The New Way For Ordinary People To Build Wealth - Tony Robbins - #1153

22:18He goes, Tony, you can trust me on this. You know me well enough. But he said, I'm not even going to tell you. I'm going to make an announcement the next week. And then you come over and we'll have a little party together. So now here's what you need to understand. When you're on a sports team, if it's like the NBA, you're 132nd of the league. You have 32 teams. or the NFL. NFL is an even better example. All the national and international advertising, you get one 30 second out. So if you own an NFL team, you get a$400 million check to start the season. That's your piece. But you also own your local TV advertising yourself.

22:50So Peter bought them for$2.2 billion and then announced he just sold the rights for local television rights for $7 billion and made$5 billion in a day. Right? So he's done quite well in this area. They're not done quite well with him in this area. Today, he took on the Golden State Warriors. They were the worst place team. They had paid only$450 million for it. Now they're the second highest valued sports franchise in the world behind the Yankees, excuse me, behind the Dallas Cowboys at this point, right? $11 billion that he's built it to. So these are enterprises today that are not just selling sports.

23:26They're every aspect of what you imagine, and they are an incredible return, and they have nothing to do with what happens in the stock market. Sounds great. How do I invest? There's lots of different ways that somebody can do it if they have the right knowledge and the right information. But because of the rule changes, now there are funds that are available, literally, that people can get into for$2 ,500 and own a piece of all of those funds. Actually, we just got to prove for this to give you a sense. Yeah, I mean, so that was June of 25 was the first time that the rules changed to allow everyday investors to be able to do it.

23:58But so collectively as a firm, You know, we have exposure over 30 different professional sports franchises. And we have ways that every single investor in the world can invest with us and own a piece of all of those firms. And diversify. So it's not just one team. That's right. So you've made an index fund or an ETF of a variety of sports teams. You know, I'd love to say that it's better than that. Right. And I believe it is because it's not just beta. It's not just the market itself or the index fund, but actually really, really curated specific teams and specific areas that have specific opportunities for growth that we believe we bought at very attractive prices.

24:33What's the category of firm that has access to this? Someone wants to go onto the Internet right now and say, this sounds great. I love sports. I want to get in. I need to diversify. Like, what do they put into the Internet? Just put in KazInvestments.com. That's what they would do. OK. That's the easiest way. But I mean, there's very few firms that are permitted to be able to invest in multiple teams in the same league. And that's what the rule changes were from 2019 to 2024 for somebody to be able to do that. It wasn't, it didn't exist before 2019. So we were very early in that, in that theme.

25:07And for one of the things I think would be really helpful for the audience, because a lot of people are like, okay, sports teams are trophy assets and people just rich people want to own it because it's a cool thing to own. It is a cool thing to own, but it's about cord cutting. It's about people getting their content differently. Watching your podcast is not something that really existed 20 years ago. So in 2005, 14 of the top 100 watch programs that were live in the United States were sports. 14 out of 100. In 2025, 96 of the top 100 watch live programs were sports. Why? Who watches a live program when you can go on Netflix or Amazon or any other and not have to watch commercials?

25:47So you're going to watch the World Cup. Sports teams and Love Island fans. Oh, absolutely. That's all it's like. I mean, we own a, you know, along with our partners, we own a stake in Liverpool and we own a piece of Paris Saint-Germain. I'm sorry to hear that. Yeah, well, you know, I figured you might because of where you're from, but all the, and several others that you might be more familiar with. But the opportunity to be able to own those dominant franchises around the world and all different types of sports is something that most people didn't ever think of. And that was your question. What do people not think of?

26:14The other thing they don't think about is early stages of venture capital because like, well, I can't get access to it. You know, Cerronic got great attention earlier this summer because they rescued those two pilots that were shot down in the Strait of Hormuz, the helicopter pilots. It was an autonomous boat made by a company in Austin, right, that literally went out there and saved these two people with no other people being put at risk. that didn't exist a couple of years ago. But that is an example of a company that actually is available to everybody in the world now at a$2 ,500 minimum if they know where to go.

26:49And obviously that's a big part of what we wanted to write the book for, to be able to help people understand these opportunities do exist. And they've got to do their own homework and they've got to make sure that they're comfortable with it. But ultimately that's what something, that's something that people really just were never able to do. And now the world has changed and they have the ability to adapt with it and get exposure that they couldn't before. And if these final pieces that Sonnenling's working on, they've had the final comment period. So shortly, there'll be a final decision. But that means people could put it in their 401k as well.

27:18So now it's tax advantage on top of everything else that you're talking about here. But the world has changed. Think about what the war has happened in Ukraine and how that's changed the world. We no longer can start sending these multi-million dollar missiles to take out these crappy little drones. It's a system that doesn't work. And so now there's all these private companies that are gearing up to take on this. And now, you know, the G7 and this group has gone in there and having to put 5 % of their money in, they're almost doubling what they're spending. So you're talking about literally a level of spending that's going into the military side, but it's now companies that are based on technology who can come and do things at scale.

27:59Guys like Anderil. Exactly. Those are the ones that we've invested in, right? And so we have access to those. So those are all against ways to diversify. So we have different asset classes, right? Think about space and military. These are going to grow. Unfortunately, we're going to need them to grow geometrically. I'm happy about space. Space, good. Military, lesser good. The military, but we got to protect ourselves, right? So it's a combination of the two. And that's something to where literally the headline was you got to stop throwing Ferraris at Frisbees, okay? You can't use a Tomahawk missile to shoot down a$30 ,000 drone.

28:32So you have to come up with other ways to protect your people and to be able to protect your country. And then space is just such, it truly is, no pun intended, the new frontier. And to be able to do what we're doing in space and what SpaceX has done to be able to open up the commercialization of space to such a dramatic effect to be able to deliver things that were never able to be done before to places that were never able to be done before. There's another company that has an example called Armada. They literally have a box that looks like a rail car. They can drop that in the middle of nowhere Africa.

29:03And because of Starlink, they can have a completely fully operational data center as long as they have power and access to the sky. I saw a video of this. It's like an industrial shipping container thing. Yeah, I've seen this before. That's wild. Very early investors in the company because what it did, it's solving a huge need. What they refer to as being on the edge to where things in the middle of Alaska or things on a ship in the middle of the ocean. All right. You're not going to be able to have a data center there that's secure. So we have one of the gentlemen that works for us. He's a former Green Beret.

29:36Right. He can't tell the exact story for obvious reasons, but literally they were in a jungle somewhere south of, you know, in South America. And literally they were able to use an Armada box connected to a local natural gas facility connected to Starlink and save their butts. Right. He got a chance to meet the CEO and he said, you saved my life. Thank you. And he's like, I didn't do that. No, your business saved my life. That's the kind of use case. Or Icon, another Austin-based company that you may know. Jason Ballard and his team at Icon, they do the 3D printed homes. Yes, I have seen this as well.

30:10Okay. So they are literally able to print homes or now Barrick or any other kind of industrial facility two stories. And they can do it faster and cheaper than you could ever do it with physical labor. And obviously it's concrete, so it's very durable and it's very sustainable. Well, I mean, coming from the UK, America is a fantastic country, but you guys insist on making your houses out of wood. It's fucking wood. Everything's made out of wood. I'm like, build it out of brick. There's this ancient technology that we're doing here. Some thatched roof that you've got. Tell you what, I had David Friedberg on the show a couple of months ago.

30:44He's so great. And he was explaining to me, talking about crazy new technologies, he was explaining to me one of the reasons that the moon is going to be incredibly important. It means that once you've got something there and you can von Neumann probe, use the materials on the moon to make stuff that you send from the moon because the launch velocity that you need to get off of there is way lower. Right. That was cool. But he explained to me how the mass ejectors on the moon work. So I was thinking you've got a small factory that finds materials, turns it into kind of a 3D printing style thing.

31:14And then from there, you send out into the rest of the solar system and the galaxy what it is that you need. But he explained to me the way that you get it off, you need about four kilometers or so of track and you use a mag leave thing to send it. But what was so fucking cool, this is my favorite thing. Two things. First off, the gravity on the moon is so low that you don't actually need to send something up. If you send it fast enough flat, it reaches escape velocity, just like throwing a ball really, really hard. And it just gets out of. That was the first thing. The second thing is that you use the orbit of the moon to aim.

31:52So you're waiting, you're waiting, boom, and you send it. And it's like, oh, I'm just going to use the way that the moon rotates to like fire it in the direction. I was like, this is the coolest shit I've ever heard. By the way, ICON is building out of the materials on the moon. They're building the facilities for them there. They've got a practice facility. NASA has hired them to effectively make this possible. And so those are the kinds of things. We were seed investors in the company of Icon. We've watched it grow up. That's an example of things that people would never think to invest in. They would just observe like, oh, that's cool.

32:26You need to be David Friedberg to know that it's happening. That's right. But you don't anymore. It's available to everybody in the world, literally at$2 ,500. What about the other side of this? What is an investment that maybe millions of Americans currently believe is safe or reliable, but is actually riskier than they think it is? It's hard because everything has its purpose, right? Some investments should lose money 90 % of the time, but 10 % of the time they make a lot of money and that gives you negative correlation or things moving opposite direction. So that doesn't mean anything is bad.

32:58I mean, somebody could say that Bitcoin is a bad investment. It could be a phenomenal investment. It can be higher risk though, right? Something that's higher risk than people anticipate. What would you put in that category? There's so much that fits into that category. So many people don't understand that the risk level is what we refer to statistically as volatility, all right? Standard deviation. What I put it is your gut. How much does your gut have the ability to tolerate? If you can't see it turn into 50 cents overnight, you don't belong in it. So you got to make sure that whatever it is you own is not going to create the panic that you get out of it.

33:33And then you dramatically underperform the investment itself because you can't stay in the seat, right? That's one of the reasons why leverage is so dangerous for most people is leverage gets them blown out with a margin call because of the fact that they don't have staying power. Staying power can be economic and it can be gut. And the vast majority of investors don't have near a tough gut as they think. Or Citadel comes along and eats you a lot. That's correct. And that's exactly what happens. And that's what makes a market. Sorry, it's too soon. No, no, it's okay. It's just the reality of the world.

34:02And obviously good for Citadel, not great for the other party. but that's what most people have to do is not over concentrate and like bitcoin is a perfect example young people go for bitcoin like crazy and the idea was it was going to protect us in you know inflationary areas but you see what happens and when all of a sudden the tech investors lost a lot of money guess what they all sold their bitcoin to cover themselves right so they're correlated still and so it's a lack of understanding i'll tell you what's more scary i just read a statistic the other day that generation z and millennials a combination of two, 52 % of them in the last year have taken money that they would have used investment to put into sports betting, and that 26 % think that sports betting is their way to build their financial future.

34:47As two financial experts, are you telling me that's not the truth? Definitely not. Hell no. Bad idea. Come on. Now, you may be good for a while, but I wouldn't plan on if you're retired. That's called luck, right? You're just praying for luck in that situation. Yeah, but who wants to invest in the sports team themselves? I want to invest in whether or not this guy's going to touch gloves with the goalkeeper before he finishes. I mean, let me invest in the horse and not on the racetrack. That's the opposite mindset. You want a billionaire mindset, you want on the racetrack. I've learned from over a thousand podcast episodes, the easier that you make your health routine, the more consistent you'll be.

35:19It's like golf, right? You want to keep it simple and not makes a bunch of pills. You want the eye of the tiger, not the DUI of the tiger. That's why I'm such a huge fan of AG1. One Scoop contains 75 vitamins, minerals, probiotics, and whole food sourced ingredients in a single daily drink. And that's why I've been taking it every single morning for nearly five years now. And they've taken it a step further with AG1 NextGen backed by four clinical trials. And those trials that were shown to fill common nutrient gaps, improve key nutrient levels in just three months, and increase healthy gut bacteria by 10 times, even in people who already eat well.

35:48Plus, if you're still unsure, they've got a 90-day money-back guarantee. So you can buy it and try it every single day for three months. If you don't like it, they will give you all of your money back. Right now, you can get 20 % off a welcome kit and that 90-day money-back guarantee by going to the link in the description below or heading to drinkag1.com slash modern wisdom. That's drinkag1.com slash modern wisdom. Talking about the psychology, I think this is an area I already want to talk about. Is there a personality type that shouldn't be an active investor? Is there a type of person who just isn't built to be in the market at all?

36:23Or how would you advise people who are significantly more risk-averse to put up with the bad days, to put up with that time? It's such a beautiful thing because they don't ever have to have a bad day if they're properly diversified. Yeah, that's the whole point. The most people are like, okay, I'm going to put the old 60-40, right? 60 % stocks, 40 % bonds. For decades, that worked until it didn't. And then all of a sudden, people realized that they actually were more correlated and they didn't make money on their bonds and they got hammered on their stocks. It doesn't mean there's not a place for bonds and it doesn't mean there's not a place for stocks, but they need to build it out with the rest of it.

36:57So the more risk averse somebody is, the more diversified they should be. If somebody is going to go out and by the way, this is the biggest mistake that I see people make every single day. And I've seen it for 35 years of my career. People make investment decisions based on dollars. That is crazy. No professional investor does that. It has to be on percentages. So a million dollar investment sounds like a lot of money. And it is unless you're worth a hundred million dollars, in which case it's just 1%. So$10 ,000 or a million dollars, if it's 1%, it's 1%. And somebody says, I'm going to go put 50 % of my money into this.

37:30They'd go, that's way too much. That's risky. Or if they're going to say, I'm going to go put 50 grand in it. Well, now all of a sudden they go, that's not that much money. Well, if you only got a hundred grand, it's a lot. So the more that they diversify and properly diversify across all of their assets and percentages are properly weighted, they don't have to worry about volatility because that's the whole point of the Holy Grail of investing is just by adding eight to 12 different non-correlated investments, you can reduce your risk by 80%, 80 % volatility, 80 % reduction in risk. And you can usually get still the same return or even a better rate of return.

38:06Well, I think what is as impressive maybe is reducing your downside risk is what it does to the level of stress that you've got. Yes. Totally. Something's working. How many people get stressed when something is working? And the loss, the upside joy versus all the studies on psychology versus the ceilings of loss, they don't compare. The loss that people stay with much longer. I think one of the most important things is if people can get in a position where they have this kind of diversification and if they're in things like private equity, the great thing about private equity is not only is it outproducing every market in the world for 39 straight years, but also its drops are shorter and they don't have to do it.

38:46Think about it. When the market drops, you're in the general market, the open market, all those prices go. If you're private equity, you hang on to what you got, you don't sell it, right? And you buy things during that time. So that's how they're making money. Think about it. They're not making money just hoping they're going to get the right price right now. They're buying something at the best price they can, a business, and they figure out how to improve it. They're bringing a new CEO. They're bringing in AI, they're bringing a new manager team, they're putting in new marketing, and they build that company up.

39:11And then they sell that for a multiple, either taking it public or very often to another private company. So they have a, I love that type of investing. This is how I made all my money as a human in my businesses. You know, I have now 121 companies. We do$22 billion in business, just my group together. And all of those companies we've done well because we found a way to add more value in that marketplace. We figured out what to do that no one else is doing more, better, and we found that edge and then the business grows geometrically. That's how these guys invest. It's not like the old days where they find something, cut it all up and sell off its pieces.

39:44That was the original kind of private equity. Those days are over. And now they got to put their own money in. That's one of the reasons that we have the opportunities that we do to be able to be investors as general partners. Because since 2008, when everything dropped, Bain had to prove to everybody, hey, it's worth doing. He said, okay, we're going to put our money as we've done in ours. You might give them a sense about that. So like Bain was the first one that really did a very large GP commit. Okay, that means the general partner who manages the fund puts in a bunch of their own money to show alignment with the other investors in the fund.

40:16Skin in the game. Skin in the game. Okay, so they literally coming out of the global financial crisis, everybody's like, I'm not sure what I want to invest in. So Bain said, okay, we're going to, among our partners, we're going to put a billion dollars into our own fund. Well, that got everybody's attention like, oh, well, I guess you're aligned with us. and so that gave people comfort and confidence. That's very much the standard. Now, typically two to 5 % of all of the money in a fund is put up by the people managing that fund of their own capital. So that way there is that alignment. And so as you think about a firm growing from a billion dollar fund to a$5 billion fund to a$10 billion fund, they've got to have very significant 200 to$500 million of their own money to put into that fund.

40:57But they may not have harvested their billion in their$5 billion funds yet. So they will sell a stake to firms like ours where we have the ability to then provide them with the balance sheet that they need to go raise bigger funds, show more alignment. And they obviously have to sell a piece of their company to us to be able to do that. But if they sell 12 % of their company, they still own 88. So everybody wins from that growth that comes from that capital. Just sitting on the psychology piece for another minute, scarcity mindset, abundance mindset, when it comes to the way that people see their financial future.

41:31How do you guys see a scarcity mindset show up in someone's investment decisions? Well, I was interviewing 50 of the greatest investors of all time, but I also interviewed Mary Calhan Erdos from JP Morgan, who basically oversees 2.2 trillion investments. And in everybody's case, I asked them, you know, what's the biggest advantage? They all talked about asset allocation. Every single investor talked about it. And she said, Tony, the way I look at it is if I get somebody that's super risk adverse, I look at it, my partnership, they got them crazy. He goes, I'll put them in treasuries because my goal is to make sure they get what they want emotionally as well as financially.

42:08If it takes them longer, that's okay. Some people, they're just, they can't handle it. And you got to understand that because if you're investing so that you can eventually feel good, that you feel secure, that's - And you feel miserable during your investment on the way to feel good. Yeah. So you've destroyed your life. And she goes, so that's what I do. She said, I'm not dumb. I still get them some balance. But I think of it as like buckets. Think of it this way. There's a security bucket, kind of a peace of mind bucket. That's investments that have a fixed return, right? Those are bonds. That's going to be a variety of things.

42:40Insurance. It might be your home. It's a place where things are going to go very slowly. There's very low risk, so it's not high returns. But low risk compounds over time. It looks like grass growing and then boom, boom, boom. We all know what compounding does, right? If I play, will you a game of golf and say, let's play 10 cents a hole. And then right before you swing, I say, well, why don't we double each hole just to make it more interesting? You know, 10 cents the first hole, 20 cents the second hole, 40 cents, 80 cents. You go, oh, yeah, there's 18 holes. Yeah, okay, you know, a few bucks, no big deal.

43:09But the last hole's worth$13 ,000, right? And the first beginning, it's 20 cents, 40, looks like the other thing. And the last five holes, it goes like this. That's what compounding is. So even in the security bucket, you can get financially free. The risk bucket, growth bucket, risk growth, most people think it was growth. That's the places where you don't have a fixed return, where you have unlimited upside and unlimited downside. That can be everything from real estate to stocks to bonds to private equity to anything you're talking about. Trading, you can lose way more than what you put in.

43:36You've got to be careful, obviously, what puts. So the balance between those depend on a couple different things. Number one, when do you need the money? if you need it three years from now, you know, you can't be able to take too much risk because you don't have time to make it up, right? If you were 30 years old, you can make some big mistakes. You could have a lot more in your growth bucket, risk bucket, lose, and you got time to make it up, right? So that's the first thing, winning the money. Second thing you got to look at is, what is your real risk tolerance versus what you think it is? You know, I have a game we play in one of our wealth programs that we do, and I'll say to people in the middle of the thing, I'll say, stand up and I turn to the music and make change with everybody.

44:13I go, what? I just make change. And we play this little money song and people walk around, start taking money in their pocket and they're exchanging money. And then the song ends. I say, okay, sit down. And then I go on like something else. And always one or two people are really fuming and they'll finally raise their hand. They'll say, excuse me, excuse me. And I say, what is it? They go, that was not fair. I said, what are you talking about? They go, I mean, that person, I gave them a hundred dollar bill and they gave me a five and I want my money back. And I said, well, who said it was your money?

44:44And I said, who said the game was over? Right. And I said, and the real lesson is if a hundred dollars stress you out and you're going to be an investor, you're going to lose. The greatest investors on earth are not liars. They will tell you I'm going to lose. What I want to do is make sure when I lose, I don't lose very much because I've got enough diversification in what I'm doing. So people's got to understand what their real feelings are about things. And then the third element that affects it is access to cash flow. If you are making$100 ,000 a year and spending$110 ,000, you don't have a lot of extra cash flow.

45:19But if you're making$100 ,000 a year and you're saving$50 ,000 of your money, yes, you got more cash flow. If you got a business that's putting more cash than you need it, you can take more risks. So how much you put in that security bucket, how much you put in that growth bucket, That's really an important philosophy because what everybody does is they think they're going to put in the security bucket and then somebody goes, oh, Bitcoin. Somebody goes, oh, AI, oh, something. And they get, I don't know. I'll take my security bucket and I'll put it over here in my growth bucket. And then when I make the money, I'll put it back over my security bucket.

45:51What we do tell people is when they grow in their growth bucket, for people like that, we say, take a third and put it in your security bucket so it keeps growing even faster. Put a third back. You can take a third and you can use that for other forces that we talk about as well as one example. But it's an individual process that people need to make based on the criteria that we just talked about. What about on the other side, someone who has an abundance mindset, can that make you a better investor or just dangerously optimistic? I've seen both. I've seen both. Where people think they're bulletproof, and so they're just fearless, and they make investments with no fear about the downside, and it ends up working out for them, which is usually the most expensive thing that can happen because then they believe that's going to happen every time.

46:35Oh, they're lost in the sauce. Yeah, totally. I mean, somebody gets blackjack the first time they sit at the table, I mean, they're tough. I'm a genius. Exactly. I'll give you a perfect example. I have a friend, it's a true story, who went through my programs, my business programs, and he bought a taxi top business in San Francisco. And he was one of the first people to take it digital. Previous to that, the only things advertised was tobacco and, you know, naked bars and things of that nature. Now he was doing movies and everything else. Well, he built it up and sold the thing for$200 million to big advertising firm.

47:07And so I said to him, I said, how much are you going to put in your security bucket out of that? How much are you going to put back in your growth bucket? He goes, Tony, I give you so much credit. I tell you everybody, I make$200 million based on everything you taught about how to grow a business. That's the only thing is like, I don't need a security bucket. He goes, I'm going to make these new investments. I'm going to Vegas. And he started buying advertising space in the air above spices in advance. It was actually a very brilliant strategy. And he goes, I'm going to be a billionaire. I said, I bet you will.

47:35I said, you got to take a little bit off the table because if you're going to Vegas, that should be the first lesson. You take one off the table. He goes, Tony, I love you dearly. I'm not doing that. So sure enough, he calls me up about three years later. He goes, I'm making a killing on some of that advertising. I'm doing so great. Now, this is 2006, he goes, now I'm building buildings in Vegas condos. And I got, he told me the names of the celebrities I won't mention, so his name stays private. And he goes, I got these celebrities in. And he goes, I'm going to sell out this first building up front using everybody else's money, just like Donald Trump, like everybody else.

48:06He goes, I'm going to be worth$600 million. I said, I'm proud of you. How much are you going to take for a security bugger? I had the same conversation with him, right? He goes, you just don't give up. I said, you know why? I've talked about this for 30 years. and I meet people, come back 20 years later, 10 years later and say, holy shit, I wish I would have listened. He goes, Tony, I'm doing great. End of the story, 2008, real estate in Las Vegas drops 70%, 70%, right? I talked to him, the second tower, everybody wants their money back, people walk away from it. The second tower is there. He's upside down$400 million, dollars, trying to avoid bankruptcy.

48:48I'm not mentioning his name because he says, you can share my story, but I don't want more lawsuits. He's starting all over. And all because he just didn't understand this basic piece. So the answer to your question is most people, it's a mistake. The smartest people who take risks are doing an asymmetrical risk reward. Where do I have the least amount of risk with the greatest amount of upside? That's what makes people wealthy. That's the discipline that makes them wealthy. Well, and the abundance mindset is great because it means they're also not living in fear and they're not afraid of taking risk.

49:20So we've had a saying for 25 years of our firm, what's the worst case scenario? If we can live with that, the upside will take care of itself. We have an abundance mindset. When we invested in Icon, we knew that it could very well go to zero. And we were willing to take that risk because we knew that if it worked, it could be completely game-changing, not only investment-wise, but also for society. That is the reason why we could do that is because we have an abundance mindset, but we always respect risk. And we're always afraid of not respecting risk because we know that risk will just whack you upside the head if you don't respect it.

49:54And Christopher as a partnership, it's really nice because I see the opportunity, he sees the risk. I'm the skeptic. It's the yin and the yang. But it's so perfect, right? We bring things together to each other. He'll look at how many will we look at in a year now? It's more now. It's over 2 ,000 investments a year. And out of that, we'll make? maybe 20 or 30 in a typical year. I have 2 ,000 opportunities, many of which are extraordinary. But that's why there's a 96 % profit ratio of all investments over 25 years. So you have to have that kind of discipline. The supplement industry is full of products making claims that they can't back, which is why I'm such a massive fan of Momentus.

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51:02If you don't love it, they will give you your money back, plus they ship internationally. Right now, you get up to 35 % off your first subscription and that 30-day money back guarantee by going to the link in the description below or heading to livemomentous.com slash modernwisdom and using the code modernwisdom at checkout. That's L-I-V-E-M-O-M-E-N-T-O-U-S.com slash modernwisdom and modernwisdom at checkout. How do you think about taking some off the table for you to use in your life? I'm aware that much of this is what's your personal tolerance for risk and how much do you need and so on and so forth.

51:33But there's a certain archetype of person and Bill Perkins wrote a book about this, Die With Zero, which is fucking fantastic. There is a certain archetype, this sort of more misery person. Maybe there's someone that didn't come from money, but as opposed to, I now have it, I'll blow it. It's, I now have it, and I'm terrified of losing it. How do you think about advising people who are investing in the market? It's like, all right, you've done well. It's time for you to actually take some of this. This is so personally critical. I teach this. I kind of alluded to it. I said, two buckets, there's a third bucket i call it your dream bucket and what i have people do is the dream bucket is all the things you call investments that really aren't but they make you feel good like a hyperbaric oxygen chamber yes like a hyperbaric oxygen chamber like that sp3 ferrari that you know maybe it goes up from three million to five million maybe it goes down like the new bed that you want it's your it's your jet it's your island it's those things or it's a little condo that you have you know depending where your economics are um it's fifty thousand dollars of walking around money.

52:30It's what you do for jewelry. It's those things. And I have people create those. And the reason I create those is if you don't enjoy it along the way, most people, if they own a business, they learn how to create more when they experience more joy from what they're doing as well. But you keep the same disciplines, but instead of only having those two buckets, we'll say when you have a big hit, put a little piece in your dream bucket as well, or you get a big growth expansion on your growth bucket, put a third in your security, put a third back to reinvest and put a 30-year dream bucket. And so what happens is I find people, different types of people, but that type of person gets excited.

53:05Like I fortunately was around some brilliant people. Peter Gruber, one of my dearest friends in the world for the last 35 years. I mean, he is a lifestyle guy. And like he got me, I'll never forget. I was 30 years old. He invited me to come to his place in Aspen, a thousand acre ranch in Aspen to give you a sense of the value. It's quite highly sought after real estate. A hundred million dollars for five acres, right to give you an idea that's just like so i go to his ranch and and i'm talking to him and he calls me up he says you got to come to this meeting and i'm not a networker if i can't add value i don't want to just go talk about stuff right because tony most influential people i'm telling you i need to put you in front of these people proximities power come comes so i lived in san diego so i fly to la right because that's first leg then i fly to denver then i fly from denver to aspen they lose my luggage in denver and i get to aspen by the time i'm done it takes nine hours to get there.

53:56I arrive as the dinner's ending. With no clothes. With no clothes. With clothes on my back. And Peter said, what the F is wrong with you? I said, what are you talking about, Peter? I've got here. I left at six, seven this morning. I went from here to there. And then he goes, you float commercial? And I said, Peter, I'm not a billionaire like you. He goes, are you an idiot? You don't need to be a billionaire. You could charter and be here in two hours. He said, you got to buy some crappy little, get a Learjet, get, it's 2 ,500 bucks an hour. For 5 ,000 bucks you'd be here and another 5 ,000 back at$10 ,000 and my ticket was only 1 ,200.

54:28Yeah. And you weren't here. And he goes, you should come up with a budget. The amount of hours you fly per year, you should come up with a budget and just charter. You don't need to own a plane. He said, it will transform your life. And so I still didn't do it. And one night I was doing an event in Los Angeles and two events had collided. Somebody screwed up on the schedule. I finished at one in the morning. I got to be in Edmonton, Alberta the next morning at 830 for 5 ,000 people. and there are no flights. So I said, and I need sleep. I've been going on for four straight days, 12 hours a day.

55:00So I called my team. I said, you got to find a jet. Find the cheapest, smallest little Learjet, whatever you got to do. And I said, I got to sleep. They go, Tony, there's no room to sleep on all those things. I said, if I was dying, if I was dead, what would you do? You'd put me on a gurney, get a gurney in that thing. They go, it'll never happen. We pulled it off. I arrived there at two in the morning. First time I'm on a private jet. I climb in this little thing. It's such a small jet. I can touch the captain, right? I strap into this thing. We lift off. We turn an angle. We look down at Santa Monica Bay.

55:28I look up at the moon. I'm all strapped in. I fall asleep for four hours. I get up. I'm on stage in time. I do the event. I go, this is the way to live. So it changed things. It changed my ideas like, okay, I'm doing all this business. Most of that is half a write-off anyway. Here's what the real dollars are and I figured out how to earn more. So there's a mindset that comes if you experience a certain lifestyle. If you have ever had the privilege of someone else cleaning your toilets and you don't like that, you probably won't do that again. You'll probably find someone who's really good at that, enjoys that, and provide them an income and give yourself freedom to do something else.

56:03Having lifestyle is critical, I believe, but it's different for everybody. Some people might but, you know, it's like there's a story about this couple that saved all their money and they went on this little trip you know they've saved up forever and they didn't want to spend their money and they go on this cruise and but they bring cheese and crackers because they don't want to spend any extra money and so every day they go on the trip they meet everybody and at the end of the day they go have their cheese and crackers and on the last day they finally said look let's just splurge because you know on these trips they have these huge amounts of food and desserts and they went for everything and they got the wine everything else and then they asked for the check at the end and you know how the story ends right it's all inclusive comes all goes it's all inclusive.

56:45It came with a trip. And they look at each other and go, this is how we've been living our lives. That's how most people live their lives. They're so miserly. What'll make you do that more is if you actually get into giving. Because one of the things that made me grow more than anything else was when I started to tithe. Because I interviewed multiple people, but I interviewed Templeton. And at the time, he was the first billionaire investor. He was a brilliant man, such a good-hearted guy. I met him multiple times, interviewed him. And he said, Tony, I asked him, what's the secret to wealth? He said, you teach it.

57:21I said, well, I teach a lot of things, which is, he goes, it's gratitude. If you're grateful about anything, you're going to be rich. If you have a billion dollars and you're not grateful, you're unhappy. If you've got three beautiful kids and a wife, you're not grateful, you don't have a life. Gratitude is the secret. But he said, I will tell you this. If you really want to be wealthy, I don't know anyone who's tied at least 10%. It doesn't have to be to a religion, to something for more than a decade that didn't become incredibly wealthy. So I'm proud to say I've done 17%. I've gone way above my pay grade, but the rewards for me have been unbelievable.

57:53And I started out feeding two families. Then I figured out about 2014, I said I found out in 37 years, I'd fed at that point 42 million people. It was pretty exciting, but I was like, what if I fed that many people in one year? What if I fed 100 million people in a year for 10 straight years, a billion meals. And I teamed up Feeding America to deliver the food, and I did it in eight years. And when I started, it seemed impossible. Then I said, I'm going to do 100 billion meals around the world because I travel around the world, you see people starving, right? And I recruited Governor Beasley, who's the head of the UN, the World Food Program.

58:28He won the Nobel Prize. But when he started, there were 85 million people starving. Now there's 385 million people. I said, we'll put together a strike force. We'll do this better, but we're going to make it measurable. I said, like, what's the number of meals we need for the next 10 years to be able to feed most people in the world? And then during those 10 years, we've got to find the sustainable solution because you can't do charity forever. He goes, Tony, I don't know, 40, 50, 60 billion meals. I said, we'll do a hundred billion meal challenge for the 10 years. He goes, Tony, you never get a hundred billion meals.

58:57I said, I did a billion meals. I wasn't a billionaire when I started. I've been blessed. When you bless others, you get blessed. And I said, there's at least 99 important people like me. So we went to the Forbes philanthropy event. I brought him to speak. He's amazing. I spoke. People were in tears. I thought, we're going to get 50 out of the 100. We're going to do half of it right here. Five people signed up. But in the last four years, by changing our approach, I started this year at 62 billion meals. Right now, I have commitments That's for 295 billion meals in four years, and 63 billion have already been delivered.

59:36So scaling, that has changed things. I said, you know, I'm a private jet. It burns fuel. I don't want to be in congruent. How do I replace more than what I put out here? I burn 5 ,000 trees a year. Guess what? I plant 100 million trees. I not only just planted them, but then showed the people there how to build crops every single month and built a forest farm for them in west africa program that's there we've got my wife and i have like saw what's happening with some friends of ours some trafficking that happened of children no one wants to talk about it so i set a goal i said we're going to free 30 000 children i went on one of these missions myself undercover with scars all over my face it was the most terrific thing i've ever done i do not want to be faced by you in a dark alley well you want to be faced by the people i dealt with in that dark alley but i have went with a group of seal team six guys that are brilliant.

1:00:23It was an undercover operation. Something I'll never forget as long as I live, but when those kids were freed, it was one of the greatest gifts of my life. So we've now freed over 100 ,000 children, and I've got a target of a million. When those are your goals, you build businesses a different way. That's why now I'm doing$22 billion. I wasn't doing numbers like that before. I didn't have all these companies. It's like I have a higher purpose in building them. All those businesses serve people. They provide things that are life-changing in terms of value for people, for my jobs. But in addition to all that, I have a higher purpose in what I'm doing.

1:00:55That will make you earn more, grow more, expand more, find answers you never found before. It's like you need something compelling. If all you're trying to do is make a living or just cover your overhead, you're never going to find the answers. You're never going to push yourself to discover what's possible. Or if the only reason that you're earning money is to reinvest the money, to never actually take it out, to never actually enjoy it. Yeah, yeah. But there are people that do that and they die that way and just pass the money on to somebody else. What do you think beyond the giving thing, which I know is probably the high, oddly enough, being selfless is the most selfish thing that you can do.

1:01:27Exactly. You get the most reward possible. Beyond that, what do you think for a normal person who's maybe not quite, we're going to fix world hunger or buy a jet. What are some of the areas where people can derive a lot of satisfaction, joy in life from spending money? someone's being responsible. They're maybe doing some of the investment. They've got their one third and one third, that third third. What's a, what are some of the places that you think, Hey, this is somewhere that you really should look at spending money to improve your quality of life that people might not think about from, from the gap.

1:01:59I still think here's what I want to say. I have a friend that was on an airplane recently. I'm not in 45, 44 years. And someone's reading one of my books and he said, you know, he's left. What do you think of that book? Oh, it was my energy book, right? About your body. And it's unbelievable. And the stem cells and all these things. And he said, what do you think of the author? He goes, well, he's a really good guy. He donated 100 % of the book. By the way, we've done that with Holy Grail Investing too, and don't take a dime. We give it all to Feeding America. And he says, that's really cool. He goes, but you know, he's rich, so it must be easy.

1:02:27And my friend Mike says to his name, Mike Keyes, he said, what if I told you I've known Tony for 45 years? I had known him when he was 17, and he had$20 in his pocket, and he didn't know his next meal was going to give. And he gave half to a guy in the street that was begging for it. And Tony taught me something then. If you don't give a dime out of a dollar, you're never going to give 10 million out of 100 million. The first place you should start is giving. I have a friend that started out feeding two or three people. He's had a million people now in the last 10 years that come on this little trip with me just finding little ways to help them make a difference.

1:03:00So you can start small and do things. And in terms of what are the things that people do that go in their dream bucket besides contribution, it's usually like little things. If you are at Starbucks, and they've proven this because they can measure what happens now with the secretions in your mouth, the hormone changes, nothing comes close. The three things that give you the most joy are, number one, experiences. Experiences are more than any toy or asset because those we get used to. But if you create experiences, people remember them. The second thing, though, is giving to someone else. If you go and you buy the next five people or 10 people at Starbucks their coffee, you don't even know.

1:03:37The transformation in your biochemistry, the level of internal joy that people carry is greater than people that spend millions of dollars on something that are doing it for positioning purposes. Like, oh, I gave this money to charity type of thing. You can see a change in that area. Then what people do that gives them joy is all the little things. It could be just, you know, doing something special for your kids. It can be saying, we're going to do a first class ticket to Europe this time instead of a coach class just for this element. we're going to upscale something in our life that feels like a greater quality of life and brings us joy.

1:04:10If that joy and pleasure is there, you're going to have the desire to invest more, grow more, expand more, be masterful in this area of your life. It's really interesting to think about the positive reward that people get from investing their money that nobody ever actually ends up withdrawing to improve their quality of life. I'm just continuing to put money and continuing to put money in and never paying it back down. I think a few areas that people would probably be surprised, getting a maid or a cleaner for your house is - A hundred percent. Somebody to do the gardening. Some people like the gardening.

1:04:39Some people think that it is hell. Those, it is one of the first places that you can do, not just what is it that I want, what is it that I don't enjoy doing and how is that sapping - And what gives me more time. Yes. Because probably the most scarce thing for human beings to do outside of money is time. Yeah. Because now so much of our time we allow to control. I mean, We used to spend six hours on screens. Then, you know, people were stuck at home during COVID. It went to 13 hours and it has not gone back. People walked down the street staring at it. So it's not that we have less time. It's just that we allow everything else to engage us.

1:05:12And if you can free up time with a small amount of money, it gives you a totally different experience. The other thing that's a beautiful thing about that is it's not just the time that somebody gets. It's the opportunity that it creates. That's right. So being able to allow someone else to be able to earn a living, to be able to do what they're really good at, what they enjoy, what's positive flow for them, and at the same time is also rewarding for us, that's a wonderful thing to be able to do. To be able to make memories for our family, to be able to make memories for friends, to be able to give them things that they might not ever be able to do on their own.

1:05:43And it doesn't have to be expensive, but to be creative. So certainly for somebody who's an investor and they've done well, to be able to harvest some of that and go, you know what? This was well-earned. I'm going to make sure that I pay it back either through charitable contribution or through making memories for friends or family or to be able to provide opportunity for other people to earn a living and to be able to feed their family. Whatever that may be, that why, and I'll quote him, the bigger the why, the harder we try. Ultimately, that is what delivers happiness for people when they are looking at something that is just a nebular number and keeping score.

1:06:18It has to be for a purpose. that purpose is what ultimately causes them to not only make good decisions but also to have staying power to go this is worth it it's interesting right money is a number on a spreadsheet or a number on your bank balance on your phone and it's only when you actually end up trading it in for something in the real world that it becomes anything it's just a number it doesn't and it could be like you could look at it as dollars but it could be hyperinflation South Africa money if you didn't know because until you end up trading it in the number is kind of arbitrary it doesn't make any difference A quick aside, you've probably heard me talk about Element before, and that's because I've started every single morning the same way for the last five years now, which is a cold glass of water with Element in it.

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1:07:29So if you don't like it for any reason, they'll just give you your money back. Plus, they offer free shipping in the US. Right now, you can get a free sample pack of Elements' most popular flavors with your first purchase by going to the link in the description below. They're heading to drinklmnt.com slash modern wisdom. That's drinklmnt.com slash modern wisdom. Okay, you mentioned about AI earlier on. What are the, how are you thinking about AI as a future? And what are the opportunities in AI that people aren't seeing at the moment? Well, we invested in Anthropik and ChatGPT. I mean, Anthropik went in 2025, started at a billion, went to 10.

1:08:02And now by April, it was 44 billion this year. There's been nothing like it. It's unbelievable. But I think it's important to understand the thesis for investing. You know, I asked most people, if I said to you, in the next 10 years, do you believe there'll be more change to humanity than in the history of all of humanity what would you say

1:08:22depends how rsi goes maybe maybe yeah most people would say yes because i've asked millions millions tens of thousands of people then i say to them it's like what if i have a 10-year goal to feed a billion people it doesn't mean anything unless you pull it to here and they say like what does that mean this year? Oh, I fed 42 million people in 37 years. I get to do a hundred million this year to get to a billion. That calls you to action. So what I've been doing with people saying, so what if I told you in the next 36 months, there'll be as much change as probably you've ever experienced in your lifetime for humanity.

1:08:56Almost everybody agrees, especially when you point out three things, AGI. We'll have AGI in the next 36 months. Some people would argue we already have it. That means one agent has more power in one category, chemistry, mathematics, whatever it is, than any human being. Pretty much there. Ray Kurzweil predicted that this would happen in 90, that we'd have this within three years of now back in 1990, right? And now I interviewed him the other day and he said, I was conservative. It's going to happen sooner. In five to six years, we'll have superintelligence. That means one agent will have the power of all human minds combined.

1:09:31When that happens, the world changes so radically. Second piece, quantum. I was just with the vice chairman of IBM. We were talking about AI and I'm concerned that, look, there's people, there's no safety because everybody's going for the trillion dollar target. And if they don't do it, there's the stick of China taking over, right? So there's not a look at this. He goes, well, if you're concerned about that, be more concerned about quantum. he said because quantum whoever gets quantum first can basically make the other military defunct we don't have to even have the missiles we can get their codes and fire things off breaks all encryption it's it's and i and you've all been here in quantum is 15 years 70 he said when i asked him when's it going to happen he goes between us and and and google we're the two drivers china's a little bit behind but not much he said it's critically important 36 months you know you go over and you see, if you've been up to see Brett Adcock and his group up there at Figure AI, you walk in this building and it is like you're in the future.

1:10:32There's nothing but robots everywhere doing everything. Not robots like you see in China, you know, they're robotic and they do karate and, you know, they're running a program. Thinking robots that make things happen. It's happening right now as we speak. So all of this is happening. Now, maybe it's more than 36 months on the robots probably for some of them, but at some point there'll be more robots than humans, right between him and elon you can guess that for sure not to mention what china's doing so we're living in a time where there'll be more change than any time in history so you have to say what does that do to me i look at my thesis and say that means if you don't have agents as a company in the next 36 months your chances of competing are quite small they're not getting implemented right now because there's a fear level 60 of most ceos think the ai is going to be the greatest thing in the world.

1:11:18But if you see what Microsoft just talked about, 94 % of these AI projects never get integrated. That's why they're not producing them. And yet, the ones that do, it disrupts it. You heard all the frontier companies were all talking about, hey, you know, it's going to disrupt jobs. You got to be prepared. And that didn't go real well. So now they're going to create more jobs. They're right. They will create more jobs. But in the time period, they're going to disrupt those smaller jobs. And that's a mass number of people that are going to need reskilling. So I look and go, we want to be in the position of helping companies bring on agents, not to replace people, to empower them.

1:11:52The way we get it, I'm working with Salesforce. We just now, we have the people out here from the UAE because they want to make their entire government agentic. And so we're working with them. The reason they're working with us is we have a different approach. Our approach is we don't put some giant AI in the sky where you put everything there because if something breaks down, you don't know what caused it. We create these micro little AIs. And what we do is we look at people's workflow and you find out that 60 % of what people do is busy work. And so they don't like busy work, but they're caught up in it.

1:12:23Your head of marketing is making a PDF. I mean, what the hell are you doing, right? So now what we do is we give them an agent that is their assistant. We have a scanning device that shows all of where they spend the work. It shows it and you put them to work. It doesn't replace your job, it makes you more powerful. That's a way of integrating. We got to reskill a mass number of Americans. That's a whole nother element, not only America, but the rest of the world. And then we got to get people prepared for a world of uncertainty. Most of us have been living with rented certainty. The certainty, what I mean by rented is we're certain because we have a certain job, we have a certain income, we have a certain family, we have a certain way of being.

1:12:59All that goes away when your house burns down or when all of a sudden you lose your job or when all of a sudden somebody in the family gets injured or hurt or there's a disease or something of that nature. Well, we're going to see that certainty shattered by the pace of change. And so we have to prepare people for that. So for myself, I look at this as a triangle of impact. So I'm in the business of bringing companies to Gentic. I'm doing it with Salesforce. I'm actually doing the integration for them at their upcoming event in September here. I'm working on getting people debt-free college education.

1:13:31We have a company now that's, one of the biggest problems is how do you reskill people rapidly? Well, traditionally you try to teach a mass number of people and not many people have the skill as a teacher to do that. So you get one sigma improvement if you can make the class size small. There's always been the two sigma problem that we've known for 40 years. And that is you take an average student and give them one-on-one mentoring, they outproduce 98 % of the class, but it's been too expensive. But with agentic AI, now we have it. So we take people now that just lost their jobs. We give them a guaranteed new skills, new life, no debt.

1:14:05Do you know what the largest debt in America is? Mortgage. You know what the number two is? Student debt. $1.8 trillion of student debt. A four-year college education takes on average 20 years to pay off. President Obama, when he was a senator, was still paying off some of his college debt right before he ran for president, to give you an idea. So we're going to create a solution in that area. And then I'm working with the guys that built Calm, if you remember Calm, the largest app in the world for meditation. These guys built it. and sold it for a billion and a half, like it was. I sat down with them and said, listen, we need more therapists.

1:14:40And even if you have the best therapists in the world, there aren't enough. And people are now going to ChatGPT, and I'm sure you saw, there's all these lawsuits. 1.3 million people a week ask ChatGPT about suicide. The other day, there's another article about a woman who committed suicide, and the ChatGPT not only explained how to do it, but it wrote her suicide note, right? These are made for sycophancy. They're designed to keep you online talking. They're not designed to actually help you to change. So I built something with them where we have now technology that reads your micro expressions.

1:15:11So you're on screen, you see every emotion you're feeling. It's not just an LLM and it has auditory elements. It was spent$30 million spent to identify what auditory elements mean, what emotions you're having. So if you and I are sitting here and I say, how's it going? You go, fine. Or you go, fine. Or you go, fine. The LLM just sees fine. But you and I see something completely different. So we can interact. And if it's something that's suicidal, it moves it up to 988. So think about this. There's 11 million veterans in this country. We have 2 ,000 therapists for them. It takes four months to see one.

1:15:44Most veterans don't want to talk to a therapist. They don't want to talk to a female therapist. They find a lot of the male guys don't. It makes them feel weak. They're not going to go spend four months and 17 are killing himself every day. For 90 % less money, we can be there 24-7, 365, helping them with something that's proven and has a track record. So I think you have to have a thesis, like what's happening in the world and where is it going? Just like the thesis of there's going to be 5 % more spending of the GDP of all these countries, then that means you probably should be looking at something on the military side if you want to have a growth investment.

1:16:18What's your thesis for investing? That's mine for where I'm putting my primary time and energy, but we have a series of theses of where you can make a difference. And so you might even touch on some of the other areas like energy. Well, I mean, when you think about the world of AI, it's touching every aspect of it. But one of the things that is absolutely incumbent is you have to have energy to be able to power it. If you don't have enough energy, you don't have the ability to do AI of any type, any form, any substance. And everybody's talking about that with data centers. But no one really wants to admit how far behind the production of energy we are.

1:16:52And to be very clear, we're for all kinds of energy, from traditional to sustainable to transitional, whatever you want to call it. We're going to need all of the above in order to be able to meet the enormous demand growth that's not just coming from AI. It's coming from the fact that billions of people are moving up in their economic situation. When somebody goes from lower income to middle income, they want a lot more power and a lot more energy. When somebody goes from middle income to higher income, they consume a lot more energy. So all of it is the same growth curve as far as demand. But what's not changed is supply.

1:17:27And the amount of supply that's out there is basically flatlining or growing very, very little. Those lines are expected to cross in 2028, where we will literally not have as much power as we need to be able to meet all the demand. You're talking about the data centers alone in this country will consume more power than all of New York City, just the data centers, than that one city in literally three years to five years. That is something that we have to meet the demand of. But again, it's not just data centers. So we don't want to demonize data centers. It's the consumption of AI. And obviously, if the United States is going to compete in the world of AI, the AI arms race, if you will, then we have to have the power to do it.

1:18:10Because I assure you that China and other countries are going to be putting all the demand, all the supply out there that they need to be able to meet the AI demand. We need 50 % more energy by 2035, 50 % more than we're doing right now. So that means we're going to use all forms of energy. And energy, because of the way we've approached it recently, has been a tremendous opportunity. Give them a sense of what kinds of changes we've seen. Well, I mean, we've seen to where there were so many people chasing energy as an investment asset class to where people decided, for reasons that they have the freedom to decide, that they didn't want to invest in fossil fuels and traditional energy.

1:18:44So we have a very simple metric that we follow called the reserve replacement ratio. And in the book, we talk about it. You know, anybody who's been a teenager or had a teenager, if they know that the milk is full at the beginning of the day, if they don't go buy more milk, by the end of the day, it's going to be less full, right? And eventually they're going to run out of milk. Well, that's exactly what it is with energy because this stuff doesn't last forever. It depletes, it goes away just like the milk carton. So somebody has to go replenish the milk. And so far in this decade, for every one unit of energy that we're consuming, we're only replacing 0.2 of that energy.

1:19:21So we're consuming at five times faster the rate than what we're creating new energy. And it's not like you can flip a switch. It takes years to get major energy resources online. So we are way behind. And unfortunately, that's going to cross, which creates the opportunity to where, you know, as an example, in some cases, because there's just not that many people investing in it, we're able to buy things at three times cash flow or four times cash flow. And we've seen enormous returns because we're willing to invest all across the energy spectrum. And that includes nuclear and other places where there's great opportunity, but it's going to take all of it.

1:19:58And those that provide the capital are going to be very well rewarded for doing so. I want to mention, just to catch back also, that anybody who's in a position, like I have a brother-in-law that's 60 years old. He's a software engineer. You know, Gary, the gentleman who's the vice chairman of IBM, told me his daughter was crunching code and used to get a million dollars for a nine-month project because she's one of the best in the world to crunch code. Now it's done by an agent in four days for free. She doesn't have a job, but she's pregnant, so she has a future and they have money, so he's not worried about her.

1:20:32But people are being disrupted. The biggest challenge is how do they get reeducated? So we have an ability to do this. And if they go to unitedcolleges.org, unitedcolleges.org, they can apply and see what type of jobs are actually out there in demand, what professions they could tap into to retool themselves. And they can do it at their own tempo with an agent that knows everything about you, knows you love soccer, teaches you how to do that, adapts to your job. training capacity and gives you that skill. So I just want to plant that seed for people because so many people are being disrupted. The guy's 60 years old.

1:21:04He walks in, 650 people are let go that morning. He's one of them. Been with the company 25 years, no economic plan to back him up, no severance. And guess what? They took the whole thing of Gentic, sold to a Swedish company. He's got two kids in college. He's got a wife that's a substitute teacher, makes$30 ,000 a year, and he's got a mortgage. What's he going to do? He can't go try and get some new education and pay for that piece and go further in debt. So we're solving that aspect to give you an idea. So while there's opportunity everywhere, disruption still means if you retool yourself, you can take advantage.

1:21:39Anybody can still do well in this world. People say, you know, is it possible really just to do well financially? Is the game rigged? The game is still a game you can absolutely win, but you got to learn and you got to take a little bit of time to understand what's possible and you'd at least give yourself a short period of time where you say, I'm going to find a diversification of eight to 12 uncorrelated assets and reduce my risk 80 % while I'm working on my job or my career or whatever else I'm doing. So that's my other business that's going to protect me. Because social security at this point is not probably going to be enough for anybody, if it's even here later on for people, to have a quality of life that they need.

1:22:14It seems like there's a lot of change happening in the world and that means that people are going to get scared. Lots of people get stuck thinking and overthinking a decision. They spend so much time worrying about what decision to make that their life sort of turns into a relationship with the internal drama of the decision itself. Obviously, you've spent a lot of time thinking about human psychology, human nature, and behavior. Have you got a framework inside of finance or outside of it generally in life for becoming better at the decision-making process? How do you think about making decisions?

1:22:40I have a very specific process. It takes a little time to explained, but it hears its essence. The most important thing in decision-making is value clarification. When you know what's most important to you, you can make a decision. Most people are trying to hit multiple targets at once. I want to do this, and if I do that, it'll work. What if I do that? But then that works. But what if I do? And they do it in their head. So the first piece is it's got to be done on your computer, on paper, outside your head. You got to start with, I call it O-O-C-E-M-R, real quick. O is you start with the outcomes.

1:23:09What are the outcomes? What do I, what am I want from this decision? What's the most? And then you got to rate them in order of importance. They're not illegal. I want a job that's going to do this, this, and this. Okay, well, is it the money the most important? Is it the lifestyle that's most important? Is it the quality of who you're going to be around? You have to rate the importance because you may not get them all equally. We want to make sure what's most important to you get. Once I do the outcomes clearly, now I need to know what are my options. And the delusion is one choice is no choice.

1:23:38Two choices is a dilemma. There's at least three choices always. And if you live that principle, you'll find it. When you usually get three, you'll find four or five. And I get people to come up with options they haven't thought of before. You go, okay, don't judge them yet, right? So outcomes, O. O, okay, what are my options? C, what are the consequences? So now I look at each option and say, okay, what's the upside or downside of each one? And I make the list in paper, not in my head. You know, I have actually a computer program I designed for this. And so now I can see upsides, downsides. Okay, I've done half of it.

1:24:10Now EMR, now I need to evaluate. I need to evaluate. Okay, there's this upside and the downside, but what's the probability of it happening? Like you might say, oh, I could lose everything. Okay, but what's the probability? Or, oh, I'll make a billion, but what's the probability? Is it 90%, 10%, 5 %? That starts for you to really evaluate what your better options are. And now what'll happen is some of those options will be clear to you, they don't make sense. So the M is mitigate. I might end up with two or three options here and I go, okay, well, how do I get the best of this one and this one?

1:24:43What could I do to combine this? There's a new way to do this. And I teach that process. And then the R is resolve. O-O-C-E-M-R. The resolve, this is what I'm going to do. Because in the end, everybody wants to make a decision they're certain about. This will get you about as certain as you can get. But at the same time, there is no absolute certainty. I mean, if you're a leader, you're paid for making difficult decisions. I was with General Schwarzkopf years ago when the first, that's how old I am, the first war we had in the Middle East there when we were dealing with Saddam. And he was brilliant.

1:25:15And I asked him, because he was a very decisive guy, and I asked him, you know, how is it you make the tough decisions? And he said, when I was a private, he goes, I worked for a general. And this general was a tough guy. He was a four-star general. And he said, one day, they found out that there had been a decision that the Pentagon had struggled with for 20 years, It was a very giant strategic decision. And the general is finally going to make the decision what to happen. So they sent reams of binders of information in to have him evaluate. And four days before, they're getting all this. And there's an army, he said, of like five people, help him to organize this for the general and summarize it.

1:25:50The general had to fly overseas and he didn't get back till the night before. So he said, general, we got to cancel the meeting. You're not prepared. He goes, no, the meeting goes forward, 830 in the morning. Shows up at 830 in the morning and he's freaked out. It's like, there's no way the general knows enough to make this decision. General says, okay, give me what you got. You have 15 minutes. They go, they give this in cover. Tell me your side, give me 15 minutes. As soon as it was done, he stood up and he said, that's what we're doing. Everybody stood up, saluted the general. This is a decision that I've been made for 10 years.

1:26:21Really strategic decision. So Swartzkopf tells me, he said, he's freaking out inside. So whenever he leaves, he goes and knocks on the general's door and says, permission to speak openly? He said, at ease. I said, General, I'm the chief of staff here. There's no way you know enough information to make this decision. There's reams more of information for you to know. He said, yes. He said, how could you make that decision? He said, because the decision needed to be made. No one's done it for 10 years. I got enough information to make a decision. I made one. Now, if we're wrong, I'm going to find out quicker because we're going to do something.

1:26:53And if we're right, we're going to move forward. He goes, I never forgot that. He said, then I got one more lesson from him. One time, General was leaving again. And he said, you're in charge. I'm going to be on for 10 days. Make whatever decisions are necessary. And he's freaking out. This is a private right. He goes, well, but sir, but sir, like, I don't know what to do. He goes, when you put in command, take charge. He said, rule 13. He goes, what's rule 13? Put in command, take charge. He's leaving. He goes, sir, but I don't know what to do. He said, rule 14. What's rule 14? He goes, do what's right.

1:27:28Do what's right. you know you build decision making muscles by making more decisions some people have a hard time deciding what they're having for dinner you've been with somebody in everybody else's order they still can't decide you know they have weak decision making muscles decide and the more you decide the stronger you get but this oocmr knowing my outcomes because that's what it's about value clarification knowing my options knowing the consequences evaluating probability mitigating to come up with a better solution and resolving that's the six steps that i use and teach people. And every single thing he just talks about applies to finances and investment management 100%.

1:28:02So if somebody doesn't know what they're trying to achieve, are they trying to make a 30 % return or a 3 % return? If they don't know why that's important, if they're not willing to take the volatility that it takes and then look at the probability adjusted outcome of that investment, then they can't make a good decision, which is why going back to what I said earlier, it's all about investing based on percentages, not on dollars. If somebody is like, it's a million dollars. That's a lot of money. It is a lot of money and that you don't want to lose it. But if it's 1 % of your portfolio and it goes to zero, that's going to suck, but it's not going to be fatal.

1:28:34Right? So it's liberating and it's freeing for somebody to be able to be much more analytical, less emotional. And every single professional investor will say the same thing. Emotion is the enemy to investment success, period. So you have to be clinical and you have to remove the emotion. And the only way to do that is have a consistent process that is based on percentages that say, okay, if this happens, I can live with it. And if that worst case I can live with, the upside will take care of itself. And all of that applies exactly what Tony just described. Okay. Boys, I appreciate both of you.

1:29:07Where should people go to find out more about what's going on? So he's got a whole lot of different places you can go to. Ours is simple, KazInvestments.com. That's where you can learn everything about what we're doing as a firm. And obviously, he's got all the various things he's involved in. TonyRobbins.com, and you can see any of the businesses that we're involved in. And we've got an event coming up shortly here. We do only a few events a year now, really large ones. We have 17 ,000 people here in Miami for four days. It's called Unleash the Power Within. So if anybody's interested in that, they can reach out to us as well.

1:29:34Well, and I can just tell you this, having gone through the tape series in 1991 and not going to my first, you know, opportunity to go to a live event until 2013. Don't wait that long. folks that like and follow Tony and have learned a lot from Tony go to a live event it's completely different than anything that you could expect to do just through the tape it was life changing for me and I know many other people it's the same way what date is it it's coming up in November I think it's 4th, 5th and 6th yes boys I appreciate both of you thank you so much for having us we appreciate it we will do again