5 Money Beliefs To Rewire Your Mind For Wealth

25:07Because what is that telling me? That's like, hey, you're willing to put a little risk on the table, and also you're not trying to sell me that you should get X, Y, Z entitlement. You're saying, let me put some skin in the game. That's the worst. Right. And that's how most private equity guys make their first dollars, is they are just allowed to put some skin in the game, which is great. And then the second way is you become so valuable that the business can't see itself operating without you. And this is typically how startups do. So it's like, hey, you know, you're so valuable. You're going to do the first stage of XYZ of the company.

25:40Because of that, we're going to give you a percentage. And every single year, you'll get a little bit more of that percentage over like three to five years. So two ways to get a percentage of a deal. And we teach one in the book called partial acquisitions. And so basically, if right now you're working, like let's say somebody's working for you or me, right? And if you're working for a company right now today and you love what you do and you want to stay there, but you want to get some income on the side, you have a skill set, you're a photographer, I don't know, you're a videographer, then what could you do?

26:11You could go to other companies that need your skill set and you could say, hey, if I can increase the revenue of your business, if I could decrease the costs of your business, or I could decrease your pain of the business, could I get a percentage of the business? and you could do that both for distributing equity, that's where you cash flow, or regular equity. This is what I'm teaching a lot more people to do because there's a stair-step way to buy a business. Maybe you're not ready to go all in. We'll learn how to get a small percentage instead. Yeah. Yeah. So if you're not a personality type that doesn't like risk, you shouldn't be a business owner.

26:49Not outright. Not outright. I don't think you're going to want the call on a Friday night when you're going to run out of cash. How many hours do you put in a week on average as a business owner versus when you're an employee? Well, I like work. So I just worked a lot both times. I think, you know, I was probably working from seven until seven or eight or nine. As an employee. As an employee. And now as an owner. I'm probably working from seven until six as an owner, but a little bit on the weekends. And maybe when I was an employee, I wasn't working on the weekends. And I think when you're an owner, your schedule kind of looks more...

27:23I think when your name's on the door, it's easier to work more hours. Like, let's be honest. It's just easier. Yeah, it's yours. It's yours. And so, but when you're the owner, it's also easier when you set the hours to work more of them. And so, for me, I got no problem taking four weeks off and going to Europe. And I'm checking on stuff every day a little bit, but they're mainly running the business. When I was an employee, that wasn't an option. But when I did go on vacation, I was an employee. I wasn't checking. You know, I was like, good luck. Bye. So it really depends on how you want to run your life, you know, too.

28:01But I think the one thing that I do want to impress upon people is like, there is nothing wrong with being an employee. Being an employee is amazing. It means that you do not carry all the risk. And you can actually become massively wealthy as an employee. if you understand how to become so valuable that you get a piece of multiple gain. For instance, right now we're hiring a president for one of our companies, and he's from a huge company. It's not really reasonable that he would come and do this for one of my companies, given what he's done in the past. And you couldn't pay him the salary where he's making it a big company.

28:37Maybe one-fifth of that. And so why would he come work for me? Because I'm like, listen, you could go work for this one company, and have one shot at goal. If that company wins, you're going to win big. But the founders got to sell at the right time. You guys got to hit these huge milestones. The investors got to get paid. You've got one bet. Or with me, you can come into this company and you can take an equity bet on this company, but also a bunch of these other little bites. And so that's why I think private equity is so interesting and why people stay as private equity employees for decades.

29:08I mean, I have a friend, let's call him Frank, who's probably one of the richest guys I know, and he has been an employee in a private equity firm for like 30 years. He's like dating celebrities, has a plane, he's an employee. But he gets little bites at the apple. And so I'm trying to really explain this to my employees. And less risk. No risk. The only risk is getting fired. Right, right. You know, and that you have to work a lot. He's not managing payroll. He's not having to hire and fire people necessarily, or maybe that's his job. But he's not dealing with having to bring in all the money constantly to keep the business running.

29:41Right. Well, and let's talk about the truth of the matter here, is that 90 % of startups fail in a 10-year period. Most startups fail in the first three to four years, and in those first three to four years, you make$0. In fact, you spend, on average,$30 ,000 to$50 ,000 a year attempting to make money. Oh, man. And then, when you eventually do make money in year three or four, the average entrepreneur pays themselves anywhere from$40 ,000 to$60 ,000 a year in salary. So you go five years making no money, essentially. Exactly. Working more hours than as a plurie. Right. And what's the benefit then if you spend a half a ticket of your life or most likely you're going to fail?

30:17I think that is the question we have to ask ourselves. It doesn't seem exciting now. No, that's why I get excited about boring businesses, because what are the two reasons that most businesses fail? Well, 60 percent of businesses fail because they don't have product market fit, which means like I had an idea. I wanted to sell these graphic mumps. These graphic mumps are amazing. I asked all my buddies, you can buy one, Lewis? Like, yeah, of course. Great idea. You should go be your own CEO. Everyone thinks it's the best idea ever. You're going to sell millions. Right. Then you go and create the company.

30:44And all of a sudden, Lewis is a little cheap. Nobody's buying my mugs, right? So the market didn't actually want what you were selling. And then the second reason most businesses fail, which is about 20 % of the reason, is lack of cash flow. So you have this big idea. Nobody wants it. You run out of cash before you get to figure it out. And so I think we've been sold a total lie about business creation and startups, which is that employment sucks. And also we should go start a business instead. And what often happens, and I hire a lot of these people, is they go start their business. They're like, oh my God, this is worse than employment and I'm not making any money.

31:21And so if you're going to play the odds, if you're going to go gamble, you can play the slots and know that you have the worst odds out there playing the slots. And if you're going to gamble, you at least are probably going to play blackjack if you're good at it, because you know, that's where you have the best odds. Business is very similar. The best odds is somewhere where the business already has product market fit and the business is already cash flowing. It's already making money. It's already profitable. And it's been doing it for years. And so that's why I'm obsessed with this idea of borrowing businesses and buying them because statistically it has less risk and it has more ability for you to earn over time.

31:57It's not no risk, but it is less risk than a startup. And nobody talks about that. What are the main reason people are selling their profitable businesses then. If a business has been profitable for five or 10 years and it's so hard to be successful, why sell the business? There is a huge gap in education between asset value in business owners and ability to sell your assets. Think about it this way. If you owned a house anywhere in the country and that house was too small for you and it was still livable, it's still a house, maybe it's not the nicest house, it's not really what you want, you would never just go, let's just light that fire and walk away, right?

32:32It would be crazy. You'd be like, okay, well, let's sell it for whatever it's worth. Or let's put a renter in there. Or let's do something with that asset. We think about a house like an asset. In the U.S., we do not think about our businesses as assets. We do not think about our business lines and divisions as assets. And so what do we do instead? We just walk away from a house that somebody else could live in. And so, you know, there was a, who was I talking to? It was, oh, it was Sean Rad, founder of Tinder. So him and I were chatting the other day. Yeah, he's a buddy. Love him. I got him connected.

33:05He's lost a lot of weight in the last year because I got him set up with my trainers. No way. Yeah, so he's been just transforming his health. He's been doing great. Oh, good. I'll have to tell him that we're buddies. So he was funny because I was explaining this to him. And he's like, you know what's interesting? Because I went into a... Oh, God. I might mess this up slightly. But let's say that he went into like an old bookbinding shop. And in this book, Biden and Shop in L.A., he looked over to the left and there were like these racks and racks and racks of books. And he was like, these are some cool vintage books.

33:37And so he was going through them and he was like, hey, I want to buy a couple of these from you. And she's like, no, I don't buy them. You can just take them. And he's like, no, no, I'm going to I want to pay you for them. What's the deal with these? Why do you have thousands of books here? And she's like, oh, well, my husband had a bookstore and he died or they got divorced. And so we shut down the bookstore. So what are all of those books? Those are assets. And if they had been thinking about their business as a house, what would she have done? She would have done an appraisal, had somebody come out, look at what the books are worth.

34:05She might have had somebody come and look at what the lease was worth for the business. She might have sold the whole business or done an asset sale. And so Sean ended up buying a bunch of one-off books, and then he was laughing. He's like, God, I felt bad because I went and checked them later. And I'm like, totally underpaid for these things because they were worth something. And so people sell their business because they don't understand the value of the business, and they don't think it's sellable. And like an example that I would probably give you is like, you've done it. Like you've had a business line before, right?

34:33Let's say your education business. And you're like, this isn't serving the current business right now. I'm going to shut it down. Reasonable. You're like, I'm the face, you know, it's not set up to sell. You haven't prepped a business that you created to be a business you could sell. Because most business owners do not know how to do that. And so you shut it down because you're like, well, reputational risk, all of these things. But let's say that you went through our program that we teach, and we talk about like prepping a business for a sale like a cake. You would have done all these tasks, which meant that you would have removed yourself as key man, and you would have had a business that somebody else could take over.

35:11And the benefit there is somebody else gets to steal your 10 ,000 hours, and you don't have to close a 10-year asset build that you have. I did that with my first business. What was that? And the person that took it over, it was kind of like all my online courses before I launched School of Greatness. And the person that took it over ran it to the ground. Did you sell it? Yeah, I sold it to him. But then it was also a sell over like three years. So he ran it to the ground after like four months. Did you get your cash out of it? First few months, and that was it. Okay. They sold me a lot. So that was a challenging thing.

35:43But it was a lesson, you know. Yeah, but I think this is a perfect example. So I bet if third-party people looked at that, they'd be like, why would Lewis sell this business? He's making, I'm going to make up numbers, making$100 ,000 a year from the business. That's a great business. Nobody would sell a$100 ,000 a year business. But why would you sell it? Because you had a million-dollar opportunity over here. And so you have opportunity costs. Yeah, exactly. So there's$900 ,000 that's waiting on Lewis to make a sale, right? Well, the big lesson was kind of what your biggest mistake was, it sounds like, was, you know, it was a partnership that wasn't working out.

36:14Yeah. and we weren't seeing eye to eye for like many months, probably six to nine months. And it was exhausting trying to be in partnership with someone where we just didn't have the same vision. Right. I'm not blaming him or myself. We just weren't aligned. And we didn't ask those questions early on. I didn't ask those questions. He didn't ask those questions. And so we didn't, we had clarity over like, let's go make some money over the next year, but we weren't thinking years in the future. We were assuming the other person wanted the same things. Yeah. And that created a lot of stress. Yeah.

36:43Yeah. Well, there's a whole chapter in there about partnerships and how to not them up. It's not perfect, but I have like 12 key lessons about partnerships that are really important in selling it. But I bet, did you do that sale with seller financing? Was that like largely, hey, a percentage of future profits? Yeah, yeah. So he sounds like he actually got a pretty good deal out of you. He got a great deal. Yeah, because he was able to talk you into his vision of the future. Because I knew he couldn't pay me up front. Right. He wasn't able to do it. And he was like, I'm going to use this money to do the marketing and the ad spend.

37:13And he just ran it to the ground. And you probably didn't do a real deal process to have multiple people come in and potentially vet your business. Yeah, exactly. But why would you? And I was also just like exhausted. You know, it's like a lot of people are exhausted running their business for years. They might sell it on the cheap because they just want to get out. That's exactly right. That's the seven D's, which is, you know, death, divorce, distress. I always forget this. You move, depth to force, distress. You move locations. You have disagreement. So that would be like a business partnership.

37:52You have... Debt. Yeah, that's not the exact one, but we could use that one to fill it in since I'm forgetting it. And somebody on the internet will tell me what the seventh is. But for most small business owners, they're in the pain cave when they're looking to sell. In this case, largely retirees, because 60 % of all small businesses are owned by people 65 plus in the U.S., which is wild. So a lot of them just want to retire. And they've been running it for 10, 20, 30 years, maybe, some of these businesses. Right. But a lot of these business owners, too, just have the same thing you have, which is opportunity costs.

38:29Like, ah, I'm running this landscaping business, but this roofing business is really taking off. Exactly. So I think that's a beautiful story to share because a lot of people don't think it happens. It happens all around us. And it can be exhausting. And that's, I mean, not to be opportunistic, but that could be the time where you could swoop in and find a business that is distressed, that's struggling, or a partnership is falling apart and they need to sell. Yeah. It's one of the seven slash three and a half Ds. Here's a question that I thought would be perfect for you. I was actually getting a coffee last week, and I went to this coffee shop.

39:01There was a couple people sitting there, but no one was in line. It was like at 3 o 'clock, right? So after the kind of the rush of the afternoon. And for whatever reason, I like to talk to a lot of people when I meet them, you know. I like to say hi to people at stores. I'm from the Midwest, so I'm just kind of like welcoming. Most of the time, not every day, but most of the time, I just say, hey, what are you grateful for? I just kind of have these questions.

39:25And I could tell this woman who was behind the desk making coffee was not having a good day. The energy was low. She's probably in her mid-20s, maybe late 20s. I'm not sure. Her name was Phoenix. I don't know her last name, and I won't say where she was working. But I was just asking her a few questions. I was like, what's going on? And she goes, I'm just tired. I'm not enjoying the job. The pay isn't that good. You know, things aren't going in my favor in life. Like, there's a lot of stress and it feels hard to get out of it. For someone like Phoenix, who's listening or watching right now, who is just at a job they're not enjoying, they're not making the money they want, and they don't feel like things are going their way, what's one thing they could do to start shifting their energy and start seeing the world differently so they can have more of a positive experience rather than a soul-sucking experience?

40:19That's so good. go make something a little bit better at the job you have right now. Step number one, if that coffee shop isn't giving you what you want out of it, you're not making enough money, you don't love what you're doing, how can you actually give more to the business, which sounds counterintuitive. But I would come up with every single day, what's a little bit more that you can be doing? Can you be going around and seeing if anybody wants some additional orders? Try to take note how much the business is making each time that you're on shift and then how much it makes after you start making these changes.

40:48Create a little list of the things you did to affect your will on the world. Show that, hey, you actually know how a business works and you want it to grow. Small little changes. Maybe you go outside, you're starting to say hi, you hand out a little coffee sample to people. Think like an owner. Have an ownership mindset. Because when you have an ownership mindset, that transfers to ownership eventually. Then the second that you do that, I want you to go to the owner of the business and I want you to tell them, just a little brief, hey, here's the stuff I've been doing at the business. No ask. I've been doing this little list of things.

41:20It seems to be working. Here's some of the experiments I've been trying. First of all, they're going to be shocked. Nobody's going to ever have done something like that to them. You are already now the 1%. Second step, you do it for a few more weeks. At the end of a few weeks, you go, hey, I've been doing these extra things. I'd love to make some additional money here. Is that possible? Can you show me, like, what a career progression looks like here for me to move to the next step, for me to make additional money? Here's the thing. If they say, nothing, this is Starbucks, we don't hire this way, you're stuck here, then that's a bad company and you need to start looking elsewhere.

41:55And you need to, as you're looking for your next thing, not just have a resume, but have some case studies. Here's what I did in my last business that they didn't ask me to do. Here's how I realized that I could provide positive value. I can promise you one thing only, that capability is so rare and desire is even more rare. And so if you can show those two things in the world, you will go from having an owner's mindset to an owner one day.

42:20I think it's 80 % of businesses fail within the first five years and the other 20 % barely are holding on or struggling. It's really rare to succeed in business and it takes a lot of kind of luck and timing, all these different things. But a lot of people, you hear horror stories in the stock market as well as in real estate for people. They went out and bought their first home and they lost all their money or it took so much time and energy. It just exhausted them that they gave up. Maybe they tried to start a business. It failed and they just feel like, God, every angle I go to try to earn money, I struggle.

42:55I spend so much time and I get defeated. What wisdom can you share to someone today on whichever route they want to take on how to emotionally and mentally overcome the obstacles that may come their way? Don't ever put yourself in a position to have to sell. If you never put yourself in a position to have to sell, you're never losing money on real estate. I haven't sold a house in the last 30 years that hasn't sold for more if the person was able to wait and sell it when they wanted to. When you put yourself in a position, you over leverage. you buy in an area that is transitioning or that is high crime.

43:38That is a gamble. Those people, you're going to lose money. But when you put yourself in a position to never, ever have to sell, you're always going to make money in real estate. Now, I don't know about you, but those people who bought Blockbuster, it doesn't matter how long they wait. They're never getting that money back, are they? And that's the difference between real estate and stock. People say, oh, well, you know, Glenda, if I put$130 ,000 in this stock, it would be worth a zillion dollars. Correct. But if you put down$6 ,500 on a$130 ,000 house, you only have$6 ,500 in it. Right. If you lost it, you only lost$6 ,500.

44:23You didn't lose$135 ,000. That blockbuster stock, you lost all$135 ,000. People don't think about it from that perspective. You talk about appreciation. You bought one hundred and fifty thousand dollar house in 1975. That house is now worth a million dollars. Guess what? You also had a place to live. OK. Or you had an income generating generating rent. asset. So that's the thing is like the last time I checked, those stocks aren't doing that for you. And and I all I know is real estate. Like I I'm old. I want to see, touch, feel my money when I want to be able to get my money out. I want to be able to get my money out.

45:05I don't want to be at the mercy of the stock market. So while I have stock market investments, that is not where I I keep my money. I keep my money in houses where I can see, touch and feel it. And the worst case scenario is that you have it rented out and it's renting for less than your payment. OK, so this is the worst case scenario. Your payment is two thousand dollars a month and you're only getting fifteen hundred dollars. That's a five hundred dollar savings deposit that you're making per year into that account. And if you keep that house and you sell when the market is high, you're going to make all of the money that you put back in it.

45:46Right. Right. What about if someone says, well, what if, you know, I've got to fix all these things and there's all these extra costs and expenses that I have in the house over a few years. And it's just maybe I chose it wrong. Or maybe the realtor, I didn't see these things. The inspector missed something. Whatever it is. Yeah. And I got to pay$20 ,000 for a new AC, the roof, the this, the bathroom. And it's like I'm in tens of thousands of dollars more,$100 ,000 more than I have or wanted to be. Right. And now I've got to hold on to this for 20 years to make a profit. How does someone wrap their mind around that and not feeling like they're losing money, they don't have access to that cash, and they have energy invested into a house versus kind of just that money in the bank or in an index fund?

46:30Right. Exactly. So what happens is, is it's critical to understand what you're buying. It's critical to do your homework on what you're buying, not just having a great real estate agent, not just having a great inspector, but getting in the weeds with it. And what I mean by that is driving through the neighborhood, getting lost in the neighborhood. Did you do your own recon in the neighborhood? And that's what I want people to do is don't depend on somebody else to tell you everything. I want you to understand how to do it. And so a lot of times when I'm with buyers, I'll put them in the car and we'll just drive around, get lost, turn off the GPS, eat in the restaurants, shop in the grocery stores.

47:20And this is such a simple thing that a lot of people don't think about. If the grocery store has great produce, that means that people are spending money in that grocery store. That means that people are concerned about what they're eating. They're probably going to take care of their house. Nobody ever talks about stuff like that. You probably never thought that if I have good grapes at my grocery store, it probably means I'm living in a neighborhood that's well kept. If you're concerned about the food that you're eating, what you're putting in your body, you're probably concerned about how you're taking care of your house.

47:55What would you say are five things people should look for when finding a great deal or an investment in real estate? The best investment in real estate, grandma's house. OK, something that needs cosmetics, not infrastructure. Infrastructure may not sound sexy, but infrastructure is a wonderful thing to have. Number two, look for an area that is not at the top, but that is growing that you can kind of see like, oh, wait a minute. They're doing work here. There's a dumpster in the driveway here. And do that kind of research. Understand, like, what direction is the neighborhood going in? Number three, I would probably say when you're looking to invest, make sure that you understand what you're buying.

48:44A lot of people don't understand, like, is this house on a two lane street? Is that a problem? Does this back up to the retention pond? Are there mosquitoes? It's Atlanta, Georgia. It's hot as hell. There's all kinds of mosquitoes. Do you understand how much less you're going to take for a house that's on a retention pond? So that's why I always want people to understand exactly what it is that they're buying. I hammer on that a lot. And again, I don't want you to get caught up in your ego. A lot of people buy for vanity. Really? Oh. What's the ego mean when they invest in ego? Because they want you to drive up, pull in the driveway and say, oh.

49:25What a nice home. Oh, my stars. You don't want that. Literally. Unless you're living in it, maybe. You don't even want it when you're living in it. Literally, you want to live in the house that works the best for you and your family. Like, do you want to like out here in L.A. It's a little bit different. But in regular markets, like think about it. And I'll talk about Trey Young. I love basketball. Trey Young bought a 20 million dollar house out here in L.A. Signed a contract for 215 million dollars. Praise the Lord and pass the money. Right. Do you know how much the taxes on that house are? Six hundred thousand dollars a year.

50:06Do you know how many houses, investment properties you could buy with$20 million? Wow. So you could have bought a fancy$5 million house in Atlanta, Georgia, which would have been the same as a$20 million house out here, for God's sake. Then you could have bought some investment properties and built generational wealth. Not that his$215 million isn't going to be generational, but ask Evander Holyfield how that works out. That's the thing. You look at look at Evander Holyfield, a fighter who sacrificed his body, his well-being, his quality of life, made hundreds of millions of dollars in his career and loses his house to foreclosure.

50:49And think about that. So that's when I talk about vanity. Anytime that you're trying to impress somebody else with what you have, I just going to ask you just let's just rethink that. just for a second. When did you really learn about how to manifest in your life? Was there a time or a season or a decade where you started to think a certain way when it came to either attracting the right clientele as a realtor, in terms of attracting the right homes that you wanted to buy and invest in, in terms of business deals that you wanted to do? Was there a season or time that you learned about manifestation?

51:29Making mistakes was probably the biggest teacher for me. Really? Not just making mistakes in my real estate business, but making mistakes in my personal life cost me so much time and so much money. And I think the reason that I'm passionate about it is because like I went out and bought the Mercedes. I made$137 ,000 on one house. I went out and bought a Mercedes. I went on a shopping spree. And within 12 months, I was selling my Rolex at a pawn shop. Yes, really. I was selling my car, my Mercedes. I was selling that Mercedes and buy. No, no, no. I didn't sell it first. I didn't sell it at first.

52:20At first, sit down. and it was paid off because, you know, I made all that money. What you really don't realize. I went down in half after a few months. Well, what you don't realize is that you got to pay taxes on all that money. But anyway, so I buy the car and I realize I have a cash flow issue. So what do I do? I go get a tote the note at 27%. So you want to talk about, oh, Glenda, what would you do? When I talk to you, I'm just telling you straight from the horse's mouth. I made this mistake. Don't make the same mistake I did. I went out and bought the fancy Rolex. That's why I have the hundred and thirty dollar ring from Ross Simons.

53:01I mean, it looks fancy, looks nice. It works and matches my outfit today. So that's what I want people to focus on is like is like the mistakes that I made. Don't don't do what I did. Learn, learn from me. And so that I mean, how do you manifest it? When I see when I never will forget, I saw this agent who sucked as a real estate agent. And that guy was making more money than he could count. Really? What was the secret? He was a good talker, but he was investing in POS houses. He was investing in these little houses and he was fixing them up and selling them and fixing them up and renting them.

53:49And I remember thinking to myself, somebody that is not as good as I am at real estate is doing a thousand times better than me. And every time I thought about going out and pissing the money away, I thought about that guy. and it pissed me off it made me so mad it just made me crazy and every time that i think about doing something that's probably you know impulsive or um ego driven and and i think that a lot of times you get caught up in being ego driven because it feels good when everybody looks at you and they think that you're successful. But for me, every single day, I focus on what moves me from here to there.

54:45And here is freedom for me. Freedom with my children, freedom with my family, freedom with my little grandchildren. My one and only goal is to be able to do whatever I want to do whenever I want to do it and not have to worry about going up another set of steps, not worrying about what next house I have to sell. And what turns me on is helping people, inspiring them. And so I just say to myself every single day, my name is Glenda Baker. Only amazing things happen to me. My name is Glenda Baker. I'm a woman of action. And my name is Glenda Baker. And everybody's going to know my name. And all I want to do is just help people build generational wealth through real estate.

55:28Wow, that's beautiful. And inspire them through my mistakes. Sure. Because we don't all need to make the same mistake. Let me have been the guinea pig. What would you say are the three most painful mistakes in business that you've made over the last 30 plus years that really taught you an important lesson? Maybe you had to learn it over and over again. I didn't pay my taxes. That was probably the most eye-opening thing. because I, I mean, I grew up with a single mother. Like I didn't have anybody explained, like, I didn't even know you that when you only got paid, when you sold a house, I'm in real estate school.

56:09And the teacher says, now, when you sell a house, you make this much money. And I'm like, like, you don't get paid on Friday. Like you have to sell to make money. Like, I, I mean, I didn't know, I didn't know that. And I won't even try to get a job as an assistant. Nobody would even hire me because I mean, I'm barely out of high school, didn't go to college. And so, you know, I didn't understand about paying taxes. I mean, I made$137 ,000 on that one house, for God's sakes. Like how much could the taxes be? Right. A lot. A lot. Had no clue. So the biggest financial mistakes in business I have made have been I didn't pay my taxes.

56:49I made purchases based on ego. I let people that didn't matter influence me to make purchases that I shouldn't have. Really? Yeah. Because... You mean people you knew or people you didn't know? I think it was a little bit of both. People that I knew and I thought, oh, well, they're doing they're doing well and they're putting all of their money in this. Maybe I should do that. Or I believed all of the I believed all of the hype. And I think that that that was a huge mistake. Just just believing all of the hype that wasn't really the truth. Yeah. Not being able to discern well enough. Yeah. But being distracted.

57:40Probably one of the biggest money sucks of my life has been being distracted. What type of distractions over the last 30 years did you find? All kinds of distractions. But mostly for me, I've been distracted by the shiny penny. I've been distracted by feeling like that I needed to be married to somebody to be somebody. for many I mean I remember it so like vividly in my head that I wasn't going to be worth anything unless I was married to somebody really some big person like you know like Ted Turner like you know I'm thinking like oh I should be married to some like big shot person I wouldn't be worth anything without that.

58:29Where did that come from? I don't, I don't, you know, I don't know. I think about like, I think about in my head, I was the only child in my school whose parents were divorced. Really? And I remember like seeing Mr. and Mrs. Myers and Mr. and Mrs. Bourgeois. And I remember seeing them and thinking, you know, they had the two kids, the three kids, the dog, the house with the swimming pool, like the mama stayed at home and the daddy took care of everything. And I remember thinking to myself that I was so cheated that I didn't have that life. And here was my mother. First off, she was old because she was 44 when I was born.

59:22Wow. So my mom was the oldest mom. She was the only divorced mom, single mom. My dad wasn't really in my life. And so here I am. And then on top of that, I have to have this back surgery and I'm in a body cast for a year in seventh grade and just everything. It just I've got this big accent, which I don't think I have, but lots of people think I do. But it just I mean, there was just so many things. And I kept thinking that I was like the odd man out. I was like I was different than everybody else. And rather than appreciating that difference. I worked so hard to be like everybody else. People pleasing, trying to fit in, doing whatever others.

1:00:10Oh, yeah. Trying to fit in. I mean, I, you know, here was the last kid picked on the playground. And I wanted to fit in so bad. Yeah. And I couldn't ever figure out how to get those pieces of the puzzle together. Back when I was in school, I mean, I graduated from high school in 1984. You didn't call it bullying. Like today, you would say, oh, she was bullied as a child. She didn't call it that then. You didn't call it anything. Toughen up. It's more than life. Yeah, suck it up, buttercup. You know, and and I think that for me, a lot of a lot of the distractions were just trying to be like everybody else, get somebody's attention and prove that I was worthy.

1:01:03I know that feeling. And you felt like you only had worth based on who you were with. It sounded like. Yeah. Or who you're friends with or you were dating or who you were married to. Who I was associated with, who I was attached to was what defined my worth. Wow. And I think that that was huge. Once I realized that my value was determined by me, was a turning point in my life. When did you learn that? 2017. Really? Yeah, not that long ago. What made you think that? And what made you realize and actually start to believe that? I stopped. I struggled with drinking and I stopped drinking at the end of 2015.

1:01:53And I think that that really started giving me a lot of clarity. I think that that alcohol had been had had disguised a lot of issues that I had. But I think that when I stopped drinking and I tried I was focused on being my best self that helped. And then I went to a Tony Robbins event and he talked about just being present and these moments, just being present and building these moments. And I went with my son. My son was really struggling at that time. How old was he then? He was 16 years old. Wow. And he was really kind of going through a difficult season of his own life. And I took him to the UPW for him.

1:02:41You're right. You got more out of it than he did, probably. And we're there four days. And at the end, and my son's tall and he puts his arms around me. And my ear is right at his heart. And I can hear his heartbeat. And he leans down and he says, I'm never going to forget these four days with you. Wow. And I remembered in that very second, in that moment, like here was this child watching. Like you, he deserves it. He deserves your value. He deserves you to be worthy. Wow. And so I left that moment and I said, my life's goal is to string together moments of a lifetime. Just like that one that I could just feel.

1:03:43And I just everything I do, every single thing I do is built around how I can build a moment in time for like my life, my children and the things that the people that I love. That's beautiful, Glenville. I hope you enjoyed today's episode and it inspired you on your journey towards greatness. Make sure to check out the show notes in the description for a full rundown of today's episode with all the important links. And if you want weekly exclusive bonus episodes with me personally, as well as ad-free listening, then make sure to subscribe to our Greatness Plus channel exclusively on Apple Podcasts.

1:04:21Share this with a friend on social media and leave us a review on Apple Podcasts as well. Let me know what you enjoyed about this episode in that review. I really love hearing feedback from you and it helps us figure out how we can support and serve you moving forward. And I want to remind you if no one has told you lately that you are loved, you are worthy and you matter. And now it's time to go out there and do something great.