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The difference between rich dads and poor dads and what they teach their kids is that rich

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dads in general will teach their kids to go after higher leverage opportunities. They'll go after

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opportunities that have bigger base units of measurement, bigger base units of money that they can

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compile together. Welcome to the game where we talk about how to sell more stuff to more people in

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more ways and build businesses worth owning. I'm trying to build a billion dollar thing with

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acquisition.com. I always wished Bayzos, Musk and Buffett had documented their journey, so I'm

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doing it for the rest of us. Please share and enjoy. I'm going to give you two ways to identify

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how wealthy someone else is going to be in the future and how you can line yourself with those

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individual character traits. This came from a conversation that I was having with a good friend

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of mine. He exited his company for just under half a billion and we were just having a philosophical

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conversation around what is it that makes people successful and what are the things that you

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can identify early or mindset shifts in terms of perspective that allow people to have an unfair

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advantage. If you followed any of my stuff, I talked a lot about time, I talked a lot about money,

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and so it's unsurprising that the two traits have to do one with time and the other with money.

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One of the things that's interesting about this is the concept of measuring sticks. A lot of us

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have these base units that we measure things in. It's kind of like shorthand that you use in your

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brain. I'll give you a simple example. When I was in high school, I used to measure how much money

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something was by the amount of Chipotle burritos I could buy. Because I used Chipotle burritos,

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because it was an understandable quantity of value for me. Everything was how many Chipotle burritos

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is this. That was because that was the amount of money that I was making and that was a material

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amount of value for me at the time. One of obviously the measuring sticks that people use is in

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money. The bigger the people that you hang around with, the bigger the unit of money that they will

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measure things in in terms of base units. You, over time, you want to increase what that base unit

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looks like. You want to start measuring things like how many 10K units there are. How many cars

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is this? How many houses is this? How many businesses is this? Even just the amount of money itself,

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how many 10Ks? How many 100Ks? How many millions there is? Just as an aside here, in Wall Street,

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in the hedge fund world, they have a term that I learned probably a couple of years ago, which is a

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stick. A stick is their measuring unit, which is a million dollars. They're like, give them a stick

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or put two sticks in. They say that because they have these measuring units that are significantly

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bigger than most people can fathom or imagine, but because our brains think in units. If you can

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hang around people whose base unit of measurement around money is far greater than yours, then you will

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start chunking up and thinking about money in those greater terms. All of a sudden, for example,

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let's say your base unit of money is $100,000 or $10,000 even, then it makes it much less likely for

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you to go participate in an activity that's going to generate you $100 or $1,000 because it's not

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even a full unit of measurement. It's almost like why bother. What happens in the difference between

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rich dads and poor dads and what they teach their kids is that rich dads, in general, will teach

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their kids to go after higher leverage opportunities. They'll go after opportunities that have bigger

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base units of measurement, bigger base units of money that they can compile together. The first

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thing you can do in terms of identifying in other people and then also with yourself is what

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unit of measurement do they use? Are they using Chipotle burritos? Are they using $1,000 or

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$10,000 units? Are they using $1,000,000 units? The bigger the unit of measurement they're using

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for money, likely the wealthier they are and the wealthier they become because they only will

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participate in activities that can be measured in those units. That's number one.

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Real quick guys, if you can think about how you found this podcast, somebody probably tweeted it,

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told you about it, shared it on Instagram or something like that. The only way this grows is

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through word of mouth. I don't run ads, I don't do sponsorships, I don't sell anything. My only

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asks is that you continue to pay it forward, do whoever showed you or however you found out about

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this podcast that you do the exact same thing. So if it was a review, if it was a post, if you do

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that, it would mean the world to me and you'll throw some good karma out there for another entrepreneur.

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Number two is measurements around time and this has an interesting kind of like part A and part B

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to it. So part A is that they on a micro scale within like day to day, they're going to act faster,

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they're going to be better utilizers of their time in general. And then on the macro side,

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and this is like to go back to iron out the first point.

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On the micro side, it's just about speed. It's about execution speed. If you start interacting

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with somebody and their speed of communication is rapid in terms of their turnaround time,

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in terms of when they communicate with you, in terms of how they respond to things,

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you can be sure that that person is far more active. And I'll give you a reason for why people

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move forward so much faster in life when they have that trait. So imagine you're trying to get

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something done, right? And let's say that you message someone and then they wait a day and they

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message you back and then you wait a day and you message them back. And then let's say it takes

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five interactions like this to get this project done. So that would be 10 days, like you one day,

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then one day, five times, right? And so that would be 10 days. Now imagine a different scenario where

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if two people who are wealthier in terms of how they manage their time, right, how they leverage

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their time, and they're able to have that entire exchange within a matter of 30 minutes, right?

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And now if you look at the difference between a 30 minutes and 10 days, it dramatically compresses

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the time to achieve the result. And then this is where it gets interesting. Now after that 30 minutes,

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let's say they do that again and again and again and again. In a very real way, they will have

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accomplished more literally in a day than other people will try to accomplish in a month or more,

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right? And this is how you compress time and you can drag your future into the present by increasing

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the speed with which you take action and you communicate with other people, all right? So that is

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the part A micro for time. Now part B of time is macro. And so this is an important one when it comes

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to measuring sticks. And also again, with the measuring sticks on the first one, because I really

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just want to drive this point home. I made a video about this, but it's the idea of switching from

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end of week being your default to switching to end of day or right now being your default.

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So how can I just make the default in my company end of day? Like if no one says anything,

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it has to be done by end of day, right? Or how can I say that my new default is by four hours from now?

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Right? And so that becomes your new micro measuring stick in terms of how quickly you can get things

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done and reply and move things forward, et cetera. So you want to do with people who have very

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condensed micro push things forward in terms of their activities and how they see things getting done.

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On the macro's perspective, it's when people are talking about decades and not days, right? And so

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you can tell how wealthy someone is by their perspective on time in terms of how long they're

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willing to wait to see something through. And so this is kind of like a very extrapolated version

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of the marshmallow test. And if you've never heard of that, it's a pretty famous test where they have

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two kids and they they said, hey, you can have a marshmallow now or I can give you two marshmallows

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in a few minutes. And the kids who said, I want the marshmallow now and couldn't use the

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self-restraint or self-control were significantly less wealthy, less successful later in their lives

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compared to the kids who could wait for the second marshmallow. And if you wanted to add an

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interesting wrinkle to this, you could actually ask, you could make the marshmallow even further.

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What about if the marshmallow was in five hours? What if the marshmallow was the two marshmallows

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were tomorrow? What if the two marshmallows were a week from now? What if the two marshmallows

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were a year from now? Right? And I can guarantee that the person with the furthest

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out date of when they were willing to restrain themselves would be significantly more successful.

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And that is because impulse control or self-restraint is one of the key drivers of success because

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you can see where you're trying to go and it takes from a macro perspective a long time to build

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amazing things, right? Roman was built in the day, which is a quote that's said all the time that

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people don't actually live by. And so if you surround yourself with people who use measuring

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sticks of money that are significantly larger than yours, they have microunits of time that are

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significantly shorter than yours. They get things done faster. They communicate faster. They move

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things forward faster, right? And then in terms of how they measure the goals that they want to

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achieve in their life, they measure in decades instead of days or weeks or months. If you surround

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yourself and you give yourself those three, which is two with, you know, two with two micros,

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the lens is through it to see other people. And then also to judge yourself, you will be significantly

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better off and you will move far more rapidly towards the goals that you want to achieve.