Transcript
00:00:00I'm making this for people who want to get rich.
00:00:03And if that is not you, that is totally fine.
00:00:05There's no judgment.
00:00:06You can skip this.
00:00:07But this is for people who are trying to call it money max for the short period.
00:00:11So if you want to max, you have to min and you have to be willing to do that for a period of time.
00:00:16And so I'm going to give you an argument that I think is very compelling for why you should do it sooner.
00:00:21And so if you want to get rich, then you should try and get rich as young as possible.
00:00:25And I will break down very logical reasons for why.
00:00:29So number one, first and foremost, one of the most underrated reasons is the math behind getting wealthy.
00:00:35All right.
00:00:35So money compounds at three to four times the rate in the beginning as it does later.
00:00:41Meaning your increase in compounding on the excess cash you have in the earlier parts of your career will outpace the increase in earning power.
00:00:53And so, for example, if you have $1 extra when you're 25, it might be $90 by the time you're 70.
00:01:01Right.
00:01:01Whereas if that same dollar at 35 would only be a third as much.
00:01:07And that same dollar at 45 would be a ninth as much.
00:01:11And so the idea is the dollars that you make, even though they may be smaller by proportion, when you allow compounding to compound, actually results in more money later.
00:01:24Now, my argument there is not that you must take 100% of your dollars and put it into the S&P 500.
00:01:28That's never been my argument.
00:01:29But that the dollars you do choose to put into investments of any kind at an earlier part in your career do get disproportionate returns.
00:01:37So that's thing one.
00:01:38The second thing is that your skills will also compound disproportionately that you acquired a younger age.
00:01:46Right.
00:01:47Like there's a certain amount of repetitions that are required in order for you to become good.
00:01:50Bill Gates was able to get those repetitions early because he started coding early.
00:01:53And then as a result, he was able to build software first.
00:01:55And then basically was able to keep this kind of sustained advantage.
00:01:57Like I talked to a guy yesterday, not yesterday, two days ago, Mehdi, who had $700,000 by the time he was 19, right?
00:02:04That saved up.
00:02:05That was very interesting.
00:02:06Now, imagine that that was a 65-year-old guy.
00:02:08We wouldn't be as impressed, right?
00:02:10And so time has very real impact on the scope or scale of your accomplishments as it relates to your reputation.
00:02:16Meaning when I was younger and a millionaire early, it meant a lot more.
00:02:20And so you actually get more reputational gravitas, right?
00:02:26And so you can leverage a smaller win when you are younger for your reputation because you are younger, right?
00:02:33And I'll give you a secret that I only found out later is that you basically have until you're 30 to be considered young.
00:02:38The moment I turned 30, I was just a white dude.
00:02:42Before that, I was a young white dude.
00:02:44Then I was just white dude and then no one cared after that, right?
00:02:47So in other words, youth is a multiplier on every win that you have, whether that be press, network, mentors, capital access.
00:02:54I just made an investment this last week.
00:02:57I wrote a $500,000 check to a kid who was 18 years old and he had just done $30 million a year in an e-commerce business and wanted to develop a tool to help e-commerce stores.
00:03:07So I was like, I knew he had the avatar.
00:03:09I knew he'd be able to do it.
00:03:10But the fact that he was 18 and had accomplished that made me think, okay, this guy is really sharp.
00:03:14Now, he got into my stuff at age 15.
00:03:16So it took him three years to get there, right?
00:03:18But in other words, that multiplier decays around 30, right?
00:03:23But so you have this period of time where going all in yields higher returns even for the same outcome.
00:03:29Now, number three, you leverage early success into bigger, later success.
00:03:35So his $30 million business, obviously everything's different in terms of what your scale of success is, right?
00:03:40But you can ladder on top of it.
00:03:43They're stepping stones.
00:03:45So for example, me, when I went through the beginning, it was like I was able to get in shape really early.
00:03:50And I was able to leverage that into personal training and online training clients, which I was able to leverage into a gym.
00:03:56And then from gym, I got into multiple gyms.
00:03:58And then from multiple gyms, I was able to start gym launch.
00:04:01And so the thing is, is that every part of my career has been going back and basically taking a stepping stone on what I learned from the enterprise I did before.
00:04:08And then obviously the sale of gym launch got, basically gave us our cash for acquisition.com to start the family office.
00:04:15And so everything builds on itself.
00:04:17And so if you're going to have these steps, it's like the steps are set.
00:04:21It's just how soon do you want to get to this step?
00:04:23It's just how late you want to start, right?
00:04:26So next one is that I'll just rapid fire some reasons why I think it's better to get rich while you're young, which is that like you also have more energy, right?
00:04:35So think about it like this.
00:04:35Like you have to play the cards you're dealt.
00:04:40Getting those repetitions in takes energy.
00:04:43And I only know this now that I'm almost, you know, 40, which is wild to say.
00:04:47Then I have less energy than I see some 18-year-olds, right?
00:04:50And so like that is a clear advantage that they have.
00:04:52And so if you have that, then like you want to use it, right?
00:04:55In addition to that, you have fewer requirements, meaning there are fewer things that you must do.
00:05:01You probably don't have kids yet.
00:05:03You probably aren't, you know, wifed up yet or husbanded up yet.
00:05:07You probably don't have the same level of geographic dependence.
00:05:11And so you are more flexible.
00:05:12You can go to places where learning can occur faster.
00:05:15You can have fewer strengths attached.
00:05:16You can live for less, which means you can be more aggressive with the excess cash that you make to reinvest in skills or informal investments because you understand the value of multiplying and compounding, right?
00:05:26And again, this geographical flexibility, I think, is wildly underrated.
00:05:29One of the things that you get the advantage of when you're younger is that like if you want to be in, you know, politics, go to D.C.
00:05:34If you want to be in finance, go to New York.
00:05:36If you want to be in, if you want to be an influencer in media, go to, you know, go to L.A., right?
00:05:41Those are great places to learn.
00:05:43Now, once you become Joe Rogan, you can move to Austin and do whatever the hell you want, right?
00:05:47But the thing is, is that when you want to get those reps, you want to go where the reps are, right?
00:05:50You want to go where the fish are if you're trying to fish.
00:05:52And what you're fishing for right now is skills and network, right?
00:05:55You're trying to get places and you want to do it before you have strings tying you down and routes that you have set.
00:06:02And that is, again, it's a competitive advantage.
00:06:04It's not to say that when you're older, you can't do it.
00:06:06It's just harder, right?
00:06:08And so if you believe that it's hard for you now to forego your existing path, which may have been given to you by your siblings or society or whatever, I promise you it will only get harder.
00:06:21And if you can't do it now, the likely that you're able to do it later goes down, right?
00:06:25And for me, I want to stack bets where the probabilities are highest for my success.
00:06:29And whenever you enter a new system, by the way, this is game theory, the most adaptable player wins.
00:06:34So it's like survival of the fittest, right?
00:06:36And fittest is most adaptable.
00:06:37And when you are younger, you have the most adaptability.
00:06:40You have the most neuroplasticity as in you can learn faster.
00:06:43You have the most energy so you can do repetitions.
00:06:45You have the least geographical constraints so you can move to where the action is.
00:06:49When you do earn, you make more dollars on each dollar you make.
00:06:54All the skills you acquire compound with time because you only get better at it.
00:06:58The accomplishments that you get from being young mean more because you are young than they do when they're old.
00:07:04And so the final point that I'll say is this, is that you want to model success, not the exceptions.
00:07:11Of course, we want to tell the story of Colonel Sanders who started, you know, Colonel Sanders when he was 63.
00:07:17And there's a bunch of, you know, other kind of call it exception stories of people who are older and then started companies.
00:07:23And then obviously were really successful.
00:07:25But like, wouldn't it be better to be the rule than the exception?
00:07:29Like the richest people often got rich when they were young because they decided to, right?
00:07:34And I will say this because I love this quote from James Clear.
00:07:37But the thing that separates winners and losers is not their goals.
00:07:39People's goals are the same.
00:07:40The difference between the people who win and lose is the action they take as a result.
00:07:44And the risk that they're willing to tolerate and the pain that they're willing to endure for extended periods of time with an uncertain payoff.
00:07:50And so if you think that you need certainty in order to move forward, I promise you that this world will never give it to you.
00:07:55And so it's really that there will always be uncertain.
00:07:57And at some point you grow the cojones, the gonads, by the way, that's bisexual or unisex.
00:08:03Everybody's got gonads.
00:08:05You will grow the gonads or they will drop or whatever it is.
00:08:08I told you I was going to do some HR stuff.
00:08:10You will grow the nads you need to take the bets.
00:08:14And so I think what really happens is that at some point you realize that you're not going to die if you fail.
00:08:18You will just learn and you will get better, which is the point of the process.
00:08:21And you will never finish and you will never actually win because by the time you win, you will have already planted a much bigger goal that you want because the goal that you had came in shooting distance.
00:08:32And the easiest analogy I can say for this is this.
00:08:35When I wanted to, you know, bench 315, for example, I was a dream of mine when I was in high school, right?
00:08:42Because I remember that just one big plate was, wow, the strong kids could do a full plate, right?
00:08:46And then two plates was like super strong.
00:08:48Three plates was crazy.
00:08:49By the time I benched 315, I knew I was going to hit 315 because I had done 275 for five and I did 295 for, you know, a tripler instead of five.
00:08:57And so 315 seemed obvious, right?
00:08:59And so the thing is, is that by the time you accomplish goals, the goals themselves seem less meaningful because you already did the work to make that goal reasonable, which is why you achieved it, which is why you have to do so much work that is unreasonable that you do not become successful.
00:09:12And the best way to do that is to start when you're younger for all the reasons I just gave.
00:09:15All right.
00:09:16That's why you should succeed while you're young.
00:09:18That's why you should ignore the people who are telling you, uh, who don't have what you want, uh, telling you how to get something that they've never gotten.
00:09:24If you liked this video and you're a business owner who wants to break through your current revenue ceiling, I distilled every lesson from scaling 10 businesses past 10 million and three businesses past 100 million into a completely free scaling roadmap that I've used to go from zero to one, zero to 10 and zero to a hundred plus.
00:09:38And so you can click here and you can check it out again, absolutely free.
00:09:41And since you're a business owner, appreciate you and enjoy.
Community Posts
No posts yet. Be the first to write about this video!
Write about this video