The Mindset Mentor - Ep 40 - Mindset of a Millionaire w/ Ryan Moran

Episode Date: November 20, 2015

There are some people in this world that have he ability to expand your mindset with a single conversation, for me this was one of them. Ryan became a millionaire at 26, and since has grown multiple businesses to generate over a million dollars in sales per year. In this episode we speak about the mindset of a millionaire and how you can get there as well. Want to learn more about Mindset Mentor+? For nearly nine years, the Mindset Mentor Podcast has guided you through life's ups and downs. Now, you can dive even deeper with Mindset Mentor Plus. Turn every podcast lesson into real-world results with detailed worksheets, journaling prompts, and a supportive community of like-minded people. Enjoy monthly live Q&A sessions with me, and all this for less than a dollar a day. If you’re committed to real, lasting change, this is for you.Join here 👉 www.mindsetmentor.com My first book that I’ve ever written is now available. It’s called LEVEL UP and It’s a step-by-step guide to go from where you are now, to where you want to be as fast as possible.📚If you want to order yours today, you can just head over to robdial.com/bookHere are some useful links for you… If you want access to a multitude of life advice, self development tips, and exclusive content daily that will help you improve your life, then you can follow me around the web at these links here:Instagram TikTokFacebookYoutube

I'm terrified of this idea that at the end of my life, I'll have unrealized potential. Dude, it keeps me up at night. Before we dive into today's episode, if you would like a free copy of our motivational ebook called Hack Your Goals, The Step-by-Step Guide to Achieving Success, go to mwfmotivation.com and download it. It's already been downloaded over a thousand times, so go ahead and get your copy now. All right, I'll get you the podcast right now. Welcome to the MWF Motivation Podcast, which I am proud to say has been rated the number one podcast in iTunes new and noteworthy in six different categories,

including self-help and business, and is the podcast designed to help you grow into the best version of yourself in 10 to 20 minutes. Every Monday, Wednesday, and Friday, we'll take a life topic, break it down, discuss it, and leave you with thoughts to impact your life and mind. My name is Rob Dial, and the podcast starts now. Welcome to the podcast, guys. Today, I'm going to be speaking with Ryan Moran. Ryan is one of those people, this is only about a 25-minute conversation that we had, but it's one of those conversations where I left and I was like, oh my goodness, my world has just been rocked. I don't want to rank the interviews that I've had, but I will say that this is absolutely up there with the top of them, of all of the interviews that I've done.

One of the things that I loved most about this interview is that we dive a lot into mindset, mindset of successful people. And I'll talk a little bit about it at the beginning, but Ryan's someone who turned 26 and was a millionaire at that point in time from one of his first businesses. So we talk a lot about mindset of successful people. And we also talk about death at the end of what we want our lives to look like when we finally get to the end. It's an awesome podcast with an awesome person, and I'm so excited to bring this to you. So without further ado, this is the podcast with an awesome person. And I'm so excited to bring this to you. So without further ado, this is the interview with Ryan Moran. All right, welcome to the MWF Motivation Podcast.

My name is Rob Dial, and I am super excited to have Ryan Moran, who is a fellow Austinite who became a millionaire at the age of 26 and is a host of Freedom Fast Lane podcast, the owner of multiple businesses that produce over a million dollars in sales, and is the founder of Freedom Fast Lane Live, which is an upcoming event December 11th through the 13th here in Austin, which basically has a speaker lineup that would make almost anyone who's serious about self-development take out their credit card and sign up. And what I mean by that is people who are speakers like Gary Vanderchuk, who I absolutely love, Grant Cardone, the billionaire founder of Priceline.com, Robert Herjavec from Shark Tank, and many others as well.

And I'm very excited to have him on the podcast. Mr. Moran, how are you today? Rob, that was quite the intro. Well done. Thank you. And thanks'm very excited to have him on the podcast. Mr. Moran, how are you today? Rob, that was quite the intro. Well done. Thank you. And thanks for having me on today. Yeah, absolutely. I think with my podcast more than anything else, the one thing that I love the most is talking about mindset, finding out where people came from, and trying to differentiate from what the average podcast interview is. And it's easier for people to see your success and to either be jealous or to think that you had some type of financial help from family or some type of assistance from others. But I'm curious, tell me about your childhood, the moment that you realized that you were an entrepreneur and how you got from those days all the way to where you are

now. Man, that's a fantastic question because we only ever see people's outside right we only see what what what we project and nobody ever sees the struggle or or the path up so that's a fantastic question i'm i'm the son of a single mom and and my parents split when i was young but my dad was a teacher for 32 years my brother is a cop married to a nurse. Very, very blue-collar family. So the idea of being an entrepreneur is no place in my family tree, but it has a very deep place in me. My first business when I was five years old, I drew pictures on notepad paper and took them door-to-door trying to sell them for a penny each. My dad provided all the ink and notepad paper, so it was 100% profit.

Yeah, nice. It was a pretty sweet deal. I came out of the womb an entrepreneur, but by no means was I a successful rider of the gate or was I handed success. My family didn't have any financial success to loan me. I had probably less of an advantage than most people, except for the fact that I was just crystal clear on the fact that I was going to own businesses one day, what that looked like, and I had no models to follow. But we live in this world now where we have access to just about everybody alive,

we live in this world now where we have access to just about everybody alive and we can tap into the minds of untold greatness. And so I tapped into Robert Kiyosaki and I tapped into Tony Robbins and leaders that are accessible on YouTube and in books. And I had success with my first business when I was 18 to 20, but I was completely exhausted, burnt out. I was running in front of my college dorm room, had no free time. I was really exhausting all of my energy. And I burnt out by the time I was 21, 22, which seems so weird. But I was working 12, 16 hour days, building a business in my early 20s. So I completely fell on my face, and pretty much lost everything in my early 20s. It wasn't

until I really focused on the idea of contributing as much as possible in my businesses, and my career really took off. That's interesting. We have a pretty similar story in that sense. I felt like I was the only person who, I started at 19 in sales and then owned my own business by 21 and was working about 100 to 110 hours a week until 24. And I was like, I got to get out of this. And the money wasn't enough for me to, I felt like I was 50 years old and completely breaking down because there was no time to hang out with anybody else. So it's good to see that there was a challenge with your first one because

most people just think that you knock it out of the park. But what were some of the other challenges besides being burnt out with acquiring and getting to your first million dollars in sales? Yeah, I think getting to my first million dollars, I think one of the biggest challenges was just a weakness that I've had to overcome in the last couple of years, which is relying completely on myself and having no idea how to rely on others, having no idea how to build a team around me that could support me in scale. didn't earn my first million until like years eight of business which you know I was young I went into it thinking I was going to have this crazy awesome trajectory and in reality I burnt out really really fast because I didn't have any support around me that was a big big challenge for me was getting okay with that idea that I can't do everything myself. And the faster I have been able to release that, the faster I've been able to get things off my plate and focus in my zone of genius and let other people do the same, the faster that money has come in. So the first million

took seven years, but the second million took a year. And the third million is coming faster than that. So that has been my experience. I don't know if that's the experience with everybody, but the faster I can get over that idea of I can control everything, the faster money has rolled in. Yeah, that's a key point is just the power of delegation. I think that, you know, I don't know if, I know that your goal is to own the Cleveland Indians, but I don't know if you're a sports person just in general, you're an athlete, you grew up that way. But I think for me being an athlete,

it was always, I can do everything myself, any challenge someone throws at me. So delegation was hard because I don't want to say I didn't trust anybody, but in a sense, I think that just in my head, I was like, I can do it better, so I might as well do it. So what's the keys in the power of delegation that you found that maybe someone can't do something as good as you, or maybe they can do a specific thing better than you. What have you found with

delegation, the power to free up your time, but then also be able to scale your business and make it grow much quicker by doing that? Yeah, that's a great question. And my answer, I have an economics background. That's what I studied in college. And in economics, we have this term called comparative advantage. And that simply means it's not necessarily what somebody else can do better than you, but on a trade of hours to value, where is it maximized. So if somebody can provide 80% of the result that you can in an hour and it frees you up to spend 200% better than everybody else, you've 10x to the difference because you're giving up 20% of inefficiency for 200% of productivity. efficiency for 200% of productivity. So maybe not everything is absolutely maximized, but that person has a comparative advantage to get 80% of what you would have gotten done in that hour so that you can do where you're 200% better than somebody else. And focusing on that

of, you know, my, my customer service person may not answer emails or customer service requests in the exact same tone that I would if I was a full-time person in my business doing only that. But I don't have an additional eight hours to do exactly that. So them doing it 90% is good enough. However, that mindset gave me the freedom to hire and it gave me the freedom to move forward. But what's actually happened as a result is the fact of the matter is somebody focused on customer service is better.

Focused on a certain area of business where I'm weak, they are better than me. So I had the perception that if it was 80% is good, that was good enough. But the truth of the matter is they're 120% better. And that's what happens when you start to build a team that really supports your mission and is driving you forward so that you're not at the center of everything. Yeah. I think that the customer service would be the first thing that I would delegate because I would be so fed up with people that I'd just be like, deal with it, dude.

I'm done. I don't want to be on the phone with you anymore. Yeah. I think that customer service is an inherently negative thing. It's pretty rare that somebody writes in and is like, just wanted to let you know you're doing a great job. You look very handsome today, Rob. Just wanted to let you know in your customer service box.

No, you only write in when there's a problem. So it's inherently negative. And that can be completely draining. Absolutely. So I agree that that's the first thing that needs to be handed off. Plus there's just the idea of distracting you from driving the business to take care of a fire. You need to get fires off your plate so that – and in most solopreneurs that are running a business at a million or less, those fires tend to happen in customer service. Absolutely.

Now let's talk about this. I know that you didn't start with the self-development or putting on conferences or anything like that. You started with Amazon. You started with some yoga stuff and also some fitness products. So the event is so different from your other businesses. What's the reason why you're putting this event on in Austin? Actually, my career started as a blogger when I was 18. It only was in the last three years that I started the yoga products company, the men's

health company. And those came as a result of me burning out in previous businesses where I was just completely drained and had to do something different. And that's when I pivoted and went in a different direction and started my physical products businesses. But I have this dream of owning the Cleveland Indians because I'm apparently a glutton for punishment. I love bad baseball teams. So I have this dream of owning the Cleveland Indians because I'm apparently a glutton for punishment. I love bad baseball teams. So I have this dream. They're my first love. No woman will take the place of the Cleveland Indians in my life. Kenny Lofton, that's him, huh? Dude, my favorite player ever. It's like your psychic.

Man, Kenny Lofton was my favorite player when I was a kid. I don't know how when I was a kid, but I think it was just all the sports center. Well, it's like we're twins then because I mean, I worship the ground that Kenny Lofton walks on. He can do no wrong. So I grew up loving that team and I'm going to own them one day. And I've realized that in my life, I normalize the idea of about $5 million a year. That's what I'm used to. That's where I'm comfortable operating at, about $5 million a year. That's what I'm used to. That's where I'm comfortable operating at,

about $5 million a year. So when I think about owning the Indians, $5 million a year isn't going to do it. I'm going to have to 10x that. I might have to 20x that in order to get my Cleveland Indians. So I've got to get around people who just shatter my paradigms and show me that a different level is possible. Because what I found is the difference around people who just shatter my paradigms and show me that a different level is possible. Because what I found is the difference between people who are modestly successful and the people who are insanely successful, you find points or a few habits. And I've got to discover what those are. And my audience needs to know what those are. And I think that if we demystify those, you know, what we think

is impossible, then it makes success a lot clearer and easier. So I called in Gary Vaynerchuk, the billionaire founder of Priceline, Robert Herjavec, Grant Cardone, to come in and for three days, just had this immersion experience of, you know, what, how do we demystify the impossible? Show us what it looks like to be at a hundred million dollars versus $1 million. And that was, that was the birth of, of this year's event, Freedom Fast Lane Live. That's awesome. I love, I love the phrase, and I don't know if you came up with it or where you got it from, but demystifying the impossible, because most people look at anything and say, oh, becoming a millionaire, that's, or owning the Cleveland Indians,

all of these things are all impossible. Where, Where did that mindset come from? Do you have any idea of when you first started thinking of demystifying the impossible? Well, it came to me because that was really my, I put together this event, but I've noticed in my life that when I became a millionaire, I didn't feel all that different than when I was a millionaire. I thought it would mean the difference in feeling secure and safe and worrying about money. I thought that would be the difference maker.

When I made a million dollars, I would feel safe and free and secure forever. And the truth is I didn't feel all that different. So I had this thought, well, I wonder if a hundred million dollars is the same way. I wonder if a hundred million dollars is, you know, I'll really just feel exactly the same. And if that's the case, then there's really no meaning associated to a hundred dollars or a million dollars or a hundred million dollars. There's really no, there's really no like inherent meaning. They're just targets. They're just different goals. So if that's the case, why not

just go for the big ones? And I'll have to really get clear on what habits make those a reality so that I can experience what I want to experience, which is ownership of the Cleveland Indians. So I just made the decision that I would get around those who had done it before and make it possible and accessible for me and my audience. And that's where demystifying the impossible came from. You said something that that's kind of clicked in the past, I would say year for me where it's I've been so concentrated on, you know, where I want to be in my goals and my destination. And I think most people are so set on the destination more than anything else, whether it be becoming a millionaire or buying their dream car

or their dream house, whatever it might be. And they don't realize that, I think more than anything else, life is not really about the destination. It's about the process of actually getting there and who you have to become in the journey versus the destination. What do you think about the journey versus the destination now that you you think about the journey versus the destination? Now that you've hit that goal that you thought was a huge goal and nothing seems different, and now you're on a new journey, what do you think about the journey versus the destination in that sense? Yeah, I don't think there is a destination

because when we arrive there, there tends to be a sense of like, what the heck next? Yeah. So there is, I don't think there is a such thing. And there's just a target. Yeah. And our targets tend to move. Our targets tend to move along with us.

So I'm of the opinion that what really makes us fulfilled is who we become along that journey. Yeah. And what we appreciate along that journey and what we appreciate along that journey. And I know very few people who are both wired for growth and are really happy. Most of them are either wired for growth so their goals are constantly eluding them and they feel bad about it. Or people are really happy because they've just stopped.

I know very few people who are both. And the difference, the thing that I have seen be the overlap among those who are both wired for growth and happy is appreciation, active, regular appreciation. So it is this process of I'm growing, but I am constantly comparing myself to where I came from. I'm constantly appreciating what is in my life rather than ignoring all of that and focusing on what I don't have so that I'm focused on the goal. And that has been kind of the magic sauce

of what I have seen make people both growth-minded and happy. And I think that entrepreneurship is a great route into becoming self-aware and becoming more of who you are if we actualize that and if we use that as a fuel for becoming a better person. So I agree with the mentality that it's not where we go or what we get because that is ultimately empty and means nothing. It's becoming the process. Man, that was really good. That was, uh, it kind of hit home for me because it's the process that I've been trying to overcome where it's instead of looking at where I want to get to look at where I've

come from and be appreciative that all of the stuff that we have, you know, being able to own a house and being able to be healthy and all of these things that some people just don't have. And, uh, I love what you said. And I want to add to that. It's also, you know, I heard this story this week about a friend of a friend who lost their leg at 23. Wow. You know, I mean, our brains, all they know how to do is compare.

Yeah. And what made me think of this story was this person was living a full life with four kids and was really happy and got everything that he wanted and appreciated it. I mean, sometimes I think I don't have everything I want. So like, what the hell am I focusing on

if I've got two legs and I'm not happy? You know, I've gone through challenges that once put into perspective don't seem like challenges anymore. I was going through a hard time in my business and I was just beating myself up. And one day, a friend of mine who had just lost her husband to cancer, a family friend reached out to me and said, hey, I was just thinking about you and wanted to make sure you were doing okay, which rocked my world because I was like, the hell is wrong with what I'm focusing on if I'm bummed out because I had a bad sales day and my family friend Pam just lost her husband and she's checking

in on me. There's something wrong with my priorities. I am making a wrong comparison if that's the case. My mentor Travis likes to say, whenever I'm having a bad day, I just pause and think, who am I comparing myself to? Because that's the active game that determines whether we're happy or not. Because that's all our brains ought to do is comparison. Are we comparing ourselves to something that makes us feel empowered? Or are we comparing ourselves to something that makes us feel disempowered? And we can switch that in a second. Then that is the difference maker among what we experience. What is success? None of us

know except by what we compare it to. What is happiness? The difference between what you thought you'd get and what you actually got. What is rich? Depends on who you're comparing yourself to. Every evaluation that we make in our brains is a comparison. So if we change, we swap it out with active appreciation, I think that's the secret to experiencing true abundance. Yeah. Man, that's strong. That's really good. You talked about your

mentor, Travis, and I know that you're someone who surrounds yourself with really strong people, people that grow your mindset. What's something that you've learned or that you've heard someone say that you surround yourself with lately that either completely changed your mindset that expanded and made you think, man, I'm thinking really small at this point, or just change your perception or just your complete outlook on life that kind of rocked your world lately? Lately, Grant Cardone is speaking at our event in Austin. Excuse me. And he has, I didn't know who he was until about six months ago when I heard him give

a talk about real estate. And he said that he had $350 million in real estate. And I thought to myself, oh, that would make a great down payment on the Cleveland Indians. So I started following this dude because I was like, that's going to make me run the numbers if I acquired this many properties per year. And so I went down on this path of, of, of learning more about that and listening to Grant talk about that part of his life. And one of the things that really rocked my world about his approach and the approach of people that I found that were also on that path was the idea of leveraging, leveraging other people's opportunities or other people's money or other people's expertise. I have this mental block that I've overcome

in the last few years of it's all about what I can do, what I can produce. Whereas there is money and opportunity and knowledge floating around in the world in abundance. And you can leverage that to get what it is that you want. So I mean, with interest rates being super low, and with there being investment capital all over the world, I always kind of had a thing against that. But I've realized lately that by leveraging that, you can get to where you want to go a whole lot faster if you can just leverage it to produce something that's even more valuable. So I think that has been the biggest shift for me is leveraging what's already there rather than just trying to do everything myself from scratch, whether it is using somebody else's money to buy an investment property or it is hiring someone so that you're

freed up to focus on something that produces more value or building a team that can implement your ideas so that you can operate in the place of just coming up with ideas. Leveraging other people and other opportunities has been a big, big shift for me in the last year. That's really good. Well, I know that we have a very short time left because I know you have a hard stop. So I want to be mindful of that. But I want to ask you one last question. At this point in time with you setting your goals so high, you have the Cleveland Indians you want

to get to the Cleveland Indians so you can start bringing the next Kenny Lofton. And you've become a millionaire. You've got a couple of businesses. You've got this event. What is it that drives you? Why do you wake up in the morning and say, hell yes, I'm going to kick today's ass? What is it that makes you tick and what really drives you at this point in time today? I'm terrified of this idea that at the end of my life, I'll have unrealized potential. You're speaking like my language exactly. Dude, like it keeps me up at night. At the end of my life, that's my biggest fear that I'll have regret that I did not actualize a piece of my potential. And that is both a blessing and a curse because with all the opportunity that exists in today's world, there's unlimited potential and opportunity. And I will not be satisfied if I

don't feel like I have maximized all that is available to me. So I wake up willing to burn everything to the ground for the potential of growing something much bigger and actualizing that potential. And that's what drives me every day. God, I feel the exact same way. I had the unfortunate thing of having my father pass away when I was 15. I think that gave me the drive and the realization that I'm going to die one day. And most people, I think they understand it, but they don't really understand it. And that's like my thing where I'm going to get to the end of my life and I'm going to be like, there's nothing else I could have done. I put all my cards on the table and that was it. And that's what keeps me up

at night too, I swear. I want to add something to that because that's a really interesting thing you just brought up. Because I think realizing and becoming okay with the idea that you're going to die one day and that really the things that you experience don't matter because someday they'll pass away is one of the most freeing thoughts once you get past the fear of it. Because all of a sudden, you can do whatever you want because none of it really matters. So when one day you're going to die and elements pass away, that means that you're free to live life however you want, as long as you don't take away

from somebody else's ability to do the same so getting clear on the fact that you are gonna die one day I think is one of the most freeing thoughts in the world I completely agree well I really appreciate it would love to have you back on because this is really really good I think a lot of people are gonna get a lot from this but let me ask you this how can people find you how can they get ahold of you and if they want to go to this awesome event coming up in a couple of weeks, how can they get tickets to that event? Yeah, the event is called Freedom Fast Lane Live. So it's at freedomfastlanelive.com.

And it's called Freedom Fast Lane because my podcast is called Freedom Fast Lane, which you can find on iTunes or you can find over at freedomfastlane.com. We talk about starting businesses, growing businesses, investing the profits, and giving back, and getting clear on what you want so that you know what to build. So that's freedomfastlane.com, and the event is freedomfastlanelive.com. Nice. Ryan Moran, I really appreciate your time. I hope you have an absolute amazing day. Thanks, Rob. Great to be on. And so that is it. Thank you so much for listening to this episode. If you like what you hear, please share with a friend.

Spread the love if you think it's something they could benefit from. If you want the show notes from today, you can get it at mwfmotivation.com, which is also where you can download our free ebook, which is called Hack Your Goals, The Step-by-Step Process to Achieving Success. And if you want to keep in touch with us, book, which is called Hack Your Goals, The Step-by-Step Process to Achieving Success. And if you want to keep in touch with us, you can follow us on Facebook or Instagram. Both of those are at MWF Motivation. And if you like what we have, please subscribe to us on iTunes, Stitcher, or SoundCloud, because we make it our mission to give you as much valuable stuff as possible. But thank you so much again for listening, and I hope you have an amazing day. Outro Music