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Money Expert: If I Was Broke Today, This is EXACTLY What I'd Do! | Patrick Bet David

Lewis Howes・75 minutes read

Success lies in respecting money and success, building relationships, and working under experienced individuals to accelerate learning and growth. Personal anecdotes and reflections underscore the importance of authenticity, leadership, resilience, and embracing challenges to achieve long-term success and growth.

Insights

Respect for money and success, rather than wealth or intelligence, is crucial for achieving success.
Building relationships with experienced individuals, prioritizing the right circles, and working under successful mentors accelerate learning and growth.
Choosing enemies strategically, saying no to external pressures, and prioritizing authenticity over flattery are key elements in long-term success and leadership.

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Recent questions

How can I accelerate my learning process?
Working under experienced individuals accelerates learning significantly.

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Summary

00:00

Strategic Moves for Success at Different Ages

The key to success is not being the richest or smartest, but rather respecting money and success.
To start over with nothing, the first three moves would be to identify 10 circles of people to be part of, prioritize them, and reach out to them for opportunities.
Working under someone experienced and skilled accelerates learning significantly.
At 25, focus on finding someone to work with and learn from, getting into the right circles, and working under a successful individual.
At 45, losing everything isn't a concern as the market will eventually pay what one is worth, barring a severe reputation hit.
Flattery can be dangerous, leading to poor decisions and undermining one's reputation.
Choosing the right enemies, like Elon Musk challenging Disney, can be a strategic move for long-term success.
The power of saying no to sponsorships and external pressures can be immense, as seen in Elon Musk's decisions.
Bob Iger's rise and fall in Disney's leadership exemplify the importance of strategic decision-making and market dynamics.
Tim Cook's potential acquisition of struggling companies like Disney under Apple showcases the power of strategic planning and market positioning.

12:17

"Lessons in Leadership and Authenticity"

Apple made mistakes by forgetting who their customers were, focusing on kids instead of the remote control holders.
Bob Iger's allies were a 1% sect of America, neglecting the parents who wanted their kids entertained.
Blockbuster lost $200 billion by choosing the wrong enemy, Netflix, and imposing late fees on customers.
Elon Musk is feared and envied by competitors for not buying people's loyalty with money.
Elon Musk is willing to face challenges and enemies to prove his vision right, even if it involves short-term pain.
Elon Musk is unbothered by not being invited to exclusive parties, prioritizing authenticity over social acceptance.
Elon Musk's approach of not caring about mainstream approval has led to exponential growth in various areas of his life.
Losing favor with God is Patrick Bet-David's biggest fear, emphasizing the importance of maintaining integrity and values.
Patrick Bet-David stresses the significance of being a leader and not losing favor with God, prioritizing authenticity over mainstream approval.
Balancing success and humility is crucial, as Patrick Bet-David highlights the importance of showcasing achievements without letting ego take over.

25:56

"Fine dining, entrepreneurship, and personal growth"

Visiting high-end restaurants like Michel and star restaurants, Ana Madison, AA D'Angelo, and Nobles to experience their food and service.
Trying dishes like wagu Tomahawk with salt on top, emphasizing the quality of food and service.
Encouraging the concept of selling entrepreneurship and success without arrogance, showcasing hard work and achievement as a possibility.
Highlighting the importance of selling capitalism and entrepreneurship to inspire the next generation.
Recommending reading "Meditations" by Marcus Aurelius as mandatory for personal growth and leadership.
Praising Marcus Aurelius as a legendary leader who brought peace and unity to a chaotic country.
Expressing admiration for the movie "Gladiator" for its impactful storytelling and emotional depth.
Discussing personal conversations with God, seeking guidance, clarity, and purpose in life decisions.
Sharing a personal story of family planning, including the emotional journey of expecting twins and facing challenges during pregnancy.
Reflecting on the transformative impact of family and personal experiences, emphasizing the importance of embracing challenges and changes in life.

39:40

"Amazing Grace" Inspires Growth and Leadership

The speaker listens to "Amazing Grace" daily for an hour while walking, finding it emotionally moving.
The version of "Amazing Grace" listened to is 5 minutes and 14 seconds long, with singing starting after 45 seconds.
The speaker feels a strong connection to God during this time, expressing gratitude and seeking guidance.
Reflecting on life experiences, the speaker acknowledges tough times in Iran but overall considers life great.
The conversation shifts to money mindset, with the speaker emphasizing respect for wealth and successful individuals.
The speaker highlights the importance of leadership in various fields, emphasizing its role in success.
Leadership qualities like building relationships, giving feedback, and challenging others are crucial for success.
The speaker encourages self-reinvention and growth, emphasizing the need to constantly improve and evolve.
Hiring top talent is a priority for the speaker, with a focus on creating the right environment and culture.
The speaker discusses the strategic move to Fort Lauderdale to attract talent and build a strong team.

53:01

"Leadership and Emotional Drive in Business"

The book "Choose Your Enemies Wisely: Business Planning for the Audacious Few" emphasizes leadership as the key focus for 2024.
A question arises on how to apply the book's message for someone in their 20s aiming to start their own business and make their first million dollars.
The importance of having both logical and emotional components in business planning is highlighted.
A personal anecdote is shared about the author's experience at 25, renting office space and facing a partner's health issue, leading to a serious business plan.
The necessity of having both emotional and logical elements in business planning is emphasized, with 12 building blocks discussed in the book.
The absence of a simple business planning book accessible to various individuals is noted.
Factors to consider for a 25-year-old aiming to make a million dollars include industry, product, average sale, commission, and method of acquiring clients.
The importance of understanding the emotional drive behind pursuing a business goal is stressed, alongside the necessity of facing rejection and challenges.
The distinction between enemies and competitors is explained, with enemies serving as a crucial motivator in enduring the challenges of entrepreneurship.
A personal story is shared about defending the author's father against a condescending relative, highlighting the power of emotional drive in achieving goals.

01:05:57

"Emotional intensity, book recommendations, business strategies, app advice"

The speaker measures the intensity of emotions by their lifespan and level of fire, with a high level indicating a 20-year impact.
Recommendations are made for reading books by Elon Musk and Bob Iger, emphasizing their motivational and informative value.
A business planning book is suggested for those seeking strategies to elevate their business and choose enemies wisely.
An app called "M" is highlighted, connecting users with experts for advice through text, video calls, or FaceTime.
The importance of aligning one's values and principles with daily behavior is emphasized as the key to experiencing greatness in life.

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