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How to Develop a Millionaire Mindset

Develop a Millionaire Mindset 

I picked these people because all of them are the best on earth but i also want to see what they're all very different you know basically disrupts the system and says you guys who are running the company are not maximizing profits and i'm going to take over the company unless you make some changes and I'm grossly generalizing what he does much more deep than that but it's a good metaphor for him and so they're they're very different I mean I've called for the intense that pretty intense to what about different issues actually had the privilege by the way of introducing the two of them that's how far I came on this journey of four years they both know about each other for decades I both them to each other by introducing but the reason bring it up it might feel they're totally different approaches what we do or with you Kyle Bass has a completely different form of investing let's say there's another person or maybe again are looking at somebody like sir john templeton and seeing his ideas you had best when there's blood in the streets when everybody's freaking out what they know the world over because people give up their investments for pennies on the dollar and then things always come back and you make a lot of money so there's lots of different approaches here and throw I think the dozens of that section of the very best of the best and i decided to share the ball and but I want you to know that they do have two things in common what they all have in common university not only two people on the video but virtually everybody they interviewed they all are completely obsessed with not losing not losing to them if as important as winning they say well we meet not losing money remember warren buffett favorite quote leave that here the key investing it's only two rules rule1. don't lose money will never to the rule number one for fate and that came from actually his teacher of even sharing a full life because it's the focus guy Paul Tudor Jones to make money 28 years and no to stock market crashes ups and down bonds and changing the financial system 911 at everything we've gone through the subprime crisis to make money 28 straight years you've got to focus you better not lose money because when you lose money people don't realize what it means both you don't realize that if you lost fifty percent of like that's good it takes a hundred percent you to get even because when you lose that money lots of money to investments are not going to take even more to get even if you lose seventy percent it takes two hundred percent of your money to get even so it's not a one-to-one ratio that people don't understand these great investors no you can't afford to lose money and so they have all these systems and ways to do it what else do they have in common well all of them go after what they call a symmetrical risk/reward stay with me at the big word asymmetrical it just means that they want to get a smaller amount of risk with a lot more possible reward if i'm going to take risks they say i want to think of little risk as possible for as much upside as possible so when you go through those chapters you'll see for example that Paul Tudor Jones when i first worked for them because having a little bit of a challenging time he brought me in to do a turnaround on and when I came in I got a chance to study the film defense for the past I got a chance in a day when that England was having problems with you know their their currency and now separate interviews with amazing people and they all help me to figure out that when pollen adapt their the best always made an investment where he was risking one-dollar being certain that what he's gonna risk it was going to make him five dollars almost a five hundred percent return all these guys know they're going to be wrong so Paul you is if I looking dollars and certain what I'm going to make five if i'm wrong i can't risk another dollar and still make for another's to make three Paul could be wrong four times out of five and still be even and not lose money if he's right three times at five going to make twenty percent he's right more than that he's gonna make a fortune that's how you make money they make money because the average person of the opposite the average person risk the dollar to make how much ten cents ten percent twenty-seven twenty percent most of the world today they're looking to make five six seven eight nine ten cents how often do you wrong not very often so you should talk about what i find the best look like that the hard part but these guys about it how do you do it he did it by finding an investment that nobody believed was valuable and so here we have a risk sixth sense trying to make a hundred sense to make a dollar six things to make a dollar he could be wrong 15 times and still make muddy and he was around 15 times which is why picture ability to make two billion that's the kind of risk reward or asymmetrical risk/reward these people do so I've been looking for those investments to my fiduciary what fact amazing fiduciary and people of that nature we finally find the developments amazing be sure to read the chapter i'm not going to give it away here but there's a powerbass explain how he taught his children always be worth what they put in it but it would

Develop a Millionaire Mindset 

be worth thirty-six percent more on the first day they have it could be worth a hundred percent more in the near future so be sure to read that find out about the second thing we have in common they all believe it takes more risk getting huge rewards I even you know people in business you looking for me right sir richard branson such a brilliant man and i met Richard many times and really got very very good man and you look at what he's going to do this you say well Richard takes crazy risks but he was talking to Richard he's talking about how he looked at a business deal you always ask the question what's the downside and how do we protect the downside and yet you think risk of this you think of Richard this crazy risk taker in fact that when the stories shared with me was what he was doing virgin airlines up da Griff these giant Boeing jets he actually went to negotiate to get bowing to give him a guarantee that the difference wonder you can give back the Jets without we expect i mean that's that's a symmetrical mr. Ward right that's pretty brilliant third where they have in common they all absolutely know beyond a shadow of a doubt that they're going to be wrong they aren't like the talking about television stay up all going to go my way and so they all have an extraordinary structured commitment of passive protection where they divide up there after so that when they're wrong that they still make money rate value is probably the most powerful example of that if you don't what he calls his all-weather strategy and he gave us a strategy not identical but similar based on similar principles in the book which is the offseason strategy which is designed so that if the stock market goes up or goes down you can still make money if interest rates go up when they go down you can still make money when you going to book you can see this but the secret same thing is true out an application a plan that i'm going to be wrong but I need to have a strategy that when i'm wrong i'm still okay i can still make money what would be a fourth thing the other college they all understand the importance of tax efficiency David Swensen told me specifically galleys of tony is only a few things that really move the needle you've got to diversify your investments so that you're protected and you get the most protection of the downside to get the most upside possible he said you really have to also make sure you have a certain amount of investment leaning towards equities because equities overtime have had a better return than most other investments but he said the one thing that's a no-brainer really gotta have tax efficiency because you don't get the money you earn you get the money you keep and as i mentioned to you there's a chapter in the book on the secrets of the ultra-wealthy sequences you can use today ultimately people know that earning more is not the answer key anymore the answer and that the IRS has sanctioned very specific ways you can keep more of your money and you keep more about money investment popular you compound you're going to get a giant return and there's ways to do it where the money is deferred and way to do it works the money is actually tax-free and it's legal you got to meet the chapter about but every one of these guys had organized their lives to be tax-efficient so able to keep more than that get to their financial goals so much faster and the last one is they're all learning machines one thing we have in common is none of them forever settled they don't say I got a pen mastered they're always fighting they're always learning they're always growing they're always trying to figure out a new insight a new way of strategy do things better to have had one more they've got 27 now I'd say they're all givers when I think givers I don't mean like positioning givers like so everybody notices every single one of the mornings when they gave me so much time and then even then just give me three hours they followed up with me we spent hours talking since that time and increase the understanding how to help you and we're not making a dime from you and I'm not thinking about my give all the profits of the sport why did all these people do this because they've done well in their life and they really believe the secret to living is giving that they all do it different ways to do it publicly something privately some George education something around healthcare but they found enormous joy in giving it remind them that there's more than enough that's one of the reasons are wealthy so those the top ones i can see in common they don't lose great changes the focus asymmetrical risk/reward small risk big reward is not big risk little reports i want to play that game got to make sure that we're protecting we know we're going to be wrong so we got at that location got to make sure tax-efficient got to make sure they're always learning how to make sure always giving so take care of yourself livestrong live with passion invest well and get financially free...