Business Wealth Without Risk: Mental Model Deep Dive

0:00Hey everybody, Roland Frazier here, and I'm really excited. Jay Abraham and I wrote a book. Tony Robbins wrote the introduction. Also, Damon John wrote the foreword. Gino Wickman from EOS wrote the preface. It is a very cool book. And to launch it, Jay and I have created a series of video interviews with him and me talking about different chapters. So we wanted to share this with you on social and on our podcast so that you were able to participate and kind of see what was going on behind the scenes. So these are videos and clips where I'm talking with Jay about introducing each chapter or each section of the book.

0:38So you'll hear us talk about the book, but we still wanted to share them here because I think there's some good insights, some good stories and some good takeaways for you. So enjoy and understand that anytime I'm talking about a section of the book or the book, it's because these are the videos that go on the front of each video training related to the book. We just wanted to share the takeaways and kind of the conversational back and forth with Jay and me with you guys. I hope you enjoy it. And now it's going to play. OK, so now you've learned how to think big at the beginning of part two. Now it's time to think about how can you think even better?

1:12And one of the best ways to go about doing that is to have good mental models. Charlie Munger gave a great speech. I think it was a graduation speech. Charlie Munger, for those of you who don't know or remember, is Warren Buffett's partner, who Warren says is the smart one of the two. And he's just a colorful, brilliant guy. He gave a speech and he talked about the ability to succeed in life has a lot to do with your ability to receive a lot of information, but then hang it on a latticework of mental models. And that you only need a few of these mental models, 40, 50 or so of them to really have a broad understanding of almost everything.

1:53And that you'll find that you can pluck one off and apply it to this situation and pluck another from a different field and apply it to that situation. And when you are able to have this lattice work, as he says, then you're able to think significantly better than almost everybody else. And so I think that's a lot about what this chapter and this part of the book is about. Jay, the mental models for thinking better. What do you have to say about it? Well, I mean, my life was redefined when I put together the fact that there were a finite number of better ways to really look at everything. I mean, the first thing was somebody taught me that you can either grow in an incremental way or an exponential way.

2:42They called it an exponential entrepreneur. And that changed my thinking. Then somebody else said, you can always work either on the linear growth or you can work on the geometry of the business. Same effort or less will get you this far, far greater. And so I realized there were methodologies that you could work on the geometry. The same effort could blow it up. Then somebody else said, you need to learn optimization, highest and best use, because there There's lots of ways to do things, but there's always one way that's bigger, better, safer, faster, and going to produce a higher yield. Then somebody said, OJ, by the way, most people do things that are static.

3:22They just get a one-time result when the same effort properly thought through differently could get you an ongoing result over and over from the same effort. And that changed. Then I learned that you can minimize or totally eliminate the downside risk in almost anything you do. Then I realized you never have to speculate. You can test a hypothesis for almost no downside. And when it works, it's explosive. And I can go on and on. But those define my ability to create all these success stories. And we want to sort of take the foundation of that integrated understanding and share it in a real crisp, clear, easy to understand way with everybody to realize that by changing your viewpoint, by changing the way you see your business world, you change everything.

4:19And I think we've given you a bunch of different mental models to replace limited thinking or linear thinking or incremental thinking. And I think that's very important, Roland. So how would this help somebody who feels stuck or afraid of moving forward? Well, if we can show you that you shouldn't be afraid because you can try a number of things without much of any downside. And that if you understand that there's no such thing as failure if you control the downside and you gain clarified understanding of what to do more of or less of from the experience. Somebody said once to me, how do you know you're progressing?

5:10And my answer was, you're always progressing if you focus on what's the positive lesson that came from that experience. So that's one thing. I think secondly, is I have taught and we've incorporated together into this book many ways that you can move almost all of the risk onto other people and you can get the benefit of not just a modest amount, but of millions of dollars of other people's resources. One of the concepts there is the unlimited business checkbook. You literally never, ever again have to feel like you have a limited amount of resources. You don't have enough capital or you don't have enough expertise or you don't have enough ability to advertise or you don't have the ability to have the expertise or the team or the consultants.

6:01We show you that that's no longer a problem, that it's all a way of shifting your reality and how you see things from an infinite, not just an infinite possibility, because possibility connotes theoretical. It's about how to do things that are limitless, but how to do them, not just how to how to think that maybe you can do it, but how it's really done. It's a very big difference between how it's done and just the theoreticism of you can do it. We show you exactly how it's done. How do you advise people to kind of keep all of these things in their mind? Because it's a lot to think about. Is there like, should they have a cheat sheet?

6:45Should, you know, how do they get this like working for them? Yeah, well, the good news about what we both teach is that we give you so many tools that it probably can seem overwhelming. But the truth is, if you just basically choose the easiest, the safest, the most comfortable compared to everyone else you're competing against, which is most everybody, you've got such advantage. I always say start with the easiest win, that which you're the most comfortable with, which is the easiest for you, not just to understand, but to feel comfortable doing. Because if you execute it reasonably well, it'll show results.

7:25And then you go from there. But we give you, we go from basics to sublime. You don't have to go. I mean, if you think about it, I talk about in one of my, I can't remember where in this book, but we talk about the fact that anybody who's a parent who's ever raised a child, when the child started and they were learning to walk or talk or eat or poop or a little older ride a bike, they were terrible. So we say just give yourself permission to get comfortable with it and progress at the pace you can. And if it isn't perfect the first time, you can test and you can trial balloon. But I think the most important thing is that everything that is shared in this book has been used successfully by you, by me, by your partners, your clients, your colleagues, my partners, my clients, my colleagues, to achieve extraordinary successes and unimaginable wealth creation.

8:27you have the ability to use any portion, as many portions of this thinking as you want progressively, modularly, you know, simplistically, more sophisticated as you get more proficient to create whatever you really want for yourself. Because we basically, we eliminate all the constraints. We say you're only limited by how much you want to apply this and at what speed and level. I think that's really great. And I'm going to ask you to think about it and I'll tell you mine to give you a minute to think. But what your favorite one is because of the mental models that we've got here. Mine is the unlimited checkbook.

9:12I had for me, I discovered really, really, really young when somebody signed over their house to me and I didn't give them any money at all. And I had this dumb grin on my face because I was like, I just got a house and I didn't pay anything for it. And I didn't need any money to do it. And kind of fast forwarding, I can think just sitting here of four deals in the last few years that generated over$100 million for me from that same concept and no money. but giant, giant returns, infinite returns actually, because there's no money. It's to me completely life-changing to realize that you don't need the thing that most people think they need to be able to be successful financially.

10:09You do not need any money at all to start with. You just need that model and a little bit of ability to go outside your comfort zone and get some experience. Do you have one of them? I have. I mean, well, I mean, you're going to I'm going to you stole my thunder in one respect, but I'll give you a parallel universe. You can repeat the thunder because people need to hear it. The more they hear it, the better. A different take on it, which really was fascinating to me, is that, first of all, when I learned it, I realized that I had access to, when I say infinite, to millions, hundreds of millions of dollars of resources and no repayment obligation whatsoever.

10:59I tell a story, I think it's in this book, about the man that wanted to buy a Porsche dealership. He didn't have any money, but he loved Porsches and using a strategy that is not dissimilar to what we're talking about. He not only bought the dealership, he got paid a million dollars for doing it. True story. But he didn't have one iota of equity dilution. He didn't have one penny of repayment. And in the process, he created over 250 of the greatest champion advocates, fans, and referral sources. Imagine. And people would go, I don't believe that, but it's real. And we explain it. But I think also it's related.

11:45When I learned the power, there's two other things, and they're both pretty interesting. It's because they're so cool. And when you understand them, they're so powerful and exciting and conceptually challenging. When I learned the power of tapping into other people's credibility and access and reach, it changed my life. And I learned it because somebody told me a story that I tell a lot, and it's very simple. Supposedly, somebody years ago wanted to borrow$100 ,000 from Baron Rothschild, and Baron Rothschild refused. He said, I will not lend you a penny, but I'll do something infinitely more valuable.

12:27I will walk back and forth twice across the stock exchange floor with my arm around your shoulder. And by the time we have completed the second cycle, everybody on the stock exchange will lend you all the money you want because of the implication of the relationship. And I was able, I told you, I did$250 million of seminars in a handful of years, and I risked less than$200 ,000 cash throughout it all because I was able to use Tony Robbins' credibility, the Newsletter's credibility, Success Magazine's credibility, a bunch of famous authors' credibility, Entrepreneur Magazine's credibility, the InFlight Magazine.

13:09When you learn all that you can do using none of your own capital, but other people's resources, access, credibility, distribution, it's mind blowing. The latter thing that I mean, I'm telling you all these things I got. My my rocks were really rocked when I learned barter. I learned it from a guy that had traded over a billion dollars. And when he showed me how Carnival Cruise started with one beat up cruise line and using barter, they turned it into multi-billion dollars. And when he showed me how DHL owned their niche using barter and no capital, and when he showed me how Chrysler and Mazda used it, and he showed me how all these main big companies used it and how anybody could use it, it was pretty cool.

13:57And then I ended up with having, I mean, you've not been to my house, but I have sports cars I have Mercedes G wagons. I have all kinds of exotic cars and I haven't paid for any of them. I just traded for it. So it's pretty interesting. It's really, really cool. And I think taking that into for you guys that are thinking, how can I use this and maybe give me some other examples? One would be you can be Kylie Jenner or you can be George Clooney and you can be famous and use that to build an audience. But you can also, what Jay's talking about, you can use those people's fame, those people's audiences that they've built to create empires too.

14:45And Kylie Jenner had a partner who helped her become, I think, the youngest female billionaire as of this recording. And it was called Seed Beauty. And so Seed Beauty, who was a manufacturer and marketer of beauty products with Kylie Jenner was able to create the Kylie brand. And if you think about Rihanna, Rihanna, who had the audience, was able to partner with LVMH, the Louis Vuitton, Mouet Hennessy empire, to take her Fenty beauty to the masses and make her a billionaire. George Clooney was able to use his fame with tequila with Casamigos, but he had partners in that who had the skill and the ability to deal with the whole tequila and alcohol side.

15:35So whether you're the famous person, which most of you are never going to be, nor are Jay and I, or you're the person who knows how to leverage the fame and leverage the audience, either way, and that's probably most of us, either way, you can create huge, huge returns leveraging off of other people's fame. I love that one. I think it's a fantastic example. What are you going to say to get people to consume the rest of this course and this particular chapter of the book? Well, I think that one of the things that I've taught, and I only learned it about 10 years ago, I inherently knew it. Everybody knows what I'm about to say, but you don't really articulate it.

16:20In business, what everybody wants and needs is how to gain absolute ethical advantage over everybody else. That's really the game you're playing, because, you know, if you don't have ethical advantage, you have disadvantage. We talk about how you have to learn how to make irresistible offers and unbeatable propositions, because if you don't, then the opposite is you're making resistible offers and beatable propositions. I think that when you learn that these elements, what we're sharing in this chapter, teach you how to how to gain absolute ethical advantage over everybody else and how to get get that business that you just got control of and blow it up.

17:03So it's really it's an ultimate money machine and then do it over and over again. You're going to get very excited. That's my belief. I love it. Okay, so be sure that you take the time to go through this because understanding these mental models is going to be one of the keys to set you guys up. You learned how to think bigger. Now in this part, you're going to learn how to think better. And once you've done that, you're ready for the next.

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