How To Avoid Crashing Your Financial Plane

One of the most important things I'm gonna say to you on this video is to make sure that when you get feedback, don't be intimidated by the feedback. So many people are like, oh, I don't. I made an offer in my business.

And people didn't like it. And I just don't like the way that made me feel. And so they're intimidated by the feedback. Feedback is the breakfast of champions. Yeah.

Here we go.

You see I got where I am. Cause I wanna reach out hand Help me to stand Being independent, man.

Hey there, YouTube. Myron golden here. And last week we dropped a video about how to fly your plane financially. And obviously you guys liked it because it's got a lot of views and you shared it and you've commented on it, and I appreciate that. So today I'd come back. I decided to come back and share with you the rest of the story. Because last week we talked about the. The stuff that's going on outside is the. Those are the contributing factors. And then the stuff that's going on inside are the determining factors. And so everything that is a determining factor while you're flying a plane, the determining factors are inside the plane. That's why you hear these stories, you know, you hear these stories about pilots at war, you know, and there's one pilot that was. He was in, like, a dog fight, right? Never understood why they call it a dog fight. They should call it a bird fight. It's a plane. Anyway, so he was in a dog fight, right? And he got one of his wings shot off, like in one of these, like, supersonic jets. He's flying around with one wing and lands back on an aircraft carrier. Who does that? A person who understands that it's not the stuff that happens to you that are the determining factors, it's the stuff that's going on inside of you that are the determining factors. And so what I'm going to do today is I'm going to talk to y' all about.

The feedback loop and how you've got to pay attention to the feedback loop. And that gives you the ability to fight back with leverage. So the feedback loop gives you the ability to fight back with leverage. And see, what a lot of people do is when they have these external circumstances coming at them fast, especially in business, it causes them to wither and go, I can't take it anymore. I quit. Right? And so they go do something else. And a lot of people never have success in life and in business because they don't build enough momentum and So I gave you a very rudimentary drawing here on my digital whiteboard of the dashboard and the windshield of a cockpit of an airplane. It's so rudimentary, like a third grader could have done it. But do not make fun of my art. Just enjoy it. This is supposed to be a judgment free zone. So if you don't like something I did and it's not perfect, pray for me. Don't judge me. Okay, here we go. So, interestingly enough, as we're going through life, we. We are always getting feedback. I guess one of the most important things I'm gonna say to you on this video is to make sure that when you get feedback, don't be intimidated by the feedback. So many people are like, oh.

I made an offer in my business.

And people didn't like it, and I just don't like the way that made me feel. And so they're intimidated by the feedback. Feedback is the breakfast of champions. So when you have feedback, when you have somebody who's giving you feedback on an offer you made, don't look at that as a thing. Look at that as a great thing. Because what happens is now you have the ability to measure, monitor, adjust, and control. So look at feedback as your friend, not as your foe. And don't be intimidated by feedback. Number two, don't ignore feedback. If you ignore the feedback while you're flying a plane, I can promise you, you don't get to go home to mama that day. Right? You cannot ignore the feedback. And that's what all the indicators are on your dashboard. They are showing they're giving you feedback about what's going on in the plane, outside the plane, with regard to the plane, and everything that's going on around you. So when you are. When you're flying a plane. So I kind of started kind of in the middle of that story, assuming that everybody who's watching me now saw the video last week, which isn't true. So I used to be, like, deathly. I used to have, like, crazy anxiety around flying. You know, I was one of those people when I got on a plane, I don't know about y'. All. Y' all can put all your weight down if y' all want to, but I ain't putting all my weight down on this plane. You all know how much this thing weighs. Like, I would. I would learn all of the worst information that you could know about a plane. And I know you're probably thinking, what does that mean? Like. Like a 757, fully loaded passengers, fuel Luggage, everything. It weighs a quarter of a million pounds. That's 257,000 pounds. Well, my car only weighs about 6,000 pounds, and we don't want it up in the air flying around, so. A quarter of a million pounds in the air? How many all know that don't make any sense. Right? That's. That's like a level of cray cray that I can't get with, right? And then you take a 747. 747. That's the big jumbo jet with the hump on the front because it has an upstairs. As if having 380 people on the plane ain't enough. Oh, no. We need to build an upstairs so we can put some more people on this. What? A 747, fully loaded, weighs about 987,000 pounds. Everything about that. When I learned that sounded wrong to me. A 747 is so heavy that they have to fill the tires with nitrogen to keep the tires from blowing out when it lands, because nitrogen gets cold under pressure. I know you're probably saying, like, who knows this? And why do you care? I care because my life is on that plane, y'. All. Okay. Okay. So we flew on a private jet to Las Vegas last week, right? Well.

One of our pilots was obviously going through an emotional crisis because he was like, he. He had to be. He. He had to be handled by security at the hotel for being drunk and disorderly. I ain't flying back on that plane with that joker. No, no. He fired you? Fired? No, boy, you fi. No, you don't get to go home with me. I don't know what you're going through, but I'm gonna let you go through it. Here we going back. Y' all send us another pilot. Okay? Anyway, you get it. So flying. I used to be one of those people. I'd get on a plane, and I'd clutch onto that seat. I'm like. And every time something made a noise, I'm like, oh, what's that? Right? I wouldn't say it out loud because I didn't want everybody to know I was freaking out, but I was freaking out on the inside. And some of y' all know what I'm talking about, because I know I ain't the only one. Well, so what I did see, Tina's picking up what I'm putting down. So what I did to keep from having that happen is I took flying lessons. So I said, well, the reason this freaks me out is because it doesn't make sense. So I figure if I take flying lessons and I learn how it works now, at least, hey, it ain't gonna save me from being in a crash, but at least it'll keep me from worrying if I'm not gonna be in the crash, right? And so. So I took flying lessons, and I learned all this cool stuff that we did on the video we dropped last week about how planes fly and why planes fly. In fact, if you're in an area where they have hurricanes or tornadoes or heavy winds, sometimes they literally have to get all of the planes out of the area when, like, a big storm's coming through because the plane will just elevate because planes were made to fly. In fact, my brother Mark and I know you don't care about all this, but I'm already talking, so you might as well listen. So my brother Mark, for my birthday a couple weeks ago, I turned 61 on May 14, and my brother Mark bought me a flying lesson for my birthday. And the pilot that, like, I was flying with, he said, yeah, man. I was telling Mark, don't be. Because he was a little Mark, he's gonna be mad at me that I put him on blast. But he was really nervous, right? Okay. And so. So I said, don't worry about it, bro. These planes, these are designed to fly, blah, blah, blah. In fact, they gotta take all the planes out of the area. And then the pilot said, yeah, we got these planes strapped down. Sometimes when a big storm comes through, these planes that are strapped down to the ground, the airport, they'll levitate if the rope's not tight enough, right? So planes were designed to fly. It makes more sense for a plane to fly than it does for it to be on the ground. All of that. To say this, when you get up in the air, there are all these different factors that affect you. And so you've got an instrument panel in your airplane, on the dash of your airplane, that gives you the ability to know what's going on with the plane with regard to everything that's going on outside. And by the way, this is a principle that works almost identically to building a business. And that's why I wanted to talk about how to make your business, like your finances, fly like a plane. And so you're going to become the pilot of your finances. You're going to become the pilot of your flying future, right? Or your flying fortune. How about that? You're going to become the pilot of your fortune, and you will be able to read your instrument cluster and know what's going on in your business. I see so many businesses that, like, they're playing so close to the edge because they don't understand how to read the instrument panel. So what I'm going to do is I'm going to show you the instrument panel and what the instrument panels on a plane shows you about the plane in relationship to the things that are going on outside. Okay. So.

When you sit in the cockpit of the plane, after you take off, you're up in the air and, like, when you're on the ground, you basically can go forwards, backwards, left, or right. But when you're in the air, you can go forwards, backwards, left, right, up, down. You can go this way. You can go. There's just so many different directions you can go. So when you're on a plane, like you've heard. You've all heard the term flying by the seat of your pants. Well, flying by the seat of your pants means you're flying the plane based on how it feels, right? How does it feel to you? What does it feel like we're doing right now? Did you know that when you're in a plane, a plane can be totally banked, but you feel like you're sitting down straight? So you don't want to fly by the seat of your pants. You want to fly by the instrument panel. Right. So they have two different kinds of flight ratings for. I mean, they have more than that, but two different kinds of flight ratings for flying a plane in general, you have IFR and you have vfr. VFR is visual flight rating. It means you can fly based on what you see going on around you. But the ifr, you can fly the plane solely after you take off, solely by what you see on the instrument panel. Are y' all tracking? So the first thing I want to bring to your attention is I want to bring to your attention the fli. What's that? That is your fuel level indicator. You want to make sure that you have enough FUE fuel to go from where you are taking off from to where you're supposed to land. Right? So you want to make sure you got enough fuel to make it to your destination or at least to make it to a stop where you can get enough fuel to make it to your destination. So when I first took flying lessons, I learned this. Another little Jeopardy. Trivia fact that nobody cares about but me, according to my daughter. And that is that is that there is a plane. There is an airport across the United states about every 11 miles, which means if you're in a plane and you have an emergency, there's going to be some place generally you can land, right. If you're 5 or 10,000ft in the air and you start like losing altitude or you lose an engine or something, you're going to be close to some place you can land. That's pretty cool, right? Okay, so you want to have full fuel level indicator. You want to make sure you got enough fuel to make it to where you're going. That's pretty important. Okay, now, airspeed indicator. You also have a ground speed indicator, which I didn't put on here, but I'll put that right there. So you got a ground speed indicator that tells you how fast you're going when you're on the ground. Why? Because a plane has to be going faster to take off than it does to land. In fact, it almost has to be going twice as fast to take off than it does to land. Remember we talked about, on the other video, we talked about overcoming inertia and creating momentum. So in order for a plane to take off, it has to overcome the inertia of gravity and overcome the inertia of drag. So you need a lot of momentum. And a plane has to be going about 140 to 150 miles an hour in order for it to take off. But you can land at about 70 miles an hour, which is pretty cool. Why? Because you already have momentum. Okay, so you have your ground speed indicator, right? But you also have your asi. And your asi, I'm going to put G S, I, you have ASI is your airspeed indicator. How fast are you going? Because how fast you're going determines how much fuel you're burning. See, some, some business, some businesses crash because they're flying too fast for the amount of fuel they have. Y' all track him. You say, Myron, what does that mean? Well, some businesses, they learn this concept called a break even funnel, for instance, right? And so they build their whole business around a break even funnel. And so if I can spend $200 on ads and I can bring in $200, I'll just keep doing that. Well, the only problem with that is eventually you're gonna run out of time. Like, the time is gonna come where you need more than the money you're spending. And just like I talked about last week, we what you want to do to create low pressure, you want to bring in revenue faster than your expenses are going out. And that's the thing that's going to make your plane fly, right? So your airspeed indicator, you want to make sure you maintain enough airspeed to keep the plane in the air. And if you're climbing, you need to increase airspeed, and when you're descending, you need to decrease airspeed. So it all depends on what the objective of your business is. Now, one of my favorite indicators on, on an airplane dashboard is what we call the adi, and I love it because it's literally called. Okay, here's. This is the actual name for it. It's called the attitude directional indicator. Isn't that great? The attitude directional indicator. And here's what the attitude directional indicator does. It tells you the orientation of the plane in relationship to the ground. So if the plane is nose down, the attitude is not good unless you're landing, unless you're coming in for a landing, unless you're intentionally losing altitude, like when you're taking off, the attitude of the plane needs to be going up. Right now you don't want the attitude of the plane to be going up too fast because if the attitude of the plane is angled too steep for the amount of speed you have, the plane is going to stall. Doesn't that remind you of business? So much like what people do is they try to do too many things. Well, I'm going to build a webinar, and I'm going to challenge, and I'm going to do the mastermind. I'm going to do this. I'm going to do this. And they try to do everything at once because I need multiple streams of income. No, baby, you don't need multiple streams of income to start out with. You need one stream of income. Get one stream of income down. Get that one going. Once that one's on autopilot. When you can push AutoPilot on stream one, then start stream two. And if the first stream ain't on autopilot, don't you dare make me. I'm going to come get you. If you start another stream of income and you don't want me to come get you because it is not going to be pleasant. I am a black belt and I did warn you in advance. Okay, so you want to make sure the attitude of your business is pointing up. Well, what controls the attitude of the plane? Well, the l rons on the wings, the elevators on the tail. On the tail, on the tail, wings. I don't. That's not what they're called. But the L runs the flaps on the Elronds on the back and the airspeed. So you want to make sure. You want to make sure that your Elronds are down on your wing, and you want to make sure your air speed is up, and you want to make sure in order to do that, that what that's going to do is that's going to cause the plane to elevate. Right? That's how you maintain a good attitude. Hey, in business, when you're looking up and you're seeing all the opportunities and you see the bright future, you gotta. Your attitude directional indicator is letting you know you're going in a good direction. But if somebody told you no and you lost a client and you got a chargeback and this happened and that happened, and your best client called you and told you they're gonna work with somebody else, and then you walk around with your face down in the ground. The only thing you can do if the attitude direction of you is down is you can crash your financial plane and you can crash your business into the ground. I would highly recommend that you do everything to maintain a positive attitude in your business so that your plane doesn't crash. Okay, let's keep it moving then. We're going to see the temperature. Like you're going to need to know. Here's what's really interesting. When you're flying, it's always colder outside than it is inside the plane, right? Because at higher altitudes, the weather, the temperature is colder there. Like, there are some planes that you can only fly so high because they don't. They just don't. They can't keep enough temperature. You don't want your, you don't want your, your, your mechanical mechanisms and your hydraulic stuff getting so cold that it doesn't work anymore, right? So you want to main. You want to measure the temperature. Now, fortunately for us in Florida, we don't have to worry about stuff getting too cold. You know, we got a lot of sunshine down. Sunshine down here in the sunshine states, and we're gonna be all right. But everybody doesn't have that. And then you have your altimeter. Your altimeter tells you how fly, how high you're flying. I'll tell you what your altimeter is in business. Your altimeter in business is your profits. How much more money do you have after you're done paying all of your business expenses at the end of the month? That is your altimeter. People, people get all excited. We're doing $20,000 a month in revenue. Yeah, but you're spending $22,000 a month in expenses. That is the wrong direction. How many y' all track and wave at me? My people, like, I don't like living that Close to the edge. Hey, I know what it feels like to have a multi million dollar business and have way too many expenses. Maybe I can handle them now, but if a storm's come, my plane's gonna crash. So I don't live that close to the edge anymore. I don't even get anywhere near the edge. In fact, even with a telescope, I can't even see the edge. I stay so far away from it. And I would recommend you do the same thing in your business. So maintain a good altitude. And then you've got your compass. Your compass tells you what direction you're going. Are you flying closer to your goals? Are you flying further away from your goals? Hey, understand this now. Understand this now. I told you at the beginning, don't be intimidated by the feedback, right? The feedback is not here to harm you. The feedback is here to show you what you need to do to keep from being harmed. So don't be intimidated by it. Don't ignore it. I told you what happens if you ignore it, right? Don't ignore the feedback. You don't want to ignore the feedback loop. No. Feedback is the breakfast of champions. And lastly, here's the one a lot of entrepreneurs need, especially, where are my type A's? Where are my type A's? Where are my D's on the disc profile? Huh?

Right? Okay, here's what you need to do. Don't get irritated by the feedback that you get from the feedback loop. The feedback is not here to offend you. And if you're offended by feedback, I mean, I know we live in a world that's offended by feedback now. Oh, you made me feel unsafe because you said something I disagree with. Well, put your big boy pants on, put your big girl pants on and get over it, right? Everybody in the world ain't going to disagree, ain't gonna agree with you all the time. Your mama don't even agree with you all the time. She might be scared to tell you, but I'll tell you for her, she does not always agree with you. Okay? So we gotta do is we gotta learn how to embrace the feedback. Because it's the thing that gives us the information that gives us the ability not to crash our plane. And if I'm on the plane with you, I don't want you to crash it. But guess what? I love you so much that if I'm not on the plane with you, I don't want you to crash it. So these are some principles that you can apply to your business that will help you take your business to the next level. I hope this helps you in your business. Like, don't hate feedback if you're my if you were to say Myron, well, why did you go go through all this hoop? So you can get to the point in your life where you're not intimidated by feedback. You don't ignore the feedback and you don't get irritated by feedback because the feedback in your business can save your life. All right, thanks for watching, guys. Share this video like it? Leave a comment and we'll look forward to seeing you on the next video. Bye for now.