The path up success mountain requires us all to take one small step at a time. Learn 19 steps you need to take to become wealthy taught by Tim Redmond who built and grew a software company from 2 employees to $120 million of profit.Sign Up to Watch
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-And if you're watching this business education training and you're going, I want to learn to sell, we have some great training on Thrive. We'll get into it. But all I can say is it's like riding a bike. [BELLS]
First time you get on, it's crazy awkward. Second time, probably awkward, too. But once you figure it out, you're good.
-They're born to sell. These guys that are concerned about that, they are born to sell. I know it.
-Now, Joe Ricketts, the self made billionaire and founder of TD Ameritrade, he says, "nothing happens until something is sold." Tim, I guess you're right there. Then according to Dr. Tom Frist of Nashville, the founder of Hospital Corporation of America, which was purchased for $33 billion, he says, "While I may have gone to Med school become a doctor, I graduated a salesperson."
-What? "Selling the concept of health care for all has been my mission, my passion, and my wealth creation mechanism." Bottom line, if you're watching this and you're not sold on the concept that you have to learn to sell, well, then your business will probably go to-- and we're moving on to step 14. So systematically saving. Systematically saving. Tim, over the years, I've had various mentors tell me that basically saving is buying opportunities in future. You're saving money now so you can buy stuff in the future. Opportunities. Explained this to my son yesterday in great detail. But that's the idea, is you want to save money now so you can buy what you want later.
Now, the bestselling author of "Think and Grow Rich", Napoleon Hill, says, "the habit of saving does not mean that you shall limit you're earning capacity. In fact, it means just the opposite, that you shall apply this loss so that it not only conserves that which you earn in a systematic manner, but that it also places you in the way of greater opportunity, and gives you the vision, the self confidence, the imagination, the enthusiasm, and initiative, and the leadership actually to increase you're earning capacity."
He goes on to say, "form the habit of systematic saving by putting aside a definite percentage of your income. Money in the bank gives one a very safe foundation of courage." Tim, what does it mean to have a foundation of courage as a result of saving money? What does that feel like when you have $100,000 in the bank, or a million dollars the bank? What kind of courage comes with that?
-You have confidence that you can try things and you're not going to be just knocked down and out for the bell, never to come back. So the idea is, when you're saving, your setting in motion this mindset of abundance. And the act of saving is an important skill set to build a company. You're learning to set aside resources to be able to reinvest. And if you don't learn to do that on a personal basis there, you're going to retard the growth of your business.
-Just an anecdotal example-- recently I worked with a business owner who had debated raising prices for over a year, because they had about $6 in the bank. Every month, no matter how much came in, they bought stuff. Then this month they raised prices for the first time. They now have $18,000 of more profit this month than any other month. Like, boom, it just showed up. And what happened is, I had to come to the business owner. I literally said this. I said, if you will raise prices, and if you don't make an extra 18 grand, if you lose money, I will personally pay your salary. I will pay it this month. Whatever your $6,000 or $7,000 a month salary you're taking. I will pay. That's my bet.
I bet you $7,000 dollars, I'll pay your salary if it doesn't work. Now, if it does increase, I'm splitting it with you. Well, that's kind of crazy. I guess I'll do. But I don't know if I want to split. I'm like, fine. But they did it. And I'm not kidding, it's like--
-And did they split? No.
-You wimped out on that, Clay. Come on.
-But I'm just saying, that's the kind of stuff where people get so fearful. So if you're watching this and you haven't been a systematic saver, you need to save a set amount. And we want to strongly encourage you at Thrive to save at least two things here. 10% of every dollar that comes in, save it so you can give to other people. Set aside 10% to buy opportunity, so you can have money in the bank to buy opportunities. And it wouldn't be dangerous if you found a way to live on half of your income. Just throwing that out there. So we're moving on to step number 15.
Accept that adversity is just a prerequisite to success. Tim, Winston Churchill, the famous prime minister of United Kingdom from 1940 to 1945, and again from 1951 to 1955, who was the only person to really stand up to Hitler, this guys-- he's basically wildly regarded as being the guy who helped end World War II. Without him, the Nazis would've just taken over all of Europe there. He says, "success is walking from failure to failure with no loss of enthusiasm." Steve Jobs says, "sometimes life is going to hit you in the head with a brick. Don't lose
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-Tim, how important is it for the Thrivers watching this right now to understand and accept that just because they've watched every single Thrive episode, as good as it may be, it does not mean they're going to avoid adversity. Walk me through why it's important to learn this.
-Well, first of all, not only are they not going to avoid adversity, but adversity will come. It' one of the most predictable things in life. And so we understand. It's kind of like the first three lines in the road less traveled, written many, many years ago in the '70s. It says, life is difficult. That's the premise of this.
Well, but I want it to be easy. Well, it might be easy, but you're going to have challenges. And so your success is going to be determined on the relationship that you have with adversity. You actually can nurture a relationship with adversity in a certain way. You can play kowtowing to that, you can bow to it. Or you can say, adversity, you're my friend. You're not my foe. I'm going to put my arms around you. I'm going to count it all joy.
One guy said, Jim said many years ago, I'm going to count it all joy when you come. And because what you're going to do in me is going to make me so strong and so much better that I embrace brace you. I'm going to overcome you. I'm going to go through it. And don't try to avoid it or your life is going to be ruined.
-You're saying to embrace. And I think of, those of you watching this who don't agree with his theology or his world view, that's OK. But Joel Osteen's always talking about how a setback is a setup. That's just-- I may be a simple guy and I need to remember stuff like that.
TIM: He got that phrase from me, by the way.
-During those times of adverity, whenever I have something bad that happens, I have to tell myself. This is a setup. Setback is a setup. And I just have to tell myself that. Now, a few other notable quotables we want to share with the Thrivers here.
Bill Gates says, "Your most unhappy customers are your greatest source of learning."
-Steve Jobs, his arch rival, says "I'm convinced that about half of what separates the successful entrepreneurs from the unsuccessful ones is pure perseverance." Oprah? Oprah, my main lady. Oprah, I love Oprah. I love her that she's a great encourager, Oprah Winfrey.
She says, "Think like a queen. A queen is not afraid to fail. Failure is another steppingstone to greatness." And yet one more example for you, Walt Disney. This guy won 22 Academy Awards, seven Emmy awards, but he lost it all twice. He lost it all twice before he had the success.
He says, "All adversity I've had in my life, all my troubles and obstacles have strengthened me. You may not have realized it when it happens, but a kick in the teeth may be the best thing in the world for you." Tim, from your career, with the death of your siblings and some of the personal issues you've dealt with growing up and some of the handicaps and things you dealt with, how has that made you stronger?
-Well, I have to-- adversity will introduce me to myself. And so, it'll be like a mirror that I look at myself and just say, am I going to live with this mindset that I am enough? I've got what it takes. Or I'm not enough and I don't have what it takes.
And so what I've done is I've allowed adversity has knocked on my door or busted down my wall, I have to make this decision. Am I going to rise up and embrace this thing and allow it to make me better, not just by, OK. Beat me, beat me, beat me. You know, that's like a masochistic. It's like, bring it more.
No, it's not that. It's, I'm going to learn to negotiate around this. I'm going to navigate I'm going to adapt myself. I'm going to grow myself to realize that that adversity is not going to destroy me. It's actually going to strengthen me. JC Penney, knocked down how many times? Walt Disney, knocked down how many times? All these people got knocked down. And what they learned is one of the most important lessons in entrepreneurship is that they can get up and actually play a better game.
-I've noticed that, for you, it gives you a certain perspective too. When people are saying, the sky is falling. As a general rule, people who know Tim Redmond will say, that guy's pretty unshakable, kind of a rock. Good or bad.
TIM: Good or bad.
-You're a foundation. You're kind of a rock. And everyone else is like, oh no, bad things are happening. You're like, this is par for the course. This is part of the plan. This is how we lay the foundation. This is where the character, the story, the history is built. And having you on the Thrive team, it's awesome. And it's fun to see your mind process that, and it's fun to have so many mentors on the Thrive team who process things that way because it gives you that unshakable faith in what you're doing.
-Now moving on to step 16 here. Eventually, you're going to have to become your own boss, be your own boss. Now, I know anybody watching is going to be like, well, that's it. I'm quitting my job. No, that's not what we're saying. According to Thomas J Stanley, Ph.D., William Danko, Ph.D., these guys did the research for the book, "The Millionaire Next Door" because is their book.
TIM: Great book.
-They said, "Self-employed people make up less than 20% of the workers in America but account for two-thirds of the millionaires."
-W. Randall Jones in his book, "The Richest Man in Town," says that, "According to the Federal Reserve Board in 2007, the average net worth of self-employed people was an impressive 1.3 million, more than six times the average net worth of the average worker." Tim, also in "The Richest Man in Town," W. Randall Jones says that 94 of the 100 richest men in town that he interviewed-- he went to every town across America and interviewed the richest people-- again, he says here that 94 of the 100 he found, these guys had the title of "founder." They were the founder of their own business, OK?
So what we're saying is at some point, you're going to have to start your own business as a general rule, or invest in the business that you work for. Either be an investor where you work or start your own business. How do you know when it's the right time to jump in to do it?
-Well, it's you want to develop skills. And a lot of people have this mindset, this romantic notion, I want to be an entrepreneur, but I'm stuck in this stupid job. And I'm doing the work and I'm doing everything else, and they're half hearted into this. And the way they apply themselves working for somebody else, that's what's going to show up when they're working for their own selves.
-And so you set in motion your entrepreneur spirit in how you work for somebody else. I like to tell people, pretend that you are a consultant, and this company that you work for is hiring you. And every day, you've got to prove why they should rehire you as a consultant to come back. You want to give them your best ideas. You want to give them your best energy.
Because you're setting in motion your habits of how you're going to do your own business. And so when you do this, well, when you've got the habits nailed down where you got somebody wanting to promote you and move you up, if you get fired from a job-- now, sometimes great companies get started when you're fired. But when you get fired because you're doing a half assed job in your work, don't think that's going to liberate you the to apply the same half assed attitude towards starting a new business, because that's going to fail.
-I've worked with a lot of people who've gone from being an employee to being self-employed. And a rule that I like to say-- and I don't know if you'll agree with this, but I always tell them, in a perfect world, have six months of income saved, six months. So when bad things happen, you can absorb it and not freak out, six months. I always tell them too, don't leave until you've conquered your current job.
So once you've got to the top of that job, you're the best sales guy in that company, you're the best producer in that company, you're the best whatever job it is. If you work in the daycare industry, before you start your own, make sure you're the best daycare provider in that company. So you build that habit we were talking about.
Now, we're moving on to step 17. Don't waste time. This ties into some things we talked about earlier. We're going to hammer this home. Thomas Corley in, his book "Rich Habits: The Daily Success Habits of Wealthy Individuals," says that "6% of wealthy people watch reality shows compared to 78% of the poor." Now, we're not ripping reality shows. We're just giving unbiased statistics.
Moving on here now. According to "Rich Habits: The Daily Success Habits of Wealthy Individuals," 63% of rich people listen to self-help audio on their daily commute. What we're saying is that rich people are always looking for an opportunity to learn more, earn more, to add more value. And poor people are usually distracted, maybe?
-Easily distracted. Now, I want to say self-help audio and then with Thrive15, audio and video.
-While you're driving, that's a dangerous thing. But if you're in a subway, you do it. If you're in the subway, you do that. If you're in the bus, you do it. Now, if you're driving your car and you're watch some interactive video, I don't want a part of that-- although maybe if your wife can drive or your husband can drive, maybe you can do it that way.
-So why do you want to? I mean, if you're already rich, if you're already there, why do you want to do this more? It's rich people continually feed themselves. It's this wealth is built on a foundation of learning. And learning is getting new information, so you look at the world differently, different perspectives so you can adapt and begin to conquer and as each new landscape appears differently, so.
-Now I want to give the final two steps here. And if you're watching this, I'm telling you, if you apply these steps and then you deep dive into the Thrive platform, your growth is going to be explosive.
TIM: Very good.
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