https://www.youtube.com/watch?v=pmxzhyF0NrE

1 00:00:00.000 --\> 00:01:00.000 in this video i'm going to give you two
ways to identify how wealthy someone else is going to be in the future
and how you can align yourself with those individual character traits
all right if you don't know who i am my name is austria moses i own
acquisition.com it's a portfolio of companies over 100 million a year
and i have nothing to sell you i make these videos because i actually
enjoy doing it all right so that being said this came from a
conversation that i was having with a good friend of mine he exited his
company for just under half a billion and we were just having like a
philosophical conversation around you know what is it that makes people
successful and what are kind of the things you can identify early or
mindset shifts in terms of perspective that allow people to have an
unfair advantage and so if you followed any of my stuff i talk a lot
about time i talk a lot about money and so it's unsurprising that the
two traits um have to do one with time and the other with money and so
one of the things that's interesting about this is the concept of
measuring sticks a lot of us have these base units that we measure
things in and it's kind of like shorthand that you use in your brain so
i'll give you a simple example so when i was in high school i used to
measure you

2 00:01:00.000 --\> 00:02:00.000 know how much money something was by
the amount of chipotle burritos i could buy and because i used chipotle
burritos because it was an understandable like quantity of value for me
and so everything was like how many chipotle burritos is this and that
was because that was like the amount of money that i was making and that
was a material amount of value for me at the time and so one of
obviously the measuring sticks that people use is uh is is in money and
so the bigger the people that you hang around with the bigger the unit
of money that they will measure things in in terms of like base units
and so for you uh over time you want to increase what that base unit
looks like so you want to start measuring things like how many 10k units
there are how many cars is this how many houses is this how many
businesses is this right and even just the amount of money itself how
many 10ks how many 100ks how many how many millions there is and just as
a as an aside here in wall street in the hedge fund world they have a
term that i learned probably a couple years ago which is a stick right
and a stick is their measuring unit which is a million dollars so
they're like yeah give them a stick or put two sticks in and they say

3 00:02:00.000 --\> 00:03:00.000 that because they have these measuring
units that are significantly bigger than most people can fathom or
imagine but because our brains think in units and so if you can hang
around people whose base unit of measurement around money is far greater
than yours then you will start chunking up and thinking about money in
those greater terms and all of a sudden for example let's say your base
unit of money is a hundred thousand dollars or ten thousand dollars even
then it makes it much less likely for you to go participate in an
activity right that's going to generate you a hundred dollars or a
thousand dollars because it's not even a full unit of measurement so
it's like almost why bother and what happens and the difference between
rich dads and poor dads and what they teach their kids is that rich dads
in general will teach their kids to go after higher leverage
opportunities they'll go after opportunities that have bigger base units
of measurement bigger base units of money that they can compile together
right and so the first thing you can do in terms of identifying in other
people and then also within yourself is what unit of measurement did
they use are

4 00:03:00.000 --\> 00:04:00.000 they using chipotle burritos right are
they using thousand dollar units are they using ten thousand dollar
units are they using million dollar units right so the bigger the unit
of measurement they're using for money likely the wealthier they are and
the wealthier they become because they only will participate in
activities that can be measured in those units so that's number one
number two is measurements around time and so this is uh and this is has
an interesting kind of like part a and part b to it so part a is that
they uh on a micro scale within like day to day they're going to act
faster they're going to be better utilizers of their time in general and
on the micro side it's just about speed it's about execution speed if
you start interacting with somebody and their speed of communication is
rapid in terms of their turnaround time in terms of when they
communicate with you in terms of how they respond to things you can be
sure that that person is far more active and i'll give you a reason for
why people move forward so much faster in life when they have that
you're trying to get something done right and let's say that you you
message someone and then you know they wait a

5 00:04:00.000 --\> 00:05:00.000 day and they message you back and then
you wait a day and you message them back and then let's say it takes
five interactions like this to to get this project done so that would be
ten days like you one day then one day five times right and so that
would be 10 days now imagine a different scenario where you have two
people who are wealthier in terms of how they manage their time right
how they leverage their time and they're able to have that entire
exchange within a matter of 30 minutes right and now if you look at the
difference between a 30 minutes and 10 days it dramatically compresses
the time to achieve the result and then this is where it gets
interesting now after that 30 minutes let's say they do that again and
again and again and again in a very real way they will have accomplished
more literally in a day than other people will try and accomplish in a
month or more right and this is how you compress time and you can drag
your future into the present by increasing the speed with which you take
action and you communicate with other people all right so that is the
part a micro uh for

6 00:05:00.000 --\> 00:06:00.000 time now part b of time is macro and so
this is an important one when it comes to measuring sticks and also
again with the measuring sticks on the first one because i really just
want to drive this point home i made a video about this but it's it's
the idea of switching from end of week being your default to switching
to end of day or right now being your default so how can i just make the
default in my company end of day like if no one says anything it has to
be done by end of day right or how can i say that my new default is by
four hours from now right and so that becomes your new micro measuring
step in terms of how quickly you can get things done and reply and move
things forward et cetera so you want to deal with people who have very
condensed micro push things forward in terms of their activities and how
they see things getting done on the macros perspective it's when people
are talking about decades and not days right and so you can tell how
wealthy someone is by their perspective on time in terms of how long
they are willing to wait to see something through and so this is kind of
like a very extrapolated version

7 00:06:00.000 --\> 00:07:00.000 of the marshmallow test if you've never
heard of that it's pretty famous test where they have two kids and they
they said hey you can have a marshmallow now or i can give you two
marshmallows in a few minutes and the kids who said i want the
marshmallow now and couldn't use the self-restrainer self-control were
significantly less wealthy less successful later in their lives compared
to the kids who could wait for the second marshmallow and if you wanted
to add an interesting wrinkle to this you could make the marshmallow
even further out what about if the marshmallow was in five hours what if
the marshmallow was the two marshmallows for tomorrow what if the two
marshmallows were a week from now what if the two marshmallows were a
year from now right and i can guarantee that the person who had the
furthest out date of when they were willing to restrain themselves would
be significantly more successful and that is because impulse control or
self-restraint is one of the key drivers of success because you can see
where you're trying to go and it takes from a macro perspective a long
time to build amazing things right rome wasn't built in the day which is
a quote that is said all the time but people don't actually live by it
and so if you surround yourself with people who use measuring sticks of
money that are significantly larger than yours they

8 00:07:00.000 --\> 00:08:00.000 have micro units of time that are
significantly shorter than yours they get things done faster they
communicate faster they move things forward faster right and then in
terms of how they measure the goals that they want to achieve in their
life they measure in decades instead of days or weeks or months if you
surround yourself and you give yourself those three which is two with
you know two with two micros uh the lens is through rich to see other
people and then also to judge yourself you will be significantly better
off and you will move far more rapidly towards the goals that you want
to achieve and so anyways this was a this was a paraphrasing
conversation i had with a good friend of mine um i thought i would share
it with you guys because you guys are awesome and i'm just so grateful
that you guys enjoy this stuff uh please you know let me know in the
comments if there's other things you'd like me to kind of outline again
nothing to sell you and if you uh do like this stuff like subscribe
share um it uh it helps the youtube gods uh share it to more people so
anyways keep being awesome as a nation love you and i'll see you guys
next video bye
