Bedros Keuilian Podcast Show - The Secrets to Becoming a Millionaire - 104

Episode Date: June 22, 2019

What would your annual income be if you made $114 per hour? The answer is not enough. In this episode of Empire Show Bedros and Criag breakdown what it takes to become a millionaire, and what you can do to reach your financial goals. Don’t forget to get your tickets to The Empire Business Summit to get one step closer to reaching your financial goals @ https://theempiresummit.com/!   “Put the focus on solving problems and serving people” “I would rather sell to less people, with a higher dollar amount” “If you solve problems that are more sophisticated you can command more money” “Life is chaotic” - Bedros Keuilian   Here’s what you’ll discover: 2:30 - Why Bedros and Craig decided to become entrepreneurs 6:15 - General practitioner vs. a Thoracic surgeon 10:08 - Why mindset will always trump skill 14:50 - What it means to “get resourceful” 18:55 - How success loves speed - and what that means for your business idea   “I wanted to make more than a million dollars” “There’s a lot of commonalities in becoming a millionaire” “When you don't have the resources you need to be resourceful” - Craig Ballantyne   Catch that Randy Garn episode here: http://bedrosmedia.com/randygarn   Follow us on Instagram: @bedroskeuilian / @realcraigballantyne Buy Man Up: https://manup.com/   Make sure to review us on iTunes: http://bit.ly/theempireshow

I've known you long enough over a decade now, probably a decade. Yeah, getting close. Yeah, actually over. Yeah, over a decade now where I know you are stubborn and pig-headed. And that is the absolute superpower one needs to become a millionaire, a multimillionaire, a billionaire. Hey, everyone, let's go back in time for this episode of the Empire podcast. Bederas, think back to when you were a bouncer at the gay bar or when you worked at Disneyland. And imagine I said to you, hey, would you like to make $114 an hour?

Wow, I would say yes. Yeah, okay. So how much money do you think you would make in a year if you made $114 an hour? I'm guessing by the title of this video, it's probably going to be a million dollars a year. It is not. Okay, so here's a little math stick for you. So if somebody came to you and said, I make $20 an hour, you can immediately double it in times it by 1,000 to get their annual salary. Okay.

Because they work about 40 hours a week, 50 hours or 50 weeks in a year, it's 2,000 hours. So I asked this question recently in my mastermind. I said, do you think you'd be a millionaire if you were making $114 an hour? And $114 an hour to me, when I was 22 years old is a lot of money. You'd only make $228,000 an hour. But the reason why I asked you about $114, because if you worked every single hour of the year, you would make $1 million at $114 an hour. Wow. Not every single working hour, not every single waking hour, but every single one of the 8,650 hours that there are in a year.

Wow. The lesson here is that's how hard it is to trade time for money in order to become a millionaire. That's powerful. Yeah. I mean, that is millionaire math. And that's what we want to talk about on this show for this episode of the Empire podcast is millionaire math. That is powerful. So, did you ever get into business with the idea of becoming a millionaire? I mean, I don't think it was the, the reason I got into business. I mean, technically it was unemployable, and I wanted to be my own boss and that sort of thing.

And I wanted to make a bunch of money. I probably want to make more than a million dollars. I don't think it was just set on one. Why is that what got you going? Well, no, because when I think back, that's exactly it. I was unemployable. I didn't want to have a boss. I wanted to make my own schedule.

and I thought I could do things better in solving a particular problem, which is why I became an entrepreneur. And I think one place to start, you know, as far as how to become a millionaire, is maybe put the focus on solving problems and serving people, and then you'll get to the millions. Yeah. Now, so I want you to tell me when you became a millionaire, and I'll tell you because I think there's going to be one thing in common.

So when did you become a millionaire? So I, well, how do we define a millionaire as, as having made a million dollars in a year or having million dollars in the bank account. Having a million dollar net worth. Oh man. Not that long ago. Probably seven years, eight years. No, probably nine years ago. Okay. Yeah. Yeah. Because between the house that we own and maybe my income assets, I'd say it was probably about a million. Okay. I remember when it happened to me, was probably around that time too. Yeah. And it was because I saw. sold one of my side businesses.

And that's, for most people, selling something big is going to be how they get to become a millionaire. Like, you know, selling one of their businesses is, you know, they might just be making 100 grand, 100 grand, 200 grand a year. And it's when they sell something that catapults them up. Now, there's a whole bunch of ways for somebody to make a million dollars in revenue, though. And, you know, we can talk about, you know, selling 5,000 products at $200. or $50,000, you know, $20 or whatever it is, a recurring revenue, all this stuff that you had for FitPro newsletter.

There's a lot of ways to make that million dollars in revenue. So what are some of the ways that, like, if you were just starting today, how would you go out and become a millionaire? Well, you know, it's funny. Knowing what I know now, I would rather sell to less people for higher dollar amounts, which is what we do with our Fit Body Bucamp franchise, right? And our Empire Mastermind.

And our Empire Mastermind. So actually, both things are 50%. $50,000 to get in on it. Because it's easier to get to the million dollars if you have less people and they're each giving you more chunks of money. And it's easier to service less people and requires less employees, less time from you as well. So if I had it my way, I would do that math all day long and offer high-level coaching programs,

franchises like I do now. Now on the flip side there's also what our friend Randy Garn does who owns a Skippy O texting software. By the way he was a great episode on this on the Empire show as well so definitely look up Randy Garn. He's one of our first outside interviews where it was like you know you and I were doing all the shows and because of travel like you started interviewing Empire Builders. Exactly. He was one of the first guys. That's exactly right. And you know he's got software where he charges people $99 a month. Yep. But he's got something like over 85 100 people on board with Scipio. So that's a multiple seven-figure generating product.

Right. Yeah, I mean, when you look at all the ways that you can actually make seven figures in revenue, it's nuts. Yeah, it's crazy. Product launches like Joel Marion. You know, he went from not selling a single thing online to selling $300,000 worth of product in three days through a product launch. Yeah. And then eventually having the first million-dollar plus e-book launch in the fitness space.

And so, you know, there's a whole bunch of ways to do it, but there's a lot of commonalities. And I think that's kind of what we really need to focus on. And one that you've already kind of hit on is solve big problems. We've talked about this on many, many episodes. And for the people out there, like, what does that mean? We'll solve a big problem or solve bigger problems. Good question. So I'm going to give you this example.

So my father-in-law is a Harvard grad MD. And in Seattle, he owns a medical. practice. He's a doctor. He's got a little office. You come and he's your general practitioner. As a general practitioner, he makes about $130,000 a year. Take home for himself, right? Because, you know, he's got front office, employees, a nurse, et cetera. His take home is that. His friend is a thoracic surgeon. His friend went to Harvard as well at the same time. But his friend is not a general practitioner. He's a specialist, a thoracic specialist. His friends take home is $520,000 a year.

Now, my father-in-law, they're both great doctors and the friend. One is a general practitioner. My father-in-law might stitch up a cut that you got, or he might be able to diagnose diabetes, right? Solving smaller problems. The thoracic surgeon, he's working on your heart and lungs, solving big problems. You solve the bigger problems that are more sophisticated,

you can command more money. Now, the fact, is even though we said, hey, look, you come out the gate, I'd come out the gate if I could do it all over again and charge $50,000 a year like we do for the Empire Mastermind. But Beidros 1.0 back then didn't have the knowledge, the credibility, the influence to charge that. In fact, back in 2007, 8, 9, I was charging $5,000 for a year of phone coaching. Like now, I wouldn't even get on the phone with you unless you're talking about $15, $20,000 for like half an hour. because an hour is just too long for anyone's time. Right. You know, and so, sure, you want to sell 50, 60, $100,000 coaching programs if you can, if you can solve those bigger, more sophisticated problems.

However, if you don't have the street credibility, because you don't have the track record, you don't have the 20 people that you can march up on stage or put in front of the audience and go, look, I've helped all of them become millionaires or all of them find the Mrs. Wright in their life or whatever, you're not going to be able to charge that kind of money. But the bottom line is, you've got to do the math. and then go in reverse. So do I want to have one really awesome client who pays me a million dollars a year? Maybe.

Maybe. Or do I want two who pay me $500,000 or $4,000 who pay me a quarter million? And as you do the math in reverse, you go, okay, that I could do. Whatever the number. What was it? You said, $5,000 people paying how much? $200. $200 a month.

Yeah. Like, everyone wants. $200. Once. Times $5,000. There you go. No, $1. Find a product that you can sell for $200.

Everyone watching this does not need a height, like 10 years of credibility, expert status, influence, to be able to sell a thing one time for $200. Figure out what problem you're good at solving and sell that thing for $200 to 5,000 people in the next 12 months. And watch what it feels like to have generated a million dollars. Yeah. So one of our Empire Mastermind guys, Robbie Blanchard and former mastermind client from our info business. You know, he went and he had to go and build a valuable. skill, he learned Facebook ads. So he was doing the little stuff, and now he's become so good, he charges $5,500 a month to do your Facebook ads. Plus, he's also the number one affiliate

on ClickBank. That solved a huge problem for so many people because they couldn't sell their products enough. And he came along as a great Facebook ads buyer and bought all the traffic and sold more of people's products, solving a huge, huge problem. So that's another way to generate millions and millions of dollars. Now, there's more to it than just having the skills. There's some mindset. So let's talk about some of the things that you'll need to have in your head in order to be a millionaire. I'll say this about you. I've known you long enough. Over a decade now? Probably a decade? Yeah, getting close. Yeah, actually over. Yeah, over a decade now where I know you're stubborn and pig-headed. And that is the absolute

super power one needs to become a millionaire, a multi-millionaire, a billionaire, because you have to be able to look at a problem, try and solve it, have it fail, and I forget who it was. You come back to the same problem with enthusiasm anyway, like Churchill. Because Winston Churchill said, you know, success is going from problem. Oh, yeah. Failure to failure. Failure to failure.

Without a loss. Without a loss of enthusiasm. And we lock on, like you're so pig-headed, I'm so stubborn, that we lock on to what the thing is, and we go hell or high water, I'm going to finish it. And that is a mindset trait. That is not a marketing tactic. That is not a sales strategy. That is not a widget to sell on Amazon.

That is this thing in your head that says, the more people tell me I can't do it, and the more I fail, the more I believe I will do it. Yeah. Where that comes from, some people, it's factory installed. I've seen humans born like that. Like my daughter, that's factory installed, the mindset. My son, not so much, but guess what? We work with him, and he's got that fucking warrior mindset

that he will put his mind to something and do it. I'm like my son. I had failure in my DNA because I was raised in that environment. That was conditioning. That's all. Some people go, well, is it nature or nurture? Sure, maybe nature makes you into a badass mindset, that motivated warrior. But then maybe nurture makes you a little weaker and prone to failure

until someone start training you and teaching you to mental fortitude. But I'm telling you, being pig-headed and stubborn has been a big blessing in my life, and I've seen you thrive because of that. And so many others. Yeah, absolutely. So Tom Bill You, who spoke at one of our Empire Mastermind meetings, who will be at the Empire Summit. If you don't have your tickets, go to theempirusumet.com and get it because Tom Bill used been my favorite business speaker I've ever seen. And he was telling the stories about how he would wake up in the middle of the night and his hands were cramped because they were kneading the dough when they first got started building the Quest Bar business and how he was fixing the toilets and doing all of this stuff.

I mean, that guy just went through so much that so many other people would quit on. And I get these messages all the time on Instagram from people who have been a real estate agent for three months. And they're like, man, I don't know. I'm just going to move on to something else. Maybe I'm not, it's not meant for me. Yeah, three months. How do you even know? You're still a baby in that space.

Yeah, so I was recently reading an article about like what great leaders are and great CEOs. And it was this thing called hardiness. Hardiness. And there's three Cs to hardiness. One is that you look at everything as a challenge and then you control your response to it. And then you commit to it. And that's like the pig-headed stubbornness, right? You're committed to it.

You look at everything as a challenge instead of an obstacle or a problem. Like, I'm just going to go and, oh, you got a problem? I'm going to solve it. You know, check out the hook while the DJ revolves it. You know, like ice ice-sized baby, right? Look at this guy. Stop, collaborate, and listen. Your OCD won't let you stop, huh?

Pedro's and Craig are back with brand new invention. You're about to do the whole fucking song right now. A1A, Beachfront Avenue. So you have hardiness. You have resilience. And then there's something that you've talked about in a lot. Stop for a second. Like, that was a great.

example. No joke. Like I saw your fucking weirdness set kick in there where your brain was like, I must finish this. Even though I'm doing a podcast, we're recording. We've got three guys sitting back here. Like, fuck it. I got to finish this vanilla ice song. Right. And it's that level of commitment and pigheadedness and OCD that's required. So any of you that think that like being OCD and overly committed and fanat-I'll use the word fucking fanatical, a control freak is bad? There's a great example of someone right there. in front of you who just kind of manufactured it and you couldn't stop yourself. Right. It's like the way that I line up my protein bars.

Oh my God. And I was very upset yesterday because I'm all lined up and one was upside down. Anyways, resourcefulness. When you don't have resources, you got to be resourceful. In America, we say resources. Resources. Yeah. But the grocery store. Do you guys say grocery store in Canada? Grocery. Grocery. Grocery. Okay. We say grocery. It's a boot time to go to the grocery store. Yeah. Look at us.

Two foreigners in America right now, at this very moment. Yes. In the Greenwich, right? Resourcefulness. Yes. When you don't have resources, how do you say resources? Resources. All right.

Yeah. Anyways, go on. I'm going to teach you how to speak English. Good. Yeah. Yeah, no worries. But so true that if you don't have the resources, you must get resourceful. And I'm going to give you an example.

I was speaking at Jason Capitals event. Yeah. A young man named Mike came up to me afterwards. We're like, on a little group huddle, they want to take some pictures, they want to ask me a question, and I make sure I hang around. And Mike's like, he points to Ed, because Ed was there with me doing the video. Oh, yeah, yeah. He points to Ed, and he goes, you know, I want to make a follow-along workout video, but I need a videographer, and he points to Ed. And then he goes, but I also need a web developer to make the website with the password protected.

But I also need someone to help me buy traffic so that I can actually get the traffic to the website to sell the videos that I'm going to make. And so because I don't have the money to get the videographer and the web developer and the traffic buyer, I guess I'm stuck. What would you do, Bedros? And I said, hey, do you realize that your iPhone is your own personal cameraman? Like before I was ever having an Ed or Prima or Ash around, I would just put up the old flip cam. You remember the flip cams, right? This is before iPhone. I put on a tripod and get in front of a marker board.

The fucking thing looked like an Al-Qaeda demand video. Like, you know, there were shadows everywhere. You thought I was going to behead someone in that moment. That was back when you shaved your head too, which made it better. Yeah, yeah, yeah, yeah. It was a thug life. And so all this is say that I shared with this guy, look, your camera, your phone becomes the video man, the camera guy. Your how-to videos that you're going to post up on YouTube, Facebook, Instagram, that becomes your marketing because Facebook, Instagram, YouTube, have an algorithm that will get you the right people to follow you.

And then, of course, your website, you can just go and hook up PayPal to a WordPress site. and make it yourself for free for now. I said, you see how all the resources are there in front of you? And he goes, oh, yeah, I get it. Like he had that aha moment. Oh, good. And it was so powerful to see that. But so many people just go, well, I don't have the experts or the information,

and therefore I must quit. How much money do I need to start a business? None. None. Zero. None. I sold my first program on the internet, January 28, 2001. It was a Word document with no pictures in it, and I sold it through PayPal.

Lovely. Like, and that's, I think it's because I'm super impatient. Like, why would I wait for any of that stuff? Again. So, yeah, man, you just got to be resourceful. And when you don't have resources and become successful. Hey, if anyone works for the government and you're watching this or you're listening to this episode, is there any way to make Craig a citizen of the United States and revoke his citizenship to Canada?

That would be the biggest practical joke on the planet, where you come into, You come into Southern California to film one of these episodes, but then you can't fucking leave because now you're an American citizen and they don't want you in Canada. I don't know if they want me in Canada now. That's true. So, all right. So I'm going to pull that practical joke off. So we've got, oh, you know, there's, I think this was an interview that you did with

Dean Grazziosi, or maybe it's just an article that he did, but he had this really great line. He said, the longer you wait, the further behind you are. You've got to start now, especially in this day and age where it's like, man, you got 18-year-old kids. becoming millionaires because they went and sold that $200 course with, you know, 5,000 times. And they're just making money because they're moving faster than people who go to college and they're like, oh, I got to be slow about this and all the red tape and stuff like that. You got to move faster.

I think that is something like you went and built all the gyms when you were younger and sold those. And then you just, you know, you started Fit Body Boot Camp and it sure ain't the same Fit Body Boot Camp now as it was 10 years ago. You just figure it out as you go. Like, like, again, you just. You said you sold your first fitness program on a Word doc with no pictures through PayPal. Like today you've got some of the most sophisticated websites and videos and password protected and follow-along programs and continuity. But could you imagine if you waited?

Dude, here's a lesson that we've got to share with our audience is that time kills opportunity and enthusiasm. When you wait, you begin to lose opportunity and you begin to lose momentum, enthusiasm for the idea that you had. Success loves speed, delay kills deals. I love that. I mean, think about that. When you're sitting on the couch, you see something, or you have this idea like, oh, I got this idea. You're most pumped up about it in that moment. Every minute that passes, that's like the barometer goes lower and lower and lower on opportunity and enthusiasm.

Here's an example of that. Whenever I think of a really good idea for an Instagram video or a social media video and I don't make it right away, 10 minutes later, 50 minutes later, two hours later, it's, I try and do it and it's terrible. Like, it's got to be done in the moment. As fast as possible. Absolutely 100%. Yeah. Recently, you ranted on the guru cons, the money-making guru cons on Instagram.

Yeah. Lay it on the son. All right. So, so here it is. Man, you want to become a millionaire. You want to hire coaches. Why? Because you want a time collapse, right?

Like, you want someone who's been where you are and is where you want to go. Yeah, been there, done that. Yeah. What you want to achieve. The problem today is. what social media is, everyone can hit that little down arrow that says, well, I'm an entrepreneur, or I'm an expert, or I'm a public figure. But then you look at their following, and then you look at their track record. There is no track record, and their following is like 19 people. And so there's so many

false gurus who don't necessarily know how to help you grow a business, take your idea to market, but they're good at marketing themselves as a guru and an expert. So you've got to use caution and do what Ronald Reagan said. Trust, but verify. So if Bezos and Craig are like, hey, man, you ought to join the Empire Mastermind because we've got people like Vince Del Monte in there, we got like Navy Seals and NFL playing Super Bowl champions like Steve Weatherford. Right? These are like some of the top entrepreneurs of the planet. You still want to trust but verify. You might want to say, look, before I pay the $50,000 or fill out the application and pay the $50,000, can I talk to a few of these people? Yeah. Can I see what their results and their experience has been

with you because they might have a different thing to say, right? And unfortunately, not enough people do that. As a young man, I fell for that. And so now I caution people against the fake gurus, because at the end of the day, there's only one person who's going to help you become successful. That's you. An effective coach or mentor can help you time collapse by pointing you in the right direction, because they've been there and they know what it feels like. Yeah, I use the phrase, you're buying money at a discount. When you go to a mentor, you're giving them, you know, 10 grand, 50 grand, but they're giving you 500 grand back. And would you make that trade every day? If you gave me a dollar and I gave you 10? All day long. You better believe it. Now, there's one last thing

that I want to talk about, becoming a millionaire, staying a millionaire, thinking like a millionaire, is that so many people come to me and they say, Craig, I don't want a lot of money. Like, they feel guilty about wanting to become a millionaire or thinking about being a millionaire. they're like, I don't need a lot of money to be happy and to be successful. I'm like, you're going to need way more money than you think at the end of the day. Think about how much money you're going to need to make sure that your parents have a great lifestyle when they're not ready just to retire, but if they need to go into a nursing home or something like that. Or if you want to take the family on all the Disney cruises, I hear so many people say,

oh, I want to take my extended family on a big family vacation. Well, that ain't cheap. Right, right? And you're going to need way more money than you possibly think. So get over that and look at money, as you say, as a vehicle to lifestyle and freedom, right? Simple as that, man. And, you know, earlier this morning, when we were working out, we're coming back from the gym, I asked you, hey, man, has her new puppy.

You got a new dog. Yeah. And you're like, man, you know, puppy's doing great, but I took her to the dog park, and she got bit in the face. And a thousand dollars later, she had stitches. Yeah. Right? Now, when you made out your plan for how much money you're going to make in life,

did you decide that, you know, sometime in early 2019 that I'm going to get a new puppy and it's going to cost me an extra $1,000 on top of that? No. You didn't. And so life will bring you, unfortunately, seasons of death and destruction and cancer. And in my mom's case, she's got dementia. She's losing her mind. She's got Alzheimer's disease.

Now, we are taking her to the best doctors in Newport Beach. We are doing everything we can to prolong her memory because I've got the financial resources to do that. Now, did I plan for that when I was younger, 10 years of? ago that, gee, you know, my mom in her 80s might start losing her mind so I better start putting money away. No, but I just knew that life is chaotic and that I'm going to need at least 50 to 100 times more money than I think. If I want to be able to take care of the people that I want and then take care of the causes that I want. Because, dude, I got team members and I openly tell

all my team members, I want the lowest paid person on my team to be making $75,000 a year. For that to happen, I constantly teach them to become entrepreneurs, or what we call, intrapreneurs in their own department. I help them increase their personal development so that they feel more confident in solving big problems in our headquarters so that I can give them bigger money, right? And so for me to pay them more than what they would get paid elsewhere, I need to make more money. And not enough people think about this and instead end up really underestimating what they need

and end up suffering because of it. Yeah, and also people have these causes. So I'd love to give $1,000 to charity. Why stop at 1,000? Why not be the person who writes a million dollar check to a charity? Because we ain't run out of charities, and we ain't running out of charities that need money.

So do the millionaire math. Make more money, not just $114 an hour, but think about all the other ways that you can go and make millions and millions of dollars, helping more people solving bigger problems. And if you don't know where to start, That's reason number million and one why you need to be at the Empire Summit.com this year with myself, Begros, Tom Billu. We got Ray Cashcare.

We got Jason Redmond, two Navy SEALs. Sharon Stravza. Srava. Sharan Strava. Who are our two female speakers? Shanda Sumter. Ah. 25 million a year teaching women how to take their vision and ideas and turn it into a business.

And she's going to teach the exact strategy that she's helped women turn into millionaires, which is doing the running a successful and profitable online summit, which is her super power. And then we've got Michelle Bauer, who's amazing at this as well. She has two gyms in Pennsylvania and spends all her time with her family because her gyms are running on autopilot and she's making seven figures. Wow. And she's able to do that. Well, she's been a coaching client for many years, but she's going to share the seven pillars that she's built her business model on that allows her to have that much freedom in time. Absolutely amazing.

Plus, I'm going to do a pre-day summit for our VIP attendees on social media millions. So make sure you're there at theempirersummit.com. Be anything else you want to say to our aspiring millionaires? I'll tell you what, folks, you know this. The more sophisticated and bigger the problem that you solve, the more money you're going to make in life. So do yourself a favor. Go out and solve more problems instead of looking for more followers that are fake. And be sure to leave a comment, reviews, share this episode, and we always appreciate you watching and listening.

care. Hey, thanks so much for being here for today's Empire podcast show. We would love for you to do a quick little favor for us. Just go to iTunes and give us a five-star rating, leave a comment, share it with your friends. And if you're interested in growing your business faster, go to bedroskulean.com forward slash empire, fill out the application to see if you're a good fit for our Empire Mastermind Group.