Frank Kern | Frank Kern Tony Robbins

Key Takeaways

hey everybody Frank Kern here and today we're going to talk to best-selling author multiple bestsellers world famous world-renowned Anthony Robbins about his new book money Master the games seven steps to Financial Freedom you remembered all that I'm very impressed well you know a big to remember it is a lot to remember it's a big book this is this is no lightweight book here this isn't like a passive non-committal approach to takol this baby of the you know on the way over here I was thinking that culturally money has gone from being like a taboo subject that you never talk about yeah to really a national or Global Obsession which is now openly flaunted and obsessed over but it doesn't seem like the average person or really anyone has more control over the area of Finance in fact it seems like we might have even gone backward so while the topic is now globally accepted and obsessed over our education about it our skill our Mastery of it is waning if if anything what what's going on here well part of that is complexity I mean the world you grew up in I grew up in our parents at least grew up in was very different right what did you do for a living you got to college you got your four-year degree you went to work for a great company you worked your tail off and got really successful at the end you had all this money and you had this thing called a pension a lifetime income you never had to think about money again for as long as you lived but you know that world died a couple decades ago and so now we live in a world where everything is more complex while you're in the middle of running your business and taking care of your children and being a great husband or wife and trying to do something in your community and have a good time you're supposed to be you know investment expert simultaneously and we all heard over and over the phrase we've heard so often you know when a person with experience meets a person with money person with experience ends up with the money right exactly and so that has happened on steroids because you know the technology of Finance has grown geometrically cdos and cdms and MLPs and WTF you know like I know of those are what does that mean and so what I really wanted to do is this really started for me back in 2008 when I think you know my background I grew up pretty tough environment financially and emotionally and I I Associated so much pain in my family life to you know four different fathers and they nobody had money we had money for food and Thanksgiving and what changed my life was somebody coming and feed my family then and I've fed 42 million people since then paying it forward I'm going to feed this year 55 million people myself I just set a goal and I'm going to hit it this year but to go from not being able to feed myself to being able to do that it's been quite a trip and in 2008 what fired me up was seeing so much suffering unfortunately I wasn't suffering but I had my the guy that cuts my hair you know I tell people my barber and my billionaire clients because it's really true both extremes were suffering during that time and everybody said the system was going to change you know everybody knows the system you know it's rigged and you read about how it's r rigged and you know that you go to click on you know your E Trade let's say and it takes you half a half a second to do that 500 milliseconds and today these high frequency Traders are out there and literally in 1.5 milliseconds to 5 milliseconds they'll buy and trade hundreds of times knowing what's going to happen to make money off you and everybody else soon as they know what you're going to buy it for they just make money like like clockwork so the system we know is rigged and all the stuff was supposed to change and in 2010 nothing had changed and I watched a documentary that I don't know if you've seen but it's called Inside Job do you haven't see it I haven't seen it no it's Matt Damon did the voiceover for it won every kind of award at the end of this thing they literally systematically show you how the entire world economy was virtually blown up by a small number of people and then the punishment we gave them was we put them in charge of the recovery and we took everybody else's money and made them whole and at the end of this thing I was so angry I think you I wanted two reactions you're either depressed because you go there's nothing I can do I'm angry and I thought this there's no solu here and I thought you know what you know the solution there need to be answers and I thought you know what I have a privilege I've most people don't know it but I've been coaching a man named Paul tutor Jones who's one of the top 10 financial traders on Earth for now this will be my 21st year with him um he pays me seven figures a year to coach him so I'm he's not looking for inspiration I figure out what makes him successful and for 21 straight years here we've made money every single year and I'm talking about I was with him back when the stock market crashed in you know in 2000 with him and the experience of 9/11 with him and experience of the subprime crisis every single year of made money nobody else in his class talks like that so it's his skill and I've been there Side by Side Learning it and using my skills to help and I thought I've got access to the best financial people that exist on Earth those unicorns that make money no matter what happens and I'm going to go figure out what they do so I set out to interview 50 of the most brilliant Financial Minds in the world from self-made billionaires to Nobel Prize guys and I'm going to simplify it and I'm make this game winnable and uh I'm really can say I've done that put it in the seven simple step process that anybody can do if they're starting late in life or if they don't have a lot of money or if they're very successful and they want to take it to a whole another level I made this little course in Mastery basically is what this book is for people it's um it seems like today especially you know when it comes to money and finance that people just devour information constantly I mean I was just up in your office you've got five screens going on simultaneously which is Amazing by the way and there's different points of view coming across and it used to be that information was this coveted thing of value and then it became commoditized as we could just view every bit of information in the world on our telephone and then it became I think really in in terms of its relativity to finance it became a bit of a hindrance because now there's so much coming on that you don't really know where to go and I think what's really lacking now is Insight yeah you know don't give the the manual tell us the button to push and it sounds like almost what you've created is a tactical modern version at least from the background essence of it of Think and Grow Rich but this is like asked and Grow Rich whereas you are now the modern day Napoleon Hill where you've gotten to sit with these modern day carnegies and just extract unbelievable amounts of insight from them what would you say some of the biggest eye openening moments were during that process first of all I want to comment on what you just said because you said a lot and it's really true the biggest challenge today is not information we are drowning in information we're starving for wisdom and uh what I wanted to do is you can go on the internet and you can get every point of view and any person who's anybody will get up there and pound on their chest and attack each other and say you're wrong you're wrong so I I'm I'm not interested in talking heads even on television you have these Financial entertainers that tell you you know save your money and put in this mutual fund this mythical mutual fund where you make 12% every year compounded for 20 years it doesn't even exist it hasn't for decades so I was I wanted to get to the truth and I figured if going to master the game you got to learn from the Masters and since I could get access to them and I I did it through relationship and I did it through door opening I did it by delivering for them uh it just it just evolved and what did I learn my God they all have different approaches but I'll tell you a few things that they all have in common then and one of them is sounds overly simplistic but most people miss it they're number one thing that every single one in common and by the way but here's what I'm talking about I'm talking about uh I'm sitting with Carl icon who most people have heard of multi-billionaire with 27 billion dollar and I'm sitting down with him and he made $2 billion that day on investment he started 18 months earlier called Netflix right he he he filed a tweet billion yes yes he he sent out a tweet that jumped Apple's stock value by $19 billion literally in an hour maybe it's 17 billion I'm probably off by one or two but I mean numbers that are just extraordin this is the level of influence this guy has and by the way these all these interviews these people are supposed to be 45 minutes and you know me well enough though I go deep I prepare for 15 hours so and I go to Carl and Carl's a very passionate guy and he says I don't want to video last minute he just throws them all out like I said well we'll at least audio record no I don't you got 15 minutes no pressure at all so that turns into three hours thank God and we become friends and it opens doors so every one of these guys have different approach um I'm met Ray doio who most investors never heard of high level investors all know who he is um everybody knows what a hedge fund is a big hedge fund good size 115 billion Ray Val is the largest hedge fund in the world 160 billion for you to talk to Ray 10 years ago you had A5 billion net worth and you had to give him a $100 million as your first investment or you couldn't get in the game today forget it he doesn't care how much money you have he invests for governments China he invests for the largest Pension funds so I I got to sit with him for three hours and I got him to share with me things he's never shared with anybody worth all the way down to an actual formula that has been right 85 86% of the time whether you check it 30 years 40 years 75 years back think about how much up and down the market last 10 years there's been 50% up and 50% Downs back in 20008 10 months the most that he's done the most he's ever lost was 3.9% in all those years and that was 2008 when it was down 50% for everybody else his average loss is 1.9% so I always say to people what if you could go to Vegas and you could know you're going to win 85% of the time and when you lost you're going to lose a maximum of 3.9% over 7 5 years how much would you invest how much would you go bet how often would you do it 24 hours a day so you met with 50 of the most powerful most influential most successful investors masters of money alive on the planet arguably maybe even in history of this actual Act of investing what are the commonalities cuz surely there has to be some kind of a thread that dives them there is um and it's interesting it some of it seems very basic because the information and ex ution is everything right so a lot of people know what to do but they don't do what they know these guys are incredible at execution um I I'll give you a couple first one most simplest one they don't lose money they're obsessed with not losing money that sounds a lot easier said than done it is a lot easier said than done but their obsession is I'm if you know Warren Buffett Warren Buffett has a rule everybody's probably heard it says you know rule number one of investing don't lose money rule number two see rule number one right because when you lose in a 2008 50% of your money it you have to make 100 100% to get even and the time it takes to do that is sizable so these guys are obsessed I'm not going to lose they have all these strategies that I teach in the book about how to make sure you don't lose money which doesn't sound sexy but it's a difference between you know having a life where you're totally financially free and can do whatever you want at some stage of your life or thinking about having to work at 50 or 60 or 70 years old in the place you don't want to be right a second one one that's more interesting is most investors most people a are not investors they never get in the game right uh they think investing is too complex and it's sounds like in it it is if you let the words get in the way um if you know any field like law or medicine they all have words that keep you as an outsider you know and that's part of what they get paid for right but it what I try to do is show people it's not that complex if I show you what these words mean if if you hear the word iatrogenic in the medical field if you I told you the journal medic Medical Association says that the third biggest cause of death in the United States last year was iatrogenic causes you go what the hell is that son I would immediately become paranoid and vinced that I have it somehow I'm pretty sure definitely a form of Eola and you know is that a tropical disease iatrogenic means physician induced the third 225,000 people died last year not because somebody didn't care but in hospitals and Physicians who have been D them so the smartest people have gotten through that and figured out there's some basic fundamentals so what do they have in common sides not losing money second thing that they really do is they look for something else big word they call it asymmetrical risk reward okay I'm lost make it simple they look for how to take very very little risk and get huge rewards the average person rule number one really that that little risk goes right back to rule number one it does go back to rule number one you catch it another guy interviewed is man named Kyle bass Kyle bass took $30 million gathered money together a lot of money but other people's money turned into two billion in the middle of the subprime crisis that's a BL big return you can say that in two years right oh my God I'm like how did you do this it's it's historic there's several books you read and they open up the chapter in some of the most historic books written recently um the gentleman who who wrote Fly boys also wrote one of the books and he starts out talking about Kyle bass doing this this incredible piece it's like it's like being there with him but the way he did it was he risks six cents to make a dollar and he just leveraged that up so he could be wrong how many times and still Break Even 15 he could be wrong 15 times and make money so but he's also smart as hell he looked at things he evaluate things it's more detailed that I explained the book but the core they all have in common is they risk for for valuable returns day a third they all have in common tax efficiency what's the largest cost what's the largest expense in your life I should have asked you without saying it you figure it out I mean it's a no-brainer tax taxes yeah there's nothing more expensive in your life than taxes so I totally believe in pay my taxes and I feel like I can talk about this in a way that's more than fair your job the irs's job is to make sure they get as much tax from as many people as possible that's their job you don't want to be upset about it that's that's their job your job is to make sure that legally and ethically you pay as little as you possibly can because the difference between achieving your financial goals or not is you can earn more but if you earn more and you're giving up 50 or 60% it's going to cost you a lot let me give you an example you know compounding right so if you take a dollar and you double it every year first year a dollar two year year two it's two then it goes four then eight then 16 32 after you double the dollar 20 times it's a million 48,000 that's the power we see with compounding right it just explodes what most people don't know is that costs compound as well fees compound as well taxes compound as well so a million 48 if you double a dollar 20 times if you just pay 33% tax each year that's just the tax that you pay what do you think you end up with you know cuz you read the book but most people have they it's depressingly small yes yeah people say well okay it's 33% is that you end up 650,000 out of the million or no it's $244,000 inad of a million taking a $975,000 hit there that's right yeah because you get come now now that's not how it works most people don't double their money every year it's it's just to make the point because that's really what does happen with compounding so you can turn compounding to your advantage as an investor or you can turn it to your disadvantage all these people I was with David swensson who is the most successful Institutional Investor of all time he's the Rockstar of that area he's the and Buffet of institutional Investing For universities and he runs the yales endowment and this guy's amazing human being he's taken them from 1 billion to 24 billion in two decades I mean just and he said to me said Tony tax efficiency tax efficiency tax efficiency for him it's built in he's University right so I went and found what are the things wealthy people the 0.1% it's not the 1% they and ultra wealthy people and corporations know how to pay taxes efficiently how to be invest efficiently so get a greater return from a smaller amount of money they all have that in common and then one more thing is they all know they're going to be wrong everyone when I met Ray doio he's made a 211% return for I think it's now 23 consecutive years 21% and he says to me Tony the one thing I know for sure is I'm going to be wrong I'm like wow raid you I watch these guys on the internet they're never wrong they're never ever wrong the guys on TV they never wrong you know everybody else I know the answer and here's Ray D the Steve Jobs of investing saying I know to be wrong so I build a system in place that's why he gets 85% return so no matter what happens in the environment even though I think how it's going to be I'm wrong and I still make money and in the book was one of things I'm most proud of is I'm sitting here with Ray three hours into the conversation turns out he was a fan of my work for 20 years which was really really helpful I've spent 15 18 hours getting prepared for the and pitch and catch with him and go deep and at the end of it he's he's made it really clear that anyone can really win today but you're not going to win by going to your traditional financial planner you're not going to win by going to a wealth manager or broker and he says it flat out he goes this is the biggest poker game on earth and he said there's only a few guys that make money and unfortunately you don't have access to him 99.999% of the planet he said so but you can win if you develop what he calls a passive approach or once a year you put together a formula or a system that will do well no matter what the environment is and so he's very famous for generating this thing called an allweather fund and the all weather fund is he made all this money and continues to and he said but what if I pass away I got 1,500 full-time people battling it out to find the best strategy that I Implement if I wasn't here how would my family be supported if I wasn't here how would all my philanthropic efforts continue and so he started looking at all these ideas that people tell you if you're going to invest and you got you're 401k and you're getting older let's do a balance portfolio let's put half in stocks and half in bonds and he said well that's supposed to protect you but what happened in 2008 they all went down and you know he can go through year decade after decade where this happens and so he said he figured out that there's a different way of doing asset allocation or deciding whether you have $1,000 $100 $100,000 a million there's a division of where that money should go for you to truly be protected and do well and he's done this for all his money's in it all the money for his foundation and for his family is in it and it doesn't require someone to be constantly doing something but again you got $5 billion you can get that answer right so not very candy anymore he won't take new customers on so I said to him at the end I said he explained the whole thing to me I explained it in book so he gave you he gave me the entire description but I said at the end of it I said Ray this is magical people are going to be blown away but the final detail that makes all the difference is the secret sauce which is exactly what percent in this bucket of Investments what percent here that's like Coke secret sauce I said without the secret sauce it'll help people but it's not going to make him have the greatest return possible like the engine without the gasoline and he said well Tony goes I can't give you that and that's my secret sauce and $5 billion I said yeah but you haven't taken a new client for a decade and I said you're giving away half your wealth anyway he's got 14 billion he giving half of it away I said help the little guy out help the average guy out come on and I started teasing him controlling him and then he said well it's kind of complex I said well give me the simple version because well I use leverage I said give me one without leverage that an average person could do and as it's happening I feel the excitement of my body when I can't believe he's sharing this with me it's incredibly generous of him to say the least and then I went and I went to a group of financial professionals who went and did the testing on it and they tested it the last 30 years it's been one of the most volatile times 40 years and it said 75 years 85 to 86% success every single time in that period as I told you most money ever lost was 3.9 average loss 1.9% it dwarfs anything you've seen so you could get a bigger return with bigger risks uhuh but you know that's on paper yeah this is and other way you know everybody says you know past the results don't guarantee our future results legally you everybody says that I'd say that but this guy's designed something designed for any Marketplace it's like any season that's going to affect you he's done it and so a bunch of my friends said turn this into a business like don't put this in the book you can't let somebody go get a book for you know 28 bucks 25 bucks and do this and I said the spirit was offered was for everybody to get it so it's in the book and if somebody wants somebody to implement for it there's a team of people that'll do it but you can do it yourself so you're with Ray dollo Steve Jobs of investing arguably one of the greatest in history yes and he disclosed is the formula yes were you ever thinking okay this surely there has to be more to it than this like how did you verify the efficiency of it well I I went back and uh I worked with a couple different groups hi Tower was one of the groups they one of the largest Resturant investment advisors in the world um there's another group called gem step and I just had different groups go test it because I would have multiple examples there and um they all came back with the same result I mean you know the rule is the rule it works the way it works and the most amazing thing though is that well how did they test cuz see my my brain would say well this of course it works for him he's got the magic power right cuz I think we all sort of default to that well of course you can do it because you're you but I'm just a normal guy the magic power is figuring it out knowing the exact percentages of what he knows and he revealed it I mean he just shared it I mean it's incredibly generous I mean obviously and some people around him weren't terribly excited about it afterwards but he he stuck stuck to it which is quite amazing he could have overruled it and said I don't want this going out but he wants the average investor to be able to have an opportunity and he knows they're not going to get it from the average person they're going to go even somebody with good intentions who's really there he said you know your financial advisor he said might be sincere they might be caring they might be honest they might really care about you they might invest their own money the same way they're telling you he said but how many gold medals have they won mhm they still be wrong and he said I'm going to be wrong at times but he said I win gold medals and he said you know and so he figured that formula out he laid it out and he's not the end all be there are many this book I've got 50 people sharing with you their best forms the question I asked them all was if you couldn't pass on any of your money to children mhm only a set of strategies or a portfolio or investment you insights what would it be what would you do and so I have them from all these different people in the book as well there's never been a book in history it's very much like thinking go Rich where as you said you know uh Napoleon Hill went and interviewed all the most successful people in the world and he was looking to find out what was it it was their desire it was their hunger it was their Mastermind it was transmuting Sexual Energy if you know the the book and how he describes all these principles what I want to do is go be on the psychological side and go to the actual put their money strategy I want to get their brain too but I want to know what it was and that's what this book is filled with so if you want to know what Carl icon does you can see and you can see how invest the car icon if you want to know what a ray doia does you can actually see if you want to know what Paul tutor does to become successful and have you know now it's 28 straight years he's actually made money never losing then you can actually open the book and find it it's pretty pretty unique and you don't have to be some complex investor you can be soccer mom just getting going you can be a kid who's in debt coming out of college and you learn the steps it's steps you learn each step little step at a time to do that'll take you from where you are to where you want to be financially but it uses the best on Earth as the basis of how to do it so you're with arguably Ray doio the greatest investor in history or certainly one of them and you've gotten this information from him that no one has ever been able to get which doesn't surprise me at all by the way it's like of course you would be able to go over there and get him to tell you this so he gives it to you and then what do you do cuz my my mind would immediately go to well he's given me this information but of course he can do it because it's him he is like Superman of this but like you know how did you I don't want to use the word verify because it like be doubting this person's ability but how did you reassure that the average person could apply this and have success well I went to several different financial institutions and said please take this formula and apply it back 30 years 40 years 75 years let's see how it did what's that mean though that means they go back and every year there's a return on each of these assets bonds stocks Etc Commodities and they know exactly what it is historically so they say if I had this percentage of this this percentage of that what was my return did I lose money he did according to this formula for the past 75 years 75 years and what happened it's unbelievable the a overall average over 75 years is just under 10% return so being the market and in an interesting part of it though was you didn't have the volatility because he didn't lose money so 85% of the Year 85 to 86% of the time depending upon what time period but with only a 1% difference it was successful and made money the by the way in the 15% where it wasn't sometimes it lost money 0.3% which means you really broke even but we call it losing money because it didn't make money right so uh what was the worst the worst was minus 3.95 which means less than 4% and that was 2008 when from top to bottom the market lost 51% he still beat the market destroyed the market it did way better than the market so and that was the first year the average loss was 1.9% so I mean that's what I try to say to someone I was mentioned to you if you go to Vegas and someone said go play Blackjack go play whatever you want to play and you're going to be absolutely guaranteed to succeed 85% of the time over the last 75 years there's no guarantee the future will be the same as the past but if the only time you're going to lose you're going to lose 1.9% I think you'd probably gamble relatively so this is not a gamble I don't tell people put all your money here I show people there are many strategies this is just one that's mindboggling and how it's performed over such a long period of time so you know today you mentioned it earlier today there's you really cannot turn on the news or browse the internet and not see either an ad about how everything's horrible hear a story about how everything is horrible or hear someone complaining about how everything is just terrible from a financial perspective from an investment perspective and I think there's a tremendous amount of fear in the world and I I think this for a good reason I don't think it's foolish fear I think it's either manufactured by Media or reaction AR fear to recent events so with that said and knowing that so many of us have just been clobbered over the past five or six years from a financial standpoint whether it's seeing 401ks dissolve or Jobs go away or anything how does someone have the confidence and what would like a first step be for some saying you know what I've had enough this is the end today is the day we going turn it around and take control where where do they begin you got to decide whether you're going to accept as it is and if you do that your Fate's sealed or if you want to still win um because in spite of everything you've heard the game is totally winnable and the guys that know how to win are the ones I went and interviewed and I got a seven-step plan from them one step at a time that you could do starting from nothing and get where you really want to go but you also have to remember when you look at the news um the news is not designed to inform the news is designed to startle that's how you sell something for the news right I got to get your attention and and there's so many things in your pocket around you getting your attention so Ebola you know 32,000 people die every year of the flu one person has got Ebola oh my God we're all going to die of Ebola and the News jumps on it 24/7 so you have to be able to separate yourself and the way you separate yourself is you start to feed your own mind because if you don't weeds are automatic right my teacher Jim rone used to teach me that so what I started doing is saying I need to get around the people that are succeeding and find out what they think are they freaked out or do they see opportunity and some of the investors you know that I one of them passed away a few years ago that I that I interviewed for this book one of them was a man named Sir John Temple and he made all his money at times he called maximum pessimism and we're far from that maximum pessimism is World War II when you know Hitler invades Poland and everybody thinks the world's over it's when he made his most money when Japan was hit with you know nuclear bombs that's when he made his most money right afterwards cuz people think bad things are going to go on forever and they think good things are going to go on forever wherever they are that's where they think life's going to be so the answer to your question is you got to get in the game and I was talking to one of uh a friend of mine who also works in one of my companies just the other day and he was telling me something very similar to what you said he said look I I considered myself to be passionate about investing because I'm committed get my family to be financially free but in 2008 I got clobbered you know I lost almost half of all my assets he said it just nailed me and now he said I I've missed the last fiveyear bull market when everybody's talking about how bad it is the market has been going straight up like this now a big part of that's been manipulated by the FED but without him knowing that he missed out on some of the biggest growth of his life cuz he didn't know what to do so here's what I told him what if there was a way cuz Ultra people have this and I explained it in the book where you could have been in the stock market but you would have been guaranteed not to lose a dime and you would get most of the upside not all some cases 80% some cases 90% would you have been in he said of course well I said that's how wealthy people invest that's that part I talked to you about of take the least amount of risk for the greatest possible reward and there are tools like that that are available but I think really what people have to first do is to figure out how they can win and what I do in the book is I say let's take it a step at a time and the first step is you got to get in the game you got to understand how to tap the power of compounding as simple as that is and most people have heard about it they know it but tell me what what did you experience when you started read about that I I wish you hadn't asked me that the video I'm embarrassed to tell you I'm 42 years old I've had a great career still a lot of money never even fully comprehended what compound interest was until you told the story of the two brothers yes and so I'm thinking well either I am disproportionately ignorant or we as a society really just don't know the basics of how to make money make money there's another great point you made in the book actually which is we believe that if we want Financial Security we just simply keep performing run on the hamster wheel even faster but the the compound interest um well the facts of compound interest and the way you presented compound interest really is a significant eye opener which immediately made me wish had a time machine I like why didn't you write the book 20 years ago I'd be done we would be having who has the biggest helicopter contest right now you well everybody everybody's herur up compounding most people understand it intellectually but they haven't gotten their gut to really what it means or they'd act on it because uh you know you talked to Warren buff and he said how'd you become wealthy he said good genes and compound interest that's it it's like time and compounding you know most people think a delusion and a lot of clients and your industry and my industry as well done it they like how can I get rich over night how can I go make this big hit and if you look historically at the people that made the most income most of them not all but most of them don't hang on to it because if you look at you know Kurt Schilling right guy wins two you know Major League Baseball World Series you know Red Sox history makes a hundred million he's bankrupt right now right lost it all you look at somebody like Michael Jackson made more money than anybody knows he passed away but when he passed away he was upside down in his estate uh you look at uh Mike Tyson my God Mike Tyson made a half a billion dollars in income and went bankrupt that almost seems like you would have to try to do that well you'd be surprised you know when you the more most of us all of us average person the more we earn the more we spend that's right and they don't realize buy an island buy a plane it goes so fast and people have no clue that it's there so what really does work is compounding and the example you gave was I sat down with uh just a brilliant man Bert malel he wrote a book called uh random walk down Wall Street which has been like one of the top investing books for like 20 30 years he's Princeton professor and he created something called the idea of kind of introduc the idea of indexing where you didn't have to buy all the stock market you could put aot little money in and get a piece of everything as a gross generalization had to explain it really quick but he told me the story he says Tony post people know compounding oh yeah I know compounding he said but they don't use it because they don't get it it's tapping the ultimate power said Einstein called it one of the greatest discoveries of the human Universe right because here's what happens he gave me the example he told me the story that you read it's a story of Two Brothers he said one brother starts at 20 years old and he puts aside $4,000 a year that's it and he puts it in the stock market where it's gr 10% a year and he's not being taxed he has it in a tax deferred environment and he does that from 20 to 40 and then he stops investing his other brother doesn't start till he's 40 and he goes from 40 to 65 so they both put in the amount of money but the guy went from 20 to 40 did 20 years of investing of 4,000 guy that was 40 65 did 25 years of investing more money on the guy on the on the right side here spent more William and James will call James started when he was 40 went to 65 at the end of their 65 when they both hit 65 and it's time let's say to start tapping into the income of this one man who started earlier and put less money in right William he's got $2 million available 2.5 to be exact and his brother's got less than 500,000 that's amazing a $2 million difference and a simple math it's simple math is the what did I call it the single greatest discovery one one of the greatest discoveries but I mean as a society we've trivialized it it's like oh no no that's just for old people or something who have gazillions of dollars we need to try to find the hottest Tech stock to sink all of our money into and do this you know maybe sort of use the right combination of affirmations and visualization to make the stock go up or something but it's phenomenal it's truly phenomenal I mean he another example to me was Ben Franklin Ben Franklin in 1790 I think it was when he passed away and late 1770s he left to $11,000 that's it just $1,000 to his two favorite cities Philadelphia and Boston but he had instructions in his will that the money would be left in the market would grow and it couldn't be touched for 100 years at that point they could take out half of it and then leave it in for another hundred years whatever what the difference was the ,000 grew they took out half $500,000 100 years into it both of them was a nice size return for $1,000 investment but in 200 years it was worth 6 5 million for each City I mean $1,000,000 you know growing over that time period so it's a 3,000% return so it's amazing you can have almost no money and if you give it a little time and you invest it in the right balance we don't lose it remember we talked about that the kinds of returns that people can get is just astronomical you could go out people say I don't know what I'm going to do but from my I don't have the money to invest and I say to people I said give up one of your out nights out that you're going to go to dinner and have a pizza instead and SA 40 bucks this week do that four times a month 40 bucks a week $2,000 a year grow that at 8% do it over 40 years and you got a half a million dollars I mean it's that's serious buiness for the average person that's a number that would be amazing for them considering one out of three Baby Boomers has $1,000 that's what their total savings is today one out of three Baby Boomers that's very scary it's mind boggly scary 70% of 77% of our society almost 80% 77% says they have major finan cial stress and less than 40% have any kind of a financial plan it's mindboggling so this is an area that nobody wants to look at because we think it's too complex and it's made complex by jargon and by language and what I've really tried to do is just cut through all that and say let me just show you it's really not that hard there's some fundamental things you can do literally 15 20 minutes over the course of a year and isn't nothing in this book it's my ideas like it's not oh here's Tony Robbins financial plan who does he think he is well a for 21 years I've coached one of the top financial traders literally in existence who's not lost money in those entire years B I've got access to everybody but C I didn't put what I thought emotionally like what to do psychologically that's my skill set for you know 36 years but what to do financially none of it is for me it's all from the best on Earth I just made it simple enough for you to actually follow through and take action on it um all right so step one if I'm interpreting you right is to really is accurate thinking well really Step One is stop being a consumer and become an investor and you don't need a lot of money to invest that what you really have to do is decide on a percentage of the money you have that you're going to invest and for a lot of people they Tony I can't do that I can't put aside 10% I can't put aside 15% if you don't what's ahead of you a lot of years ahead of you is going to be so painful you don't want to be in that place but better yet why not create great quality of life now I met with uh schlomo berazzi and Richard theer is his partner who's a Nobel Prize winner and they came up with the coolest system CU they're behavioral economic guys you go oh my God what the hell is that they study how our natural behavior screws us up financially and how to avoid it how to get ourselves out of that trap and one of the things they came up with is people say I have no money to invest I can't I'm spending every dollar which most people are and they said how about we do this he said we have this mindset in our mind that we're going to do things in the future differently than we do today we feel good about it if I asked you do you want next week we're going to have a meeting we have a party do you want to have chocolate or do you want to have you know some really good healthy food you might say really healthy food until we get there two weeks from now and you change your point of view when you see the chocolate so what he did was he came up with a strategy called save more for tomorrow here's what it is let's say you're only going to save 3% 4% 5% today but you make a deal at your company that every time you get a raise that 3% of that raise of your money is going to go into what we call your freedom fund this area where you're going to make investments and eventually grow to a point where you are financially free where you don't have to work another day of your life because your Investments provide an income that replaces the income that you used to get from working and I show people exactly how to do that but what's cool is they did this with a group of blue collar workers and in 12 years these are guys that normally don't make much money at all most of them started with three or 5% savings they were saving by the end of this thing 16% and you started saving 16% it starts compounding that's serious you get totally financially set I mean you get where you'll have lifelong Financial stability Financial Freedom and we show you how to do it and it's all automated so you don't think about it the best way to make sure that you invest is pick a percentage and automate it so you never see it it goes into your freedom fund and then later in the book we show you how do you decide where that money goes so that you can build enough money that you you stop making the worst trade of your life let me tell you what that trade is trading time for money MH most people don't think of your as a financial Trader but they are they're trading time for money you want to trade instead money for money you want money to become your slave you want money while you sleep to go to work for you and no matter how hard you work and no matter how much you work it's still you until you make money you're slave and so this process step one you stop being consumer you become an investor by deciding a specific number you're going to set aside and you automate it we show you how to do that as the first step what's the next one step two is you got to know the rules before you get in the game uh we say this all the time and I'm sure you've seen it anytime somebody with money meet somebody with experience the person with experience ends up with money it's just how it works so I teach people nine Financial lies that have been marketed that systematically rob you of your economic well-being and so it's like if you're going to get in the game you got to know what the Insiders know that is a really heavy statement nine Financial lies that systematically Rob you there was nine lies that systematically Rob you of your financial well-being that's that's worth probing a little bit if it's okay go for it yeah what are they because now I'm like I've got to know what this is you know I mean that's a big deal well I'll give you a sample I'll give you a sample where do most people the average person person they they work their tail off they have some money maybe in a 401k MH where do I put that money I don't know what do you think let's find a five star Morning Star maybe what do you think what should we do there no understanding whatsoever what it means and because of that you also don't understand the fees involved and you might say I'm getting paid 1% there's 1% fees that's what somebody will advertise or tell you but they don't know there are 17 other fees that have different names that you have to be able to read a 52-page perspectus and understand there's a man named Hilton Smith uh who this guy's got a degree in economics and here's a guy you talk to him and he'll tell you he had I don't know I think he had five or six different mutual funds with all these different you know agreements and so this guy's got a degree in economics and it took him two weeks of reading digging trying to figure out what these words meant to find out that in fees alone this is somebody that's making you know at this time I think he said the average person who makes 30,000 a year and most of your listeners and viewers are Way Beyond that they're giving up $150,000 in fees just over the for their investment somebody in your category it's more like a half a million to a million in fees cuz the difference between a 1% fee a 2% a 3% fee sounds like nothing but remember compounding again exactly okay so I'll give you an example if you put a million dollars aside and you're going to grow it over 30 years at 8% and you say I'm paying 1% 2% or 3% the person who pays 1% is going to have 7 think $6 million the person who pays 3% is going to have $4.3 million you're going to have 70 75% less money so if I said to you here's the deal how' you like this investment Frank how about you make an investment and here's how it works you give me the money you take all the risk if we go make this investment together I'm going to do it for I'm going to direct it for you in the end I'm going to put up no money and I'm going to take no risk and I'm going to end up with the life of your investing with about 40 to 60% of your total return I take no investment risk I put no capital in and if you lose you lose your money but if if you win I win would you take that as mess I would not and I I mean I think whoever's doing that is very very good at selling themselves uh that's called a mutual fund seriously so because what's happening is when you have fees the average mutual fund fee check out Forbes they'll show you interview the guy with did 3.1% is the average real all in fees not the expense ratio which is the language that you probably don't even know but they tell you oh your fees are just 1% 3.1% is the average so when you do that every 1% is worth 20% of what you accumulate over a lifetime of investing compounded so three is 60% that's serious it's mind-boggling who'd make that investment most people wouldn't but they don't know it's too complex I'm so busy what should I do here we go what you don't know will hurt you what you won't know will take your financial wealth and so one of the things I did is I want to make it simple let me just show you not only what to do but what not to do is just as important because it'll give you Financial Freedom and so ERS I have nine of these so one of them is fees matter and I show you just quickly how to be able to do it I even have a site now I went to a organization amazing organization that is a registered investment advisor that means they are legally required to put your needs ahead of their own mhm if you go to a wealth advisor a broker there are 310 different names for that position by the way it's a Salesman who works for a big Bank their job is to sell you their products if you go to Toyota they're going to sell you a Toyota not a Cadillac and not a you know not a Volkswagen so people don't realize that somehow they think this person because they're sincere and they care most of them and they may invest their own money the same way they know what to do they're part of a captive system so a fiduciary is a big word or registered investment advisory words most people will be overwhelmed by is somebody whose job is is they only get paid not commissions only get paid to serve your interest and they can pick from anything so I went to one of the largest register investment advisors in the world a group called high tower they have 30 billion in assets but they only serve you know the wealthiest people in the world and I said to them I met with a Founder his name is Elliott brilliant man and I said Elliott you care so much about full transparency people not being cheated fees ripping out stripping out all the fees showing what's real but you're helping the wealthiest people in the world how about the average person you know the average person 50% of the United States has less than $25,000 of assets he said Tony I'd love to help them but you can't make money doing that I said you don't need to make money you're making plenty of money I said how about and I introduced him to a person who's been working and managing my assets for about seven years now man named AJ Gupta of stronghold so why don't you guys come together and use technology and create a way for people to go online be able to put in whatever they have in their accounts and have it automatically show them what they're really paying most people have no clue what they're really paying versus what they could get the same stock or bond for a lot of times you'd be paying 10 or 20 times more to buy the same stocks or Bonds in your mutual fund that you could have with something called an index that cost 30 times less 20 times less 10 times less exact same product but you'll know that the many you click the button I want them to know I said why don't you design it so they can immediately see how much exposure they have what's the volatility how about you make it so you can compare it to other choices what's their what's their real return for their Investments most people have no clue show it to them in seconds and do it for free he said well how do I make money I said some of the wealthier ones will become clients of yours the ones that aren't you showed them how to do it and hopefully they'll grow and become clients so based on the Goodwill that those two groups stronghold and and the scrip high tower have come together and formed this and it's kind of like a you know test your broker take your broker for a drive so you can find out these things I'm talking about by pushing a button you don't have to spend three weeks an economist reading the yes and I'm I'm proud of the role that I played in putting these guys together to say at least that's incredible and the tool is readily available online now for everyone who has the book that's outstanding dude this this is horrible because I'm I'm hearing you and I I have been ignorantly happy with what's going on with my financial situation well you know what's interesting you're one of those people you found a way to add so much value to people's lives you've earned enormous amounts of money but as you well know then there are tough financial times and it may not even be your business it might be your personal life it might be you know something happens for somebody you care about you need money for and if you don't have a system I call it a money machine if you aren't building a money machine that makes money while you sleep you've done that with business to some extent but howd you like to have a business with no employees no overhead right you don't have to worry about any of that stuff that's what this money machine is but you got to get in the game but you can't get in the game first you got to get started you got to decide you're going to be the investor then you got to understand the rules of the game now you get in the game so you can start to begin to win I during this whole conversation so I've started out in 1999 I had $10,000 and I gave it to a friend of mine who was a year behind me in high school and I was gosh 27 or something and he's like K baby I'm a stock broker Now give me some money and I'm like I've got extra $10,000 here take it puts me in a mutual fund 90% loss so which was normal you know he was like yeah well that kind of is expected I'm like great this is wonderful so then never invested again up until maybe 10 years ago and my mother someone and um so I just use who she used because we didn't lose all the money that was the criteria is I can take some money and put it in and and whatever give it to this person and I my tax benefits are slightly better and she won't lose it and she didn't lose it which is great so we've made probably I don't know 75 $80 on the the investment over time and so this whole time I thought well you you must be magic in order to actually find success at this and I'm thinking that my belief system has been ignorant at best based on absolutely no based on it's been based on your real experience but one of my first Investments I lived in r del I'll never forget young guy just getting going and this beautiful blonde woman pulls up in a brand new Rolls-Royce in Marina del re and she's getting all this cleaning and I said I've got ask a question I said what do you or your you and your husband do for a living I'm obviously asking for two reasons in single mail at that time right she goes my husband and I we have this company and she told what the company was and we're a penny stock and I went home and put all my stock and I understand she had the Rolls Royce and why I didn't she was a great marketer no most people don't make money Investments you know it's like I tell people I say I'm not stupid most people do are not physically fit and strong and healthy most people don't have a passionate relationship that 10 years later is still alive and loving and passionate most people are not really happy and out of their mind with their job most people don't make money in their business 96% fail in a 10-year period most people don't do well investing most people don't but I'm interested in the few that do and I'm interested in knowing what they do and I'm obsessed I'm a Hunter of Human Excellence and and I've spent a four-year hunt to find the very best people on Earth and say what do you do and now how do I get that to be something that an average person can do how do I make sure they got access to those things so it isn't just something rich people you read about do I could do this with a 100 bucks a th000 bucks $10,000 whatever the case may be uh I have a woman that works with me that has sailed around the world twice and around Cape of Africa I mean some brutal things people she is one bright strong incredible lady but she's a disaster in finances till she was working on this book I had her be my reader I said read this I want to see if you get this and I was bouncing off of her but I mean in the first I think the first five chapters of the book we're reading it she had a brand new car like what the hell happened she goes I did all my expenses I figured out what I'm spending here I could have a better car based on this interest rate and I still have more money to invest and I've watched her life change she's got a plan now you know she's 40 I think 2 43 years old she'll be completely financially set in the next 10 years N9 n and a half years she's got the plan laid out knows what to do she's always been a smart woman but who's going to coach you to do this who's going to open the door you're not going to see Ray doio you're not going to meet the few guys that beat the market I mean here's one for you another lie 96% of mutual funds 96% don't match the market meaning they're not the same as if you just bought what's called an index an index is just a piece of all the biggest companies for example S&P the standard and pors you don't have to spend any money to buy that index like 0.20% not 3% and you get the same companies Apple all these great companies 96% of mutual funds over 10-e period don't match that so what does that mean it means only 4% succeed in a 10-year period and the 4% is always changing so let me help this for anybody listening so they go oh math what do you mean what is this math business of let let me show you watch this so I'll give you an example so these numbers come to life for you if 96% of the chance is you're going to pick the wrong mutual fund you only got a you only got a 4% chance of succeeding right that's that's major leue gambling so let's say you play Blackjack and anybody's play Blackjack it's 21 right and you get two face cards drop on you 20 in front of you 21 and some inner idiot you says hit me you have an 8% chance of getting 21 with two face cards you have a 4% chance of picking the right mutual fund I think I'd rather take the 21s so but what I show you is you can get the market you can become an investor in American Business and not have any of those fees almost nothing 20 basis points for example with a company like V and now you get to grow with all of American Business which has done well in recessions depressions they've always found a way to rebound and those are the people who have done well equities have done extremely well now that's not the only investment in the world but it's like not knowing that will get you in trouble so this book is let's go through those steps it's like become an investor figure a percentage you're going to actually save let's automate it so you don't think about it step two let's learn the rules of the game so I don't get up the mutual Mone that eats all my fees I'm going to learn how to get somebody to represent me or I'm going to go get information and know what's really going on online in a matter of seconds step three I got to make the game winnable how much was it going to take for you to be financially secure independent or free if I asked you about 20 million bucks 20 million bucks you've sat down and calculated that number only because I read the day book I was just saying earlier that the sports car dealerships are they're going to hate you just on the loss of my business alone after reading the book I was like wait a minute this car actually is going to cost me about $3 million every 20 years I bu I can just keep the one I have put that money and get that money be all your cash at the end no the what's really amazing is you know that number because you read the book most people they don't know they make the number up if they go to a financial planner the person will say well here's what you need to do to be retire you need 10 times your income so if you make $100,000 a year you need a million dollar that's based on the theory that once you have built up to a million dollars you can invest that money and make a 10% return every year without taking risk okay and get $100,000 a year I know who you know that does that regularly in this environment nobody but almost nobody very few people so it's a lie it used to be that kind of number years ago it's 20 times so you made $100,000 and you want to have 100,000 a year for the rest of your life without working guess what you need 20 times that two million bucks seems like such a huge number for most people I'll never get there is the thought so they never begin so what I show people is first two things extremely wealthy people know that if I can eliminate the tax issue on this and there are legal ways to do it the IRS shows alter wealthy people how to do I can reduce that number by 30 to 50% so instead of a million dollars perhaps it's a half a million dollars that's a lot more close reachable over time over a decade or 15 years or 20 years so I teach in the book how to do that but in addition to that I show you there's three goals a short medium and longterm and the short-term goal I call Financial Security not absolute Financial Freedom and here's what I mean by Financial Security how would you feel if for the rest of your life five things were taken care of without working you'd work to do other things but these things were covered and the five things are your mortgage for your home is paid forever never had to think about it again all the utilities are paid forever all the food for your family is paid forever all of your insurance is paid forever like basic fundamental insurance right and all your transportation needs if those five things were handled and never had to work for it other things you wanted you work for you work doing something you love how would you feel most people go that would feel incredible that number on average is about half as much is what me people are pursuing in the future so if that number was a million dollars it comes down to about a half a million half million comes to 250 you know 250 because now you've got your basic life met and then what happens when you suceed and you're feeling secure you get momentum and now you start saying okay I'd like to be financially independent where I don't have to work for anything to have the life I have today I show you to do that now I show you exactly what that number is for you it's different for every person and then I show you what if you could have a better life St than you have today without working where all that money just came from what you'd invested in because it compounded and I show you how to do it and in the book we actually have a calculator you go online we have an app and you put in what your numbers are and you can test it what if I save 5% 10% 15% what if I earn this and it shows you over time this is what it's worth to you at different rates of return so you can say here's my plan I'm going to do this and this and this conservatively this is what I'll do in the middle end here's what I might do aggressively so you can actually finally really know what it takes to be financially secure independent or fre you totally demystify which is completely out one of the biggest things that I think really deserves careful attention are these fees yes because of the 3% that means you have to make 3% just to break even and what now when when the folks you were talking about and that you have interviewed these 50 Masters when they talk about surely they talk about kind of an average return yes can you share that number well it depends on who it is they all have radically different returns but I'll tell you if you can be in a position where you make 8 to 10% but you do it efficiently so I'll give an example let's say today somebody makes a 6% return and that's not uncommon we had an explosive year in the stock market you know just recently but overall 6 to 8% is a range that most people count on the market over last 20 years is averaged about 9% the average investor who's in mutual funds is averag 2.5% that's according to dalbar one of the biggest research companies that's out there so you're already a basis point or so behind or 10 basis points behind more than basis points I'm I'm talking about percentages let me let me give you an example let's say you made 6% and you're paying 3.1% in fees you have 2.9% left if you're investing in a mutual fund they tell you buy and hold they don't buy and hold they constantly trade because they constantly trade and don't hold those assets long you don't get an investment tax rate you're charged ordinary income tax rate so somebody like you you're going to pay 50% on that amount they did so check it out you made a return right they're going to charge you a fee for 6% they're going to charge you let's call it three for simple math you got three left and now you're going to pay 50% on that so you got a big total of 1.5% while you took all the rest of the stock market I could have just gone to the bank and bought a CD or something well that's why I'm trying to sell you alar showed at 2.5% you could have had treasuries no risk and done better than most mutual fund investors the market does one thing what you do is another if you don't understand fees if you don't understand taxes and what's so cool is it's not that complex once you there's a way to put kind of an umbrella around you tax-wise legally the sanctions it it's been used by wealthy people forever I walk you through how you can do it for yourself it changes the game it allows you to get to your goals 30 to 50% faster and it doesn't matter when you started it almost sounds like a major part of this not to oversimplify it but for my translation is learn all of the dumb stuff that everyone's doing and stop doing the dumb stuff that most of these extremely successful brilliant people have just cut out a lot of the really dumb stuff they have well they have and they've done one more thing though that's really important it's the most important investment decision imagine you got in the game you're investing something doesn't matter what it is maybe you're investing for the future you're setting some money aside you're you know what not to do you know what you're after and you got a plan you made the game winnable it's not some giant number A kid will tell me I need a billion dollars and I break down actually to Charter the planes he wants to go on 10 trips a year to to rent the you know the Branson's Island instead of buying the island he can do the whole thing for less than $20 million for the rest his life and never work again right 20 million versus a billion is two different universes or different places but the next piece is step four is really critical it's the most important one of all it's the most important investment decision you're going to make and that decision is called asset allocation or it's like you know it's like the ultimate bucket list it's the money you put what proportions you put the strategy use I would to put so much in stock so much in bonds so much in whatever the case may different assets that's what you live and die by in fact uh David Swenson who's the most successful Institutional Investor of all time from Yale 1 billion to 24 billion in growth in two decades minding worth paying attention to he said to me directly he said Tony all your Returns come from asset allocation more important than buying Apple more important than buying any stock you're going to be wrong on some stock you're going to be wrong on some Bond you'd be wrong on some real estate investment it's having the right breakup and the guys that are the best in the world have figured out the right balance like Ray Delio like David swensson and so what I have in the book is their exact proportions of what they do recommended that you wouldn't be able to do like I sat down I when I sing with David he let me come in I'm sitting here in yalees kind of hallowed halls and I'm like do you know what I do and he goes he said do you think you'd be sitting here in Yale having conversation with me he said your work changed my life my family life this person's life and so those things open the doors and they shared this with me so the the right ass allocation think of it this way most of us make the wrong decision when we're driving our car and we're in the slow lane and we move you know or you're in the grocery store and you go that looks like the faster Lane what do you think your chances are making the wrong decision financially are you're gonna make the wrong deally higher than you're going to so if you if your success depends on you making the right decision you you're you're you're you're done and that's where most people are when you know how to divide up your assets right it's they they call it the only free lunch when you can divide them up across different assets of different types of Investments over different timelines even over different countries it allows you to know when the losses happen you're not wiped out we all know don't put all your eggs in one basket most basic IDE of asset allocation but most people don't know what to do sounds so complex I teach you in these three buckets there's a security bucket where you put stuff in that is really protected it's not going to drop it's not going to grow big but it's not going to drop there's a bucket for growth that has some more risk and there's a bucket for dreams where you do the fund stuff right now not 30 years in the future so you make money and you know in the end of your life you have something and I show people how to figure out based on how comfortable are you with risk how old are you how much time do you have to accumulate um what's your source of income we look at those three things we do it online with a little test and then you can immediately go online and say okay here's a set of asset allocations that have been put together by people like Ray doio I can compare it to whatever I have right now and I can see what the returns have been over the last 10 years right there in two seconds that's invaluable it's it's mindboggling it's it's a dream and I I've only been able to do it because I've been working with the best people in the world and they got excited about the mission I mean they got excited about seeing what could be possible in this area and some of them um you know you know my background of not having food at times of Thanksgiving and shared with you that you know I've been feeding people I started with two families and then four started with 17 now this year it'll be 55 million um I've gotten these guys to join me in that task so Ray do donated a million meals Mark Bernett or benof I should say from salesforce.com donate a million meals so along the way these guys not only shared their insights but they're playing a role to help people whose society's forgotten while we're also helping people through the book which I'm really really grateful for so once you know what to do with the money yes asset allocation to your grownup terminology right just buckets certain amount of money I'm going to put where it's secure it's going to grow slowly certain I'm going to put where it's less secure I got more risk but I got more potential reward certain amount I'm going to enjoy today how do I know that percentage you pick that percentage and then you forget about it whatever you're going to invest 20% goes here 30% there 40% goes there you divide it up that's all it really is and you just set it up to happen automatically you're not having to think about it corre or you model somebody else right that's even better yeah set it up automatically based on their model yes of what they already Prov yes what's the next step next step is you've got to create an income for life and when I say income for life it's so interesting because I ask people all the time why do you invest what are you investing for what would your response be so I'll have money when I'm old right yeah so some people say so I have money when old some people say so I can grow my assets some people say so they tell me all can say there's only one reason to invest income MH uh you can have uh all these companies but eventually you have to convert that to income to be able to live a great life the final purpose of all investing is income and most of us don't know that anymore because all of the marketing Machines of the large Banks if you were taking income is no longer in their account bad so it takes it away from them so one of the things that uh I looked at was I started looking around and most people know the power of life insurance right don't like it but I want to make sure if something happens to me when my family's taken care of but what if you live and here's what's crazy the number one fear amongst Baby Boomers is not death death is a far number two way down the list number two percentage wise number one is running out of money before they die having a life where they don't have income and it's going to happen according to all the statistics to about 75% of the population right it's mindboggling so what do I do without any income that's why you see people now in their 70s as greeters at Walmart you know it's just they got to figure out what to do because they never figured this stuff out in the beginning so there is income Insurance income Insurance is as old it's a 2,000 year old approach to making sure you have money Julius Caesar was the first one who created it and here's what it was they created a pool of money where the guys are a solders going to go out everybody put their money in and it was held by the government and whoever came back they split up that pool of money over time with annual payments so the word annuity that we all heard the word annuity is annual payments now you get annuities to pay you every month but that process that's out there is one of the most successful opportunities for people to create an income in other words there's a stage of my life where you built like you are you're grow grow grow and you're growing up the mountain you're saving you're investing and you're building it to a giant critical mass to a jackpot when you get to the top of the mountain there's going to be a stage when you're not going to want to work you probably will guys like you and I will always work you don't have to work and therefore you tend to work harder I couldn't imagine not doing it's just like I couldn't either you know Steve WIS a dear friend of mine he's 72 years old he works harder now than anytime I've known him you know just crazy you uh T Pickins is a friend of mine he's 86 he when he was 60 80 retired he's a billionaire he's made more money after coming out of retirement in the last 15 years than he did in the first 68 years and he's having the time of his life right but you want to know you don't have to work so when you get to that Peak where you have enough money now you want to be able to ski down the mountain enjoy your time with your family do whatever you want to do give your time your energy your Capital do whatever you want to do that phase you need income for and most people aren't planning for income so you could be in a position where you built your assets up your stock Investments your bonds your real estate and how fast can that drop by 50% % by 30% we've seen it every Market about a nan R day Ray do says Point Blank he said whatever you invest in most people invest in something they feel is their favorite they think they know something about it so he said you're a real estate guy you put all your money in real estate and then you put all your money in stocks or you put it into Commodities or whatever he said whatever investment you invest in he said mark my words in your lifetime there will be a day that category will go down 50 to 70% he said so the only way you protect against that is as allocation spreading out against many different baskets not one and the other way is you create an insurance policy that says I'm guaranteed a certain income for life so what you do is you take a percentage what you're earning and you put it in an environment where it grows and the only problem with that is I heard annuities and I was like annuity May the most negative word it's like I know you think about some sleazy insurance sales yeah exactly asso to but here's what anity is uh bernacki bernacki as you know the head of the fed his top two Investments were both annuities cuz I used to read these ads that say you know still marking them it says uh what does it say it says I hate annuities and you should too and of course you go to it and it's a guy that's selling you stocks right and he says annuities they have all these fees and he's right there's tons of horrible annuities just like there's tons of negative mutual funds there's tons of people who got fees everywhere they take it every year and the annuity side there's a commission paid to a guy who gets paid once so so I want to be really clear annuities aren't a great product like mutual funds aren't a great product the right annuity the right investment is the right one and that means you got to be able to strip out all the crazy fees you got to know what you're getting for most people that's complex I'll give you a perfect example a variable annuity very popular annuity is filled with fees it's fees on tops of fees it's fees to be inside of the annuity and then there's fees for a mutual fund on top of it it's it's a disaster but there are types of annuities like done properly like these hybrid annuities they call them where it's tied to an index meaning a stock market index so here's how it works you get the upside without the downside if the stock market goes up you get a percentage of that growth if it goes down you lose nothing so like you think about my friend who's been out of the stock market for six years and he's got nothing to show for it I said to him this would have been one of many different Vehicles you could have easily done what's beautiful about these types of annuities it's the right company you want a company that's got the right rating you want a company these insurance companies the good ones have been around 100 years 200 years they've been around since recessions depressions the 2008 and nothing's hit them they're that strong they've been around that's all they do and I said so with these types of them there's some now there's some that are available most of them are available only for people and they're 50s and above so it's thought of as you know something for Grandpa I sat down and when I started see all these work there's one annuity I saw and I'm getting old enough that I'm within the range of doing these things now which scares me um but one of them gives a guaranteed return of 7% a year and where you going to find that and my immediate reaction that's impossible it's a company that's you know a-rated it's been around forever and but here's how they do it you pay into the company in this particular one it your your rate grows at 7% a year and then you have this sum lump sum you don't take out the lump sum that's how you get the 7% per year what you do is you take out 5% of it a year and so they show you what that means to you an income because what you really want is income if you're in the stock market and it drops 50% your income is just cut in half and then to grow it back and take decades so there's some that are tied to the stock market there's some were anties that are available today brand new ones where uh I I saw this one it blew my mind where you take the upside of the stock market and they take what's called a spread so they'll take 1.5% off the top so if the market goes 10% you got 8 and a half% if it goes 20 you got 185% right M and if it loses money you lose nothing and there are no fees if it doesn't make money that's a much more attractive proposition it's mindboggling and then they have a second piece which says if you leave your money with us and you don't take it out if you leave it with us then you can convert that to income in the future and we can show you how much that would be worth in the future at different stages so you're able to have something to plan with so I'm talking about a subject that's really complex I'm realizing I'm trying to explain this in a few minutes and I haven't tried to do it verbally I do the book release step by step but take it this way if you knew today that you could put a certain amount of money aside and instead of wondering how the stock market was going to go you knew that meant for you 5,000 month 10,000 month 20,000 whatever it is for as long as you live and that even if all the money you put in you'd outstrip you'd still be receiving the money that's what you get in these types of income insurance plans and the way they do it is some people live very long today you know people used to Social Security was developed you know 1920s 1930s right under Roosevelt 65 years old is when you're supposed to get it well the average life expand was 62 then yeah so it was for the outliers that were being taken care of and it was to make sure in your older years three or four five years of retirement you'd have some money to be able to live your life be with your family well today people living you know 85 years so at 65 they've got 20 years of retirement and they have no plan and that's the average person right if you're married one of the two people in your marriage there's an 80% chance of live to 92 years old so we're living longer and longer and technology is just being started to really be brought to it and yet we're having we we work for 30 or 40 years and then we're supposed to have enough money for 30 years or 20 years most people don't have it so these types of programs that I explain them here step by step these programs can give you the income for life so you don't have to ever run out of money when I was with a gentleman uh by the name of Jack Bogle who started Vanguard and Vanguard is you know the largest mutual fund in the world but it's an index fund so they charge very very small fees 20 basis points that means 020 in your basis points by the way there's a lot of jargon in this industry um I said to him I said I know you believe in investing in the market I said but there's a dir little secret and the little secret is called sequence of returns that if you work and you build your whole life up to get this nest egg and now it's large enough that you can have invest in a secure environment and have income coming back to you it's like your money machine you don't have to work but then the market takes a hit then it can make a huge difference in where your income is I said versus if you have a contract with an insurance company that guarantees you that income and the company's been around 100 whatever years or you diversify amongst multiple insurance companies I said those have been proven over hundreds of years to be successful he said that's true I said the whole dirty secret is if I investing well in the first three four years of my retirement the stock market's up I might have millions of dollars over the course of my life if those first few years it's a 2000 or a 2008 and the market dropped 50% I can show you statistically you never get back to where you need to be based on your age so having a balance of assets and having some of these you know insurance policies where I I know what my income is going to be is the fifth step it's really making sure that You' put the balance in in a different stage of life you're going to be focusing on this more I actually went to Guggenheim one of the largest financial organizations in the world I said I'm wealthy enough at this stage of my life I'm fortunate enough and I'm old enough that I can go get these policies I said why wouldn't you do this for somebody that's 25 or 35 or 40 where instead of wondering where the Market's going to be and hoping I win every dollar I put in the day I put it in I know what that's worth for me for the rest of my life I said why don't you do that and they said well Tony it's you know the part of the problem is we do this based on risk we know how many people out of a percentage of people when you're 50 plus are going to live longer and how many are not and that lets us figure out the math the people who die that money is available for everybody else and for us to make a profit that's hard to do when somebody's 25 or 35 I said I know it's hard to do so maybe You' give less of a return or maybe maybe you tie it to an index where you only pay as the stock Mark goes up but they don't lose money when it goes down I'm sure there's a way around it so what what other challenges he goes well you know when you buy a mutual fund you pay 3% every year when you buy you know an annuity contract you pay we pay the insurance company pays you don't pay anything and we pay 7% for example and we do that up front so we got to make sure that if we're going to make this kind of investment that someone's going to stay with it over a period of time and you know just that's hard to I said what if you eliminated the salesperson I mean years ago you had to buy buy life insurance to a life insurance salesman today you can go online and buy term insurance you say I want this it costs this much it's a commodity it's cheap it's cheaper than it's ever been why wouldn't you do that it's like wow I never thought about that we'd have to have people know about I said I'll educate them on my book I'm sure other people will people on the internet when they start seeing something that this is available so we went through about nine months of discussions back and forth and now there are several firms that are building these for someone who can go when you're in your 20s or 30s and you could say instead of my 401k where I'm just taking the money and putting in some money market or some mutual fund hoping where it's going to be I can put it into this envir enement if the stock market goes up I go up if it goes down I don't lose anything and I can know based on history on average what that's worth to me an income in the future at VAR stages and at some point you can turn it on and lock in that number you can say I want that number forever once you do it that becomes your number for as long as you live so the fifth key is really setting yourself up so you have enough income to have the life you want without ever having to think about it as long as you live not have to wonder about stock markets going up and down or bonds going up and down or real estate going up and down or Commodities or anything else it sounds like just a matter of making the correct decision one time on what type of annuity product to invest in and being educated in it and then there's really no additional work for you other than to make sure you fund it and and I do that I give you two chapters and walk you through what to look for what to look out for and then I refer to people that can actually look at that for you and analyze it for you and go to anybody else and you know what questions to ask them because if you do it right it's extraordinary there are some products for somebody for example um I'm now 54 years old I can go out and make an investment in an annuity right now and I can make an investment in one that's going to be available for me later in life like for example I got plenty of money to last me 20 30 years let's say I'm I'm I'm trying to figure that out what about later in life I can put $100,000 aside right now that becomes available to me for example when I'm 80 which sounds like a long way from now but it's worth for me to give you the idea 75,000 per year for as long as they live seriously seriously and I first found out about this actually in the New York Times I didn't even know it existed I started digging under it and started going these agencies so for 100,000 onetime investment for the future 75,000 year if I lived 10 years longer 12 years long the return investment is amazing but most people don't think in that distance and the problem of course is most people are trying to do their financial planning trying to figure out how much money they need but you don't know how long you're going to live so it's like how long will it last you either don't spend very much and you live poorly and you live a long time or you spend too much and you have no money with income insurance I can say okay I'm going to plan for 15 years of my life from 65 to 80 and then from 80 on I have this income for as long as I live for as long as I live I don't have to worry about it that's what it is so there's some really amazing tools that are available um but you you just people need to be guided to it and become aware of it that's part of what this book's about seriously $75,000 a year forever if you live to be you probably will live to be like 150 years old with all the potions Sage gives you every day with unbelievable amounts of vitamins and things I feel healthier just being by you I'll tell you what though really truthly life expects is going to expand massively because you have a situation where the same way we've took music and movies and digitized it so now it's everywhere they're digitizing the experience of human cell tissue I mean it's mind bogging Ray kwell is one of my friends I write about him in the book I mean you know right now if you were burned in the old days I mean old days five years ago and if you go to most hospitals still if you get your whole body burned they put caber skin on you you look horrible you you're for life you got scars now they have this spray gun they take your own stem cells and they spray them on you I have a video link in the book show a real guy fireman this happened to and three days later he looks like he's never been burned in his entire life that's kind of stuff that's coming out there's a guy named Dr atala who's been making taking with people have kidney cancer and things like that and he literally takes your stem cells and he prints outside the body with a 3D printer he prints an actual kidney that is the same stem cells as your own puts it in you have a brand new kidney it doesn't get rejected because it's based on your own stem cells so there are things that are coming that going to make us live longer that's the biggest thing you want to make sure that money isn't an issue for you to have the quality of life that you want and if you just do some small things you can really be financially secure and if you really apply what we're talking about you can truly be wealthy over the over time without ever making a ton of money there's a gentleman who's worked for UPS his name is Theodore Johnson it's mindboggling never made more than $144,000 in his entire life that's the most he made perom and at7 years old he had $70 million and all he did was compound his money in the market that's it he gave away $35 million by the way while he was still alive what million $70 million That's The Power of compounding that's the part of taking a little bit putting it aside not breaking not putting yourself where fees are eating you up not do stupid know what your goals are right asset allocation right and guess what not hard to have a nice income for life off of $70 million you could do okay with that as we've gone through these first five I'm still looking for something very I'm looking for a cat I'm like well surely something has to be very difficult so far there hasn't been one yeah the C the catch is that most people are ignorant clearly no they don't need to be dis because you automate the first portion of it so it's like what it really is truly is it's the belief system that you talked about in the beginning that it's so complex it's so difficult and it's not hard to believe that when everybody around you tries to make it complex and it's also not having role models that do it I mean you know you wouldn't go to somebody's overweight and say show me how to get fit you know you don't go to somebody who's broke or somebody who's just selling you on something and saying you know how do I turn this around I went the best on Earth I went to a call them the unicorns because there's only a few people on Earth that really beat the market over 10 20 30 40 years the ray Doos that you know all these guys that I've walked through here um and I've just got them to show me what to do and then what I'm good at is taking complex things and making them simple as you know that's why I've reached millions of people and put in these like little seven steps and I even built an app for people so you you can forget and it'll remind you okay you got step one done now here's what step two is and it literally will come up and give you those text reminders to keep you on target what about the remaining two steps real fast six step number six when you've done this you're on the way so now it's just like if you want to turbocharge this invest like the 0.001% so what I did is out of the 50 plus interviews iend up 56 interviews in total Nobel Prize winners you know self-made billionaires hedge fund guys um my average interview was like three hours plus I took and did 12 of the best the top dozen and I took a small portion of it like 10 10 12 pages of just their best insights so you're able to read in that book literally you go say okay what would Carl icon do in this situation and I show you how you can invest with Carl ion by the way he's one of the few hedge fund guys that you can invest with with no fees he's put up a unique structure where people can do it and he is his returns have outstrip Warren Buffett for the last one five and 10 years destroyed the market in the book I show you his returns most people don't realize a Time Magazine call him master of the universe so he's my number one and then I go through Ray dalu and then I go through Paul tutor Jones and so you literally have a chance to read and say Here's out the 1% 0.00 1% invest which of these things might I want to do and then the final step is just do it and enjoy it and share it and I walk through most people are unsure about the future and so I do a chapter on these things I'm talking to you about the there's a a natural uh uh investment that's happening for you if you're doing nothing and it's technology is getting stronger and stronger it's getting cheaper and cheaper every year you look at our lives today you know you pull out your iPhone today you know and it's like this baby I remember I was with President Clinton and it's first time I coached him and I I said to him I said you know we could communicate electronically like we're on different time zones and so forth you know I I said I got this thing called email on this AOL account I never forget this it's amazing and he and I said it's amazing I you got go oh I've heard about that the president United States when he President Clinton did not have an email account his first first year in office so it's like now a Messi Warrior you know in Africa has more computing power here I mean he's he's got video conferencing anywhere in the world he's got access to markets he can study at MIT or Stanford or Harvard I mean he can access all the great books in the world he can find any conversation from crazy guys like you and I and it's all in his hand so amazing there we you know 10 years ago we had 500 million people on the web we got two billion today in the next six years we're going to have six billion so even if they're off by a billion we're going to more than double the number of people that have access who are going to compete together they're going to create ideas together they're going to create funny ass videos together that are going to create new products and services together the mind power of the earth is all working to make the quality of your life better because they're all competing so scientists doctors people all over the Earth so I go through and show you the three or four biggest breakthroughs that are happening so that you know most people do not think the future is going to be better economically and what you're going to find is think about it this would have cost $3 million for one of these to be made just 15 years ago I'm old enough to remember the first cell phone that was a little brick that made Motorola made that was like I remember I think Ted I remember that I remember I think it was a TED Talk where the guy showed on the Ted Talk the uh table siiz thing where you could manipulate images and Stu I was there at that Ted Talk un believeable then like a year later that comes Steve Jobs was there I was at that Ted Talk and everybody was like whoa it was this giant table and Microsoft came in and bought the rights to the table and Steve Jobs came and figured out how to use that on the phone and nobody knew he done it until he it changed all of our lives absolutely so just think about it movies music information education it's all available for next to nothing or free for pennies and and it's only going to get better and better in those areas that is not to say there aren't going to be problems people are going to abuse technology there's new problems that we have all over the Earth but I'm unabashedly show you how the technology can make a difference it's not my view I'd take you to the best futurist the best inventor in the world and then the last chapters are really just showing you how to make sure you follow through I got a checklist so you say Okay Tony you threw a lot at me here I got the seven steps I got my app that'll remind me but if I wanted my own little checklist to make sure I haven't missed anything and that checklist is available for you for action and the very final chapter is really I talk about the secret of living is giving sounds overly simplistic but like when people say money doesn't matter um they don't know where to shop and what I mean is they don't know what to shop for and who to shop for because all the research shows something interesting if you make twice as much money you're making $25,000 a year and you make 50 people think it'll double their level of enjoyment of life or happiness and on average it improves 9% which just mind-boggling there's the initial excitement in this 9% better statistically uh lots of Studies have shown once you make $75,000 a year making more money you like but it does truly change your happiness in a sustainable way once you make basically a middle- class salary people make more might argue about that with them but that's what that's what the studies show but what the studies now show is how you spend money $5 a day spent right will bring bring you more joy than $10,000 spent poorly and what does that mean I give you a dozens them I'll give you three number one if you spend money on things you limit your level of Happiness if you spend the money on experiences it creates a generative effect in your body emotionally and they can measure the level of fulfillment and happiness you have just by the purchases you make and theyve done it scientifically all the way down to how it changes your biochemistry down to the the changes in your saliva and the hormones that's where the research come it's not somebody Arie fery saying well if you have experien will be better second one when you spend money on things that take give you time and take away drudgery if you can get somebody else that you pay and they are employed and they now scrub the floor or they clean the toilet and they have an income and they're happy and you're freed up to do something you're more passionate about in business or life the level of Happiness grows geometric but the one that creates the greatest happiness is the one that sounds trite but it's biochemically accurate and that is investing in others which simply means giving your money away really and it's mind and they show you time out they show you with little numbers like you know buying a cup of coffee for a stranger and what it does and how long the happiness does versus you buy the coffee for yourself versus you buy it for a friend and I've got the studies in here it's fascinating but what I can tell you from my own life experience like um the people that I know that are the happiest on Earth are not the people with the most money I know I got a lot of clients that you all know that are billionaire clients and a low them come to me because they want me to do something with their business and invariably see there's something going on with them too that makes them unhappy it doesn't matter how much money they have there's people with the billion dollars and they still live in scarcity doesn't matter how much money they have right by the way I asked that question of everyone I interviewed I said does Financial pressure ever go away 85% said no and the average imagine how much it would increase proportionately well for some for a few it didn't but for most of them it did they felt more responsibility that more got to manage more they got to do so if you think Financial pressure is going to go away just by having money they just learn to handle it differently they have a totally different experience but I'm Juiced about people seeing what how they can use the money that makes them makes Joy happen like I love to do things where it's a total surprise my I remember when I had very little money I was just getting started I grew up in a very tough environment and my mom always loved the ocean and we lived in the San gabra Valley of La where they had smog alerts and you couldn't go outside for a couple days it was horrible and I called my mom up and I said this early in my career and I said come meet me in Huntington Beach um there's a condo I'm considering getting on the beach I'm considering living on the beach mom but I want I want your feedback what you think so she drives down to meet me I'll never forget I just looks around she goes oh my God smell the air it's so fresh and this is the dream to live on the beach and my son's going to live on the beach and I show her the condo and she's like oh my God this is incredible I said you sure do you really think of we wereth go I don't care what it cost she said if you can get in you get this and I said you feel that strong and she said yeah and then I said it's yours and I handed the keys what a and it was like my mom's passed away a long time ago but it was one of those days that to this day I can remember feeling and experience of like holy um you don't get that by buying something for yourself yeah you don't get that by you know earning a bunch of money it's beautiful to have those choices um they been saving up for an RV and we invited him to Las Vegas we had this trip and we came around the corner and there's this Ultra unbelievable double-sided you know and I said wow look at that oh my God that's the most incredible we can never have anything like that and I said well let's let's look inside the door's open he said oh we can't go in there I said let's stick our head in you know took him in right and I say oh we say come on I sat down there get out of there get out of there it's yours you know those are the days that um that's what mastering money's about yeah you either Master it or it Masters you baby yeah and if you master it you can learn grow and you can give and um money isn't everything because you have a lot of money and still be a selfish bastard I mean money just makes you more of what you are if you're really selfish you got more to be selfish with if you're really giving you can have more that give with and um so I feel privileged at this stage of my life to have found a way to do what I love which is to light people up and bring them breakthroughs and bring them answers in their body their emotions their relationships all these areas but also in their financial area as well and uh when you're able to do it in all those areas life's pretty cool if you just do it in the money area it's not enough I mean richest man in the graveyard is not going to do any good um and so this book is really about how to have that real wealth and I just finished to tell you that I end the book sharing a story that I'll share with you um cuz you know me well enough to know what this is like and I know you can relate in some ways I um I know your background in your hot suit going out there with your credit card machines down was it make Georgia make Georgia baby it's still hot down there it it's still hot down there and and and you're not I think I'm still unwelcome to go try to sell credit card machines they'd still rather me not show up probably that's a good thing but we have a similar background we start with nothing you know and I can remember the I know the day I became wealthy because I was thinking towards the end of the book what was the day that I became a wealthy man and uh I was broke I was living in Venice not Venice Italy Venice LA and this 400 square at bachelor apartment I was feeling sorry for myself um I was mad at the world I was mad at a friend of mine that I loaned you know th000 bucks too and he didn't pay me back and he wouldn't return my phone calls cuz I was broke I I was down to I don't know 23 24 bucks something like that some change no prospects I'm like how am I going to eat how am I going to survive I'm going my rent I was already behind my rent by 30 days and um I well when I was 17 I my mom kicked my dad out he went back east and kick me out and I survived by scratching up enough money each day and then going to the smorgus board and like loading up for the winter you know just eating all I could and make it last a day or two and I thought okay that's what I'm going to do and I was I walked CU I didn't want to take my car and the gas or pay for parking and have that kind of money and I walked it 3 four miles from Venice to this place Marina del it's still there and uh it's called El toito it's this little Mexican restaurant that's on the water where all the you know the amazing Yachts are and I thought I'm going to go there and I'm absorb this abundance environment cuz I'm so scarce and I'm going to eat all I can possibly eat you for 5.95 this tacos and salad health of course energized like something I go have a good sleep afterwards and forget all this right and uh I went in I loaded up for winter and I ate all the stuff and I'm looking out there and it was a beautiful day and it was gorgeous and so I got up to go pay as I got to go pay in the front door walks this little boy probably 8 years old and 7 8 years old and uh he he was dressed in a suit and he's just like you know kind of demur like you right now if anything I am certainly demur as you well know as I well know but sincerely he was just really I don't know it was just there was something about this kid he had this air about him this and he and he opened the door for his mother and he opened pulled the chair out for her and I don't know something about it just struck me emotionally very deeply and I was just touched thinking this little boy has C so much heart in class and uh so I walked up to him I P my bill and walked up to him and I and I said hi and I introduced myself and I was nobody Who the hell's dony Robbins no dony Robbins and he says this gigantic that's what he's really thinking his mind there and I said I just want to tell you I watched you for the last few minutes I said I watched you open the door for you later I saw you pull out the chair I saw the way you looking in her eyes and giving her full attention I said you are a Class Act and he looked at me and I said a taking her lunch that's awesome he goes well she's my mom you know and I said that's even more cool and he said well I I'm not taking a lunch because I don't have a job yet you know I'm eight you know I said I looked at him I said yes you are and I didn't have any plan I just reached in my pocket took all the money I had in the world was like 19 bucks and some change whatever was left after that I just slapped down in front of him in front of the table and and he looked up at me his eyes got big as garbage can covers he goes what sat and he smiled I said that's yours he goes I can't take that I said yes you can he said how come I said cuz I'm bigger than you are and then I didn't say another word time I didn't say another word I just turned I didn't even look at his mom I wasn't doing it for attention and I walked out that door and um I didn't walk out that door I flew out of that door man I just I had no car walking home you know I just felt like so alive I felt so free and I should have been scared shitless I got no money I I don't know where I'm going to feed myself I you gave away last there wasn't an ounce of fear in me it was like in that moment scarcity died it just died it was out of my life and I went home that night and I have no clue what I was going to do but I was I was like excited and inspired and and I started writing out this plan and and I thought well people fast all the time I can fast for four or five days it's probably good for I can need after that meal and I got this little plan on my head and I'm going to work it out and I woke up the next morning and I had no fear in me and going going to go work with my plan on the old snail mail ride and there I get this old envelope in the old days I tear the thing open and it's a check from the guy wouldn't even return my phone call for more than $1,000 he threw some interest in and you know $1,200 in those days would cover my butt for two weeks to a month right you know it's was like and I started to cry and um I just I'll never forget I think to myself what does this mean and I decided that that meant that I was being rewarded for doing what's right uh by not operating out of scarcity and fear by just it was spontaneous it was authentic it was just it felt right and I did what felt right and I was rewarded and I I believed in my mind I still believe this day may not be true but that was that was Grace and um so that from that day forward it was just like just do more give more share more create more and what you need will be there it's like air you don't stop to think about when you take a breath whe it'll be there or not it's always going to be there yeah you just got to do your part so um I'm emotional body said even though it's been decades and decades since that day well look what the guiding principle has created and that's why I say I look at my life today and the millions of people I've had a chance to serve and be a part of and who my friends are and the life I get to to live my life with today it's just um the rewards the karma if you would corny as it may sound and so you know for me today just recently you I was thinking about it's probably why I'm so emotional I was thinking about where this journey began for me my desire to serve you know every day before I get on stage I have I do this thing to whip myself at op Peak State and then my last words are Use Me Lord you know it's I just I that's my prayer and every day my goal is to be a blessing in people's lives and um and I've written a book that when I was done I'm probably feeling that too it's a four-year Journey it's the best of what I found on the face of the Earth and I know anybody picks out po sincere and just even applies a small portion of it their life will be altered and it'll be altered for the better and that Karma continues and I also know part of this is you know upfront I'm not waiting for a book to sell I didn't do some feeding promotion I wrote a check for 55 million people to be fed which since I couldn't even feed myself back then feels pretty unbelievable and I know I've done my part and I also know Grace has been a part of that and uh for that I'm grateful well we're all grateful for you you know speaking of that yes a lot of people are going to see this yes and if you remember the one that we did last time yes I got letters from it you got letters from it and there would be that one person they say you know I watched the video and I was in this condition and then you said that one thing yeah and then I applied it yeah and things turned around for me and I'm wondering if you could think about who that person is and tell them that one thing right now what would it be it's a great question so much to pull from but at my core uh my mom wanted me to be a truck driver because that would mean I'd make $24,000 a year if I went to truck Masters and that would be twice what my father made and she thought that would happen but something inside of me said I don't want to drive a truck there's something else that matters more to me and I decided I was not going to go for money instead of passion and uh the rewards have been pretty amazing better than being truck driver not bad being a truck driver is just not what I was after and I I look back and one of the things that helped me was my original teacher Jim ran who was a personal development speaker I went to he when I was 17 he said something the first time I heard him and he said you know it's really simple if you want life to change you got to change if you want life to be better you've got to get better it's the only way it happens and luck will show up for people and'll leave them but if you're constantly improving who you are and what you give game over and he also told me something about economics that I never forgot he said you know economics is really simple the world really is simple if you will find a way to add more value to other people's lives than anybody else does then you'll never have to worry about that area of your life and if you look at it most of us don't realize you can add a lot of value and be a school teacher and add enormous value and unfortunately in our society you won't get paid well but as I show in the book if you add value to more people instead of 30 children there's a school school teacher in there that makes $2 million a year and he does it with the web and he does it by coaching he's from Japan and it's quite extraordinary so if you do want to earn more by adding value there's a way you can also add value and make no money you can also add value and give it away and you still earn more it's like the joy that we get from that giving that we talked about of all things we talked about the things that brought me to tears is thinking about how far it's come and all that's come in the life from that day when I did what's right and the other time I've been in tears is thinking about you know what I did for my mom and things of that nature those Ultimate Rewards come from giving so if you work at McDonald's there's nothing wrong with it but the reason you make 725 an hour is lots of people can do that MH if you're David teer last year he made $3.5 billion I'm not saying that should be aspirational for you but it's because he found a way to do something nobody else did last year which is get a 42% return find a way to add more value if you can figure out what you're most passionate about find a way to do it in a way that adds more value to more people then economics will never be a question for you but more important you'll be wealthy because you'll know that you're a giver not a taker in this world and I think uh putting ourselves in that position is maybe the greatest gift we can give ourselves and everybody else well I think you've certainly given a lot with this book I mean it's a hell of a thing curs four years yeah it's four years just and I mean I've kind of been along for the journey what's going on I'm writing this book I'm on page seven it is Tak forever to get to page seven you know then a year later it's about 100 pages in three ,000 hours so is guys read it you know I don't I'm pretty sure it's safe to say that their purchase is not going to really make a significant difference in your life no I'm not getting any money from it at all about a penny yeah we're not in the book selling business not even slightly in terms of but their investment will not only change the but I'm feeding if you sell a million copies which is the average what I've done in the past then there'll be 50 people fed just by you getting this book so not only do you benefit but other people benefit as well which is a pretty cool thing can't go wrong Empower yourself Empower other people do good things you will be rewarded thanks for doing the interview man it's been a pleasure to see you and be with you again