WEBVTT 1 00:00:00.000 --> 00:00:02.640 All the people that I know who were given money 2 00:00:03.360 --> 00:00:05.360 It ended up ruining their lives 3 00:00:06.040 --> 00:00:08.960 Welcome to the game where we talk about how to get more customers how to make more 4 00:00:08.960 --> 00:00:12.800 Procure and how to keep them longer in the many failures and lessons we have learned along the way 5 00:00:12.800 --> 00:00:19.440 Hope you enjoy and subscribe last week. Layla and I signed our wills donating our entire state to charity more or less 6 00:00:19.440 --> 00:00:22.400 And that obviously happens after we die so it's not now 7 00:00:22.400 --> 00:00:28.640 But it was a really interesting experience for me to go through because it put a lot of things into perspective 8 00:00:29.520 --> 00:00:34.320 Within life and so I wanted to share some of the thoughts around that because I made Instagram post about it 9 00:00:34.320 --> 00:00:39.280 And it's gotten the most like likes and comments and interaction out of any post I've made to date and so I figured 10 00:00:39.840 --> 00:00:44.560 It was a point of interest and the reasoning behind kind of that decision 11 00:00:45.280 --> 00:00:51.600 Is is is multi-fold and so I'll share that with you. So the first is we are of the belief that 12 00:00:52.240 --> 00:00:56.800 I mean one we don't have kids and so we would have we have no like direct descendants. We pass it to second 13 00:00:56.800 --> 00:00:59.200 Even if we did have kids or have kids in the future 14 00:00:59.760 --> 00:01:05.040 I don't think that giving people a lot of money when they do not earn it is good for them 15 00:01:05.360 --> 00:01:08.400 And so I would not wish that on any of the descendants that I have 16 00:01:10.400 --> 00:01:12.800 Next piece is kind of the concept of legacy 17 00:01:12.800 --> 00:01:19.280 Which is like why don't you want to do something like the Rockefellers and have some big trust and it feeds every all your generations from here on out 18 00:01:20.240 --> 00:01:25.760 And I think for us the reasoning behind that is I think there's these ideas that we all strive for of 19 00:01:26.320 --> 00:01:28.000 impermanence 20 00:01:28.000 --> 00:01:30.240 Or rather excuse me permanence 21 00:01:30.240 --> 00:01:32.400 Because we want to live on after we die 22 00:01:32.400 --> 00:01:36.000 But I think it's just a human condition thing and it's just not reality 23 00:01:36.000 --> 00:01:38.000 You know if you think about like 24 00:01:38.000 --> 00:01:40.000 The Sumerians or you know 25 00:01:40.880 --> 00:01:43.680 You know civilizations from five thousand years ago 26 00:01:43.680 --> 00:01:47.600 There's no one that we even know about we just know that they existed and that's about it 27 00:01:47.600 --> 00:01:51.040 And we don't know about the rich people and the poor people and we don't know who started schools and who didn't 28 00:01:51.440 --> 00:01:55.360 We just know that they existed and I think that that may be the Americans in 29 00:01:55.840 --> 00:01:59.600 You know five thousand years from now and so there's the biological component of 30 00:02:00.160 --> 00:02:02.160 All right, so when we die 31 00:02:02.160 --> 00:02:05.440 Our kids are going to marry people and they're gonna have kids and those kids are gonna marry people 32 00:02:05.440 --> 00:02:09.360 And then you do that a hundred times and it's taking a 50% and then raising it to the hundredth power 33 00:02:09.360 --> 00:02:12.960 You know our sorry a half and then just doing it over and over and over and over again, right? 34 00:02:14.080 --> 00:02:16.400 And so basically the amount of our genetic pool 35 00:02:16.960 --> 00:02:22.160 If you want to look at it from a biological perspective of what 10 or a hundred generations from now is it's basically nothing 36 00:02:22.160 --> 00:02:25.680 Right, we're not really there and then the other piece of it is like 37 00:02:26.240 --> 00:02:30.480 Will they know who we were or any of the character traits that we had will be passed on unlikely 38 00:02:31.360 --> 00:02:32.640 and so 39 00:02:32.640 --> 00:02:40.400 For us it felt kind of like the right thing because we also feel like we've been given a lot and not just from being born in America and all that kind of stuff but 40 00:02:41.040 --> 00:02:41.840 um 41 00:02:41.840 --> 00:02:43.840 From a from a broader context I 42 00:02:44.240 --> 00:02:46.240 I've shifted my perspective on 43 00:02:46.880 --> 00:02:50.400 I think business success over time and so like let me give you a visual example 44 00:02:50.800 --> 00:02:56.960 If you were to look at Chiquillo Neal versus let's say a tiny Asian lady, right? 45 00:02:57.600 --> 00:02:58.480 Um 46 00:02:58.480 --> 00:03:05.840 There's you could see a huge amount of genetic diversity just in that visualization and I think the same visualization 47 00:03:06.560 --> 00:03:07.840 appears 48 00:03:07.840 --> 00:03:13.760 Mentally, it's just not visual and so think about that for a project so like it's like why is he so good at basketball 49 00:03:13.760 --> 00:03:17.040 Well, it's like if you look at him you'd be like well jeez he's so naturally inclined for that 50 00:03:17.040 --> 00:03:20.080 I don't have to say that every person who has his genetic makeup would be 51 00:03:20.560 --> 00:03:24.880 um, you know as good as he was but they would have inclination to be pretty good, right? 52 00:03:25.360 --> 00:03:28.000 And so I think that the same exists within 53 00:03:28.880 --> 00:03:36.400 uh, just your mental capacity and your character traits but predispicious and for business like I wonder what if we were to look through that same visual lens 54 00:03:36.400 --> 00:03:42.400 What Jeff Bezos would look like mentally or what Bill Gates would look like mentally or what Warren Buffett would look like mentally 55 00:03:42.720 --> 00:03:45.520 And all of a sudden we might be like well, it makes sense because he's seven eight 56 00:03:45.600 --> 00:03:46.240 You know what I mean? 57 00:03:46.240 --> 00:03:49.280 Of course he's good at investing or of course he's good at business or whatever 58 00:03:49.280 --> 00:03:52.720 And so I think that my perspective on this is shifted because if you had asked me when I was younger 59 00:03:53.680 --> 00:03:56.720 What made me you know successful or whatever I'm using quotes here? 60 00:03:56.720 --> 00:03:59.760 I'm not saying we're the most successful people in the world or anything or far from it, but 61 00:04:00.640 --> 00:04:07.440 I think that I would have said hard work sacrifice and all of that stuff, but I think is I've gotten more perspective. I think that um 62 00:04:08.720 --> 00:04:10.480 We're just naturally good at it, you know 63 00:04:10.480 --> 00:04:13.600 Um, and I think that obviously work and sacrifice and those things hone the skill 64 00:04:13.600 --> 00:04:16.800 Just like she killing me also has to go to practice, but I think some people get 65 00:04:17.280 --> 00:04:19.680 disproportionate returns on their time and effort and so 66 00:04:20.240 --> 00:04:21.120 um 67 00:04:21.120 --> 00:04:23.600 To give back after we are dead is not really asking that much 68 00:04:24.880 --> 00:04:26.480 Beyond that 69 00:04:26.480 --> 00:04:29.040 It also give me another huge conclusion about my own life 70 00:04:29.040 --> 00:04:31.920 Which is if I'm going to be donating all of this stuff when I die anyways 71 00:04:32.720 --> 00:04:36.880 Then it makes more sense for me to start giving away while I am alive 72 00:04:37.600 --> 00:04:41.040 And I think that you know the first level of giving is obviously you can give money and 73 00:04:41.120 --> 00:04:46.560 Layla and I probably don't need it about a million dollars you the last few years um to various charities that we believe in but 74 00:04:47.360 --> 00:04:50.640 I think what has what is more valuable is the skills 75 00:04:51.600 --> 00:04:58.800 And the experiences and the the traits and the lessons that we have gathered along our journey that I think is more valuable and so 76 00:05:00.000 --> 00:05:04.640 The reasoning behind acquisition.com, which for those of you don't know us is our portfolio holding company 77 00:05:05.920 --> 00:05:08.720 Right now it holds uh seven companies are 78 00:05:09.680 --> 00:05:11.680 In entirety and then also percentage of 79 00:05:12.400 --> 00:05:16.080 And um that does about eighty five million dollars a year which just so you're curious 80 00:05:16.080 --> 00:05:18.800 Which is why I have nothing to sell you um and 81 00:05:19.440 --> 00:05:25.280 The point behind you know this channel is to hopefully transfer those lessons while we are alive to other people 82 00:05:26.000 --> 00:05:27.520 Because if we're going to give it all when we would die 83 00:05:28.320 --> 00:05:31.840 Why not start now at least that's the that's the thought process behind him 84 00:05:31.840 --> 00:05:36.080 And so that's why um for those of you asked questions like that's why we are writing the books 85 00:05:36.160 --> 00:05:39.680 That's why I'm making the courses. That's why I'm doing all that stuff and we're giving them away for free 86 00:05:40.240 --> 00:05:41.440 um 87 00:05:41.440 --> 00:05:43.440 And what's interesting is that 88 00:05:43.440 --> 00:05:47.600 I think that there's a shift that occurs and I'm just I guess noting this because 89 00:05:48.240 --> 00:05:52.240 My first businesses were created out of scarcity and so what I mean by that is 90 00:05:53.680 --> 00:05:57.280 They were created out of an insecurity they were created out of a deficiency 91 00:05:57.280 --> 00:06:01.760 They were created out of a deficit a need for something right one of my favorite quotes from Naval Ravicon is 92 00:06:02.480 --> 00:06:06.720 Desires a contract we make with ourselves to be unhappy until we get what we want and I and I candidly 93 00:06:07.360 --> 00:06:11.920 Us building those businesses was not like a happy experience for me. It was very like grindy 94 00:06:13.200 --> 00:06:14.320 Dark 95 00:06:14.320 --> 00:06:18.480 Rage filled like just out workout sacrifice type thing and 96 00:06:19.040 --> 00:06:21.520 What's interesting is when I look at the people who make a lot more money than me now 97 00:06:21.520 --> 00:06:25.040 They don't kind of act that way and I think it's because the motivation has to shift 98 00:06:25.520 --> 00:06:28.240 Because if you are this at least for me 99 00:06:28.720 --> 00:06:31.680 It's like if I'm only trying to satisfy my own personal needs at 100 00:06:32.160 --> 00:06:35.760 10 million or 20 million or 30 million whatever it is once whatever your number is you know 101 00:06:35.760 --> 00:06:39.040 I mean when you cross it maybe it's a million whatever it is when you when you cross that number in the bank all of a sudden 102 00:06:39.520 --> 00:06:46.800 You'll feel the the energy or the drive towards that satisfying that goal will will diminish because you somewhat do right 103 00:06:47.520 --> 00:06:53.520 And so I think at that point there are two directions that you can kind of go in one direction is to make money the ultimate score card 104 00:06:54.080 --> 00:06:56.560 Um, which I'll give you an analogy of why I think that's silly 105 00:06:57.440 --> 00:07:01.520 And in a second and the other is that you can change the driver 106 00:07:01.760 --> 00:07:04.160 All right, and so for the first one the reason that I've never really 107 00:07:04.800 --> 00:07:08.880 Been a big you know, I've never espoused that or never been a believer in that one is that I see 108 00:07:09.760 --> 00:07:13.600 The entrepreneurial journey as a casino and so bear with me for a second 109 00:07:14.720 --> 00:07:20.080 So imagine every one of us is given a token right as we you know come of age whatever that age is 110 00:07:20.160 --> 00:07:24.320 Maybe it's 12 maybe it's 14 whatever the ages that you decide that you want to get in the game right 111 00:07:24.480 --> 00:07:28.080 And so we get a token and we go into the casino and we get a seat at the table 112 00:07:28.560 --> 00:07:34.000 And we continue to play and we continue to play and we have the other players right and what's interesting is that 113 00:07:34.080 --> 00:07:37.520 everyone's playing for the chips that are on the table right and 114 00:07:38.640 --> 00:07:42.320 The difference is that you might amass this big amount of chips right 115 00:07:43.040 --> 00:07:45.200 But the thing is is that we don't get to cash out 116 00:07:45.280 --> 00:07:47.280 We literally just have to leave the table 117 00:07:47.280 --> 00:07:52.880 And then someone else takes our seat and all of our chips get pushed back into the middle of the table for other people to play with again 118 00:07:53.520 --> 00:07:57.440 And so and the other people you could say is your family the other people you could say is your competitors 119 00:07:57.440 --> 00:08:00.080 The other people you could say is just the marketplace for humanity as a whole 120 00:08:00.240 --> 00:08:04.880 But either way we don't get to leave the casino alive and we don't get to leave with our chips 121 00:08:07.680 --> 00:08:12.160 Real quick guys you guys already know that I don't run any ads on this and I don't sell anything 122 00:08:12.240 --> 00:08:16.480 And so the only ask that I can ever have if you guys that you help me spread the words we can out more entrepreneurs 123 00:08:16.960 --> 00:08:20.320 Make more money feed their families make better products and have better 124 00:08:20.560 --> 00:08:27.040 Experiences for their employees and customers and the only way we do that is if you can rate and review and share this podcast 125 00:08:27.120 --> 00:08:29.520 So the single thing that I have to do is you can just leave review 126 00:08:29.680 --> 00:08:35.360 Let's take 10 seconds or one type of the thug that means the absolute will to me and more importantly it may change the world for someone else 127 00:08:38.640 --> 00:08:42.960 And so having that perspective for me just really reinforces that it's just a game 128 00:08:43.440 --> 00:08:46.400 Because we don't get to keep any of it and so once you satisfy it like 129 00:08:46.800 --> 00:08:51.200 Once you can eat steak dinner's every single night and it doesn't change anything and once you can buy private jets 130 00:08:51.200 --> 00:08:54.000 And once you can do all that stuff like nothing changes like 131 00:08:54.800 --> 00:08:58.320 More money changes literally nothing because money can only solve money problems 132 00:08:58.320 --> 00:09:02.720 And that was one of the lessons that I've learned as we've you know gained more of it is that money only solves money problems 133 00:09:02.720 --> 00:09:07.760 And once you've run out of money problems for money to solve there's really not a lot of utility for it 134 00:09:08.560 --> 00:09:11.360 And so that's why for me the the money 135 00:09:12.000 --> 00:09:15.280 Scoreboard concept has never really resonated 136 00:09:16.240 --> 00:09:17.760 because 137 00:09:18.000 --> 00:09:21.440 I mean me dying a billionaire 138 00:09:22.800 --> 00:09:24.800 So what 139 00:09:24.800 --> 00:09:28.320 I mean like I'm just going to take this big lump of money and then it's just going to get handed to somebody else 140 00:09:29.040 --> 00:09:31.440 And so that is also why I don't think 141 00:09:32.480 --> 00:09:35.760 We want to give it to somebody else because you know an individual person 142 00:09:36.160 --> 00:09:39.840 Because I think it would ruin them and one of my favorite cards in magic the gathering 143 00:09:39.840 --> 00:09:41.840 Which is a game I played all the time when I was a kid 144 00:09:42.800 --> 00:09:46.000 It was burning wish and the the flavor text on that card was 145 00:09:46.720 --> 00:09:49.920 She wished for a weapon but not for the skill to wield it 146 00:09:50.560 --> 00:09:53.520 And that's very much how lay on I both see money 147 00:09:54.320 --> 00:09:57.680 Is that it's just this raw power and the more of it you get 148 00:09:58.560 --> 00:10:02.480 The more skill you must have in order to wield it effectively 149 00:10:03.040 --> 00:10:05.040 And so I think that 150 00:10:05.040 --> 00:10:08.320 That is why we don't we wouldn't want to quote ruin our descendants 151 00:10:09.120 --> 00:10:13.440 In that way or ruin anyone in that way because I think it's too much for one person to have and so 152 00:10:14.240 --> 00:10:16.240 That is why we're pushing it towards causes 153 00:10:16.880 --> 00:10:21.440 Rather than individuals because I also think that when you give it to individuals you rob them 154 00:10:22.000 --> 00:10:28.080 Of the opportunity to earn for themselves and you rob them of the opportunity to 155 00:10:28.800 --> 00:10:36.240 To to achieve in that way because I can tell you I remember when I was a kid and I thought about this really deeply when I was in college 156 00:10:37.040 --> 00:10:41.360 I thought to myself if I won the power ball right because I bought a ticket because it got like all you know 157 00:10:41.360 --> 00:10:46.400 All the guys that I knew all got one ticket because it was like a billion dollars or something at one point for the power ball 158 00:10:47.120 --> 00:10:51.360 And it's more just for the conversation that that that comes as a result of that that we bought it 159 00:10:51.360 --> 00:10:53.280 It's not because I thought there was like a chance or anything 160 00:10:53.920 --> 00:10:59.840 But what was interesting is that I realized that during the drawing I actually had this feeling of dread because I really didn't want to win 161 00:10:59.920 --> 00:11:05.040 Because I realized that if I won that it would kind of make everything that I was wanting to do meaningless 162 00:11:05.920 --> 00:11:10.560 Um, which was really weird for me to think about I was like if I just got a billion dollars 163 00:11:10.560 --> 00:11:15.600 Then it would mean that I never even got to play the game or get the credit for earning whatever I would end up having 164 00:11:15.600 --> 00:11:19.520 Because I wanted to have and this is probably my ego or my insecurities. I wanted to have 165 00:11:20.480 --> 00:11:23.280 People give me status for having earned this right 166 00:11:24.000 --> 00:11:28.960 Um, but I think again as I've gotten older my my thinking around that has changed because like 167 00:11:29.920 --> 00:11:34.320 There's so many things that I've been fortunate with you know what I was born with genetically 168 00:11:34.400 --> 00:11:38.640 You know, I mean, I think that I've I've decent reasoning powers and I don't know how much of that is 169 00:11:39.280 --> 00:11:41.280 Is learnable, you know, I mean um 170 00:11:42.000 --> 00:11:48.480 I think you know, I was born in the United States. I was born a white male um, I was born to um, you know a doctor 171 00:11:49.040 --> 00:11:52.800 Uh as a as a parent and so like there's lots of things that I have that 172 00:11:53.760 --> 00:11:56.640 Already gave me a leg up and so 173 00:11:57.760 --> 00:12:01.040 Anyways just to to to bring this home for you um 174 00:12:01.280 --> 00:12:05.920 The reason that we have acquisition.com and the reason that we are pushing far more towards 175 00:12:06.720 --> 00:12:09.680 Giving away everything that we have is while we are alive 176 00:12:10.160 --> 00:12:14.560 Um in the most viable assets we have which is the value that we can provide in terms of the lessons and skills 177 00:12:15.040 --> 00:12:21.520 Um is because I just have no more marginally utility for money now that being said um, it would be 178 00:12:22.080 --> 00:12:24.960 It would be who of me to kind of follow on Uncle Warren's footsteps 179 00:12:24.960 --> 00:12:28.960 Which is I think that I will be a better allocator and multiplier of capital so that when I 180 00:12:29.280 --> 00:12:36.000 When we die we will be able to pass on to make a larger impact um on you know, whoever you know whatever causes 181 00:12:36.000 --> 00:12:38.000 We donate our stuff to 182 00:12:38.000 --> 00:12:41.760 Then if I were to donate it now um and we do donate stuff now because that you know 183 00:12:41.760 --> 00:12:44.720 I think about this where it's like I've given away two million dollars in the last two years 184 00:12:45.120 --> 00:12:49.120 And I think about two million dollars in 40 years and how if I you know allocated it well 185 00:12:49.120 --> 00:12:54.400 It would probably be like a hundred million dollars right um and I'm giving away all that money now 186 00:12:55.120 --> 00:13:00.960 But I think there's always the trade-off between consumption and investment that you know kind of all entrepreneurs make and the consumption investment 187 00:13:01.760 --> 00:13:06.160 Um trade-off happens kind of for everything. It's like investing in your relationship versus consuming your relationship 188 00:13:06.240 --> 00:13:11.520 investing in the business versus consuming the benefits of the money um and that kind of happens with everything right 189 00:13:12.320 --> 00:13:14.320 and so um 190 00:13:14.400 --> 00:13:18.880 That is uh that is kind of the the thought process and the thinking behind the the books and the courses and all that stuff 191 00:13:18.880 --> 00:13:22.480 Mindack was just not called for those of you asked um the big impetus behind this was 192 00:13:23.280 --> 00:13:31.520 You know donating what will you know just our current estate is probably valued between 60 and 80 million depending on who's valuing the equity slices 193 00:13:31.520 --> 00:13:39.520 We have in the businesses we own um and uh I know that if I were to do nothing and just wait you know 40 or 50 years 194 00:13:39.920 --> 00:13:44.160 Hopefully I live that long um it would be a very big number right even at 10 percent 195 00:13:44.160 --> 00:13:50.960 It'll be over a billion dollars at that point um and that's if we earn no more money between now and then and so I think that it changes the game 196 00:13:51.040 --> 00:13:54.480 And I'll leave you this with this one quote from the brawl rava comp that I think is really valuable 197 00:13:55.440 --> 00:13:59.840 Um, he said retirement is when you stop sacrificing today for a hypothetical tomorrow 198 00:14:00.320 --> 00:14:03.040 And I think that what that will give me 199 00:14:03.760 --> 00:14:07.760 Was the permission to stop doing that because if I know that I'm not going to be 200 00:14:08.320 --> 00:14:11.200 I'm not going to be taking anything that I'm making now with me anyways 201 00:14:11.200 --> 00:14:14.960 And I'm going to be giving it a wall to all the way to begin with it pretty much eliminates the 202 00:14:15.680 --> 00:14:17.680 desired trade 203 00:14:17.680 --> 00:14:20.160 Time for money in any meaningful way 204 00:14:21.040 --> 00:14:27.440 Besides things that that I you know enjoy and think that I can provide value with and so for the many of you that reach out 205 00:14:28.000 --> 00:14:31.920 I want to also say a couple things real quick one um we don't sell time 206 00:14:31.920 --> 00:14:36.320 So I get probably like a hundred dams that I ask me if we do what I want to consult and we do not 207 00:14:37.600 --> 00:14:44.480 We take on companies that are um I say three to ten million but closer to like the five to ten million plus mark 208 00:14:44.640 --> 00:14:48.080 Just FYI unless you have something that's really interesting um 209 00:14:48.560 --> 00:14:51.680 And so we you know we invest and we take positions in those companies and help them grow 210 00:14:52.320 --> 00:14:56.320 For context at the time of this video the smallest business that we have in the portfolio is eight million year 211 00:14:56.960 --> 00:15:03.920 Um, so just like I said four contexts that says three to ten but we're really skewing towards the the larger side of that um 212 00:15:04.960 --> 00:15:08.880 And uh and that is why um I don't consult for dollars 213 00:15:08.880 --> 00:15:14.080 That's also why we're not selling courses. We're not selling masterminds we're not selling coaching and if you see comments 214 00:15:14.720 --> 00:15:19.920 In the thread that it replies from fake Alex Ramazzis there right now we have we're getting like targeted 215 00:15:20.400 --> 00:15:25.040 Um and it's probably because I think there's a lot of goodwill on the channel because we don't sell anything um 216 00:15:25.760 --> 00:15:27.760 I will never ask you for a WhatsApp 217 00:15:28.160 --> 00:15:37.600 All right, so like please like do not respond to any of the comments that have a picture of me and like some weird decimals afterwards to make it look like it's 218 00:15:38.160 --> 00:15:41.520 Uh me I will never ask you for WhatsApp. I will never text you for money 219 00:15:42.000 --> 00:15:47.440 All right, so please please please please do not respond to those people do not feed uh feed that um 220 00:15:47.440 --> 00:15:49.440 Anyways, love you all um hope you're amazing 221 00:15:50.080 --> 00:15:52.960 This felt like the right time to make this video in the parking lot before I go to the gym 222 00:15:53.680 --> 00:16:00.800 And keeping awesome and uh if you enjoyed this video click subscribe for a lot more tactical stuff that we do about growing businesses um and growing wealth 223 00:16:11.520 --> 00:16:13.920 You