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#211 - What Millionaires Know That You Don’t · Money Grows on Trees

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  Money is a game. It's not the end game. It's just a fun game. You're
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  being lied to. Time is not money. Money
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  is just a scorecard. It's a scorecard to keep score
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  of how you're living your life. Buy assets. You must
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  buy assets. Buy assets. Secret number seven
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  that millionaires don't tell you. They're optimistic about the future but
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  pessimistic not to lose. Here's the truth, diversification is
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  great at keeping wealth, but not building wealth. The
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  secrets that millionaires hold back from you is this. I'm
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  Lloyd James Ross, seven-figure investor and entrepreneur, and I've helped thousands
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  of business owners and professionals turn financial stress into
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  success. If you're stuck in old money habits, overwhelmed by investing,
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  or unsure where to start, this is for you. I'll give you the mindset
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  and strategies to take control, grow your wealth, and achieve
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  financial freedom. It's time to make your money work for you. Have
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  you ever seen people seemingly make money with ease,
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  hand over fist, or someone become a millionaire and
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  you thought, how did they do that? And you've wondered whether you can do
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  it too. And you start to wonder whether there's something you
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  don't know, some sort of secret, something that they know that you
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  don't. Well, I'm here to tell you that that is actually very true. There
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  are things that millionaires and billionaires know that
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  you don't. And in this episode, I want to share with you
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  what those secrets are so that you can start deploying those secrets too.
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  Because when you know these secrets, you will start to make money as well.
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  Not just make your money, but grow your money and keep your millionairehood for
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  the rest of your life. So, buckle up as I share the secrets that
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  millionaires know that you don't. Secret number one,
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  money's a game. It's not the end game. It's just a fun game.
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  And life is a game too. And they play life and
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  money like it's a game. They don't take it so seriously. And
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  when I play the money game, I'm exactly the same. Once upon a time, my
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  dad said to me, son, you don't be too stiff. It's all
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  just a game. And so since that lesson, I've always
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  just had fun playing the game of money. So you'll play a
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  game better when you have fun. And just like what your parents
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  taught you when you played board games, it's not whether you win or lose, but
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  whether you have fun. And at the end of the day, we all lose because the
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  king and the pawn on the chessboard go
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  back into the same wooden box at the end of the game. and there's no difference
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  when it comes to your money because we all end up six feet under, dead
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  and buried. So, if it's just a game and you can't take it with you,
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  don't be so stiff about it. Start playing the money game like you would a
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  board game. Have some fun. Secret number two, there are
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  rules to the game. And there are rules to win the game. So when
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  you can have fun playing a game and there are also rules to win it, you've just
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  got to know what the rules are. And guess what? The rules aren't new. They've been
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  around for thousands and thousands of years. There are specific rules
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  to the money game, such as underspend what you earn, invest
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  the proceeds, be patient, give, give, give. It's
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  not what you know. It's who you know. There are some specific rules to this game. So
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  part of the process is to educate yourself Get around millionaires
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  and learn the rules of the game. The beauty of the rules are they're not
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  that difficult. They're simple, but they must
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  be followed because if you don't follow the rules, you'll not get the same outcomes as
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  millionaires. Secret number three, money is just a scorecard. It's
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  a scorecard to keep score of how you're living your life. So
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  if you live your life with abundance and reciprocity and
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  you give and you're kind and you work
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  hard and you show up and all these annoying traits, that
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  you think don't matter, if you play life like that, then you'll
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  see your money grow because money's a scorecard of how much
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  value you give to the world. In which case, if you don't
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  feel like you're a person of value, the first steps are to start filling your cup with
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  valuable things. acquire knowledge, acquire skills,
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  do things for others, become a person of influence, become a person of
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  value by giving, giving, giving, giving. So many people don't give anything.
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  When was the last time you actually said happy birthday to someone? When was the last time
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  you wrote a letter to someone? When was the last time you gave without expecting
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  anything in return? And so if you play life like that, I
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  promise you the score will show that you are great with money because money
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  will flow to you. Because money is simply a value exchange. The
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  more value you give to the world, the more money will come to you, okay? It's
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  a scorecard. Keep score and have fun. Secret number four
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  is, and it's an old money myth, and I'm sure you've heard this before, time
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  is money. But what if I told you that the
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  secrets that millionaires hold back from you is this, time is
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  not money. What do I mean by that? Time
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  is not money. What the heck is Lloyd talking about? Here's the
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  thing. Time is more valuable than money. You
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  see, most people spend time to save money. Whereas
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  millionaires spend money to save time. So
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  if you want to become a millionaire, start putting your time above your money. Start
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  delegating things below your hourly rate. Start to look at time as
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  the currency and not money as the currency. Because at the end of the
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  day, wealth is a matter of how you spend your time, who you spend it
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  with, and what you spend it doing. After all, what's the point in having a
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  Rolex if all it tells you is what time to be back from your lunch break? Secret
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  number five that millionaires don't tell you. They don't diversify. You've
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  probably heard this before. Diversify your investments. Diversify your
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  assets. Buy multiple assets. And if you go to
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  some sort of academic course or you do some sort of program
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  when it comes to wealth, you will hear this a lot. And I heard it too when I went through university
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  learning finance. I learned it through the CFA charter program. It
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  is taught in a lot of schools. And it is taught that Diversification
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  is important to building wealth, but here's the truth. Diversification is
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  great at keeping wealth, but it's not so great at building wealth.
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  What do I mean by that? Let me give you an example. There's a saying that says, don't
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  put all your eggs in one basket. And you may have grown up with your parents telling you
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  that. Of course, if you have them all in one basket, you drop the basket, all the eggs
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  break, okay? But Andrew Carnegie, who in
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  the early 1900s was the richest man in the world, he
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  actually owned US steel, made the most steel in
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  the world. He was from the Gilded Age, a
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  titan of industry. And once upon a time, he
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  and J.P. Morgan sat down and J.P. Morgan was one
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  of the world's greatest bankers. And they were doing a deal and
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  Andrew Carnegie sold US Steel to JP Morgan for
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  $400 million. And at that point in time, Andrew Carnegie became
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  the wealthiest man in the world. And one of the lessons he
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  taught and shared was that he said, put
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  all your eggs in one basket, but watch that basket. because
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  that's how he became the wealthiest man in the world. He had one
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  business, US Steel. He did one thing. He made steel. He
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  didn't diversify. He focused his investments. And if you look at
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  the likes of Mark Zuckerberg, of Jeff Bezos, of
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  all these titans of industry in today's world, every single one
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  of them had one thing. They put all their eggs into one
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  business basket, and they scouted the basket, and they watched the basket. They
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  still watched the basket. So the trick to this wealth game is, Don't
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  diversify too early. Put all your eggs in one basket,
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  but make sure you understand the basket, you understand the eggs, and you watch it
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  very closely. Just quickly, if you're ready to take control of your finances but
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  feel stuck on where to start, I have a solution. My
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  book, Money Bias Happiness, simplifies investing and
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  wealth building with practical steps to help you achieve financial peace.
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  Get your copy via the link in the show notes and let's get your money working for
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  you. Now back to the episode. Secret number six that millionaires don't
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  share with you is this. They have high
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  standards in all areas of their life. Meaning this, how
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  you do one thing is how you do everything. So
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  for example, if you're drastically overweight, it tells me
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  that you don't have a great deal of discipline. Unless of course you're suffering from some medical
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  condition, but it tells me you don't have a great deal of self-discipline. So
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  when I wanna do business with someone, I probably won't do
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  business with someone who has no self-discipline, not to eat too much food. As an
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  example, put all the hate in the comments. But it's a fact, right?
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  And this is why when I want to do business with someone, I go and play golf with
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  them. A buddy of mine said to me once, he's now a business partner incidentally, he's one of our partners, one
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  of our businesses. And I've known him for about 15 years. And
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  why I got into business with him is because I've played golf with him. In fact, he taught me
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  to play golf, which is cool. And I said to him, hey, why would I want to play golf?
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  And he said to me, well, tell me if you could play golf for four hours
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  with a CEO and you have four hours of uninterrupted time with them, would
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  that be valuable for you? And it was like this penny drop moment. I'm
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  like, oh my God, I need to start playing golf. So
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  he started teaching me how to play golf. And we're on the golf course one day and he said to me, you know why it's
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  great to play golf with people? And I said, because you can spend four hours with them uninterrupted. He
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  said, besides that Lloyd, what else? I said, I don't know. He said, because you
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  can see how they play the game. Because how you do one thing is
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  how you do everything. So if you play golf with them and
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  they cheat, they lose their temper, they kick their ball
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  to the hole instead of playing the hole, they aren't fair to others,
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  they treat the groundskeepers with contempt and they're rude, all
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  of these traits will come out on the golf course at some point because how
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  you do one thing is how you do everything So if you want to get into business with someone, go
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  and play golf with them Secret number seven that millionaires don't
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  tell you. They're optimistic about the future, but pessimistic not
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  to lose. So you have to have a level of optimism and everything
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  will be great. And also, oh my God, everything can also be
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  not great. And it's this weird pull you have in both directions. So
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  you can't just be a pessimist and a bear, but you gotta be a bull. You gotta be excited
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  about the future. and you have to know that it's all going to
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  work out, which is quite challenging sometimes. But someone once said
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  to me, as a millionaire, if you want to be a millionaire, never bet on the end
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  of the world, because even if you're right, you'll never make any
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  money. So be an eternal optimist. Just understand
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  the world's gonna get better and be better. And just understand too that we're living in
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  the best time ever. So you're alive now watching this. You
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  are now the ultimate human being because you've lasted all these generations all
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  till today. And you're living on the precipice of greatness
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  in history. You're on the event horizon of humankind. And
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  so that's an incredible place to be and you're gonna win. And you have
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  to have that attitude that you've gotta be an optimist. The world's gonna get better and you're
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  living in the best time right now. Secret number eight, they don't let
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  the opinions of others dictate their actions. They independent thinkers,
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  and they realize very quickly that opinions don't amount to much. So
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  here's an exercise I'd love you to be able to do. If you don't believe me that the opinions of
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  others don't matter, then here's what I want you to do. I want you to go to the supermarket
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  this weekend or today, and I want you to
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  go and get your groceries. I want you to put your groceries into the
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  trolley, as many as you can get. and go to the counter, and
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  when you get to the counter, and they rack up the bill, and you can see,
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  beep, beep, beep, they scan the items, and
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  you can see the bill rack up and it says $200. Here's what I want you to do. I
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  want you to pay that person with the opinions of
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  others and see what they say. And lo and behold, you
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  realize that they're worthless. And so millionaires realize
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  this, and that's why they don't care. Because at the end of the day, people are
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  afraid of being judged. What if I told you you're
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  going to be judged anyway? You'll be judged if you do, and
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  you'll be judged if you don't. So you may as well do, which
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  means you're being judged no matter what. You're judging me right
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  now. You'll either like me or hate me, or you'll be in between, but you're judging me.
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  You cannot escape judgment. So at the end of the day, play your
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  game, make your move, make your mark, go for it, because if you don't,
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  you'll be judged for not having a go. Secret number nine, the
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  curious, competitive, and they delay gratifications. They
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  don't buy the nice things immediately. And I'm sure if you've followed me for long enough on
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  my channels, on the podcast, on my Instagram, wherever it is, you'll
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  know that I don't put the cherry on top of the cake first. You bake the
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  cake, you put the icing on, you put the cherry on top at the end, and the
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  cherry on top of the nice things, the first class flights, the
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  Ferrari, the beautiful home, You can get all those things but
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  they don't lay a great foundation. If you put all those things on the bottom of
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  the cake and you tip it upside down, it's not going to be a great cake. Okay?
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  So, the nice things come at the end and all millionaires know that
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  they delay their gratification. Why? It's because they can
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  then do secret number 10. And secret number 10 is
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  something my friend Sharon Lecter shared with me and she's the co-author of
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  the number one personal financial book ever written, Rich Dad
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  Poor Dad. If you've never read the book, I'm sure you have because a lot of people have, go read
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  it. But in the book, Her and Robert Kiyosaki, who wrote it together, and
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  she said this to me on the show, she was on the podcast, and I said to her, Sharon,
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  what's the number one nugget you can give the audience? And she said, Lloyd,
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  buy assets. You must buy assets.
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  Buy assets. What does she mean by that? Well, assets are things that you buy that
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  grow in value and produce cashflow. People just think that assets are
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  things that grow in value, but they're not. They have got to produce cashflow. Why is
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  that important? Because cashflow creates freedom. If
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  you can invest some of your proceeds by delaying the
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  nice things that you buy and buy assets like real estate, stocks,
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  a small business that produce cashflow, you'll be able to develop financial freedom,
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  which will allow you to scale to millionaire hood and eventually billionaire
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  hood. Okay, so you must buy assets. Secret number
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  11. that millionaires don't share with you is this. Your network does determine your net worth.
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  However, what they don't tell you is that you have to
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  have three things when you build a network. You
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  have to have the ability to talk to people and be around people. So
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  that's networking. But you also have to have
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  two other things to monetize the network. One, you
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  have to have some skills. You have to be a useful person to
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  the person in the network. Otherwise, they're not going to give you an opportunity. And
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  the second thing you need to go along with the network is you need to have a little bit of money. Because
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  if you have a little bit of money, then you can actually exploit the opportunities
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  that you're given. All right, so be someone who's useful. So have the
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  skills, have a little bit of money ready to go because when the opportunity arises,
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  you need to execute it. And that's what amplifies a network. So
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  if you are someone who wants to meet people and build your network, that's great. But what are you bringing
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  to the table? Are you bringing skills or you're bringing bills?
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  But you need one of the two. Otherwise, you're not going to be a very effective person
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  for them to network with either. All right? So your network does determine your
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  net worth only if it comes with skills and bills. So
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  there are 11 examples, real world examples, of
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  what millionaires know that you don't, or certainly
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  that you didn't, but now you do. So what are you going to do with these? You're
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  going to take these secrets and you're going to start to deploy them. You're going to start using these
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  secrets. Use them to your advantage. Use them every single day. Don't
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  forget them. If you need to come back and listen to this episode again, do that. If you
• 14:31
  need to share this with your spouse, a friend, whatever it is, hit the
• 14:34
  share button and send them the link to this show so they can understand the secrets as well. Because when
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  you understand the secrets and the rules of the game, you can also become
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  a millionaire. And there's nothing I'd love more for you to do by
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  watching our channel and listening to the show than to become a millionaire. and
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  build the financial freedom you want, go for it, because these secrets are
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  now out, which means you can follow them, all right? So if you've enjoyed this episode, go
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  check out another episode, hit the subscribe button, and leave us a comment. Pop
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  in the comments below, what is your favorite secret that you're gonna
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  deploy? And I'll see you in the next episode. Thanks for listening to Money Grows on
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  Trees. If you enjoyed the episode, leave a five-star review on Apple Podcasts
• 15:09
  and Spotify and subscribe to us on YouTube so you never
• 15:12
  miss an episode. And if you're serious about building wealth, make sure to
• 15:16
  check out the links in the show notes and follow me on all social media
• 15:19
  platforms, at LloydJamesRoss for more. See