Bedros Keuilian Podcast Show - 100. 7 Money Lessons that I wish I knew 20 years ago

Episode Date: August 27, 2024

Holy smokes! We made it to episode 100! I want to give a special thanks to you all for consistently supporting the BK show. Without you, this show wouldn’t be where it is today. Since money, meaning, and self mastery is the foundation of the show, it only made to have the 100th episode about money… And how to make a TON of it!BEDROS KEUILIAN LIVE 2024 | September 13-14, 2024 in Scottsdale, AZ https://live.bedroskeuilian.com/bk-live-2024 REGISTER FOR THE LEGACY TRIBE Get the Life, Money, Meaning & Impact You Deserve https://bedroskeuilian.com/legacytribe JOIN MY FREE 6-WEEK CHALLENGE: Transform into a Purpose-Driven Man https://bedroskeuilian.com/challenge TruLean Supplements | https://www.trulean.com/pages/bedros Get 50% Off Trulean Subscribe & Save Bundle Use Code: BEDROS Few Will Hunt Apparel | https://fewwillhunt.com/ Get 20% Off Your Entire Order Use Code: BEDROS OPEN A FIT BODY LOCATION A High-Profit, Scalable Gym Franchise Opportunity Driven By Impact https://sales.fbbcfranchise.com/get-started?utm_source=bedros BECOME A MODERN DAY KNIGHT: Join the MDK Project https://www.themdkproject.com/ PODCAST EPISODES: https://bedroskeuilian.com/podcast/ STAY CONNECTED: Website | https://bedroskeuilian.com/ Instagram | https://www.instagram.com/bedroskeuilian/ LinkedIn | https://www.linkedin.com/in/bedroskeuilian Twitter | https://twitter.com/bedroskeuilian

Money is attracted to people who are solving problems. Money is attracted to people who are positive and optimistic. Money is attracted to people who lean into speed of execution. Welcome to the Bedroes-Coolion show. Back when Q was rolling with Lorenzo and a Benzo. I was banging with a gang of instrumental. Holy hell, this is episode 100 of the Bedroskulian show. Friends, welcome to the Bedroskulian show.

I can't believe we are doing episode 100. That means two years. straight without missing a beat, we have been putting out episodes for you. And I want to first and foremost thank every single one of you for subscribing to the show, for listening to the show, whether you watch it on YouTube or you, maybe you listen to it on Spotify or iTunes or whatever the platform is. It's because of you that this show has blown up and has gotten so much attention. And I'm massively grateful to you for that. And so with that said, I've got a great episode teed up for episode 100, which is money. As you know, the three core,

fundamental things that I stress to you is money, meaning, and self-mastery. I want you to make more money because when you make more money, it solves the problem of not having money, and it makes you a lot less dependent on the system, on the government, on the opposition, and of course, meaning, purpose, significance, without a life of meaning, what's at all for? You can have all the money in the world. If you don't have any meaning, purpose, or significance, it's a wasted life. And of course, self-mastery. You want to reach the highest version of yourself. The first, version of ourselves is that human animal that we talk about often on the show, the 1.0 version. The 2.0 version is that highest version of ourselves. The person who is self-actualized,

the person who is really congruent with his purpose in life and the person who is absolutely control of his thoughts, feelings, emotions, and has mental toughness and emotional resilience. And that is the man and woman that I want you to become. But this episode is specifically focused on money because I want you to make more money. And these are seven lessons that I wish I knew 20 years earlier in my life that would have made me an even bigger millionaire help me really make more money and impact more lives. As you guys know, part of my life's mission is to be the number one donor's Children's Hospital.

And if you've never heard of the Shriner's Children's Hospital, they're a hospital system that really gives medical services to children whose families can't afford those medical services. So cleft palate, burn victims, spinal issues, right? If they need wheelchairs for the different faces of life as they grow, Shriner's Children's Hospital does that. And I've donated millions of dollars over the last 12 years to Shriners. And it's because I'm able to make money throughout my various companies and then use some of that money to give back to Shriners and Toys for Tots and Compassion International, which are the three big charities that I believe in. Now, I don't know what you want to do with money. Maybe you want to buy back some freedom.

Maybe you want to have more options. Maybe you want to pay off bills. Maybe you want to retire your parents. Maybe you want to pay for their home. Maybe you want to send your kids off to college if that's what you believe in. Hell, maybe you just want to live in a better part of the neighborhood. Maybe you want to buy yourself some nice toys. Whatever it is, money allows you to do that.

These are seven money lessons that I wish I knew 20 years ago. So without any further ado, let's get started. Now, thing number one I want to tell you about money is money is always in motion. Money is always moving. It is never stationary. So you can't be like, well, I'm making $100,000 a year now and I'm living fine and therefore I will be fine on $100,000 a year on a consistent basis. Not true because money is always in motion.

What I mean by that is there's taxes, there's inflation, there's interest rates, there's a high level of cost of living that continues to go up. The price of everything, food, gas, car, lifestyle continues to go up. So your $100,000 becomes really inconsequential in a massive. matter of a few years. And so if you don't know how to make more money, if you are a business owner, or you don't know how to create a secondary or triutiary income stream, if you have a career and maybe you're like, man, I want to start a side income, then you'll find yourself being dependent on the system. You'll find yourself not having the options and the freedoms

that you really want in life. And it's a sad way to live, especially when you've got a family depending on you, right? Maybe you are the breadwinner and you're like, man, my kids, aren't going to be living in a nicer community. They're not going to go to the nicer schools. We're not going to be able to have the nicer vacations. And the health care that I want to provide for my aging parents is not the health care that I'm providing because I simply don't have the money to do that. You can fix all that with money.

Money is a weapon, my friends. And understand that money is always in motion. Money is attracted to people who are solving problems. Money is attracted to people who are positive and optimistic. money is attracted to people who lean into speed of execution, right? So where does money come from? First, you want to solve problems in exchange for money. Think about it.

Every business on the planet, even drug dealers, they solve the problem that people have in exchange for money. A drug addict has this need. They're feigning for money. And the drug dealer says, hey, I've got the drugs in exchange for money. Apple says, hey, I've got this iPhone. And it'll solve a problem. It'll be a computer.

It'll be a GPS. It'll be a phone. It'll be a toy. It'll be a camera. It'll be a flashlight. It'll be everything you want. And we will charge you money for it in exchange for this device. They're literally solving a problem in exchange for money. The services that my companies offer, whether it's Truling Supplements or Fit Body Boot Camp franchise or fuel hunt apparel, you want to look good. You want to wear American made. You're going to get fuel will hunt apparel, right? You want a business model like a gym that's going to be successful and help a lot of people. get fit and eat right. Well, fit body boot camp is the way. And then fit body boot camp locations solve the problem for people in communities who are looking for gyms to be a part of a community. They want to get coaching, but they can't afford the high cost of personal training. Fitbody boot camp is a solution for community members where their goal is to lose weight and get fit, but without having to pay six or $800 a month to personal training, they can go to their local fit body boot camp. Always think about this. You solve a problem in exchange for money,

Number one, money is attracted to people that are optimistic and positive. Number two, and money is attracted to speed of execution. So if you come up with a great idea, but then you are not executing on that idea, money will not flow to you, right? And so those are the things that attract money. And so when I say money is always in motion, always know that money is also in motion the other way. You can repel money by always shifting gears and never executing on an idea that you came up with.

You can repel money by always being that eore, that pessimistic, that negative person who doesn't believe that they can make money, that they can have financial freedom, that they can become a millionaire or multimillionaire. And you will always find what you're looking for in life. So if you feel that you're always going to be broke, you're always going to have bills, you're always going to have debt, money will make sure that it is repelled by you. And therefore, you will never attract the money in your life. Thing number two, I want to share with you, the biggest lesson,

One of the biggest lessons in making money is you have to have the ability to delay gratifications and control your impulses, right? In other words, when you're making money, guys, you need to understand something that it is easy to start making more money and all of a sudden go, aha, I can buy myself a nicer car. I can buy myself a nicer house. I can buy myself nicer clothes. I can buy myself nicer bling. And before you know what, you are outspending what you're making or you are spending

what you are making and therefore you're still broke. Trust me when I say, I know a lot of millionaires who are always hustling for that dollar because they don't know how to control their immediate gratification. They don't know how to delay gratification. So imagine if instead of actually trying to outspend and flash and show that you've got money, if you delayed your gratification and reinvested that money back into your business, how much quicker it would grow, right? And that goes back to impulse control as well.

If you want to make a lot of money, then you've got to delay gratification and control your impulses. The person that is absolutely fiercely focused on the one thing that they want to deliver to the world and solve problems in exchange for money is always going to win the battle of making money. Lesson number three. And this one's a great one, mastery over diversity. And what I mean by this is you want to be the master of the thing that you are creating. So if you have a business, you want to have mastery over an industry. Don't try and go into multiple industries at once. Don't try and create multiple products or services at once because you want to be known for

one thing and you want to be really good at making that one product or service pop, right? Think about it. Every industry out there has competition. If every industry out there has competition, how is your thing going to stand out, let alone things, right? So when I say have mastery, I mean have mastery in an industry, meaning build your person. brand in a industry where you can be known, you can be like, you can be trusted, you can be seen as the authority celebrity. If you're always trying to go into different industries, if you're

always trying to create different products or services, because you think diversifying is the way to go, I'm here to tell you it's not. Now, don't get me wrong. You should and can diversify, but not now. In the building phase, you want to have mastery and singularity of focus. As you grow when you create wealth and you're like, how do I deploy this wealth, you can now diversify and start doing other things. That's exactly what I did. Think about 15 years ago, I started with Fit Body Boot Camp. I was in the fitness industry, right? I had my own gyms, even before Fit Body Boot Camp. I had my own gyms, sold my gyms, started coaching and consulting personal trainers, right? Like that was the industry, the fitness industry, the brick and mortar gyms. And I had my own

gyms, sold my gyms, started coaching and consulting gym owners who had their own personal training studios. After that, I parlayed that into Fit Body Boot Camp, created a franchise of basically gyms that are systematized and designed to deliver fitness and fat loss results while also making money for the franchise owners who own them, right? And I did that for 12 years straight before I started to diversify myself. I took the money that kept coming in to Fit Body Boot Camp, and I focused on reinvesting it into Fit Body Boot Camp to grow my personal brand and to grow the brand of Fit Body Boot Camp in this industry.

I wanted to be known for the one thing. I had mastery over that one thing. And the more you do something over and over again, the more you begin to understand the finite details, the nuances that make that business tick. You find new opportunities to make that business grow. Right. Now, as I started to make more money,

and we were firing on all cylinders, and I've got leadership in place and team members in place in FitBody Boot Camp, I realized, all right, I can create a supplement line, Truly supplements came to be about four and a half years ago, right? And then I invested in fuel hunt apparel. And today I invest in multiple different companies and I'm a part of many different companies.

But the diversification happened like 12 years into being an entrepreneur and being focused. Now, don't think that 12 years is the thing that you're looking for. I'm telling you however long it takes, it might take you five years to develop mastery in your space and to dominate with your business in your industry. And then once you have done, you have done, you know, developed mastery and industry dominance and you're known in that industry as the player, then you can start diversifying. Self mastery means doing what you have to do because you're called to do it over what

you want to do because you don't feel like doing it. We exceeded my expectations. Incredibly epic event, incredibly inspiring. Surrounding yourself with these millionaires and billionaires and them openly sharing their concepts, their steps. And at BK Live, every single speaker has been there, done. that 10 times over. So much energy, so much motivation and just want to strive to be better just by being here alone. Lesson number four, money should not be saved or used. It should be invested. Now,

wait a minute, Pedro. What are you talking about? Money should not be saved or used, but it should be invested. Here's what I mean. If you decide to save all of your money, the interest rates that you're getting from a savings account are sub 1%. Life and the level of inflation that we're dealing with in life right now is somewhere between 8 and 12% inflation rate in terms of life has gotten very expensive, right? Gas, food, housing, clothing, education, et cetera. So if you think that you're going to save all your money in a bank account, it's actually eroding a lot faster in a bank account. So what you ought to consider doing is investing it. Now, when I say don't use the money that you're making, what I mean is don't use it on stupid shit.

Don't use it to go buy that nicer car. Don't use it to buy the nicer clothes. Don't use it to upgrade your lifestyle just yet or your home or the lavish vacations or to buy fancy cars and rent a private jet just so you can post on social media. Those are all things that depreciate and value. but when I say invest your money, invested in things that appreciate in value. So the lesson here that I learned from one of my greatest mentors, Jim Franco, is never save money or use money on things that will depreciate, but invest it on things that will appreciate.

So what are the things that you would invest it on? Well, you'd invest it on yourself first, on your personal growth, on your business growth, on your business development. Think about all my coaching clients, Rachel Shear, Tony Steffen, and so on. Every single my coaching clients started off making whatever, six to eight, nine, ten thousand dollars a month in the product or service that they offer. Today they're making multiple six figures a month because they invested in coaching, right? They invested in their personal development. They invested in their professional development.

And then they went on to invest in their own businesses. They went on to then invest in real estate. They went on to invest in crypto. They went on to invest in index funds. And these are all things. that over time appreciate in value. Why would you invest in things that depreciate? Now, I'm not saying that you shouldn't reward yourself with a cool thing

that might depreciate in value from time to time. Hell, I've done that. I bought a building and built out a gym in it. I mean, one could argue that all the gym equipment that is in BK strength is depreciating in value. I could have just gotten a gym membership somewhere, right? but instead I built out a pretty much a $2 million gym, a personal gym for myself and my staff and my coaching clients to work out and when my coaching clients are in town.

It's not open to the public. I mean, one could also argue that that building that I bought is appreciating in value, but the equipment in it is depreciating. The electricity that we use to light it up and air condition it or heat it is a depreciation. I've got some nice cars. Many of my nice cars are a depreciating commodity. However, they add joy to my life. And so you're probably wondering, well, you just said not to use the money on things that depreciate.

Not until you're in a place in life where that thing that you're buying to reward yourself, could be a nice watch, could be nice clothes, a fun car. All those things, yes, they depreciate. But if you only spend a tiny bit of the millions you're making or the hundreds of thousands you're making on it, it's a great reward. But what I don't want to see you do is where you could have invested that $50,000. You went and put a down payment on a Lambo or a roly. And next thing you know, you've got a product that is depreciating when that $50,000

that could have been invested in index funds or crypto or even a small rental property somewhere, like a condominium where you put a tenant in, all of a sudden, that money could have been growing and now it is depreciating and you're losing money on it. right? So understand that the money should never be saved because the fact of inflation can erode your money a lot faster than a savings account is ever going to give you the percentage that they're going to give you. What is it? Half a percent I think these days, right? And then if you use it, don't use it on dumb shit that depreciate instead invested in yourself, invested in your personal professional growth, invested in real estate, invested in crypto, and invested in index

fines and even stocks that long term are appreciating. My friend Dan Flacken, says this all the time. Look, you use Netflix, you use Walmart and Amazon, you use Apple. These are all companies that you might want to consider dropping a little bit of money into on a regular basis. That's called dollar cost averaging, right? Even if you're just dropping $100 a month over the next 20 years in these companies, you have now invested in sure bet companies that we know will be around for a lifetime. You're using it. Everyone else is using it. Odds are they're going to be around. Think about when Amazon started in 90-something. Today we're 2024 and it's still around and thriving, right? And so what can you do to invest the money that you have? Start with yourself, then in your

business and then in other things that will appreciate and value. Lesson number five, buy back your time sooner. Now, every single one of us know that when you're an entrepreneur, you should hire people and start delegating stuff off your plate onto the people that you hire. But I can tell you from firsthand experience, and I can tell you from coaching some of the top entrepreneurs in the world that every single one of us don't hire soon enough because we think that we could do it all. So now you're doing like, you're shooting your own videos,

you're editing your own videos, you're trying to make your own website, you're trying to run your own ads on meta. And these are things that you could outsource to somebody from Upwork and make a lot better use of your time. Think about what a finite commodity your time is. And as the day goes on, your quality of time begins to diminish in terms of your clarity, your focus, what you can achieve.

So how much shit do you want to put on your plate? Like, why not hire an assistant, once your business starts taking off, hire an assistant, hire a videographer? You could do all these things on a contractual basis. You don't have to hire people full time, but you can hire people, project part-time on a contract 1099 basis and now you're offloading a lot of the things that

you should not be doing. The $100 an hour or less things should be offloaded onto someone else and then you do all the things that can only be done by you and you do more of those things over time and you will make more money and you will have more financial freedom faster. But if you think there's some, you know, magical pride that should. be taken from doing all the work and grinding it out, I'm here to tell you there isn't. If I can go back, I would have hired an assistant sooner. I would have hired a videographer who can shoot and edit and post sooner.

I would have hired all these things that would have then saved me more time to spend with my family, to focus on my business, and then focus on my personal health. You guys have heard the story many of times during that growth of fit body boot camp. I put on like 30 pounds again because I was so stressed. I was so overworked. I was so pressed for time because I was trying to do everything. I was trying to do sales. I was trying to do customer support.

I was trying to do territory, finding territories across the country for new franchise locations. Those are things that you can hire for. And what I should have been doing is more of the things that a leader does, right? Which is the next thing. Number six, which is LMS, lead, market, sell. As a leader, your job is to lead your people, lead and manage your people. and that means hire the right people, train them the right way, make sure they understand what winning looks like in your business and in your company, make sure they know what their KPIs, key performance indicators are so that they know exactly what you are looking for for them to achieve. Because every single one of our employees have what, a walking P&L report above their head.

I see a walking P&L report above the head of every single one of my team members. And they're either losing money for me or making money for me, right? Remember, I said money is always in motion. So if they're always losing money for me, that's probably not someone that I want. Or I've done a poor job in leading them, managing them, and training them. So I either need to better coach them, train them, and teach them what their priorities are so they can hit those targets and become a asset and not a liability. Or if I realize I've hired the wrong person into my organization as a leader, I need to part ways with them. But if you're too busy focusing in the weeds, if you're too busy doing all,

the nuance work and you're not leading your organization, you probably have people in your company that you know are not a good fit. They're not producing. They're a liability where the overhead P&L report is concerned. Yet you keep them around because you're like, I ain't even got time to fire them. That's an unfortunate thing, right? So that L of LMS is super important. Your job is to lead and manage your people, train your people, create a culture that drives them to want to win. M, marketing. Everything you do should be marketing, right? Your job needs to be the expert at getting attention, getting eyeballs, getting people to know, like and trust you, getting people to want to invest in your product.

So you should be on stages. You should be on other podcasts. You should be on your own social media platforms on a consistent basis. You should be the one in charge of overseeing all the ads and paid for campaigns. And if you're, again, you're too busy to not market, then your business is. is probably going to stall. If you're like, man, I'm the guy that's actually trying to make the product and then fulfill the product, deliver the service. Well, that's great. But then who the fuck is focused on marketing, on lead generation, on getting more attention and eyeballs

onto your product or service, right? And then selling, LMS, that selling piece is important. You're always selling, man. You're selling, you go to the gas station. Someone sees you to go, hey, what do you do? You better have an elevator pitch, right? You better know how to sell your product or service. On social media, you're putting out great content. And you should be selling your product or service. Your salespeople, if you don't have salespeople and your business could thrive on salespeople, you should be actively looking for salespeople, training them how to sell or buying them sales courses like from Brian Tracy and Zig Zigler and Tom Hopkins.

And there's so many great sales courses out there, right? Jordan Belford has a great sales course. Like there's so many great ones out there. You need to learn to sell. You need to teach your team how to sell. Your team is always selling. Think about this. If you can teach your videographer, right?

Like Ed over here, who's behind the camera, knows exactly how to sell. He knows how to move people to action. So when you see a true lean wellness shot ad that's baked into my YouTube video or podcast episode, that thing may have started out about three minutes long, but he drilled it down to about 55, 60 seconds of all the things that are going to sell the product better. So if you think that salesmanship is only for the owner or the founder or the salespeople in the company, it's not. Every single team member needs to know how to sell and is your job to LMS. Leading manager people, market your product or service to get attention and then sell. Convert those leads and that attention into money.

That is when you end up a millionaire, right? And number seven, lesson number seven, the most important lesson of all is your spouse. Who you choose as a spouse determines how much money you make over time, how much money you keep over time, and then the most important thing, how you enjoy that money. Now, I know what you're saying, because I always tell you guys this. Your spouse is the number one determining factor of success or failure in your life. And your argument might be, hey, Badros, actually you're wrong. I know someone who's in a shitty marriage.

The wife is bat shit crazy or the husband is bat shit crazy. but the person's still making a lot of money. Well, my argument is, cool. One, are they going to keep that money for the long haul? Or when the divorce happens, there goes half of it. Number two, what good is all that money if they don't have peace of mind, if they don't have mental security, and they're always stuck in arguments and they're trying to fix their broken spouse or they're trying to figure out what to do in that relationship?

like money is useless if you're always stressed and angry and pissed off and trying to fix problems. So your spouse is still the number one determining factor of your success financially because even if you make the money, like if you're like so mentally tough and like so focused, you're like, I could look past a crazy bat shit spouse and still make my money. Cool. I applaud your focus, homie. However, are you really in?

during that money when you come home to problems, to disaster, to chaos, to complaining, to bat shit crazy, you're not. So all y'all out there, if you're dating crazy, male or female, you're dating crazy, you might want to reconsider who you marry. They better be supportive. They better be understanding. They better realize that you as an entrepreneur are cut from a different cloth and you're going to be working nights some weekends for a long period of time because you are a man or woman on a mission, right? And if you're already married to crazy, you better figure out how to fix crazy or how to part ways with crazy because you only have this one life. Like this is not a trial run. And if you only have this one life, you better get it

right so that you can enjoy the money that you're making. You can do good things with that money and you can be a great example to your kids. Because if you've got kids and you're married and your kids are seeing that you have this, like, toxic relationship. What kind of relationship are they going to get into? What kind of relationship are they going to look for? They're going to look for exactly what you are allowing them to witness. So no matter how you cut it, your spouse is the number one determining factor of success, happiness, and financial longevity in your family.

Guys, again, thank you so much for making the BK show, one of the three. top shows on the YouTube platforms and of course on the podcast platforms in our category it wouldn't have happened without you if you're watching this on YouTube please like and subscribe if you love this episode I will keep pumping out more content for you 100 episodes strong thank you so much for everything that you all do and always remember this that averages the enemy that success is your responsibility and change can take place in an instant if you are willing to flip the switch I'll see you next time What's the difference between

Back when Q was rolling with Lorenzo and a Benzo I was banging with a gang of instrumental.