Top Money Expert: How To 10x Your Income & Turn Your Passion Into A Thriving Business | Daniel Priestley

31:41But it has to be the right opportunity. And we're also, I mean, I'm turning down a lot of financial opportunities that are big. Just not the right fit. But I'm like, ah, it just seems like too much of my time. Yep. I'm like that's not scalable yeah if I'm just doing it for a certain amount of money for the next six to twelve months that's not where you're at right so much of my time I'm like just doesn't feel right yeah well that's you're doing the right thing and that's what that's that's kind of what's gonna happen so contrast that with the old model of you literally just get put into a job and you just only do that job and then you've got a hobby on the weekend and like you know you kind of just on somebody else's path you know so that That was the old industrial revolution system.

32:20In this digital system, you've got to develop a sense of feel as to, am I taking on too much? Should I dial it back a bit? What should I say yes to? What should I say no to? So part of the new skillset that we need is the ability to be discerning. In an AI driven world where anything's possible, you can speak your ideas into existence at light speed. You need the ability to have taste and discernment. So you can say, that's not to my taste. It's not the thing that's the perfect thing for me. You know, a big skill is knowing what to say no to now. It's huge. And it's hard to, like, turn down money.

32:55You know, you don't want to turn down financial opportunity in a world of, you know, just money as a tool to support you in your lifestyle. And there's different phases in life. You know, so there are times in your life where you definitely wouldn't have turned down money. No. And then there are times in your life where you have a bit more discernment, which is, okay, this is short-term money and it's not long-term scale. And what I'm looking for is something, long-term games with long-term people. Yeah. And listen, I'm all for like creating incredible financial wealth. I'm all for it. Like if it comes to me over my lifetime, great.

33:31I want to be like a steward of that wealth and I hopefully want to do the right things with it To serve in the right way with that money. Yeah, not just for me alone in my family, which yes I want to provide and yeah, great experiences that are Unforgettable moments that doesn't mean you need a lots of money all the time to create these unforgettable moments with family and to feel Like you're living a healthy lifestyle with the right foods and having the right housing and you know You don't need tens of millions of dollars to live a good life. It's interesting because you've sat down with 1 ,700 people who are living amazing lives.

34:08So you've picked up on this theme that there's got to be a bit of balance. Yeah. I mean, it's just kind of like, what is the end goal? How much money will make you feel like you are enough? And what number did you arrive at? For me, I don't think I've arrived at the number because it's not like when I'm a billionaire, then i've made it or when i've exited a company for nine figures then i'll be enough i have i've yeah your enough is already the enough is built in i feel enough right now and i'm so grateful and blessed for the abundance that's come to my life yeah for the the peace i have internally yeah for the health that i currently have for my marriage for you know everything that i'm creating yeah and the opportunity to wake up another day i'm blessed it's a great space and there's so many people that i've met or i've known who have struggled so much and they have all the money in the world so if all the money in the world isn't going to create inner peace and fulfillment yeah then what's the point that's a great point how can i'm not saying don't go after building extreme wealth if that's something you're excited about but at what cost what price yeah and are you gonna have regrets that like oh i wish i would have spent you know another 10 years building more companies to make more money and become a higher net worth millionaire instead of becoming a self-worth millionaire yeah and how can i develop more love more peace more inner expansion rather than focus on external expansion.

35:46And there's, again, I'm not saying there's a right or wrong, good or bad. The one thing I would say is entrepreneurship is the most incredible personal development journey. Like, it really teaches you so much about yourself. It challenges you. It brings out your inspiration. It forces you to explore, you know, your edges and your limits. It gets you to be creative. yeah so entrepreneurship is personal development in motion it's it's like you can go from reading a book which is academic to i'm going to bring something into the world which is like okay i'm riding i'm you know you can't ride a bicycle you can't learn to ride a bicycle by reading the book you got to ride the bicycle yeah yeah so i i feel like entrepreneurship is just this personal development journey um that is unfolding in real in real life it's a way of living a personal development journey, it really does take you on that.

36:40What's the number for you? For me, it's all about, am I in line with my passion? Am I in line with what I'm meant to be doing? My work-life mission is to develop entrepreneurs who solve the world's most meaningful problems. What I want to do is I want to build out a community of people who are solving meaningful problems in the world, who are elevating the world. They're standing out, they're scaling up, they're solving problems, they're having an impact. And for me personally, I like creating businesses that help entrepreneurs to stand out, scale up and make an impact. So like, for example, the book writing software is bookmagic.ai is a example of helping people to express themselves through writing a book because that allows them to stand out, scale up and make an impact.

37:25So I'm very much like only doing things that are in alignment with my personal mission. and I do stuff that's fun. The crushing thing about having too much money is that, if we want to go down the pity party. What is the crushing thing about having too much money? The crushing thing is that you go from being highly creative to being a money manager. And this is a real problem because the thing that gets you the company exit is that you poured out creativity. And it was all about expansiveness, and it was all about building something that belonged in the world. And you saw it before everyone else saw it, and you just wanted this thing to exist.

38:03So you almost willed it into existence. You enrolled members of the team. You took something that didn't exist and you brought it into the economy and you made it real. And then someone else saw so much value in that that they buy it for nine figures. The problem then is that if you do get a check for a lot of money, you then become what's known as a wealth manager or a money manager. By default, you've gone from this fully creative, expressive thing called your business to this thing that is all about risk and caution and not breaking it and not doing it as opposed to holding that and risking and yeah putting it out there and how many people do you know who've exited eight nine ten figure businesses that then go depressed within weeks after having all this money in the bank it's almost like you hear more stories of billionaires exiting companies who who are depressed for two years, then people are like, I've made it, and life's amazing now.

39:01It's like there's almost a depression from it. Well, I'm not gonna say that happens all the time. I also know some people - I've heard more stories than not, yeah. Who have some great times post-exit, and that actually they live a very great second chapter as well. So it's not a - It almost like takes a while to get, it's almost like - Yeah, it's the next personal development, Jay. Yes. So I've got plenty of friends who have sold for hundreds of millions and their second chapter is even greater than their first chapter. And it's a new form of expression. It's a new form of creativity and they, you know, they're ready for it and it's great.

39:37There's always the mourning and the loss of selling a business. Not always. I've sold businesses I've been super happy to sell. I sold a business, I bought a business, grew it, sold it, sold it to a New York public listed company and it was a great deal. And I was like, sweet, fantastic, onto the next thing. Right. So I've had times where that's happened um for me personally what i've noticed as a common theme is that you want to sell a company for enough money so you can do anything but not enough that you can do nothing you know so like a lot of the happiest people i know they sell companies for like 10 to 50 million and they've now got capital behind them and they can do big things something else with it yeah but they're but they're still like energetically in the game um i've got some friends who have sold money for like you know closer to a billion and that's kind of weird because almost nothing becomes like mean like everything's meaningless at that point it's just i'll just buy this spend this yeah like i'm just going to have houses around the world and i'm going to travel in private jet and like um and it's like oh and everyone's busy like i can do anything but everyone else is busy everyone's trying to make a living yeah yeah yeah um and then you scroll through uh you know i was talking to a friend of mine who had that situation he said you know you scroll through the news or you scroll through Facebook and it's actually quite painful because you kind of know in the back of your mind you could take action on this, you could solve that problem, you could help that person and then it becomes overwhelming so you then have to develop a crust.

41:03So interesting. You can't help it, you can't save everyone. Yeah but mind you let's not throw a pity party. For the billionaires of the world. Yeah exactly. Here's the cool thing. these days it's totally possible for really normal people to start a business that is a lifestyle business that does uh six and seven figure revenue six figure maybe seven figure profit um and you have fun freedom and flexibility and it becomes a vehicle for for being able to live and work from anywhere like let's not discount the real opportunity at the moment The biggest opportunity at the moment is that small dynamic teams of less than 10 people can have a really significant impact in business.

41:51We live in a time where small teams have infinite leverage. They can have a YouTube channel. They can use AI tools. They can have a software stack. And that whole team can live and work from anywhere and be earning incredible money. I have countless examples of people who are doing one to five million of revenue, half a million of profit to a million of profit, and they don't have to be anywhere in particular at any given time. No one's disappointed with that. Right, right. It's a good lifestyle. That's a good lifestyle. On this entrepreneur journey here, we talk about one person to three people is the wilderness.

42:26This is a really tough time in business where you're figuring things out, figuring out your value. Three to 12 people is the lifestyle boutique. And then 12 to 30 is the desert, too big to be small, too small to be big. And 30 to 250 people is your performance zone. So 12 to 30 is the worst place to be? That's a hard one. Having 12 employees to 30 employees. 12 to 30 people on a team is too big to be small, too small to be big. Why is it so hard? And how do you know that you should break through to 30 plus or stay under 12? Well, if you want a lifestyle business, then it's the 3 to 12 person team.

43:01That's where you want to be. because it's a self-organizing team. You've got a core team of about 10. Yeah, here are some virtual team as well. Yeah, but that core team, I bet you find that it's just very self-organizing. People just figure out what needs to be done and they're doing it and all that sort of stuff. What's weird is about 13 people splits the team into two or three sub-teams. So when you hire the 13th person, now you've got a sales team who don't talk to the finance team who don't talk to the ops team. And now there's dramas. When you get 17 people, two of them start dating and it gets weird.

43:37Has that ever happened? Not that I can think of, but I'm just thinking of how it could be weird. Because you kept it under 12. Yeah, exactly. Yeah, yeah. It's like, I don't think that's ever happened unless it happened without my knowledge. Yeah, well, that happens too. Right, right. Sometimes in your boardroom, right? Right, right. So you get 17, 18, 19, 20. You really are. You're too big to be small. You're too small to be big. You're in this awkward zone. when you get to 30 you've got typically a four or five person leadership team who can then lead the teams of teams and now you've got a proper business you're in the zone of being able to sell that business for tens of millions so so i mean you got to go from 12 to 30 like how do you do that so quickly so that you're in more of a high performance business rather than a lifestyle boutique the fastest i ever did it was three days oh oh if you just acquire a company well you can that has a team of 20 people.

44:31You're going to hire. Boom, I'm going to hire Nate. But what we actually did is we had a conference. So we had a three-day conference, and we invited about 70 people, and we basically said by the end of this three days, we're putting together a team of 30. Wow. And we brought the team together, yeah. What was that business? Well, that particular business was a business that I was brought in to take them through it rapidly. Wow. And it was a consulting business based out of Boston. So we just hired 30 people in three days. We brought together a team of 30 in three days, and it was amazing. We put up the org chart.

45:03We got people to sign on to which roles they wanted. And by the end of three days, we'd organize them into a team, and they're ready to go. So it doesn't have to necessarily take too long. When you hear about Silicon Valley - You also need the money to do that, too. Yeah, or you just need the agreements. Look, a performance business is a more advanced business. And when you hear Silicon Valley startups, they go out and they secure that first three to five million worth of capital to go and put together that first 30 people team. Right. So they put together their leadership team and then their developers and their customer success team and their sales representatives.

45:39So they kind of like recruit. That's like part of the founding story in the first 12 months. They put together that team and that's why they get the three to five million. But it only works if you intend to sell that business for a lot of money If you're trying to get an exit in five seven ten years, that's what you need to be doing It's a little bit like sport There are plenty of people who love playing tennis but lifestyle tennis and then there are people who want to tour professionally And it's very different. It's a whole nother level. Different life. Yeah, it's a different life. That's interesting So how many of your businesses out of the seven that you have currently are Lifestyle businesses versus?

46:14So we got two that are in performance and we got five that are coming up through that process of going from their boutique to getting ready for their performance jump. Interesting. So none of yours are under 12 then? They're always intending to go big. Yeah, for me, where I'm at is that pretty much on day one, I want a team of about eight. So if I'm launching anything, it's, well, I work on this. Two-person scout team to scout the opportunity. Can we sell it? Can we build it? four person fire starting team which is just an initial team to run the launch campaigns and to get those first customers figure out how this business works eight person boutique core team which is here and then when when we get the signal that the business is ready we then jump to our performance team got it to 30 to 30 yeah and that is kind of like clockwork you know that hey I can only get to three to five million with 10 people yeah maybe it gets to 10 if I'm lucky but it's like I learned that from the army scale I learned it from the army so yeah the army they never send one person off on their own they call it a scout team two-person scout team then they have a four-person fire team they have an eight-person section and then a 30-person platoon so I've just modeled that straight off the military it's two four eight twenty uh two sorry two four 830.

47:34Wow. How many companies have you exited now? Four. Four. Yeah. So four proper exits. When you know it's the right time to exit. There's three things that the business has. You know that it's the right time when you don't actually want to sell it. When you want to sell a business, that's actually because it's not saleable. There's this horrible point. How do I get rid of this and then trick someone that this is valuable? And that's definitely not the time to sell it. The feeling of a company, what a company feels like when it's saleable is it's like, why would I sell this? This is a great company.

48:14Because that's the maximum point where people are going to feel the same way about it. But there's three big things that companies have when they sell. So number one is recurring revenue contracts. Businesses that sell for a lot of money, they've contracted their recurring revenue. They can forecast really far forward into the future. and they have some metrics that are all about like how much of our revenue is recurring and how much does it churn like how much does it go down if we leave it over time so those numbers are super clear uh it has a 30 person or more team so you've got to have 30 people on the team so that um when the founder leaves the business doesn't fall apart because typically less than 30 has what's called founder dependency and then you need what's called proprietary assets and proprietary assets are your unique brand, your database, it could be your systems and processes, it could be trademarks, you know, whatever it is that makes that business very hard to compete with.

49:13That is your moat, that is your proprietary asset. So those are your three big ones. Proprietary asset, 30 people plus on a team and recurring revenues into the future. You get those three things right, you're going to change your life with an exit.

49:27That's pretty exciting. the challenging thing is you know i've heard you say and i've been a big proponent of building a personal brand for since day one since 2008 when i started running right it's like i learned about personal brand end of 2007 yeah when i started getting into like online entrepreneurship and learning about the digital world yes and what was coming in social media yeah and so i've been a big fan of that was the year facebook launched you were super yeah i mean i was on facebook when it was just for college I remember when our college 2004 yeah was that for was college I was I was in college and it was like oh we're about to get Facebook like it's the next wave of schools 2007 was Twitter just launched YouTube was kind of like becoming a new you opened a YouTube channel in 2007 posted my first video in 2007 I was on LinkedIn and end of 2007 when it was like I don't know eight million early early was like very very small and I wrote a book about LinkedIn was one of the first people to write a book about LinkedIn in 2009.

50:26Yeah. About how to like build relationships in the digital world and then take them in the physical world. Yes. And I was hosting networking events all around the country. Awesome. LinkedIn networking events in 2009, 2010. And I was using the platform to drive people to the events. By the way, you and I are very similar. Yeah. 2009, I was running events called You Blogging TwitFace. And it was all about how to use social media for business. and that was my one of my first things and it was youtube blogging twitter facebook that's cool you yeah you blogging twit face it was cool that's cool exactly and it was like all these new events were popping up because it was like tweet ups and meetups and like blog world and like yeah gary vaynerchuk came along and we were all like wow this guy exactly and i met gary vaynerchuk in 2009 uh-huh similar and um tim ferris and all these different yes before our work for our work It's kind of like, there's almost like this new wave of how to create this lifestyle, entrepreneurship.

51:25I wrote Key Person of Influence in 2009, and it came out in 2010. And it was the book on how to build a personal brand. So you and I lived a very, very similar experience. Now, here's the thing. With AI coming, and it seems like more and more content creators are doing these things to put their message out there, to build awareness, to create more touch points, to have communities and audiences. and it seems like content creation is on the rise. Podcasting is on the rise. Vlogging is on the rise. It is. Short form content. AI tools are churning it out. And AI tools are helping people amplify their message.

52:04Yeah. The challenge is if everyone's doing it and the tools are more and more accessible, how do you stand out in a noise, in a sea of personal brands now? Yeah. How do you really gain audience when everyone is making noise? Totally, totally. So from 2009 to 2020, all you had to do is show up consistently. That's it. That was it. And just showing up consistently, you would do this. Now you've got to be an A player. You've got to really have your A game if you want to show up. So if you imagine an airport and the fog has come in, and it's very hard to take off because there's so much fog. If you're already up there like you are, you've got millions of people, then you're already above the fog.

52:49So you can continue that journey and you're already an A player and you can throw budget at it. How do you do it if you're starting out? How do you do it if you're actually on the ground and surrounded by this massive amount of noise? So a couple of things. You've got to tune out from what everyone else is doing and say I'm going to be committed to adding value to a small group of people and I'm just going to start small and keep adding value and show up powerfully. Because think about like this, your best friend is your best friend, not because you've got lots and lots of different options and you've selected carefully from all the options.

53:24Your best friend is your best friend because your best friend has figured out how to build a relationship with you. So the game is relationships, it's not noise. So trying to build relationships over noise. the other thing too is partnering with someone who's already above the fog so like you did starting out yeah i think yeah so i when you got into business i mean you were with the guy who was 20 years older than you who was successful and yeah when i talked to the road when i launched my first company um i had a guy who was the face of the business who we paid five percent of revenue to really yep um who had more authority than you more yeah credibility whatever it might be um So even today, it's very possible to hire someone as a speaker and they come in and they deliver a talk and 500 people show up to see them.

54:16But you position yourself alongside them. So you can do those sorts of things. You can do joint ventures and partnerships with people who've already got the face of the business, who can be the face of the business. But having your A game, there's five things you must get right. the way that you pitch has to be really on point you've got to pitch yourself in a way that's going to get cut through so you've got to you've got to make sure that when you answer the question who am i what do i do who is that for that that really comes across in every communication so you've got to get good at pitching publishing content regular publishing and having a publishing schedule publishing a book one of the best things you can do because it makes you an authority in your space.

55:00I had a look at major podcasts when we did a bit of an assessment into this and found that 78 % of guests on big podcasts have written a book. Like only 1 % of the population has written a book and 78 % of guests on the podcast have written a book. So authors end up on bigger platforms. You've got to have a way of monetizing your brand. So we call that a product ecosystem. If you don't have products, then you run out of money promoting yourself, promoting your brand. You've got to have a monetization method. The profile that you build, you need to do joint ventures and partnerships with people who have profiles so that elevates your profile.

55:43And the fifth one is joint ventures, partnerships, almost think about flying together as a squad. there was a photo I saw of you and you're in front of a jet a private jet and there's you and Tom Bilial and there's Jay Shetty and you would think oh these people are all competitive but no they're all collaborative they're working together and it was funny that you're in front of that jet and it's like boom we're taking off together um and it was I think you know the picture I'm talking about yeah um so there's this idea of forming a squadron and forming a squadron is where you say we're all going to build our own brands but we're going to support each other we're going to help each other a mastermind yeah yeah and it's like i'm gonna when i see you post on linkedin i'm going to like it and comment on it when i see um that you've launched a podcast i'm going to recommend some guests to the podcast and help you with that and and i know that you're going to do the same thing back and you can formalize these little squadrons in a whatsapp group um you can uh have a monthly meetup so you can kind of just like get that um tight-knit collaborative environment together yeah that's cool but I think you mentioned that there were five things that you need to do to build key person of interest also and I think we only talked about two of them right pitch publish products profile and partnership okay that's what it is so those those are the big five there you go yeah um here's the here's the thing that everyone's talking about which is AI yeah and everyone's talking about it people are starting to test it part of me feels like it's going to be the biggest thing ever and part of me feels like it could be the biggest distraction for people ever because there's always going to be a new tool a new software a new plug-in a new something that solves some problem right so how do people actually make money in an ai world yeah when everything it seems like you can get for free and if you launch an idea someone else is going to launch it for free when you're trying to charge a premium membership for it and they're going to be 10 times better than your thing and ai is just going to keep evolving how do you stay focused when it is evolving so fastly and everyone has access to it what's happened is we've invented a technology that is going to fundamentally change the nature of the economy and society imagine a couple hundred years ago a hundred guys are out plowing a field on a farm and two young guys turn up with a tractor and they say watch this and they drive the tractor up and down and they plow a whole field in a day that would have taken a hundred guys a month right and when that happens one time that's called a singularity moment and singularity means we don't know what the future looks like now we can't see around the corner because every single guy says, well, what are we all going to do?

58:36It only takes two guys to plow a field. We don't need to plow that many fields. And what actually happened is that 97, 98 % of the people who used to work on farms got completely displaced. By the late 1800s, early 1900s, all the farmers had moved to the cities and all the people who worked in agriculture had to move to the cities. We didn't know what the jobs would look like. so like even my grandfather try and explain to my grandfather what is a personal trainer he's like oh so i have fitness back in the day i say to my grandfather imagine if i said to my he's passed away but imagine if i said to my grandfather um well i don't really want to go to the gym so i pay a guy to meet me there and then he counts how many heavy things that i lift and tells me that i've done a great job and then he makes another time for me to meet at the gym and my grandfather would go what on earth like are you guys being scammed like what is what is going on it's like yeah and he's like how many people have a personal trainer well lots of it's a whole industry right so this idea of the personal training you know or a therapist or you know all of these couples things didn't happen 50 years ago yeah 60 years ago it's like you're just working outside all day or a podcaster right right so like the idea that you could be creating content and putting it on a free platform and anyone can watch it and you don't need permission to do it.

1:00:00So all of this. So we've hit a singularity moment. And the singularity moment is as soon as that AI created the first legal agreement that was a real life legal agreement, the legal profession, we know that 97 % of people don't need to be lawyers anymore. And as soon as the first AI diagnosed an illness, we know that general practitioners are going to be, 97 % of general practitioners don't need to be there anymore. Um, and what are people going to do? They're going to do something different. Um, life is going to look very different. We're going to have the, unfortunately, I got a, I got a bad prediction for you.

1:00:38There's going to be the bifurcation of society in the short term. What does that mean? It means that it splits in two. And what it means is that I'll tell you what AI has two superpowers. Superpower number one is the ability to distract. Um, huge distraction. Huge distraction. It's like it's a massive distraction. Yeah. And it's actually in particular. If you're not focused in like how are we using this to grow and achieve our goals, you're just like, let me try this new thing and this new tool. Yeah. It's really important to know that AI is really good at turning people into hyper consumers. And do you think there's anyone on earth who could beat an AI at chess?

1:01:18No. No. Not one single person. Zero. And in the same way, there's not a single person that can beat TikTok holding their attention. If you go on TikTok, it's game over. The minute you open TikTok as an app, it's game over. You're done. If you wanted to be there for one minute, it'll keep you for 10. If you want to be there for 10 minutes, it'll keep you for an hour. It is game over. It is going to turn you into a consumer at a much greater level than you wanted to consume. If you go on Amazon, there's a very high chance you'll buy something you didn't intend to buy when you logged in. so if you listen to Spotify you're going to listen to more songs than you intended to listen to because their AI is turning you into a hyper consumer so the first thing you need to know is that some of the smartest people on the planet have invented AI technology to get you to hyper consume and your time is limited so that's just going to take up your life on the flip side of the coin is that AI makes you into a hyper creator.

1:02:16And as a hyper creator, you can be doing 10 things at once that used to take 10 people to do one thing. So when you have AI powers, you can have what's called agentic AI, which is having agents that go do stuff for you. So you might say, gee, I wish I knew the name of every doctor in LA. You can send an AI agent to go find that. you could say I wish I could write a personal message to all my followers on LinkedIn okay well we can we can do that I wish I could take all of this data and put it into a spreadsheet we just tell an AI to do that yeah I wish I could create a software business but I don't know what software business to create well let's ask the latest 03 model and it'll tell us our options we'll upload all of our stuff into there and it'll spit out some options we'll pick one and then we'll go for replet and get them to build it as a software and it'll spit out some software and what would normally take months now happens in minutes right so when I say society is going to split this is a warning a bunch of people are going to be hyper consumers and a bunch of people are going to be hyper creators and it's probably going to be 98 and 2 so like one in 50 people are going to be doing so much money and success and productivity and they're going to make it look effortless and easy because they're using AI as a superpower, 49 out of 50 are just going to get dragged under with TikToks and endless this and endless that.

1:03:45And they're going to get brain rot from AI overwhelming them with a hyper-consumption. So this is the last moment where you really get to decide. You have to decide and say, am I going to be disciplined and be a hyper-creator or am I to be undisciplined and be a hyper consumer how do you make that decision you delete your apps delete them off your phone you get rid of you you have an outsourced agency that does your social media for you um where it's their job to do it as creative and you and you try and um you try and set up your life where you can distinguish between creativity and consumption and you can you can be very disciplined in limiting your consumption.

1:04:29Have you done this for yourself? Of course, and by kids and the people on my team and the people I work with. And that's why I'm even sharing it here because I can see that as someone who works with this technology, I can see, you know what it was like for most of human history, we didn't have a lot of access to sugar and then we just surrounded humans with sugar. And then like our brain was easily distracted by sugar and we, you know, we end up with too much sugar in our system. So it's the same thing with content. You know, the, the, uh, it's the same thing that AI is going to do. It's going to hyper consume.

1:05:04What's the greatest fear you have? I mean, you've got three kids. They're about to be, you know, some in their teen years in a few years. What's the fear you have around where they will be in society and how to set them up for success and be more creators versus consumers. Yeah. Um, When it is so easily in an adolescent brains to do what your friends are doing and want to be on social media because they're on it. And then that leads to just more consume, consume. Yeah. And then reflection of how can I look better? How can I become more, you know, good looking in the world and get more validation, more attention and go down that slippery road?

1:05:42I guess my greatest fear is that my kids stop coming to me to talk about this stuff. You know, they're dealing with something and I don't know about it. uh that would be a great fear of mine because as someone who i was born in 81 um so i experienced life before computers and phones and i also experienced the shift to personal computing shift to mobile cloud now ai so i have this longer term context window um of of what life can be like and what life should be like and you know all like enjoyable you know what's good like you know what has worked for many many generations so i i would just hope that we always have an ongoing dialogue about this sort of stuff um and that they can understand that uh that this stuff can be the greatest asset the greatest tool but like any super powerful technology it's going to be a double-edged sword yeah it seems like school is kind of irrelevant and what they're teaching these days it seems like just going to learn math or the genesis of school was to create factory workers that was that like this is not some conspiracy theory that's what it was for um it was the prussian the german army wanted to create soldiers they created the prussian schooling system guy from massachusetts came out and saw it was like blown away it was based on a barracks with uniforms and all this sort of stuff and he was just like this is what we need because we we don't have enough factory workers for our industrializing America.

1:07:16So I think his name was Horace Mann. So he comes out and he says, we're going to get this militarized schooling system and we're going to adjust it to make factory workers. I think Rockefeller had a famous quote about, I do not want a nation of thinkers. I want a nation of workers. And that was the schooling. And he said that in the founding of the school system. So, and that, by the way, I'm not against that because that was probably what was needed to build the world that we now take for granted. That's probably the best thing. Yeah, it's the dying economy. Yeah. Yeah. So it's just that that system is just not going to serve you because ultimately that system is like training you to be an AI.

1:07:59It's actually training you to be like an AI. It's forcing data into your head and then getting you to hallucinate answers on command, which is what AIs do. You just force lots of... It's just they do it better. Way better. force the entire internet into its head and then it hallucinates answers and then we can tweak it and it does a better and better job um so we need kids who now know how to be the prompter not the prompted we need kids who know who now have to um they need to understand uh what it means what i'm teaching my kids to be is high agency generalists so a high agency generalist a high agency means that you get stuff done in the world you bring things into the world You're a creator not a consumer and a generalist is someone who knows a little bit about a lot They know about history and geography.

1:08:45They understand a bit about politics. They understand a bit about business they know a bit about health and wellness and Sports and you know all of those kind of things and it's like that the person who's gonna rule the world in the future is the high agency generalist The high agency general is what you say generalist generalist. Yeah British in here. Sorry generalist I was like generalist it's it's British Australian so I apologize now as a parent what are the three things you wish they taught in school moving forward in the school systems if you can only teach three things what do you wish your all kids could learn over the next decade yeah so I think taste and discernment developing your own taste developing discernment what's not for me.

1:09:32Team dynamics, putting together high-performing little teams, how to use teams to get the answer. One of the things I hate about the school system is this idea that you take a test on your own. In life, you take very few tests on your own. You take almost all tests as part of a team. So when you are under pressure here, the first thing you do is bring together your team. You know, if you were suddenly to face a big challenge, you'd have a board meeting about it and bring together people in that room out there and everyone would love it. And you would get the answers by discussing the answers. There also wouldn't be one answer.

1:10:08There'd be many answers to most problems. So this is critical thinking. This is ideation and team dynamics and team play. I wish they would teach the idea of a completed loop. what does it look like to discover a problem to then find co-collaborators to do um some diligence to then invent something to scale it up with team and technology to formalize it and exit it and move on to the next problem like the understanding of that loop um and the fact that you could if you want you can you get paid for the loops you don't get paid for the time you can do a loop in a week get paid a lot. You can get paid a lifetime's amount of income in a month if you can do a big loop in a month.

1:10:56So it's not turning up and selling time for money that makes any money anymore. It's completing a cycle. I have a brand new book called Make Money Easy. And if you're looking to create more financial freedom in your life, you want abundance in your life, and you want to stop making money hard in your life, but you want to make it easier. You want to make it flow. You want to feel abundant. Then make sure to go to makemoneyeasybook.com right now and get yourself a copy. I really think this is going to help you transform your relationship with money this moment moving forward. I hope you enjoyed today's episode and it inspired you on your journey towards greatness.

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1:12:22And now it's time to go out there and do something great.