Latest / Success Story with Scott Clary / Niko Mercuris - Crypto Renegades Founder | How I Rebuilt From Zero Three Times

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Niko Mercuris - Crypto Renegades Founder | How I Rebuilt From Zero Three Times · Success Story with Scott Clary

• 0:00
  Most people, when they think about investing, they think they need money.
• 0:02
  They look at other people who have what they want.
• 0:05
  A lot of people have to try something first before they know whether they have the passion for it or not.
• 0:09
  Some people chase attention. Others build influence quietly and let the work speak for itself.
• 0:14
  Nico Mercuris is a strategist and operator known for turning complex ideas into scalable systems.
• 0:20
  I already did the low-level work first. I was a sales rep.
• 0:23
  Then I became a trainer and then I became a manager.
• 0:25
  People are so in a hurry these days to just get from point A to point B
• 0:28
  that they don't realize that all of the good stuff is in the process.
• 0:32
  Your only competition is yourself and whether you're willing to have the stick-to-itiveness
• 0:35
  to just do it long enough until you master it.
• 0:38
  Most people quit when they have this adversity or they get a little taste of failure and they think that's it.
• 0:43
  Focused on leverage, clarity, and long-term value creation.
• 0:47
  Across ventures, investments, and advisory roles, Nico plays the long game.
• 0:52
  Building foundations that last, not moments that fade.
• 0:55
  The very simple difference between the people who become successful and the ones who don't
• 0:59
  is just not quitting. Don't take this the wrong way if you're a real estate investor.
• 1:02
  The majority of the millionaires I know in real estate are the least intelligent people.
• 1:05
  You don't have to be smart to become rich and real estate.
• 1:07
  You just have to do the same thing over and over again.
• 1:09
  The people who really get ahead in life, give yourself an hour to really focus on something
• 1:12
  and when it goes off, okay, take a break.
• 1:14
  If you can do that, you're going to be way ahead of everyone else.
• 1:25
  Nico, what's the mindset of a successful investor?
• 1:28
  First is that most people, when they think about investing or they learn that they should invest,
• 1:34
  the first thing I think they do is they think they need money.
• 1:37
  They need to work on getting the money together or they either have a job or a business
• 1:41
  that generates some kind of income.
• 1:42
  And then they look at other people who have what they want, right?
• 1:47
  They look at people who have the nice car, the nice house, or maybe they went to a real estate
• 1:52
  seminar or a webinar and they learned about apartments or houses or maybe I should invest
• 1:56
  to this or then they see this guy over here as a stock pro and they're like,
• 1:59
  oh, well, he makes a lot of money trading stocks.
• 2:01
  Well, what about this guy over here?
• 2:02
  He does crypto and maybe I should do that.
• 2:04
  And so I think first of all, it's investing in things you like that you're interested in.
• 2:08
  First of all, think about that.
• 2:10
  If you're a dentist, for instance, you may have a dental website,
• 2:14
  but let's say your passion is golf.
• 2:17
  You can't be a pro golfer because you're a dentist,
• 2:19
  but maybe you can design your website with a golf theme.
• 2:23
  So there's a way to include your passion in what you do.
• 2:26
  And with that example, what I'm getting at is that if your goal is just to make money,
• 2:30
  which a lot of people are, they just want money.
• 2:33
  And they do what other people do because they got money,
• 2:36
  but they start doing and realize that they have no passion for it.
• 2:39
  They don't really like what they're doing.
• 2:41
  They don't like a part of their investing, yeah, yeah.
• 2:43
  Or they get involved in crypto and they're like,
• 2:45
  oh, I don't like to look at charts.
• 2:46
  I don't like to watch the day trading charts.
• 2:48
  I don't like to go long and go short or real estate.
• 2:51
  You know, I own a lot of apartment buildings.
• 2:53
  I don't do it because I love being a landlord.
• 2:56
  You know, I do it for money, but I also have a passion for real estate.
• 2:58
  So it's okay.
• 2:59
  I can deal with it, but I'm more of an asset manager.
• 3:01
  I don't manage the properties.
• 3:03
  I have property management.
• 3:04
  And so I manage the managers.
• 3:06
  We have calls once a week and we go over everything.
• 3:08
  Make sure the numbers work out, right?
• 3:10
  But I love the idea of having lots of units,
• 3:13
  a lot of passive income coming in,
• 3:15
  but I also like the idea of providing housing for people.
• 3:18
  So I feel like I'm doing a service.
• 3:20
  You know, some people put landlords in a bad category
• 3:22
  because they're like, oh, he's one of those slumlords.
• 3:23
  No, I'm providing low income housing for people
• 3:26
  to help people have a place to live.
• 3:27
  And we try to do it better than everyone else.
• 3:29
  We try to provide a good quality place to live.
• 3:31
  But I also know that this is a business
• 3:32
  and I need to make money from it.
• 3:34
  And so we have to lower our costs and expenses
• 3:36
  and increase our profit sharing, right?
• 3:38
  But I was going to say, like, I think that one thing
• 3:40
  that you picked up on that I love is, yeah, it's good.
• 3:43
  If you, if you're an investor, you should try
• 3:47
  and find something you're passionate about.
• 3:49
  But also passion comes through knowing something better
• 3:53
  than anyone else.
• 3:54
  Like, I love this idea of, okay, so you can be passionate
• 3:56
  about anything if you spend enough time learning it,
• 4:00
  figuring it out, and it pays you, and it's successful.
• 4:03
  And no one wakes up and, you know, the day they're born,
• 4:06
  they're like, I have a passion for low income housing, right?
• 4:10
  But if you figure it out and you're good at it,
• 4:13
  then on the journey, you start to become passionate about it
• 4:16
  because you know it better than anything else.
• 4:18
  And I think that that's where people screw up passion,
• 4:20
  especially in entrepreneurship, which is something
• 4:23
  that I know more of than investing.
• 4:26
  But people that I want to be, I want to be passionate
• 4:29
  about the business I'm building.
• 4:30
  I'm like, start a business, get good at it,
• 4:32
  and passion will come.
• 4:34
  But you don't need to be passionate about dog food,
• 4:38
  but if you find a way to build a successful e-commerce
• 4:40
  dog food business, passion will come with that.
• 4:43
  That's true.
• 4:44
  So it's almost like the mindset is obsession,
• 4:47
  is mastery, is focus, is all these things
• 4:51
  that eventually lead to passion.
• 4:52
  When an investor is thinking, I'll get an invest.
• 4:55
  First of all, what's going to have the highest return
• 4:57
  for your dollar in the shortest period of time,
• 5:00
  in the safest way possible?
• 5:01
  You've got to look at all these different things.
• 5:03
  And maybe not put all your eggs in one basket,
• 5:04
  but I look at real estate.
• 5:06
  I'm a real estate investor.
• 5:07
  I also look at crypto.
• 5:09
  It is the future, it is happening.
• 5:12
  The government, the president is crypto friendly,
• 5:14
  the administrations, all of the laws are being changed
• 5:17
  to go towards that direction.
• 5:18
  It's something that's going to be around for a while.
• 5:20
  So I think all people should learn it and understand it.
• 5:22
  Even if it's not their passion,
• 5:24
  they should understand what's happening in this space.
• 5:26
  And owning some Bitcoin or XRP certainly not going to hurt you
• 5:29
  because if the value goes up 10X or 100X,
• 5:31
  that's an investment that will make you money.
• 5:33
  So understanding these different things,
• 5:34
  diversifying your portfolio, but pick one or two
• 5:38
  that you can see yourself doing for the rest of your life
• 5:41
  and apply yourself that way.
• 5:44
  And don't think of it.
• 5:45
  And then as far as mindset goes,
• 5:46
  because here's what a lot of people make the mistake
• 5:48
  because they'll get involved with something.
• 5:49
  They'll start investing.
• 5:50
  And if they have a bad experiencer, it doesn't work out.
• 5:52
  They buy a duplex and one tenant moves out.
• 5:56
  Now they're not making money.
• 5:58
  It's not because the investing doesn't work
• 5:59
  or that the real status doesn't work.
• 6:01
  You probably didn't have a great deal.
• 6:02
  You didn't buy a distressed property from a distressed seller.
• 6:05
  You didn't improve it and raise the rents properly.
• 6:07
  You knew what you're doing.
• 6:08
  You didn't know what you're doing, right?
• 6:09
  So always get educated on the investment opportunity
• 6:12
  that you're looking to get involved in.
• 6:13
  First, from people are actually doing
• 6:15
  what it is that you're trying to do.
• 6:16
  Where did you investing philosophy,
• 6:18
  spending the time, learning the thing,
• 6:20
  achieving mastery, adopting the right mindset?
• 6:23
  Where did that come from?
• 6:24
  That come from your businesses you've built.
• 6:27
  Is that something that you've just learned through trial and error?
• 6:29
  Like, where did that?
• 6:30
  Because obviously now, you're a very level headed smart trader investor.
• 6:35
  But were you always like that?
• 6:37
  Was that something you picked up from your past life
• 6:38
  or was that through losing too much money?
• 6:41
  Losing money, trial and error, my mother.
• 6:42
  My mother was one of my father died when I was eight years old.
• 6:45
  I have this weird thing.
• 6:46
  People hear the rags to riches stories.
• 6:49
  But we had like a richest to rag story.
• 6:51
  When I was a kid, I was until eight years old.
• 6:54
  We lived in a beautiful house on the water in Tervary Island
• 6:58
  and had a big yacht in the backyard.
• 6:59
  My dad had a Rolls-Royce in the garage
• 7:01
  and people would think we were rich.
• 7:03
  But my dad died at 48.
• 7:05
  I was only six years old.
• 7:06
  And I didn't do anything to create that wealth.
• 7:08
  I was just a kid.
• 7:10
  But when he died, my mother, everything
• 7:12
  had to get liquidated to pay his taxes and all his debts.
• 7:15
  He owned a successful restaurant in the area.
• 7:17
  It was called Never on Sunday back in the 60s and 70s.
• 7:20
  And celebrities were there all the time.
• 7:22
  And my dad was like, didn't expect to die.
• 7:25
  Didn't plan to die.
• 7:26
  So when he died, my mother had to start over from scratch.
• 7:29
  She had nothing.
• 7:30
  She, all she had was the antique furniture
• 7:32
  that she bought it like a state sales
• 7:33
  and garage sales at the house.
• 7:35
  When she was forced to sell her own beloved furniture,
• 7:38
  she realized that she could sell for more than she paid for it.
• 7:40
  Then she started a business after my dad died.
• 7:42
  We literally had to move into a motel, not a hotel,
• 7:45
  but a motel for like six months before my mom got on her feet.
• 7:49
  And so then, you know, in and out of middle school
• 7:51
  in high school, I worked for her
• 7:52
  because she opened up a furniture store,
• 7:54
  a antique store and jewelry store.
• 7:56
  I thought I was gonna become a gemologist.
• 7:58
  That's what I wanted to do back then
• 7:59
  because she had jewelry and I was trying on bracelets.
• 8:02
  And I still like jewelry to this day.
• 8:04
  But it's funny because I learned from her,
• 8:07
  while my dad was, you know, an immigrant.
• 8:09
  He was basically, you know, from Greece
• 8:11
  and had no education and had a very successful business.
• 8:14
  So I learned from both of them that it wasn't a college degree.
• 8:17
  It wasn't, you know, a diploma or anything
• 8:19
  that's gonna make me get what I want in life
• 8:22
  or become successful.
• 8:23
  It was finding something that you like or passionate about.
• 8:27
  And at the time, I really didn't have any passions.
• 8:28
  I just knew I wanted to get back
• 8:30
  what I thought we lost when my dad died, which was money.
• 8:33
  And so I just started looking at everything
• 8:36
  in the financial world.
• 8:37
  I, for some reason, I was drawn to the stock market.
• 8:39
  I was drawn to real estate.
• 8:40
  All the things that people talk about
• 8:41
  as how you get rich, real estate, stock market.
• 8:44
  This would be for crypto.
• 8:46
  And, but I went to work at a telemarketing office,
• 8:49
  got a job as a telemarketer call center,
• 8:52
  quickly became one of their top salespeople
• 8:54
  because I was doing something different than everyone else
• 8:55
  instead of trying to read the script and pitch people.
• 8:58
  I was asking, you know, the questions
• 9:00
  and I was, I was doing what we call today,
• 9:01
  a traction marketing back then.
• 9:03
  There was no internet, there was no Facebook,
• 9:05
  there was no Instagram, there was none of that stuff.
• 9:07
  But I understood how I wanted to be talked to
• 9:10
  from working from my mom, probably,
• 9:11
  in the ironic the best way to sell anything to anyone.
• 9:14
  You just treat the customer, you don't need to respect, right?
• 9:17
  Yeah.
• 9:17
  But it was funny because it was in one call closed situation,
• 9:20
  like if we didn't sell these people on this call,
• 9:21
  we'd lose them forever.
• 9:22
  There was no follow-up emails, it was none of that.
• 9:25
  So it was like, but I was good at it.
• 9:27
  So they took me off the phones and wanted me to teach
• 9:29
  other people how to sell in the office.
• 9:31
  And so I became the trainer and then eventually
• 9:33
  became the manager and then the director of operations.
• 9:35
  And then I, the owner died of that company
• 9:38
  and I ended up starting my own call center.
• 9:40
  And very, I wouldn't say quickly,
• 9:42
  it took about three or four years,
• 9:43
  but I built that up to about 150 employees.
• 9:45
  And I did it, what, to me, sounds logical,
• 9:49
  but for most people were like, wow, I can't believe you did that.
• 9:51
  I opened up an office, I had it all outfitted
• 9:56
  with all the stations and the computers and the phones
• 9:59
  and the systems and everything.
• 10:00
  And it was just me in this office with 24 seats.
• 10:04
  And because I already knew from working in an office,
• 10:06
  what needed to be done first.
• 10:07
  Is it when you first started your own office?
• 10:09
  Yeah.
• 10:09
  So instead of hiring anybody, I just set up the office
• 10:12
  because I knew that that needed to be there first.
• 10:14
  And this is kind of like what I teach people now
• 10:15
  is that don't worry about this down the road.
• 10:18
  Just do this next step first.
• 10:20
  So that's what I did it.
• 10:20
  I set up the office, got everything ready.
• 10:22
  And then I ran an ad in the paper and from employees.
• 10:25
  And then when they called, I answered the phone
• 10:27
  as the receptionist and I booked,
• 10:29
  I set the interview for them to come in for an interview.
• 10:32
  And I would book like 10 interviews for like one day.
• 10:34
  They would all come up to the office
• 10:35
  and they'd be in the lobby and I would come out of my office
• 10:37
  and I would interview one at a time.
• 10:39
  I would take them back to my office, interview them,
• 10:41
  hire them if not or not, and then schedule them for training.
• 10:45
  And then after I went through 20 or 30 people,
• 10:47
  hired them all or whatever,
• 10:48
  they would all come back on a certain day for training.
• 10:50
  I was the trainer.
• 10:51
  I was training them in the sales office.
• 10:53
  And it was just me in this whole building, though it is.
• 10:56
  And then sales, how you start this,
• 10:57
  you've got to do whatever it takes.
• 10:59
  And I brought these sales people
• 11:00
  and then I told them to show up done Monday for to start.
• 11:03
  And then they show up into the sales room.
• 11:04
  I'd bring them into the sales room
• 11:05
  where all the stations were and I was the manager
• 11:08
  and I would manage them and I would listen to the conversation
• 11:10
  and I would tell them what to say.
• 11:11
  And as soon as I found one of these 10 people or so
• 11:14
  that started to get the hang of it quickly
• 11:17
  and understood things, I took him off.
• 11:19
  I said, you're the best one here at Get Off,
• 11:20
  you're gonna be the manager, you're gonna be the trainer.
• 11:22
  So now I'm still doing, taking inbound calls from ads,
• 11:26
  I'm still scheduling people for interviews,
• 11:28
  I'm still doing the interviews,
• 11:29
  but now when they come in for training,
• 11:31
  this guy, the top sales persons, the trainer.
• 11:34
  And then I did that repetitively over and over again
• 11:36
  until we had 24 seats filled for day shift and night shift
• 11:39
  and then I took someone else off to become the manager
• 11:41
  and I pretty much outsourced myself.
• 11:43
  And then I got, the last person I put in was the receptionist.
• 11:48
  Like I kept doing that because I didn't really need it.
• 11:50
  I was, so then I had a receptionist,
• 11:52
  I had a trainer doing the training,
• 11:53
  I had a manager managing the sales floor
• 11:55
  and then I was just kind of overseeing everything.
• 11:57
  And so, and that became very successful.
• 11:59
  We built that up to $12 million a year
• 12:00
  in gross revenue within two or three years.
• 12:03
  And, but it's because I already did the low level work first,
• 12:08
  I was the sales rep.
• 12:10
  And then I became a trainer and then I became a manager.
• 12:12
  I did every job first.
• 12:13
  And so this is what people are so in a hurry these days
• 12:16
  to just get from point A to point B
• 12:18
  that they don't realize that all of the good stuff
• 12:21
  is in the process, but it seems like the worst stuff.
• 12:23
  Everybody just wants the result.
• 12:25
  But if you just, if you could just be happy with the process,
• 12:28
  like it actually enjoy doing these steps
• 12:30
  to building that thing, then you're gonna be a lot happier
• 12:33
  because the result is, it's, the result's awesome,
• 12:36
  but I don't even think you can ever achieve the result
• 12:38
  with every entrepreneur that I know.
• 12:41
  Not, not CEO from, you know,
• 12:46
  Ivy League that worked from McKinsey that's transplanted in,
• 12:48
  but every true entrepreneur, when they started,
• 12:52
  they've done everything in the business.
• 12:54
  Like, that's just what it takes.
• 12:56
  And I think that that's the difference between like a CEO,
• 12:59
  a professional CEO versus an entrepreneur
• 13:03
  can tell you in detail every single part of the business runs.
• 13:06
  And they'll probably like talk your ear off,
• 13:08
  they know so much about their damn business.
• 13:10
  But this is what it takes.
• 13:11
  Even this is a stay when we hire someone to run our ads
• 13:13
  for us, Facebook, Gads, whatever,
• 13:15
  they talk to us like we don't know anything.
• 13:16
  And I'm like, you have no idea.
• 13:17
  We've already done this ourselves for like three years.
• 13:19
  So this business is going well.
• 13:23
  What happens in 2008, 2009?
• 13:25
  And how many employees you had?
• 13:26
  What, you had like over 150 employees at this point?
• 13:31
  And then it all went to zero?
• 13:33
  Well, what happened was is the real estate market crashed,
• 13:35
  and I had about four million dollars with that property.
• 13:38
  I had condos on the beach.
• 13:39
  I had a couple horse ranches basically over in Odessa
• 13:43
  and Tampa, Starpen Springs.
• 13:45
  And I was living in one and I would go stay in the other
• 13:49
  and I'd go down to the condo on the weekend.
• 13:51
  So they were all empty.
• 13:52
  These were not, they were not in best part.
• 13:53
  Well, they were renting them out.
• 13:55
  So this is how I learned about real estate.
• 13:57
  So because when the real estate market crashed,
• 14:00
  I had mortgages on some of these that I ended up
• 14:02
  owing more than they were worth.
• 14:03
  So I did something called short selling
• 14:05
  where I basically sold them back to the bank for less
• 14:08
  than what I even owed, paid the difference.
• 14:09
  It was dumb. I didn't know what I was doing.
• 14:11
  But what happened was is that I said,
• 14:13
  okay, that's not going to happen again,
• 14:15
  because someone after the fact told me
• 14:16
  what I did wrong and what I should have done.
• 14:18
  And I was like, I could have kept all that.
• 14:20
  In fact, right now, if I would have kept all that,
• 14:22
  it'd be worth $10, 15 million today,
• 14:25
  probably more than that.
• 14:26
  And my debt on it was about three at the time.
• 14:28
  And so I just didn't know what I didn't know.
• 14:31
  And so I decided to go to workshops and boot camps
• 14:35
  to learn about real estate,
• 14:36
  because I realized the mistake I made.
• 14:37
  So that was one of the times.
• 14:39
  And also at the exact same time,
• 14:41
  the real estate market crashed in 2008, going into 2009,
• 14:43
  I lost a million dollar year contract in the call center.
• 14:46
  And that was bringing netting me
• 14:48
  about a million dollars a year in revenue.
• 14:49
  So it was like a double whammy.
• 14:52
  So now I had money saved up and I'm confident in myself.
• 14:56
  I'm like, oh yeah, I'm gonna, no big deal.
• 14:58
  I'll figure out something else.
• 15:00
  And over the next three years,
• 15:02
  I probably lived off my savings and my income
• 15:05
  and dwindled it down to almost nothing.
• 15:07
  So I went from multi-millionaire down
• 15:08
  to pretty much broke again,
• 15:10
  had to sell the properties I was in.
• 15:12
  And I was like, if I would have just known,
• 15:14
  known a little bit more about real estate,
• 15:15
  I could have rented this one out
• 15:17
  and that would have covered the cash flowed.
• 15:18
  And I could have done a lot.
• 15:19
  I think I was in a state of shock for a little while
• 15:21
  and didn't realize how the severity of the situation
• 15:24
  until I, until after it was too late.
• 15:27
  Since then, I mean, I built up a portfolio
• 15:29
  of over 300 units and I've done it again.
• 15:32
  But that's the thing.
• 15:33
  It's like, most people quit when they have the adversities
• 15:37
  or they get a little taste of failure at something
• 15:41
  and they think that's it.
• 15:42
  And, or they just say, you know what,
• 15:44
  I tried that before, I'm not gonna do that again.
• 15:45
  And the difference, I think,
• 15:47
  the very simple difference between the people
• 15:49
  who become successful and the ones who don't
• 15:51
  is just not quitting.
• 15:54
  I mean, I used to tell people Nike,
• 15:56
  the slogan for Nike, just do it.
• 16:00
  We didn't think much about it until one day,
• 16:01
  I was realizing that everything I've ever done,
• 16:04
  every success I've ever had,
• 16:05
  wasn't because of, it was just because I just did.
• 16:08
  It was just because no matter what,
• 16:10
  and it was funny because we were talking about this before,
• 16:12
  before I came on today is that, you know,
• 16:14
  I don't put anything off.
• 16:16
  Like if I can get something done, I do it
• 16:17
  and I do it right then.
• 16:19
  And no matter whether I've butterflies in my stomach
• 16:21
  or I'm nervous or I'm scared about it,
• 16:23
  the differences is I just do it anyway.
• 16:25
  And if people can just get that mindset,
• 16:28
  I mean, the stick to it in this,
• 16:30
  to just see it through until the end,
• 16:33
  they would see a lot more success
• 16:35
  with the things that they've already given up on.
• 16:36
  So how did the business die?
• 16:39
  Because the business, it wasn't a real estate business.
• 16:42
  The call center didn't die actually.
• 16:44
  I, what happened was, is I brought in a partner to help,
• 16:47
  and he had some different contracts to sell,
• 16:49
  and then we together started another business,
• 16:52
  which was an Amazon business,
• 16:53
  where we were, this was like back in the beginning,
• 16:54
  when Amazon was just first starting,
• 16:56
  and I was doing a fulfillment by Amazon FBA,
• 16:58
  which is a big thing now,
• 16:59
  I'm talking 20 years ago when no one was doing it.
• 17:01
  And we built that to like,
• 17:03
  I did like 400 grand of my first year selling
• 17:06
  some Gidgets and Widgets.
• 17:08
  And so I sold, I traded with him,
• 17:11
  I traded 50% of my ownership in the call center
• 17:13
  for the entirety of the, of the Amazon,
• 17:16
  because I saw the direction going online.
• 17:18
  I wanted to get out of the call center,
• 17:20
  I didn't want to deal with employees anymore.
• 17:21
  And so I went that direction
• 17:23
  and started building products online,
• 17:24
  and that Amazon business didn't last,
• 17:27
  but that was also my fault.
• 17:28
  I was doing really good with it,
• 17:30
  and I created a second product,
• 17:32
  and then a third product.
• 17:33
  So it was like, you were diversifying yourself too much.
• 17:36
  I was doing too many things.
• 17:37
  Too many things, yeah.
• 17:38
  And why, because somebody once said,
• 17:40
  and I'm sure a lot of your listeners have heard this,
• 17:41
  is that, oh, you need multiple streams of income,
• 17:43
  you should have seven streams of income.
• 17:47
  That's bullshit.
• 17:47
  And the fact is, is that you should focus on one thing only
• 17:51
  until you make that thing a roaring river of income.
• 17:55
  That's when you start your second stream
• 17:56
  and your third stream.
• 17:58
  So what was the rock bottom moment for you?
• 18:01
  Because I know that there was points in your life
• 18:02
  where you're short selling your real estate back to the bank.
• 18:08
  You made a couple of bad business moves,
• 18:10
  and obviously that didn't work out.
• 18:12
  So what is the rock bottom moment that sort of reinvented
• 18:15
  sort of the new version of you,
• 18:17
  the one who starts figuring out how to invest properly
• 18:21
  starts eventually at some,
• 18:22
  I mean fast forward today, now you teach people.
• 18:25
  But what was that moment when you realize, okay,
• 18:27
  life is not working out the way that it is right now.
• 18:30
  I got to do something different.
• 18:31
  Yeah, I was, you know, I wrote a book
• 18:34
  called Millionaire Mindset Master I mentioned to you earlier,
• 18:36
  and it was kind of funny because I then,
• 18:38
  after that, watched a movie called The Secret,
• 18:44
  very popular famous book and movie now, right?
• 18:47
  But I actually wrote that book before then,
• 18:49
  and it was very similar,
• 18:50
  but I did read some books before I wrote my book,
• 18:52
  Science of Getting Rich by Walter Wattles and Thinking Grow Rich.
• 18:57
  But I always had that mindset,
• 18:59
  and I always felt like everything always is gonna work out.
• 19:02
  Everything always does work out.
• 19:03
  Everything I touched turn to go,
• 19:04
  I mean, that wasn't necessarily a case,
• 19:06
  but that's what I thought of myself,
• 19:08
  and I ingrained that in my head all the time,
• 19:10
  that everything's perfect,
• 19:11
  everything's going exactly the way it's planned.
• 19:12
  But there was a time when I was questioning my own belief
• 19:16
  in that because things were not going the way I wanted them to,
• 19:19
  and I was, and it's very difficult,
• 19:22
  and I know a lot of people can appreciate this is that
• 19:25
  when someone says, just think positive,
• 19:27
  or someone says, I'll just think,
• 19:29
  picture yourself already rich and already walking to you,
• 19:31
  and you're in a bad place mentally or financially,
• 19:34
  it's very difficult for you to assume wealth in your mind
• 19:38
  and riches or act as if you already have it
• 19:41
  when you're not there, right?
• 19:42
  And so, but I did that for so long,
• 19:44
  and it seemed to work for so long
• 19:45
  that it was very difficult for me to not do that.
• 19:47
  And so people would be like,
• 19:48
  oh, you're losing your house, how are you so positive?
• 19:52
  You still walk like you're a million,
• 19:53
  I said, I mean, I don't know what else am I going to do?
• 19:56
  But anyway, I did.
• 19:57
  I had to, I got four clothes on and my house,
• 19:59
  a beautiful gated estate.
• 20:00
  I put so much money into it.
• 20:02
  I mean, I spent 30 grand putting rocks around my pond
• 20:04
  and, you know, statues, and it was ridiculous.
• 20:06
  It was stupid, the money I was spending.
• 20:08
  But that's the mistake.
• 20:09
  I mean, that's the learning experience.
• 20:10
  I realized that I was not investing.
• 20:14
  When the money was coming in, I was not investing.
• 20:16
  I was blowing it.
• 20:18
  And so I think that some people have to go through this
• 20:21
  sometimes to learn the lesson and understand it.
• 20:23
  And instead of me getting resentful or bitter
• 20:25
  or go crawling in a hole and being depressed,
• 20:27
  I said, you know what?
• 20:28
  Okay, I did this.
• 20:30
  I did this wrong.
• 20:31
  This is what I'm not going to do anymore.
• 20:32
  And next time I make money,
• 20:33
  and I was very confident that would be a next time,
• 20:36
  I'm going to invest it properly.
• 20:37
  This time I'm going to do the right thing.
• 20:38
  I'm going to do what I already knew
• 20:39
  or what I actually tell other people to do,
• 20:41
  but I wasn't doing myself.
• 20:42
  Because I got to that point where I was like,
• 20:44
  I know where to keep something.
• 20:46
  Oh, yeah, this is what you should.
• 20:47
  Like I was telling people how to lose weight
• 20:49
  and I was 70 pounds overweight.
• 20:50
  I was like, I know how to do it.
• 20:52
  I mean, I've done it before.
• 20:53
  I'll lose 30 pounds in 30 days, right?
• 20:55
  I was like, come on.
• 20:56
  You know, and then I started, who am I?
• 20:58
  You know, if anybody's going to listen to me,
• 20:59
  I have to be the person.
• 21:01
  So I lost the 70 pounds.
• 21:03
  I got in the best shape of my life.
• 21:04
  I built a multimillion dollar business again.
• 21:06
  Then people started asking me, you know, my opinion,
• 21:08
  I realized I have no business teaching anybody
• 21:11
  until I've done it.
• 21:12
  And so, and that's what I see these days.
• 21:14
  I see a lot of people online teaching.
• 21:16
  They haven't done shit.
• 21:17
  Maybe they learned something from someone else.
• 21:19
  And I even tell people sometimes, I'm like,
• 21:21
  I even told somebody, you know, you heard that old story
• 21:23
  that it takes like 10,000 hours of mass to master something.
• 21:26
  I told somebody, no, you can teach me something right now
• 21:29
  and I could immediately teach it to someone else
• 21:30
  five minutes later.
• 21:32
  But I don't have to, I've ever done it.
• 21:34
  I could literally, you could teach me something right now
• 21:36
  and I'll teach it to someone else 10 minutes later.
• 21:37
  And I'm teaching the same thing you just taught me.
• 21:40
  But I don't have the experience.
• 21:41
  I don't have the, you know, the work ethic behind it
• 21:45
  to, you never, you never, you never did it.
• 21:47
  Like, parodying it.
• 21:48
  And that's what's happening right now.
• 21:49
  That's what I see happening a lot online.
• 21:50
  I see these young kids, you know, I made $25,000
• 21:53
  last week day trading.
• 21:54
  And I'm like, you're still in your parents,
• 21:56
  you know, you're still in your parents house.
• 21:58
  I can tell that's your bedroom.
• 21:59
  And it's like, there's nothing,
• 22:00
  there's no furniture there.
• 22:01
  You haven't really made anybody so,
• 22:03
  and but you got 10 million followers on TikTok.
• 22:05
  I'm like, this is amazing.
• 22:06
  That's dangerous.
• 22:07
  It's dangerous.
• 22:08
  It's crazy.
• 22:09
  Like, one of the quotes that you said also,
• 22:10
  which I think is sort of like shown
• 22:12
  how your relationship with money has changed,
• 22:14
  especially now that I know a little bit about your story.
• 22:18
  You said chasing money is the hardest way to get money.
• 22:21
  So explain what that means.
• 22:22
  Why are people chasing money?
• 22:23
  What does it mean to chase money?
• 22:25
  Why is that not the way to actually get money?
• 22:29
  Well, you know, it's almost like human nature, you know,
• 22:32
  if you chase a girl and you're all, you know,
• 22:34
  constantly chasing her, she runs.
• 22:37
  If you chase a dog, the dog will run.
• 22:39
  If you run, the dog will chase you, same with a cat.
• 22:42
  It's just the way the universe works.
• 22:44
  It's kind of interesting that way.
• 22:46
  But money, the more you try to catch money,
• 22:48
  the more you try to try to get it.
• 22:50
  Sometimes it's evasive and it's literally,
• 22:53
  it's not trying to teach you a lesson
• 22:55
  what's happening, I think, is the universe is simply saying,
• 22:58
  okay, keep trying.
• 22:59
  Let's see, how about do you want it?
• 23:00
  What are you willing to do?
• 23:02
  What are you willing to go through?
• 23:03
  What are you willing to endure?
• 23:04
  And failure eventually will give up on you.
• 23:08
  Failure will keep failing you, keep failing you,
• 23:10
  keep failing you, but if you never quit, you never give up,
• 23:12
  you keep pivoting, you keep trying something new,
• 23:14
  failure's gonna look at you one day and say,
• 23:16
  holy cow, this guy, this guy is never quitting,
• 23:18
  he's never giving up.
• 23:19
  Let's just go ahead and let him win.
• 23:21
  And then you get a win.
• 23:22
  And then you restoked, you're like, you're all excited again,
• 23:25
  but so when I gave that quote though,
• 23:30
  what I learned was is that I created something online
• 23:33
  that I was passionate about.
• 23:34
  I created a coaching program where I was literally helping people
• 23:37
  and I was giving so much free content.
• 23:38
  You were teaching the stuff that after all the shit
• 23:41
  you've gone through, you've now laid okay,
• 23:43
  so now I figured out the game again.
• 23:44
  I figured out the money game out of make it.
• 23:46
  I don't invest it.
• 23:47
  And that's when you give the value back.
• 23:48
  I gave the value, I gave the value free, free, free,
• 23:50
  and then people just started pouring in.
• 23:52
  It was like, I didn't have to advertise,
• 23:53
  I didn't have to sell anything.
• 23:54
  I didn't have to try to chase the money.
• 23:56
  People just wanted to give me money to help them.
• 23:58
  And I was like, wow, this is interesting.
• 23:59
  This is a new concept, right?
• 24:01
  And the beginning of internet,
• 24:02
  but now it's a big thing.
• 24:03
  And people teach that concept in marketing.
• 24:05
  How do you get over the human nature of like,
• 24:08
  it's almost like this hedonism, like greed, fear,
• 24:11
  like all these different things
• 24:12
  that sort of pushed you in the wrong direction
• 24:14
  in anything in life.
• 24:17
  How did you get over it?
• 24:18
  Like how did you get over it
• 24:19
  so that you can invest properly?
• 24:21
  Like what was the secret or the hack?
• 24:24
  Because everybody wants a secret or that.
• 24:25
  Maybe there is no secret or hack.
• 24:27
  I said to myself a long time ago,
• 24:29
  I saw people who gave up on their dreams
• 24:31
  and they were living lives of quiet desperation
• 24:34
  and just, you know, money's not important.
• 24:37
  They would come up with excuses,
• 24:38
  and money's not everything.
• 24:39
  Money doesn't make you happy.
• 24:40
  That's what everybody says when they've resigned
• 24:42
  to the fact that they don't have what it takes
• 24:44
  or they don't have the discipline to stick to something
• 24:47
  or make it happen for themselves
• 24:48
  or they just don't want to try anymore.
• 24:50
  But I knew that I knew what I wanted.
• 24:53
  I knew the lifestyle wanted.
• 24:54
  I've seen other people living it.
• 24:55
  I know it was possible.
• 24:56
  I've seen people with much less intelligences
• 24:58
  me having what I wanted.
• 25:00
  In fact, I've said that and don't take this the wrong way
• 25:04
  if you're a real estate investor
• 25:05
  because I am one too, the least intelligent people,
• 25:08
  the majority of the millionaires I know
• 25:11
  in real estate are the least intelligent people.
• 25:13
  They just did something.
• 25:14
  It's a formula that anybody can do.
• 25:16
  You don't have to be smart to become rich in real estate.
• 25:18
  You just have to do the same thing over and over again.
• 25:20
  And it gets boring sometimes.
• 25:21
  Just like trading, you know,
• 25:23
  a lot of people take big risk and swing for the fence
• 25:25
  because they want to double and triple their account overnight.
• 25:28
  But if you just take the simple boring setup every day,
• 25:31
  your account will grow and grow and grow to the point
• 25:32
  where you have hundreds of thousands in your trading account.
• 25:34
  But people like, oh, it's to boring.
• 25:35
  Oh, I made enough money this month.
• 25:37
  Let me try and swing for the fence.
• 25:38
  Let me try to hit home run and then they knock themselves back
• 25:40
  up a few feet.
• 25:41
  So to answer your question, it was, I figured that
• 25:44
  if it took me the rest of my life and I died trying,
• 25:50
  then that's what it's going to take.
• 25:51
  I will never extend your time or I can not.
• 25:54
  Yeah, I cannot even imagine the time
• 25:55
  where I look back and say, oh, well, Nika,
• 25:58
  why did you give up on your dreams?
• 25:59
  Why do you not have what you want?
• 26:00
  And I gave up eventually.
• 26:01
  I wanted somewhere down the line.
• 26:02
  I just couldn't deal with it anymore.
• 26:04
  But that's not going to happen to me
• 26:05
  because I will just keep trying until I die.
• 26:07
  They're like, well, what about life?
• 26:08
  Don't you want to take vacations?
• 26:10
  I do that stuff, but it's not my priority
• 26:12
  because to me, I will rather work harder.
• 26:15
  And I'm not the grind mindset.
• 26:17
  I'm not like, oh, grind your way.
• 26:18
  You should take a break.
• 26:19
  You should enjoy your life.
• 26:20
  You should do all those things
• 26:21
  but you should get right back to it in my opinion
• 26:24
  because if you go sit on a beach for a week or two,
• 26:26
  try it if you haven't, you're going to be bored
• 26:28
  and you're not going to be able to do that for long.
• 26:30
  I'm a creative mind.
• 26:31
  So I like to get back to work.
• 26:32
  That's me personally, but if you have any delusions
• 26:37
  of becoming rich in this world, when I say rich,
• 26:40
  I mean, $5, $10 million in the bank or more
• 26:43
  or $10, $20, $20 million with assets,
• 26:44
  which a lot of people, that's not even that huge these days.
• 26:47
  I mean, it is.
• 26:48
  Don't get me wrong, that's life changing money.
• 26:50
  But if you have any illusions of getting to that level,
• 26:52
  you need to understand a few things.
• 26:54
  You need to understand leverage and discipline
• 26:57
  because the millionaires, the billionaires
• 27:00
  that you respect and look up to financially,
• 27:04
  they all use the tremendous amount of leverage.
• 27:06
  They either borrowed a lot of money from the banks
• 27:08
  to build businesses or buy apartment buildings
• 27:10
  or real estate, Elon Musk, I think borrowed $40 billion
• 27:14
  against his Tesla stock to buy Twitter.
• 27:18
  And Jeff Bezos borrowed $200 million
• 27:21
  against his stock portfolio to buy a yacht, a mega yacht.
• 27:24
  And people will say, well, Dave Ramsey says,
• 27:27
  you shouldn't get in debt.
• 27:28
  Well, don't listen to him.
• 27:29
  You're going to be broke your whole life.
• 27:30
  Yeah, you won't have any debt, but you won't have anything either.
• 27:32
  You have to use leverage.
• 27:33
  You have to understand how to use it properly.
• 27:36
  And that's the thing.
• 27:37
  A lot of people use it the wrong way.
• 27:38
  They get their credit cards.
• 27:39
  They go to the mall and they buy stuff.
• 27:40
  They buy debt, bad leverage, yeah.
• 27:43
  So let's talk about leverage, aka debt, but also discipline.
• 27:47
  Those are two important ideas.
• 27:49
  How do you apply them to your investment thesis?
• 27:51
  Yeah, so when it comes to real estate,
• 27:53
  we built a large portfolio.
• 27:55
  I have a couple partners and we're over 300 units
• 27:58
  and probably eight or nine buildings.
• 28:00
  And we don't buy duplexes.
• 28:02
  We buy like 45 unit apartment buildings
• 28:04
  or 60 or 80 or 100 unit apartment buildings.
• 28:06
  And I was scared to death to do that.
• 28:08
  In fact, the first programs I went to,
• 28:10
  they said, start small by house or buy a duplex,
• 28:12
  buy a quadplex, work your way up.
• 28:14
  And then I saw this guy who said,
• 28:16
  well, I was going to do that,
• 28:17
  but then I just, my very first building was 50 unit.
• 28:19
  And now, and he realizes that the way I look at it,
• 28:23
  and I know this is a little off-talk about,
• 28:24
  I'm going to get to it, but 50 units,
• 28:27
  if you buy a duplex because you think it's the safe approach,
• 28:30
  and you put two tenants in there.
• 28:32
  And one tenant moves out for whatever reason.
• 28:35
  You now have 50% half the income coming in than you did.
• 28:39
  You're losing 50% of your income.
• 28:40
  If you buy a 50 unit apartment building
• 28:42
  and one tenant moves out, you still have 49 people paying rent.
• 28:45
  You could lose 10 more tenants
• 28:47
  and still have enough money coming in
• 28:49
  to not only cover all the expenses,
• 28:50
  but still be profitable.
• 28:51
  So it's actually safer to buy a bigger building.
• 28:55
  A lot of people think it's scarier,
• 28:57
  but it's actually easier to buy.
• 28:58
  The banks want to land on it more
• 28:59
  because they know it's more profitable.
• 29:01
  They look at it as a business.
• 29:03
  But how you buy it is important.
• 29:05
  So you don't just go buy anything,
• 29:07
  just because it's for sellers, a lot of stuff for sale out there.
• 29:09
  And also people that are listening to this
• 29:10
  probably don't have tens of millions of dollars cash
• 29:13
  that they're going to put into an apartment building.
• 29:15
  And even if you did, I don't recommend you do.
• 29:17
  So what we do is we look for de-stress properties
• 29:20
  from de-stress sellers, not just one or the other.
• 29:23
  And there's a reason why, because a de-stress property
• 29:26
  usually means that the seller or the owner didn't take care of it.
• 29:29
  They didn't understand how to manage it.
• 29:31
  They didn't have property management
• 29:32
  or they manage it themselves or they're out of towner
• 29:34
  and the place has just run down,
• 29:35
  but it has a lot of potential.
• 29:37
  And then you got that mixed with the seller
• 29:39
  who's also desperate for money and they need to get out.
• 29:41
  So they're willing to sell this place
• 29:42
  at a tremendous discount.
• 29:44
  The after a pair of value of it could be $10 million,
• 29:47
  but you're able to buy it for $2.3.
• 29:50
  Let's just say hypothetical.
• 29:51
  But this happened to us once, so it's a good example.
• 29:53
  And so now they need cash right now,
• 29:56
  but you don't really want to go conventional
• 29:58
  because a bank's not going to loan
• 29:59
  on a de-stress property from you.
• 30:00
  So you work out a deal with the seller.
• 30:02
  Okay, listen, I'll give you $100,000 down.
• 30:04
  That'll, you know, you just,
• 30:06
  we'll just take over your first mortgage,
• 30:07
  we'll take over your debt and you carry a note for us
• 30:09
  for the next 10 years or 20 years
• 30:10
  at this much with no interest.
• 30:12
  And I know that my son, well, who's going to agree to that?
• 30:14
  Many people do, we do this all the time,
• 30:17
  but you have to find the de-stress seller
• 30:19
  with the de-stress property who's in a desperate situation
• 30:21
  who's willing to do that.
• 30:22
  It's a win-win situation, you're taking over their debt,
• 30:25
  you're able to take over the property.
• 30:26
  And if you have a little income or some partners that do,
• 30:28
  you can then slowly rehab those units,
• 30:31
  get tenants in there,
• 30:32
  and then the income coming in from those tenants
• 30:33
  are going to help you continue to rehab it
• 30:35
  until it's fully rehabbed, fully occupied,
• 30:37
  restabilized, and now worth $5, $10 million.
• 30:39
  Then what do you do?
• 30:40
  You refinance it, pull all that equity out,
• 30:43
  pay off the first seller, pocket all that equity tax-free
• 30:46
  because it's loan proceeds,
• 30:47
  and then your tenants continue to pay off that new debt,
• 30:49
  you take that money and go buy a new unit.
• 30:51
  So do you need money to buy real estate?
• 30:52
  Yes, does it have to be your own no?
• 30:55
  But you definitely need money, but not that much.
• 30:57
  But not necessarily that much.
• 30:58
  So we bought a $4 million apartment, for instance,
• 31:00
  with $100,000 down.
• 31:02
  But in order to find those kinds of deals,
• 31:05
  you need what's called deal flow.
• 31:06
  You need a way to get those kinds of deals
• 31:09
  coming across your desk so that you can actually analyze them.
• 31:12
  But we would analyze 100 deals to find one like that.
• 31:15
  But that's the thing, that's where discipline comes in.
• 31:17
  If you're not willing to look to do the work,
• 31:20
  the underwriting for 100 properties
• 31:23
  before you make one good offer.
• 31:24
  And by the way, there's another thing
• 31:26
  that a lot of people don't know.
• 31:27
  We try to find all the reasons not to buy a property.
• 31:30
  That's our vetting process.
• 31:33
  We look at, okay, let's figure out why this isn't a good deal.
• 31:35
  Let's try to eliminate this from a deal.
• 31:38
  And if we can't find a reason not to buy it, we buy it.
• 31:41
  And so it's like a process of limitation.
• 31:43
  They're like, those supposed people
• 31:44
  are willing to go through this process.
• 31:45
  Quick question.
• 31:46
  What's your go to when you got 10 minutes
• 31:48
  before a meeting or a workout?
• 31:50
  For me, it just used to be whatever I could grab,
• 31:52
  which usually meant skipping meals entirely
• 31:54
  or just grabbing something that left me crashing
• 31:57
  an hour later because it was just full of garbage.
• 31:59
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• 32:15
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• 32:40
  every single morning.
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• 32:42
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  That's NetSuite.com slash Scott Clary.
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  NetSuite.com slash Scott Clary.
• 34:29
  So for people that don't invest, don't trade,
• 34:35
  they may have heard of a whole bunch of people
• 34:37
  being wiped out by using too much leverage.
• 34:41
  And that happened, not trying to keep this ever green,
• 34:44
  but just a month ago or whatever
• 34:46
  when crypto markets crashed.
• 34:48
  So we made money during that because we were short.
• 34:51
  You were shorting, so two things.
• 34:52
  First of all, actually we'll talk about,
• 34:54
  we'll talk about when to short, when to go long in a second,
• 34:57
  but how should people not use leverage?
• 35:00
  Like what were people doing wrong?
• 35:01
  How did they get wiped out?
• 35:03
  And there was people that killed themselves
• 35:06
  because they lost so much money.
• 35:07
  What was happening?
• 35:08
  That's hitting a swing for the fences with no safety net,
• 35:11
  no discipline.
• 35:13
  Jumping out of a plane with no parachute.
• 35:14
  So what we do is, and that gives leverage a bad name.
• 35:19
  Okay, that's like buying the house with leverage
• 35:21
  for the example I just gave, putting 20% down,
• 35:24
  $200,000 on a million house,
• 35:25
  and then never paying the mortgage payment.
• 35:28
  What's gonna happen is the bank is gonna foreclose
• 35:30
  and take it back and you're gonna lose your 200 grand.
• 35:32
  That's a simple explanation,
• 35:33
  but with trading, if you go long or short, for instance,
• 35:37
  and you're betting the farm,
• 35:38
  you're putting a lot of money at risk, 50,000
• 35:41
  because I know Donald Trump's gonna give tariffs,
• 35:43
  he's gonna talk about tariffs and the market's gonna crash.
• 35:44
  So I'm gonna go long or whatever or short,
• 35:47
  and you don't have a stop loss in place,
• 35:50
  and you get liquidated.
• 35:51
  Well, the higher your leverage,
• 35:53
  the closer your liquidation is to your entry price.
• 35:55
  So if you enter at $100,000 for Bitcoin,
• 35:57
  and you think it's gonna go to 120,
• 36:00
  and you don't have a stop loss,
• 36:01
  your liquidation might be at 95,000.
• 36:03
  So if it drops at 95, you get liquidated.
• 36:05
  So if you have 20 grand on that trade,
• 36:06
  you lose the 20 grand.
• 36:08
  But if you put a stop loss at 99, 10% away from your entry,
• 36:12
  and you have 20 grand on the trade,
• 36:14
  and it goes down and hit your stop loss,
• 36:16
  the most you can lose is 10% of your 20 grand,
• 36:18
  which is $2,000.
• 36:19
  So what does that do?
• 36:20
  Well, it allows you to live to trade another day
• 36:23
  for one thing, you don't lose everything,
• 36:24
  you don't get liquidated, you got stopped out instead,
• 36:26
  and what that does is it gives you
• 36:28
  an opportunity to reevaluate the situation,
• 36:30
  look at, okay, maybe I was wrong, maybe it's not going to,
• 36:31
  maybe it's going down,
• 36:32
  and then you can reverse your position and go short instead.
• 36:34
  But by using a tight stop loss or using a proper stop loss,
• 36:38
  it's simply risk management at all.
• 36:40
  So why are people not doing this?
• 36:41
  Like it doesn't make it,
• 36:41
  it seems like it's very easy.
• 36:43
  It seems obvious, right?
• 36:44
  They don't know how, or they don't, or,
• 36:47
  and this is why I said,
• 36:48
  I think we talked about this before,
• 36:49
  is that women do better in our group
• 36:51
  because they follow the rules.
• 36:52
  We show you the rules,
• 36:53
  we tell you how to put proper risk management
• 36:55
  on your trade and some men don't,
• 36:57
  some, I wouldn't say some men, probably women too,
• 36:59
  but some people just don't,
• 37:01
  because they want to give it room to go against them,
• 37:04
  because they've seen, here's the excuse.
• 37:07
  I was in a trade before and I had a tight stop loss,
• 37:09
  and it hit my stop loss,
• 37:10
  and then it still went the way I wanted it to go afterwards.
• 37:13
  So I'm not gonna use a stop loss this time,
• 37:14
  or I'm gonna move my stop loss lower to give it more room,
• 37:17
  and they do that, and it goes against them,
• 37:19
  keeps going against them, keeps going against them,
• 37:20
  and finally they have to either close the trade
• 37:21
  out with a loss or get liquidated.
• 37:23
  So I would say, let it hit your stop loss.
• 37:25
  That, the whole reason it's called a stop loss
• 37:28
  is to stop your loss, that's the name.
• 37:30
  And so let it hit your stop loss,
• 37:32
  re-evaluate the situation and re-enter at a better time,
• 37:36
  but it's real simple.
• 37:38
  If you got 10 grand in your account,
• 37:40
  then you risk 10%, that's $1,000.
• 37:43
  If you put a 10% stop loss on that,
• 37:45
  that means you're really only risking $100.
• 37:47
  So $100 is 1% of your entire account balance.
• 37:51
  So you could have 100 losing trades in a row
• 37:54
  before you blow through your $10,000.
• 37:56
  We have a 70% win ratio in our group,
• 37:58
  so that's unlikely to ever happen,
• 38:00
  100 losing trades in a row.
• 38:02
  But so if you use proper risk management,
• 38:04
  you live the trade another day,
• 38:05
  and if you're doing it right,
• 38:08
  you might have seven winners and three losses.
• 38:10
  So on my three losers, I lose 100 bucks each,
• 38:12
  but on my seven winners, I make $1,000 each.
• 38:14
  You just have to understand that that's the cost
• 38:16
  of doing business.
• 38:17
  So you notice that women play by the rules
• 38:21
  that you're setting up and they just,
• 38:23
  they follow the system more often than maybe.
• 38:26
  It's weird, we have women killing it in our group.
• 38:29
  And that's so funny.
• 38:30
  Yeah, it is funny because they're a little bit less risk
• 38:32
  of risk, they don't want to,
• 38:34
  they're not trying to hit home runs,
• 38:35
  they're trying to really learn,
• 38:36
  they're more by the book,
• 38:38
  they're following the rules,
• 38:39
  and they're having consistent gains
• 38:41
  and consistent income that end up with a better result.
• 38:43
  That better result.
• 38:44
  When somebody, okay, because again,
• 38:45
  you kind of do the two opposite ends of the spectrum
• 38:49
  when it comes to investing, right?
• 38:50
  You do the long-term real estate plus you
• 38:52
  the very short-term stuff.
• 38:54
  I think that people can wrap their minds
• 38:56
  around long-term real estate, it makes sense.
• 38:57
  It's not like stressing me out day to day.
• 39:01
  If somebody actually wanted to do this,
• 39:03
  what is the amount of time they should actually allocate
• 39:07
  towards learning, understanding?
• 39:09
  Because even some of the words
• 39:10
  that you're talking about now,
• 39:11
  they're already like, oh my God, that's a lot.
• 39:13
  That's too much for me.
• 39:15
  It sounds like I got to be like in it every single day,
• 39:17
  every single hour.
• 39:18
  And I do know some people that are in today trading,
• 39:21
  and that's sort of like a general term I just use
• 39:22
  for people that just look at the trades
• 39:24
  in the investment every single day, second hour.
• 39:27
  They're like bringing their laptops to coffee
• 39:30
  and they're bringing their laptops
• 39:31
  and they can never, never not be in front of a laptop.
• 39:34
  It could be a victim, yeah.
• 39:35
  And I'm like, that doesn't seem like a great life either.
• 39:38
  So what is the advice for somebody who wants to start this?
• 39:42
  That's a great point.
• 39:43
  And to everybody listening, pick your heart, okay?
• 39:47
  You can spend 60 hours a week at a job you hate
• 39:50
  to barely make enough to make ends meet
• 39:52
  or you can spend four hours a week
• 39:54
  making more than you've ever made in your life.
• 39:56
  But you gotta understand how to read a chart.
• 40:00
  Well, when I look at the chart, it looks like Chinese.
• 40:02
  No offense to anybody Chinese,
• 40:03
  but if you're English speaking,
• 40:05
  then that's a term that we use to indicate
• 40:08
  that something seems complicated.
• 40:10
  But once you really understand it, it's not.
• 40:12
  And when you understand where support and resistance is,
• 40:14
  and you can just follow simple instruction,
• 40:17
  and not only that, but in our group,
• 40:19
  you can just do what we're doing.
• 40:20
  You're like, we give signals
• 40:20
  and we tell you where to enter and where to exit
• 40:22
  and you just follow and you just copy trade basically.
• 40:25
  But what happens is if you copy trade someone along enough,
• 40:28
  just like if you went to Mexico and you didn't know Spanish
• 40:30
  and you went with someone who speaks Spanish,
• 40:31
  and he or she was with you everywhere you went.
• 40:34
  And you started to hear how he asked for a drink
• 40:38
  or how where's the bathroom.
• 40:39
  You will pick it up.
• 40:40
  You will get to that point
• 40:41
  where you don't need the interpreter anymore
• 40:43
  and you don't need us anymore.
• 40:44
  But the funny part about it is that people think,
• 40:50
  oh, that looks hard.
• 40:51
  So go back to doing what you're doing
• 40:52
  that is much harder, in my opinion.
• 40:55
  Getting in shape and seeing your abs, that's hard.
• 40:58
  Sitting on the couch eating twinkie,
• 41:00
  twinkie's getting fat, that's hard.
• 41:02
  You know, having diabetes is hard.
• 41:04
  You know, having joint pain and inflammation is hard.
• 41:06
  Being broke is hard.
• 41:07
  Being broke is much harder than being rich,
• 41:09
  but getting rich is just as hard as being broke
• 41:13
  as working your job, keeping you broke.
• 41:14
  And I'm not saying that a job is not good.
• 41:16
  I think everybody should keep their job
• 41:18
  and keep their business if they have one.
• 41:19
  Most of the people that come to us
• 41:20
  aren't entrepreneur minded.
• 41:21
  They either have a business or had one in the past
• 41:24
  so they understand.
• 41:25
  Keep that, definitely.
• 41:26
  But I don't know of anything else and I've done a lot
• 41:29
  and I've made money in multiple different niches.
• 41:31
  I don't know of anything else that you can do concurrently,
• 41:34
  simultaneously with whatever you're doing now.
• 41:36
  Keep your job, keep your business.
• 41:39
  I'm walking down the out the grocery store
• 41:41
  and I make enough money to pay for my groceries
• 41:42
  by the time I get to check out.
• 41:44
  I mean, I'm at this red light, you know,
• 41:46
  waiting for the light to turn green
• 41:47
  and I look at the trade and I enter.
• 41:48
  And then by the time I get to the next right,
• 41:49
  I close the trade out.
• 41:50
  I mean, you can do this while you have a job.
• 41:52
  You can do this while you're at the second nature after all.
• 41:54
  It can become a second nature, yeah.
• 41:55
  And I don't really know of anything else
• 41:56
  because any other business that you start to make money,
• 42:00
  shop of Fahai, you hear them all, you know, Amazon,
• 42:03
  you're gonna need inventory.
• 42:04
  You're gonna need maybe a location.
• 42:05
  If you wanna start a hair salon or a coffee shop
• 42:07
  or a pet grooming facility,
• 42:10
  you're gonna have to show up every day.
• 42:12
  You're gonna have to, first of all,
• 42:13
  you gotta have to maybe rent the space
• 42:14
  or buy the building, decorate the place.
• 42:16
  There's a lot of money, a lot of risk going on
• 42:19
  in anything you do.
• 42:20
  And if you just have a regular job,
• 42:21
  you're building someone else's dream,
• 42:23
  you're spending 60 hours of your time.
• 42:24
  So, and taking them just enough to keep you coming back.
• 42:29
  The truth is that you never get paid what you're worth
• 42:32
  and it has to be that way by design
• 42:34
  because if they paid you what you worth,
• 42:35
  then they wouldn't be able to stay in business.
• 42:37
  They have to actually pay you less than you produce
• 42:40
  in order for them to have a profit, right?
• 42:42
  So when you know all this stuff,
• 42:44
  what are your choices?
• 42:44
  This kind of goes back to what I said earlier.
• 42:46
  I will die trying to get rich doing this
• 42:47
  or doing anything to get rich
• 42:49
  because what are my choices?
• 42:50
  My choice is a life that I don't wanna live.
• 42:52
  I'd rather spend my whole life trying to get to a point
• 42:54
  where I can have the time for you to do whatever I want,
• 42:57
  then to suffer miserably, always wondering,
• 42:59
  what would happen if I would have just tried that?
• 43:01
  And so I try it all, I try everything
• 43:03
  and then I stick to the things that work.
• 43:05
  And this is the thing that if you learn it,
• 43:07
  you spend the time, it works.
• 43:09
  Just for people that are listening to it again,
• 43:10
  have not played in this space at all.
• 43:12
  You mentioned a whole bunch of different kinds of invests.
• 43:15
  You mentioned like day trading, swing trading,
• 43:19
  you mentioned scalping, like what are the terms
• 43:21
  that people should know
• 43:23
  just so that they can sort of like start to research.
• 43:25
  And what should they start with?
• 43:27
  What should they stay away from?
• 43:28
  I think that with day trading,
• 43:30
  I'm gonna use that term
• 43:30
  because that's a most commonly known term is day trading.
• 43:34
  That's what you hear stock traders do, right?
• 43:36
  So, but that's kind of what we're doing in crypto market.
• 43:38
  It's the same thing, except for the differences
• 43:39
  as crypto's open 24-7.
• 43:42
  Stock market closes at 5 PM on Friday.
• 43:44
  It doesn't open till Monday.
• 43:45
  There's something called gaps.
• 43:46
  So over the weekend, you could get gapped out
• 43:49
  when the market opens back on Monday.
• 43:50
  If you stayed in a trade on Friday,
• 43:52
  you could lose a lot of money.
• 43:53
  You gotta be very careful in the stock market.
• 43:54
  And you gotta have a lot of money in the stock market.
• 43:56
  So you put $20,000, you buy $20,000 worth of Amazon,
• 44:00
  let's just say, and you're trying to go long
• 44:02
  or you want it to go up in value.
• 44:03
  Let's say it goes up 1%, 2%.
• 44:06
  Okay, are you gonna get rich?
• 44:07
  What's 1% of $20,000? No.
• 44:09
  So, the differences is in crypto,
• 44:11
  we can take $20,000 or we can take $1,000 or $2,000
• 44:15
  and make the same amount with leverage
• 44:17
  then you could options trading or playing in the stock market.
• 44:20
  It's open 24-7, there's no restrictions.
• 44:23
  There's no day trading rules
• 44:24
  where you have to have a certain amount of money
• 44:25
  in your account.
• 44:26
  It is kind of like the wild, wild west still
• 44:29
  because of the regulations are very limited
• 44:32
  and it allows you with any amount of money
• 44:34
  to trade with up to almost any amount of leverage.
• 44:37
  Like there's 500X leverage available.
• 44:39
  But so they're scalping, there's swing trading,
• 44:42
  there's long-term positions,
• 44:44
  hold long-term hold positions.
• 44:45
  And to know which one is best for you,
• 44:47
  you just have to start, you have to do it.
• 44:49
  Scalping is a little bit more intense,
• 44:50
  but you're also only risking the money
• 44:54
  if you ever do any kind of trading leverage, not leverage,
• 44:57
  any of these types of trading,
• 44:59
  you just risk the money you're willing to lose
• 45:01
  and then all of a sudden it's not so stressful.
• 45:02
  That's correct.
• 45:03
  So you can put $1,000 in your account or $100,000.
• 45:06
  That money's not at risk.
• 45:07
  The only money that you have at risk
• 45:09
  is what you're going to use as a margin on that trade.
• 45:11
  So if I have $10,000 but I want a risk of 1,000,
• 45:14
  I'm gonna go along with $1,000, that's my margin.
• 45:17
  That's what I'm risking.
• 45:18
  I'm gonna put a 10% stop loss under that.
• 45:20
  So I'm really only risking 10% of that $1,000 now.
• 45:23
  And then I'm gonna use 10x leverage,
• 45:24
  which now I'm playing with 10 grand,
• 45:26
  but I'm only risking 1,000,
• 45:28
  but I'm really only risking 100.
• 45:29
  So when you really, I know it's confusing at first
• 45:31
  when you first hear of this concept,
• 45:32
  but when you really get it, it's like holy cow.
• 45:35
  The most important thing is that people just know again.
• 45:37
  That's why I bring it back to the principles, right?
• 45:40
  Like principles are the discipline, the leverage,
• 45:43
  but once you understand the principles
• 45:44
  and you understand risk management,
• 45:47
  then all of a sudden,
• 45:47
  you can dab with all this other shit.
• 45:49
  Just know, like, I mean, the easiest idea
• 45:51
  to walk away from this podcast with is you just,
• 45:55
  you can't lose more than you're comfortable losing
• 45:57
  than you're comfortable losing.
• 45:58
  And now there are people that risk more than they want to lose.
• 46:02
  And that's something we definitely don't teach.
• 46:04
  We teach you to only use risk money that you're willing to lose
• 46:09
  and that you're okay losing.
• 46:10
  It's not gonna change your life at all.
• 46:11
  Like if you lose this $1,000,
• 46:13
  are you gonna have to get evicted from your apartment?
• 46:17
  Right, are you gonna lose your car?
• 46:18
  No, so if you're in that kind of financial struggle
• 46:21
  and that kind of situation
• 46:22
  where you're barely making ends meet,
• 46:24
  then this is not for you right now.
• 46:26
  And so we don't try to just take anybody's money
• 46:28
  once to learn from us.
• 46:29
  We evaluate your situation too sometimes,
• 46:31
  except for the guy who's a top income earner in our group
• 46:35
  who made millions and couldn't really afford to do it,
• 46:38
  but he was an admitted gambler.
• 46:40
  He lives in Vegas, but it's funny
• 46:42
  because he never told us that he was having problems.
• 46:44
  He just knew he wanted to do this.
• 46:46
  And so that's the thing.
• 46:47
  People are gonna take a risk.
• 46:49
  They're gonna try what they wanna try,
• 46:50
  but always just use proper risk management
• 46:53
  and you will live to trade another day
• 46:54
  and you will get better and better and better.
• 46:56
  And this isn't a matter, by the way.
• 46:57
  This isn't a matter of adding more screens
• 47:01
  or more indicators or more software or whatever.
• 47:06
  This is a matter of deducing, deducting out of your life,
• 47:11
  things that aren't working.
• 47:12
  So it's kind of like enlightenment.
• 47:14
  Like it's like addition through subtraction, almost.
• 47:17
  Yes, people think that like,
• 47:19
  I use this example out, it's enlightenment.
• 47:21
  People wanna be, you know,
• 47:22
  oh, he's very enlightened or she's enlightened or,
• 47:24
  I'd like to be enlightened.
• 47:26
  You know, they're on that enlightenment craze, right?
• 47:29
  And they think they need stuff to get enlightenment.
• 47:31
  Like, oh, I need to get this new water bottle.
• 47:33
  There's new yoga matter.
• 47:34
  I need to go to this yogi over here.
• 47:36
  What you need to do to be enlightened is
• 47:38
  get rid of all the things that you thought were true
• 47:41
  that you just discovered or not true in your life.
• 47:43
  Really, you're basically peeling away the onion,
• 47:46
  you're peeling away the layers
• 47:48
  until you get to the truth of something.
• 47:50
  And so enlightenment isn't about more stuff.
• 47:52
  It's about less and less and less until,
• 47:54
  until you've peeled away all the things you used to think
• 47:57
  were true that are not true that you don't need.
• 47:59
  Yeah, you don't need.
• 48:00
  Yeah, and so same with trading,
• 48:01
  a lot of people come in, they get the nice monitors,
• 48:03
  the computers, they don't need all that stuff.
• 48:04
  I can trade on an iPhone or iPad, it doesn't matter.
• 48:08
  But I did do that.
• 48:09
  I had sex 16 monitors at one time.
• 48:11
  I had all the gadgets and gadgets.
• 48:13
  And then once you realize what really takes,
• 48:15
  you just have to know where support and resistance is,
• 48:17
  you have to understand where to draw your trend lines
• 48:18
  and where the liquidity pools are,
• 48:20
  and then you can just wait for the breakout.
• 48:21
  And that's it.
• 48:22
  And you scalp it, close the trade out,
• 48:24
  wait for the next trade set up.
• 48:25
  Indeed is a success story partner.
• 48:26
  Now if you're hiring, indeed is all you need.
• 48:28
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• 48:29
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  I'd go to indeed and be super specific.
• 48:33
  Not just can you edit audio, I'd say I need someone
• 48:36
  who's edited a conversational podcast
• 48:37
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• 48:39
  and knows our software.
• 48:40
  Someone who's done this before.
• 48:42
  And here's the thing with indeed sponsor jobs.
• 48:44
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• 48:46
  when people who've edited one YouTube video,
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• 48:50
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• 49:31
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• 49:33
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• 49:34
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• 49:38
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• 49:40
  HubSpot is a success story partner.
• 49:42
  Now look, if you're in marketing right now
• 49:44
  or if you're an entrepreneur who's hired marketers
• 49:46
  or if you're a founder who leads a whole marketing team,
• 49:49
  you know the drill.
• 49:50
  You are creating content for 12 different channels.
• 49:52
  You're launching campaigns, you're scoring leads,
• 49:55
  you're analyzing all the data.
• 49:56
  And somewhere in there, you're actually supposed
• 49:59
  to do great marketing.
• 50:00
  And it's exhausting and you're spread to thin.
• 50:02
  But this is what actually works for marketers
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• 50:07
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• 50:10
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• 50:13
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• 50:16
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• 50:17
  It remixes your content instantly
• 50:19
  so you're not starting from scratch every single time.
• 50:21
  It handles lead scoring so you know exactly who to focus on
• 50:25
  which customers will probably convert.
• 50:27
  And it pulls all your analytics and your data
• 50:30
  and KPIs into one place instead of having them scattered
• 50:33
  across 15 different tabs and tools.
• 50:35
  Plus, the AI agents that HubSpot builds for you
• 50:38
  can automate the repetitive stuff
• 50:40
  that's eating away your day.
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• 50:44
  without burning out.
• 50:45
  See with HubSpot, everything's connected in one platform
• 50:48
  instead of duct tape together.
• 50:49
  So if you're tired of being spread to thin,
• 50:51
  check out HubSpot.com slash marketers
• 50:53
  to see how this actually works.
• 50:55
  What's the most common psychological mistake
• 50:59
  that you see traders make?
• 51:01
  Well, I mean, being overconfident
• 51:03
  or in a direction of the market,
• 51:06
  one thing I do when I first show somebody how to do this
• 51:09
  is I zoom in really, really far on the screen
• 51:12
  so that they just see the current local direction.
• 51:16
  And I say, so if you were to guess right now
• 51:17
  which way is the market heading up or down?
• 51:19
  And they would look in the screen
• 51:20
  and you see the candlesticks going up
• 51:22
  and I'm like, oh, it's going up, it's going up.
• 51:23
  And then I would just zoom out a little bit
• 51:25
  and then the overall trend is down.
• 51:27
  And then there's a, oh no, down.
• 51:28
  And then I would zoom out a little further
• 51:29
  and the real overall trend is up,
• 51:31
  but there was a downtrend with a little uptrend on it.
• 51:33
  So I'm like, so the difference is
• 51:35
  is like you got the lower timeframes,
• 51:37
  which is like being on the sidewalk,
• 51:39
  watching the ants walk around your feet.
• 51:41
  And then the higher timeframes is like getting
• 51:42
  in a hotter balloon and going up a couple hundred yards
• 51:45
  and you're able to now see above the trees
• 51:47
  and the city and the surrounding distance.
• 51:49
  And you can see the big picture of what's going on.
• 51:51
  And so we look at the 10 minute timeframes
• 51:53
  what we scalp on, but before I ever take a trade,
• 51:55
  I'm going to zoom out to the one hour,
• 51:56
  to the daily, to the weekly, to even the monthly.
• 51:59
  What's the real, what's really going on here?
• 52:01
  And a lot of people do just what the psychological thing
• 52:04
  that people do is they'll open up their trading platform,
• 52:06
  they'll look and they say, oh, it's going up and they go long.
• 52:09
  Instead of zooming out and seeing, it's going up, it is,
• 52:12
  but there's a resistance right here.
• 52:14
  And as soon as it hits that, it's bouncing,
• 52:15
  coming back down further and they didn't see that.
• 52:17
  So as soon as they go long, it starts to go against them
• 52:20
  and they're like, what am I doing wrong?
• 52:21
  It's like you just, you just zoom out.
• 52:23
  You just gotta zoom out.
• 52:24
  So when people are looking at these signals
• 52:26
  and I'm curious what you look for too,
• 52:28
  are you looking at things that impact the price
• 52:32
  of something in the day,
• 52:33
  or are you starting to look at macro trends?
• 52:35
  Like who's in office?
• 52:37
  What's happening in Ukraine?
• 52:38
  What's happening in the news cycles?
• 52:40
  Like what makes the most impact?
• 52:42
  Yeah, that's a great question.
• 52:43
  There is something called fundamentals.
• 52:45
  Obviously there's the news, you know,
• 52:47
  and there's a lot of things said in the stock world.
• 52:50
  It's like, you know, by the news, you know, sell the story.
• 52:54
  Or whatever.
• 52:55
  Yeah, I know that's, that's a, that's a Warren Buffett quote, too.
• 52:57
  Warren Buffett quote, right?
• 52:58
  And the problem is is when you hear about it, you know,
• 53:00
  when you're, when you're Uber driver
• 53:02
  and your grandmother's telling you to buy Bitcoin,
• 53:04
  it's probably at the peak of the market.
• 53:06
  And so when there's a feverish pitch,
• 53:08
  when there's a ton of euphoria in the market,
• 53:11
  when we're hitting all time highs at 126K,
• 53:13
  ironically, that is when the majority of people come in
• 53:16
  and say, okay, I better start taking this seriously.
• 53:18
  It's actually going to the moon.
• 53:20
  And that is the time we're getting out.
• 53:22
  Well, that's the time we're selling to you,
• 53:23
  the newbie that doesn't understand what's happening
• 53:25
  because we've already, we started at 155 in 2023,
• 53:28
  which was the bear market bottom from the last bull market.
• 53:31
  And we went up to 126K.
• 53:33
  That's an eight, an eight X climb in Bitcoin.
• 53:36
  So we've already did the bull market here.
• 53:38
  Now we're coming into the end of the year.
• 53:40
  We know fundamentally and historically
• 53:43
  that crypto has four year market cycles.
• 53:46
  So we have three years up, one year down bear market,
• 53:49
  three years up, one year down, three years up.
• 53:51
  We are now going into December,
• 53:53
  November, December of the third year of a bull market cycle.
• 53:56
  That's all you need to know,
• 53:57
  to know that the bull market's probably over soon,
• 54:00
  probably by the end of this year.
• 54:01
  But that doesn't mean you shouldn't get into crypto
• 54:03
  or you should, you know,
• 54:04
  because we're going to make just as much money
• 54:05
  on the way down in the next bear market
• 54:07
  by shorting the market.
• 54:08
  Right.
• 54:09
  And so a lot of people think a lot of people only get excited
• 54:11
  when things are pumping and everybody's excited
• 54:13
  about it.
• 54:14
  That's what the news talks about it.
• 54:15
  And that is the time that smart investors
• 54:17
  are exiting their positions or at least converting over
• 54:19
  to maybe different coins that are now going into it.
• 54:21
  We call all coins season.
• 54:23
  But Donald Trump talking about terrifying China 115%
• 54:27
  caused a huge drop in the market.
• 54:29
  And those are the things that are unexpected
• 54:31
  that we can't control.
• 54:32
  That doesn't matter if the majority of your, you know,
• 54:35
  your bets, not even bets.
• 54:37
  If you look at the data,
• 54:39
  you look at the historicals, what happens?
• 54:42
  If the majority of those positions you take win,
• 54:45
  then the few outliers when Trump goes off on Twitter,
• 54:48
  it doesn't make a difference.
• 54:49
  Yeah, not only that,
• 54:50
  you were long when that happened,
• 54:52
  meaning you were expecting the price to go up
• 54:53
  and it dropped that far down, which it did.
• 54:55
  It dropped 15% in like a couple hours.
• 54:57
  But if you would add a stop loss in place,
• 54:59
  you would have been taken out very quickly with no problems.
• 55:01
  And so it wouldn't hurt you.
• 55:03
  It wouldn't hurt you.
• 55:04
  Then you're then what?
• 55:05
  Then you look at and you say,
• 55:06
  oh, now this is the bottom.
• 55:07
  Okay, now I'm going to get in and you ride that back up
• 55:09
  and that's a killer trade.
• 55:11
  I think there's something called trying to catch a falling knife.
• 55:13
  And this is where people,
• 55:15
  they see something dropping like that
• 55:16
  and they try to jump in on that short.
• 55:18
  They're like, oh, it's going down.
• 55:19
  I'm going to jump in and they go short.
• 55:20
  And as soon as they go short, it bounces
• 55:21
  and bounces all the way back up and they get cut.
• 55:24
  That's the way called don't try to catch a falling knife.
• 55:26
  And the same thing in the opposite direction.
• 55:28
  So when people are eager to eager,
• 55:30
  they want to trade so much.
• 55:31
  They want to make so much money that they just want
• 55:33
  to trade all there.
• 55:34
  They just want to constantly trade.
• 55:35
  That's when they get hurt.
• 55:36
  You really do seem to calm down, calm your mind, focus.
• 55:39
  Sit on your hands most of the time.
• 55:41
  Wait for the right setup
• 55:42
  because I can trade three or four times in a year
• 55:45
  and make more money than someone trading every day
• 55:47
  because I'm waiting for the exact right setup
• 55:49
  where there's going to be a big pivot or a big move
• 55:51
  in an direction.
• 55:52
  One of the things you speak about is relationship with money.
• 55:57
  So I think that probably when people first start trading,
• 56:00
  they have a very unhealthy relationship with money in general.
• 56:04
  How do you heal that relationship?
• 56:05
  And even like from your own experience,
• 56:07
  like how did your relationship with money change over time?
• 56:09
  How did you stop thinking about it sound silly,
• 56:13
  but like money and more just like numbers on a screen?
• 56:16
  That's exactly what I did.
• 56:17
  I stopped it.
• 56:18
  So it kind of went back to the comment
• 56:20
  we talked about earlier about not chasing money
• 56:22
  is that you have to detach yourself emotionally from money.
• 56:25
  And the problem with money is that it's very emotional.
• 56:28
  Money is something that from the time we're very young,
• 56:31
  we are told that it's hard to get
• 56:33
  and you have to work very hard for it
• 56:35
  and you have to pay your dues
• 56:36
  and money doesn't grow on trees.
• 56:38
  All the things that we've been told is from childhood.
• 56:41
  And so whenever we get some, we're closed-gripped on it.
• 56:44
  We don't want to give it up.
• 56:45
  Most people, a lot of people are spent
• 56:47
  through if they just throw it around like it's nothing
• 56:49
  and they wonder where they don't have any.
• 56:50
  But money is emotional.
• 56:53
  So when we broke or when we lose it, we're very upset.
• 56:57
  When we make a lot, we're very excited.
• 56:58
  If I tell people, a lot of people are just miserable too.
• 57:01
  They don't realize how their mind
• 57:04
  and the way they treat themselves
• 57:06
  and the way they act in everyday life
• 57:08
  is gonna determine whether money's gonna come to them or not.
• 57:10
  But I would tell people this,
• 57:12
  if I guarantee you $10 million today by the end of today,
• 57:19
  you'll have $10 million in your bank account.
• 57:21
  Would you be happy?
• 57:23
  And most people are gonna be like,
• 57:23
  how are you kidding me?
• 57:25
  $10 million, that would change my life.
• 57:26
  I would be able to buy everything I ever wanted.
• 57:28
  I would be able to take care of my mother,
• 57:29
  my family, whatever.
• 57:31
  But what if I told you there's a stipulation,
• 57:33
  you get that $10 million,
• 57:33
  but you only get to live another 48 hours.
• 57:37
  Have to get that $10 million.
• 57:37
  That's so great.
• 57:38
  Not so great.
• 57:39
  You're gonna be like,
• 57:40
  why are you doing that?
• 57:41
  Why not?
• 57:44
  Well, what you're basically saying by saying no to that
• 57:46
  is that just waking up one more day
• 57:48
  is worth more than $10 million.
• 57:50
  Because you wouldn't trade tell me in dollars
• 57:51
  for just one more day.
• 57:53
  And so what that means to me is that
• 57:56
  instead of waking up miserable and saying,
• 57:58
  oh, I gotta work today.
• 57:59
  Oh, I gotta pick up the kids today.
• 58:01
  Oh, I gotta do this.
• 58:02
  Instead saying I get to do this.
• 58:03
  You have another day, you have another chance.
• 58:05
  I get to go pick up my kids today.
• 58:06
  I get to go to work today and be excited about it.
• 58:09
  And if you lived your life that way with excitement,
• 58:11
  even though the task is hard,
• 58:13
  even though what you're trying to learn is difficult,
• 58:15
  even though it's a drudgery,
• 58:17
  and you used to think it's a drudgery,
• 58:18
  but you have the opportunity to do it,
• 58:21
  which you may not have had if you didn't wake up today.
• 58:23
  If you just change your perspective and think that way,
• 58:25
  that you get to do it instead of you have to do it,
• 58:28
  then your relationship with all the tasks,
• 58:30
  all the things, the hard things
• 58:31
  that people have to do to make money changes.
• 58:33
  And you're no longer chasing money,
• 58:34
  but you're doing it for the joy,
• 58:35
  you're doing it for the process.
• 58:37
  You're doing it because you have the ability to do it.
• 58:40
  It's that simple sometimes,
• 58:41
  but it's so oversimplified that people,
• 58:43
  they don't, it goes beyond some people,
• 58:44
  but I would say that detach yourself.
• 58:47
  And if you can detach yourself emotionally from money,
• 58:51
  in other words, you're not gonna cry if you lose a little.
• 58:55
  Some question I ask people is like,
• 58:56
  if you're driving in a convertible car,
• 58:58
  80 miles an hour on the interstate and your top's down,
• 59:00
  and you pull your wallet out and 100 dollar bill flies out,
• 59:02
  are you the kind of person that is going to get off
• 59:04
  at the next exit, drive back 10 miles,
• 59:07
  get on the freeway to try to find that 100 dollar bill,
• 59:09
  or you're just gonna chalk it up as a loss
• 59:10
  and keep going and laugh about it.
• 59:12
  And there's, it's profound that the answer is that,
• 59:15
  because when you really think about what kind of person you are,
• 59:18
  a lot of people are like that,
• 59:20
  where they would literally go and try to find that 100 dollar bill.
• 59:22
  I mean, it's 100 bucks, I had to work hard for that.
• 59:24
  My mother, another example, she would call me up,
• 59:26
  hey honey, what's the price of gas down there in Florida?
• 59:29
  I mean, I don't care, I don't know, I don't know.
• 59:31
  I don't know what it's.
• 59:32
  It's like it's a bad relationship with money,
• 59:33
  it's people are more concerned with preserving it,
• 59:37
  than trying to like spend the time
• 59:39
  and energy to learn the skill to make more.
• 59:41
  And it's not about like not respecting it,
• 59:43
  it's never about not respecting it, it's about respect it,
• 59:46
  but then you should take the money you do make
• 59:48
  and find a way to use it to compound that.
• 59:50
  Yeah, money, I always tell people,
• 59:52
  money is like children, money is like little soldiers,
• 59:56
  okay, when you have $10, $100, $1,000, $1,000, $10,000,
• 59:59
  and you deploy it, invest it into something,
• 1:00:01
  you're putting those people to work for you,
• 1:00:03
  you're putting those dollars to work for you, right?
• 1:00:05
  And then they're gonna multiply and grow into a bigger
• 1:00:07
  and bigger army, but you're gonna have to go,
• 1:00:09
  you're gonna have to go with missing that,
• 1:00:11
  those people for a while.
• 1:00:12
  They're gonna leave you for a little while.
• 1:00:14
  You're not gonna have them to play with and hold
• 1:00:15
  or to see in your bank account.
• 1:00:17
  You might even be broke for a little while.
• 1:00:18
  It doesn't matter, it doesn't matter
• 1:00:19
  because they're going to work for you.
• 1:00:20
  That's right.
• 1:00:21
  I see some of the richest real estate investors,
• 1:00:22
  I know are cash poor, they don't have any cash,
• 1:00:24
  but they're worth 20 million on paper.
• 1:00:27
  Cause they're building assets that are gonna go up
• 1:00:29
  and value or Tom, which will retire them
• 1:00:30
  and create passive income for themselves.
• 1:00:32
  But every time they have a 50 grand
• 1:00:34
  or an extra 100 grand from their business,
• 1:00:35
  they dump it into another investment.
• 1:00:37
  Of course, I think, I mean, like not a real estate investor,
• 1:00:40
  but I'm in the exact same way.
• 1:00:41
  It's like whether or not it's going back into this business,
• 1:00:44
  going back into my investment, like I hate sitting on cash.
• 1:00:48
  I cannot stand sitting on cash.
• 1:00:52
  Right now, if I make money, I'm finding a place
• 1:00:55
  to invest it immediately.
• 1:00:56
  And you should, and that's a great point
• 1:00:58
  because money, people are so emotionally attached to it.
• 1:01:01
  People are so scared to lose it or to make it,
• 1:01:04
  but they hold on so tight.
• 1:01:05
  They hold on to their life.
• 1:01:07
  Yes.
• 1:01:08
  What's your advice for somebody?
• 1:01:09
  How do they make enough money to start investing?
• 1:01:13
  And when should they start investing?
• 1:01:15
  Well, I think the sooner the better,
• 1:01:17
  but in order to invest, you do need some investment capital.
• 1:01:20
  You do need some resources, right?
• 1:01:22
  So, if I had to start over myself,
• 1:01:26
  I would probably get a sales job
• 1:01:27
  and I would, or two, and I would work as much as possible
• 1:01:30
  and try to save up five, $10,000.
• 1:01:32
  That's not a lot of money.
• 1:01:33
  And that can happen pretty quickly
• 1:01:35
  if you're living a little bit below your means
• 1:01:36
  and you're not out blowing money on stupid stuff.
• 1:01:38
  Don't worry about dating.
• 1:01:40
  Like if you're young, you know, women,
• 1:01:43
  if you're a young man, just speaking from experience,
• 1:01:46
  that's very expensive.
• 1:01:47
  First of all, and they expect a lot more from you
• 1:01:49
  than maybe you can afford.
• 1:01:50
  So, I would get your financial act
• 1:01:52
  in order to get your house in order.
• 1:01:53
  Get your own finances in order to build something first.
• 1:01:55
  Become what it is you want.
• 1:01:57
  Don't get sidetracked with all the distractions.
• 1:02:00
  It's easy for me to say.
• 1:02:01
  It was very hard for me to do myself,
• 1:02:03
  but I think it's very wise advice.
• 1:02:04
  I think that if you are, I mean,
• 1:02:08
  I actually, I think I've tweeted this out before
• 1:02:11
  and people gave me a lot of shit for it.
• 1:02:13
  It's like, make money before you date.
• 1:02:15
  In a perfect world, yeah.
• 1:02:16
  Because dating's not cheap and relationships are not cheap
• 1:02:20
  and it doesn't mean do with gold diggers or anything like that.
• 1:02:23
  No, but you can't be, you can't be a gold provider.
• 1:02:24
  You can't even take care of yourself.
• 1:02:27
  That's right.
• 1:02:28
  It's not fair to the person that you're dating.
• 1:02:30
  Because then you're going to expect them
• 1:02:32
  to take care of you too if you fall in hard times
• 1:02:34
  or if something comes up.
• 1:02:36
  I think that you should focus on being competent,
• 1:02:40
  being some level of successful,
• 1:02:42
  finding a way to make some money,
• 1:02:44
  figuring out who you are
• 1:02:45
  and the value you contribute to the world.
• 1:02:48
  And when you do that properly, money will come back to you.
• 1:02:51
  And then on that journey,
• 1:02:53
  you will become a better partner.
• 1:02:54
  Better partner.
• 1:02:55
  And much more attractive.
• 1:02:56
  I agree.
• 1:02:57
  When you're not struggling yourself
• 1:02:59
  and you've got your act together
• 1:03:00
  and you've built something,
• 1:03:03
  you become very attractive to everybody,
• 1:03:05
  not just the opposite sex or whoever you're looking for.
• 1:03:07
  But you also attract the type of person
• 1:03:09
  that vibes and matches with your level at that time.
• 1:03:14
  A lot of, this is why people who win the lottery
• 1:03:16
  end up broke within a couple of years
• 1:03:18
  because they didn't become the person necessary
• 1:03:21
  to handle that amount of money.
• 1:03:23
  You hear these stories all the time,
• 1:03:24
  you win 20, 30 million, 50 million
• 1:03:25
  and within a short period of time they're broke,
• 1:03:27
  they've given money to their friends,
• 1:03:28
  their relatives, they bought all the luxuries,
• 1:03:30
  paid cash for everything
• 1:03:31
  because they didn't understand money.
• 1:03:33
  And then they end up with nothing
• 1:03:34
  and they don't understand, well, money's evil.
• 1:03:36
  No, money's not evil.
• 1:03:37
  You just did the wrong thing with it.
• 1:03:40
  And here's some advice to anybody
• 1:03:41
  who might win the lottery or come into money very quickly
• 1:03:43
  because if you didn't earn it
• 1:03:45
  and you didn't build something to actually,
• 1:03:47
  because when you do arrive at a level of millionaire status,
• 1:03:51
  you had to become the person that was able to handle that
• 1:03:53
  during that whole process.
• 1:03:55
  And this is what most people don't get.
• 1:03:56
  It's a process of getting you to that point.
• 1:03:58
  So when I, when I first realized I was a millionaire,
• 1:04:00
  I wasn't even excited.
• 1:04:01
  I wasn't even jumping up and jumping up and down.
• 1:04:02
  I'm like, you're a millionaire.
• 1:04:03
  So much to get there.
• 1:04:05
  Yeah, I guess I am.
• 1:04:05
  But then it was like, holy cow.
• 1:04:07
  I should be from what I went through.
• 1:04:09
  But if you won $50 million in the lottery
• 1:04:12
  or just came into it and I know this doesn't appeal,
• 1:04:14
  I'm, doesn't matter to most people,
• 1:04:15
  but it is something you should, should think about
• 1:04:18
  rather than just buy what you want
• 1:04:20
  because you're going to forward everything.
• 1:04:21
  You should, you should really, you know,
• 1:04:23
  set yourself up in trust and, and have the right
• 1:04:26
  holding companies and things like that.
• 1:04:28
  And you can have everything you ever wanted
• 1:04:31
  without spending one dime of your money
• 1:04:33
  and people don't understand this.
• 1:04:34
  Well, because they didn't make it.
• 1:04:36
  They didn't become the person that actually would,
• 1:04:39
  in most circumstances, deserve and get $50 million.
• 1:04:43
  That's right.
• 1:04:44
  Because if you earned $50 million,
• 1:04:45
  you would have all the structures, the trust,
• 1:04:47
  the, the, the limited liability companies,
• 1:04:49
  the structures in place, you would have all the finance come.
• 1:04:52
  You would have learned something by them.
• 1:04:53
  But if you just come with $50 million,
• 1:04:54
  all of a sudden it's handed to you.
• 1:04:56
  Yeah.
• 1:04:57
  My advice would be that if you want the nice house,
• 1:04:59
  get a mortgage, if you want the cars,
• 1:05:01
  lease them, if you want the boat, finance them,
• 1:05:03
  and put that 50 million into a high yield
• 1:05:06
  earning maybe very low-risk T-bonds
• 1:05:08
  or whatever, some, some kind of mutual fund,
• 1:05:11
  where you're getting five, six, seven percent per year.
• 1:05:12
  Because that's, you know, two and a half to $5 million a year
• 1:05:16
  and passive income and for the rest of your life.
• 1:05:17
  And that's enough to pay for all the mortgages
• 1:05:19
  and the car payments and the lease payments
• 1:05:21
  on all the stuff you want forever,
• 1:05:22
  without ever spending your $50 million.
• 1:05:24
  Where can people connect with you
• 1:05:26
  and where can people sort of learn more?
• 1:05:28
  Obviously you have a great YouTube channel,
• 1:05:29
  but where do you want to send people?
• 1:05:30
  Yeah, I mean, you know, I definitely like to offer
• 1:05:33
  something of value to any viewer out there
• 1:05:35
  that resonates with what I'm saying
• 1:05:37
  or wants to learn what we do.
• 1:05:38
  Crypto running is you can send me a DM on Instagram.
• 1:05:42
  It's at Nico McHuris.
• 1:05:43
  I think the link will probably be around here somewhere.
• 1:05:44
  Yeah, I'll put in the show notes here.
• 1:05:46
  My YouTube channel is at Nico.
• 1:05:47
  Everything is under my name, Nico McHuris.
• 1:05:49
  But if you just comment on any of my videos
• 1:05:51
  either on Instagram, YouTube, Facebook, wherever you find me
• 1:05:55
  or send me a DM preferably
• 1:05:57
  and mention this podcast.
• 1:06:00
  What I will do is we do have a five-day training,
• 1:06:03
  a workshop that we did, we charged $1,000 for it at one point.
• 1:06:06
  And it's basically a step-by-step five-day workshop
• 1:06:11
  that we did.
• 1:06:12
  We will unlock that.
• 1:06:13
  I will send you anybody who sends me a DM a link
• 1:06:16
  to where they can get that unlock.
• 1:06:17
  That'll be free for them.
• 1:06:19
  And I'll also send you a link to my next upcoming live
• 1:06:22
  webinar workshop that we,
• 1:06:23
  I usually spend two to three hours on this,
• 1:06:25
  sharing my screens, trading live,
• 1:06:26
  showing people how it's done.
• 1:06:28
  You can watch me do it right in front of your eyes,
• 1:06:30
  probably watch me make hundreds if not thousands
• 1:06:32
  right in front of your eyes.
• 1:06:34
  And you will know right then, if this is for you,
• 1:06:37
  if you could do this or not.
• 1:06:38
  And I think most people, when they say they're like,
• 1:06:39
  oh, I thought it was gonna be harder than that.
• 1:06:40
  Oh, I thought it is.
• 1:06:41
  So it is something that it's learnable, for sure.
• 1:06:44
  It's teachable.
• 1:06:45
  We're good at teaching it.
• 1:06:46
  We have over 3,000 students now in our mastermind.
• 1:06:50
  And yeah, I'd be happy to show anybody
• 1:06:53
  who sends me a message how to do it.
• 1:06:54
  By the way, if you do reach out to me on Instagram,
• 1:06:56
  look for the little blue check next to my name.
• 1:06:59
  We are met a verified.
• 1:07:00
  There are some imposters.
• 1:07:01
  I do have some imposters.
• 1:07:02
  Unfortunately, they're pretending to be me.
• 1:07:03
  Last thing I want to ask, you know,
• 1:07:06
  you've given over a lot of wisdom.
• 1:07:08
  You come through a lot of ups and downs
• 1:07:10
  to get to where you are today.
• 1:07:11
  If you were gonna pass over just one piece of advice
• 1:07:14
  till you're 20 year old self, like the one thing
• 1:07:17
  that has made the biggest impact in your life
• 1:07:19
  over that piece of advice, be it why?
• 1:07:20
  Get rid of shiny object syndrome.
• 1:07:23
  And this is something I think we all have.
• 1:07:25
  Put the blinders on, focus on that one thing.
• 1:07:27
  If it's real estate, if it's trading, if it's crypto,
• 1:07:29
  I do, I do all three.
• 1:07:31
  I do real estate in crypto because crypto is the future.
• 1:07:34
  Digital currency is the future.
• 1:07:35
  In real estate, it's not going anywhere.
• 1:07:36
  Everybody needs a place to live.
• 1:07:38
  I love both.
• 1:07:38
  I love the short term and the long term.
• 1:07:40
  I love the fast paced make money right now.
• 1:07:43
  And I like to put it in something
• 1:07:44
  that I know is going up over time, steady and like rock solid.
• 1:07:47
  Focus, that's the hardest thing in this day and age.
• 1:07:50
  Start there, though, that's the point.
• 1:07:52
  Yeah, well, that's true.
• 1:07:53
  I learned that from being distracted
• 1:07:55
  and trying to spend 10 plates at once.
• 1:07:57
  And if I would have just focused,
• 1:08:00
  if I would have just picked real estate, for instance,
• 1:08:02
  or picked trading, for instance, early on,
• 1:08:05
  I would have probably been much wealthier 20 years sooner.
• 1:08:08
  And it's like, that's the hard nut to swallow sometimes
• 1:08:11
  because you're like, yeah, okay, well, it's too late.
• 1:08:14
  I can't go back and change that.
• 1:08:15
  I can only go from this point forward.
• 1:08:16
  So I don't care if you're 20 or 60.
• 1:08:18
  We got people in our group all ages.
• 1:08:19
  And you can be 60 and still become a multi-millionaire
• 1:08:22
  in the next couple of years.
• 1:08:23
  If you just learn the simple strategies,
• 1:08:25
  but you just gotta put the distractions down.
• 1:08:28
  We live in a TikTok age, scrolling everybody's scrolling
• 1:08:31
  day or night, we're all guilty of it.
• 1:08:32
  You got porn, you got YouTube.
• 1:08:34
  You got all these things.
• 1:08:35
  And I say that jokingly, some of my webinars,
• 1:08:37
  but there's so much distraction, of course.
• 1:08:39
  And the people who really get ahead in life
• 1:08:41
  are the ones who can just put that stuff aside,
• 1:08:43
  focus on something.
• 1:08:45
  Give yourself a, get one of those egg timers or something
• 1:08:47
  and give yourself an hour to really focus on something.
• 1:08:49
  And when it goes off, okay, take a break.
• 1:08:51
  But then set it again and focus for an hour.
• 1:08:53
  And if you can do that,
• 1:08:54
  you're gonna be way ahead of everyone else.