Asking Wealthy Americans How They Got Rich!

What is discussed, and when

1. 0:00 – 5:00: Andrew Tate, Ann Malum, Elon Musk, Khloe Kardashian
2. 5:00 – 10:00: Plaude, Plot AI, The E-Myth, University of Arkansas
3. 10:00 – 15:00: Ann Malum, Back on My Feet, Miami, Florida, Solid Core
4. 15:00 – 20:00: Solid Core, Back on My Feet, Fidelity
5. 20:00 – 24:56: How to Win Friends and Influence People, School of Mentors

Notable quotes from "Asking Wealthy Americans How They Got Rich!"

• That's Ann Malum. And she sold her business and made over $90 million in a single day. She's got a hundred million net worth, you guys. And I flew all the way out to Miami to go to her house and.

  about Ann Malum · at 0:32

• To. Let's do it. Awesome. What was the turning point of becoming an entrepreneur? I left Saudi Arabia when I was 18. My dad called me and he's I know you're 18, but I can't…

  about Saudi Arabia · at 1:28

• To polarize. Controversy is not a bad thing. You have to be hated. Look at the most successful people. Elon Musk hated, Trump hated, Andrew Tate hated, Kim Kardashian hated.…

  about Elon Musk · at 4:27

• Of any business you could have got into, why tanning salons? I was 21, naive, bunch of white girls at the University of Arkansas where I was going to school.

  about University of Arkansas · at 6:06

• Yeah. It's called transcribe. It's called Plot AI. It records all the meetings, all the conversations. I've never seen anything like it before. It is insane. Actually, I want one of those. It's like a personal assistant,.

  about Plot AI · at 8:24

• And go see what she has to say. All right, you guys. We just got to Ann Malam's house out here in Miami, Florida. And it's safe to say that she lives out an absolute compound out here.

  about Miami, Florida · at 12:42

• Malum. Nice to see you again, James. And for those that don't know, what was your business? My business was Solid Core.

  about Solid Core · at 14:06

• Right? Public companies, right? Anybody who has any money can go get an account on a brokerage account like Fidelity. I use UBS as my as advisors. So, I use their platform to…

  about Fidelity · at 18:51

Who and what is mentioned in this episode?

People

• Ann Malum — Person · 2 mentions · first at 0:32
• Elon Musk — Person · 1 mention · first at 4:31
• Andrew Tate — Person · 1 mention · first at 4:32
  Thing. You have to be hated. Look at the most successful people. Elon Musk hated, Trump hated, Andrew Tate hated, Kim Kardashian hated. But then there is that other side that…
• Khloe Kardashian — Person · 1 mention · first at 4:32
  Thing. You have to be hated. Look at the most successful people. Elon Musk hated, Trump hated, Andrew Tate hated, Kim Kardashian hated. But then there is that other side that…
• Donald Trump — Person · 1 mention

Books & papers

• The E-Myth — Book · 1 mention · first at 6:53
  From. That's where the money's at. What was the number one book that changed your life? the E-Myth. With the E-Myth, it talks about acting as if you have, 500 locations, even…
• How to Win Friends and Influence People — Book · 1 mention · first at 22:40
  Best negotiation advice as a $100 million entrepreneur. One, you have to make read the book How to Win Friends and Influence People. I mentioned that on the last one, right?

Companies & orgs

• Solid Core — Company · 4 mentions · first at 14:09
• Back on My Feet — Company · 2 mentions · first at 14:20
  Ultimately come up with this idea? I feel like both Solid Core and Back on My Feet, the nonprofit I started, I felt like my ability as an entrepreneur to be successful was…
• University of Arkansas — Company · 1 mention · first at 6:09
• Fidelity — Company · 1 mention · first at 18:55
• School of Mentors — Company · 1 mention · first at 24:45
  Every single week. It's the number one community for business owners in the entire world and it's called the School of Mentors. To join, all you have to do is go down and click…
• Goldman Sachs — Company · 1 mention
• Palantir — Company · 1 mention
• UBS — Company · 1 mention

Products & tech

• Plot AI — Product · 1 mention · first at 8:26
• Plaude — Product · 1 mention · first at 9:07
  Makes you less engaged with the people you're meeting with. That's why I use Plaude. It's a sleek device that literally takes my notes for me. It's perfect for in-person…

Places & events

• Saudi Arabia — Place · 1 mention · first at 1:30
• Miami, Florida — Place · 1 mention · first at 12:45

Full transcript with timestamps

0:00 A couple months ago, I interviewed one of the richest self-made women in the entire world. Excuse me, ma'am. Ma'am? Yeah. Question for you. Is this your Bentley? Uh, yes it is. And what do you do for living out here in Miami to be able to afford a Bentley? I'm an entrepreneur and an investor. How long have you been a business owner? Oh my gosh. Well, I'm no longer really a business owner. I sold it in 2023. You sold your company? I sold my company. Yeah. How much? For me, my equity shares were worth about 90 million. $90 billion. Yeah. So, how much was the total company sold for? Well, the company was valued at the time a little over 300 million. That video got over $30 million views across social media.

0:32 That's Ann Malum. And she sold her business and made over $90 million in a single day. She's got a hundred million net worth, you guys. And I flew all the way out to Miami to go to her house and interview her to get the actual blueprint and the secret to get rich in today's world. So, this video is about to be insane from start to finish. With that being said, let's get this video on the way. All right, you guys. So, we're going to be linking up with the nine figure mogul and Malum very soon. But before we do that, look, I'm in one of the wealthiest parts of Miami right now in the design district to go around to find 8 figure, nine figure billionaire entrepreneurs to figure out how they created their wealth in one of the richest cities in the entire world. Let's go see who we can find out here. Excuse me, ma'am. Have a good day, ma'am. Take care. Question for you. How old were you when you became a

1:17 millionaire? I know you. Oh, I was 23. Are you an entrepreneur? Yes. How long have you been a business owner? six years now. Do you think I can interview you for a minute before the channel real quick? Is that cool? Yes, I would love to. Let's do it. Awesome. What was the turning point of becoming an entrepreneur? I left Saudi Arabia when I was 18. My dad called me and he's like, I know you're 18, but I can't send you money anymore cuz his business was failing. He was also an entrepreneur. And when your back is against the wall, you always end up figuring it out. So, I don't pray on anyone for their back to be against the wall, but it is probably the biggest blessing. Like, when you have no way out, you make a way no matter what. Did you hit rock bottom?

1:49 Yes, because I was literally 18 going to university. I had to work two three jobs to provide for me and my family as 18 for someone that lived in Saudi where the culture is women don't work. So suddenly I'm working all these jobs trying to figure out why I had even a broken English. So that's why I always tell women there's no reason why you couldn't make it in this life. Broken English background this family this whatever your past is take that take all the lessons and use it to just make a lot of money. What was the most amount of money that you made in a single year?

2:18 It'll be this year. How much? We're on track to make 20 million. me and my business partners. Are you serious? 20 mil. I know. I know. That's incredible. Like, how did you scale from a one to a $10 million company? The most important thing is hire people that are better than you in your company. Cuz I don't know it all. And I know I don't know it all. I'm not the smartest. But you know what happens to the smartest people? They're always the brokeest. Why? Because smart people, they're overthinking, over analyzing. They need it to be perfect. And when you want something to be perfect, there's someone half your talent, half your luck, half your intelligence already making moves and making millions because they're faster, they're bolder, they figure it out along the way. Most people want to have all the plan before they move. Just move. You will figure everything in the doing. It's not in the thinking. That's

3:00 why they always say that the A students always end up working for the C students. Yeah, I was a C student. Did you have anybody that doubted you? Everyone. A Middle Eastern. And like Middle Eastern women are more like, you know, just have kids, sit at home. That was the culture that I was in. Obedience is what I was taught my whole life. Just be obedient, listen to the man, like your little voice, be quiet. But the side of me that rebbled is what made me successful and free. So you good at selling? Oh, if it's one thing to make you rich as a woman, sales, branding, you will never be broke. If you have a brand, you'll never be broke. Everyone's literally throwing opportunities at you like, "Please do this with me. Please speak here. Please sell this." So So give me a million dollars worth of branding advice right here. People are not nice anymore on social media. They don't give chances anymore. So, if you

3:42 want to blow up on social media and you want people to respect you, two things. Number one, they're not going to give you a chance to make sure whatever you're saying in the first 3 seconds is going to trigger them. And sometimes that could be as something positive that you're going to say or negative. But the hook, the first 3 seconds is more important than the video. If you look at my Instagram reels, the first 3 seconds is when people like, they don't even watch the full video. Then, another thing is always giving perspective shifts. If you're someone that says something that is maybe controversial or maybe it's not the normal or what people are used to listening, if you give perspective shifts on why you believe whatever you believe, people are going to respect it even if they don't believe it. And then you can charge high prices for whatever you you're charging. Some of the best branding advice that I ever

4:18 heard was that the best personal brands are superheroes because they fundamentally stand for and against something. You have to be willing to like die on that hill that you're making. You have to polarize. You have to polarize. Controversy is not a bad thing. You have to be hated. Look at the most successful people. Elon Musk hated, Trump hated, Andrew Tate hated, Kim Kardashian hated. But then there is that other side that people love them and adore them for whatever they do, whether you like them or not. They're successful. They're billionaires for a reason. And they're not rich, they're wealthy. Yes. The more heat you can get as an entrepreneur, the more successful you're going to get. If you don't want heat, you don't want the the the people talking about you, I think just working a job is nice, right? You got amazing advice. Thank Thank you so much for your time. I appreciate that. It was great to

4:57 meet you. So nice meeting you. Keep crushing it. One thing about you, your consistency is unheard of. And I love that. And I already know the billionaire status is happening because people our age, they're not doing it like that. They're not consistent. So, I'm proud of you. Thank you so much. I appreciate that. You guys, we just ran into a 26-year-old multi-millionaire who's going to do $20 million this year at her business. She's from the Middle East. Got her out here in Miami, and she just gave a million dollars worth of game during that entire interview. Miami is going crazy right now. We got to keep this one rolling and go get another one, you guys. Come on. Excuse me, guys.

5:25 Excuse me, guys. Who's the richest person here? We both got Who's the richest one here? We both got a little bit. How How did you get rich? Own one of the largest tan salon franchises in the world. What's that? Own one of the largest tann salon franchises in the world. So you own tanning salons? Yes, sir. How many? We're currently up to like 270. So tanning salons made you rich. Tanning salons made you wealthy. Yes. How wealthy? Like what what is your net worth? What's your guess? More than 10 million. Over that. Yeah. 50. A little over that. More than 100 million. A little over that. Over $100 million.

5:52 Yes. Yes. So if you lost everything tomorrow, could you make it all back? Absolutely. What would you do? Honestly, uh, if I lost everything and I had literally no capital to start with, but I didn't have my network, uh, that's easy. I would go raise money and basically do the same thing I'm doing now, which is what? Commercial real estate and business. Why tanning salons? Of any business you could have got into, why tanning salons? I was 21, naive, bunch of white girls at the University of Arkansas where I was going to school.

6:11 They always complain about um, tanning in Arkansas and saying that it just wasn't up to par with what was in Dallas. So, I saw a gap in the market and decided to take advantage of it. So, how do you feel about haters, man? Um, I don't pay attention to them. I've never met anybody who's doing better than me that hates on me. As someone who's worth over $100 million, what is the best financial advice you could give to the younger generation? I have a Rolls-Royce. You know what that stands for? Rolls-Royce. Yeah. What? Recurring revenue. Focus on recurring revenue.

6:33 Everything in our lives in the next 10 years, it's already shifted that way. But everything in our lives in the next 10 years is going to be on a recurring revenue model. So from, you know, our car wash is on recurring revenue. There's our dog food is on recurring revenue. Our medicine, Netflix, gym, our tanning salon, every single thing is on recurring revenue. So focus on anything that you can make recurring revenue from. That's where the money's at. What was the number one book that changed your life? the E-Myth. With the E-Myth, it talks about acting as if you have, you know, 500 locations, even when you have one. So, we built systems and processes in place for a long time before we ever expanded. So, whenever it came time to expand, it was like that.

7:05 Do you think somebody should start or buy a business in today's world? I would buy a business, man. The opportunity is there. This thing called the silver tsunami where all these baby boomers are selling their business, their kids either don't want it or they don't have kids that are, you know, in a position to be able to take it and they want to retire, so they want to sell their business. There's so many businesses for sale and not enough buyers and a lot of these events are boring businesses. So everybody wants to have a clothing brand, everybody wants to have a restaurant. Those are not businesses that going to make you real money.

7:27 There's, you know, it's maybe 1% or less than 1% are actually make real money from that. But the business, the, you know, the the pest control guy, the HBAC company, all those people are making real money, and nobody wants those businesses. So go find you a boring business from somebody who's looking to retire. You could probably even get preferable financing through owners financing and things like that. So even if you don't have money, they'll still willing to take the risk and that person is financing you. So if you don't have money, how exactly would you buy that business? I would owners finance it.

7:50 That's how I got my first business. I owners financed it. I didn't have money. How do you feel about AI? I love AI. I think that any person that wants to be in the workforce in the next 10 years needs to learn how to utilize AI. Are you using AI in all your businesses? Absolutely. A lot of people are scared of AI cuz they think that AI is going to replace the worker. It's not going to replace the worker. What AI is going to do is AI is going to make the worker more efficient. So essentially, if you needed 50 people to run a certain department, you might only need 25. So it does make it more efficient, which therefore does make it to where you need less workers. But having a more highly skilled and more effective workforce is ultimately going to be better for everybody. Have you seen this before?

8:23 Uh, no. Oh, yeah. Actually, yeah. Yeah. Yeah. It's called transcribe. It's called Plot AI. It records all the meetings, all the conversations. I've never seen anything like it before. It is insane. Actually, I want one of those. It's like a personal assistant, basically. Yes. No, it's game changing. AI is insane. I I agree. I agree. You got amazing advice, my friend. Thank you so much for your time. I appreciate it. I appreciate. So, my guy got rich, I mean, wealthy off of tanning salons, but you saw that I had to show him what we just got from Plot AI. Guys, AI is the future, and if you're not using it now every day, you're going to get left behind. And like I was telling him, guys, this thing records all of my calls, all of my meetings, and sends me a direct summary right after and transcribes it perfectly. See, taking notes during a meeting is a productivity killer. You miss what's happening now

9:01 cuz you're too busy trying to just write everything down, so it distracts you and makes you less engaged with the people you're meeting with. That's why I use Plaude. It's a sleek device that literally takes my notes for me. It's perfect for in-person meetings and doesn't drain your phone battery if you're trying to record. Pod has an app that gives you everything you need. A full transcript, action items, and smart summaries in minutes. So, there's no more scribbling. There's no more wait, what did they say again? It's literally like having a second brain that's organized, never distracted, and always on. So, if you're an entrepreneur, an executive, a leader, or anyone who runs meetings and conversations, this is your unfair advantage. Don't just show up to meetings, start owning them. So, Hardnox family, click the link below right now to have a look. Use my code PLLD22 and receive a 22% discount for shopping

9:42 season. But with that being said, let's get back to the video. Excuse me, sir. How did you get rich? Hey, real quick. Real quick. For a woman. Thank you a lot. Real quick for for the younger generation. Podcast. Yeah. I love what you're doing. What's your name? Like Jagger. And what line of business are you in? Real estate developer. Developer. Commercial residential. What are you doing? Industrial Multire. Industrial. Nobody talks about that. Why is that such a good business to get into right now? Give me some game. Listen, CO if anything exploded the industrial market.

10:06 What happened during CO? Everybody's getting packages delivered to their house. Where do these packages come from? Warehouses, right? Distribution centers. So that's uh something that I opened up with my partner just before co September 2019. So were you always really good at seeing opportunities before everybody else got into the market. I was working for a developer and my partner was working for my direct competitor for about 10 years and we said you know what time to take a risk go on our own mortgaged everything we had put it all into the business and uh fortunately for us it was a great success. So you weren't afraid of risk.

10:30 Everybody's a little bit afraid. You just got to go for it. What was the biggest risk you took? Was it going all in on the car? Absolutely. Mortgaged every last thing we had our homes, credit lines, credit cards. Put it all in. Fortunately for us it succeeded. Did did you come from a lot of money? No, man. No. I um I worked for my dad. He was doing all right. Went into real estate and had to sell everything I had. Moved into one and a half. Unfortunately for me, it was a chance for taken. What was the most amount of money that you made in a single year? So, I'll tell you this. We started the company in 2019.

10:54 Today, company's worth a little over $4 billion. Are you a billionaire? Are you a billionaire? I do. All right. I do. All right. So, you're a billionaire. I'm able to take care of my kids today. Congratulations. Thank you, man. Really, really appreciate you guys doing a great job. What is the secret to scaling out to a billion dollar multi-billion dollar? You know what? Never be satisfied. Keep taking risk. keep going for it. Do you think entrepreneurs the reason why they struggle is because they get too comfortable and everybody comes and gasses them in love. You know the one thing I suggest or the one opinion I have if you come from money it's probably a downfall. You got to be willing to take risks. You got to be willing to go forward. You got to be willing to see opportunities and when you don't have anything you have drive.

11:24 Did you ever have anybody that doubted you when you were coming up? Everybody, even family leaving a a stable job to risk it all and to move into a one and a half. I just got married. My daughter was a month old. Thought I was crazy. So I think the biggest the biggest people doubt you are the ones that are closest to you. It's crazy how that works. Absolutely. And everybody wants you to succeed, but never more than them. That's that's what I see. That's what I hear. And it's true. Do you need a lot of money to get into real estate today?

11:45 No, you need to have people that believe in you. You need to be able to take risks. You have to have people with the same vision as you do. We found investors that understood what we're aiming for and they believed in us. You also got to think what you can do for them. Consider them like your own kids, your own family. Make them a lot of money. Then they'll they'll be behind you. Now, I need you to give me a secret right here. What's the best city to buy real estate in today's world that nobody talks about? So, I'm from Canon, from Montreal, but I love Miami. You like Miami? We're looking for opportunities in Miami. looking for opportunities or what population right and with the multirez business we see huge opportunities where people are going to be freed away from condos from owning to renting just cuz liquidity people don't have that much of it so you got to rent you got amazing advice sir thank you so

12:17 much this is a beautiful man I appreciate you man thank you so much real quick sir is it possible can I get your contact is that okay awesome guys the time has now come about to go link up with one of the richest self-made women in the entire world and Malam who sold her company and made $90 million in a single day to herself not the business that's what she made in a single day we're about to be figuring out the secrets to what it takes to build a multi-9 figure business and how you can get rich just like her in today's world.

12:41 Let's link up with the business legend and go see what she has to say. All right, you guys. We just got to Ann Malam's house out here in Miami, Florida. And it's safe to say that she lives out an absolute compound out here. This is one of the craziest hopes I've ever seen in my entire life. But I'm going to be getting the exact secrets from her on what it takes to really get rich in today's world and build a company that's able to sell for hundreds of millions of dollars. So, let's go meet up with her right now. Hey, how's it going? It's great to see you. Good to see you. This is Ruby.

13:06 What's up, Ruby? How are you? She has to check you out. Good to see you. So good to see you. Great to see you. Thank you for having us back out here. Of course. Yeah. Thanks for coming out. We had to do it again. Right. That last interview I was telling them got over 30 million views online. That's amazing. They loved it. They loved you. I mean, you made $90 million in one day. It's true. I mean, it took, you know, as you say, you get like a wire one day, but that was nine and a half years in the making. So, take us back to that day before we get into the game right here. What was that day like when you sold your company at exited for hundreds of millions and you being, you know, the the founder of it, you know, you made $100 million in a day off of that. You know, it honestly didn't feel fake. It felt it felt real.

13:40 Like I knew that day was coming and I knew the value that I created. And so it felt like, yeah, this is this is my moment and I did what I said I was going to do. So it felt really like awesome. I love it. And I have I have one rule for this interview. Yeah. No holding back. We're going to give them the secrets on what it takes to become wealthy in today's world. Can we make that happen? Yeah, we can do that. I'll tell you everything I know. Oh, I want everybody to be rich. I always tell my friends I need them to make more money so they can pay for Let's get right into it.

14:04 Who am I here with today? Hi, I'm Ann Malum. Nice to see you again, James. And for those that don't know, what was your business? My business was Solid Core. Talk to me about you were a pioneer in the fitness boutique industry. Where did that concept originate from? How did you ultimately come up with this idea? You know, I feel like both Solid Core and Back on My Feet, the nonprofit I started, I felt like my ability as an entrepreneur to be successful was finding the things before people found them. I'm not like crazy books smart.

14:29 Like I also needed to be really passionate about something. So when I tried a Pilates class, I was like, "Oh my god, nobody knows about this. Nobody's built a big brand around this. Nobody's built community. Like that's what I know how to do." So I felt like that's a game I can win. And so getting in super early, there was pros and cons, right? The pros were I was in super early and the cons were nobody knew like how to explain this thing. It wasn't really Pilates. It wasn't strength training. And so our tagline became this is the hardest workout you never heard of. So that got people interest. They started coming in. You were so sore the next day and so you had to go tell all your friends and we never spent a dime on marketing for the first four years of Solid Core because people just had to tell everybody that they knew about the business. Were you ever afraid of competition? No. Everybody should be

15:12 afraid of me if I come in your space. But like I like to win, right? So if I'm going to do something when I started Solid Core, I never set out to do just one studio. Like the first day I opened, I'm like I'm going to build an empire. And even when CO hit, it was like I'm here for it. like I don't mind this challenge. I don't know what this is, but this pandemic virus isn't going to take this from me. It was just figuring out what I needed to focus on during that time to come out on the other side. What was the one thing you did differently from 99% of other entrepreneurs? Well, I think I I'll tell you two things. One, I created a northstar. So, from the very beginning, I knew what my endgame was. I was going to open a 100 studios. So, when opportunities were coming up along the way to franchise, someone wanted to buy my business when I had 10 studios. I was very clear on what I was going out to

15:52 do. And so having that clear sight of path, I never got distracted. So that's one thing. Two, I wanted it bad enough. Like a lot of people want it, but they don't want it bad enough. And three, everybody always says, "Oh my god, Ann, you must have sacrificed so much." And I really didn't feel like I sacrificed anything. I loved building that company. I loved creating a company that was making people's lives happier and healthier. So I was getting this positive feedback loop on a consistent basis. So, if you're going to go into business and be an entrepreneur, you have to find something that fills you up, that you feel authentically connected to, that you're going to want to work on it even through a two-year pandemic. Do you think everybody's built for entrepreneurship? No, I don't. I'm sorry. And that may be controversial, but I don't. I think all of the great entrepreneurs who really make it, right?

16:34 And you can start a business and maybe, you know, have that for a few years. But, I mean, the real entrepreneurs, I think that they have something to prove. I think they want to win worse than anybody else out there. And I think they have found something that they feel is their footprint on the world. Like building Solid Core and even building back on my feet the nonprofit, I felt like I was enhancing people's lives and that was really motivating for me. Like if I was making desks or furniture or something like that, I just wouldn't have been a great entrepreneur. Like it wasn't about the money for me. It was always about the impact. Knowing if I did a really good job and created value for people, the payday would be there.

17:07 Was there somebody close to you that ever doubted you when you were coming up? I mean, so many people, of course. And and I think people doubt you because they love you and they want to protect you. You know, they don't want to see you fail. They want you to take a secure path. Like when I started my nonprofit, right, this wasn't to make money at all. But I didn't I had a negative net worth and I had to negotiate with my landlord. I got my landlord to give me 2 months free rent because I wanted to start this nonprofit to help the homeless. My dad was concerned for my safety. Everybody was just like, "This is this is not going to work." You know, like it's admirable that you want to help people through this running club. And even Solid Core, it's like 90% of gyms fail.

17:40 like what are you doing? You're making the wrong the wrong move. So, I do think people try to do it out of protection, but it lands as like you're doubting you're doubting me. And I like I said, I didn't pick things that weren't relevant to my skill sets. It was lining the skill sets up with the business that I felt I had the special sauce to really make a big business out of it. So, you know, choosing something where you can play a game that you can win, I think is really a key component of being successful in entrepreneurship. Now, you're worth over $und00 million. Where do you invest your money? Where do the wealthiest people put their money? Yeah, I mean, listen, I'm in wealth preservation mode. Not too much wealth creation mode, but I still have a decent risk tolerance. So, I would say I have about 50% of my money in public equities. And I am an individual stock picker. Yes, I have ETFs, but I think I

18:22 have over $10 million of Nvidia. Like, I am in the AI game. So, I need a secret right here. The What's the number one most underrated thing nobody's talking about to get into right now? I mean, listen, I still think the AI game is early. I think Palanteer is early. I still think Nvidia is early. I mean, some of these bulls have 2030 for Nvidia being a stock price of $800. It's $152 today. Like, I still think if you're not investing in AI, you're going to look back and kick yourself. So, I I like p public equities. What do you mean by public equities? Is that just like in the stock market? Yeah. Public company, right? Public companies, right? Anybody who has any money can go get an account on a brokerage account like Fidelity. I use UBS as my as advisors. So, I use their platform to to buy and sell stocks, although I don't sell very many of them. So the thing about being wealthy that I'll also share is once you

19:06 have money James you start to borrow and use leverage for anything else right so if I sell my stocks I'm paying 20% if I kept them for over a year and that's better than any kind of labor work from a tax perspective but I don't want to pay 20% so because I'm worth $100 million says hey an you know you can have a $50 million line of credit with us you can pull on it whenever you want. Well, I also negotiated my margin rate cuz I used to have my accounts with Goldman and I left Goldman to go to UBS and I said, "But I want my margin rates to be lower than any other client that you have." And so I get to borrow money at like 5% right now, which is amazing.

19:38 So I would rather pay 5% than sell my stocks and pay 20%. I don't have to pay any taxes on the money that I borrow. So, if I can see an investment that I feel pretty confident that I'm going to make more than 5% if I'm going to make double digits, I will borrow off the margin line and go make an investment in a in a startup or private company or loan somebody money at a 12 to 15% interest rate. So, it's safe to say that wealthy people, they play a different game than everybody else. Yeah. And frankly, it's a game that, you know, I had negative net worth when I was 26, 27. And I hate when people say things like, I just don't understand money or I never was taught that stuff. Listen, man, neither was I and a lot of other people. And I think it's, you know, the only person who loses when you decide not to learn about money is you. Like read a book, listen to a podcast. These things are available to absolutely

20:20 everybody. My nieces and nephews who are, you know, 2019 and 23, they have like 50 grand in the stock market already and they they're constantly asking questions and learning and trying to figure out like how they can understand this game better because they don't want to work their whole life either. If you could instill one money lesson into everybody around the world right now, what would that be? Stop putting your money into a bank. All the bank does is takes your money and goes invest it in the stock market. They love when people think that it's so secure to keep your money in a savings account when you're making less than a I don't know a half a point of interest on that.

20:52 The bank says, "Thank you for the free money and now we're going to go invest this in the stock market." So like you should have very little in a bank. You should be putting it into the stock market, whether it's index funds. Again, if you don't know what that means, just please read and educate yourself because everybody can learn this stuff and you have a much wealthy future in front of you. And you know they don't teach that in school, right? I I know. Yeah. And and listen, capitalism doesn't work without a bottom. Wow. That's a real game right there. Yeah. You want to be in the bottom. I don't want to be in the bottom. No, I don't. I don't. So, give me another lesson that the wealthy people do differently from everybody else. Like, like what separates rich from wealthy? I mean, listen, I feel like at this point, like last week, for example, was a crazy week in the market.

21:30 you know, since April 7th when my account was at my low, I don't mind sharing like what my account was. My account was like at $49 million April 7th. My account is now back up to $64 million in in public equities alone. And that's because the the market is going to work its way back up. And so sometimes I look at my account and I'll be like, I just made like $1.2 million today and I played volleyball most of the day. Like when your money makes money for you, like it wants to compound. It wants to procreate. And even like the best text when I get from my nephew of like, I made $2,400 in the market today. Like that takes them two weeks to make that if they're lucky at their age. So it's realizing that you have to stack your assets and you need to just let them continue to compound.

22:10 And I do I feel like I'm I'm cheating. One of my values is generosity. Like when I have a great month, like I'm I'm giving away money. I'm making donations. I'm I'm taking my friends places. And I think most importantly, I'm also just trying to educate as many of my friends as possible that like I shouldn't have to pay for everything. You should learn this game also. And it doesn't matter if you're starting with $10,000, $1,000. You got to start somewhere. And that's whether you know losing weight, getting in shape, like everybody has to have a day one. Are you a good negotiator? Yes, I'm a very good negotiator. Give me your best negotiation advice as a $100 million entrepreneur. One, you have to make I mean, read the book How to Win Friends and Influence People. I mentioned that on the last one, right?

22:44 But you have to make people like you. And you make people like you for a few reasons. One, you say your name over and over again. I'm going to give you great eye contact. I'm going to make some jokes. and I'm going to make you really excited about backing me because again I'm not like trying to get one by you. I believe in myself more than anybody and I'm it's my job to make you see that. So if I if you're a landlord and I'm trying to get you to say like hey let me like have first six months of free rent even though I've only been around business for you know a year. I would talk about my experience on back of my feet. I would get you to come try a workout again. I wanted to meet you in person so that you could look me in the eye and you could see my passion. So, it's it's really getting someone to like you and believe in you. And that comes with a lot of confidence. So, I would just walk

23:23 into any one of these meetings and be able to articulate my vision and what I was doing and why I was the right person to do it. And your last message to the younger generation, how can somebody become wealthy in today's world? How can somebody get fu money in today's world? What does it take? You you got to be an entrepreneur. So, I'm going to say it again. You have to figure out what your special thing is that you know how to do better than like 95% of the population, right? And then you've got to figure out how do I apply that to a business that needs these skill sets and talents in order for it to be successful. And lastly, I do think you need to be super passionate about whatever that business is because there are days that get long and boring, but like if you're excited about what you're building, you're not going to want to quit and you have to enjoy the process. It's not just about I

24:03 mean, like I said, James, that day when I got that wire, that was exciting, but what made it all worth it is I felt like I made my money with pride and with integrity and I loved like the whole journey. It was really rewarding. You got amazing advice. Yeah. Thank you so much for allowing us to come out. This was amazing. You guys and just went insane. And this Miami video was one for the books. But I need you guys to like and subscribe for amazing content I've got coming every week cuz I'm going all over the world to bring you guys direct access to multi-millionaire and billionaire entrepreneurs. But here's the thing, it doesn't stop there. See, I host live calls every week with the people that I interview. I literally give you direct access to speak directly to these people that I interview where you can ask your questions to the people I interview and get mentored from them every single week. It's the number one

24:43 community for business owners in the entire world and it's called the School of Mentors. To join, all you have to do is go down and click the link in the description of this video. I can't wait to see you on the inside. That being said, see you in the next

Questions about this episode

What is discussed in "Asking Wealthy Americans How They Got Rich!"?

In order: 0:00 Andrew Tate, Ann Malum, Elon Musk, Khloe Kardashian; 5:00 Plaude, Plot AI, The E-Myth, University of Arkansas; 10:00 Ann Malum, Back on My Feet, Miami, Florida, Solid Core; 15:00 Solid Core, Back on My Feet, Fidelity; 20:00 How to Win Friends and Influence People, School of Mentors.

What is mentioned in this School of Hard Knocks episode?

19 people, works and ideas are mentioned, including Solid Core, Ann Malum, Back on My Feet, Saudi Arabia, Elon Musk, Andrew Tate. Each one on this page links to its own page with every episode that mentions it.

How long is "Asking Wealthy Americans How They Got Rich!"?

The episode runs 25 min; the transcript is about 6,630 words in 46 timestamped sections.

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