00:04:49.920 --> 00:04:54.080 of how they respond to things, you can be sure that that person is far more active and I'll give you 57 00:04:54.080 --> 00:04:59.360 a reason for why people move forward so much faster in life when they have that trait. So imagine 58 00:04:59.440 --> 00:05:05.840 you're trying to get something done and let's say that you message someone and then they wait 59 00:05:05.840 --> 00:05:10.640 a day and they message you back and then you wait a day and you message them back and then let's say 60 00:05:10.640 --> 00:05:16.000 it takes five interactions like this to get this project done. So that would be 10 days like you 61 00:05:16.000 --> 00:05:21.760 one day, then one day, five times. So that would be 10 days. Now imagine a different scenario where 62 00:05:21.760 --> 00:05:27.040 you have two people who are wealthier in terms of how they manage their time, how they leverage their 63 00:05:27.040 --> 00:05:33.360 time and they're able to have that entire exchange within a matter of 30 minutes. Now if you look 64 00:05:33.360 --> 00:05:38.640 at the difference between a 30 minutes and 10 days, it dramatically compresses the time to achieve 65 00:05:38.640 --> 00:05:42.880 the result and then this is where it gets interesting. After that 30 minutes, let's say they do that 66 00:05:42.880 --> 00:05:48.560 again and again and again and again. In a very real way, they will have accomplished more literally 67 00:05:48.560 --> 00:05:54.960 in a day than other people will try to accomplish in a month or more. This is how you compress time 68 00:05:54.960 --> 00:06:01.120 and you can drag your future into the present by increasing the speed with which you take action 69 00:06:01.120 --> 00:06:09.600 and you communicate with other people. So that is the part A micro for time. Now part B of time is macro 70 00:06:09.600 --> 00:06:14.000 and so this is an important one when it comes to measuring sticks and also again with the measuring 71 00:06:14.000 --> 00:06:17.440 sticks on the first one because I really just want to drive this point home. I made a video about 72 00:06:17.440 --> 00:06:22.800 this but it's the idea of switching from end of week being your default to switching to end of day 73 00:06:22.880 --> 00:06:28.000 or right now being your default. So how can I just make the default in my company end of day? 74 00:06:28.800 --> 00:06:33.840 If no one says anything, it has to be done by end of day or how can I say that my new default is 75 00:06:33.840 --> 00:06:38.800 by four hours from now. So that becomes your new micro measuring stick in terms of how quickly you 76 00:06:38.800 --> 00:06:43.120 can get things done and reply and move things forward, etc. So you want to do with people who have 77 00:06:43.120 --> 00:06:48.960 very condensed micro push things forward in terms of their activities and how they see things getting 78 00:06:49.520 --> 00:06:55.760 done. On the macro's perspective, it's when people are talking about decades and not days, 79 00:06:55.760 --> 00:07:02.400 right? And so you can tell how wealthy someone is by their perspective on time in terms of how long 80 00:07:02.400 --> 00:07:07.680 they're willing to wait to see something through. And so this is kind of like a very extrapolated 81 00:07:07.680 --> 00:07:10.480 version of the marshmallow test. And if you've never heard of that, it's a pretty famous test 82 00:07:10.480 --> 00:07:14.960 where they have two kids and they said, hey, you can have a marshmallow now or I can give you two 83 00:07:14.960 --> 00:07:18.880 marshmallows in a few minutes. And the kids who said, I want the marshmallow now and it couldn't 84 00:07:18.880 --> 00:07:22.960 use the software strain or self control. We're significantly less wealthy, less successful later in 85 00:07:22.960 --> 00:07:27.680 their lives compared to the kids who could wait for the second marshmallow. And if you wanted to add 86 00:07:27.680 --> 00:07:32.240 an interesting wrinkle to this, you could actually ask, you could make the marshmallow even further. 87 00:07:32.240 --> 00:07:36.000 What about if the marshmallow was in five hours? What if the marshmallow was the two marshmallows 88 00:07:36.000 --> 00:07:39.360 were tomorrow? What if the two marshmallows were a week from now? What if the two marshmallows were 89 00:07:39.520 --> 00:07:45.280 year from now? And I can guarantee that the person who had the furthest out date of when they were 90 00:07:45.280 --> 00:07:50.240 willing to restrain themselves would be significantly more successful. And that is because impulse control 91 00:07:50.240 --> 00:07:55.040 or self-restraint is one of the key drivers of success because you can see where you're trying to go 92 00:07:55.040 --> 00:08:00.720 and it takes from a macro perspective a long time to build amazing things. Rome wasn't built in the 93 00:08:00.720 --> 00:08:06.320 day, which is a quote that's said all the time that people don't actually live by. And so if you 94 00:08:06.320 --> 00:08:10.800 surround yourself with people who use measuring sticks of money that are significantly larger than yours, 95 00:08:10.800 --> 00:08:14.240 they have micro-units of time that are significantly shorter than yours. They get things done 96 00:08:14.240 --> 00:08:18.640 faster. They communicate faster. They move things forward faster. And then in terms of how they 97 00:08:18.640 --> 00:08:22.480 measure the goals that they want to achieve in their lives, they measure in decades instead of days 98 00:08:22.480 --> 00:08:27.680 or weeks or months, if you surround yourself and you give yourself those three, which is two with 99 00:08:28.240 --> 00:08:33.120 two with two micros. The lens is through it to see other people and then also to judge yourself, 100 00:08:33.120 --> 00:08:38.160 you will be significantly better off and you will move far more rapidly towards the goals that 101 00:08:38.160 --> 00:08:41.360 you want to achieve. And so anyways, this was a paraphrasing conversation I had with a good 102 00:08:41.360 --> 00:08:44.960 friend of mine. I thought I would share it with you guys because you guys are awesome and I'm just 103 00:08:44.960 --> 00:08:48.640 so grateful that you guys enjoy this stuff. Please let me know in the comments if there's other 104 00:08:48.640 --> 00:08:54.080 things that you'd like me to kind of outline. If you do like this stuff, like subscribe, share, 105 00:08:54.080 --> 00:08:59.840 keep being awesome as a nation. Bye!