WEBVTT 1 00:00:00.000 --> 00:00:04.480 So the most important thing you have to realize when you're in your 20s is what season you are in. 2 00:00:04.480 --> 00:00:08.720 You have to stop comparing yourself to people who are earning more than you because it means that 3 00:00:08.720 --> 00:00:12.640 what they're doing is often short-changing their long-term earning for short-term earning. 4 00:00:14.320 --> 00:00:17.840 Welcome to the game where we talk about how to sell more stuff to more people in more ways and 5 00:00:17.840 --> 00:00:22.000 build businesses worth owning. I'm trying to build a billion dollar thing with acquisition.com. 6 00:00:22.000 --> 00:00:26.160 I always wish pesos, musk, and Buffett had documented their journey, so I'm doing it for the rest of us. 7 00:00:26.160 --> 00:00:27.120 Please share and enjoy. 8 00:00:28.000 --> 00:00:33.840 20-year-old state poor because they think that their side hustle has to become their main hustle, 9 00:00:33.840 --> 00:00:38.480 and they see lots of influencers all over the internet, and they consume my stuff or whatever, 10 00:00:38.480 --> 00:00:43.200 and the thing is, is they will lack context. They will think that a big business lesson will apply 11 00:00:43.200 --> 00:00:47.520 to them today, and they have the right lesson at the wrong time. It still makes it the wrong lesson. 12 00:00:47.520 --> 00:00:53.360 And so what they're trying to do is they're trying to earn and learn or earn rather than learn. 13 00:00:53.440 --> 00:00:58.720 And the thing is that the company that happens in your earning is just like the game of cash flow. 14 00:00:58.720 --> 00:01:01.760 This may be a game that was before your time if you're 20 and you're watching this, 15 00:01:01.760 --> 00:01:06.400 but basically with this little board game where everybody starts at the same, you roll dice and 16 00:01:06.400 --> 00:01:10.960 you keep moving along board. And as soon as you graduate high school, you have the option of 17 00:01:10.960 --> 00:01:15.520 starting a job and start earning more money immediately after high school, or you can go to college, 18 00:01:15.520 --> 00:01:20.240 wait for years, and then make more money after that, or you can go to medical school and make 19 00:01:20.240 --> 00:01:25.040 even more money after that. But each time you continue to push back your earning in favor of learning. 20 00:01:25.040 --> 00:01:29.280 Now, the way the game worked for the most part, most people were able to make more the more they 21 00:01:29.280 --> 00:01:35.040 educated themselves. Now, the theory of the game is correct. The fact that nowadays, college is 22 00:01:35.040 --> 00:01:40.160 massively overpriced and undervalued, and some other career paths are as well, doesn't disprove 23 00:01:40.160 --> 00:01:46.960 the idea that the longer you can delay your earning cycle, the more you are compounding your 24 00:01:47.040 --> 00:01:52.320 learning unto itself. And so I want to give you a quick example of two guys about the same age 25 00:01:52.320 --> 00:01:57.040 that took two very different directions in life. One of them, we'll just call them Logan, 26 00:01:57.040 --> 00:02:03.840 is a young guy, ambitious-ish, started listening to some of my stuff, went to another guy who's a 27 00:02:03.840 --> 00:02:07.840 little bit older, and then tried to learn the basics of editing video, because he was like, 28 00:02:07.840 --> 00:02:11.360 video is big, that's what all these guys are doing, and I think I could get a job doing editing, 29 00:02:11.440 --> 00:02:18.720 right? Makes sense? Cool. Other guy, we'll call him SmakeUp, same idea, wanted to make money, 30 00:02:18.720 --> 00:02:24.000 but had zero skills, because he's 17 years old. Of course you would have no skills, because why would 31 00:02:24.000 --> 00:02:28.960 you? Right? And so he decided, because he talked to a mentor who's older than him, and today I think 32 00:02:28.960 --> 00:02:33.360 you have a proclivity for sales. I think you'd be good at. So you should start at a sales place 33 00:02:33.360 --> 00:02:40.480 at the lowest tier of the business. Now, here's where things differed. Logan went to the business, 34 00:02:41.120 --> 00:02:45.600 used the buddy who taught him a little bit about editing to get a job interview, and he'd learned 35 00:02:45.600 --> 00:02:52.080 enough that he could get a job offer. For the job offer at age 17 or six years old or whatever it was, 36 00:02:52.640 --> 00:02:58.960 he gets a $60,000 offer, right? Which is a solid amount of money for editing, with basically no 37 00:02:58.960 --> 00:03:02.560 experience, just from the small amount of skills he's able to learn. Mind you, for everybody who's 38 00:03:02.560 --> 00:03:07.040 thinking about the college thing, you can learn skills quickly to replace with the average college 39 00:03:07.040 --> 00:03:11.360 income is afterwards. So, as an aside, that probably took 12 weeks of learning to get that level of 40 00:03:11.360 --> 00:03:18.800 skill. Now, in this instance, you've got Logan, who then, rather than accept the job, because this 41 00:03:18.800 --> 00:03:23.440 particular company had a huge suite of other people who significantly more advanced, including the 42 00:03:23.440 --> 00:03:28.560 guy who taught him the basic level of skills, just enough to get the job. All right? So he's got 43 00:03:28.560 --> 00:03:32.560 multiple people who have mastered different platforms, creative director, who's done multiple 44 00:03:32.560 --> 00:03:39.600 big brands that he had the ability to learn from. But what did he do? He asked for $3,000 more, 45 00:03:40.160 --> 00:03:45.760 because it's a fucking idiot. Because what he thought he had to do was earn rather than learn. 46 00:03:45.760 --> 00:03:52.240 Who cares if he makes an extra $3,000 year? Now, the business is obviously not going to do that. 47 00:03:52.240 --> 00:03:57.280 Here's why. Because one, his skill set is replaceable. There's hundreds of people who are media 48 00:03:57.280 --> 00:04:03.120 over at video. The second thing is that if somebody starts out the relationship that way, 49 00:04:03.120 --> 00:04:07.200 they indicate that they're going to be a pain in the ass. And there's no amount of money 50 00:04:07.200 --> 00:04:12.560 that is worth taking on a pain in the ass in your business. And so what this guy does is he starts 51 00:04:12.560 --> 00:04:16.800 trying to negotiate back and forth. He's watched some videos on YouTube about how to negotiate, 52 00:04:16.800 --> 00:04:20.560 he's trying to like get the upper hand, but he forgets the thing that matters most, which is he 53 00:04:20.560 --> 00:04:25.840 has no leverage. No one cares. And so what ends up happening? He goes through, if you're 54 00:04:25.840 --> 00:04:29.120 going to use the guy who has his mentors, like, what the hell are you doing? I've got you this job, 55 00:04:29.120 --> 00:04:33.120 you're making me look bad. And dude, you don't know anything. Like there's so much you don't know, 56 00:04:33.120 --> 00:04:37.360 but the thing is is when you're early on, you learn this much and you think you know everything. 57 00:04:37.360 --> 00:04:42.480 And it's something called the Dunning Kruger effect, which is that the more you learn in a specific 58 00:04:42.480 --> 00:04:47.680 skill, the more you realize you don't know. And so right now, you're young and you think you know a lot. 59 00:04:47.680 --> 00:04:51.920 I want to tell you, it's a psychological fallacy. Like you actually know nothing. Like you think 60 00:04:51.920 --> 00:04:56.240 you know it, which is why it's a fallacy. So think about it. If you're young and you're like, 61 00:04:56.240 --> 00:05:00.720 I'm really good at this. It's because you actually have no idea. And the reason that some people 62 00:05:00.720 --> 00:05:04.320 are older have to stay in for people are younger is because of this psychological effect. 63 00:05:04.320 --> 00:05:09.920 People who are older have had more experience, realize they know less and then see somebody who's 64 00:05:09.920 --> 00:05:14.960 younger, thinks they know more and they realize the discrepancy and how ignorant it is. And you just 65 00:05:14.960 --> 00:05:20.080 look stupid. So this is me trying to prepare you for what I think the best career path is. And it's 66 00:05:20.080 --> 00:05:24.880 not necessarily what you think. This is me maximizing for your long-term net worth. All right, 67 00:05:24.880 --> 00:05:30.320 this is me trying to make you as rich as humanly fucking possible. So this is what Logan did. Logan 68 00:05:30.320 --> 00:05:36.240 goes wheels and deals and then eventually gets a job to be the soul that the lead head honcho 69 00:05:36.240 --> 00:05:42.240 of video editing and whatever at some small business that has no idea how to do this at all. 70 00:05:42.240 --> 00:05:48.000 Guess what? He's not doing anymore. Learning. And so what he did was he took two steps forward 71 00:05:48.560 --> 00:05:53.360 and then put himself in front of a wall because there's nowhere else he's going to learn from. 72 00:05:53.360 --> 00:05:57.520 There's no other mentors. There's no other people ahead of him. He's not going to learn. 73 00:05:58.160 --> 00:06:04.560 And so he took the right hook in his career 12 weeks after getting into it and now they're the ones 74 00:06:04.560 --> 00:06:08.720 who are trying to extract as much from him rather than coming into a business where he's the small 75 00:06:08.720 --> 00:06:13.360 man on the totem pole and he can learn from everyone else which would maximize for his long-term 76 00:06:13.360 --> 00:06:18.400 net worth. So let's walk through the other example. Smake up. All right. So, 77 00:06:18.400 --> 00:06:24.000 make up. List us to the advice of the older guy and the final decision that happened there is 78 00:06:24.000 --> 00:06:28.000 to listen. You can try and become a millionaire in 90 days and you've got a one in a thousand 79 00:06:28.000 --> 00:06:35.040 shot of getting it. And what's crazy is that they did a survey of high school seniors, 52 percent 80 00:06:35.040 --> 00:06:41.920 of high school seniors believe that they will be a millionaire by 25. You were a sadly fucking 81 00:06:41.920 --> 00:06:48.720 mistaken. Like it's delusion. Like that's what it is. It's delusion. Over half thought they were 82 00:06:48.720 --> 00:06:53.280 going to be a millionaire is by age 25. If you look at the actual stat of people who are millionaires 83 00:06:53.280 --> 00:06:58.960 at 25, it's not even 1 percent of people who are millionaires at 25. It's less than 1 percent. 84 00:06:59.520 --> 00:07:04.720 So you're rolling a dice making decisions in your life based on a bet that's worse than anything 85 00:07:04.720 --> 00:07:10.800 you find in Vegas. And so the second half of that conversation with Smake up was you can try 86 00:07:10.800 --> 00:07:15.280 and roll the dice and have a one in a thousand shot of being a millionaire in 90 days because 87 00:07:15.280 --> 00:07:20.640 that was the behavior that he was starting to show. Or I can guarantee that you'll be a millionaire 88 00:07:20.640 --> 00:07:25.680 in a decade. Which would you prefer? He said, I want to be a millionaire in a decade. And so 89 00:07:25.680 --> 00:07:31.600 the mentor said start at the lowest rung of the totem pole. Start at the bottom and learn every 90 00:07:31.600 --> 00:07:37.440 skill along the way. And so Smake up went in there. He also took the mentor's advice and he said, 91 00:07:37.440 --> 00:07:42.480 whatever the minimum quota is that they tell you to do an activity, double it. So this was a 92 00:07:42.480 --> 00:07:47.360 sales roll. And so he was required to do 100 calls a day. And so he did 200 calls a day. 93 00:07:48.080 --> 00:07:52.400 The mentor also said, go and spend as much time as you possibly can with the number one guy. 94 00:07:52.400 --> 00:07:56.720 Listen to everything he does and watch what he does. So that's what he did. And then he did twice 95 00:07:56.720 --> 00:08:01.440 as much volume. Why? Because he's not a skilled. So he has to do twice the worker has to do four 96 00:08:01.440 --> 00:08:04.800 times the work and we're going to get the same output as somebody who's more experienced. And so 97 00:08:04.800 --> 00:08:08.240 whether you're trying to get into law or you're trying to get into accounting or you're trying to 98 00:08:08.240 --> 00:08:12.240 get into video editing or you're trying to get into sales or you're trying to get into marketing. 99 00:08:12.240 --> 00:08:17.760 Whatever the core activity that you do, making videos, making ads, writing sales pages, 100 00:08:17.760 --> 00:08:22.400 actually doing sales calls. Whatever it is, if you do two times or four times the volume, 101 00:08:22.400 --> 00:08:26.640 you will get better faster and pay down your ignorance debt and a faster rate that compounds. 102 00:08:26.640 --> 00:08:32.080 Kobe Bryant was famous for doing this where he would do two practices a day. And he thought, 103 00:08:32.080 --> 00:08:36.720 if everybody else does one practices a day, if I do two a day, I will get better faster. 104 00:08:36.720 --> 00:08:41.920 And in the beginning, the difference is not that noticeable. But after five years and then 10 years, 105 00:08:41.920 --> 00:08:47.200 he becomes unbeatable because he is he is compounded the number of hours in the trenches learning the 106 00:08:47.200 --> 00:08:51.760 thing, which is the same reason why he would laugh at an 18 year old who's turning down a massive 107 00:08:51.760 --> 00:08:55.920 signing bonus because they want more because they don't realize that they're not as good as they 108 00:08:55.920 --> 00:08:59.520 think they are. And one of the truths that I will tell you right now is that the reason you're not 109 00:08:59.520 --> 00:09:02.720 making as much money as one is because you're not as good as you think you are. Real talk. 110 00:09:03.760 --> 00:09:09.920 So, make up started at the bottom of this totem pole. And then he proofed himself as number one 111 00:09:09.920 --> 00:09:15.680 on that bottom team. Then he got promoted. Again, he was young men on the phone. So he's the youngest 112 00:09:15.680 --> 00:09:20.560 guy there. Worked his way up because what he realized was that no one was going to get from 113 00:09:20.560 --> 00:09:25.280 respect based on his age. And rather than bitching and moaning about it, you know what you can control 114 00:09:25.280 --> 00:09:30.560 is what you actually do. And respect is always earned and the younger you are, the more you have 115 00:09:30.560 --> 00:09:35.040 to earn it. And you can either resent the world for not giving you respect that you do not deserve 116 00:09:36.000 --> 00:09:41.520 or you can go get it. And the thing is is that at the end of the day, with enough proof, 117 00:09:41.520 --> 00:09:48.400 everyone will respect you. Hustle across age, gender, culture is always respected. It's one of 118 00:09:48.400 --> 00:09:52.720 the universal currencies respect. But the problem is that people want the respect before they do the 119 00:09:52.720 --> 00:09:57.680 hustle. And they have the sequence wrong. You got to do the hustle and then you get the respect. 120 00:09:58.960 --> 00:10:05.360 So he moved his way up, moved his way up. Now, he also listened to his mentor and rather than making 121 00:10:05.360 --> 00:10:12.560 content about how good he was at sales and selling a thing, he just showed the lessons he was learning 122 00:10:12.560 --> 00:10:17.200 along the way. So rather than pretending to be the authority, he's just sharing the lessons he's 123 00:10:17.200 --> 00:10:22.000 learning, which doesn't make him sound like he's an idiot because everybody who's ahead of him says, 124 00:10:22.000 --> 00:10:26.800 oh, that makes sense. That's cool. He's just providing value rather than posturing. 125 00:10:27.520 --> 00:10:32.000 Flip side, you've got Logan who's going to try and pretend like he knows more than he does because 126 00:10:32.000 --> 00:10:35.840 he thinks that's what is required to be successful. But I can promise you, all the guys who are young 127 00:10:35.840 --> 00:10:42.240 and posturing like that don't get clout from guys who've got gain because we know you don't have 128 00:10:42.240 --> 00:10:47.200 enough money to be wearing the shit you wear and driving the car you drive and flying private and 129 00:10:47.200 --> 00:10:53.520 whatever. Real quick, guys, you guys already know that I don't run any ads on this and I don't 130 00:10:53.520 --> 00:10:57.120 sell anything. And so the only ask that I can ever have are you guys that you help me spread the 131 00:10:57.120 --> 00:11:01.680 words we can out more entrepreneurs, make more money, feed their families, make better products and 132 00:11:01.680 --> 00:11:06.080 have better experiences for their employees and customers. And the only way we do that is if you 133 00:11:06.080 --> 00:11:10.720 can rate and review and share this podcast. So the single thing that I have to do is you can just 134 00:11:10.720 --> 00:11:14.960 leave review, take 10 seconds or one type of the thug that would mean the absolute will to me and 135 00:11:14.960 --> 00:11:21.920 more importantly, it may change the world from what else. What the killers look like in their 136 00:11:21.920 --> 00:11:27.040 20s who become the killers in their 30s don't look like the kid with the Lambo in the watch. 137 00:11:27.760 --> 00:11:32.560 They don't look like that. And so the guys who are kingpins at the game know what they look like 138 00:11:32.560 --> 00:11:39.280 when they were younger. What they look like is hungry as fuck to learn and work. And such a 139 00:11:39.280 --> 00:11:46.400 difference to displaying it and only to playing it the game as long as they possibly could because 140 00:11:46.400 --> 00:11:50.560 they love the game itself, not the spoils of the game. Because if you only love the spoils of the 141 00:11:50.560 --> 00:11:54.720 game, then when you get hit, you can't get back up because the reason you did it to begin with was 142 00:11:54.720 --> 00:11:59.840 weak. And so if you love the game, then you don't care about the short term earning, you're worried 143 00:11:59.840 --> 00:12:04.320 about the long term earning and you only get there through the learning. So he stacked his way up, 144 00:12:04.320 --> 00:12:09.040 stacked his way up, then became one of the top closures in the company. So you grow three levels 145 00:12:09.040 --> 00:12:14.480 of sales, all right, in an organization where many people were experts at sales, very good salesman. 146 00:12:14.480 --> 00:12:20.160 And he was able to learn from them because he was hungry and he did extra hours. Now at this point 147 00:12:20.160 --> 00:12:26.320 in his career, he could right now probably start a million dollar your business. But again, 148 00:12:26.960 --> 00:12:33.840 he could right hook it and do that now or he could reinvest, he could double down. And so he got 149 00:12:33.840 --> 00:12:38.800 another opportunity to work at a much more prestigious company or get even bigger and better 150 00:12:38.800 --> 00:12:43.440 experience. And guess what? He's going to get paid less than he was making his current job. Why would 151 00:12:43.440 --> 00:12:50.160 he do it? Because he's smart and he's thinking long, not thinking short. If you go for the earning early, 152 00:12:50.160 --> 00:12:55.760 you stop the learning. And the moment you stop the learning is when you decide and you tell the 153 00:12:55.760 --> 00:13:00.480 universe that I have made enough, this is enough for me. I don't need to learning more. I am good 154 00:13:00.480 --> 00:13:06.480 enough. And that comes from pride. And so if you can humble yourself and you realize that 155 00:13:06.480 --> 00:13:10.000 the Dunning Kruger effect exists, that you think you know more than you do when you start because you 156 00:13:10.000 --> 00:13:14.800 don't know anything. That's why Socrates said, like the more I know, the more I realize I know nothing. 157 00:13:15.920 --> 00:13:19.680 One of the smartest, wisest people in the world says he knew nothing. He wasn't being, you know, 158 00:13:19.680 --> 00:13:26.000 humble there. He was, he had an accurate perception of reality. And so as this plays out, 159 00:13:26.000 --> 00:13:30.240 when we look at this 10 years from now, and the story of Logan and the story of makeup, 160 00:13:30.240 --> 00:13:36.960 I promise you, smack up will make more money. And have a higher net worth. And also have people 161 00:13:36.960 --> 00:13:41.280 everyone around him who respect him for the fact that he was willing to do the work and do the 162 00:13:41.280 --> 00:13:47.280 learning and not try and write hook for the earning too early. So I'm going to flip to my employer 163 00:13:47.280 --> 00:13:52.400 hat for a second. If someone comes in and I can tell what season they're in, if they're in the 164 00:13:52.400 --> 00:13:58.960 earning season, I will work you like a mule. Because I know that this is the only exchange. 165 00:13:59.760 --> 00:14:03.680 If you come in and I know you're in a learning season and you've said I'm in a learning season, 166 00:14:03.680 --> 00:14:09.360 then we will be so generous with how much we can give and reinvest in you. Because the exchange 167 00:14:09.360 --> 00:14:13.520 when you're coming in and I have to pay you above to get you to come here means that I have to 168 00:14:13.520 --> 00:14:17.840 extract more value from you than I pay you. That's the fundamental of business. Like if I don't 169 00:14:17.840 --> 00:14:22.560 extract more value, you can't be here. So I have to get that much more. So the expectation 170 00:14:22.560 --> 00:14:26.960 of how much you're going to work versus reinvest in yourself goes higher. So you might not even 171 00:14:26.960 --> 00:14:31.840 have the extra time to reinvest in your learning because the smart business owner is going to try 172 00:14:31.840 --> 00:14:36.960 pull and squeeze as much as they can. But if you come in with a learning hat on, 173 00:14:36.960 --> 00:14:40.800 then that business owner understands that maybe in five years you're not going to be there. Okay, 174 00:14:40.800 --> 00:14:44.400 no big deal. If you're upfront about it, then they can be like, cool, how can I assist you in your 175 00:14:44.400 --> 00:14:48.720 career? What skill sets do you feel like you lack? I can pair you with people in the company who are 176 00:14:48.720 --> 00:14:53.360 further ahead in you and help you get mentorship within our company and you learn for free. Not only 177 00:14:53.360 --> 00:14:58.480 that, I'm going to pay you to work because now I'm increasing the value of my people. But if I have to 178 00:14:58.480 --> 00:15:05.120 pay you top dollar to come in above what you really should make, then all that comes back to squeezing 179 00:15:05.120 --> 00:15:09.600 as much out of that investment as I can. And that's exactly the situation that Logan went into 180 00:15:09.600 --> 00:15:16.240 versus the one that Smakeup started at. And Smakeup started at less than half of what Logan started 181 00:15:16.240 --> 00:15:22.320 up. But now, Smakeup makes significantly more than Logan does and will make continuously more 182 00:15:22.320 --> 00:15:27.680 by under earning versus what he wants to learn. So even if he has a half a million dollar skill set 183 00:15:27.680 --> 00:15:33.280 or a million dollar skill set, you can accept 200 grand or 250 thousand year. You can accept that 184 00:15:33.280 --> 00:15:38.080 if there's a discrepancy that makes sense. So the most important thing you have to realize when 185 00:15:38.080 --> 00:15:42.560 you're in your 20s is what season you are in. You have to stop comparing yourself to people who 186 00:15:42.560 --> 00:15:46.960 are earning more than you because it means that what they're doing is often short-changing their 187 00:15:46.960 --> 00:15:51.840 long-term earning for short-term earning. And so if you play the game long and you can think long 188 00:15:51.840 --> 00:15:57.120 and I get how hard this is, your brain, when you're 20, literally hasn't finished growing. 189 00:15:57.840 --> 00:16:03.920 I'm saying this because I changed a lot between 20 and 26, 20 and 27. Like my ability to think 190 00:16:03.920 --> 00:16:08.400 through consequences changed. It's because my prefrontal cortex literally hadn't finished developing 191 00:16:08.400 --> 00:16:13.120 it. And I get how hard it is to think in the future because when you're 20, five years ago, 192 00:16:13.120 --> 00:16:17.760 you couldn't even drive. So thinking five years in the future, you're like, oh my god, that's 193 00:16:17.760 --> 00:16:23.680 fucking a hundred years from now. But it happens like this. And if you can think longer and stop 194 00:16:23.680 --> 00:16:28.640 comparing yourself to people that are taking the short-term win, you'll decrease the anxiety you 195 00:16:28.640 --> 00:16:33.680 have in your life. And if you start comparing yourself to the people who made the big wins later on, 196 00:16:33.680 --> 00:16:39.120 you will notice that their path is more similar to yours. It's a J. It's really slow in the 197 00:16:39.120 --> 00:16:44.080 beginning and then it skyrockets up. If you make the first jump real fast, then it flatlines. 198 00:16:44.720 --> 00:16:49.040 And then you have a real hard time because then it also happens is that Logan will adjust his 199 00:16:49.600 --> 00:16:54.400 lifestyle to his new earnings. And he will start displaying his earnings because he gets 200 00:16:54.400 --> 00:16:57.040 stashed in that because he didn't play the game because he wanted to learn it because he liked it. 201 00:16:57.040 --> 00:17:02.160 You did it because he wanted to show something. And so he's fucked. Unless he changes literally 202 00:17:02.160 --> 00:17:07.280 who he is. But if you can get into learn, you'll earn the most over the long haul. So make sure 203 00:17:07.280 --> 00:17:12.400 that you know what season you're in. There is a time for the earning. But the moment that you decide 204 00:17:12.400 --> 00:17:16.160 to make that red hook, it's going to be hard to come back because you're going to earn more. 205 00:17:16.160 --> 00:17:20.160 And you decide that from here on out, you can't really learn much from people ahead of you because 206 00:17:20.160 --> 00:17:25.200 they're not going to give to you the same way you would if you were in their business. Yeah. So 207 00:17:25.200 --> 00:17:29.200 if you're like, shit, I'm a Logan. I made that move and I regret it because I'm not learning what 208 00:17:29.200 --> 00:17:34.400 I thought I was going to learn. I went for the quick and easy money. You have to do step one is 209 00:17:34.400 --> 00:17:38.240 admitting that you have a problem, which is good. If you're thinking that, then good step one is 210 00:17:38.240 --> 00:17:44.160 there. Step two is that you have to decouple your self worth with the current amount of money you 211 00:17:44.160 --> 00:17:50.480 make at 18, 19, 20, 25, 26. You have to decouple that because what the next thing that you're going to 212 00:17:50.480 --> 00:17:54.080 have to do is you're going to have to take a pay cut. And you're going to take a pay cut by going 213 00:17:54.080 --> 00:17:58.560 somewhere that will actually have people far more advanced than you or willing to invest in you. 214 00:17:59.200 --> 00:18:03.680 And if they're willing to invest in you, then I mean the exchange is not just money, which is why 215 00:18:03.680 --> 00:18:10.240 you can't compare two jobs. So let's say, let's say job number one pays you 80,000 a year. And 216 00:18:10.240 --> 00:18:13.840 you're expected to bring all the game and build everything and knowing there knows anything about 217 00:18:13.840 --> 00:18:17.920 the skill that you have that you spend a lot of time in your in your mind, a lot of time learning. 218 00:18:18.560 --> 00:18:24.720 Versus job two is $40,000 a year. And there's tons of dudes who are way ahead of you in that job. 219 00:18:25.680 --> 00:18:30.560 Which one's the better deal? Well, the answer depends on your time rising. If you only live one 220 00:18:30.560 --> 00:18:34.400 more year of your life, then you should do the 80 grand. But if you think you're going to live longer 221 00:18:34.400 --> 00:18:39.760 than a year or two, then you should do the 40 grand increase your earning potential and then later 222 00:18:39.760 --> 00:18:46.000 you write hook life. And you can maximize or realize the potential you've had over the skills you've 223 00:18:46.000 --> 00:18:51.760 stacked 20 year old state or because they start trying to earn rather than trying to learn. They don't 224 00:18:51.760 --> 00:18:56.400 realize the season they're in and they do it out of order. And so they try and go and write hook 225 00:18:56.400 --> 00:19:01.840 life and get as much they possibly can rather than realizing that when a business is trading with you, 226 00:19:01.840 --> 00:19:06.640 the only thing you're getting paid for isn't just money. You also get paid with experience. And if 227 00:19:06.640 --> 00:19:10.000 you're the one who's coming in with all the experience, guess what you're not getting paid with, 228 00:19:10.000 --> 00:19:14.320 experience from other people. If you come in for half the price in terms of your salary at a 229 00:19:14.320 --> 00:19:19.440 company that has a way better reputation, way more people ahead of you, you will get paid less in 230 00:19:19.440 --> 00:19:25.840 the short run in money, but you will get paid more long term in skills. And if you mess the 231 00:19:25.840 --> 00:19:30.400 season up, you will cap your earning potential fast. You will be the person who's the little 232 00:19:30.400 --> 00:19:34.880 rocket that shoots up, fizzles and then goes down. And then oftentimes because you can't get out 233 00:19:34.880 --> 00:19:38.960 of that mindset, you started another thing, shoot back up, start another thing, shoot back up, 234 00:19:38.960 --> 00:19:45.200 and you can't break through it. It's because you never gave time, time to do its work on you. 235 00:19:45.200 --> 00:19:49.280 Because when my favorite saying's in the Bible is that your work works on you more than you work 236 00:19:49.280 --> 00:19:54.640 on it. And so the work that we do is the thing that builds us more than what we build. And so if you 237 00:19:54.640 --> 00:19:58.480 think of yourself as the asset that you're ultimately trying to compound over time, then why would 238 00:19:58.480 --> 00:20:04.400 you not make the investment in the skills that will compound later rather than trying to, I'm using 239 00:20:04.400 --> 00:20:10.720 Gary's right hook, try to immediately go for the ask from life without ever getting anything else. 240 00:20:10.800 --> 00:20:15.920 And so if the first shift that you have to make in your 20s is that your compensation right now 241 00:20:15.920 --> 00:20:24.000 should be majority skills experience learning, minority money. As you age, the percentage that you're 242 00:20:24.000 --> 00:20:29.280 getting paid in experience will go down, experience that. So if money's on this side and experience is 243 00:20:29.280 --> 00:20:33.760 on this side in the beginning, you've got little money, lots of experience you're getting paid with. 244 00:20:33.760 --> 00:20:38.400 As you age, it'll start shifting. So maybe in your 30s, you'll get paid half in money and then half 245 00:20:38.400 --> 00:20:42.400 in experience. And as you're 60 years old, by all means, as you get paid mostly in money. And 246 00:20:42.400 --> 00:20:48.800 that's usually how the guys who win the game play. And they recognize the young actual tigers who 247 00:20:48.800 --> 00:20:55.360 really are playing the game the right way, because we know what we looked like at that age, 248 00:20:55.360 --> 00:20:59.600 and it wasn't flashing shit and trying to show off because somebody who liked that already know 249 00:20:59.600 --> 00:21:04.960 they're not playing to win. They're playing to show. And they're really one of those all show no 250 00:21:04.960 --> 00:21:09.920 go type people. And they cap themselves because they don't actually love the game. And the only way 251 00:21:09.920 --> 00:21:13.280 you win this game is buying you able to play it forever because the only way you don't quit. 252 00:21:14.560 --> 00:21:18.160 If you think of earning potential as the total amount of value that you can exchange with the 253 00:21:18.160 --> 00:21:24.160 marketplace, you're going to be compensated in some way in money and experience, some makeup of 254 00:21:24.160 --> 00:21:30.960 that. If you come in to a business and a certain percentage is money or smaller percentages money, 255 00:21:30.960 --> 00:21:35.680 then you are providing more value than you're being compensated for. And if you were in a good 256 00:21:35.680 --> 00:21:42.160 company, you will be compensated back in excess of what that experience is. That will further 257 00:21:42.160 --> 00:21:46.320 increase your earning potential. And then you can even trade that earning potential for again, 258 00:21:46.320 --> 00:21:51.680 a bigger chunk of cash, but you still have goodwill built into the exchange with the business. 259 00:21:51.680 --> 00:21:56.640 And so if you can, just like a brand wants to undersell its demand in terms of its stacks up good 260 00:21:56.640 --> 00:22:01.680 will, and it makes a light ask, and then it continues to do goodwill, as a personal brand for an 261 00:22:01.680 --> 00:22:06.720 employee or somebody who has a career, you want to follow the same mindset of, it's, I'm okay 262 00:22:06.720 --> 00:22:11.920 under monetizing the short because I'm compounding my earning potential. And the earning potential 263 00:22:11.920 --> 00:22:17.520 itself, your ability to provide value will compound with time, especially as you start 264 00:22:17.520 --> 00:22:22.640 carrying skills. So I'll give you the example of Jay-Z because I like this one a lot. So if you 265 00:22:22.640 --> 00:22:27.360 think about Jay-Z in the beginning of his career, right, he was, well, before, after he was drugged, 266 00:22:28.160 --> 00:22:34.080 the first part of his career. So first thing he did was he learned how to wrap, all right, 267 00:22:34.080 --> 00:22:37.360 that was, you know, maybe he had rhythm, that was a skill. And then he turned, he figured out how to 268 00:22:37.360 --> 00:22:40.240 do the lyrics. Okay, and then he figured out how to put those together, started to make a little 269 00:22:40.240 --> 00:22:44.160 bit more. And then he started learning how to promote, so he started promoting himself 270 00:22:44.160 --> 00:22:48.640 another skill, significantly more money. And then after that, figured out how to do a record label 271 00:22:48.720 --> 00:22:52.640 and distribute even more money. And then after that, he figured out how to recruit other artists and 272 00:22:52.640 --> 00:22:57.280 get them sound on his label, even more money. And so what happens is that he still needs these 273 00:22:57.280 --> 00:23:02.640 early skill sets, even though he didn't monetize them hard there, he monetized them big later. 274 00:23:02.640 --> 00:23:07.760 And so skills will compound. If you have one plus one plus one, it doesn't equal three when it comes 275 00:23:07.760 --> 00:23:12.800 to skills. If you are good at math, cool. If you learn bookkeeping a little bit more. If you learn 276 00:23:12.800 --> 00:23:17.200 how to become an accountant, even more. If you are starting understanding taxes and insurance, 277 00:23:17.200 --> 00:23:22.160 all of a sudden you're a CFO. Now, if you start understanding M&A and mergers entity structures, 278 00:23:22.160 --> 00:23:26.080 all of a sudden you're not only a CFO, you're a rainmaker at that point. You're somebody you can 279 00:23:26.080 --> 00:23:31.200 bring in deals, execute deals, etc. And the earning potential difference between somebody who's just 280 00:23:31.200 --> 00:23:37.280 a bookkeeper and account is large. And a rainmaker is tens of millions of dollars per year. And so 281 00:23:37.280 --> 00:23:41.280 even though these skills are like this, the earning potential stacks like that. And the thing is, is 282 00:23:41.280 --> 00:23:46.960 if somebody who is an accountant who could eventually become a rainmaker takes too early and doesn't 283 00:23:46.960 --> 00:23:51.520 have other rainmakers around them early on in their career, they won't know it exists. They'll never 284 00:23:51.520 --> 00:23:55.200 understand the deficits they have. And they'll always wonder why they can't move ahead. And it's 285 00:23:55.200 --> 00:24:00.960 because they tried to exchange 100% of their potential earning for money today rather than leaving 286 00:24:00.960 --> 00:24:13.600 some in the tank so they could get deposited from others so they could earn more tomorrow.