7 Money Rules That Will Make You Wealthy

0:07Welcome to today's episode of the Mindset Mentor podcast. I'm your host, Rob Dial. If you have not yet done so, hit that subscribe button so you never miss another podcast episode. And if you're out there and you love this podcast, do me a favor, take an episode that you love and text it over to a friend so that we can change another person's life today. If you would do that, I would greatly, greatly appreciate it. Today, I'm gonna be talking about the seven rules of money that will make you wealthy. And I'm gonna be talking about building real wealth, not like, hey, I'm rich on Instagram and I show off my jewelries and my car and all of that stuff.

0:38I'm talking about the kind of wealth that breaks you free from the system of needing to make more money, where your money works harder than you do, which makes your life a whole lot easier. And so today, I'm gonna go through the seven different rules that have allowed me to personally be able to retire before the age of 40. Don't worry, everyone that's out there, I love what I do, so I don't see myself ever retiring anytime soon, but I want you to be able to break free from the rat race. And if you master every single one of these rules, you might be able to retire anytime that you want to as well.

1:14And number seven is my favorite. I've never heard anyone say it before. And the reason why it's my favorite is because it's my own personal philosophy of what I'm always working towards. Let's go through it. Number one. Number one is that money is just a game and you need to learn how to play it. Let's start here because most people are playing the wrong game or worse. Most people don't even know that they're playing a game. And here's the truth of money. Money is just a game and you need to learn how to play the game. Whether you like the game or you don't like the game, you can either decide, hey, I don't want to learn how to make money and I don't want to play this game because I hate this.

1:50Or you can go, well, I'm in the game. I can't escape it. I might as well become really damn good at this game. Okay. And there's three levels to this game that I have kind of realized as I've gotten older and started working through finances and building wealth. Level one is you need to learn how to make money. Like you need to learn how to earn. And we'll talk about how to earn more money today. So that's level one. Level two is once you start earning money, you need to actually start getting better at saving money and learn how to manage your savings. And then level three is you need to invest your money.

2:24Learn how to make your money, make babies. Learn how to multiply your money. So level one, make money. Level two, save money. Level three, invest money. That's the framework, the game that you need to master. You need to master every single level of the game. Most people are trying to win the game and they're only working at level one. They're hustling, they're grinding, they're trading their time for dollars, and then they wonder why they're stuck and they're not free. This is the real wealth shift is you need to stop thinking about money as an emotional thing. So many people, including myself when I was younger, put so much emotion into money.

3:00And you need to start looking at it like a skillset that you need to build. I need to build the skillset of making money. And then I need to build the skillset of saving my money, not spending it on a whole bunch of shit that I don't need. And then I need to build the skillset of investing my money. Just like a basketball game has rules, just like chess has strategy, this game of money is learnable. And so it's why somebody can become a millionaire, they can lose all of it, and they can build it all back tenfold in a couple years because they've already mastered the game. And so I want you to start looking at money as a game that you need to learn, a skill set that you need to be able to build.

3:38Start thinking to yourself, what do I need to learn? Where can I learn? What YouTubes can I follow? What books can I read? What do I need to do to be able to get the skill set and the knowledge into my brain? That's rule number one. Rule number two is you get paid by how much value you bring to the market. I wanna make this stupid simple for you, right? If you don't get paid enough, you need to make yourself more valuable. That's it. That's the whole game of making money. Money doesn't care about your potential. Money doesn't care about your dreams. It doesn't care about how hard you've been trying.

4:11It doesn't care about what you want. It cares about value. You get paid by the amount of value that you bring to the marketplace. If you want to earn more, you need to just become more valuable. So that could mean that you start solving bigger problems. It can mean that you serve more people. It can mean that you get results faster or better or easier than anyone else. You know, if you think about like a salesperson, right? If you're just an average salesperson, I'm sorry, but you're replaceable pretty much any time. But if you are the best salesperson on the team, you're almost unfireable because you You bring so much value to that company that that company actually needs you.

4:53And so the shift is to stop chasing money and to start chasing value, start chasing impact. How can I make myself more valuable? How can I bring more impact to the marketplace? Money always follows the value. So that's rule number two. Rule number three, super important, okay, is to invest in skills before stocks. Like we all love talking about investing in stocks and there's all the crypto bros and the finance guys and real estate. And I'll talk about those soon, but the best investment that you can ever make is the one that is into yourself. The best ROI over the term of your entire life is not gonna be Bitcoin.

5:33It's not gonna be internet crypto. It's going to be your own personal knowledge. Everything in this world can be taken from you all the way down to the shirt off your back, but your knowledge. That can never be taken from you. Whatever you build into your brain is the thing that you have that's there with you until the day that you die. And so let me ask you a question. When we look at this, what's the problem that you solve? With whatever it is that you do, what's the problem that you solve? Because the problem that you solve determines your pay. And so you've got to start thinking, well, how can I learn more?

6:10How can I invest more into my own knowledge and skill set to make myself more valuable so that I can solve bigger problems? If you look at a barista solves a$4 problem, a neurosurgeon solves a$40 ,000 problem, an entrepreneur can solve a$40 million problem. So if you want to make more money, simply ask yourself, how can I solve bigger problems? And then what do I need to learn in order to solve that problem? I heard a phrase that I love, and I think it's so true, and it's that an entrepreneur is someone who takes somebody else's problem and makes it their own. They go, that's a problem in the marketplace.

6:47I need to solve that problem. The bigger problem that you solve, the more money you will make. Hands down, that simple. Rule number four is to try to master one thing. This is where most people mess up. There's knowledge everywhere. You can learn anything that you want to learn nowadays. but most people's knowledge is a mile wide and like an inch deep, right? They know a little bit about a lot of things and they think they need to learn more about a lot of things to be more successful. But the most successful people that I've ever met, they know a lot, like way more than the rest of the world about one thing.

7:28One thing, maybe two, but usually one thing. I want my knowledge, the way I think about it, I want it to be an inch wide, but a mile deep. Like that's how you become world class at something. That's how you become one of the best in the world at what it is that you do, is that you have more knowledge in this thing than almost anybody else in the world does. And the truth is, the best in the world at anything can charge ultra premium prices. They don't have to hustle for gigs. They don't have to compete on pricing. They don't need to offer discounts. They just set their price and people will pay it.

8:05So you have to stop dabbling. You have to just pick one thing for yourself. Go deep into that thing, become obsessed, and build real expertise. That is the fastest way to wealth. Now you might say to yourself, but what if I'm into something that's really weird? Like what if it's odd or if it's different? Well, I'll give you a couple of examples of people who are very odd and different in their skill set and make a lot of money. The number one ant YouTuber, you heard me say it, A-N-T, ant YouTuber, is a guy on YouTube named Ants Canada who built a massive audience. He's got over 6 million followers talking about ant colonies.

8:41He's not a biologist. He's just obsessed. And now he sells ant farms and he has a thriving e-commerce brand. Millions of views every single month, all from being world-class at ants. and so he just went an inch wide but a mile deep and now his bugs pay his bills right he gets 30 to 40 thousand dollars a month just off of his views on youtube he makes even more than that off of sponsorships and he makes even more of that millions of dollars off of his own products and he's obsessed with ants there's a woman who makes over six figures a month teaching people how to decorate sugar cookies. There's a guy who became a millionaire by selling rare Japanese pencils.

9:25So just follow what you love or are most interested in. If you think it's weird, there's other weirdos out there who are interested in the same thing. Become obsessed with something. So that's rule number four. Rule number five is you need to get your money to make you more money. It needs to make you more babies. And so let's talk about investing. At some point, your money has to go to work for you. You can't do the heavy lifting forever. This can't, and this can be done by investing into companies if you wanted to do that. It's very risky to do that, just so you know, just to invest directly into a company.

10:00Like I've done this and I've had some really good success with investing into companies, but I've also been kicked in the teeth a few times with investing into companies. You know, I've never talked about any of my investments ever, but there's a couple of companies that have done really well for me I can tell you about. One of them is a very low sugar candy company that's called Joyride. It just started exploding because they put Ryan Trahan, who is a huge YouTuber, on the cover of it. And he sells it. He got a portion of the company. They like 5X'd in a year. So that company, Joyride, is one of them.

10:31Another company I invest in is a zero carb pasta company called It's Skinny. And they were just originally pasta. Now they do a whole bunch of other foods and stuff as well. So I've made money with those, but I've also lost money with those. And here's the deal with those. investing is it's not just about hype it's about strategy and research and patience and sometimes not even sometimes a lot of luck really is what it comes down to so if you're not willing to jump into those high risk ventures simple compound interest is what i recommend every single person listening pays attention to and starts to become obsessed with it's not sexy but it's super predictable and so the easiest way to do it and this is not financial advice you can do your own Google searching, but the simplest way to do it, in my opinion, is a low cost index fund.

11:18So instead of investing into like one single company and hoping that they win, with a low cost index fund, you invest in basically the top 500 companies in the United States. And on average, after inflation, you know, you're making about 7 to 10 % every single year after inflation on average the past 50 to 100 years. So you don't really need big wins. You just need to put your money to work where it's going to grow in the background and you can just set it and forget it. And your money over time should be working behind the scenes. And so you don't need to start investing once you've saved$10 ,000.

11:49You can do it with$10. And if you Google interest calculator and you actually see, hey, if I average 8 % per year and I put this much money in and I add this much per month, you'll see your money in 20 years is worth way more than you would have thought it would have been. And then you're going, well, you know what? I should stop buying things. I should start investing. If you did decide to invest$10 ,000 into an S &P 500 index fund, and then just never put any other dollar into it, just 10 ,000 bucks and you just leave it there, then you happen to get an 8 % return. In 10 years, you'd have$21 ,600.

12:23In 20 years, you'd have$46 ,600. And in 30 years, that$10 ,000 would be worth$100 ,600. So compound interest is your best friend. I would figure out some sort of way to start getting into it. That's for number five. Number six, you need to eventually get to the point where you stop trading time for money. You won't be there yet, but you need to eventually get there. You need to be able to figure out a way to make money while you sleep. You know, aka real wealth is created when your money makes money and you don't have to trade your time to make more of it. The goal for everyone listening is you either need to get into investments so that it makes you money while you sleep and while you're not paying attention to it in the background, or you can start a business or buy a business where you can make money anytime.

13:11You know, passive income isn't a myth. It's just not instant. It's something that you need to work towards. And so as a result of building something that you put time into, you should be able to remove yourself from that business if you ran a business where you don't have to stay there every single moment in order to survive. And so it could be creating an online course. It could be having an Amazon product. It could be a Shopify store where people can buy from you at any time, anywhere in the world. It can be a YouTube channel. It could be rental properties. You know, a business can be used in that as well with systems and with people.

13:46You know, like this year was the very first time I took a three-week vacation with my family and didn't work one minute while I was there. And so the business actually did better when I was gone. I was like, man, maybe I should just stop working. I mean, I should stop showing up completely. They did better without me. And so that's a way that you can start building something where you don't have to trade your time for money. The point is stop trading time for money. Eventually you need to get to that point because until you break that cycle, you can never fully escape the rat race. And it's talking of escaping, we're gonna go to number seven, which is my favorite one.

14:21And I think this, this is my rule. Rule number seven is the purpose of money is to get free. This one's my favorite because it comes from me. But if you remember nothing else, remember this. The purpose of money is not to buy things. It's to get free. And so the way I like to think about it is something that's called escape velocity. Okay? Escape velocity is when a rocket eventually breaks through the Earth's gravity. And if it doesn't break through what's called escape velocity, it will fall back down to the Earth. No matter how far it goes or how close it gets to the speed, if it doesn't hit a certain speed and momentum, it will fall back to Earth.

15:03But if it hits the speed and it goes through the atmosphere, it's out and it won't come back down. So think of money the exact same way. You can grind, you can hustle, you can survive. But until you build up enough, invest it wisely, and it makes you more money, you will stay stuck in the rat race forever. And so escape velocity is when your investments make more money than you need to live. That's escape velocity where you're like, I don't need to be here anymore. I don't need to work anymore. I don't need to trade my time for money anymore. That's when you're finally free of the system. And it's possible for anyone listening, but you gotta stop buying stupid shit, right?

15:45And so it's like, the way you wanna think about it is I want to be free. And so stop trying to impress people, stop trying to keep up with the Joneses, stop trying to get a brand new phone every single year, start playing the real game. And the real game is get free. Money is made to buy things to survive. And then after that, it needs to be used to break you free from the system. I honestly don't think that I could stress it enough because we live in a world that we have been taught to consume, to buy, to keep up with the Joneses. But being a consumer keeps you stuck. You don't want to be stuck.

16:22You want to be free. And so that is the point of money is to get you free, to hit escape velocity so that you You don't need to do any more trading your time for money. So quick recap on the seven rules. Number one, money is a game. Learn to play all three levels. Number two, you get paid for your value. Become indispensable. Number three, invest in skills before stocks. Solve bigger problems. Number four, master one thing. Number five, let money make you more money. Invest it wisely. Number six, make money while you sleep, which is build systems or assets. and then number seven, the goal is freedom, not flexing.

17:00So that's what I got for you for today's episode. If you love this episode, please share it on your Instagram stories. Tag me in it, Rob Dial Jr., R-O-B-D-I-A-L-J-R. If you wanna learn more about coaching with me outside of just the podcast, I have other systems and programs where I can coach you, help you become better in many aspects of your life. If you wanna learn more about it, you can go to coachwithrob.com. Once again, coachwithrob.com. And with that, I'm gonna leave you the same way. I leave you every single episode. Make it your mission. make somebody else's day better i appreciate you and i hope that you have an amazing day