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After I Read 40 Books on Money - Here's What Will Make You Rich — Transcript

by Mark Tilbury · 3,544 words · 527 segments · language en · Watch on YouTube

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0:00So, you want to become a millionaire,
0:02and everyone is telling you to read
0:03books, but hardly anyone's got time for
0:05that. Luckily, over my many years in
0:07business, I've read hundreds of books,
0:09but there are 40 money-making books that
0:12have really stuck with me. So, in this
0:13video, I'm going to condense all of
0:15these books into the core lessons that
0:18will actually make you rich. And no, I'm
0:20not just saying this, I have experience
0:22doing it. I've gone from absolute zero
0:24to making tens of millions, and I didn't
0:26make my money on YouTube like most
0:28people on here. I did it running real
0:31businesses. So, I promise that the
0:32things I'm going to share with you today
0:34will take you from $0 to $100,000,
0:38$100,000
0:40to a million, to $10 million
0:42if you apply them correctly. Level one,
0:45going from zero to $100,000.
0:48First, you need to master your mind. I
0:50didn't come from a wealthy background,
0:52and during my youth, I vividly remember
0:54people saying the phrase, "Money is the
0:56root of all evil." Secrets of the
0:59Millionaire Mind explains how these
1:01phrases program us to believe that rich
1:03people are the devil. It took me a long
1:06time to rid myself of the negative
1:07feeling in my stomach when I thought
1:09about making money. If I'd have read
1:11this book sooner, it would have helped
1:13me realize this issue earlier. Once I
1:15got over this hurdle, I had to ask
1:17myself, "What is money actually for?"
1:19For me, the answer was freedom. The
1:22Psychology of Money puts it a little
1:23differently and says it's all about
1:25control, but I suppose the goal is the
1:27same, to be able to do whatever you
1:29want, whenever you want. It also touches
1:32on how there's a clear difference
1:33between the rich and the wealthy. Wealth
1:36is what you don't see. The cars not
1:38purchased, diamonds not bought,
1:40renovations postponed, clothes forgone,
1:42and first-class upgrades declined.
1:44Unfortunately, many people don't even
1:47believe that they can become wealthy. I
1:49remember my school friend saying things
1:51like, "I hope I can get an okay job when
1:53I graduate." They weren't even hoping
1:56for a good one. The Magic of Thinking
1:58Big explains that people are setting
2:00their finish line too soon, and
2:02therefore never have a shot at being
2:03successful. While I don't believe that
2:06thinking big alone will make you
2:07successful, it's certainly the first
2:09step. I always struggled in school and
2:11felt like a failure. Interestingly, when
2:14I left and started working in the real
2:16world, I found that I kept winning. This
2:18was probably because I chose jobs I had
2:20an interest in rather than learning
2:22things I didn't care about at school.
2:24The Winner Effect talks about actual
2:26studies to back up this phenomenon. The
2:28book discusses how positive correlation
2:30has been found between successful stock
2:32market traders and their testosterone
2:34levels. Furthermore, winning increases
2:36the testosterone receptors in your
2:38brain, which causes you to win more in
2:41the future. That's why it's important to
2:42set those achievable goals and get those
2:44little wins every day. I believe that my
2:47struggles in school and my strong drive
2:49for success had a positive impact on my
2:51life. They left me with no other option
2:54but to push forward. Think and Grow Rich
2:56tells a story about a great commander.
2:59Despite being outnumbered by a far
3:01superior enemy, he burned his army's own
3:03ships, leaving them with no escape plan.
3:06This forced his soldiers to fight with
3:08everything they had, resulting in a
3:10miraculous victory against all the odds.
3:12It just shows there's a big difference
3:14between wanting to succeed and needing
3:17to. Being comfortable is just as harmful
3:20as having an escape plan. During a chat
3:22with Andrew Tate, he referred to this as
3:25one of the Matrix's tools. Unscripted
3:28also presents this idea. The author
3:30argues that society aims to transform us
3:33into model citizens, which stands for
3:35mediocre, obedient, dependent,
3:38entertained, and lifeless. Avoiding this
3:41fate depends on how well you can manage
3:43stress. The Essence of Success gives us
3:46a helpful perspective on this. The book
3:48mentions that all the water that forms a
3:50fog that's 100 ft deep and seven city
3:53blocks wide can fit into a small glass.
3:56Whenever I feel stressed, I like to
3:58imagine drinking this water and using it
4:00as fuel. Now, you can develop great
4:02habits. Stress can also come from
4:04factors outside our control. For this
4:07reason, I've made a conscious effort
4:08throughout my life to only focus on
4:11things that I can directly impact.
4:13Atomic Habits reveals that many people
4:15fixate on the end goal, which they have
4:17no control over, rather than the process
4:20of achieving it, which is completely in
4:22their hands. I found the author's habit
4:24stacking technique to be particularly
4:26helpful for forming new habits. It
4:28involves pairing a new habit with an
4:30existing one, so both are completed at
4:32the same time. However, most people just
4:34keep putting things off and never form
4:36good habits. I know far too many people
4:39who just go through the motions without
4:41any direction, and before they know it,
4:44time has run out. The 7 Habits of Highly
4:46Effective People stresses the importance
4:49of always knowing where you're going and
4:51thinking about how you want to be
4:53remembered. I know this provides me with
4:55extra motivation, but this is only one
4:57part of the equation. The 12-Week Year
5:00suggests treating a year as 12 weeks to
5:02create a sense of urgency. This really
5:04hit home for me, as I know I work best
5:07under pressure. Although short-term pain
5:09is often necessary for long-term gain,
5:12it can be difficult to remember this
5:13when faced with challenges. The Art of
5:15Getting Things Done emphasizes the
5:17importance of not relying on your brain
5:20to remember all your tasks. Instead,
5:22capture them on a phone or a notepad.
5:24This way, you can organize your tasks
5:26without getting them confused, and you
5:28can also be selective with how you spend
5:30your time. Essentialism reminds us that
5:33for every task we say yes to, we have to
5:35say no to many others. Therefore, it's
5:37important to value yes and not be afraid
5:40to say no. After adopting these habits,
5:43you should start building high-value
5:45skills. I've previously said that I
5:48don't like the advice, "Follow your
5:49passion." However, So Good They Can't
5:52Ignore You takes it one step further.
5:54The author interviewed many people who
5:56loved their jobs. He found that most of
5:58them didn't initially have a passion for
6:00their work. Rather, as they improved,
6:03their love for their work grew. So, what
6:04skills should you start building if you
6:06aren't necessarily following your
6:08passion? The Unfair Advantage suggests
6:10that to succeed in an unfair world, you
6:13need to play to your natural strengths.
6:15Find what you're better at than most
6:17people and lean into it. However, it's
6:19no longer enough to just possess
6:22high-value skills. Artificial
6:24intelligence is rapidly replacing many
6:27jobs. I'm using it more and more in my
6:29various businesses to complete tasks.
6:32That's why the ideas shared in Mastery
6:34are more important than ever. My main
6:37takeaway was that you need to develop a
6:39unique stack of skills that is nearly
6:41impossible to replicate. Steal Like an
6:43Artist echoes this point when it
6:45suggests to copy from multiple
6:47inspirations until you have a mix that
6:49is truly original. Having this unique
6:52skill set will give you the ability to
6:54earn a high income. However, that still
6:56won't mean you can build wealth without
6:58understanding the basics of personal
7:00finance. When I was younger, I had a
7:02mentor named Dave who taught me about
7:04how the rich manage their money. The
7:06biggest lesson I learned, which is also
7:08shared in Rich Dad Poor Dad, is that
7:11everything we buy is either an asset or
7:13a liability. To figure out which one it
7:15is, we simply have to ask ourselves, "Is
7:18it putting money in our pocket or taking
7:20it away?" Of course, if you want to be
7:22wealthy, the aim should be to buy as
7:24many assets as possible, but lots of
7:26people don't see the value of investing.
7:29Let me ask you this, would you rather
7:30have $3 million now or a penny that
7:34doubles every day for 31 days? The
7:36correct answer is the penny, because it
7:39actually turns into $10.7 million.
7:42The Compound Effect uses this analogy to
7:45demonstrate the power of investing and
7:46gaining compound interest. Once most
7:49people get their head around this, they
7:50get very excited, but end up jumping
7:52into the markets without really
7:54understanding anything. That's what
7:56happened in the pandemic. Everyone
7:57thought they knew what they were doing,
7:59but it was just a massive bubble waiting
8:01to burst. That's why I've always
8:03followed the principles laid out in The
8:04Little Book of Common Sense Investing.
8:07It states that trying to beat the market
8:08is a losing game. Instead, you should
8:11own the entire market. You can do this
8:13by investing in something like the S&P
8:15500 or a broad market index fund.
8:18Interestingly, over a 35-year period,
8:20only 1% of mutual funds could beat the
8:23market by 2%. This means that index
8:25funds are a clear choice for the average
8:27investor. Although as I do find them
8:30pretty boring, I also like to invest in
8:32more interesting stocks with a smaller
8:34part of my money. Whenever I do this, I
8:37keep in mind that the market is
8:39irrational. As The Intelligent Investor
8:41puts it, you should imagine a person
8:43coming to your door every day called Mr.
8:46Market. One day, he may offer you $2,000
8:49for your stock, and the next, only 500,
8:52even though the company may be doing
8:53better than ever. This is because the
8:55price of the stock is based on demand
8:58and not the actual real-world value. I
9:00only buy stocks if I'm prepared to
9:02ignore what Mr. Market says for a long
9:04time. Another phrase I live by is, "If
9:06you love the store, chances are you'll
9:09love the stock," which was shared in One
9:11Up on Wall Street. This means if you've
9:13got a lot of experience with a company
9:15or product, you might actually have a
9:16bigger advantage than the pros when it
9:18comes to investing. Before we get to the
9:20next level, I have to make one thing
9:22clear. Reading books on investing can
9:24provide you with theoretical knowledge,
9:26but to truly succeed in investing and
9:28build wealth, you need to put that
9:30knowledge into practice. So, if you are
9:33going to invest, you need to make sure
9:35that you're using a tool that provides
9:37you with all the necessary information
9:39to make informed decisions. This is
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10:26That's an amazing deal. These free
10:27stocks can help you start building your
10:29investment portfolio right away. Level
10:32two, $100,000
10:34to $1 million.
10:36Now that you fixed all your internal
10:38beliefs, to make the next leap, you'll
10:40need to know how to generate more value
10:42than you can from just selling your
10:44time. We're taught to go to school, get
10:46good grades, and then get a high-paying
10:48job. However, when you do this, your
10:51earning ability is capped. Cash flow
10:53quadrant outlines four distinct ways to
10:56earn money. E for employee, S for
10:58self-employed, B for business owner, and
11:01I for investor. Business owners and
11:03investors have the advantage of using
11:05other people's time and money to build
11:07their wealth. That's why it's crucial to
11:09move to the right side of the quadrant
11:11if you want to become rich. But what
11:13does it really mean to be rich? Well,
11:16The 4-Hour Workweek explains this best
11:18when it says that relative income trumps
11:20absolute income. To understand this
11:22statement, let me ask you a question. An
11:25investment banker earns 500,000 per year
11:28working 80 hours a week. On the other
11:30hand, an e-commerce entrepreneur earns
11:3340,000 per year, but only works 4 hours
11:36per week. Who's richer? If we look
11:38solely at absolute income, then the
11:40banker is clearly making more money.
11:43However, if we consider the time worked,
11:46the banker earns $120 per hour, whereas
11:49the entrepreneur earns $200 per hour. To
11:52take it one step further, the
11:54entrepreneur can actually already live
11:56the retired life that the banker dreams
11:58of, as he can operate from anywhere in
12:00the world. I'll take the entrepreneur
12:02route any day of the week. Zero to One
12:04states that the first step to starting a
12:06business is betting on a contrarian
12:08truth. This is the basis for most
12:10successful businesses. For example,
12:12Netflix had to bet on the fact that
12:14people wanted to binge-watch TV shows at
12:16home, and Airbnb had to believe that
12:19people would be willing to stay in a
12:20stranger's house. For many people, the
12:22biggest hurdle is coming up with an
12:24idea. However, this is often easier than
12:27you might think. is to write down three
12:29things that annoy you every day, and
12:31think about how they could be done
12:33better.
12:36By doing this, you'll have 90 ideas to
12:38consider each month. When you have an
12:40idea, don't be afraid to share it with
12:42people that can help you. People tend to
12:44be too protective of their plans, but
12:47the truth is that an idea alone is
12:49usually not that great. The Lean Startup
12:52emphasizes the importance of execution
12:54and the use of the build, measure, learn
12:57feedback loop. This approach ensures
12:59that you don't create something nobody
13:01wants, and allows you to pivot and adapt
13:03your idea as you go. There was an
13:05interesting study conducted on 108 new
13:07businesses across 30 industries. Out of
13:10these, 92 businesses chose to enter red
13:13oceans, while 16 adopted a blue ocean
13:17strategy. A blue ocean refers to a
13:19market that has little to no
13:21competition, while a red ocean is named
13:23so because of the fierce competitions
13:25between competitors. The study found
13:28that 39% of profits came from businesses
13:30in competitive markets, while 61% of
13:34profits came from those that used the
13:36blue ocean strategy. Furthermore, these
13:39businesses went on to dominate their
13:40industries for 10 to 15 years after
13:43launch. A good strategy for creating
13:45your own blue ocean is to become
13:47oversubscribed. Consider Ferraris. Many
13:50people want them, but not everyone can
13:52have one. Yet, the people that run
13:54Ferrari aren't losing sleep over this,
13:56as they know that this scarcity keeps
13:58demand high and the cars highly desired.
14:01Every oversubscribed product has people
14:03who are willing to buy it, but can't get
14:05their hands on it. When I'm driving up
14:07demand for my products, I always
14:09remember the core lesson from
14:10Breakthrough Advertising. This book is
14:12actually the most expensive book in the
14:14video. It states that you can't
14:16manufacture desires. Instead, your job
14:19is to create a product fulfills the
14:21market's already existing desires. Level
14:24three, $1 million to $10 million plus.
14:28Elon Musk wouldn't be nearly as
14:29successful as he is today if he didn't
14:31have the ability to inspire others to
14:33make his visions a reality. Influence,
14:36The Psychology of Persuasion, is one of
14:38the best books on this topic. I've been
14:40using this principle in my model shops
14:42for years, as my employees are
14:44encouraged to help customers with quick
14:46repairs for free. I know that if we do
14:48this, the person's far more likely to
14:50come back in the future and make a much
14:52larger purchase. You can use this with
14:54anything. Just focus on giving value,
14:56and eventually, it'll come back to you.
14:58Dealing with people comes with a lot of
15:00headaches. You can't compromise on your
15:02vision, but you also need to make sure
15:04that people don't resent you. Never
15:06Split the Difference says you can do
15:07this by using something called tactical
15:09empathy. The key is to empathize with
15:11someone's situation to get them to
15:14empathize with yours. People want to be
15:16heard, and as mentioned in How to Win
15:18Friends and Influence People, they don't
15:20want to be told they're wrong. The
15:22reality is all humans are emotion-led
15:24creatures. They tend to make their
15:26decisions with this in mind, and then
15:28justify their actions with logic. Pitch
15:30Anything explains this as having three
15:32different brains. The crop brain, which
15:34developed when we were mere animals, the
15:37midbrain, and the neocortex, where we
15:39make all of our decisions. Most people
15:41try to appeal to the neocortex when they
15:43want to sell something, but first you
15:45need to break through the crop brain.
15:47You can do this by using emotion and
15:49making what you're asking for as simple
15:51as possible. Leadership is something
15:53I've spent a lot of time learning about,
15:55because the better you are at it, the
15:57more money you can make. Start With Why
15:59shares a useful tool called the golden
16:02circle, where why is at the center, how
16:04is in the middle ring, and what is in
16:06the outer ring. Bad leaders start from
16:09the outside and rarely get to the
16:11center. This is like my teachers at
16:13school, who told me to read because
16:15that's what I needed to do, but never
16:17inspired me to take action. On the other
16:20hand, my mentors told me that if I
16:21wanted to become wealthy and have
16:23freedom, I should read specific books,
16:25and they gave me recommendations to
16:27achieve my goals. After that, I really
16:30saw the value in books. The key here is
16:32that great leaders inspire you to take
16:35action.
16:36They don't tell you to. It may surprise
16:38you, but all leaders are pretty
16:40calculated people deep down. Reading The
16:4248 Laws of Power opened my eyes to this
16:45even more. One of my favorite laws was
16:47number 11, learn to keep people
16:49dependent on you. This is so true as an
16:52employee and a leader. If you can be
16:54replaced by someone, you can never truly
16:56have power. However, if your future
16:58business is dependent on irreplaceable
17:01people, it will eventually collapse. The
17:03reason why 80% of new businesses fail is
17:06that the person running it does not
17:08understand how to build systems and
17:10processes. The E-Myth outlines how most
17:12people who start businesses are not
17:14entrepreneurs, but rather just good at a
17:16certain skill. For example, someone who
17:19makes good cakes may not necessarily be
17:21able to run a successful bakery. These
17:23kinds of entrepreneurs often overinvest
17:26in their businesses, hoping that one day
17:29they will turn a profit. However, what
17:31often happens is the income slows down
17:33while expenses remain high, leading to
17:36the closure of the business and no
17:37profits. That's why adopting the
17:39strategy described in the book Profit
17:41First is crucial. The book proposes that
17:44entrepreneurs should run their business
17:46with the calculation sales minus profit
17:48equals expenses to ensure that they're
17:51always profitable. I believe one of the
17:53primary reasons I've succeeded in
17:55business for so long is by specializing
17:57in one specific niche, radio-controlled
18:00models. Although it may seem small, I
18:03know I could be the best in my field.
18:05Good to Great describes this as having a
18:07hedgehog mentality. Each day, the fox
18:09attempts new tactics to catch the
18:11hedgehog, but every time, the hedgehog
18:14rolls into a ball, using this tried and
18:16tested strategy to avoid being eaten.
18:19Being extremely good in one area makes
18:21you rich in the long run. Up until this
18:23point, I haven't discussed world events
18:25as they relate to the bigger picture.
18:28This is because I believe that you need
18:30not worry about them until you have the
18:31power to influence them. If you have a
18:33considerable amount of wealth, it may be
18:36worth reading The Fourth Turning, which
18:38suggests that every century consists of
18:40around four 25-year historical blocks
18:43called the high, awakening, unraveling,
18:46and crisis. Another good one is The
18:49Changing World Order, which discusses
18:51the idea that every major superpower has
18:54its time and eventually declines. These
18:57can provide a perspective on how events
18:59and trends may impact the economy and
19:01society, which can be useful for making
19:03informed decisions about investments and
19:06business ventures, but aren't
19:07necessarily something to worry about if
19:09you haven't made at least 10 million, in
19:11my opinion. I'm going to leave the next
19:13video right up there, but don't click on
19:15it just yet. Make sure to subscribe if
19:18you want to grow your wealth. Okay? I'll
19:20see you over there.

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