The last crazy place to me, but i have to go so this is the quick running gun interview. You’ve, got a documentary coming out right now that you’re headed to Palm Springs for so we’re. We’re, doing it on the jet, which is incredible, and it inspires me about the topic we’re covering, which is on your book.
Money master, the game, seven simple: steps to financial freedom. You’ve shown that you have the financial freedom, but you didn’t, always have financial freedom. In fact, when you were growing up, you were really poor right, extremely looking the poor.
We had no money for Thanksgiving for food, it’s, part of why. Last year I fed I started feeding when I was 17. I started feeding families, as I said when I was 11 and I & # 39. Ve had two families literally and it was so moving.
I said I’m gonna double. I went to four and then to eight and then it was a like a game to see. If I reach more people and then I started with some my employees and then eventually got two million people a year, then two million, then I started matching my foundation with 2 million.
So for 12 years I’ve fed 4 million people a year and then, when I was writing this book, I’m interviewing. If you can imagine all these people start with nothing and are multi-billionaires. At the same time, Congress cut food stamps called snap now, but it was food stamps originally by eight billion dollars.
So it’s equivalent to give you an idea of every family that’s being supported, giving up all their meals one week out of every month for 12 months. So I decided I wanted to do something about it. So I got a five million dollar advance with the book.
I gave all the money to feeding America and then I said if I want to feed 100 million people what I got to do so I wrote a much bigger check and now I’m, so it we did 102 million people last year. But now I’m gonna do a hundred million again this year and I got a plan to feed a billion people over the next 10 years.
So I’m. It’s. It’s, so full circle from where I began it’s crazy and it’s. It’s. It’s, an incredible privilege to be I’ll. Make a difference like that. How is why? Is it important to be thinking of giving and contribution in order to generate wealth when people say that well, I don’t, have much to give.
I’m, barely making enough to pay my rent, my food. How can I have the mindset of giving in order to build wealth? For? Would you say it’s? It’s, the only you never get beyond scarcity. You got to start beyond it.
You got to plant your feet. You know. I’m, so many people say well. When I’m rich, I’ll. Give some money. If you won’t give a dime out of a dollar you’re. Not I can promise you’re, not gonna give 10 million out of 100 million, not a trillion years.
So if you, but if you start what I always believe, is it it transforms you when you, I had a group of kids that I went to like when I was 31 years old. I was invited to this grade school in Houston, Texas and I each grade did a little mini assembly for me of what they have used.
My stuff you know at that year and at the end of that was really emotional. I was like you guys asked me to come inspire you, you’ve inspired me, and so the 6th graders have only done it for one year and I said I’m gonna sponsor a college education.
So I had no idea how I was gonna. Do it. I didn’t have the money to do it. I said I was 31 years old. I was doing well, but not that well, and I said I’m a paper. Your college education, so I said here are the rules of the game and I just made it applause right there I said you got to keep it be average.
I’ll, get you mentors there’s, no excuse not to be above average. You got ta, not use drugs. You not get yourself in prison and you got to give me 20 hours of community service a year, and the reason I did is I don’t have a college education, but I knew if I got these kids, who thought they needed something to Be the ones to go, give something it would change their identity would change their life more than college, and, ironically, I think we had 70 kids.
Originally I lost 95 % kids. I was gonna lose. I lost the first year. It’s like 30 kids and the reason was their parents did not want them to have to do community service. They said they should be receiving, they shouldn’t have to work, and it was just staggering to me, but the ones that did it I mean some have PhDs now went through that process.
So I really believe that the secret to living is giving as corny as it sounds. I have an experience where I was driving on the 57 freeway not far from here in San Gabriel Valley, and it was midnight I was driving my 1968 Volkswagen bought Baja Bug and I was been in business for you know a year year and a half, and I was working my guts out and I was so frustrated because you know I always say that most people overestimate what they can do in a year and they underestimate women do in a decade or two or three right.
So I’ve, been working for this year and a half as hard as I work, and nothing was working level I wanted. I was so frustrated as mad myself as mad with the environment. I was feeling overwhelmed and stressed it’s.
Midnight I’m exhausted and all of a sudden, this thought hit me and I literally pulled over the side of the road and I’ve, always kept physical journals. I still have the journal to this day and I wrote on this one whole page the secret to living is giving and I sat there and I cried cuz.
I just realized my life for the last year had gotten focused on why isn’t. It working instead of how do I give more, and I made that shift, and it was one of those important shifts in my entire life and for probably a year, things start to get better, and then you know you’re in business.
You make mistakes, you know how to you know as young young kid, and I found myself all of a sudden in a foreign and square-foot bachelor apartment. I’d, lost the progress that I made and I was so broke that I wrote about this at the end of my book, because I’m, like how do I get this thought across to somebody and the most seminal moment? For me was, I had I don’t know 21 22 dollars whatever it was to my name.
I’m living in a foreign square-foot bachelor apartment. I’m feeling. Sorry for myself. I’m watching Luke and Laura on General Hospital. I mean I was a mess. I was a total mess and I realize I’ve, not paid my rent and I’m out of money, and I don’t have any prospects for some new cash in the short term.
How am I even gonna eat, so I decided to go to this all-you-can-eat salad bar that they had around the corner. This place called El Torito. Still there Marina del Rey, and I lived in Venice, so it was about a three mile walk.
I didn’t think the car goes. I didn’t gonna pay for parking, you know for the gas and I walked there and I went in and I had this meal right, basically loaded up for the winter aconite plates of food, this tacos and salads and everything else.
And while I was sitting there, there was this little boy that came in he opened the door. He was wearing this little fast, this little soup. I don’t PI, nine years old, something like that. You know eight, nine, ten and, and he held the door open and in walks behind him is beautiful woman who was clearly his mother, and so you know I definitely took it in and then he sat down.
He pulled out the chair for her and he was just so attentive to his mother. I mean was just so with her that honestly I was moved, and so I finished my meal and then I got up. Then I paid the bill and I was like six dollars in those days.
You know for all-you-can-eat, salad bar whatever it was, and so I had whatever’s left 17 18 19 dollars, and I walked over this low point for my left and I said hi and I introduced myself. I said I’m Tony and his name is Paul or whatever it was.
I remember his name, this little boy I said Paul. I said you are a class act. I said I saw I held the door open for your woman. I saw you pull up the chair for her. I said taking her out to lunch like that.
That is really cool and he goes well. She’s, my mom right yeah and I said that’s, even more cool and I said, take it or logicals. Why I didn’t take her to lunch. She goes. You know what I think he says: eight or nine.
I’m nine years old. I don’t a job yet yeah, and I said yes, you are taking her lunch and I reached in my pocket. I took all the money I had left: whatever was 17 18 19 dollars and I dropped it in front of him.
I had no plan to do this. It wasn’t like manufactured. I wasn’t trying to impress this woman and he looked up at me like shocked, and he goes. I can’t. Take that my security. Can he said how come I said? Cuz I’m bigger than you are and he laughed like crazy and I didn’t even say another word.
I just walked out the door. Didn’t, he look his mom and I got ta tell you. It was the most powerful experience of my life because I didn’t walk on my kind of flew home and I should have been like what is the matter with you.
You have no money for food, you give the last little pennies. You have left, but I had no fear. I had no scarcity and I got home and I realized what I’d done. It was like I’ve, no money like no money, nothing right! I was trying to conserve.
By going there. You know, and I don’t. I don’t know that I just saw I & # 39. Ve worked on a plan. I figured I’ll make some. I’ll figure this out and the next day I got the old snail mail and came in around like noon, and I pull out this letter and there’s, a young man that I had loaned $ 1,200 to and he had Not paid me back and I was desperate for cash, I probably called him 10 times trying to track him down, not a single response, and I was so hurt and pissed and here’s.
The letter from this guy saying I’m. Really sorry, I know you’ve been trying to reach me. I’ve, been avoiding you and here’s, the money you are, and I’m gonna give you some interest as well. So I got at that point that was like more money, man ending and so once again I’m sitting there.
Tears blowing down my face have an emotional character and – and I just thought to myself – you know why did this happen and I chose to believe I know it’s true, but I chose to believe that it’s because I let Go of trying to just take care of myself, I did what was right.
I didn’t plan it I did it spontaneously. I saw it, it felt right to me, I did it and I felt no scarcity and I can tell you I’ve had plenty of tough times. You know 18 companies and 12. I managed actively.
I got 1,200 employees on multiple continents. We do five billion a year in sales across different industries now and it’s a different world for me now, but since that and I’ve been near bankruptcy multiple times and companies and things like that, I didn’T I pulled it off always Neverland bankrupt, but I faced really tough times.
I never went back to that level of scarcity, not since that day, so it’s. A long way of saying when you have nothing is when you need to give. You know if you’re gonna wait till you think you have something you’re.
Never gonna have something of any size or scope. There’s, something inside the human psyche that when you do, what’s right and you get outside of yourself there’s, something that’ll click for you and also you know, hiding is a perfect low, Regardless of religious belief who’s, five, ten percent of their income for a decade and not prospered massively and Sir John Templeton was the first billionaire investor was the first person who said that to me so Tony, I know you tied, but he said Tied more, he said, do more give more and he said you’ll receive more just how it works, and I found it to be absolutely true.
You continue to give more. Every year let’s. Look at I’m. Just writing checks for five million buddy work on a book for four years and gave up all the profits, and then I want to feed more people’s. There were at another big jack above that so and now I’m doing it this year, I’m gonna.
Do it for the next ten years. Amazing incredible! I love hearing this story. I’ve heard this story before, but I’ll, always it always captivates me who was the most influential person in your life growing up? Well, my mom was in that she she taught me too.
She demanded that I show up in a different way than most people would meaning she wanted me to grow. She want to be successful. She pushed me incredibly hard, but also she was kind of. She was a drug addict, a prescription drug addict.
She over you abused those and she was an alcoholic. We had no money, we live in a 1200 square foot house and my four different father’s. All lived in the living room, a different stages. She had her own room and she would call me every day on the phone one, one, nine five five sick of bring your own phone.
I’d, pick it up and she’d. Give me instructions, and I’d. Go to the store on my bicycle and I buy the groceries and I make the meal. I really literally didn’t, see my mom most days and I didn’t understand any difference, so she gave me an incredibly high standard and she gave me a big challenge and she was physically abusive.
She smashed my head against the wall. I bled she poured liquid sub down my throat till I threw up because she thought I was lying and yet I loved her – and I knew she loved me. So it’s confusing as hell, but she made me a practical psychologist because I had to figure out.
I have a younger brother, five years younger younger sister, seven years younger and I had to figure out. How am I going to keep them from getting hurt and if she had been the mother, I’d, who thought I wanted? I wouldn’t be one-tenth as driven I wouldn’t.
You know I suffered so much. I don’t want to be else to suffer that’s. Why I’m, as driven as I am. I’d – have to do anything at this stage of my life, but I’m. I’m more driven today than when I began so she was the most influential person.
The next most influential person were a set of mentors. I had Jim Rohn, you know personal Veltman speaker. I went to work for him at seventeen massively influenced my philosophy, John grinder, who started NLP, taught me strategy.
He taught me how to produce results that people thought would take decades and in days and minutes and and I became his top student and so forth so and then along the way I’ve had incredible mentors Peter Guber rooms, the MBA warriors and The LA Dodgers – and you know Mandalay pictures one of my dearest friends for 30 years, plus Marc Benioff.
You know I’ve, been coaching him for 16 years. From the day he started Salesforce. You know he told me Tony. I’m, leaving my company because you I’m gonna start this company Salesforce calm. We’re gonna do a hundred million a year.
Now they’re doing eight billion. So I & # 39. Ve got some really steve wynn as a mentor for me, so i have a lot of brilliant people and i’m. Always i coach others, and i get coached by that – you’ve, been doing their work for 40 years right well, not quite 39.
It’s. My thirty minutes they’re. Not this is a question. A friend of mine, ed, O’Keefe asks. You said with all the tools you there’s; wealth of information over 39 years, almost four decades strategies to break people through to help them overcome their challenges.
If you can only have, if you got to strip them all away, you can always use one strategy or one thing to use. What would that be? I wouldn & # 39. T wonder why I’m. Effective is because I don’t buy that I’m, always looking for more strategy, just one strategy that will work with one person not with another.
But philosophically I would say that the capacity to strengthen and increase your hunger is the one common denominator amongst the most successful people. You know Richard Branson’s, good friend of mine and Peter Guber, Steve Linn all these guys they’ve.
Never lost their hunger, most people are hungry to achieve a certain amount, make a certain amount of money, and then they get comfortable and relaxed or to get a certain level of fitness, and then they relax.
But you know Richard is as driven today as when he was 16 years old starting, I mean it’s like on fire and he’s. 65 years old. Warren Buffett is 85 years old. He’s as driven today as when you know he began the journey right and so people that have that hunger.
I believe, intelligence. I love people that are wickedly smart and I work to be wickedly smart by educating and training myself and so forth and training. My brain but intelligence, a lot of intelligent people can’t fight their way out of a paper bag right.
Hunger is the ultimate driver, because if you’re hungry, you can get the strategy. You can get the answer. If you can’t model it you can find it so. Hunger, modeling would be maybe the next best skill, knowing that success leaves Clues like why reinvent the wheel.
If someone took this plane, oh it was Mickey Spillane who owns the Miami Heat and owns carnival right. I mean you can learn so much from there. Like Mickey’s blow your mind, what this man is Mabel do in his life, and so why would I go learn by trial and error and maybe take 10 or 20 years when I can learn from somebody in a few weeks or a few Months or a few hours, something that could save me a dick that’s.
What it is that’s! Why? That’s? Why I read seven or eight books of the first seven years because I was like if somebody takes ten years of life, they’ve bought into a book, and I can read that an hour two or three or four.
Why wouldn’t that, so how does someone continue to stay hungry now or reef? You know rediscover what they’re hungry about the best way is get around where it’s better and things will hit. You say again get around where it’s better and things will hit you who you spend time with us who you become so you know when I started coaching all these billionaires.
You know there’s, a part of me. That said, I know I was smart and think certain areas as they are. I got to step my game up it’s, not about the money it’s about. How can I take the invisible and make it visible? How could I find a way to add more value to other people to such an extent where economics are not a question whatsoever, and then I can take those economics and do even more where I’m, not there.
I look as money as portable power. I can leverage my money to do things for people, even when I sleep, but I love doing these for people, and I work 18 20 hour days though, but it’s really nice to have the leverage of that as well share share and a Few sentences, what would you say is your current vision for life? What’s? What’s, the vision you have and what’s? The legacy that you want to leave behind, I saw have you, seen, Hamilton the play and your hair.
It’s. Incredible there’s, one Iranian you’ve, seen it right yeah I loved it. I thought it was long. Might be a lot of hype, but it was as good as the promise there’s, a line in Hamilton that thought was really interesting.
It says legacy is planting seeds in a garden that you & # 39, ll, never see, and that is really interesting. But so for me I know what they are and you want to create. You’ll, never yeah. For me, it’s human lives.
For me, it’s, it’s. I love my life is about being a blessing in the lives of the people. I mean. I hope that whoever decides to watch your video, I thought something here will strike them and they can say you know I got to get in proximity or I got to raise my standard or I’m gonna go master, my damn money.
I’m, not gonna dabble. I hope that it stimulates someone in a way where it becomes a blessing in their life, and my legacy is the lives that I’ve touched and my legacy is the institutions that I’m building right now.
But when I’m gone, we’ll, continue to touch people, my foundation, the work that I’m, doing, with mentoring with kids, I mean the ability to touch another generation, but my heartfelt prayer every day is be a Blessing and you know it’s, loosening sometimes your blessing just by giving somebody a few moments just by loving on them just being them.
Sometimes you’re being a blessing because you coach them or you intervene with them. You can be blessing in so many ways, but that’s, my daily focus and it’s, not what I’m gonna build for the long term.
It’s really. What am I gonna? Do right now: why is that, and why do you want to create that legacy um again it’s less about legacy than it is about doing what I’m made for while I’m here and maximizing you know, I want the end to have me.
I want to be climbing the mountain when I die, not sliding so to me it’s about growth and it’s about giving those the only things that fulfill human beings. I always tell people if you want to be happy: it’s.
One word progress if you can make progress and if your progress is not only within yourself, but it’s actually doing something of value for more than yourself. You’re gonna be a damn fulfilled person yeah.
How do you stay grounded in your personal and intimate relationships? When everyone wants a piece you, you know, you sell out events. Ten, twenty thirty thousand people come to your conferences, pay tens of thousands of dollars.
Everyone wants to interview you, you’re. Coaching presidents billionaires world-class athletes; they call you they want you to help them break through the next level. How do you stay, grounded in your marriage or with your kids or with you know, friends, my mom, my mom’s.
Craziness gave me a great gift. I wanted to be a professional athlete and I’d, be a professional baseball player and when I got cut from the junior high school team, I figured out. I’m in trouble, and so I decided become a sportscaster sports right now and so I took typing when I was in junior high school.
I was the only boy in an all-girl shorthand class. I could capture everything cuz. I wanted to be the best reporter best sportscaster I interviewed Howard, Cosell and Woody Hayes and Dodgers and Rams.
I got a job working for a daily newspaper when I was 13 and then I got this huge prank, which was, I got these interviews. No one had like Joe Namath, but he was so famous. I got these interviews and here in LA KT TV channel 11’s.
Now a Fox channel. They were trying to get viewership, and so they kept trying different kinds of sports casters. They even tried Fanny Fox, the stripper and, and somebody watched some interviews. I did and went holy this fourteen-year-old kid was about to be 15.
He’s, brilliant. He’s, getting interviews, nobody else is getting you know, so they called me up and they offered me the job to be the nightly sportscaster, as was turning 15, and I was out of my mind like the dream I was gonna have when I was like 25 or 30, nice happened and you know every 15 and my mom said to me your egos too big, and if I let you do this, you’re good, even getting bigger, and she not only would not.
Let me take the job she made me quit my job working for the progress bulletin, which was a daily newspaper in Pomona, California, doing sports and I hated her and I was devastated. But it created a sensitivity inside of me that that that, along with, I think, watching, athletes who would not sign a card for a kid because they were making money selling cards would make me so angry.
That said, I’m, never gonna be one of those people, and so I’m. Not you know. I certainly have plenty of pride and what I’ve been able to accomplish, and people I’ve been to help, but I always know I’m.
Just a guy, and while I’ve worked my ass off, I’ve, also had grace in my life, you know, and it I think, when you achieve things, it comes from incredible: obsessive, focus, massive action and figuring out the how to Execute and do things effectively and it’s grace, and I never forget that that’s, a part of the formula for where my life is today.
Do you think people need a little bit of ego to have that kind of Drive and insanity or obsession, or is it more just belief in a bigger vision? I think you know ego can produce Drive, but that kind of ego will make you not be fulfilled.
Yes, and – and we all have it until we get a few hammers, because in the beginning, when you’re young, especially a young man, I think even more so than a woman. You know you’re, trying to find yourself, you’re, trying to prove yourself to the world and really you’re, trying to prove it to yourself like on the very beginning.
For me, I used to tack, psychiatrists and psychologists because I care about people so much and I cuz I learned how to handle them in an hour and they working with someone for seven years and I just go crazy.
But I was also attacking him because I was also defensive because I didn’t have a degree, and so I figured I’m gonna be on the offense. I’m gonna show them, but, as I grew up, I realized totally should these people care just as much as I do now.
I’ve trained a hundred thousand therapists around the world with my partner, Chloe Madonna. So we make films of people’s lives like suicidal people, people who’ve been through hell and you get to watch how I do it as I do it, and then you could see them two years later know it really.
Do you ever question choices of decisions you make today, okay and does does everything you touch turn into what you want it to be? Oh, of course not. No, no failure is part of life. I mean the difference.
For me, though, is I like a failure? As a stepping stone to success, it’s, a speed bump. I know I’m gonna fail, but it’s, not failure. If you learn something and so gosh I’ve made so many mistakes. I’ve screwed, so many things out, but every time I do it just becomes, it becomes a way for me to explain to someone else what it takes.
You know it’s like here’s. What I’ve done. I think I have the ability to influence people, because I talk about my failures. I talk about all the things that mess me up, but I show people that didn’t.
Let it stop me and you don’t need to stop you, and I think I think that’s, really the secret matter, and if everything you touch was successful. First one got a relate to people as much. Oh, you’ll, be late and also it’s be total and everyone know it’s, and also you’d, be bored silly.
I mean think about it. If you just said, I want this to happen. I want this to happen. You know people don’t value it they don’t fight for you know it’s like you see, kids, sometimes in it. You know your parents will say you’re, not gonna value this.
If you don & # 39, t work for it and you’re kidding on you, oh well, you just give it to me, but it’s. True, you know about things we & # 39. Ve worked the hardest for we value the most. So I think you know the purpose of the goal is not getting it anyway.
The purpose of goal, you know, is what who you become well. You becomes gonna make you happier it’s. Gon na make you sad. So I’m, not looking for an effortless approach. There’s. No such thing. I’m curious about relationships and building wealth.
There’s, an importance to or how important is it to have the right partner in a marriage or an intimate relationship and relating to building wealth? Does it matter who you choose their mindset? Does any of that play affect and how much you’re gonna make or it won’t affect how much you make, but it & # 39.
Ll! Think how your relationship a lot right, you know getting on the same page – is really really important. But and when my wife and I met my wife, we both grew up very poor, but I decided that I was gonna find a way to add so much value.
That money would never be a question for my family and you know who never stopped me from giving or doing or sharing anything, and I made that decision early on so I became an earner ways of earning she became a negotiator, cost manager, her mom’s number one thing: if somebody comes in, she goes sharpen your pencil that’s, not a good enough deal, and so when we first met, I remember we were.
We were in New York City, and this dates me how old I am, but I remember when they first came out with digital cameras, the very first digital cameras from Sony – and it was like such a cool thing. You could take 12 pictures or whatever it was, but we were down in New York.
City were in Times Square and we went into one of those camera shops. It was Christmastime and I saw the camera. I was like so excited about this camera and I said you know when we get one for my brother, my sister, my mom, and you know I came up with and I was like 12 cameras and they were very expensive.
Then I I mean you’re like 1200 or $ 2,000 each. They were really crazy. Nothing like 200 for the same yeah, not even it’s, not a million times better, but I went to the counter and the guy goes. Oh, my god, Tony Robbins, can I take a picture with you.
I’ll put it on the walls. I said sure. If she goes hey just sharpen your pencil, we’re gonna deal. You’re gonna get my boyfriend here and I wanted to grab her by the throat just go. What are you doing here? He’s like what are you doing and she’s like no? No, what’s the deal here and he goes oh well, I give you 10 % off.
She goes sharpen your pencil 10 %. You’re, not taking a picture of my boyfriend and I’m one who murder her right and I was so mad. I mean I was so mad, and so she got like 15 % off and free camera cases low stuff, and I’m shaking my head.
We left I was like I am so we have this big fight today. I just call her squeaky. She’s. My squeaky girl. She wants to go to Walmart, as if we’d ever need to go to Walmart. You know, and what I do is I’m delighted by the difference and I go.
You know what what a beautiful gift I & #. 39 ve, been in relationships before where I gave everything and the people were totally unconscious with money. So they answer your question. It’s, nice to be on the same page, but you know I one day I told my wife, I was coaching someone and a person gave me a quarter of a million dollar bonus who you are it’s mind-boggling.
It was like he didn’t have to it. Wasn’t part of the deal here. Pays me a million dollars a year plus the piece the upside, and you just said. Oh, you did so much for me. I just want to give you this additional quarter million our bonus, it wasn’t the money.
It was the generosity that just knocked me off my seat, and so I called my wife, I said honey pause. Give me a quarter million dollar bonus. I mean there’s like he’s so generous, and she goes oh, that’s, nice honey! Hey! Do you know what I’m making for lunch? You know why.
So I used to get upset about that like that’s, my squeaky little girls, I’m thrilled. She doesn’t have to think about it. I’m in charge, and so I don’t think your partner has to one of you has to master it, and you have to have some alignment.
Okay, but you don’t want them to be against you essentially. Well, sometimes they’re gonna be we were against each other. In some ways we’re having fights, but what you eventually decide is. Do I want to be right or don & # 39? T want to be in love and also, I just said you know: Turner, I’d, say listen, honey! I’m.
I understand your intent. I had to go to her intent. Instead of being frustrated with her saying this is really actually a cool quality and she’s, my opposite in that area, that’s, a we’re good, more good balance together.
All right, you know there’s, a lot of people that I grew up with, who were poor, who had a negative mindset around money. They thought it was evil that it was bad. What would you say to someone who has that mindset where they just they have a story around money, that isn’t a positive one yeah, I think of money, I think, of evil, bad corruption, whatever maybe yeah? How does someone shift it like? What’s? Is it a daily practice? Is it something they can do right away? It’s, the truth get to the truth.
The truth is simple. Money does not change. People money makes you more of what you are. It’s, a magnifying tool. If you’re mean you got a lot more to be mean with. If you’re generous, you got a lot more to be generous with and give so it’s.
It’s. That money is anything all money is, is a symbol and we all project it. On that symbol, different things you can you know if you feel out of control of money, then you’re gonna project it as evil.
If you feel incompetent – and you see someone else more successful – oh they’re, the 1 % they’re, the jerks, usually by the way they’re. The point – oh oh: 1 %. You’re pointing ahead, but it used to be aspirational to be in the 1 % today there’s.
This new mindset that says they’re evil. They’re wrong. The people in our society that say they’re, the 99 % are lying because half this planet lives on two dollars and 50 cents a day right, 900 dollars a year.
If you were considered in poverty in the United States, you are the 1 % of earners in the world. You are the one person in poverty in the u.s. poverty. You know in the world the 1 % of the world’s arms.
So we you’re. Doing is saying poor me. While you’re typing on your Apple computer or drinking a cup of Starbucks. Somebody showed me a picture of the you know. The people that were, I’m camping out and they’ve got these great kids.
Jules I mean they got all these brand name corporations that they’re doing. They think they’re, the 99 %. Now don’t get me wrong. I wrote an entire book exposing the abuses in the system, but here’s. What I said the system is rigged against you, but you can still win, but what you have to do is understand the rules of the game instead of complaining and whining and what I did is I went to the very best and said: how could you possibly Win when 70 % of the stocks every day are being traded by high-frequency traders so before you choose Apple Ani trade and hit it as you hit it in microseconds, they see what you want.
They get in front of you. They buy and sell multiple times to make money off of you. If you’re, a trader that’s, a pain in the butt. But if you’re, an investor over the long term, it doesn’t affect you at all, and what I really try to detail for people’s, how to get from where you are to where you want to be.
If you’re, a millennial that’s, got all this debt and you don’t, think you can ever be free. I show you how if you’re, a baby boomer and you’re older and you think I don’t have any money I’ll, never have it.
I show you how to get that piece and it’s. Not none of this is from my perspective. I teach the emotional part yes, but it literally is the 50 smartest minds in the world, and we were talking before we started the interview that you learned something new over the last six months or a year.
Since writing the book came out. Can you share with no one disappointing? Can you share with us talking about fiduciaries? Yes? Well, the first thing that I did was most people don & # 39. T understand that there are lots of things you can’t control in the system, but there are a few things you can control and that’s.
What you focus on and you can win and one of those is, you can control the markets. Are gonna, go real estate stock, anything, but you can control fees, and that sounds so third-grade like what does that matter and that’s sexy? Not sexy well, when I met with Jack Bogle who created Vanguard, largest index fund in the world, they got three trillion dollars with a tee and 63 years in the business he said Tony, I know you care you’ve got to uncover for people Where the fee structures are like, for example, most people in America have their money in their home or the 401 K there’s more throwing case than their homes right.
Yes, he said only the abuse in that system is so bad. So when you uncover the fees – and I did this in the book – I created a system where people could go in to show me the fees.com if they had a 401k and it showed you exactly what the fees are and what it means to compound it.
Because every 1 % in fees you pay more than you need to because of compounding means. You gave up 10 years of income when you go to retire. So, for example, the average person puts their money in a mutual fund.
They don’t know what to be fun to go to. They look on Morningstar, maybe that’s, five stars. If it’s, five star, you’re already overpaying for it’s, not gonna stay. A five star and the average mutual fund pays three point: one: two percent: all right: that’s; the cost that you think it’s; 1 %, but there’s.
A 35 page document that, if you know how to read it, you’ll find 17 other page. Well, why does that matter? It’s, only 3 % 3 % compounded year after year. So what happens? Is you go out? You put up you put yourself in this position and you could have paid for Vanguard.
For example, an index fund 14 basis points that’s, 14, one hundredths of a percent of 1 %, the other person’s, paying 3 % for the same product. It’s, the exact same set of stocks. So what’s, the difference? Well, those 3 percent are gonna cost.
You to give you a perspective, 60 percent of what your earn is gonna go to somebody else that didn’t have to go to them just because you were ignorant, so it’s kind of like do you want to buy A Honda Accord an example – I always give us $ 20,000, but in this case $ 20,000 on record, you’re, paying a million to 4.
That’s, the difference between point 1, 4 and 3, point 1, 2, and so there are people living next door to each other that are paying a thousand percent more most of them, 100 percent more, but in their neighbor for the same product.
There’s, no industry in the world. It’s at the financial industry. We can do that and the way they do is by confusing you so much that you give up and say just you know, manage my money, and so they take it away from you.
So in the book I explained how to do that. I also built the site, another site called portfolio check up calm and I built it. So you could put all your accounts in there, not just 401k. It pulls them for you in two minutes showed you all.
The costs shows you how much risk you’re, truly taking and compares you to some of the best portfolios in the world. Hach compares I don’t just like the book. I donated all the profits from I didn’t do anything in and if you wanted to work with someone, I taught everyone: 90 % of the people in the financial markets that you go to as a wealth manager, investment manager there a broker – and There’s, no wrong with a broker, except they’re, just the salesman and they’re gonna sell you what the house tells them to sell you, because the house always wins and they they’re.
Gon na sell you underperforming assets, cuz mutual funds – 96 % of them never match the market over any 10-year period of time. So it’s gonna underperform in they’re gonna overcharge. You so I said, go to a fiduciary new word for everybody, the F word fiduciary.
All it means is there’s, a small percentage of the population, that’s required by law to put your needs ahead of their own meaning. If I told you that I’m a fiduciary, I tell you to buy Apple this morning and then the stock drops – and I buy it later today for myself, I have to give you my stock, that’s, how strong the laws Yeah small groups are called are, is registered investment advisors or fiduciaries, so I’ve built this platform, gave away all the money and then said, go to a fiduciary, and I recommended the seven largest fiduciaries in the country and then five months ago I Had one of the guys on the platform, his name is Peter Mallick and he has a company called creative planning and creative planning is the number one rated firm in the world number one independent wealth manager by Bloomberg for three years in a row that’s, no one’s ever done it for three years, two years around for CNBC, and he built this family office.
It’s, like billionaires, have a family office. It’s, a place where they have eight or nine people who one works on protecting you. One works on your mortgages. One works on your taxes, one to make sure you get the most efficiency ones, working on your investments and all billionaires have a family office.
He built the family office for people that are multi millionaires, and so he comes to meet with me and said Tony. I want to share something with you. He goes there are these hidden rules in the law, these gray areas that a people are on the edge legally and everyone on your platform is doing this and he said it’s called dual registration and what’s that he said? I tell you: I’m, a fiduciary sue.
Now you trust me and legally, I’m responsible to take care of you, but I have this dual registration. So, in the middle of a conversation, I can switch hats and become a broker and you don’t it, and I can sell you some product that could cost two or three or four percent and it under reforms and you don’T even know it, you think I’m, giving you independent advice and it’s, not an append advice, and I did the homework in every firm, including people.
I really like. We’re doing it because there’s, a way to get more margin for their business, so it’s, not right. So I kicked everything off the platform and I sat down with Peter, and I said you’re. The only guy of size use 20 billion in assets.
He’s budging right now. I said you’re, the only guy in you’re number one. I said I want to recommend more people to you, but you only do billionaires and multimillionaires. I said, keep doing that. We got the greatest practice in the world, but how about you build something? Another division that’ll work with people with as little as $ 50,000 and give them the CPA.
The tax give him everything the same and he charges less than 1 %. 1.2 is the highest for somebody. They like no money. It goes down to 25 basis points. I said people people charge more than that. Just for the financial advice you’re, doing everything.
I said if you do that I’ll partner with you, so he took three weeks came back to me, went back and forth started building a new division over the last five months. He’s been building it. So now I want his Board of Advisors and I’m, also the chief of investment psychology, so I educate both the general public and his people on how to meet people’s.
Financial needs in a different level, and I got him to create a second opinion, which means, if you had a health challenge, anybody smart knows no matter what this person tells. You get a second opinion and go to the best, because there’s.
So many pains about to do health-wise there’s, so many paints what to do financially. So I said why don’t. You give a second opinion from the number-one firm on earth. Why don’t you provide that give people a plan and they make a little implement on their own if they want or for less than 1 % they can go with you.
I think most people when they’re going with you. So he’s agreed to do it. Anyone who wants to can go to the number one firm com, the number from become, or they go to create a planning dotnet and you can just apply they’ll interview.
You they’ll, take you through a process. They’ll, build a plan for you and then you can go implement it or you can work with it.