How They Keep You Broke! - Untold Truth About Money, Power, Wealth & Success | Wallstreet Trapper
Tom Bilyeu・2 minutes read
Success requires stepping out of your comfort zone and pushing beyond average to achieve more, highlighting the importance of education, mindset, and ownership in building wealth through wise investing decisions. It emphasizes the power of transforming financial perspectives and sharing knowledge to alter mindsets towards long-term investments for financial security and growth.
Insights
- Success often requires stepping out of one's comfort zone, as staying within familiar boundaries can lead to mediocrity, highlighting the importance of embracing change and challenges for growth.
- Ownership and investing in stocks are pivotal for wealth accumulation, emphasizing the shift in mindset from consumerism to ownership, with a focus on understanding the stock market's dynamics and the value of continuous learning for long-term financial stability and growth.
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Recent questions
How can success be intimidating?
Success can be intimidating due to the changes it brings, pushing individuals out of their comfort zones. While staying in a comfort zone may seem safe, it ultimately leads to mediocrity. Outliers who achieve more than the average person often face this intimidation as they push themselves beyond what is considered normal or comfortable.
Who is Wall Street Trapper?
Wall Street Trapper is not a financial advisor but an individual who educates on stock market principles. His background involves early exposure to violence and street life, learning about entrepreneurship from his grandmother and street smarts from his mother. Despite facing homelessness and delinquency, he entered the drug trade at a young age before encountering a white inmate in prison who changed his perspective on life.
What are the three key principles of wealthy people?
The three key principles of wealthy people, as shared by the white inmate with Wall Street Trapper, are to stop trading time for money, make money work for them, and provide value. These principles emphasize the importance of shifting from a mindset of exchanging time for income to allowing money to generate wealth independently, while also focusing on offering value to others to create mutual benefit.
How can one overcome generational poverty?
Overcoming generational poverty is attributed to mindset rather than intelligence, impacting one's belief in success. The speaker emphasizes the importance of mindset in overcoming economic challenges and generational poverty, shifting from survival mode to a focus on reading, learning, and developing entrepreneurial skills. By changing one's perspective and adopting a mindset focused on growth and learning, individuals can break the cycle of generational poverty.
Why is continuous learning crucial for success?
Continuous learning is crucial for success as it provides individuals with the knowledge and information necessary to navigate challenges and make informed decisions. By dedicating oneself to seeking knowledge and staying updated on relevant topics, individuals can adapt to changing circumstances and continue growing personally and financially. Emphasizing the importance of researching and following advice from knowledgeable individuals can lead to life-changing opportunities, particularly in building wealth through wise investment decisions and ongoing education.
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Summary
00:00
Breaking Out of Comfort for Financial Success
- Success can be intimidating due to the changes it brings, but staying in a comfort zone leads to mediocrity.
- Outliers push themselves beyond average to achieve more.
- The guest, Wall Street Trapper, is not a financial advisor but educates on stock market principles.
- Wall Street Trapper's background involves early exposure to violence and street life.
- He learned about entrepreneurship from his grandmother and street smarts from his mother.
- Wall Street Trapper faced homelessness and delinquency before entering the drug trade at a young age.
- In prison at 16 for attempted murder, he encountered a white inmate who changed his perspective on life.
- The white inmate shared three key principles of wealthy people: stop trading time for money, make money work for them, and provide value.
- Wall Street Trapper realized the importance of class over race in achieving financial success.
- Exposure and education are crucial in breaking out of limited options like sports or hustling for success.
13:13
"Value, Investing, and Mindset: Keys to Success"
- Giving people value ensures their loyalty and support, leading to mutual benefit.
- Wealthy individuals follow a specific pattern: first, they invest in stocks, then start a business, and finally venture into real estate.
- The speaker, initially unfamiliar with investing, learned to prioritize stocks over real estate or business.
- The speaker delved into stock market research during his time in prison, initially finding it challenging.
- The speaker found parallels between street life and stock market dynamics, realizing the power of investing.
- Encouraging people to view investing as cool and edgy can break stereotypes and inspire learning.
- The speaker highlights the misconception that wealthy individuals are sinister, often stemming from societal beliefs.
- Generational poverty is attributed to mindset rather than intelligence, impacting one's belief in success.
- The speaker emphasizes the importance of mindset in overcoming economic challenges and generational poverty.
- In prison, the speaker shifted from survival mode to a focus on reading, learning, and developing entrepreneurial skills.
26:23
"Mastering the Game: Financial Wisdom and Success"
- Paying terrors in the stock market is akin to a street hustler demanding payment before allowing someone to hustle in the same spot.
- Understanding the physics of business and the game's structure is crucial for success, differentiating between basics and fundamentals.
- Mastery of how the world works grants power to change circumstances, emphasizing the importance of comprehending the game's mechanics.
- Lack of understanding about money leads to financial struggles, with many only earning to pay bills and seek temporary relief through unaffordable purchases.
- Investing in stocks shifted the mindset towards ownership of consumed products, leading to a significant change in financial perspective.
- Despite possessing knowledge, falling back into old habits due to financial constraints highlights the necessity of applying acquired wisdom.
- Transitioning from street hustling to legal work, saving and investing a significant portion of earnings, showcases the power of making tough choices for long-term gain.
- Sharing investment knowledge with peers, emphasizing the potential for financial growth and security through stock market participation, aimed at changing mindsets.
- Encouraging peers to invest for the future, considering the impact on loved ones and the importance of securing financial stability through long-term investments.
- Transforming the game's accessibility by making it understandable and winnable for individuals in the street, leading to a shift in mindset towards investing and ownership.
40:00
"Ownership key to wealth: stocks, assets, knowledge"
- Understanding the concept of owning a stock as owning a percentage of a business is key to building wealth.
- Wealthy individuals focus on ownership, such as O.W. Gurley selling land to his community for ownership.
- Building wealth is not solely about working hard but about owning assets.
- Cash is a depreciating asset, and owning businesses or stocks is crucial for wealth accumulation.
- Owning stocks of businesses you use daily can turn one-time transactions into lifelong profits.
- The stock market helps in understanding global events, business cycles, and market trends.
- Knowledge and information are essential for success, and continuous learning is crucial.
- Overcoming fear and average reality is necessary to achieve success and impact.
- Starting small with investments, like $25, and gradually increasing can lead to financial growth.
- Continuous learning, dedication, and seeking knowledge are vital for personal and financial growth.
53:57
"Research, Follow Advice, Build Wealth, Cut Losses"
- Emphasizes the importance of researching and following an individual's advice, suggesting that free information available can be life-changing, particularly in building wealth by making wise investment decisions and cutting losses quickly if a stock goes against you by five percent.
