SOG EP 1656 BONUS: The #1 Financial Freedom SECRET Rich People WON’T Tell You! | Codie Sanchez

0:00My name is Lewis Howes. Thanks so much for being here. I want to remind you about the Summit of Greatness, our annual conference happening this September in Los Angeles. With David Goggins, Dr. Joe Dispenza, and many more incredible speakers and performers, there will be so many live attendees there that you can meet with, you can network with, and you can help transform your life. I can't wait to see you at the Summit of Greatness here in Los Angeles.

0:28Hi, my name is Lewis Howes, and welcome to The Daily Motivation Show.

0:38If there was a formula that you have seen over the years personally or others who have gone from zero to millions, what would the kind of five, six or seven step formula be on going from zero from broke to millionaire? Yeah, well, the very first thing is we say at our company, I'll take curiosity over IQ any day of the week and I'll take follow through over experience. any day of the week. So really being a millionaire and making a lot of money is you doing two things, asking a lot of questions and doing the things you say you're going to do, which is beautiful. What a low bar that actually is.

1:17And yet most people don't. Why don't we do the things we say we're going to do? We're overwhelmed. We overcommit. You know, our word doesn't mean something. Our word is not our bond. And what I found from people who are successful is when they say they're going to do something, they do it. And they probably do more than what they say they were going to do, then they also ask a lot of questions. Like, you know, I have a friend of mine that had dinner with Warren Buffett. And I remember asking him, I'm like, Alex, what'd you learn? And he's like, you know what I figured out? By the end of the dinner, after we were shaking hands, I realized he had just asked me questions the whole time.

1:51I didn't ask, I didn't get anything. And he didn't really tell me anything. And he just took all the information that I had, and he made me feel good about it. And I think that is what the wealthiest people do. They actually ask a ton of questions because the right questions are worth so much more than you showing another person how smart you are. Right. What would you say are other things that rich people do that broke people don't do? I mean, rich people do not try to look rich, typically. Really wealthy people do not care about looking rich. Broke people care about looking rich. Why? It's a signal, right at a certain point you know when you don't have money you probably don't have a lot of confidence you probably have a little bit more imposter syndrome once you start making a lot of money you know there's actually a lot of downside to being rich you know which is people want it people want handouts people the irs is coming out of your pocket and so i think at a certain point you start changing your game and it becomes a lot more important your competence level how you execute than just what you wear or show.

2:56So care a lot more about being rich than looking rich is a big difference. And the other thing is, you know, rich people trade in knowledge. You know, they typically do not ask for favors. They give favors because they know that there is a price to asking for things. And broke people do the opposite. They try to take, take, take, ask too many favors. Yeah. Then I did this wrong too. You know, when you're young, you're like, hey, can I work for you? Yeah. And, you know, you could just pay me a little bit. And teach me everything you know. Exactly. Can I just be by you all day long and watch you and just like, I just want to shadow you for months.

3:37Right. And take up all your time and resources. Exactly. Please. And that's what I'd ask. You know, I would ask ridiculous things like that. And then as I got wealthier, I realized, ooh, time's the only thing we can't make more of. And I'm wasting a bunch of people's time. And that's not the moon. So how can I be a gift giver of time and not a taker of time? And I don't think poor people think that way. Wow. You know, and I get it because it's all, it's constrained, right? Like Chris and I, back in the day, we lived in D.C. for a period. We didn't realize that we lived, we bought a place. And D.C.

4:09is kind of like block by block in some areas. So we lived in the hood. Like it was like not a nice part of town at all. What was fascinating, though, is that we would talk to some of the people who had been longtime, you know, residents. and you know there was a one young lady and um you know she had never her father was like in his 80s probably and he had never left the district of columbia never been on a plane never been on a train and she was really interesting too because um a lot of people would sit outside and they'd want to hang out and they'd want to talk for a long time and we were just busy we didn't we didn't have that much time and so she kind of picked up on that was like hey can i walk you back to and from the gym?

4:52Like when you walk to and back from the gym, can we go? There's a neighbor. There's a neighbor, young girl. She wanted to go college. She would have been the first one in her family to go to college. It was really interesting because she would just ask us questions as we were on the go. And lo and behold, got into Howard, you know, figured out where she wanted to go next and what she wanted to do. But I think that was the difference. They would waste a lot of times sitting outside, you know, kind of with this idea that time was abundant. And she was the opposite. it. She was like, I know you don't have time.

5:20Can I take up a little bit of it while I walk? Interesting. Yeah. Wow. And I don't know the other story, if they're just out there watching all day, but there's usually if you're with the same people watching others, you're judging, you're assessing, you're gossiping. I'm not saying they were doing that, but that's kind of the general theme. If you're not asking questions and bettering yourself, you have time to allow your mind to go into a negative place. A lot of times. A hundred percent. Judge, assess, make wrong, compare, whatever it might be. Yeah, and you know, and also I think it became cool to not strive.

5:54You know? Really? Yeah, I mean in the neighborhood a lot of the young kids would, you know, they were kind of goofing around and they would sort of make fun of, you know, her, her ambitions. And you know, and I think if you don't make it, but you say you never wanted it, then you don't feel like a failure. Like I didn't want it anyways. Right, right. Right? Didn't matter to me. Didn't matter to me. I didn't even try. But if you actually want it really bad and then you don't get it, am I going to survive that? So I think it's really easy to fall into that mentality.

6:33Thank you so much for listening to today's episode of The Daily Motivation, and I hope you have an amazing rest of your day. If you enjoyed this episode, make sure to click the link in the description. That will take you to the full episode of our main podcast on The School of Greatness. And if you are loving the daily motivation, please follow us over on Apple Podcasts and Spotify and leave us a review over on Apple Podcasts right now. And if you want more exclusive content and ad-free listening experience, make sure to subscribe to our Greatness Plus channel on Apple Podcasts right now. And if you want to get even more inspiration from our world-class guests and learn how to improve your life and take it to the next level, then make sure to sign up for the Greatness newsletter and get it delivered right to your inbox over at greatness.com slash newsletter.

7:23Again, have an amazing day, and I'll see you tomorrow with another episode of the Daily Motivation Show.