[Applause]
[Music]
welcome back it's Tony Robbins again
here with money master the games seven
simple steps to financial freedom let's
get into gear now we've given you the
background the overview of what this
book is really about let's go through
the seven steps by beginning with step
number one tap the power in this session
we're gonna make the most important
financial decision of your life and it's
not a decision you might think it is in
fact most people think that the way you
get free financially free or wealthy is
you get this big score somehow I'm gonna
make a bunch of money or somewhere I'm
gonna make this investment in Apple it's
gonna triple and that's what's gonna
make me wealthy but all the research
shows in reality people earn a huge sums
of money rarely keep those huge sums of
money and very few people really get to
the number that they're really after
when they're trying to make that big
score and so I really want to show you a
much simpler way there are literally
millions of people around the world that
have become millionaires and they've
done it really slowly and easily because
they've just tapped into a very simple
power and that power I know you've heard
of called compound interest or
compounded growth the idea of growth
upon growth multiplying itself let me
explain what I mean early in the book I
decided one of the people I wanted to go
visit with was a man named Burton
Malkiel Burton Malkiel Herbert is an
amazing professor who's at Princeton and
I wanted to go see him because he wrote
a book has become kind of investing
classic called a random walk down Wall
Street and he wrote it in the 70s and
it's still popular today and in it he
kind of shook up the investment field
because he came up with this idea saying
you know what people should be able to
have a tiny bit of money and owned all
of the stock market and not pay these
huge mutual fund fees that are usually
hidden that are eating away at your
ability to grow and compound what you
have into real wealth and he was one of
the earliest people to ever come up with
this idea of promoting the idea of an
index fund an index fund again is really
simple instead of buying this Apple or
PepsiCo or Coke or whoever the case may
be you can actually buy this index which
mimics the entire stock market so you
get a micro piece of all these companies
all the best companies for example in
the S&P 500 or the standard Poor's 550
million with that
and so his idea has turned into a seven
trillion dollar year business and
another person I got to spend quite a
bit of time with it you learn about here
in the book and here with me is
gentlemen started Vanguard that's Jack
Bogle he took this idea and he bit his
fortune on it both of these men
understood something and when I sat down
with Burton Malkiel the first thing I
said was look I know your straight
shooter he he think I definitely shoots
from the hip he doesn't care what people
think I said tell me what's the single
biggest mistake that individuals make
that investors make in their life and he
said Tony beyond a shot of it's a doubt
as they don't take full advantage of the
power of compounding
he said Einstein said it was one of the
single greatest inventions of humanity
understanding it can change everything
in your life and everybody says they
understand it he told me but very few
people tap it he said understanding
something intellectually is not the same
as doing it if you're doing it then you
know it if you understand intellectually
you know like I've said before that and
three dollars were almost buy a
Starbucks bunka coffee so what you
really have to understand is how it
works and saw ask them said but what's
the best way to teach it and he went
into this riff and you know in the user
he's in his late 70s and it was kind of
like I've read him this him described
this before but watching him do it there
in front of my eyes his his eyes
sparkled he got all in state you could
see he's done this so many times but
it's like a great musician you look like
Bruce Springsteen going off and doing a
riff there directly for you and his riff
was to tell me the story about William
and James he said told me to give you a
real example let's take two guys William
and James and let's say William starts
out at 20 years old and he starts taking
a little bit of his money and just
locking it down and setting aside and
investing it let's say he takes three
hundred dollars a month four thousand
dollars a year and he puts that aside
and he doesn't touch it and he puts it
in the stock market and let's say over
time he averages 10% and let's say he
doesn't an index fund so he's not being
taxed continuously so it grows tax-free
until the time he's gonna take it out
and let's say he makes that investment
stay with me now Willie makes that
investment from the time he's 20 puts
away that 300 bucks a month at 4,000
till the time he's 40 he never makes
another investment again that's it and
then we see what he has at age 16
and then on the other hand he has a
brother in James and James he doesn't
get started when he's 20 he doesn't get
started when he's 30 he waits till he's
40 and then he starts to say God better
start doing something she does the exact
same thing his brother did he starts
putting away from $80 a month four
thousand dollars a year roughly he gets
the same exact return let's say of 10%
in a tax protected environment and at
sixty-five from forty to sixty five is
25 years so he spends 25 years putting
money in the system pay that four grand
times twenty five years a hundred
thousand dollars his brother William he
only did this for 20 years 20 to 40 20
years times 4,000 80,000 so the second
brother William and James James put in
significantly more money into the system
than it longer but at age 65 they both
got the same rate of return who do you
think is doing better off I know you
know the answer but the real question is
how much better off and that's what most
people have no clue of William who
started earlier and quit earlier has six
hundred percent more money not twenty
percent not fifty percent not six
hundred percent more money at age 65
both these men who got the same rates of
return but one started earlier and quit
earlier he has 2.5 million dollars for
William and James who started later and
put more money into the system but he
started later so he got less compounding
he end up with four hundred thousand
dollars a 2.1 million dollar difference
now that could be the difference between
total financial freedom for somebody or
do it okay for a while and at 70 having
to get a job to be a you know somebody
greeting people at Walmart see this
understanding of compounding is how you
can free yourself from this idea that
somehow you've got to make this giant
score because the more you try to create
that giant score even if you get it
usually isn't capped so how can I say
that because I've been in this business
working with people some of the greatest
entertainers actors musicians sports
stars government officials who go off
and make money afterwards and I can tell
you one thing rarely do they keep it
because they've never understood how to
really tap in this power I'll give you
one more example this Bert
to me at the time he said Ben Franklin
when he was you know living alive there
were two cities that were kind of like
sister cities for him and it was
Philadelphia in Boston he went back and
forth between them they felt like
hometowns to him so when he died in 1790
he gave both cities $1,000 but the
control and the guide was they couldn't
be touched the money had to be invested
had to be left alone for a hundred years
after a hundred years he already
calculated what he knew would be worth
he said they could both take out a half
a million dollars that one thousand
would be worth five hundred thousand he
I calculated or more it was actually
worth a lot more
and then at 200 years they'd have to
leave the rest in and let it accumulate
and at 200 years they could take all the
money out for both cities well both
cities got a half a million dollar hit
from a thousand dollar investment a
hundred years out that's pretty amazing
mathematics when he grows you think
about that nothing was added to it it's
just natural interest growing the growth
that happened in the market and then
what happened in 200 years without a
thousand dollars had grown to six point
five million dollars even though they'd
already taken half a million out and it
didn't get to the pound for a hundred
years six point five million that's a
three thousand percent return so
compounding is amazing and I know you've
heard of it I'm sure you've got examples
you've heard but what I really want to
do in this particular session with you
is get you to take step one to financial
freedom and that is to start tapping
this power and the way you're gonna tap
this power is give up the illusion that
you're gonna give this home run I'll
help you with a home run
we'll use a metaphor how about Curt
Schilling Boston Red Sox if you're a
sports fan you know about this man
because he went to two World Series
brilliant man he made a hundred million
dollars in income 100 million now check
this out how much does he have today
he's bankrupt in fact he's not only
bankrupt he's upside down 50 million
dollars how is that possible because
when people make huge sums of money no
matter how much money we make have you
ever noticed that we seem to find a way
to spend it and you say that's
impossible
but when you make that much money you
buy yourself a business or you buy an
island and guess what you can be upside
down so quick and make your head spin
about if you're old enough maybe a
member LA Confidential and the woman
who won the Academy Award for that Kim
Basinger or maybe if you really been
around a while you remember nine and a
half weeks she was the highest-paid
actress of her day she was getting ten
million dollars a movie at a time when
no one ever dreamed of those kinds of
numbers but guess what today she went
through bankruptcy
she bought a little town paid twenty
million dollars in Texas for a town made
some bad mistakes and went bankrupt I
can give you a list that'll make your
head spin I mean some of the greatest
people that found themselves if not
bankrupt completely busted
people like Willie Nelson Marvin Gaye
Francis Ford Coppola did Godfather for
God's sakes these are people that made
more money than most people ever dream
of or how about Mike Tyson Mike Tyson
made a half a billion dollars in prize
money he actually earned a half a
billion dollars and then went bankrupt
in fact he was upside down 27 million
dollars Michael Jackson Michael Jackson
reportedly had a contract for almost a
billion dollars and he couldn't make the
payments on his ranch the neverland's
ranch at 25 million dollars and after
he's passed away people made a fortune
like a lot of artists but at the time of
his death things are pretty pretty rough
so it doesn't matter how much money you
have in fact most people describe what
happens with let's say a fighter even
somebody as brilliant as money
Mayweather really a guy
unbelievable fighter but you know if you
talked to nobody less than 50 cent his
farmer friend and partner he said let me
tell you what he does he go outs and he
fights he gets the money he spends the
money and then he fights he said and you
know he cares around Louie Vuitton bag
full of literally a million dollars in
cash just in case anything special
happens he wants to get the image of so
god forbid if something happens to this
man and his ability to fight he could be
in real trouble we can't do that it's
easy to make fun of somebody else ago
well look at what they're doing but
don't most Americans really like instead
of fight say work earn the money spend
the money work that cycle is the worst
cycle on earth and that's the cycle I
want to get you out of right now today
by tapping the power and making step one
the most important investment decision
life so what that is it well what if you
decided that you were no longer gonna be
at a financial trader
what are you talking about Tony I'm not
a financial trader I don't invest in
stocks I don't I don't do that stuff all
day long
most Americans are financial traders
even though they don't think of
themselves that way why because if
you're trading time for money you're
making the worst financial trade in the
world your goal and the goal I have for
you with this book is to make money your
slave you want money to work for you so
you don't have to until that happens
you'll always have some level of
uncertainty or fear or stress or
insecurity because there's only so many
things that can happen that mess up your
income flow and you're in trouble what
would it feel like if you could build
what I would call a money machine
something that made money while you
slept
something that literally every day of
your life even if you weren't working
could provide you an income without ever
having to work again because he asked
people all the time what are you
investing for and people say well I
don't do my 401 K so someday I can
retire or I'm investing so that I can
get you know more assets or a bigger
nest egg no you're not you investing for
one thing and one thing only you're
investing because you want an income you
want an income that will last longer
than you live in fact I mentioned before
the number one fear of baby boomers
today is that not they're gonna die
that's their number two fear the number
one fear is I want to run out of money
while I'm alive and Millennials have the
same fear because quoting statistics
about 70 to 75 percent of people are
gonna run out of money before they die
and we're all living longer so the
chance of that happening is off the
charts unless you and I create a money
machine what does that mean it's really
simple the most important financial
decision of your life is deciding that a
portion of all the money you earn in
your life is yours to keep that you're
not going to give it up it's for you and
for your family and you're gonna keep a
portion what you earned forever and
you're gonna grow it that you're not
gonna give it to you no Kate Spade
you're not gonna give it to the gap
you're not gonna give it to whoever you
normally gave it to you're gonna keep
that for yourself and you're gonna grow
it into something that literally will
make it so you don't have to work as
long as you live I call it a money
machine because it's really simple if
you were just think of yourself right
now you're a money machine if you take a
look at this graphic here you are you
work your tail off and what happens you
use your
efforts to get money you trade time for
money you take work and effort for money
but what if you just did something so
simple you already know to do it you're
just not probably doing it to level that
you could what if you made a decision
that a percentage of what you earn
you're never gonna see it it's just
gonna instantly and automatically be put
into building this money machine or
you're gonna take a portion of what you
earn 10% 15% 8% 20% you get to decide
the number but a proportion what you
earn no matter what before you ever see
it it's almost like a tax but the tax is
paid to you instead of the government
the taxes for your future self the taxes
about creating financial freedom see a
lot like most people who could end up
their life being stressed out all the
time
well you're the person who can do what
you want when you want where you want
with whomever you want because you got
freedom how do you get there you take a
portion of this money that you've done
right now you've earned you
automatically start to fill up this
money machine and just visually imagine
as you work more goes in you fill it up
up up and there's a point a trip you
know tipping point if you will we call
the tipping point at critical mass
there's a point where the money you've
saved and invested will have grown to a
point that there's enough there that if
you were to get just a small return on
your money in a secure environment the
income off your investments just the
income you that's what they're still
there the money is still there that
critical mass that nest egg is so big
that the interest you make on it alone
that interest gives you the income you
need to live your life as long as you
live long ever having to work again as
long as you live period now I have that
privilege and I'm fortunate of helped a
lot of people establish that who thought
it would never happen because they don't
understand that when you take that
little piece aside you're not just
putting in this money machine if you're
smart if you do what we show you in this
book the other six steps that money
won't just sit there accumulating that
money is gonna grow that money while you
sleep is gonna make more money and grow
and grow and grow so you get to that
critical mass that nest egg that peak
number where the income frees you for
the rest of your life now here's what's
ironic I mentioned this before but I
want to reinforce it for you
if you do this you will get to the point
where you won't have to work and then I
will warn you in advance you will work
and the reason why is because the secret
to financial freedom is not having to
work it's not not working the idea that
you don't have to work frees you up as
human beings we have to do something to
be productive where we go crazy I can't
tell you the number of people that I've
met who've hit the jackpot and then they
don't do anything and they're depressed
or they're frustrated or they're bored
other mind you just want to make sure
that what you do with your time is what
you love that it's your passion and if
your passion is your work you'll work
more the fact that used to be that the
game remember was get rich and retire at
40 and now the game is get rich and
retire at 80 or 75 or 85 like I've told
you my friends Steve Wynn's seventy two
years old still going there Warren
Buffett 84 years old I mean you can go
to a person after person after person
the people who make the most money
people make more than 750 thousand
dollars a year the vast majority say
they'll never retire or if they retire
we'll be in their late 70s that's
because the game is different but I
gotta face that well you don't have to
work you don't have to you'll walk
different it's different you have feel
different you know tell me how that
sounds like a pipe thing to me that's
cuz you don't understand compounding
because you're looking for that big
score that hopefully someday you're
gonna get when really truly if you were
William and not James and you took a
little bit of money and set it aside and
just let that grow through time you get
a millions of dollars for yourself and
I'm gonna show you how to make sure to
maximize it I'm gonna show you how to
make it more tax efficient so you keep
more of that money I'm gonna show you
how to diversify it so you protect it
I'm gonna show you what I've learned
from the best people on earth but none
of it is any good if you don't decide on
a specific number that you're gonna
automate to make this happen
now I know when I say this a lot of
people say well how much well the
minimum should be 10% and ideally in the
world we live in today if you're 40 or
above 45 you should be looking closer to
15% because you have less time to use
pounding so you gotta load the system
with a bit more and first thing you'd
say I'm sure many people's are you
kidding me I don't have that kind of
money I'm spinning everything I have
right now to keep my my credit card
bills going to keep myself going about
everything I earn I spend that'll always
be true it doesn't no matter how much
money people make trust me I've been
there myself you know I went from barely
surviving trying to figure out what to
do to earning extremely well and then
barely survived because I overspent and
I mean it's just the nature of human
beings our vision gets bigger we have
more resources but if you will draw a
line in the sand and you and you don't
have to think about it the thing that
Burton Malkiel told me said Tony the
secret to it all is you got to think
that pick that number and then you don't
change it it's like a tax and you don't
see the money you will show you how in
the book here you automated so that
money is taken out immediately if
somebody if you run your own business or
you go to work somewhere and they raise
our taxes by five percent eight percent
ten percent you're gonna hate it you're
gonna be mad as hell and it's still
gonna get paid yes it's the way we are
as human beings so why not create a
freedom tax and it's really not a tax at
all what about a freedom gift I call it
the freedom fund what you want to do is
decide right now right now what
percentage by the way I've mentioned one
thing you might sell 20 I'm already
doing this I'm already contributing my
401k then I want you to side right now
and I'm sure you got to maximize your
401k I'm gonna show you get with those
fees in your 401k they're eating up
you're compounding you're compounding
fees if you don't know what you're doing
in this area but if you're already doing
this I want you to pick a number right
now that you might increase to and and
before you pick the number whether it's
10 or 15 or 20 whatever that number is
you're gonna want to decide it and not
change it other than increase it maybe
in the future and you're gonna make it
automated so that money goes into your
freedom fund not a savings account a
place where you're gonna be investing
that money and growing it till it hits a
critical mass that throws off the income
you need so you never have to work again
so you have that true financial freedom
so if you're saying well Tony I don't
know I'm gonna do this let me give you
two pieces to help you think about this
I could name dozens of stories or
examples of people that I've met over
the years who've started with nothing it
became well
because they just took a little piece
off and forgot about it and let it grow
and grow and grow and grow but I'll give
you one of my favorite examples Theodore
Johnson this is a man who never made
more than 14 thousand dollars a year in
his entire lifetime he worked for ups
and he only did one thing different than
most people at late stage of life in his
late 80s he's worth seventy million
dollars he did not inherit any money all
the money came from compounding $14,000
a year how'd he do that he committed to
one thing he decided 20% of all he
earned was gonna be set aside every
check every bonus every situation 20%
there was no excuses he'd have to find a
way to do things differently
earn money other places but that 20% was
sacred
and it compounded over a lifetime for
him and gave him seventy million dollars
in his late 80s he donated thirty-five
million dollars away still had 35
million dollars and guess what never
made more than 14 grand I mean there's
no excuse when you understand the power
of compounding it's game over but you
gotta you got to get beyond your knowing
what it is to acting and that's really
would like you to do right now so right
now why not make a decision right now in
this moment say this is what I'm gonna
do I'm gonna stop trading time for money
I'm gonna make money work for me I'm
gonna make money my slave and I'm gonna
make a decision right now that no matter
how hard it may seem in this moment I'll
get used to it I've got to decide a
number that I'm gonna set aside and that
numbers not gonna move and I'm gonna
automatically start with seven what's
the number gonna be make a decision
right now and if you already have a
portion that you're putting aside it's
only gonna get you so far make a number
larger now that'll be the decision the
most important financial decision your
life because investing can only be done
with the capital you set aside and if
you wait to have a bunch of money to
invest you lose all the years that that
little bit of money could have been
compounding
going crazy compounding is the ultimate
power tap that power right now by making
your decision have you made it write it
down you know when you think of
something ahead it goes out write it
down drop it right now into your planner
send yourself an email without in the
headline what are you gonna do right now
so you lock it in your head and so you
lock it in your life and then the
question is how do you go about
automating that just open the book
chapter 1.3 it'll walk you through how
to do it you can go to Schwab you can go
to TD Ameritrade there are a variety
people that can automate it so it takes
right into your check into a holding
place you say well then where will I
take that money where I'll invest that
money those are the steps to come first
step is get in the game and you're
literally gonna be able to get in that
game and start to tap the power bi
automatic now if you're sitting here
right now saying Tony all this as well
and and I've heard this before I know
compounding then you know but I just
don't have any money of this what am I
gonna do then I like you to tap into the
power of behavioral economics
I wonder things I did when I wrote this
book as I said okay people are gonna
know some things we're gonna talk about
like what we're talking about right now
it's frankly common sense but common
sense is not too common if you notice
that people know it but they aren't
doing it so I said I want to get people
to do it so I went and met with a whole
series of Nobel Prize winners of
behavioral economics and maybe
economists are guys that spend their
entire life and women focusing on what
is it in human nature that makes us
screw up financially and what technique
we use to get beyond our minds so that
we don't need discipline and we
automatically get the right results what
these behavioral economics experts do is
they basically studied human brain and
human nature and they try to figure out
what is it in our nature the way the
human brain works that makes us make the
wrong decisions when it comes to
finances and one of those things has to
do with the fact that you know we want
these things we give more value to
things that are immediate than in the
future like what is in front of you
right now seems more real than 10 years
from now even though 10 years so now
you're gonna get there and if you don't
do something now it's gonna be painful
and so a lot of these experts have
figured a way to get around your own
nature with these little
real tricks it doesn't take discipline
to make it happen so for example slow-mo
Bernard see who's from UCLA and Richard
Thaler from Chicago both came up with a
brilliant system called save more for
tomorrow let me explain that works so if
you right now say Tony I can't I know
I've gotta save I know I've got to get
you know I've got to start tapping the
power of compounding but I'm splitting
every time I have there's no way out
first bullshit I'm sorry because they're
bullshit you can find a way it was their
entire life and future depends upon it
don't accept that we all get what we
tolerate there's a way to fight if
there's something to cut there's
something to create there's some way to
add more value we'll get to that later
but with this system what they said is
look if I said to you next week we're
gonna meet and we gonna have this
meeting would you like to have some
fresh fruit or would you like to have
chocolate cake when they do this
research with students about 80% of
people say no I have some fresh fruit
especially in an environment that
somewhat health oriented and so forth
but when they get to the meeting a week
later exactly the opposite eighty
percent reach for the chocolate the
chocolate cake so it's always easy to
diet in the future and similarly when I
say you got to take some money today an
investment your brain says I don't know
buddy room for that there's no time for
that so it's Lobo and his partner failed
dead as they said what if we let people
save more tomorrow what have you said to
people today make a commitment today
that when you receive your next raise of
any sort that that raise will then be
put aside for savings to in your freedom
fund to building your financial future
and interestingly enough most people are
saying I want to do that I can't do it
right now but I'll do it in the future
and as a result if you do this program
and I explained in the book in more
detail but just the highlight note is
you can go to your HR department and you
can loan now for every raise you get
you're gonna take out X percentage I'll
give you an example they took a group of
people in the Midwest who are
blue-collar workers with no room to be
able to say these are people that said
there's no way
so both slowmo and the impaler together
said you gotta save three and a half
percent anyway anybody can save 3.5
cents out of a dollar you've got to do
so they all agree they said but then you
also degrees to this formula of save
more for tomorrow which means every time
you get another raise another 3% or
three and a half percent is gonna be set
aside the most crazy thing happen this
group of people went from saving nothing
or three and a half percent to saving 14
percent on average
now when you start saving 14 percent
it's a different universe you're gonna
start compounding get this sixty five
percent of these blue-collar workers who
never say the enemy in their life we're
saving 19 percent now when you start
saving almost twenty percent that's what
made this man with 14 thousand a year
end up with 70 million that's the power
of compound he activated so here's what
I want to say to you there is a way and
if you say Tony well but there isn't
okay I'll agree to do this in the future
blow it off I don't get a raise
well if you don't get a raise I'd say to
you learn to become more effective I
always tell people find a job where your
raise becomes effective when you do
either own your own business get
yourself in sales do something where you
have some control or start a little
business on the side you can talk about
those things later but for right now
let's pretend you can't get any more
money anywhere how could you still do it
you can save and get that money to
invest save something you're spending
money like how about this take one night
a week and don't go out to dinner order
a pizza in watch a movie at home instead
of going out to the movies you'll save
at least forty dollars in the world we
live in today probably a bit more than
that if you say forty bucks a week by
just having a pizza not going out for
dinner and one of those nights or going
not going out spending that money forty
bucks a week sounds like so small amount
but if you took that money and you put
it your freedom fund and you grew it at
8% and we're gonna show you some people
for example in this book who have urged
over seventy five years closer to 10%
and with very little risk up and down
but let's say you averaged an 8% and you
left that you left it in there for 40
years you know you're 20 years old
you're 25 years old you're 30 years old
even plenty of time do you know what
that money turns into forty bucks a week
that's almost 2,000 a month 80 percent
compound it turns into a half a million
dollars by itself see the money's gonna
get spent the only
question is are you gonna compound it in
something really you're just gonna throw
it away the real goal in step one here
tap the power if you want to say what's
the first step of these seven steps are
gonna get you financially free you tap
the power buy stop being a consumer and
start to become an the owner that's what
you are when you decide invest you
become an owner and American business or
world business and when you own
businesses that are growing you get to
grow with them and as they compound in
their value you get to compound what you
have in your ownership of them as well
so you've got to become an owner and
you've got to become an investor and the
only way you can do that is decide on
percentage you're gonna set aside now
you can use save more for tomorrow start
with a small amount and build up that's
such an easy way to do it you can just
say boom I'm gonna start with 15 right
now but you got to make sure that it's
automated and if you're still saying
okay all this is wonderful but where do
I come up with this money well let's
take something you've all heard people
talk about their Starbucks strategy stop
drinking Starbucks I think a lot of
you're gonna still break your Starbucks
pretty addicted but I'll give you a
simple one how about bottled water you
know I come from Fiji I have a home in
Fiji and Fiji water is very popular
around the world I don't know what
bottled water you drink but almost
everywhere you go nobody drinks that on
a tap and I think for damn good reason
but there's an alternative to the tap
it's called filters filters cost almost
nothing and they don't waste all the
plastic do you know the average person
if they just they took to drink some
bottled water a day
it's the same as your pizza right two
drinks a day just think of it over 30
days check it out sixty right times two
bucks each then you start going huh I
got myself $120 a month you know if it's
three bottles of one today that's $180 a
month $108 months gonna get you past
that get you in that $2,000 range again
how about you just drink filtered water
get a filter at home how about you get
yourself we have them our only are these
plastic bottles that you keep reusing
that they don't leach plastic also so
you're not polluting your body and by
the way did you know a plastic bottle
started to get all eco on you right now
but did you know one plastic bottle
takes on average 450 years to break down
I'm living here on the ocean and almost
every day there's some plastic they'll
get rolling in here and some of it's
been out there for 50 years and it's
still coming back shore it's insane
we're living the way that makes sense
we're using all this fuel to bring the
water from someone else when you could
filter it right here how about you save
yourself that money and put another half
a million dollars in your pocket through
time just another way of thinking about
it in fact if you're trying to figure
out how the heck do I ever get the money
to invest in the first place I'd say
there's a couple places you could look
and I'll wrap this video up one you
could certainly find some things that
you're currently spending money on that
no longer give you joy a friend of mine
I wrote about in the books the lady here
was she finally figured figured out she
was spending so much money on her car it
was an old car and the fixing in the car
and the fuel in the car with financing
she'd go buy a brand new car she
wouldn't bought a brand new Cherokee
white pearlescent Jeep she had this
giant smiling face she'd only been
through like five chapters of the book
but she figured out you know what for
the money I'm spinning I could have a
much better quality of life and she was
saving money also that she now put in
her freedom fund to invest in other
words money she's spending on the car
she got a better car and the savings
were now creating for a financial future
where she wasn't the money machine
anymore her freedom fund was gonna
become the money machine you follow me
so there might be some things you could
cut there might be some things like
water or bottled water that's you're not
losing anything in fact you get
something better for yourself and less
wasteful that's one approach another way
is to find a way to earn more and I'll
show you in the book we'll go through a
section where I give you five little
mini chapters how do you save more and I
show you all kinds of examples so you
have this money I show you how you could
earn more so you can speed up the
process and super Tony I can't earn more
I'm I'm a schoolteacher well I have to
say mentality my mom when I was growing
up she wanted me to be a truck driver
she used to watch those truck master
truck driving schools and they talked
about you can make twenty four thousand
dollars a year if you become a truck
better and my mom said you've got to do
this he'll be on the open road you'll
have a sense of freedom
your father's locked down my father
worked as a parking attendant
underground and then you know a Century
City garage in LA for 30-something years
of his life my natural father and she
said you know you'll make twice as much
as your father you got more freedom
but I looked around I thought to myself
I think truck driving is a beautiful
thing but I had a mission of things I
wanted to do and I also thought I don't
think I could ever drive that truck far
enough for long enough to be able to
have freedom for my family for the
future because I didn't understand
compounding I get you're a truck driver
day how to do it but I didn't know how
but I did learn something really
important along the way a 17 years old
and I went to meet this man I went
didn't go meet him I went to attend a
seminar by a man named Jim Rohn who's
later became one of my first mentors and
Jim was a personal development speaker
and he would get up and talk for three
hours which I thought was a long time
you've been one of my seminars you know
that's not a long time and he would show
these tools and philosophies and how to
improve your life and a few strategies
and I was very touched by him and the
very first night I met him he said some
things I never forgot he said you know
what everybody wants life to change but
for your life to change you have to
change for things to get better for you
you've got to get better and he said
instead of complaining about how you
don't have the money and how you know
things aren't fair or going on a strike
he said rarely will that get your
strikes will get you pennies of
improvement he said the most powerful
thing you can do in the marketplace is
to understand how the marketplace works
and here's how it works if you can find
a way to do more for others if you can
find a way to add more value and become
more valuable
you will become worth more but you got
to be worth more you've got to be able
to say how can I do more for this
business that work on how can I help
them save the money how can I bring
skill sets to make them more profitable
you've got to think about that because
we're all paid in accordance to what our
worth is in the marketplace not our
spiritual worth not an emotional worth
not what our worth is as a soul but our
economic worth see you know in the world
we live in today there are people that
make seven dollars an hour and there are
people that make three and a half
billion dollars a year I'm not saying
one is better or worse but I'm saying
one has a lot more choices now why
because if you go to look at McDonald's
and you're working fast-food you're
gonna make about seven dollars and 75
cents an hour currently I just looked it
up crazy it depends on where you live in
the country but seven seventy five now
at seven seventy five you don't have
enough to really support
your family in any way you're gonna have
enormous stress and we could say well we
should make that number larger but in
reality the reason you make 775 if you
work at McDonald's is because almost
anyone can be trained to do that job
especially when it's automated today in
about an hour maybe two
but if you're gonna earn more you've got
to be able to give more do more create
more and I don't mean just work harder
you got to do something that adds more
value David Tepper made the most money
of anyone last year in personal income
he made 3.5 billion dollars with a B and
that's because he's a hedge fund guy and
we live in a world where the majority of
people are putting their money in a bank
where they're getting virtually no money
or maybe 25 you know a quarter of 1%
maybe 1% and this man got people
invested with him a 40% return now when
you had 40% that changes your life some
people if you're getting a quarter of a
percent yeah if you're getting 1% it's
gonna take you a couple of decades to
double your money at 40% you're gonna
double your money and like you know very
short order us in two and half years so
it's an interesting process to see what
that value is
and he said Tony what you must do is
find a way to do more for others than
anybody else has done he said if you can
find a way to help millions of people
then obviously you can be a millionaire
if you want to be that he said but it's
gotta be something they want something
they value something they think is
incredible now what do I tell you that
because the first time I started talking
about compounding and saying one way to
do it is start to earn more and put more
aside if you think you don't have enough
now I had this schoolteacher come to me
and she said you know but I can time
this fixed income there's no way for me
to get a raise and I said you know what
one of the great and justices of our
current society is that the most
important jobs like for example a
teacher
we're entrusting the future to someone
help us with our kids create their own
future create their skillsets their
abilities they're horribly paid in this
country but you can complain about the
system or you can take control of what's
within your own control and you can find
a way to add more
how am I gonna do that I said I know a
schoolteacher I described him in the
book who makes 4 million dollars a year
how he decided I love working with 30
kids but if I we worked with 30 kids I'm
gonna make $60,000 a year but if I can
find a way to work with hundreds of
thousands of kids I could earn hundreds
of thousands or maybe millions of
dollars and while he did was he became
incredible as a teacher he's a Korean
man and you just get better and better
he's always finding a better way to
teach I always find a more enjoyable way
to teach always the only way to help
people remember and learn quicker he was
just a learning machine and that added
value every other teacher taught the
same stuff he brought students unique
things they wanted it so he created a
website where he could mentor them and
we automated the mentoring he now makes
4 million dollars a year so I'm just
saying this do you not say you have to
make formulas are here but my bet is
with some creativity you could come up
with something that could bring you an
extra $300 a month
than 300 a month invested over time can
easily bring you a million dollars just
based on the math and that's the returns
I described to you earlier not a bad
thing if you've got a way to do
something bigger all the more power to
you I got a chance to us on The Today
Show one day and they called me up and
they said we got Warren Buffett and we
want to have you on and we're gonna have
the woman who is the youngest female
billionaire in the world and she has
this company called Spanx is the one
Spanx and if you're a woman watching I'm
sure you're smiling laughing he doesn't
know what's thanks is most men don't
know what Spanx are but it's I guess
it's kind of an undergarment that women
used to help them effectively shape
their body under a dress this woman she
had no idea how to become a billionaire
wasn't even her goal to be a billionaire
she just wanted to solve a problem in a
lot of women have and she was on her way
to a party and she cut some pantyhose up
and craved this little device and then
she thought it was a great idea and
everybody said it was stupid and she
tried and tried and tried and heard no
no no and she just wouldn't give up and
then finally she got someone to make
some of then she sold someone then she
eventually got an Oprah and now Spanx is
a multi-billion dollar business and
she's the youngest female billionaire in
history so I want you to know there's a
range from schoolteachers to this one
was working at Disneyland there are
people that might want to make
hundred dollars $500,000 more month and
if you find creative ways to earn more
by giving more by creating more of the
answers are there I just want to get you
going I've got a whole chapter on this
but what I don't want to leave this
section with your doing is thinking I
can't do this and I'll just give you one
last one another way you get the money
to grow your financial future is keep
more of the money 1/2 so I've got a
whole chapter here in the book on really
it's the secrets of the ultra-wealthy
that you can use to and you'll find it
in section 5 of the book and back to
chapter 5 point 5 you want to look it up
when you go there and what it is is if
you're trying to get pretty actually
free you have to remember what is the
most expensive cost that you have in
your life I mean what is the deepest
thing you're gonna spend money on in
your life and for the vast majority of
humans in this country at least and
North America and most Western nations
its taxes and so taxes you don't
understand if this goes to the IRS their
job is really simple there they're not
mean people I mean they're mean people
in every industry so I'm sure there's
some there like Switzerland their job is
to get as much money as they can from as
many people as they can every year and
your job according to the Supreme Court
is to use all of your ethical capacity
everything that's ethical everything is
legal to pay the least that you can and
you have that right that's not being not
democratic now I play I paid plenty of
taxes tens and millions of dollars in
taxes and I'm really grateful that I
have the ability to do that at the stage
of my life but I also have learned from
all the best investors that I've worked
with I'm talking the best on earth they
all know that tax efficiency is one of
the ways to speed up how to get from
where you are to where you want to be
because if you can keep more of what you
have and compound it you're gonna do
even better and there's a tool that
ultra wealthy people know and use it's
IRS sanction the IRS supports it and
very wealthy people very wealthy
organizations use it and it allows you
to grow your investments literally an
environment working me not just tax the
filler but tax free what that means is
if you tell me you have half a million
dollars built up over the years in your
401k I might say to you if you're in the
50% tax bracket
no you have $250,000 what you Tony no
that's not true
I've got half a million I said yeah but
half that's the government's money if
you think 50% you have a 50% tax but
what if that half a million could be put
an environment where when you made a
half a million to us all yours that
would get your goals twice as fast
wouldn't it or if you're a thirty
percent tax rate 30 percent faster it
might save you a decade so be sure to
check that part of the book out all I
want to get you to know is the gain is
you gotta tap the power step number one
step number one to be repetitive on once
you get it we want to make that decision
right now step number one is make the
most important financial decision of
your life decide right now what
percentage are you gonna keep for your
family forever what percentage of your
money are you gonna set aside automate
and make sure you just put in a freedom
fund that you're gonna start to invest
and build into something that will
eventually provide that income for you
we had never have to work again as long
as you live you only work because you
want to not because you have to sound
exciting well as simplistic as it is I'm
sure part of your brains going okay I'll
do that but we're I'm gonna guess where
I'm gonna put this money that's coming
next but first you gotta make the first
step so then turn this video off either
pick up the book read the details or
call fidelity or swab or go online and
find a way you're gonna just automate
deducting what's the number don't change
it if you already got a number increase
it is it 10
is it 12 is it 14 is it 15 is it 20 is
at least 7 or 8 and then what are you
gonna do to grow it's your time all
right hope I got your attention the
power of compounding will give you real
wealth not just going for a big hit and
by the way if you got a big hit and
you're smart you'll throw a bunch of it
into your freedom fund you'll just get
there faster thanks for watching look
for my next video in a couple of days
live strong and live a passion
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