What It Really Takes To Be Wealthy by Tony Robbins

Tony Robbins simple technique on What It Really Takes To Be Wealthy

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0:00 or you can call today to that sense of wealth that sense of abundance in you
0:04 the more you can feel that sense of joy and more easy it’s gonna be a few if any
0:09 actually cause you’re not going to be in this scarce fearful mode now that’s not
0:13 enough by itself is great sense of the buttons and you wrong mechanics and be
0:18 disaster true false but if I had to have an area to get you started with you want
0:24 to have the emotional psychological strength is its gonna carry you through
0:28 when the mechanics are boring and frustrating or when things are working
0:31 out your motion psychologies will carry you will get you keep doing it everyone
0:37 knows if you’ve been these studies dr. Seligmann three famous for doing studies
0:40 on optimism and in those studies found out are much more realistic they’re much
0:47 more accurate if you give him a test and you ask them to look at something and
0:52 give you a size measurement of it or to evaluate their own success or failure to
0:57 task and everybody so amazed I knew the University of Pennsylvania former
1:01 quickly originally what he found was that Optimus all least see themselves
1:06 doing better than they really did they basically be a fun stuff what happens
1:11 the pessimist their ten times more accurate but here’s what we found out we
1:16 found that is because the people who are accurate never pushed themselves because
1:21 they know it’s never going to work anyway whereas the optimist sees it
1:24 better than it is so they keep doing it cause the evolution I did well we’ll all
1:28 be even better next time and because the optimism they do it more often and so
1:32 optimistic see out of 45 pulled from the task result ultimately beyond anything
1:40 that will do and they’re not as accurate that’s a big way of saying is if you can
1:46 develop a psychology of resilience in yourself
1:49 optimistic or figure can be real the real Mrs whatever shows up you are
1:54 larger than anything can happen to you you are larger than any financial
1:58 challenges initially will say well look at their houses look at their homes in
2:02 finally have electricity know this but they don’t feel poor it’s your identity
2:09 the way you define the wealth determines whether you’re wealthy or so other
2:14 enough things for you
2:15 knowing the two thirds point less than $2 a day that you can get yourself to
2:19 really feel grateful yes I know how much of your life but you get benefits from
2:23 today that you never had to create about i guess its roads right on the lie
2:31 during the books you don’t have to write the internet access in seconds ago
2:36 answers to anything the people in your life even have to raise but are there
2:41 for you get all the different aspects of your life if you want to be wealthy only
2:46 a few its associate
2:48 before we do the financial part financial independence is different
2:51 welfare state of mind financial dependence is being a position where you
2:55 don’t ever have to walk again that if you work you do it because you really
3:00 want to give you a clue if you get from you you don’t work you miserable I can
3:07 tell your friends I have a solar company made fifty million dollars almost a
3:10 billion dollars and was really excited for a while after a while is like board
3:17 business gave him a sense of contribution and he was always growing
3:22 sugar no salt problems and yet all the people who is connected to the business
3:25 all employees and friends and associates someone to tell you I’m not just saying
3:29 this is some little positive thinking technique can tell you this is the
3:33 secret the real secret to shift inside you and add the real value most people
3:38 are trying to pursue something in the future that they already have I want you
3:43 to think of what do you think you want that will make you wealthy or
3:47 financially by defining the game in a winnable way a certain amount of money
3:53 that we meet and that covers what we’re gonna call financial security which
3:57 might be your housing your car’s your food and basic entertainment company
4:02 would feel bridge if you didn’t have to work if your investments and the income
4:06 from investments the income covered those four items are housing for the
4:10 rest of your life your food
4:13 write your travel and some entertainment you’re pretty good and by the way way
4:22 smaller than what most of you think of when you think about being financially
4:25 independent which is everything covered about working so when I get the first
4:30 one down exactly what that number is for you and what is going to take that
4:34 member we don’t have to work to me that we can look at financial independence
4:37 where you went to work and everything is covered the freedom you have to work and
4:42 everything you can think of and you’re gonna do for yourself or others as you
4:46 want to get that’s a different level is it and most of the gigantic number that
4:51 if you haven’t figured out everything you want it’s nowhere near as big and
4:54 because it’s so big you never even start the journey you don’t think it’s gonna
4:59 happen to you talk about you hope you get some big hits some time with your
5:02 business or something but you never get going
5:05 significant other people’s eyes what will that do for you well know I was in
5:13 my eyes somebody that I would look somebody that when you get there you
5:19 won’t look to yourself anymore when you get there has been a different level
5:23 menu be tryna figure some other level what you need to get to see you would
5:26 respect yourself he always makes a good point she noticed that
5:33 so what you’re doing is here is the game you’re playin I want all of you to hear
5:36 this
5:37 no amount of money will ever make you wealthy because as soon as you get there
5:43 you will raise the game
5:45 here’s what’s great about that to continue growing at all if you can grow
5:49 emotionally should you yes or now if you could give more should you yes or no
5:53 intellectually should you should you if you could grow more financially should
5:58 you
5:59 growth is life but having to grow in order to feel significant enough means
6:04 you always be poor it’s a game in every sense let’s talk about money now not
6:10 well what does it take mechanically to get this thing called for mutual
6:14 independence and what is funny its independence as opposed to well well as
6:17 a product of the mind again no amount of money you ever achieve will make you
6:22 wealthy financially dependent means you never have to in order to live your life
6:29 that when you do work you’re doing it because you really want to know cuz you
6:34 have to how many community also financially independent
6:39 how do we get there let me give you how to get there it is so simple that when I
6:44 tell you gonna go thank you for the breakthrough thought but even notice
6:49 intellectually
6:50 your sophisticated or not you probably know the formula for financial
6:55 dependence is so simple and you can achieve financial markets unless you
6:59 really want to apply this not just any concept you have consistently your life
7:02 and that form the simple spend a breakthrough thought tony is this what
7:11 most people do you know what most people spend more and there’s no way around
7:18 this would you have if you spend more than you weren’t going to challenge so
7:23 there’s no way to be financially free financially independent without spending
7:27 less than you earn what you got to do with what you don’t invest the
7:31 difference is what I want to show you right now is how do you build what
7:35 everybody should everyone of you should leave here with your own personal money
7:39 machine you want to create a money machine
7:43 a machine that while you’re sleeping is making you money right so you’re no
7:48 longer trading the most valuable resource 11 wife your time or money you
7:52 want to trade money for money you want money to go to work you wanna put that
7:56 money to work for you so while you’re sleeping it’s making a difference
7:59 you want to create a machine and Matt machine you want to create something you
8:03 want to be able to feed you at some stage we don’t have to work hard for the
8:07 money machine it’s the second secret to this issue gotta reinvest how if you’ve
8:12 ever made a big hit in your investments and wet oh my god that’s so cool and
8:16 took the money and spend it on something major hands come on I know you already
8:22 invested is done this has it nothing wrong with that but you gotta make sure
8:26 a significant investor returns so you get compounded what compounded growth is
8:33 the most basic principle the world we all know it intellectually but mostly
8:38 associated up that you’re really utilizing it to its maximum capability
8:41 if you don’t you’re not gonna get financially for it you will never get
8:45 financially independent by your earnings alone every one of you in this room is
8:49 gonna lose money every one of you is no way the personal and work with the
8:54 laptop unusual traders in the history of the world propped him in the history of
8:58 the world is not even right past the time he made billions of dollars in half
9:04 the time I didn’t show you a few more asset allocation at the way and that’s
9:11 what you do that’s so first now spend less than you earn reinvested to get
9:18 compounded growth until you reach home run your money machine to reach a
9:23 critical mass a critical mass of capital investment capital when you get to their
9:29 critical mass and what determines the critical mass is how much you need for
9:32 less than what you want when you could go through with it provides for you is
9:36 what you’re investing for who knows no matter what industry you’re doing what
9:41 do you really investing for whether you’re investing in stocks bonds real
9:45 estate financial instruments are you investing for returns that illusion
9:54 keep you from getting the end game if you’re wealthy wealthy
10:00 assets you can buy an asset seems invaluable the time you need income this
10:06 is the only reason 21 deaths you invest for one reason so you have an income for
10:11 life without working and to do that you gonna build a critical mass of capital
10:15 that the interest on a loan will give you that income and you get the less you
10:18 want without working and it will be viewed as do those first two steps from
10:21 my senior invested reinvest that you hit that critical mass is actually a lot
10:27 simpler than you think we make things more complex than it really is you gotta
10:31 think of this as your target in order to achieve what you want when you have a
10:36 money machine
10:37 here’s what you must do you must pick out a minimum financial goal for
10:41 yourself you gonna pick on a specific amount of money that you’re going to ask
10:47 every month every year no matter what a specific percentage of your income if
10:54 you don’t do that
10:56 forget the rest of course to waste your time and money but you won’t be
11:00 practicing the fundamentals and eventually you’ll make a mistake let me
11:05 tell you another secret to life if you do the right thing at the wrong time you
11:09 get paying if you plant in the winter I don’t go hard work and work day and
11:17 night and worked to the bone you plant your seeds and middle of winter what’s
11:21 going to happen when fall comes are you gonna be rewarded for now no so if you
11:26 don’t understand that the seasons are changing in trouble what is asset
11:31 allocation it means and the money you have to invest going to create three
11:35 buckets really simple way of thinking this was the first book is the security
11:39 bucket when you think about investing think of two types of investments there
11:44 are fixed income investments mostly clear with this means what does it mean
11:46 when a fixed income investment you know you got a guaranteed rate of return
11:52 assuming they deliver any one cannot deliver including the US government they
11:56 haven’t not deliver but there is a risk in any investment yes or no
12:00 so just ratios of risk and as we know you know no risk no reward so if you
12:07 don’t mean test you’re gonna lose if you invest the time but if you don’t you can
12:11 never win over money machine ever be financially for the second type of
12:14 investment you can make you understand something that’s gonna be growth through
12:18 investments investments where you probably a much greater potential for
12:23 growth which means you get a greater return if you’re successful but if
12:27 you’re not successful
12:28 do you have a guaranteed return yes or no no sort of growth investment you have
12:33 potential return but also greater
12:36 the security market is where you want to put investments that are secured by
12:41 their nature because they’re secure is gonna give you a huge compounded return
12:46 per year yes or no
12:48 ok give you a huge compounded return even if members small if you do it long
12:52 enough yes or no so what we want to do is your first investments have to be in
12:57 your security bucket and everybody wants to do the opposite the question becomes
13:01 what percentage point to secure about couple goes in there are some things
13:04 that go in there if you don’t have at least two to six months worth of cash
13:08 that covers your overhead here in deep trouble the first step to getting
13:13 financially secure financially independent is to make sure you have
13:17 cash the something happens you go for six months ago but really what else
13:21 might you put in their types of investments and ira goes in here right
13:24 pretty secure insurance insurance is protecting you
13:28 secured it won’t go in there your home
13:32 don’t think of your home as an investment because for most of you
13:36 you’re eventually not going to sell their home and eat it you’re not going
13:40 to let her team-leading the same homes and eventually gonna sell and buy a
13:45 smaller home and take their critical mass that came from some of the big home
13:48 it’s gonna take care of your life you doing that great but the place to think
13:52 about your home in terms of leverage but if you’re scared by the way home
14:00 really stressed that right so I gotta think of my clothes outside my home
14:04 really think of you compound interest outside your home loans for you and
14:08 fixed-income investments also in this category know what the second bucket
14:11 second buckets growth
14:13 two ways you can learn about the buy-and-hold strategy which is the
14:17 strategy of an owner and by the way that buying and holding that is less risky to
14:23 some extent the momentum because of the timing but it can be just as risky as
14:27 momentum trading that’s when you’re no longer an owner trader a financial
14:32 trader everybody’s individual trader or trading time for your money your trading
14:37 money from here what you’re looking at is you’re seeing movement in prices
14:42 momentum players doing is they’re playing for the short term usually dream
14:47 bucket the dream market is you want to travel on the world market is you too
14:54 babe on the size of how you think of what you’re doing economics you want to
14:58 own condominium in asking the boat in my view trip you might be only a basketball
15:04 team only in Iowa for the size of what it is you want to do a bigger isn’t
15:07 better the more you have to have to feel financially free the more structure of
15:15 this if the opposite of what you think the more you have the more times more
15:19 energy more risk the more capital letters and you shouldn’t do it some of
15:23 you are very very driven to create and risk that’s the only time we know it’s
15:29 crazy
15:31 be one of those types to some extent but even a crazy person got to make sure the
15:35 Securities their or their craziness at one point will buy them if you can get
15:40 from usually free from less wealthy now and get free entry fee quicker and then
15:47 walk and then keep your security market if you will be ready whenever you’re
15:53 playing now that’s what houses money you can go for something bigger and if you
15:58 if it doesn’t work out you still have your security what you’re here for free

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