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20-year-olds stay poor because they start trying to earn rather than trying to learn.

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They did a survey of high school seniors, 52% believe that they will be a millionaire by 25.

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It's delusion.

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You can try and roll the dice and have a 1 in a thousand shot of being a millionaire in 90 days.

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Or I can guarantee that you'll be a millionaire in a decade.

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Which would you prefer?

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So I want to give you a quick example of two guys about the same age that took two very different directions in life.

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One of them went to another guy who was a little bit older tried to learn the basics of editing video.

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Use the buddy to get a job interview and he'd learn enough that he could get a job offer.

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This particular company had a huge suite of other people who significantly more advanced creative director who's done multiple big brands that he had the ability to learn from.

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He gets a $60,000 offer.

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Which is a solid amount of money for editing with basically no experience who then rather than accept the job he asked for $3,000 more.

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Because what he thought he had to do was earn rather than learn.

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The business is obviously not going to do that.

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What this guy does is he starts trying to negotiate back and forth wheels and deals and then eventually gets a job to be the lead head honcho of video editing at some small business that has no other mentors.

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There's no other people ahead of him.

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He took the right hook in his career 12 weeks after getting into it.

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And now they're the ones who were trying to extract as much from him rather than coming into a business where he's the small man on the totem pole and he can learn from everyone else which would maximize for his long term network.

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When you're early on you learn this much and you think you know everything and it's something called the Dunning Kruger effect.

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The more you learn in a specific skill the more you realize you don't know.

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Other guy, same idea, wanted to make money but had zero skills because he's 17 years old.

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Of course you would have no skills.

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He decided because he talked to a mentor who's older than him and said hey I think you have a proclivity for sales.

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I think you'd be good at.

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He said whatever the minimum quota is that they tell you to do an activity.

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Double it. This was a sales role and so he was required to do 100 calls a day.

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He did 200 calls a day. Why? Because he's not a skill.

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So he has to do twice the work and we're going to get the same output as somebody who's more experienced.

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The mentor also said go and spend as much time as you possibly can with the number one guy.

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Listen to everything he does and watch what he does.

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That's what he did and then he proved himself as number one on that bottom team that he got promoted.

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The youngest guy there worked his way up.

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What he realized was that no one was going to get from respect this on his age.

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He stacked his way up, stacked his way up, then became one of the top closers in the company.

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More many people were experts at sales.

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He was able to learn from them. He was hungry and he did extra hours.

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Now at this point in his career he could right now probably start a million dollar your business.

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Or he could reinvest and so he got another opportunity to work at a much more prestigious company.

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Or get even bigger and better experience.

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And guess what? He's going to get paid less than he was making his current job.

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Why would he do it? Because he's smart not thinking short.

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If you go for the earning early you stop the learning.

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And the moment you stop the learning is when you decide and you tell the universe that I have made enough.

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This is enough for me. Start at the bottom and learn every skill along the way.

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Kobe Bryant was famous for doing this where he would do two practices a day.

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My name is Kobe Bryant, 17 years old, five days in Saturdays.

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I would go in my red room with my basketball and basically dribble myself to sleep.

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I think that that was the best thing that could ever happen to me.

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Because doing those lonely hours in the red room I discovered the hunger, the motivation,

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and the desire to be the best possible basketball player that I could be.

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And he thought if everybody else does one practice a day,

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if I do two a day, I will get better faster.

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And in the beginning, the difference is not that noticeable.

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But after five years and then 10 years, he becomes unbeatable.

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Whether you're trying to get into law or you're trying to get into accounting or you're trying to get into sales.

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Or you're trying to get into marketing, whatever the core activity that you do,

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making videos, making ads, writing sales pages, actually doing sales calls.

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Whatever it is, if you do two times or four times the volume, you will get better,

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faster and paid on your ignorance debt and a faster rate that compounds.

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He has compounded the number of hours in the trenches learning the thing.

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Respect is always earned and the younger you are, the more you have to earn it.

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And you can either resent the world for not giving you respect with that you do not deserve.

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Or you can go get it.

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Hustle across age, gender, culture is always respected.

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It's one of the universal currencies respect.

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But the problem is that people want the respect before they do those.

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What the killers look like in their 20s who become the killers in their 30s

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don't look like the kid with the Lambo in the watch.

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What they look like is hungry as fuck to learn and work.

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If you can humble yourself and you realize the Dunning Kruger effect exists,

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that you think you know more than you do when you start because you don't know anything.

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That's why Socrates said, the more I know the more I realize I know nothing.

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One of the smartest wisest people in the world is you knew nothing.

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I'm going to flip to my employer hat for a second.

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If someone comes in, if they're in the earning season, I will work you because I know

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that this is the only exchange.

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If you come in and I know you're in a learning season, then we will be so generous

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with how much we can give and reinvest in you.

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The exchange when you're coming in and I have to pay you above to get you to come here,

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means that I have to extract more value from you than I pay you.

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That's the fundamental of business.

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But if you come in with a learning hat on,

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then that business owner understands that maybe in five years you're not going to be there.

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They can be like, cool, how can I assist you in your career?

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What skill sets do you feel like you lack?

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I can pair you with people in the company who are further ahead in you

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and help you get mentorship within our company and you learn for free.

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Not only that, I'm going to pay you to learn.

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So the most important thing you have to realize when you're in your 20s

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is what season you are in.

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You have to stop comparing yourself to people who are earning more than you

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because it means that what they're doing is often short-changing

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their long-term earning for short-term earning.

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There is a time for the earning.

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But the moment that you decide to make that red hook,

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it's going to be hard to come back because you're going to earn more.

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And you decide that from here on out,

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you can't really learn much from people ahead of you

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and you're not going to give to you the same way you would

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if you were in their business.

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Your ability to provide value will compound with time,

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especially as you start pairing skills.

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If you think about Jay-Z in the beginning of his career,

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the first thing he did was he learned how to wrap.

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Jay-Z's a bad thing.

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You're talking about stuff.

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You're going to buy a mask.

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Then they're going to ask Jay-Z's boss,

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so you can say y'all are supposed to fail on.

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And then he started learning how to promote another skill,

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significantly more money.

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And then after that, figured out how to do a record label

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and distribute even more money.

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And then after that, he figured out how to recruit other artists

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and get them sound on his label even more money.

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And so what happens is that he still needs these early skill sets.

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Even though he didn't monetize them hard there,

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he monetized them big later.

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Skills will compound.

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If you have one plus one plus one,

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it doesn't equal three when it comes to skills.

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If you are good at math, cool.

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If you learn bookkeeping a little bit more.

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If you learn how to become an accountant, even more.

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If you start understanding taxes and insurance,

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all of a sudden you're a CFO.

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Now, if you start understanding M&A and mergers entity structures,

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all of a sudden you're not only a CFO, you're a rainmaker.

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You're somebody you can bring in deals, execute deals, etc.

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The earning potential difference between somebody who's an account

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and a rainmaker is tens of millions of dollars per year.

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So one of my heroes Warren Buffett,

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he finished top of his class at Columbia Business School.

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Somebody finished his top of the class at Columbia can get a job

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paying very well in most places.

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But guess what he did?

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He asked Ben Graham to let him work at his investment firm for free.

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Ben Graham was one of the goats of investing at the time

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when Warren Buffett was just a kid coming out of college.

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The chance to study under him is shaped my professional life.

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And guess what Ben Graham said to him when he asked him to work for him?

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He said you're overpriced.

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Ben Graham knew just as Warren Buffett knew that even though he was working for free,

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it was going to cost Ben Graham more to deliver all of the skills

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and all of the things that he would need to be successful

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than the monetary compensation.

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But because Warren Buffett is smart,

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he realized that he was in a season of learning and not earning yet.

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He was willing to invest as one of the greatest investors of all time

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in the thing that was most important and valuable to him at the time, himself.

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And he did it for free.

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I'm going to flip this real quick and tell you a little bit on my own story.

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If you want a list, I finished Magical Bloody in three years at Vanderbilt.

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I could earn decent amount of money at most places graduating like that.

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I then took a consulting job that was paid less than most of my other people were

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because I could work directly with the CEO.

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So I was going to learn more.

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I then gave up on the consulting career to do fitness.

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The first move I made was I asked 40 different gym owners if I could work for them for free.

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Mind you, I was a Magical Bloody graduate, vice president of the powerlifting team.

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I was president of the fraternity, came from a consulting background like I had a lot of skills.

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But I realized that I was going to be getting more out of the exchange

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than the person who I was working for and so I asked to work for free.

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He started to employ me and he eventually started paying me minimum wage.

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I would have to swallow my pride in order to take that job,

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but it was one of the best investments I ever made.

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And rather than compare myself to the people who are earning more than me and I'm going to be real with you,

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I did and it hurt.

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But if you learn from one of the best in the industry if anything, you should be paying them.

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And the fact that they will accept you at any price is worth it every time.

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It would be like me going to Elon Musk and saying, I'll be your assistant.

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He offers me $100,000 a year.

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I like, I would like to offer you $100,000 per year to be my assistant.

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And me being like, I'll come for $200.

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Actually, you're stupid, never mind.

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Think about how stupid that is.

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That's the decision.

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20-year-olds make every day.

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I'm hoping that most of the nation you aren't like that.

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You're willing to make the long-term trade because when you have this track record,

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this stack of undeniable proof that you are who you say you are,

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you have done what you say you've done.

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You don't need to pretend.

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You don't need to front because you have the experience.

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And then people will respect you because of what you have done, not what you say.