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

1 00:00:00.000 --\> 00:01:00.000 i i think a lot of people want to know
this the answer to this next question which is what is the fastest road
to financial freedom you talk about everything you're doing on youtube i
have nothing to sell i'm doing it to help people you've got 10 plus
million dollars sitting in the bank today oh way more than that talk
about that too like why why i think everything's really fluffy right now
yeah so i mean i i sold three companies last year and a house and two
cars so i sold everything last year you're looking at what's happening
predicting there's inflated pricings i mean a lot of people are really
afraid of inflation and i think that's super warranted i think it's just
like that's a purely like like looking at uncle warren right he's got
150 billion in cash sitting right now he's not worried about it he's
seen more cycles than i have right so he's got 25 of his entire company
value sitting in cash like he's waiting so a little inflation's not
going to kill me but like when you look at the nasdaq during the crash
in whatever the year was um it dropped by 78

2 00:01:00.000 --\> 00:02:00.000 right so that would be significant it
would be significant i think just given the timing i'm willing to wait a
little bit and see what's going on and i also am very close to a
transaction so i'm not gonna like immediately allocate all the money
that sounds like a bad idea and so that is why i have more cash than i
probably would normally so then back to the quickest road to financial
freedom i mean the first answer that can't like the bullet like the
quick answer was knowing thyself because right now entrepreneurship's
cool they won't be cool in a few years when everyone loses everything
and so that'll probably probably calibrate a little bit and so i think
it's just it's just skills are the only thing that will always
appreciate in time and compound in concert so when they work together if
you know how to do math then you can learn how to do accounting if you
learn how to do accounting you can learn how to do tax work you learn
how to do tax work you can figure how insurance works for your insurance
works then you all of a sudden you're a cfo and you can prepare
companies for sale like the skills stack on top of each other
specialized skills are valuable independent of the currency or the
economic climate if you are good you will always have a place to provide
value because people want good stuff prices may vary currencies may vary
but

3 00:02:00.000 --\> 00:03:00.000 people will want the things you have if
you are good and the only way to get good is to work and so i think that
a lot of people spend a lot of their time in paralysis trying to figure
out what the quote ideal opportunity would be when you won't know what
the ideal opportunity is because you don't have a baseline and i believe
that research is done through doing and you learn a lot more by doing
stuff in action and then you will gain the insights of where the
opportunities lie which is why y combinator comes up again what they
look for in past founders one of their criteria for successful business
is past experience in the industry i just wrote a tiny blurb about this
in the book that i'm writing that can be tangential like if your dad
owned a mechanic shop or was a mechanic you probably know a lot more
about cars than you then like you to you it seems obvious but like i
don't know anything about cars nothing nor do i really have the interest
but like if you wanted to get in the space you probably have some level
of knowledge some people look at just the whole world and they're like i
don't know anything but this is maybe a good like but i think it's
better to have some level because usually we have learned stuff in our
lives whether we

4 00:03:00.000 --\> 00:04:00.000 like it or not and starting in the in
in every industry that your parents your cousins you worked in there was
massive opportunity it just depends on how you structure it my first job
was i was a blender tender at smoothie king first job i got blender
tending not a very good opportunity right i'm probably not going to
scale that managing there probably not either owning the the location a
little bit more leverage because now i've leveraged on labor right
owning the franchise much more all industries if you go high enough up
and this is the rule of thumb for anyone if you want to see where where
opportunity exists look at the businesses that have been here the
longest because they make tons of money the only reason they would exist
is because they can they can exist during downturns the only way you can
exist during downturn is you make tons of profits all the time so that
you can weather it like jp morgan's been here for longer than anybody's
been alive right some of the big insurance companies why is insurance
are profitable because you pay them for nothing right like you pay
thousands and thousands thousands a year for something that may never
happen and they just know how to

5 00:04:00.000 --\> 00:05:00.000 appropriately value risk assess risk
excuse me and so wonderful business right insurance um and so the the
point is is like i've now learned to see this is like when i see big
businesses the bigger the business the more i realized that there's
probably a very high gross margin opportunity so you look at the biggest
companies on the stock market look at what they're doing the base unit
that they're selling typically has tremendous like the biggest company
in the world right now in terms of profit is like exxon that's number
one in terms of net free cash flow that's created and they're crazy like
people are like facebook no it's it's excellent why because they drill
water out of the ground and they sell it for however many hundred
dollars per right it's not water it's oil but it works the same way
right and so and that's a massive over generalization but like you get
the idea and so facebook sells eyeballs which costs them basically
nothing google sells eyeballs that cost them basically nothing you sell
for what the market values at period and your goal as a business is to
drive your costs down as much as you can as long as you're still
long-term greedy which is if you drive them too low or you don't pay
people well enough you

6 00:05:00.000 --\> 00:06:00.000 introduce new levels of risk which then
long-term you actually lose money so that's when you get into the
long-term short-term like ceo ship of publicly traded companies and
stuff which we don't need into but like if you if you were to only own
the company and you could not ever exit and you made your decisions with
long-term greed in mind um then you usually make the right calls and
i'll say one last thing about the how to how to get freedom biggest
mistake that i see young people or people who are young in the game
making is that they want to become millionaires in 90 days when most
times you could guarantee that you could become a millionaire in a
decade but you have to be willing to not be a millionaire for nine of
those 10 years and if i had everyone signed a contract that said that
when they were 20 they could all be millionaires when they're 30. but no
one's willing to do that and so what happens is for the rest of their
lives they keep chasing the shiny object over and over again and keep
battling the same boss and losing i mean there's the investment side and
i'm not i'm not despite having a high net worth i'm not an uber investor
i've made my money with businesses i haven't made my money investing um
and so for people who are

7 00:06:00.000 --\> 00:07:00.000 starting out the know thyself pieces am
i going to be somebody who has entrepreneurial tendencies and could
potentially own a business business ownership is the best way to create
wealth it's also the best way to lose wealth it's high risk it's high
reward it is the way to the most wealth it may not necessarily be the
way to the fastest wealth most guys who have entrepreneurial tendencies
could could make 200 000 a year 300 000 a year becoming excellent at
sales like if you just learn that skill and that skill translates to all
aspects of life most people who are in business know how to sell at some
level they know how to sell investors they know how to sell their teams
they know how to sell someone to recruit to bring on like you have to
sell i think for most people gaining that i think i think those initial
jobs are undervalued for your ability to learn and so a lot of guys are
just looking for the perfect job when the perfect job is the assembly of
maybe three or four jobs that you have to to gain skill sets in
different areas and i think warren buffett said it best that's probably
a good wrap up which is whenever you're working you should either be
learning or earning so either you're working for the paycheck because

8 00:07:00.000 --\> 00:08:00.000 it's material to you or you're working
because the the incremental increase in knowledge is material to you but
it should check one of those two boxes
