Full transcript
0:07So, in order to teach you who to be, we
0:09got to tell you about who not to be. And
0:11Mike's got a great story for that.
0:12>> Bo and I have a really good friend of
0:13ours.
0:14>> Good dude.
0:14>> Really good guy. Great family guy. Has a
0:16great job. His wife has a great job.
0:18They have their finances in order, live
0:20below their means, they have their
0:21retirement plan, and he comes to me 15
0:24years ago for some financial advice.
0:26Mike, everything's good, but how do I
0:28get a little extra income or how do I
0:30set up for a little bit of extra cream
0:31on the top when we retire? Hey, I'm
0:33honored that you'd even ask, throw out
0:35some advice. I tell you what I would do.
0:37I would go buy maybe a forplex. They
0:39already had the money for the down
0:40payment. They both made enough money to
0:42cover any kind of vacancies. So, he
0:44loved the idea. I love the idea. Get it
0:47done and then in 15 years when it's paid
0:49for, you'll have a lot of extra money.
0:50Fast forward five years, same story.
0:52third time he comes to me and I'm like,
0:55man,
0:56>> if you would have taken action when we
0:58first talked about this 15 years ago,
1:01what would have happened? It would be
1:02paid for right now. Maybe your kids are
1:04going to college. You could have used
1:05that money for that. Could have been
1:06about $6,000 a month. You could use it
1:08for travel to go anywhere you want. You
1:10already have your retirement and
1:11pension, everything figured out. But the
1:13point is, don't be that guy. super great
1:16guy interested in building his wealth,
1:18understands finances, lives below his
1:20means, but still would not take the
1:23advice that he asked for from someone
1:25that he respected to change his life. He
1:28didn't make it happen.
1:28>> The moral of the story is take action.
1:30>> It's exactly
1:31>> I mean, everybody is scared. They get to
1:33that point where they know that they
1:34want to do it. Mike and I have heard it
1:36for years from multiple people, good
1:38people, too. But the problem is they
1:40never take action. They they always have
1:42excuses. there's some reason why they're
1:44not going to do it or they plan on once
1:46we get to this point in our life then
1:48that's when we'll do it. But you got to
1:50take action and it's all about not being
1:52that guy. The guy that like B said you
1:55can't make excuses for anything in your
1:57life anymore. When you have the
1:58millionaire mindset, it is all on you.
2:00You own everything in your life, good
2:03and bad. Financial experiences, whether
2:05they're good or bad, it's on you.
2:07Procrastinating a millionaire mindset.
2:10Hey, we might not do something, but it's
2:12because we thought about it and now
2:13we've made a decision. We're not doing
2:15that. But if you're just procrastinating
2:17because scared risk, whatever the excuse
2:19is, that's not a millionaire mindset.
2:22>> We always say people put themselves
2:23right where they're at in life. Mike's
2:25always said that, you know, you you put
2:27yourself where you want to be at in
2:28life. So, the thing about it is you got
2:30to take action to make it happen.
2:32There's never going to be the perfect
2:33time. You're never gonna be completely
2:36educated on exactly how to do it, but if
2:38you take action, you'll figure it out
2:40during the process. And that's the whole
2:42thing with having the millionaire
2:43mindset.
2:44>> Another thing is don't be this guy is
2:46the person that is jealous or envious.
2:48>> Millionaire mindset people do not have
2:50that in their blood. It's gone.
2:52Everybody deserves to have wealth.
2:54Everybody deserves to have a happy life,
2:56financial freedom, financial
2:58independence. As hard as you want to
3:00work for something, you deserve every
3:01single thing you're going to get. But if
3:03you don't do those things, don't be
3:05jealous of the person that is fit, that
3:07is financially fit, that is physically
3:09fit. It's because they've been
3:11persistence and discipline in their life
3:13and they have the millionaire mindset.
3:15So, if you're going to have those things
3:17in your life, you're going to have to
3:18realize
3:19>> it's all on you.
3:20>> It's all on you. But it starts up here.
3:22It isn't about, you know, figuring out
3:25finances right away. It's about starting
3:27here, having the millionaire mindset,
3:29and that is confidence. And there's no
3:31more excuses, no more procrastinating,
3:33and no more jealousy. Just take action
3:35and figure it out. It's your life, and
3:37it starts right now. You bought the
3:39course. Change your life now.
3:40>> Make that happen for you, just like
3:42it's happened for us. We took action,
3:44figured it out, and made it happen.
3:46>> Real quick story about taking action.
3:48I'm 19 years old. I find a mentor who's
3:51the landlord of a building that I'm
3:53renting from one of my video stores.
3:55He's the largest land owner in South
3:56Dakota, so maybe he knows something
3:58about investing. tells me how much land
4:00is such a key role in his wealth and
4:03building success. I'm 19. I go out in
4:05the middle of the desert. I find 17 and
4:07a half acres. I am so excited to buy
4:10this. It cost, I don't know, $30,000. I
4:13buy it. I come back and tell my friend,
4:15"Hey, look what I did. I bought a piece
4:17of property and I was so excited to
4:19share that with him." And he looks at me
4:22and he goes, "That's a nice investment,
4:24Mike." He goes, "But I prefer to buy
4:26things that have a building on them that
4:28give me back some rent or some at least
4:30make part of the payment." And I
4:31remember thinking, "Oh, that was a great
4:33idea. I took his advice to buy that
4:36land. I took his advice to not buy
4:38anything that doesn't have rent coming
4:39in for the next 30 years. But also, what
4:42happened? That property that I bought
4:44because I took action, it dropped in
4:46value for about 15, 20 years. Boom bust
4:49cycle. When I went to sell it, I thought
4:51it was still worth almost nothing. It
4:53was worth $250,000.
4:55I sold that piece of property, had
4:57hadn't checked on it in years, took that
4:59money, parlayed it into another business
5:00and a chain of furniture stores. And
5:02it's all because I took action at 19
5:04years old from a mentor that simply
5:07suggested that real estate was a good
5:09investment. So all the great things that
5:11have happened in my life financially is
5:13because I had a mentor. I had someone
5:15that could help me take action and
5:17figure it out and teach me that if you
5:19don't take action, you'll never have the
5:21upside. So, even though the mistakes,
5:23the boom fell out of that piece of
5:24property. It wasn't worth anything for a
5:25long time, but it came back. Moral of
5:27the story, take action, figure it out
5:29later. Okay, Mike's story perfectly sums
5:32up the takeaways from this lesson. Don't
5:34make excuses. He had a mentor, gave him
5:37advice, and he took that advice and took
5:39action. Now, you've got mentors. Take
5:42the advice and take action. So, the
5:44takeaways from this lesson are one,
5:46don't make excuses. It's really simple.
5:48Don't make excuses. There are no
5:50excuses. You're in charge of your own
5:52destiny. And two, you got to take
5:54action. You got to make it happen for
5:56yourself. No one's going to do it but
5:58yourself. You're going to get yourself
5:59where you want to be at in life. And
6:01three, today is the day. It starts right
6:03now. You got to make happen right
6:06now. Change your life. Make happen.
6:08Okay? So, for your homework, you're
6:10going to need to have a pad and paper
6:12for this course. And you need to write
6:13this down. You need to find something in
6:15your life that you've been
6:17procrastinating. Write it down. Take
6:19action and figure it out later. Get it
6:22done. No matter what it is, it's on your
6:23mind. You've been putting it off. Get it
6:25done. Hopefully, it's something
6:26financially or it's physically. Get
6:29those things done in your life. You'll
6:30feel better. It'll build you a
6:32millionaire mindset. If you keep
6:33procrastinating, it'll never happen.