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This business coaching lesson discusses the characteristics of self made millionaires and how they achieved success.

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Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Characteristics of the self-made Millionaire: 7. We Aren't Elites
  • "Only 17 percent of us or our spouses ever attended a private elementary or private high school. But 55 percent of our children are currently attending or have attended private schools." The Millionaire Next Door
  • Lesson Nugget: Your success is not determined by your past. You have the power to overcome any circumstance.
  • Characteristics of the Self-made Millionaire: 8. We Believe in Education
  • "As a group, we believe that education is extremely important for ourselves, our children, and our grandchildren. We spend heavily for the educations of our offspring." The Millionaire Next Door
  • Ask Yourself: Do my actions reflect that I have placed a high value on education, or do I need to dedicate more time to my personal growth?

self made millionaire teaching like watching netflix, grow your business

-Characteristic number seven-- we aren't elites. So the quote here that we're going to look at is from the same book. And it says, only 17% percent of us millionaires or our spouses ever attended a private elementary or private high school, but 55% of our children are currently attending or have attended private schools. So why is this quote important?

-Well, it's because a lot of people say, well, gosh, I didn't go to an elite private school. I meet people all the time that say, I didn't graduate from an elite high school like you, so I couldn't be successful. I didn't go to an elite-- in Tulsa, there's a beautiful school called Holland Hall. It has this awesome campus.

You know that movie, "Dead Poets Society" with Robin Williams? It's kind of how you picture Harvard or an Ivy League school being. It's beautiful. It's got its own lake, and it has this beautiful history.

And a lot of people feel like, well, because I didn't go there, I probably couldn't be successful. But what were finding is only 17% of the people that actually did achieve big success or are achieving, did go to these kinds of private schools. So the other group didn't.

But what they're saying is second generation, they do believe in education. And they want to put their kids in private schools. So half of them are now coming and saying, I would like to give my kids a better chance at success. But you don't have to have that pedigree a private school in order to be successful.

-That's something you harp on a lot. You don't need that formal education to be successful. It's more important to have the right attitude, mindset, and honey badger spirit.

-Yeah, a practical education is more valuable than a formal education-- being able to do something. What can you do is much more important than what degree do you have.

-Right, that makes sense. All right, well, let's just go ahead and move on to characteristic number eight. We believe in education. So this is perfect to be right on the tail end of that.

So you said that you don't have to have education to reach this level of success, to become a millionaire. But oftentimes, these millionaires are doing whatever they need to do to put their kids in the best schools possible, because they believe in education. So the quote is, again from Millionaire Next Door.

They say, "As a group, we believe that education is extremely important for ourselves, our children, and our grandchildren. We spend heavily for the educations of our offspring." What does this mean to you? I know that you are passionate about learning. Even if it's not tied to money, you're constantly absorbing.

-Well, what I do is, like all these books here-- this book we've been talking about a little bit today, The Millionaire Next Door, this book is a phenomenal book. And it teaches you a lot of things. Well, what does this cost? I mean, I bought this for $7.99, because I live in the US. If I was in Canada, I would have paid $10.99 for this thing.

But anyway, I bought this book, right? I pay to go to seminars. I pay to go to workshops. I pay to have consultants teach me. I bet you on an annual basis, I probably spend $50,000 to $60,000 year on education.

So I pay consultants, advisers, people to teach me things, because I need to know these things. So I place a huge value on education. But yet, the formality of it is what I don't care about.

I don't care if you give me a certification. Furthermore, I don't want one. I don't want a little diploma that says, you know how to do CEO. You know how to do search engine. Here's a diploma.

Because I don't care, and all the clients I work with-- I know it might freak you out if you're watching this-- I do search engine optimization work for mega Fortune 500 companies. And none of them are, like, hey, do you have a degree in that? No one cares. In fact, the web developer that I've worked with for years, one of the top web developers in the country, he's doesn't have a degree in web design. So the whole idea-- but he knows how to do web design.

-That's all you care about-- can you do it?

-And he pours tons of money into learning how to do web design. And he goes to seminars and workshops, and reads the books. So we value education, which is the ability to learn how to do something. We don't necessarily care about the formality of the education.

-I think that's often just rooted in this-- you guys are always looking to improve yourself.

-Always.

-Always, I've seen that in all of the millionaires that I've come in contact with. They don't have this mindset that they know it all. They've got it. You guys should listen to me now. They're constantly absorbing anything, any information.

-That's why I'm starting major facial reconstruction of my face here. I'm just going to do a major overhaul, extensive plastic surgery. I'm just kidding. I'm not going to do that, but--

-Yeah, don't do that.

-No.

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Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Characteristics of the Self-made Millionaire: 9. We Believe in the "Sixth Day Principle"
  • "About two-thirds of us work between forty-five and fifty-five hours per week." The Millionaire Next Door
  • Lesson Nugget: If you want to be successful, you must have the millionaire mindset and determine to work until the job is done.
  • Lesson Nugget: In order to be successful you must be willing to do what other people are not. Entrepreneurs don't care how many hours they work, they care about success.

[MUSIC PLAYING]

-All right well, characteristic number nine here. And this characteristic is we believe in the sixth day principle. I know what you mean by this, but first let's read the quote here. "About 2/3 of us millionaires work between 45 to 55 hours per week." That's tough to do in five days, right?

-Well, let's just give it a quick example here. The pilgrims-- some of you guys might know-- but, was it the Nina, the Pinta, and then there was a what, there's a Santa Marina? Was it Sana or Santa?

-Santa.

CLAY CLARK: Santa Marina-- Santa Maria, I think it was. Now, if I would get my history wrong, and you're watching the show like, it's not the Santa Maria, it's the-- that's fine. The point is there was three boats we came over in right?

We came over on these boats. They land on Plymouth Rock, right? They got the big sail boats here. They land on Plymouth Rock.

-There should be a new song that we're able to remember all this by, I think. But it's escaping my memory.

-They land here in Plymouth Rock, right? Boom, they hit Plymouth Rock. OK, well, when they got to Plymouth Rock these homies had to build houses. Could you imagine getting to Plymouth Rock-- there already hungry. History shows they ran out of food. They were getting hungry. Now, they have to not only move all their stuff off the boat, but they have to build houses, right? They got to get food too.

So let's make a to-do list for the early guys that are on there. This guy, he's got to get food, right? He's got to get shelter. And he's probably going to have to talk to his wife. Talk to my wife, you know, so his wife doesn't get mad. Because you know his wife's like, hey, I know you're out there killing all the food and building a shelter. But are you going to talk to me? So he's got that need. Is he working 40 hours a week?

-No, not if he wants to live.

-No, he doesn't work until he got done. Now, Steve Jobs-- he launched Apple. Was he sitting there going, well guys, it's been 40 hours, and due to the labor laws, I've decided I'm going to now be done or the day? No. Was Steve Jobs saying, hey, when's lunch break? When can we go on break? No. So why are you saying that? If you're saying that, stop saying that.

The point is, you work until the job is done. You work until you get the results you want. And for those of you who have the Judeo-Christian worldview-- that God created the Earth in six days and rested on the seventh. For those of you who don't, Elon Musk-- the founder of Tesla, and SpaceX, and Paypal-- he talks about how you just have to work 60 hours or 50 hours a week if you want to be successful.

So I'm just saying, if you want to become successful and you don't want to die on Plymouth Rock or you don't want to die while you're starting your business, you're going to have to work more than 40 hours a week. And your like, I don't want to work 40 hours a week. I just want to work like 39 hours, because-- I don't care what the labor laws say. I don't care.

If you're going to be successful, you've got to do what other people don't do. And I see it all the time-- people who come to me. You see them too. They come to me. And they say, what do I need to do to be successful? And you'll tell them. And then they'll say, when we go on break?

I have not, you've seen this, I have not taken a lunch break in 12 years maybe 13 years. I don't know when the last time I took a lunch break was. And I'll tell you why I got into that, is because when I started my business, I couldn't afford lunch. And so I made myself a little wager that I would not eat lunch until I got a deal. And it created the habit where I no longer eat food very much. I don't recommend you starve yourself. But the point is, the big principle is you have to work until the job is done, not until you get the 40 hour maximum.

-Well, and with Elon Musk-- I love the way he said that, with that same quote you were remembering. He talked about how working for Tesla is like working for the special forces. It's an honor. It's a special thing. And so nobody is-- he said, well, we don't hire people that want to work that minimum hours. Because they feel they're part of something big. And I know that I can articulate for the team here at Thrive. We know we're doing something awesome.

CLAY CLARK: It's big.

-That's why we're fine with showing up early and staying late. Because that's what's required to put out an awesome product.

-This product that we're making for you is designed to help you take your life and take it from just surviving to thriving. And so whatever it takes, that's what we're going to do. Awesome.

-If you want to be thriving, you can't just be hoping to work five days a week-- just doesn't add up. Math doesn't work.

-Furthermore, the idea of 40-hour work week was developed by Franklin Delano Roosevelt, FDR. And I don't know that it wasn't created by the creator of the planet. Or it wasn't created by anybody else up until that time. So one person has now come up with this 40-hour work concept. And if you don't agree with that person, just move on.

Featured Coaching Excerpt - Notes & Transcript, Part 3
  • Characteristics of the Self-made Millionaire: 10. We Get Our Money Working For Us
  • Lesson Nugget: If you don't have the funds to invest right now, invest your time instead and create "sweat equity."
  • Lesson Nugget: Be creative! A lack of money is not a valid excuse for sitting on the sidelines.
  • Lesson Nugget: Self-made millionaires think bigger than average employees. They are willing to take risks that pay off down the road.
  • Lesson Nugget: There are no excuses. If you want to achieve your financial goals you must adopt and implement these characteristics.
  • "We are fastidious investors. On average, we invest nearly 20 percent of our household realized income each year. Most of us invest at least 15 percent. Seventy-nine percent of us have at least one account with a brokerage company. But we make our own investment decisions."

-Let's go here-- characteristic number 10. This one is wrapping the whole thing up-- what you have to do to become a millionaire. Number 10 is we get our money working for us. Millionaires have their money work for them. The quote is "We are fastidious investors. On average, we invest nearly 20% of our household's realized income each year. Most of us invest at least 15%. 79% of us have at least one account with a brokerage company. But we make our own investment decisions." Clay, what does this mean, and do you do this?

-Yeah. I think last year I invested $125,000-- roughly. So what I did is I invested money in Company A. And Company A I make $2,000 a month from. Company B I invested money in. And I think I make about $2,250 a month. Well, the thing is that before I've even done any work at all every month, I now make, from these two investments alone, $4,250 a month.

-Just residual income from your investments.

-I still have to do some work-- a little bit, I guess-- to manage it and stuff. But that's what I do. Now, how much were these investments? This one was about $25,000, and this one was about $10,000, but it required me to spend about 160 hours of time. So $10,000 plus 160. This one was just cash.

What could I have done with that money? I probably could have bought a new car. I love the Hummer of Love, but I probably could have gone out and bought a Mercedes.

-You could have put a pool in your front yard, like you were drawing for those other guys.

-I'm really ripping pools, because I know about a dozen people, personally, that own pools who never go in them. I don't get it. But if you go in your pool all the time, then I'm excited for you, and I'm pumped up for you, and I want you to get an even bigger pool with all your money.

You have this business here is $10,000. What could I have done with that? I know people that spend $10,000 a year on just flat-screen TVs, furniture, trips-- whatever. I put it into that, 160 hours of time. Where did that time come from? I could have been sleeping in. I did almost all of the work for this business, truthfully, between 4:00 AM and about 8:00 AM. M All the work I did for this company in the mornings-- times when people were asleep. You can invest your time, and create sweat equity, or your money.

So right now, if you're watching this and you have no money, you could literally go to a business owner. That's what I would do. You say-- hey, I don't have any money. But what I'm going to do is if you pay me $5 an hour and I need to come up with, say, $5,000, I'm going to give you $1,000 of my time with no compensation in exchange for 1% or a 0.5% or whatever the equity percentage is-- whatever. And most people will take you up on that. I'm just saying that's a way to do it. If you don't have any money, you can put in your time. Or in my case, you take a time and money combo. Why did I do that? Because I knew that if I hired a consultant to do what I could do, it probably would have cost me $60,000 over here-- 60 grand if I would have hired somebody. So instead I did it myself.

-That's perfect. That's what I was going to ask. This is teaching us how to become millionaires. You need to be doing this before you're a millionaire-- and you can, by investing your time. Were you were able to do that as well?

-Yeah. Literally What I did is I went to a couple companies that I knew needed the services that I could offer. I taught myself to make on-hold music for companies, to make cheerleading mixes-- the cheerleading music that cheerleaders dance and do their routines to. I made the intro music for sports games, NCAA games. I built sound systems that I could use for public events. And I would go to companies that I wanted to work and would say hey, I will do the event for free in exchange for a percentage of the revenue or a percentage of the profit or whatever. That's a way to do it. So you can get in the game. If all you have right now is your hands and your time, then investor your time.

-That, again, even goes back to one of the principles you talked about earlier, of starting those habits. Often, I think, these millionaires did that when they didn't have money. They invested their time, and now it's just second nature. I continue to invest so that my money starts working for me.

-Right now, I don't even think. One client right now, it's a hospital, and they've asked me to do some work with them. And I have floated the idea of hey, I just want a percentage of your gross revenue-- for a hospital. I could make millions of dollars if that goes through. I never thought about what are you going to pay me per hour? Nor have I thought about putting my own money into it? I've just thought about hey, I will do these services in exchange for a percentage of revenue-- of a hospital! We can do it for anything.

-I love it. Well, you've eliminated excuses for us in every area, whether it's the first point-- I have a bunch of kids. I don't have time right now to start saving. You eliminated that. Most millionaires have kids, have family, and they do it. You eliminated any excuse for why you can't be living cheap. Live cheap right now. Millionaires do that.

-I want to this real quick. Walt Disney ate dog food at one point, because he ran out of money, and he wanted to keep the business afloat. He was willing to do whatever it takes. Richard Branson created Virgin out of his parents' house. His first newspaper, called The Student, was started out of his parents' house. We all have to make big sacrifices-- all of us.

-There's no excuse.

-There's no excuse.

-I don't have a location. I don't have the money. Just do it. You can do it!

-You can do it!

-If you weren't given an inheritance, great-- you're set up! Just like most millionaires, you don't need any handouts. Millionaires, we said, live way below their means.

-Way below.

-And that's a way for them to start saving for those rainy days, which we talked about. They keep it simple. Lee Cockerell's driving the minivan. You can, too.

-It's sweet, though.

-It's very nice. Very nice minivan. They're not elites. They care about education. These are all the principles we talked about today to give you practical action steps on. Now the choice is yours. Clay's heart is to be able to share with you how he got to this place. All you have to do is make the decision and implement it. Is that it?

-I want you know if you're watching this right now. Maybe you never heard this before, and maybe you feel like you had to watch millionaires on TV or watch successful people and you could never do it. I promise you-- you can do it.

-You're a living example of it.

-Boom!

-Thank you.

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