Peter Diamandis: 99% of Entrepreneurs Don’t Know the Basics of 10x Thinking

I want to talk in the second part now about a bold and abundant mindset, and I want to start that with a video. My goal here is for you to up your game. My goal here is for you to think at a level that's uncomfortable. My goal is to have you think at, as Dan and Joe would say, a 10x level or 100x level. How are you going to touch a billion people on this planet? How are you going to take on the world's biggest problems and solve them? So let's watch this video and then come back.

The actual moonshot is wonderful, inspirational, poetic, beautiful, involved, great technical challenges, genuine heroism. It brought the world together. But think about the Polynesian islander on the dugout canoe deciding one day they were going to go that way. No one had ever been that way before. No one even knew if there was anything Valentine before. It was amazing, and it changed the world. People can set their minds to magical.

Seemingly impossible ideas, and then through science.

And technology, bring them to reality.

And that then sets other people on fire, that other things that look impossible might be accomplishable.

Galileo is such a hero, you know, in thinking big. And what he represents to me is both curiosity and wonder that humanity had that he had that pushed him and drove himself to invent and work on the first telescopes that allowed us to see the moon. And here we are. These aviation pioneers were figuring it out as they went. No one really knew how to build an airplane, right? No one knew how to fly an airplane. It was amazing and crazy and wonderful, and they wanted to explore. Many years ago, the great British explorer George Mallory, who was to die on Mount Everest, was asked, why did he want to climb it.

He said, because it is there.

There's so many challenges in the world, and you could feel daunted by that, you know, and sort of oppressed by that. Or you kind of say, how might we think differently about this? Everyone else in the world is working on the next 10%. If you can be the one that delivers that 10 times improvement, you have a chance to really change things.

If you want cars to run at 50 miles per gallon, fine, you can retool your car a little bit.

But if I tell you it has.

To run on a gallon of gas for 500 miles, you have to start over.

You need a lot of courage in this work, and you need a lot of persistence. One of the things that's really critical is not only have the courage to keep trying every day or thinking big, even if you don't really 100% believe it's possible. Like, you might think this might be possible. Have the courage to try. That's how the greatest things have happened.

You don't spend your time being bothered.

That you can't teleport from here to Japan because there's a part of you.

That thinks it's impossible. Moonshot thinking is choosing to be bothered by that.

We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard. Humanity's progress has been a series of amazing, audacious things, from the very small and personal up to the great big and grand. And we are a species of moonshots. And to me, that's like the really amazing, poetic and inspirational thing. I think our ambitions are a glass ceiling on what we can accomplish. When you find your passion unstoppable, you can make amazing things happen. It's been true through all of history. I believe in the human spirit, and I believe that there are always going to be crazy people who get out of bed one morning and say, you know what? I think I can build a space element, and I'll just go do it. But I think that if we become afraid to take these great big risks, we stop inspiring people, we stop achieving things, and the biggest nightmare scenario is that we won't have what it takes to solve the really big challenges.

When Kennedy said that we would put a man on the moon, it's about the fact that he said, we don't know how to do this yet and we're going to do it anyway. And that sends chills up everybody's spine, because if that happens, what couldn't we do?

Yeah, it's great, huh? So the guy speaking in that video is a good friend, Astro Teller. He's the head of Google X and I interviewed him at length for my next book, Bold, and talk about the fact that we're living in a world where you can take moonshots. And his ethos is so true that when you're trying to go 10% bigger, you're competing with everybody else trying to go 10% bigger. When you go 10x bigger, when you have the audacity to say that and try that, it inspires an amazing group of people to come by your side and no one's competing with you there. And the question is, is it really 100 fold harder? And the chances are that it's not. So I also, in Bold, really drill down into what the eight innovation principles are that Google uses. And then with Stephen, look at how Lockheed Skunk works, maps Onto that. So one of the most extraordinary companies and mindsets and how do they work? Let me share with you these eight principles. The first is focus on the user. Google's issue, and you'll see this again and again is focus on user. What does the user need? Pretty obvious, pretty direct. The second is Open will win. You know, I bet ON Android over iOS for that one reason Open will win the ability for having billions of people to contribute to you. Instead of thinking that oh my 10,000 employees are the best and brightest in the world, there's no competition there. The second is ideas can come from everywhere or anywhere. And the whole notion of crowdsourcing, right, we talk about that at Abundance360. We talk about that at, at Xprize. At HeroX, it's the fact that you can crowdsource solutions from around the world to solve your problems. Think big, start small. So at Singularity University I constantly teach the students start with a product that has the ability to earn a dollar on day one but can impact a billion people in a decade. That's the think big, start small, never fail to fail. This is where big companies screw up, where they don't take risks. And you guys know that as entrepreneurs, never fail to fail the rapid experimentation, launch early and iterate. My friend who's the CEO, Reid Hoffman of LinkedIn says if you're not embarrassed by your first product release, you've launched too late. And I believe that when you look for striving for perfection, you miss the whole benefit of this hyper connected world today. Be a platform, float all boats and then finally make it matter. Make it matter. Oh my God. Make it matter. So in bold, I talk about a concept that my good friend Salim Ismail coined, which is having a massively transformative purpose, an mtp. Do you have for yourself and for your company a massively transformative purpose that matters, that's going to attract people to work for you at xprize, it's making the impossible possible or solving the world's grand challenges. So here's the eight. We'll talk about these a little bit more. My question for you is what is the area of your business where you should be going 10 times bigger rather than going 10% bigger? I want you to reflect on that and think about that. Don't have time to do a session now, but ask yourself that question, please. So here's one of the first Moonshot organizations. One of the first bold thinkers out there is Kelly Johnson, who in 1943 is called by the Defense Department, says we're losing the war against Nazi Germany. And we need a jet plane. Never had a jet plane before. In 143 days, these guys did not design a jet plane. They delivered working hardware. You can't negotiate a contract 143 days.

Today.

They also delivered the U2, the SR71s. The question is how did they do this? And so in Bold actually looked at how Lockheed Skunk Work did this, compared this against Google X and came up with some shared elements. And here they are. The first is having a compelling purpose or mission. An MTP that is uniquely yours. Google's is to categorize the world's information and if someone else came up with that mtp, that's Google's. So something uniquely that's yours that attracts the world's top people to come and work for you. The second that Kelly Johnson and Google X share is small teams, a passion around small teams. And this is the words from Kelly Johnson. The number of people connected to any project should be restricted in an almost vicious manner. This is Jeff Bezos two pizza rule, right? Teams under 10, ideally five or six, extreme isolation, access by outsiders to the project and its personnel must be strictly controlled. Because if you're trying to invite inside your organization of even 100 people, let alone 5,000 people and you're trying to do something that's disrupting your company, the entire immune organization is going to come out to you and say that's a crazy idea, can't be done. If you do it, you can put us out of business. What are you doing? Come on, stop it. And so actually taking that skunk works inside your group and isolating it, right? It's Steve Jobs taking his Mac team to a different building with a pirate flag above. So how do you isolate your team authority and autonomy? The manager must have control of his program, create mutual trust and very close cooperation on a day to day basis. It's the notion that my team at PhD Ventures Abundance360 it's five group, it's a team of five. It's like they're a self managed company. They have the authority and the autonomy to go and run on their own. I learned that from strategic Coach. Of course. It's all good things. Flexibility must provide a very flexible drawing. So when they designed the fighter jets and the U2 and SR71, there was a drawing in the middle of the room where anybody could go and change the drawing. There was no sort of organizational hierarchy. I need to get this person's permission. You could go and change the drawing of that airplane. And so it provided immense flexibility but also responsibility. Lives were at stake if you screwed up. But it allowed rapid iteration like never before. And then finally, testing and experimentation fail often fail early. Test, test, test. The next part of the book. I actually had a chance to sit down at length with a number of amazing people. Larry Page, Elon, Jeff Bezos, Richard Branson studied their work and came up with a series of eight. I'll share six. Thinking at scale, strategies, passion and purpose. You know, Elon said, I didn't go and build a car company and a rocket company to make money. I'm not crazy. It was like driven by my passion, thinking at scale and experimentation. Jeff Bezos saying, you know, you need to have thick skin if you're not failing often. If you're not experimenting on a monthly or daily basis, you're not going to innovate. Larry Page saying, we need to be customer centric. We need to be doing stuff and touching stuff that people use every day. Richard Branson saying, we need to have risk mitigation. And again, you guys will get copies of my book. But specifically entrepreneurs are ones who take risk but set it off to someone else. Long term thinking. Jeff Bezos with Amazon is a perfect example of long term thinking. And then finally optimistic thinking. And Larry gives me credit on abundance often. But we have a reason to be tremendously optimistic in the world today. And having that mindset inside your organization and your company and your family and your life changes how you think about the future.

Hey, I hope you're enjoying this video.

And I want to let you know that I have a new book that's come out and, and if you'd like to get it absolutely free, there's a link below in the description. Or you can wait till the end of this video or you can Simply go to joe'sfreebook.com and you can get a copy there.

So I just wanted you to be clear about that. Now, as far as what I'm going to talk about, I'm going to talk about the mindset. So the mindset has really been talked about a lot here. It starts with just how your brain's looking at your life, looking at the world, looking at the possibilities. Then I'm going to give you a model that shows you the radical difference between 2x and 10x. Then I'm going to show you a method that everybody in this room can do. You can start doing the method that I'm talking about here. You can do that method starting right now. As a matter of fact, you could put together a very good game plan by the time I'm finished here. And I'm going to give you a map of what the world looks like. What's happening to the world is that it's going binary. And what I mean is that the world always takes on the structure of the economics of the world. So when the world was industrial, the world looked like a factory. The world wars. I was born during the Second World War. And after the Second World War, for the next 25 or 30 years, America looked like a factory that was producing war materials. It was big, it was multi level, it was a big pyramid. GM had 18 levels from the CEO down to the factory floor. And everybody thought that was great. The unions were that way, government was that way. But now we're going digital and we're going network. And now the world is rearranging itself along network lines. So it's very, very different. And I'm going to show you basically that there's an emotion you have to have to actually get on one side or the other side of the binary. There's sort of a split going down the middle of the world. You can see it reflected in the news. Every day they talk about the polarization of society. I'm going to show you what the real polarization of society is. And I can say right now that all of you in this room are on the right side as opposed to the left side. No, but the thing about it is that there's a way of thinking about the world. And it starts with the mindset, but it's actually an emotion. And your basic path that you're going to create for yourself in the years ahead comes from a particular emotion. And there's a counter emotion. And I'm going to show you what that is. Okay, so let's just talk about the model and the mindset, first of all. First of all, I'm going to show you what 2x looks like. And we've got three tools that the brain has that I consider to be tools. And we have a tool called the future. We have a tool called the past, and we have a tool called the present. And these are tools and these are learned because children, newborn children, do not have a time sense. They learn. It takes about two years and the development of language before children begin to realize that there's a difference between what happens before they go to sleep and what happens after they get up in the morning. They call them dark sleep. So a lot of kids come up with dark sleeps as nighttime and short sleeps are naps. But they start to distinguish that there was a before I went to bed last night. And there's something happens and the brain starts to develop. It's like three dimensions. Children do not see three dimensions. Takes quite a while before children get a handle on three dimensionality. It's in the structure of the brain, but it has to be learned. And everybody learns past, present and future completely differently. I've never found two people in all my coaching who look at past, present and future in the same way. And the reason is they're made up. They're made up. People make up the future and they make up the past. People are just as creatively fictional about their past as they are about their future. And so one of the things is it's your property. These three tools are your property. And the past, present, future are your property. And you do anything with them that you can get away with. OK, so here's the way 2x works, and I've seen this over and over again, that if you do 2x, you start with the present, you start where you are right now and you got a 2x goal, but you don't go to the future, you actually go to the past, you actually go to the past. And the reason is because we're smart rats, Humans are smart rats and they don't like working. And so they say, I'm going to do 2x and I wonder if I can pull it off without changing anything. So they go back and they do an inventory of the past, of all the things that they don't want to change to get to 2x and how many of you, if you rearranged a few things, you could probably go 2x, how many of you and they would be known, you would know right now how you could go to 2x would you know, you could double, you would probably know the means would be there. It's a tightening up on the systems a little smarter, little better time management. You would know how to get to 2x. And so it's not very exciting. 2x is how many of you 2x really isn't that exciting. It's just not that exciting. And therein lies the issue. 2x is not exciting. It's not exciting for you. And if you tell somebody about it, it's not exciting to them. So there's no new energy in the system. So what happens then is that you actually start in the present and you circle back and you try to pull as much of the past as you possibly can into the future and the past negotiates with you about your future. How many of you have noticed that the past is union organized? And not only are they unionized, but they drink. They're drinking partners. All the past. No, no, no, we're not going to do that. Have a drink, you know, and everything else. And that's one of the biggest things I've noticed is just this negotiating with the past, that most people, when they come up with a goal, they have to go back and first justify it to their past. They have to justify it to their past. Okay? And that you can see the drag immediately on this goal. Now I'm going to show you the other one. So this is the other one. So with 2x, you start with the present, Trying to change as little of the past as possible. Not exciting. It doesn't cause any inspiration, doesn't cause any electricity, okay? It doesn't cause any real movement that's going to get a lot of people interested in what you're doing. That's why, I mean, when, you know, I sit there and let's see, Peter, what's he going to do? First of all, he's going to take a billion people and make him literate in 18 months, and then he's going to capture name, put his name on it. Asteroid dimandis. It's worth 5 trillion. All right, I got that one. You know, and then you go down the list. These are big. How many of you are excited just sitting there, you know, just sitting there, listening. That's the secret of it. It's the excitement. If there's no excitement, there's no electricity. If there's no electricity, there's no movement. You have to have the excitement. So the big thing is that you got to go 10 times or nothing moves. You got to go 10 times. So with 10 times, it works just the opposite. You don't start with the present. You actually start with the future. And with the future, you come back and you grab the present. You come back and you loop the present like that. Okay? And you leave the past in another category. I'm going to tell you why the past is valuable, because a lot of people say the past is not valuable. I don't think about the past. A lot of entrepreneurs, they say, I never think about the past. And I said, well, that's too bad, because there's a lot of useful stuff in the past that would be useful for the future. And so don't knock the past. I'm not knocking the past here. I'm not saying bad things about it. I'm Simply saying that you got to start with the future as the lead. And here's the deal. The past has to justify itself to the future. The past has to justify itself. The only reason why any of your past gets to come along is because it has a value for the future. So I've got 70 years with the past, and I've got a lot of valuable stuff back there. I've got a lot of stuff there, and I'm constantly going back to past experience and saying, what did I learn there that's really valuable? Okay, so here's how it works. With 10 times, you start with the future, freeing your present as much as necessary from the past. You got to free it up, okay? And that requires some shifts. That requires, you know, that's why Daniel, a lot of the stuff he does, you got to have a brain that can do this. Because a lot of the, you know, a lot of the brain, if it's a damaged brain, it's responding to damage that happened in the past. Okay, that's a map of your past. When he gets a bad brain scan, you get, you get. It's a map of the past. I was knocked out twice in a football game when I was 18 years old, and the damage was still sitting there on my brain. You could see the dark section on my brain. In those days, they said, you okay? Yeah. Okay, get back in there. You get back in there. Yeah, it was good. I got knocked out. I sat on the bench for about five minutes and got back in. First play, I got knocked out again. Guy said, why don't you sit this one out? The coach said, why don't you sit it out? But I was back on the field next week because that's what men do. I was a man. So that's the model. So that's the model. That's the mindset. So here's the model. So I'm going to put the two of them together, and the two of them are side by side. And you can see the radical difference just visually. Okay? And this is what it looks like in the two times you're trying to pull the past into the future, and in the ten times the present is being pulled into the future and the past, large parts of the past being discarded. How many of you this actually, when you're doing things well, this is what you do. And when you get really bogged down, you're doing the left hand side. Yeah, that's what happens. See, this happens with all 7 billion people and nobody's 100% with it. So nobody's 100% in any area of their life. Some people are really advanced in one part of their life, but they're not advanced in other parts of their life. There's parts of their life where the future is really doing the work, but in other parts of their. Their life, the past is giving the orders. It creates tremendous tension. All right, now how many of you would say that this is probably harder? This is harder and this is easier. So now I'm going to talk about harder and easier. And all things considered, how many of you prefer easier over harder? Yeah. Yeah. And that's really the thing. Now you have the brain that can do this, and you've got the experience that can do this. But you got to get the distinctions right. You got to get the circuitry right on this. And it has to do with what you do with past, present and future. You got to get them. You got to get them right. And generally speaking, if your child, if you're thinking about your children and they've spent 20 years in the educational system, and that's usually the case now, 4 years old to 24 years old, you know, they have been almost 99% taught by people who would not even believe in two times. They would not even believe that they would believe. I mean, at a much worse thing. I mean, they, you know, they would go for cost of living. You know, cost of living. Wow. I mean, that's what union fights are over cost of living. I mean, that's not very insane. Inspiring. Yeah. So it's a union, so you got to have the right teachers. That's why you come to Genius Network. And I just had a wonderful four days in Rancho Mirage with JJ and Camper and their mindshare. Mindshare. I mean, if you said that in the 1950s, I don't know really what that would all be about. But the whole thing of bringing together people who are future oriented and have an impact, I mean, you just being in this room for two days, your brain will change chemically. Your brain will change by being in this room for two days. And Joe is just a master of bringing together people who can provide shifts. They provide, you know, they almost. Sometimes, you know, I'm sitting here and I'm watching a 10 minute talk. I'm going whack. I just get the, you know, I just get this like. And all of a sudden there's this real shift, and you never go back to the way you were before the shift. So this is the educational system that really, really works. But if you take Everybody who does that and has that kind of impact and shift, they do the same thing. They free you from the past. There's this freeing up, and you get this real movement toward the future. And remember, past, present, future, they're yours. You make them up. You got to choose what you want to feed them. You got to be careful what you feed those time sense. Okay, so I'm going to talk about harder and easier. So now I'm going to talk about the method. So I'm going to talk about 10 times easier and 2 times harder. And I'm going to talk about 10 times easier, because 10 times easier is based on energy. How many of you would know in any situation whether this was energizing or this was stuff? How many of you know the difference between energy and stuff? Energy and stuff. Energy makes you feel good, and stuff makes you feel bad. Okay, that's good. That's good. So I'm going to put energy and stuff. Here's what energy. First of all, I'll start with stuff. Stuff is activities that are devoid of energy. How many of you right now know that you're doing activities that are devoid of energy? How many of you could make a list of activities that are devoid of energy? How many of you could make a list of people who are devoid of energy in your life? Situations that are devoid of energy. Activities that your company has gotten involved in. Situations that are devoid of energy. Okay, that's stuff. Okay, everybody got stuff. Okay, Energy is. Activities are free from stuff. Activities are free from stuff. What's it feel like when you're freed up from stuff? Yeah, feels like bulletproof coffee. Last thing I did before I came on stage was make sure you have a bulletproof coffee before you get up on stage. Bat. And my Adderall. I love adderall. Now, he doesn't recommend. He doesn't recommend. He says, but you might want to try this. You know what I realized when I came back? It took me six weeks to take the first one because I. I don't know if I want to do this. And I took it. And it was just before our workshop, and I took it and I walked in and I sat down. I was just. I introduced the group and then I sat down. And all at once it was almost like a physical. It was all going bang like that, and the whole world went quiet. And I realized that for 66 years, I had lived in a world of noise. And this is the first time my life was quiet. And it's been quiet for four years. And these have Been the four best years of my life. So I got the scan. Got the scan. Shitty scan. Yeah, it is better. It is better. I saw him a year later and he was amazed. You were amazed, weren't you, how much it was like a lit up city a year later. It was really good. And I got a lot of confidence out of it too. So energy and stuff. Okay, now think of the world. I mean, think of Washington right now. You know what Washington is? It is an entire, entire organization and ecosystem that's completely devoid of energy. It's just all stuff. Just all stuff, you know, and there's so many of these large organizations, these large systems that were considered just the normal part of life now that are just stuff. And the reason is they don't have the ability to have a future. They don't have a future. Everything has to be justified on the basis of the past. And you can just see it drains the energy. And you can see what happens to public officials. They come in, they're full of vim and vigor and they're very, very exciting. You just see them, the energy goes out of them, they get sucked in. So the big thing here is this is the method that I'm going to talk to you about right now. So we're going to talk about that. The method for going 10 times consists of eliminating stuff. So how many of you would have a hit list right off the bat of stuff that you can do? And so I'm going to just show you in coach because we coach a lot of people and they all come through, but this is sort of the kind of things that people go after. And if you wanted to, on your sheet of paper, I know this is on the sheet of paper, you can just write down everything that others do better, everything that drains energy, relationships that go nowhere. And what I'd like you to do with each of those three things, if you see them on the sheet of paper, it's in our little folder on the right hand side down at the bottom. So this is a little strategic coach diagram that we have there. But just write down below each of those words that I have up there, everything that others do better, everything that drains energy, relationships that go nowhere. And just write down a word, a name or a word of something that would be on that list. I'd like you to have one under each of them. Just, just write that down. You know, for example, everything that others do better. So what I, you know, the real, real impact that I have on entrepreneurs in the program is I get them to do Far, far, far less. You know, they come in and they're doing 20 different things. I say, you're not good at 20 different things, okay? You're good at three things. You're good at three things. So I do three things. I do what I'm doing right now. I coach my workshops, and I come up with new ideas and I come up with new diagrams. And in the course of my work year, 95% of my time is made up of those three activities. I got a circle, okay? And I'm not allowed to go outside that circle by my team, okay? Dan goes out and he goes. You know what I mean? If I step outside of my circle, I mean, if Dan tries to say anything about the company that doesn't relate to giving a public performance or coaching or creating new material, he's out of bounds. He's out of bounds. And Babs enforces it. She enforces it. And I teach everybody to do that because I came from the entertainment industry and the entertainment industry, you want the entertainer to entertain. You don't want the entertainer selling tickets. You don't want the entertainer moving furniture backstage. Frank Sinatra does not move pianos. I made a living before he died on that one. He just plays. He just entertains. Every one of you in this room is an entertainer, and you've got a song to sing and an audience to sing to. And anytime you're not singing your song to your audience, it's probably stuff. Probably stuff. Does that make sense? I mean, I find entertainment's really interesting because it's all about energy. Entertainment, the whole entertainment industry, is just pure energy. If you want to know a model of the future, it's the entertainment industry. And that includes sports. That includes sports. Everything that drains energy. Well, what drains energy? Everybody's got a list, you know, and it's different for everybody, okay? If I'm not front stage or I'm not doing things front stage, it's probably not. It's probably stuff for me. I'm a front stage guy. Okay? How many of you in this room are kind of front stage people, using the theater term? Yeah. You shouldn't be. Shouldn't be backstage, okay? I mean, you're backstage to prepare for it, you know, and it's really, really different. And the thing is, you can't be disrespectful about what other people find energizing, because everybody's wired. We have Babson. I have a personal bookkeeper who twice. Twice a week, she comes in, she handles all of our bills and everything and had her for 25 years. And from my perspective, she's done exactly the same thing every day, two days a week, for 25 years. So I went in one day, her name is Mary Beth. And I said, mary Beth, do you like this work? And she said, dan, from one day to the next, you never would know what's going to happen, You see? And I wasn't seeing it. I wasn't seeing it. So we can't make judgments about other people. Everybody's nervous system is constructed differently and what they find stimulating and everything else, everybody is different. The only thing is you want to get them inside their circle. So we do this with all of our team. We have 120 staff. And every one of them, the moment they start the company, we start this process of getting their circles smaller and smaller and smaller and smaller until there's just three of them. And we've got 65 people who've been with us more than 10 years. Because going to work every day and just being energized is actually a good way to spend your life. We try to keep them away from stuff and then relationships that go nowhere. That would be both business and how many of you right now have relationships that's going nowhere? It's a stuff relationship. It's not going anywhere. Write down the name. All progress starts by telling the truth. Bill W. All progress starts by telling the truth. You have to tell the truth. And the writing hand is connected directly to your brain. 40% of the brain, the hand that you write with is directly. 40% of the brain is connected directly to that hand. Opposable thumb. Human brain takes the opposable thumb really seriously because the opposable thumb basically was one of the big things that created the human brain. Okay, so that's it. Now we're going to go to the other side, increase energy. I start with the stuff because it's annoying and most people can get to it right away now. So here's the energy side of it. Everything that you permanently love, everything that produces growth and everything that grows confidence. Okay, so I have a big thing that I have a question. And Dean Jackson here. Dean and I had a great conversation one night. I said, dean, what is the single activity or focus that would absolutely keep you fascinated and motivated for the rest of your life? Fascinating motivator. And it took him about, what, two minutes? Two minutes. Wham. Like that. And Dean, big difference. Since we did that. Amen. Yeah, I got him on Adderall, too. Yeah. So the big thing is there's a something that is just eternally fascinating. How many of you, when you saw a number of the speakers up here, you knew they were in their sweet zone about what fascinates and motivates them. I mean, Peter, you're just. I mean, you're just a role model. You're the poster child for being in the zone of something that just permanently fascinates and motivates you for the rest of your life. Joe is. I mean, Joe. I mean, if it moves, he'll talk to it. I mean, Joe would call Putin if he thought it was a good interview. No, he's a connector. Joe cannot help not connecting. I mean, it's just fascinating and motivating to him. Scans. I mean, it's more than scans, Daniel. There's something in there that just totally fascinates and motivates you, and you can't get enough of it. And when you're 20, 30, 40 years older, it'll still fascinate mode. So if you can get the person just locked into that, you can build everything else around it. And it's a series of questions. I had Jeff. I had this wonderful interview with Jeff when he first came into the program about what it was like to do his first launch where he was charging and he got $1,300 back. And he was just sitting there in a state of awe for a couple days, simply because, first of all, it was equal to their disposable income as a couple for that year. And then. But just where are the possibilities? And I think, you know the book. I read the book, and the book reflects that fascination and motivation with that process. Okay, so that's what really prompted you to become an entrepreneur. It was this point of fascination and motivation that is permanent right at the center. But a lot of entrepreneurs get off track, and then they get tied up with the rewards of doing this activity. And then their life gets very, very complicated and they retire and whatever. So there's this whole thing. So do this. Okay, so you get this every three months. What we want you to do is eliminate three stuffs. And we want you to increase three energies. Okay? So you have stuff, stuff, stuff, energy, energy. How many of you. Every three months, you could eliminate three areas of stuff, big, small, medium in your life, and you could increase three areas of energy and go after the small stuff first, because it gives you a kick of energy. When you eliminate stuff, you get a hit of energy. When you add energy, you get a double hit of energy. So it's really, really great. And then you get those three, and then what we do is this is what it looks like. 36. Over 36 months, you would eliminate 36 areas of stuff and you would increase 36 areas of energy. How many of you. That would probably. I mean, can you imagine yourself if you got rid of 36 things that are stuff and added 36 things of energy? What do you think it would do to you? What do you think you would be like to other people? The ones you hadn't eliminated? But you would have attracted a lot of people in new life, because I believe all of life is based on radio frequencies. You send out a certain energy frequency and other people pick up on it. Okay, so that's that. So this is what it looks like. Okay, so I switched it here. So this is the energy going up and the stuff going down, and this is life. You could do this for the rest of your life and every year. And then it starts to compound. You know, it isn't like you go. You start to compound. It starts to become exponential. This is where you can actually experience what Peter talks about. Exponential experience is getting rid of the stuff and adding energy, and it takes you right into things that allow you to do things faster, easier, cheaper, all the technologies and everything. This is the proper training, the emotional psychological training for getting in tune with the technological age. All Uber is, is they got rid of all the stuff and added all the energy. Airbnb, they just get rid of all the stuff and add the energy. All Amazon. I mean, they said, Dan, they always. Barnes and Noble. Never called me Dan. Dan. You know, I get so excited and I order. And they said, dan, you already ordered this one. I love that. Dan. How many of you? I love that, Dan. Barnes Noble. Border, borders. No, Dan, borders with stuff. They're gone. So. No, no, no. I mean this. I mean, I just want you to see this on the big level. Okay, so let's go to the big level. I'm just going to wrap up here. So this is the math.

Okay?

I'm going to talk to you about scarcity because Peter talks a lot about abundance, but I want to talk about scarcity first. And scarcity starts with an emotion. Okay? Okay. So I got a 15 minute grace period here when I'm. We got an agreement, Joe and I, you know. Okay. Okay. So here's all. All stuff. All loss of energy in your life starts with envy. Envy is the emotion that kills energy. Okay? Envy, okay? And envy is looking at what someone else has and wanting them not to have it. That's what envy is. And it's the Most, it's the energy killer. Any kind of envy and envy. So it's stuff. Envy is about stuff. What are people envious about? They're envious about stuff. You got more stuff than I got. I don't want you to have that. Okay? All right. And envy leads to guilt because you got more stuff than other people. So you're guilty. So. So on the one hand you're envious, and on the other hand, you're guilty. You're guilty. And so you get caught between these two emotions. These are all energy killers. And then there's blame, because you got to blame somebody. Why? The world is structured such a way that some people have a lot of stuff and other people don't have enough stuff. So now you got three things going. Can you see how this really, really kills energy? And this is how all scarcity. It's a set of emotions that become a system. That's how scarcity, scarcity, there's more than enough for everything to go around. But the energy systems that people, or the devoid stuff systems that people prevent there actually being any abundance. And what that leads to is a sense of massive unfairness. I mean, I went to college. I go back to college reunions. And it's about the unfairness of the world, you know, it's about the unfairness of the world. You know, living in America, you know, talk to the Uber drivers. They're all immigrants. They love this place. Their solution is send all the unhappy Americans somewhere they came from. So unfairness, and then depletion. The depletion. The planet is being depleted, okay? There isn't enough to go around. In 1800, we crossed a billion. Now we have 7 billion. Average incomes are up 17 times. Lifespan is up 42 years. You know all the great slides that Peter had this morning, there's just massive amounts. And the reason is because it comes out of human imagination and human. The imagining an infinite future and then having more and more energy in your life. And then the other one is the zero sum. If you have something, that means I don't have it. If this person over here has it, it's only at the cost of something. These are killer thoughts. These are killer thoughts. They destroy energy. They destroy any possibility of creativity. Okay? So I call this the scarcity system. And it's a stuff system. The whole thing's based on stuff. And the whole thing's to. All right, now I'm going to. That was quick. I had to get through that quickly. Then I go to the abundance spiral. Starts with gratitude. Gratitude is the single most powerful energy producing emotion on the planet. Abundance is connected. Gratitude is connected to another word which we use interchangeably, which is called appreciation, which is interesting because it has both a psychological meaning, but it has an economic meaning. So stocks appreciate, land appreciates. So appreciation means growth. And I say that every time you're grateful. You appreciate the value of something, you appreciate the value of that person, but you appreciate who you are because you're grateful. So if you want to know how to enter and continually grow within the world of abundance, you have to be grateful for everything, okay? And you'll never run out of new things to be grateful for. And people can tell that you're grateful. And people love being around people who are grateful and they hate being around people who are envious. Okay? So gratitude leads to is energy and it leads to creativity. Steve Jobs, they said Steve Jobs, what is creativity? He says it's putting things together. People who put a lot of things together are really creative, are really creative. You only put things together that you love and you appreciate creativity only. You only put things together that you really like. And creativity leads to cooperation, which is really what capitalism is. FA Hayek said that capitalism is an ever expanding system of increased cooperation among strangers. Big thing there is strangers. So when I was in. And the thing that really gets me about this is the atm, I mean, I, you know, I mean, I grew up in slow times, so ATMs are really, really exciting to me. And we were in Vienna, we were at the soccer hotel, very famous for the soccer tour. And I came down to the concierge and I said, is there an ATM here? Of course he knew what I meant. He says, yes. You come out the front, walk down two blocks till you get to McDonald's, cross the street, and the ATM is right between Starbucks and the Apple store. I go there, they ask you language, okay? They ask you currency. You put in your card. Millions and millions of strangers cooperating with each other. I give and Babs is there. I turn to her and I say, what a world.

What world?

I love it. I mean, I love it. This is massive cooperation among strangers. Most of the world still, you can only have cooperation among friends and family. Okay, finally, real quick, opportunity, Opportunity. When you get this, you get massive opportunity, which leads to ingenuity, which leads to Peter's favorite subject, exponentials. And this is the energy system. So what you have to do now is that you have to put a barrier, the abundance barrier between these two systems, okay? And what you have to do is continually surround yourself with People who are energy people, which I call the abundance neighborhood, which goes like this, goes like this. And this is what this is. This is what Joe is putting. He's putting together abundance. This is what Peter does with abundance. 360. We put together an abundance neighborhood. So this is my whole take on how going from the simple thing of getting past, present and future right in your mind and then understanding that the mechanism for growing the future is to actually increase the amount of energy in your life, reduce the amount of stuff, you end up in a neighborhood like this. And it's a good world.

Most of the time. Speakers wait till the end to show the disclosures. So let me just take care of that right up front. Everyone got that? I'm going to begin by borrowing from the great book A Tale of Two Cities. It was the best of times and it was the worst of times. I went from being very happy to very sad in a matter of seconds. I left a big brokerage firm in 1999 when Mimi and I started our own wealth management company and began our entrepreneurial journey to this moment when I realized we had netted more than a million dollars from our company. But just when I was getting excited, I scanned down the tax return to see how much we had paid in taxes that year. And I remember thinking to myself, you could buy a pretty nice home for that much money. And then I was overcome with doubt. Doubt about the way I was managing our own wealth. Had we hired the right professionals on our team? Was I making mistakes? Was I missing big opportunities? And even though we lived a great lifestyle, was it sustainable? You have to remember, at that moment in time, I thought I knew everything there was to know about wealth management for entrepreneurs. So I started asking other wealth managers I respected. And I kept hearing the same traditional answers. Then I heard about something called a family office, the way billionaires manage their wealth. And luckily I got introduced to a family office in New York City. I jumped on a plane, I flew out there and I met with the CEO and we hit it off. We just connected. And he shared with me how they would hire the best accountants, attorneys, legal, tax, insurance and investment professionals working for that one billionaire and his family as full time employees. I knew immediately that this was the best way to manage money for entrepreneurs. There was only one problem. You need about 200 or $300 million before that makes any sense. Then I thought, I wonder if I could create a virtual family office at a fraction of the cost for entrepreneurs like me and my clients who are making great money. But don't yet have $200 million in assets I needed didn't exist. So I created it first for my own clients and our family. And now we do it for every new client. I'm going to cover three things with you today. I'm going to cover the entrepreneur's virtual family office. So this is a structure how you should think about your wealth management as an entrepreneur. I'm going to go over stress testing which billionaires do and you should too. And finally, I'm going to cover some questions you can ask yourself for a self assessment to see where you are in your wealth planning journey. First, the entrepreneur's virtual family office. If I can get a slide up here.

There we go.

Perfect. So here's the framework. I want you to think about things. I believe that entrepreneurs are the reason for everything great in this country. You're the reason for the economy. You're the reason for innovation. You're the reason for giving. And I believe you deserve to make rich real. Now, that means different things to different entrepreneurs. So to one entrepreneur, it might mean something as simple as flying first class or flying private. For another, it might mean taking three months off a year to travel the world. For another, it might mean knowing that your great grandchildren never have to worry about the cost of an education. And for still others, it might mean serving a cause you care about, both while you're on this planet and beyond, which for Dave Asprey is 180 years in my 24 years of helping entrepreneurs. To make rich real, you need three outcomes. You need absolute confidence in your team. You need max wealth both inside and outside your company. And you need sustained wealth. I meet entrepreneurs all the time. They had a huge exit. They made a lot of money and they squandered it because as Joe said in the intro, it's a different skill set to make money than to keep money.

Hey, I hope you're enjoying this video.

And I want to let you know that I have a new book that's come out and if you'd like to get it absolutely free, there's a link below in the description.

Or you can wait till the end.

Of this video or you can Simply go to joe'sfreebook.com and you can get.

A copy there to get these three outcomes. There's three main drivers. Entrepreneurs love to grow, but I'm going to leave that to third. The first is protect moving from vulnerable to secure manage, which is moving from uncoordinated to worry free and finally grow. The part you're excited about Moving from incremental to exponential. So when you protect and manage, you get absolute confidence. When you manage and grow, you get maximum wealth. And when you grow and protect, you get sustained wealth. For each of these protect, manage and grow, I created three catalysts and this is where the work is really done. First, asset protection. This is having a plan so your assets can't be taken by a lawsuit. Second is wealth transfer. So making sure the right people get your stuff and money when you're done with it, at the right time, in the right way, without ruining your kids. If you don't have kids, your wisdom as an entrepreneur should be passed on through stories and videos. And then finally, the time energy shield. You should have a wealth manager on your team that protects you from other professionals, pitches and projects. Under manage business value, your business is the most valuable asset you have. You need to get a business valuation to know it's worth. You need a monetization strategy which could be a high multiple exit. Or it could be turning your company into mailbox money, where you live a great lifestyle and you go out to the mailbox and pick up a check. If you're under 30, ask an old person at your table what a mailbox is so we can move to the next one. The next is the wealth wheel. You're going to pick up advisors and professionals over your life as an entrepreneur. You're going to pick up an accountant, you're going to pick up an attorney, you're going to pick up an insurance agent. Often they're not all a players. They're not talking to each other. And the worst part is you're in the middle trying to manage that team and you shouldn't be in the middle. And then finally, the linchpin partner. This is who holds the whole thing together. This is a wealth manager who has three distinct qualifications. First, a specialization in working with entrepreneurs. Most financial advisors are generalists. Second, experience in working with entrepreneurs at least 10 or 20 years. And third, a fiduciary standard of care in all dealings with you. That's a fancy legal term. That means the advisor has to by law represent you and your interests before their own. Under grow tax planning, your largest expense as a successful entrepreneur is going to be taxes. You should have a well thought out, annually updated and implemented tax plan investments. I put these in three categories. Private equity, real estate and stocks and bonds. You want to have a smart strategy for how you're handling those areas to build wealth outside of your company. And finally, the profit accelerator. Knowing what are your critical drivers to Profitability, Having a simple way to monitor and improve those key drivers and by doing that, increase your cash flow. Second thing I want to cover today is the stress test. CEG Worldwide did a study of 199 family offices. These are families that have more than $500 million and 93.5% of them do stress testing. What is stress testing? What does that look like? It's a deep dive with a wealth expert on everything that touches your wealth. So it's looking at your business insurance, your personal insurance, your liability coverages, your estate documents, your asset protection plan, your investment statements, your business tax returns, your personal tax returns, Your P&L's, your business operating agreements, your buy sell agreements, your debt, and even the plans you put together for your employees. At an event like this, I get asked a lot, Jim, what's the first thing I need to do on my wealth management? You need to get a stress test by a qualified wealth manager that does this on a regular basis. We do it for all of our clients and we do it to answer three questions for them. First, are you making any big mistakes? Second, are you missing any opportunities? And third, does your team consist of a players and are they talking to each other? The third is the self assessment within the nine categories that I went over earlier. I created a question for each so an entrepreneur like you can find out. Where are you in your wealth planning journey? I only have time to go over two today of the nine, but let's do this together. So question seven of nine is, how convinced are you that your annual plan for paying less tax is delivering on all the legal opportunities available to you? This is one to ten. One is bad, ten is excellent. So one might be. Every year the US treasury sends me a birthday card. I hope that's not you. And a 10 would be my plan is second to none. And most likely you're somewhere in between one and 10. Question number five of nine, how confident are you that you could completely forget about your wealth management and still know for sure that your wealth team is proactively driving your wealth forward? A1 would be it's a hot mess. And A10 totally confident. We created for the nine questions the make Rich Reel scorecard. And this is my gift to you. Go to makerichreal.com and you can get the scorecard. There's no required opt in. I promise you're not going to be tagged, pixeled, prodded or poked. A lot of smart people in the room could show me how to do that, but that's not the purpose of this. I'm going to leave you today with this story. My office manager buzzed me one day and said, jim, Steve just called and Steve and Joanne are coming in tomorrow. And they said it's urgent. And that concerned me because Steve was a high flying entrepreneur. We had been working together for more than 10 years and Joanne never came in. It was always Steve. He said she didn't care about the finances and then he handled everything. The next day I walked into the lobby to greet them. First I saw Joanne. Her face was pale and she looked sad. Then I looked over and saw Steve. He was in a wheelchair and his hair had fallen out. And I knew immediately that Steve had cancer. No one mentioned the elephant in the room. I got them back into my office and as soon as we got settled, Steve went into the meeting like normal, started talking about our plan and the strategies about the professionals on the team. And when he finished, he looked at me and he said, very matter of fact, Jim, I've got pancreatic cancer. I only have a couple of months to live. Can we go over the part of the plan where I'm not here and it's just Joanne? I looked at Joanne and she had tears streaming down her face. So I went over the plan, the way it worked without Steve when he's gone. And when I finished, I looked at Steve and I was surprised to see this look on his face, this look of peace, this look of contentment. And then he looked deep into my eyes and I looked deep back into.

His and he simply said, you got her?

I said, yeah, Steve, I've got her. And we teared up. A couple of months later, Joanne called me to tell me that Steve had passed. And as I hung up the phone, I said to myself, don't worry, Steve, I've got her. Who's got you? Who's got your family? You deserve to have a team of a players. You deserve to have a team that talks to each other. You deserve to have a team that puts your interests before their own. Now is the time to get the.

Team that you deserve. What I'm going to do today is I'm going to talk about three things that I've learned through studying billionaires that we implement with our clients, that you can implement yourself. And these are the three things that billionaires really nail when it comes to their wealth planning. Let's get through the disclosures that just says, don't believe a word I'm about to tell you and let's get into it. So the first of the three things that billionaires do very well. I'm going to just draw a continuum right here. And on the left of this continuum, I'm going to put distraction. And on the right of this continuum, I'm going to put focus. By the way, I was supposed to be a doctor, so excuse my handwriting. So on the left on distraction, I see many entrepreneurs and what they have when it comes to their wealth building is what I call random wishes. And random wishes doesn't get it done. A little more toward the focus I see goals. So there's some goal setting. A little more focused I would call success. But if I had to tell you about those three areas, random wishes, goals, and success, I would put those in the red because there are plenty of entrepreneurs like you that have random wishes, goals, or success. But really, to get sustained wealth, you need another level over here. And this other level is a compelling focus. And if you have compelling focus and believe in the billionaires have compelling focus, that's when you get something that we call sustained. Well, so what are your first steps on this? For each one of these, I'm going to tell you what the concept is, and then I'm going to give you an action step. So I'll just kind of star the action steps. So the first action step for a compelling focus is something that Keith Cunningham calls thinking time. And thinking time is for you to sit down in a quiet place and first ask yourself, why do you want to be wealthy? Why do you want to be seriously rich? It's really important to get clear on your why. Also ask yourself, what. What would you do if you got seriously wealthy? How would you use that money? And then the second part of this I'll put another star is ties into Ben Hardy and Dan Sullivan's book, who, not how. I'll give you a quick story on something that happened to me during COVID So when Covid happened, they shut down all the gyms. Mimi and I are really into working out. We couldn't go to the gym, and it was making me crazy. Well, I have a friend who's a personal trainer who said, jim, I can get you in a private gym. No one's in there, but you have to pay me as a personal trainer. I remember thinking, I don't need a personal trainer. I've been working out for 30 years. I know my way around a gym. But I had no choice. So I hired him. Two weeks later, I was surprised to realize that I had the best two weeks of workouts I'd have in over a decade. And guess what now? I have personal trainer. And what I realized is the personal trainer gave me a compelling focus. I wasn't on my earbuds listening to one of Paul Culligan's podcasts. Sorry, Paul. I wasn't talking to my friends in the gym. I was focused during that workout time of just intensely getting it done. So you can hire a good wealth manager to give you a compelling focus. And that's the whole. So those are your steps on compelling focus. The second area that billionaires do a really good job. I'll just draw this diagram. Here is something that I like to call wealth discovered. Most of you are making enough money already to get seriously rich. The problem is you're leaking money and you don't know where you're leaking money. And in my experience, 26 years of working with entrepreneurs, the number who know where their money's going and they're not leaking money is very small compared to, like this red. Better compared to the entrepreneurs who don't know where their money is going. In my book, I talk about Mark, which is not his real name, who's an entrepreneur who gets introduced as selling his company for more than $80 million, which is a true statement. By the time Mark sat down with me, he only had $5 million left. You go, how in the heck does he do that? Or did he do that? Well, first of all, he had taken on investors, so he only owned a little more than half of the company when it sold. But, you know, $40 million is still a lot of money. He had done no planning, no exit planning, no tax planning, no asset protection planning. So he ended up paying too much in taxes, and then he put money in a bunch of silly investments with friends and with other people and lost a lot of that. The reason I tell you that is you don't want to end up like the entrepreneur that says, I can't believe how much I made in the last 10 years and how little I have to show for it today. And in my experience, that's about 4% that actually don't have that, that are actually not leaking money. And that's one out of 25. So in this area, what's the problem? One is missed opportunities. The other one is being comfortable. Believe it or not, being comfortable is a big problem for wealth discovered. So what do you need to do about wealth discovered? You need to sit down and think.

About.

Where is your money going as far as taxes? One of the biggest costs for successful entrepreneurs. What about insurance premiums? What about legal fees? What about investment fees? And what about expenses, both business and personal? You need to really be aware of those things if you're going to find out where you're leaking money and then have a good strategy so that you can start building wealth. Let's talk about the third thing which I'm going to watch how fancy I am here. I'm going to add a page as we speak. Add page. Look at that. That's for people that say I'm not good at technology. Mimi. So let's talk about the third thing that billionaires do really well. And I'm going to just draw this diagram here. So this is infrastructure. And infrastructure is really the people and the process for how you make financial decisions. The billionaires do a great job with infrastructure. So as I said before, most entrepreneurs, and I'm talking successful entrepreneurs like this, they have kind of a red zone as far as infrastructure is concerned. But the ones who end up in the green, this is only about 2% in my experience. So what is good infrastructure? Well, one thing that is not good infrastructure down at the bottom here is entrepreneurs that are unconsciously unaware. This is the ostrich. And this happens to most entrepreneurs at some point is you're so busy building your business and taking care of your family, you're unconsciously unaware of the people in the process. That is your infrastructure. And then another enemy is you have enough of an ex infrastructure, so you're executing, but you're really not at the level you need to do because the highest level of infrastructure gives you absolute confidence. So when it comes to infrastructure, here's the exercise I want you to do. I want you list your professionals. In tax, legal, insurance and investment. And then I want you to give them a grade, not five Ds. I'd say one to 10. 10 is amazing. Great personality. Proactively bringing you ideas works well in a team. All those things would be a 10. A 1 would be, you should have fired that person a long time ago. And a five you might be. I'm not quite sure how good this person is, but rate your professionals when it comes to your infrastructure. Infrastructure is so important. I just want to take a minute and show you something that we created for clients. The entrepreneurs virtual family office. And this really we took from billionaire families and have honed it over the last 15 years. But I want you to think about your own situation and how you can better create an infrastructure of the people in the process by looking at this model. So we believe, Mimi and I believe that entrepreneurs are the reason for most great things in this country, the reason for jobs in the economy, the reason for innovations, the reason even for a lot of the giving that goes on. And every entrepreneur I've met in 26 years, they all have wishes and dreams, but very few of them do something that we have coined make rich real. And make rich real can mean different things to different entrepreneurs. So to you, it might mean having a certain amount of passive income every month. It might mean having a certain home in a certain area. It might mean having a private jet. It might mean time off, three months off a year to travel the world. It could be causes you care about or people you love that you want to take care of. Mimi was an immigrant, is an immigrant to America. Her family came over when she was five years old. And when she was young, it was very hard. They were on food stamps. It was a big challenge. And a few years ago, I asked Mimi, I said, is rich real to you? And she said, it is. I said, how do you know? She said, because when I go to the grocery store, I don't look at any prices. I can buy whatever I want. So what makes rich real for you could be different. But you really need to be in tune with what that is for you. And then to get there, you have to have these three outcomes. You have to have absolute confidence in your team of professionals. You have to maximize your wealth. I'll make that bigger inside and outside your business. And then you have to have a plan for sustained wealth, because building businesses and making money is a different skill set than managing money. Then to get there, there's three main areas. First is protect moving from vulnerable to secure. Then manage moving from uncoordinated to worry free. And then finally grow moving from incremental to exponential growth. Within each of these, we created three catalysts. So these are the nine areas that billionaires really nailed. And you need to also so under protect asset protection, this is having a plan so your assets can't be taken by a lawsuit. From the basic liability coverages, personal and business, all the way up to entity and trust design wealth transfer. So making sure if you have kids, they're not ruined by money, that they only have opportunities. And then if whether you have kids or not, make sure you have the right corporate documents in place so that if you get sick or injured, the right people step in so when you're bettered, you're better, you don't lose your business. And so that if your partner or your business associate gets sick or injured, you don't end up business partners with that person's. Spouse or brother or parent. Okay. And then finally, the time energy shield. So this is having someone in your life that protects your time and your energy from things like pitches, projects and other professionals under manage. The first is the wealth wheel. So this is having your wheel of advisors, we just talked about this. All a players, they're collaborating and communicating on your behalf, but you're not in the middle managing those. You need someone in the middle who can speak the languages of tax, legal, insurance and investment that can manage that for you. Linchpin partner. This is who holds it all together. This is someone typically in wealth management, who has three distinct qualities. First, experience in building these type of structures because you don't want to have someone learn on your dime and your time. Second, someone who specialize in work, specializes in working with entrepreneurs because you have a different set of problems and opportunities than other types of investors and other types of individuals. And then finally, someone who takes a fiduciary standard of care, always represents you from a legal standard, doesn't sell products, doesn't have investment minimums, doesn't take referral fees, kickbacks or revenue sharing. And then finally, business value. So your largest asset, if you haven't exited, is your business making sure that you plan far in advance for that sex exit to get the best outcome possible for you. And when you think about business value and exit, you will exit your business, I guarantee it. Every entrepreneur exits either because you sell to a strategic or financial buyer, you get sick or injured, you die, you give it to your kids, you sell it to your employees, you get beat up by competition. Under grow. The first is tax planning. So having a well thought out, annually updated and implemented tax plan investments, so building outside of your company and things like real estate, stocks and bonds and private equity. Then finally profit amplification, which is identifying the critical drivers that drive cash flow in your company. So you can easily monitor and improve those critical drivers. So those make up the virtual family office, but also are the areas that you need to build infrastructure for yourself. So I'm going to end with this and then we'll open up for questions. You are in your current financial position and no matter what I know in a period of time you're going to have your future financial position and let's say that's five years from now. So no matter what, from today to five years from now, you're going to be in a different financial situation. And what I've seen with entrepreneurs is if you don't pay attention to this stuff, what happens is you naturally drift. And when you drift, you can end up in instability or worse yet, if you even drift farther, which I hope this wouldn't happen to you. But if you drift even farther, you can end up in crisis. Nobody wants that. On the other hand, if you really focus on this, you can, oops, let me redo that. Your financial future, five years out, and let's go to here. Okay, so what you can do though, is you can move up the curve. And this takes. You have to decide and you have to act. And if you do that, you can get to a place called security. But there's a higher level, and that is getting to where I say you make rich real now in that journey, guess when you're closest to those higher lines. Today. Today you're closest. And the longer you wait, the farther that distance is to jump. Because the whole idea is you want to jump the lines and you want to ride the curve. Once you get on the right path, it will happen for you. If you wait in the future, it's going to be riskier, it's going to be costlier, and it's going to be more stressful. So now's the time to jump the lines. Now, there's a way you can jump quicker, and that is if you get some sort of assessment. We call this a family office assessment. But if you get an assessment, you know where you are in all those nine areas, you can much more quickly jump the curves and get to here to make rich real. So an assessment really is having some experts dive deep in all areas of tax, legal, insurance and investment to find out where you are and then put together a game plan, as I said earlier, to give you a compelling focus so that you can get there. I don't want to make you dizzy, but I'm just going to go through the three main points again. The first is compelling focus. And remember, set aside thinking time, why you want to be seriously wealthy, what you're going to do with the money and the who if you need to hire someone. Second, make sure you look at wealth discovered. Where is your money leaking? And that's how you're going to max your wealth. So sit down and look at your taxes, your insurance premiums, your legal fees, your investment fees, your expenses, personal and business. Find out where the money is leaking and redirect that to something more positive. And then finally, your people in your process, the infrastructure, and list out all your professionals in the areas of tax, legal, insurance and investment and grade them 1 to 10 to give you a starting point so with that, I'm going to just say this. That you can start managing your wealth like a billionaire, even if you're not one yet.

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