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I'm going to share the seven wealth
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killers that no one is talking about
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most people think it's credit cards and
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Caramel Lattes it's not because the
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first wealth killer keeping you broke is
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saving money rich people have learned to
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let money flow through them they don't
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hoard money they don't collect money
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they use it to reinvest in themselves in
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their business that is the big mistake
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that most people make they don't want to
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spend on the right things because
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they're so worried they're going to make
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the wrong decision so they make no
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decision when I was 23 building my first
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company I spent all my extra money
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paying for speed I needed to move faster
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it's why I hired my first coach Bob he
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was a certified emyth coach and he
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taught me how to build the business I
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could have learned it it would have took
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me 10 years instead he took 35 years of
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experience building and exiting his
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company and put it into a blueprint and
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gave it to me I moved very fast broke
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people use money to impress rich people
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use money to invest invest in their
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skills to become more valuable their
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business so they can get more customers
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their team so they can get more time
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back when you invest you show the
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universe that you're not here to hoard a
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couple years ago I was talking to my
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assistant and I realized I had millions
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of loyalty points and it occurred to me
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that I knew better so I told her I said
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in the next 12 months we're going to
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take those 30 million points across all
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the different programs I had and use
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them to bless people to bless my team to
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bless my family for my own travel if I
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need them but to keep them to myself cuz
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I was playing this weird game of
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collecting points was not going to serve
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or tell other people that I was
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participating in the economy one of the
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easiest ways to invest in yourself for
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free are videos like this so if you
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haven't yet hit subscribe but once you
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started investing in yourself most
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people get lost on Direction which
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brings us to wealth killer number two
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diversification one time I was on a call
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with a client and they were having a
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hard time progressing in their business
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and when I dug deep I found out not only
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did they have one business they actually
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had three businesses the worst part is
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the one business was the rich Uncle to
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the two others that were sucking all the
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profit from the first one and creating
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the most distraction most people think
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that wealth creation requires
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diversification
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the problem is that it actually takes
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concentration see diversification is
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diversification the mistake most people
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make that kills wealth is starting
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multiple business at the same time
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because they have a fear of failing in
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any one of them and they don't know
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which one is actually going to be the
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winner this morning I was wrapping up a
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hike with a bunch of Founders and as I
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was leaving one of the entrepreneurs ran
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after me to ask me a question and just
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by the way they were asking about should
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I partner with this person should I do
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this I was just like what's your Revenue
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at top line for the year total and I
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thought he was going to say like 3 or 4
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million he said 90,000 if you're at
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90,000 and you're talking to me about
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multiple businesses you don't even have
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a company you probably barely make
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enough money to live you're distracted
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by multiple businesses and you think
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you're an entrepreneur you're not you're
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using diversification stop it but being
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broke isn't always about your behavior
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which brings us to the third wealth
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killer stagnant friends I grew up in a
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small town east coast of Canada 100,000
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people and at the time everybody was
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nice I really loved everybody around me
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I felt like they were friends and they
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were supportive the challenge was is
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that as I continued to want to be better
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and grow I noticed that they weren't on
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that same path what used to be them
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cheering me on because they wanted to
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see me try as soon as I actually started
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succeeding all of a sudden now what I
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was doing was too much and what I
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discovered is you're not the average of
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The Five People You spend the most time
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with you're the average of the five
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people you allowed to influence you if
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your friends don't have what you want
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don't do what they do so what I suggest
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to people that want to create real
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wealth is to do a friend inventory at
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the beginning of the year look at the
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list of your goals that you want to go
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achieve and ask yourself of your friends
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that you spend time with or you allow to
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influence you who've achieved those
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goals are these people closest to you or
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closest to the goal if you don't have
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anybody in your corner that's done the
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thing you want to do this year you got
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to go find those people my buddy Cole D
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Silva had this great talk he gave at my
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Kings Club program and he shared with
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these kids a simple premise he said I'd
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rather have four quarters than 100
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pennies he was talking about people he
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was talking about friends he said I
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could have 100 friends but if they're
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worth one penny because they're not
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there to support me they're not going to
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encourage me they're not going to
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inspire me versus I could have four
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people of high integrity high value High
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support I'm taking the four quarters
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that idea encapsulates the whole concept
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that stagnant friends is a huge wealth
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killer but it's not just about being
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around the right people which brings us
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to wealth killer number four doing
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everything yourself I'm like 29 and I
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have a business partner Ethan and we
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have a major issue at work and we had to
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go in and start working on on the
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strategy to resolve it and it's a
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Saturday and I call him up and I was
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like hey let's meet at the office and he
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says I'll be there after I'm done doing
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my laundry this is a CEO of Aventure
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back company that tells me he can't meet
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with me cuz he has to do laundry Ethan
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you walk by three or four wash and folds
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on your way to the office can you please
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pay somebody $112 so that we can get to
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work on this most people spend time to
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save money you have to spend money to
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save time you can always make more money
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you can't make more time growing up I
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watched my dad he had a couple of rental
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properties and every Sunday he would mow
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the lawn and I remember asking him why
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do you mow the lawn you can pay somebody
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else to do this most people do he's like
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I enjoy doing it problem was is he
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didn't realize that instead of paying
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somebody to get that time back to look
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at more real estate deals he was
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occupied by doing something that was low
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value he didn't understand the value of
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his time in many ways that inspired me
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to write the book buyback your time
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because I wanted to inspire
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entrepreneurs to understand how to get
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leverage in their work it's why I teach
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this concept called the buyback Loop
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which is auditing your time for energy
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and what makes you money transferring
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the things that takes your energy and
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doesn't make you money to somebody else
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and then filling it up with activities
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skills investing in yourself that makes
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you more valuable and you can start as
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simple as looking in your home having
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somebody clean a couple times a week or
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do meal prep for you or hire somebody to
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run errands the key idea is learn how to
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delegate and have somebody else support
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you so that you can become more valuable
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to your business wealth follows those
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that invest in themselves when you start
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off you might spend dollars to make $10
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and then you spend thousand to make a h
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100,000 eventually you're going to have
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to invest 100,000 to make a million it's
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always been that way and it's always
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going to be that way and if you
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understand how wealth is made there
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always has to be an investment to get a
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return but you might ruin your chances
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of success if you don't watch out for
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this which brings us to wealth killer
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number five being humble as a Canadian I
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can tell you I was humble to a fault I
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was so humble I didn't tell anybody
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about anything I was up to I was scared
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to come off as bragado docious and I
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kept all my goals to myself how is
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somebody else in my life next to me on a
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plane in a meeting at a conference
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supposed to maybe help me for me to
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potentially get them as a customer if I
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don't tell them what I've done that I'm
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proud of if I'm hiring a real estate
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agent and they didn't do anything
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impressive out of a 100 who am I going
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to pick the one that I feel is the most
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talented keeping your dreams your goals
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your accomplishments to yourself doesn't
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impress anybody and will hurt your
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ability to create wealth I believe
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everyone is one conversation away from
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achieving their dreams most people have
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vague goals in their head that's why
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they don't express what they are I want
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to invite you to consider to be very
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specific specific around what you want
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to accomplish and write them down once
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you got them written down you have to
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tell people tell people that'll support
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you successful people talk about their
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goals it's how it's always been when you
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actually sit down at a dinner with
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multi-millionaires they're not talking
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crap about other people they're not
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talking about the news they're not
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talking about other things in politics
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they're literally sitting down saying
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here's what I'm up to what are you up to
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how can you support me I want to support
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you it sounds so crazy but the more
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specific and big your dreams and goals
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are the more you'll notice other people
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will want to help you my favorite thing
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to do is once I know what my goal is to
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give it a mantra so for example last
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year when I wanted to get abs I called
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it project visible ABS I went from 16
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177% body fat down to 4 or 5% absolutely
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shredded gave it a mantra repeated it
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told everybody about it documented it
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and I achieved my goal 90 days am I
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surprised no when you talk to successful
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people being humble is actually a
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massive wealth killer and there's a
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difference between coming out of the
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gate and an new relationship with a
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person You' never met before and telling
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them all the things you've done be
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curious first ask more questions about
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the other person through that they'll
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ask you what you do in that moment tell
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them be proud of yourself they asked
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they gave you the floor share your
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achievements holding back is holding you
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back from achieving wealth but talking
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about your goals won't be enough if your
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beliefs get in the way which brings us
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to wealth killer number six low
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self-worth I have a friend that is so
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talented every time he interacts with
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friends of mine or even myself he
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creates so much value he's one of the
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smartest guys we all know yet I've
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watched him year over-year over a year
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never ask for a piece of the action
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never insert himself into the project
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why do you think that is it's because he
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doesn't feel worthy of it he doesn't
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believe he deserves it and that's what I
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believe holds most people back from
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being wealthy unworthiness fuels
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self-sabotage if you took everything you
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know everything in knowledge that is you
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and you put it into a pile that's
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outside of your yourself all the
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relationships all the knowledge what
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would you pay for that is it$ 100,000 is
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it $500,000 is it a million doll for me
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it would be a crazy number that number
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is your value and I bet it's way more
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than what you've been asking for and
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it's way more than you think you deserve
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and you should ask for it there's this
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one strategy I teach my clients when I
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coach them to create an achievement list
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the reason why is I want them to have a
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place that they can reflect on all the
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incredible accomplishments that they've
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done that they're proud of and they
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could be small it could be the first
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time they landed a kickflip like one for
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me or the time they graduated from
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University or maybe the first sale they
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ever got in their business doesn't
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matter what it is if you felt proud of
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it you write it down and then what you
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do is when you're about to go into an
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important meeting when you're about to
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have a really important conversation
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when you feel a little beaten up and
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your selfworth is really not there just
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open up that achievement list and just
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review all the incredible things that
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you've done it doesn't matter if you're
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in your early 20s or in your 60s you've
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probably done some things that to other
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people if you reminded yourself would be
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so impressive read that list and get
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energized by it now this is what my
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friend should be doing to participate
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and it'll change everything for you if
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you start doing it it's called just
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freaking ask if you're in a deal or you
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have a potential customer just ask them
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would it be unreasonable to get a piece
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of the deal would it be unreasonable for
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me to ask to get some equity in that
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would it be unreasonable for us to work
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together would it be unreasonable to get
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paid for that work or another one of my
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favorite questions is what would need to
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be true what would need to be true to
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get paid for that work what would need
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to be true to get equity in that deal
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what would need to be true to be
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partners with you asking the question
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even if they say no at least puts you in
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a position to participate your selfworth
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comes down to your internal belief of
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you doing the work consistency to the
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commitments you make in private builds
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your self-confidence and I learned that
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the more you work the more it instills
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the worth so if you want to become more
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worthy and have self-worth you got to do
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the work on a daily basis even if you
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don't want to because that's going to
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build that self-worth but the hardest
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part is actually when you have a little
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bit of success which brings us to wealth
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killer number seven fear of loss
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I lost 3 million in my first couple
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years as an angel investor what I
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learned is that losing was part of the
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game was I proud of that no did I have
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shame for sure I thought I sucked but it
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turned out that investing in losing was
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how you got the spins on the Wheel to
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figure out what worked see most people
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that have had success they go from
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playing to win to playing not to lose
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cuz now they have something to lose I
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know I have a lot of friends that are
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the big dogs in their communities where
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they have the house and the toys and all
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the accolades from their friends and
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they're the person that hosts the
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barbecue and they always have the people
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over cuz they get the nice place the
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problem is they wake up every day
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wondering what could be see to make 100K
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when you started off you needed to risk
00:11:38
like $10,000 if you want to make A1
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million you need to learn to risk 5 to
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10 million there's a ratio for
00:11:44
investment not an absolute dollar amount
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the more you want to go create the more
00:11:48
wealth you want to create the more you
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got to be willing to take risk it's
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never been any other way and it's never
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going to change except most people
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change why they're playing the game most
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successful people have been broke
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multiple times eventually they learn how
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to win and the ones that really create
00:12:02
wealth learn how to reinvest and take
00:12:05
risk and they never stop you got to get
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to a place where you're willing to take
00:12:08
more risk the world rewards those who
00:12:10
make courageous decisions I have so many
00:12:13
examples throughout my career where most
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people said I'm dumb why would you do
00:12:17
that and I had it in my heart I made one
00:12:19
of those decisions today I literally
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passed on an opportunity that didn't
00:12:23
feel aligned it made me feel sick in my
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stomach doing it but when I asked my
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heart what do I really want I knew it
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was the right decision on the back end
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of that like every other time I felt
00:12:32
this way that's where the reward comes
00:12:34
from if you want to learn the seven High
00:12:35
income skills of the top 1% click here
00:12:37
and I'll see other side
