Entrepreneur vs Employee Who Really Builds Wealth Part 2

Hey, this is Laurel. Welcome back to our four-part series. Today, we are going to listen to episode two of our four, and Bronson and I will be talking about an entrepreneur versus employee. Which one really builds wealth? We know the answer. Let's hear why. He and I specifically are going to talk about the patterns of millionaires, right? We make money, we invest money, and we have proof that that pattern works versus make and spend. The next thing we're going to talk about is how job income is so much more limited than having this unlimited upside being And then lastly, what kind of business can you start today if you need cash and you need fast cash? It's service-based, not product-based, it's not an invention, and you're not having to raise capital. So let's get to some revenue quickly. Let's listen in to episode two of Bronson and I. One of the things that I find really interesting is, you know, most millionaire, you kind of touched on this, a lot of people think in our culture that millionaires are kind of like it's you're either born a millionaire or not. But the facts are, I mean, 86% of millionaires, according to Fidelity Investments, a 2019 study showed that they actually are self-made. They figured out they were learnable, teachable things. And so when you talk about the millionaire maker, it reminds me, I'm starting to, I'm writing this book called Rich Brain, and it's basically the mindsets around that. But what have you found kind of are the things that allow people kind of the building blocks that help people to become millionaires? Is it mindset first? Is it they take the actions first? Like what do you see kind of helps people to get there? The speed, because my promise is three to five years. And I did the whole mindset stuff, obviously coming out of Bob World, and I was also Dr. Bill's money expert. So coming from that kind of trajectory of being taught mindset, how you think and how you be is how you do and how, right? I'm like, so I started this whole thing. My second book, when McGraw-Hill hired me, they hired me to do a three-part series. So millionaire, and then the cash machine is how do you build a seven-figure business, which creates enough of the income that you go invest. And so the simple answer is most people are trained to make and spend, make and spend, and they don't believe that pattern. Millionaires make and invest. They know the computing power. They're not scared of debt. They understand that's just the cost of money. So, I mean, if I can get 0% money and I don't care if it's a million dollars and I go a million dollars in debt and I can make 15, 18%, I'm in. So we arbitrage debt just like a bank does. So we use all the strategies that are available. And so what I found in my cash machine book, I started in 2007, a very interesting workshop. And we kind of evolved over about three or four or five months where I put people in a room and just was teaching them how to make money. Marketing, sales, the ask, right? How do you even open your mouth and say, you know, my name is Laurel. I'm a money expert. How can I help you, Nate, with money? And then Nate would tell, and I would sell him like right now, I call it fast cash. How do you make money in the matter of minutes? And as it got more refined by up to six months, I was guaranteeing that if you came to my room, it was called three days to cash, in three days, I guarantee you will walk out with money or you get your money back. And I'll tell you, that took off. It took off all over the world. I took that to six of the seven continents because it's so much about marketing, sales, talk, track the story, the problem you're solving, who are you? Are you a service provider, not a salesperson? I mean, it became a 17-year run. It was the biggest run of our life. It was crazy. I went to Australia and in one day made a million bucks in sales. And I'm like, all right, I'm onto something. It's teaching people how to make money. And I spent a lot of time there, but then, you know, to make millionaires, they have to invest. So then I came back over and then I did, you know, off Wall Street assets, because that's what I believe in. And so the WealthCycle book is all about the alternatives, not just the stock market. So how do you fast track their learning? Because what you just described is a lot. So for somebody who doesn't know marketing, has never invested, never has taken on- You're going to walk out of here with a million dollars, Nate. You're going to walk out of this call with a million dollars. They're not going to walk out with a million, but if they walk out with 10 or 15, you know, they might criticize and say, well, it's only 10 or $15, or it's $1,000. And some people, like one person, the most ever made in the room was one person wrote, I think, 20 something thousand dollars in three days. Nice. But she was already up and running. And she just took a few angles and a few strategies of how do you bundle? How do you package? I mean, so each, we would do content and everybody's up, you know, basically practicing their pitch. So I go to Nate, my name's Laurel. I'm a money expert, blah, blah, blah. And then you go back to me. It was very focused group. But what I found is that when people say, oh, I have a money issue, but they have money in their pocket. I don't care if it's a small amount. They have to reconcile that they don't have a money issue. They have a knowledge issue and they have a skill issue. So then let's refine your skills to do the skills of millionaires, right? And be an entrepreneur and entrepreneur skill sets are three things that are not taught. My son has a master's in accounting. My daughter's getting right now, she's headed to Flagstaff this fall. Then I'm an empty nester. I've been parenting for 26 years, but who's counting? They're like, oh my gosh, you're going to be like an empty nester. I'm like, I can't wait. I'm going to have to get up at 6.30, get somebody packed for breakfast. I can do whatever I want. They're like, mom, you shouldn't be so excited. I said, I can't wait. Anyway, my point is my kid's very highly educated. And my son says today, becoming a CPA, he's got one test left. He said, I've never been taught anything you teach. So he ended up taking me to Georgia Southern, Jacksonville University. I started teaching football teams. He played D1 Georgia Southern. Started teaching athletes. That's one of my big pro bonuses, kids and athletes. They just get it for free. And I love teaching them because they don't know the difference between a debit card and a credit card. But when I teach them to make money, I can tell you there's nothing more definitive about the psychology and their strength. Because they're like, oh, I can do that. Like this one kid, he was a corner where Georgia Southern was. And he's like, I just like being outside. I said, well, pick something. So he called me back. He said, how about if I buy a pressure washer and you help me lease a truck? He said, yeah, couldn't I just do a pressure washing business? That kid is getting 17 to 20 something thousand dollar a month contracts to pressure wash. So I just teach them, make your own money as fast as you can. Steve, who's behind me on my technical side, I've taken people to Nashville. I can actually say they actually just hit three bestsellers on the highway and country music. When you teach them to make money, it gives them a skillset that I don't have to get a job. I actually am capable of making my own money. So that confidence then translates to investing because now they know enough about, okay, I know how to solve a problem. I know how to market sell and manage cash flow. Now it's time to learn to invest. So I actually push it all at once simultaneously and say, you're going to make it and invest. It's really huge. It reminds me. So I went to the high ticket events. It was a $7,000 event. It was a cruise for a week. And I basically had a conversation with a guy. And basically from that one conversation, I made a million dollars over the next 18 months. It literally came from like somebody at the table when he's round tables and said, you know, it's like that quote, make yourself valuable to valuable people. And so a lot of times it's just simply like finding a way to like bridge, like, okay, this person, like people that are wealthy have issues to solve. You have a business where if somebody can solve a problem for me, I would pay hundreds of thousands of dollars to solve certain problems for me because it's that valuable. And so it's just like trying to find a way. So a lot of people think it's like, oh, I don't have money, but it's like, there's a lot of people. If you can just be somebody who helps with a solution, there's a lot of value created. I think that's what people don't realize. Right. Well, and I call it brokering the best entrepreneurs broker deals. Like, you know, you have something, Nate has something, I know how to put the deal together. So it's understanding the structure of a deal. And that takes a while, right? I've screwed up a ton of them. I'm sure you guys have screwed up a ton of them. And then you learn very specific deal points. One of my best partners, he and I own a trust company together because we do a lot of legacy work helping you coordinate a real legacy, meaning not just, you know, that your two generations get it, that it's designed for, you know, Rockefeller style. And so we have this 30 minute program. It's called design your divorce while you're in love. And it's the nine points of design your divorce while you're in love, but it's about business and it's about design. Nate and I want to go do a deal now we need to do, and I'll see what an operating agreement or a C or an S whatever a shareholder agreement, either way, there are points to the deal that if you just go get the crap off legal zoom or office stock and block, you know, contracts portal, you're not going to get the deal. So for example, I'm not married, just got divorced. If Nate, if you're married and you die in our agreement, do I want your wife or your partner as my partner? Like there's so many little things that I have seen derail the best projects upon a death and accident because nobody talks about the rough parts, right? And there's nine rough parts that I found through all my career, becoming a millionaire. And I'm a millionaire at eight industries right now, soon to be nine, which is marijuana. Not quite there yet. I thought I did it last year, but it'll be my goal is 2025. Then I'll be a million or nine categories. And every one of those deals is why I've learned it. And I've watched my students just like, and end up in a big battle. So, you know, if I think about the deals and I'm curious about you guys, I mean, I would say that bad partners, bad deals unbalanced on risk prorated, I'd say deals are the ones that don't work. So if somebody walks away from a table, I called a 360 and Nate clearly has the upper hand over time, Bronson and I, we're going to go away. Like it's just, it won't work. It has to be a balanced, fair, accountable deal in my 25 years of doing this. And again, have I done it all right? But it's also what taught me why designing your divorce before you start the deal. And women are the worst. Women fall in love with the deals, jump into business, no corporate structure, no operating agreement, no deals. One woman typically has the bank account, the stronger financially and the whole thing falls apart. And they wonder why I could have told them from the beginner, don't start. So I hope you enjoyed that while you're here. I want you to subscribe to the channel. If you've not been here, click that subscription, click the notification link. I want you every day, five days a week to get a notification that I'm live. I'm come out every morning with a new video, new content. Make sure you participate, share with 10 or 15 people and be here, be present every day. 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