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00:00They say that your 20s are the best time in your life, but there's a truth no one told me.
00:04This video is about the lessons that completely changed my 30s that I wish I learned earlier.
00:08I always die on the inside when I see these 19-year-old YouTubers talking about when they made their first and then 50th million.
00:14I'm like, come on, it's unnecessary.
00:15First of all, when you're in your 20s, I had a blast and I thought I was rich as f**k when I made $37,000 in my very first job.
00:22You can have all the fun you want in the world without having a ton of money.
00:25Now, when you get older and a little crotchety and your back starts to hurt, the Four Seasons bed is kind of nice.
00:30And we can help you get there, but you don't need it when you're young.
00:33Most people don't make it when they're young.
00:36And in fact, we have this totally false reality where people tell you how rich they are, but they don't tell you that they got it from daddy.
00:42People tell you how young they are when they were rich, but they don't tell you that they were a total outlier.
00:46No matter where you're at, it doesn't have to be where you end up.
00:48Average age of a first-time millionaire?
00:5137.
00:52How about the average age of a first-time billionaire?
00:5451.
00:55Don't stress, dude.
00:56You've got nothing but time.
00:57How do you do, fellow kids?
00:59Do work that rewards outcome, not hours.
01:01And here's a way to think about that.
01:03You basically take your annual income and you divide it by, I think it's 1,903 hours, which equals the hourly rate that you would pay yourself based on a 40-hour week with 52 weeks a year and a little bit of vacation time.
01:17The problem is that studies show that most people obsess on one thing.
01:21They obsess on their salary, not the ability to earn more or potentially earn less.
01:27And I want you guys to do the opposite of that, actually.
01:29It's what I did.
01:29I want you to obsess on your ability to continue to earn, even if that means giving up a little bit of the downside protection.
01:37Early on in your career, you're really optimizing for two things.
01:40You want to learn and you want to figure out how to earn more.
01:43And the way to earn more is actually to determine what outcomes lead to dollars.
01:48If instead you're just negotiating salary with employees, you don't actually know how you drive revenue to the company, what action leads to an additional dollar for you.
01:56That's why I love people starting out with sales or something where you have a KPI, a key performance indicator, that is specifically related to you.
02:04Everybody obsesses on whatever this hourly number is.
02:08This is the wrong number.
02:10I want you to obsess on outcomes instead.
02:12First of all, bosses love it.
02:14And whenever a boss likes something like this, that means you're going to make more money.
02:17Buy the f***ing coffee.
02:18Saving is not going to make you rich.
02:20I always hated when people said this to me.
02:22Doesn't mean you can't have coffee at the house if you're into that.
02:24But if you think that you can save your way to millions, you can't.
02:27I've never seen that happen once.
02:29Instead, maybe you get the coffee and you go meet a person who could actually be a huge center of gravity in your life that could give you the next job, the next opportunity, the next deal.
02:37But listening to somebody tell you that you are going to be able to save your way to your first $100,000, I'm just not buying it.
02:45If you lived on beans and rice and stayed out of a restaurant, you could be debt-free in a year.
02:50Buy the f***ing coffee, man.
02:52Another thing I kind of wish I did in my 20s, start a simple service business.
02:55Like this guy who started with 12 bucks and scaled a painting company into a franchise.
02:59Or this guy who replaced his day job's income with paint striping.
03:03Or even this girl who paid off her student loans by flipping furniture.
03:06I also wish I spent more time learning from people with way more money than me.
03:10And that I read more about all of these.
03:13But then again, contrarian thinking wasn't around when I was 20.
03:15This is the newsletter I built in my 30s.
03:17By the way, if you enjoy my YouTube videos, but you're not getting these emails, what are you doing?
03:21It's free 99 every week.
03:23Sign up with the link in the description.
03:24The Pygmalion Effect.
03:26Or you are the average of the five people you surround yourself with.
03:29What does this mean?
03:29Our beliefs influence our actions.
03:32We can only do the things that we believe we are capable of doing.
03:35Our actions often get influenced by other people's beliefs.
03:39They tell us what they think we're capable of.
03:42Other people's beliefs influence their actions.
03:44And their actions influence our beliefs.
03:47We are a human compilation of what we think about ourselves.
03:51What other people think about ourselves.
03:53And what other people do.
03:55That's why it's so important who your buddies are.
03:57And why it's so important what companies you work for.
03:59And why it's so important who you decide to surround yourself with.
04:02Because it turns out the science, the science, tells us the people you surround yourself with rub off on you.
04:08There's a fascinating phenomenon where if you sit within 25 feet of a high performer, you are likely to be 15% more productive.
04:15Cool, right?
04:16Downside.
04:17If you sit within 25 feet of an underperformer, you are likely to underperform or be less productive by 30%.
04:24Wait, Cody, look at this cat video.
04:27Personality hire.
04:28So the people that you surround yourself with actually are helping you win more or lose more.
04:32In every sense of the word.
04:34That's why in your 20s, you should go wide.
04:36In your 30s, you should narrow the field.
04:38Because you'll know what those types of humans look like.
04:41It's also where this old school quote from Jim Rohn originally stems from.
04:44You are the average of the five people that you surround yourself with.
04:47Whether you like it or not.
04:48Your 20s are so tumultuous.
04:50You're like broke.
04:51You're dating idiots.
04:52You're kind of an idiot yourself.
04:54You're out way too late.
04:55You don't actually know what you want to do for a living.
04:58This is when you embrace the suck.
04:59Right around when you hit your first 30s.
05:01At that point, you're starting to make a little bit of money.
05:03You know who you are.
05:04You're probably in a job that's not completely insufferable.
05:07You're starting to date people who are not 21-year-old idiots.
05:10And the suck starts to lift.
05:11Nobody told me that.
05:13Now, you're way hotter.
05:14Maybe you got more energy and spriness when you're in your 20s.
05:17But your 30s, you start to normalize.
05:19And that actually feels amazing.
05:20I remember like middle-aged white women telling me this when I was younger.
05:23And thinking, yeah, sure, whatever, 40 is awesome.
05:25But now that I'm in my 30s, I'm like, wow, maybe they were actually right.
05:32Never buy to impress.
05:33Here's what we want to do.
05:34Being always better than looking.
05:37Which is not the case for most Americans.
05:3941% of Americans live paycheck to paycheck because they treat their paychecks like playchecks.
05:44Get it?
05:45The problem with most Americans is they have a higher level of expenses than they have
05:51income.
05:51And that is not going to be you.
05:53Because we are going to earn, and then we're going to invest, and then we're going to spend.
05:58For instance, Chanel?
05:59Nope.
06:00Amazon.
06:01From my budget girlies.
06:02Good artists borrow, great artists steal.
06:04This is a famous line attributed to Picasso.
06:06I think that it's deeper than this.
06:08I think you have to steal from multiple different types of people.
06:11You don't have to be a genius.
06:12You don't have to come up with the next Tesla.
06:14All you have to do is take a series of other people's idea and try to strum them together
06:20into a carpet that looks like one that only you could have made.
06:24I was in finance, and I was doing okay, not great.
06:27I wasn't the smartest person.
06:28I wasn't the best at math.
06:29I was kind of a little peon analyst.
06:30If I'm not going to be the smartest, I have to find my unfair advantage.
06:34And at that time, it was Latin America.
06:36I think I could take this process and this type of product that I was selling at the time,
06:41and I think I could translate it to Latin America, where nobody else is doing this at
06:45the moment.
06:45And because nobody else really speaks Spanish or knows the region like I do, I might be
06:49able to just take this model, apply it to Latin America, specifically Chile, to start,
06:54see if that works.
06:55And if that works, then I'm going to copy that same model in three or four other markets.
06:59And I did that again and again until we had raised almost a billion dollars in assets under
07:03management at a company called First Trust.
07:06And then I took that exact same copying process, and I did it at a company called EEC in the
07:11cannabis space.
07:12I was like, hmm, I buy and invest in these small businesses, but it's pretty competitive
07:16right now to do it.
07:17Where could I find an industry that's not as competitive because people don't want to play
07:20in it?
07:21Oh, how about one that's federally regulated really aggressively and still considered
07:25kind of illegal?
07:26I bet all the really smart, good players aren't in it yet.
07:29And so I went into that market and competed with people who just weren't as smart.
07:33And so you can do the same thing.
07:35Great artists don't just borrow, they steal.
07:37You should watch this other video about the books I think that will take you to your first
07:40million easiest.
07:41You should steal my homework too and subscribe to the channel.
07:44Everything I do is so that you guys can steal my 10,000 hours and not have to go through
07:47all the pain I did.
07:48A little wrong is sometimes a little right, but there is a limit.
07:52I call this the diminishing marginal fun framework.
07:57We have your fun levels.
07:59And then we have something like the number of drinks that you have.
08:03At some point, there's a point when the two meet where the two of those things come together
08:07and it is no longer more fun to have more drinks.
08:10Actually, your fun level starts to go down.
08:13When you're younger, you don't actually realize this.
08:15That's the beautiful point of hangovers at a young age.
08:18But as you get older, once you can start realizing this number is two and this number is two
08:23more, you change just about everything in life because you see decisions have compounding
08:28and cascading effects, which basically mean that you decide to go out too late one night.
08:34And that sucks.
08:35The next side that you need a really greasy burger using Sundays to set up Mondays.
08:39You use Sunday as another, it's tired and you're like, got a little morning, you wake
08:43up to Monday, you kind of feel tired work day in front of you.
08:46And it's all because of a decision you made on Saturday.
08:48I don't want you to have no fun.
08:50There's probably only so many years of your life you can randomly spirit off to Ibiza for
08:54a season.
08:55So I wrote this to myself to remember.
08:57Don't never drink.
08:58Some magical nights are made of whiskey.
09:00Don't skip every carb.
09:01Young you always wanted cake for breakfast.
09:04Don't never break routine.
09:05The universe might have something better for you.
09:07A little wrong is sometimes right.
09:10So it doesn't mean you have to skip all the whiskey.
09:12The best business school is actually being in business.
09:14You don't need three degrees to get rich.
09:16In fact, in the future, I think people are not going to be recruiting from Harvard and
09:21Yale.
09:21The best CEOs and the best companies are going to be recruiting from your Twitter and your
09:25Instagram account because they're going to want to see receipts, not resumes.
09:29They want to hear about actions, not theories.
09:31And they want to know, can you actually do the thing?
09:33And what have you done?
09:34Not what have you thought about with an academic who's probably never done the thing.
09:37Two.
09:38Probably don't even do what I did.
09:39I mean, I later on, after I had already had a job in finance, went to Georgetown, but
09:43my company paid for it entirely.
09:45Shout out State Street.
09:46You're my boy, Blue!
09:47Then I kept building.
09:49Also, the only reason that I got into a school like Georgetown after being a public school
09:53kid at ASU prior to that was probably because I was working a pretty sick job at the time.
09:58I had sort of climbed all the rungs of the ladder just from doing the rarest of things.
10:02The things I say I'm going to do, working a little bit harder and longer than anybody
10:06else, asking for expectations of what I can do to beat them.
10:09God, nobody does that.
10:11If you're in your 20s, you actually have a world of humans who want things and expect
10:16things.
10:16And if you instead are the type of person that wants to earn it, you are going to be leaps
10:20and bounds ahead of them.
10:22Back when I was at State Street, I remember this girl came up to me.
10:25I went to ASU at the time.
10:26I was young.
10:26I was like one of the youngest people to have the job that I had.
10:29She was an administrator while I was an executive running a portion of the business.
10:34And she came up to me.
10:35We were about the same age.
10:36I think maybe she was a year or two older than I was.
10:38And she's like, how'd you get this job?
10:40I'm not really like I applied for it.
10:42I didn't really know how to answer the question.
10:43And she's like, well, where'd you go to school?
10:45And I was like, Arizona State.
10:46Well, who do you know here?
10:47I didn't know anybody when I applied.
10:49Who the f*** do you sleep with?
10:51Nobody.
10:51I'm actually married.
10:52And then she kind of laughed.
10:53She's like, guess Harvard doesn't get you far.
10:55She was a Harvard grad.
10:57And guess what?
10:58I don't think it actually does.
10:59You guys like my Blaston accent?
11:00Give favors, don't take them.
11:01I call this the law of reciprocity.
11:03When you give something to somebody else, what do they feel like they should do?
11:08Give something back to you.
11:10Pros pay up front because nothing is actually for free.
11:14Now, really good advice.
11:15Be a great f***ing human at all times.
11:17Be giving because you can't ever create community later.
11:20But pay for it up front so you don't fall into the law of reciprocity.
11:23Final life hack I wish I knew earlier.
11:25Try to keep things for longer.
11:27Ask yourself if it really brings you joy.
11:29Keep the same house, partner, car for longer than you think you need.
11:33Why do we keep running on this societal treadmill of thinking we need to keep up with the hypothetical
11:38Joneses when in fact even reaching what they have won't make you happy and neither will
11:42beating them.
11:42In fact, there's like fascinating studies really quick to summarize this bad boy about how happy
11:48we are and win as a society.
11:50So this is from the World Economic Forum and they basically tell you that at 18 you're at
11:55peak happiness for a youngster, right?
11:57Then you start really declining 26, 30.
12:01You're hitting your most down the dumps around 42.
12:05And then it starts to sort of turn around and at which point at 98 apparently you're decrepit
12:09but you're super f***ing happy.
12:11And the interesting part about this is I'm not sure I'm buying all of this.
12:14Maybe.
12:15But what I think is really interesting is look at this point right here.
12:18You are on a decline for all of your 20s.
12:21In your 30s, you're starting to like normalize and cycle back around.
12:25And I felt this personally and nobody told me and I don't get why.
12:28Second thing that's kind of interesting to summarize this bad boy.
12:31Turns out we're happier when we're working.
12:33Look at this graph.
12:34Basically shows you that the people who are unemployed both by choice and not by choice
12:39are unhappy motherf***ers and that's not going to be you.
12:41So think about what brings you joy, some things that are naturally not going to bring you
12:46joy, and if something brings you joy, do more of it.
12:50Like, I don't know, this channel brings you joy.
12:52Subscribe.
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