In this transcript, Tim Redmond (Growth Coach and CPA) and Clay Clark (US SBA Entrepreneur of the Year) discuss the 19 steps to practically accumulate wealth on Thrive15.com, one of the top business schools in PA.
Clay: Now according to Warren Buffett's partner, Charlie Munger, he says [Berkshire's 00:00:10] record would have been terrible if Warren didn't keep learning. Let me try that again. Berkshire's record would have been terrible, if Warren didn't keep learning. Berkshire [Hathaway 00:00:20], for anybody watching this who is not aware, Berkshire Hathaway is the investment fund that Warren Buffett is the majority shareholder of. It's the most successful year-to-year returned investment out there, for years running.
Tim: Since the 1960s, yeah.
Clay: It's unbelievable. He was saying, the rate ... The company, the rate of their growth, it would have been terrible if Warren hadn't kept learning through all these years.
Tim, you work with busi-, you coach clients all over the world. You coach executives, small business owners. I know you do a lot of work in that mid- to large-business range there. Why don't more business owners keep learning? Why do you meet these guys who have a $20 million business, that they either took over or that they started, and they're just drifting? What's going on?
Tim: It's back to that disease called comfort. Now I was just in Brazil, I was talking to a judge, kind of a high-up guy from Argentina. He knew this guy that I studied, an economist from Argentina, [Mariano Brandana 00:01:20]. He did an analysis of rich nations versus poor nations.
He said the poor nations, they work enough to get their needs met. Once their needs are met, they stop working, and they pull back on that. Then the rich nations, what they do is they find a cause greater than themselves that they're serving, that keeps them pushing, that keeps them going on this.
Clay: Let me ... I want to clarify this, because I think somebody watching this maybe is getting a little, they're getting kind of confused here. There's a difference between greed, and trying to make enough money to meet a need greater than yourself. I want to give an example.
If you're an entrepreneur watching this, and you say, "I already have all the money I need, and I already have a nice house and a nice car. I just want to keep earning money, for just the accumulation of wealth." Because we live in a great country, if you're watching this in America, you can keep doing that. I would even say that you're probably not greedy, because by you just creating wealth it creates jobs, and more people get paid, and I have no issue with it.
What you're talking about is actually focusing on a need greater than yourself, that is so big that you could never possibly finish it maybe? Or ...?
Tim: Oh yeah. I would say almost every business I've ever coached, there is huge growth. Even in tough times, there is huge growth, and huge opportunities right under their nose. When we diversify? When I work with clients and we diversify? We diversify within their business, there is so many opportunities within that. What industry they go after, a related product. A core competency that they can do this along with doing that.
What I see that business owners do is they get comfortable. They don't allow the fire of desire to get really clear on the [other side of it 00:03:14].
Clay: The fire of desire!
Tim: The fire of desire!
Tim: I'm going to get my harmonica out here [and start popping 00:03:19].
Anyway, but we've got to get this fire of desire, that's going to feed this cause, this part of us that's desperately wanting to be fed. That is to serve other people, to serve a cause greater than me. There have been studies done by this. There's the most popular class at Harvard University talks about this. The driving human desire is the need to contribute to other people.
Thrive15.com is one of the top business schools in PA and helps feed the fire of desire.
What happens, we get comfortable with where we're at. We have all of our needs are met. We don't feed our fire of desire, so we sit down and we say, "Look what I've done. I'm just going to relax now, there's no need to grow."
Clay: I'm going to share a little mystical statistical here for you. This is from Dave Ramsey, and richhabitsinstitute.com. It says, "88% of wealthy people read 30 minutes or more each day for education or career reasons vs. 2% of poor people."
Tim, I know that you're super busy. I have five kids, I have the different businesses I run. You have a wonderful wife, you have kids, there's a lot going on. You coach clients. When do you typically try to get your daily reading time in?
Tim: I love doing it first thing in the morning. My brain's awake, it's fresh, it's ready to rock and roll. I do meditations and visualizations and declarations, and I walk. I also get back to make sure I do some reading.
Clay: If you're watching this right now, an action step you can take is ask yourself, what is a time you can schedule where you block out that time. I know there's a lot of people watching this. I met one lady this year, she lives in New York City. She was explaining to me that because of all the sounds? Because of all the distraction, and because she has roommates, it's not possible for her to really learn, or to read anything, except for in the morning time. Some of you it might be night time, but you've got to find that time.