The Mindset Mentor - What a Billionaire Taught Me

Starting point is 00:00:00 Welcome to today's episode of the Mindset Mentor Podcast. I'm your host, Rob Dial. And if you have not yet done so, hit that subscribe button so that you never miss another podcast episode. And if you're out there and you have an Instagram and you want to follow this podcast, we have a brand new Instagram on, I'm sorry, brand new podcast Instagram for this podcast. If that sentence makes any sense, go to Instagram and type in The Mindset Mentor No Spaces. We're putting up clips multiple times per day from this podcast to keep you motivated even when you're scrolling on Instagram. Today, I'm going to talk about the number one lesson that a billionaire taught me. I'm going to talk about the number one lesson that a billionaire taught me. And before I do that,

Starting point is 00:00:52 I'm going to tell you a story that he told me that started his whole journey that helped him become a billionaire. And so the story they told me was this. In the early 1900s, there was a guy who created fast food. There was never fast food at one point in time. And then he became obsessed. And he had a couple of businesses. He became obsessed with how can I make everything faster? I want to optimize every single piece of my business. And so what he thought to himself is, all right, the burgers, how can I make the burgers faster? How can I cook it faster? Okay, I can't cook it faster. What else can I do to cook it faster. What can I, what else can I do to make it faster? Well, well, I can figure out a way to make the buns be done by the time that it gets done. I can figure out a way to set up the whole system and where the person's standing to make sure it's quicker. I can make sure that when someone pushes down one time on the ketchup, it gives just enough

Starting point is 00:01:38 ketchup so they don't have to spend time getting that perfect amount. And he optimized the burgers perfectly. And then he went to the soda machine. He said, how can I make the soda machine work faster? And then he went to the cashiers and he said, how can I make the cashiers work faster? I can make this whole process as optimized as possible. And he went through every single aspect of his business and everything became fully optimized. And so he decided, okay, there must be stuff that i don't know like when he looked at his business he's like this business is up and running it's almost perfected i don't know what else i can do to make this whole thing faster and so he decided you know what i'm going to do i'm just going to go learn from other industries and see if i can learn something so he went to grocery stores

Starting point is 00:02:21 saw what grocery stores did learned a couple things from them then he decided he went to grocery stores, saw what grocery stores did, learned a couple things from them. Then he decided he wanted to go into some companies. And so he went into some offices and saw what they did and saw how he could see if there's any processes that help them. And then there was one thing that he did that completely changed his life and completely changed his business and then helped him sell to one of the biggest companies in the entire world. What he did was he walked into a bank and he was like, hey, I own XYZ place down the street. I was just stopping by. I want to

Starting point is 00:02:51 learn about more industries, what you guys do, what you don't do, and just see your process and see if there's something that you guys are doing that we're not. They could help us become more optimized. And they're like, okay, yeah, that's fine. No worries. And he goes, but first off, what are you guys building outside? And they're like, oh, the whole, the whole thing we're building. Yeah. We're calling that a drive up. And so what people can do is instead of actually getting out of their cars and coming into the bank, they can literally just stay inside of their car and we can work with them while they're in their car. And he was like, holy crap. I never thought of that. Because up until that

Starting point is 00:03:26 point, his business was fully optimized with the standpoint of the customer walking into his business. And where did drive-thrus come from? This guy, where he was able to go and actually see from a bank what they called a drive-up and go, I'm going to put a drive through. So therefore people don't have to get out of their car. Yes, that's going to make it so much faster for me to be able to give people food. And so he was able to take this, put it into his business, multiplied how many customers he could serve and how fast he could serve them. His business grew. He had multiple locations that he opened up after that. And then years down the road, he actually sold it to McDonald's. And now we have fast food the way we have fast food.

Starting point is 00:04:09 Who I learned this from and who told me this story is a guy named Jeff Hoffman. Jeff Hoffman is a multi-billionaire. He's the founder of Priceline.com, which he sold. He's completely out of, I believe, at this point. But he told me this story because he told me about something that he does every single day, Monday through Friday called info sponging. And this thing called info sponging, like once he learned this process of, oh man, this guy would have never come up with drive-thrus or maybe he would have years down the road if he would have driven by a bank. But the way that he came up with this idea is from learning something that has absolutely nothing to do with his business. Like if you look at a fast food place and you look at a bank, the two of those are not the same, but by going into different industries, he was able to make

Starting point is 00:04:57 a massive difference in his business. And this is something that Jeff does and would help to become a billionaire. And so what Jeff does, and I'll tell you how he became a billionaire in just a second and how he used this info sponging. Well, what happened was, actually, let me tell you now. What happened was this. He decided he wanted to start info sponging. And info sponging means I'm going to learn here. I'm going to learn a little bit here.

Starting point is 00:05:18 I'm going to learn a little bit here, learn a little bit here. Learn something every single day that has nothing to do with the business that I'm in. And then every day, what I'm going to do after I learn, I'm going to take a three by five card and just write down the summary of what I just learned and throw it into a shoebox. And then at the end of the month, I'm going to take some time and I'm going to look through every single, you know, by that time, you know, every single time, every single thing I put in for that month. Take a look at every single three by five card, what do you learn from it? And then see if somehow he can relate that to his business. Somehow he can relate that to his life. Some way he can relate

Starting point is 00:05:56 that to his relationship with his wife, with his kids, with his church that he goes to, every single thing that he does. So what he does, he just takes an hour every single day and does this. And what happened was he was reading an article years ago about how bananas are cheaper the closer that they get to going bad. Because obviously the company wants to make sure, the grocery store wants to make sure they can at least get some money from it. And they know that the closer they are to going bad, the less likely someone is to actually buy it. And so he was in the airline industry at the time and he went, you know what? If bananas are cheaper before they go bad, I wonder if airline flights become cheaper when they're closer to taking off if the plane has a lot of empty seats.

Starting point is 00:06:44 And so what did he do? Because he was already in the airline industry, he started meeting with Delta. He started meeting with American, started meeting with United and realized that all of these companies had seats that they had never sold. And when he said, hey, if I could sell those seats for you, but you just happen to make a little bit less, would that be good for your bottom line? They're like, yeah, absolutely. Because at least we're making some money. So what happened? He started Priceline.com, where you could actually bid on flight prices and the airline would either accept or reject your offer. He built a multi-billion dollar company

Starting point is 00:07:20 because of this thing called info sponging. Once again, think about this. He's in the airline industry and he's reading about freaking bananas. And that idea gave him a multi-billion-dollar idea, which then blew up his company, started a new company, blew it up. Everything became amazing after that. Hey, is hiring challenging? Yes. Do you love a challenge? Also yes. But you need a hiring partner that can help you rise to the challenge. You need Indeed. Indeed is the hiring partner where you can attract, interview, and hire all in one place. Instead of spending hours on multiple job sites, searching for candidates with the right skills, Indeed's a powerful hiring partner that

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Starting point is 00:08:50 Claim your $75 credit right now at indeed.com slash dial. Indeed.com slash dial. Terms and conditions apply. Pay per qualified candidate. Not available for all users. Need to hire? You need Indeed. Which brings us to the tip that he gave me. It's called the five-hour rule. See, the world is changing so ridiculously fast. How do we keep up? The five-hour rule is See, the world is changing so ridiculously fast. How do we keep up? The five-hour rule is super, super simple. You spend one hour per day learning something absolutely new to you, something that doesn't make any sense. If you're used to just, oh yeah, you know what? I usually spend my time reading about self-development, which is fine. You could definitely do that. I do it as well. But you have dedicated time instead of reading about self-development or instead of, you know, scrolling on Instagram or any of that stuff, you spend one hour learning

Starting point is 00:09:31 something brand new, whatever that might be, five days a week. That's it. Five-hour rule. Ben Franklin did this. And, you know, if you want to stay on top of the world and what is constantly changing in technology and all these things that are happening it's good to know what's going on and it's a commitment to being a student and to really always learning not just what you're good at but learning about something that has nothing to do with what you spend your time on oprah does this warren buffett does this tony Robbins does this. They all have a commitment to making sure that they're learning because you never want to rest

Starting point is 00:10:09 on the laurels of your success. You never want to rest on the laurels of your knowledge as well. And some of the most successful people that I know act like they know nothing. Literally, some of the most successful people I know are the biggest sponges. There's a guy that's in a mastermind that I'm inside of and him and his wife literally, they owned a company, just the two of them, no investors. And they sold their company for a billion dollars in cash. Now he's like in his late forties, early fifties. He's in the same mastermind that I'm in.

Starting point is 00:10:41 And if you watched him, you would think that he is the brokest person in the room. Why? He's always got a notebook with him. Anytime there's a speaker, you know, so we have it set up, there's stages, about 70 to 100 of us in this mastermind that we're in. He is always 100% in the very front row, in the center, taking massive amounts of notes. I've watched this guy. He puts me to shame with

Starting point is 00:11:05 how many notes he takes compared to how much notes I take. This guy's already a billionaire, but he still wants to grow and get better. So you realize it's never about, for people like that, it's never about the money in the first place. It's about this constant wanting to learn, wanting to grow, wanting to get better. Some of the most successful people that I know are the biggest sponges and some of the least successful people that I know act like they know it all. And so you have to start thinking about that. How much would it change your life if you just started learning about so many different things? Now, you know, if you really love learning about certain things, no big deal. You can still learn about those things, but take an hour a day,

Starting point is 00:11:42 Monday through Friday, to learn about something that you have nothing, that has nothing to do with anything that you do currently. Completely out of your comfort zone. So why don't you start learning from something or about something that is completely out of your comfort zone? In the short term, it's going to take some time away and it's going to have some small changes in your life. But long term, there's going to be massive gains in your life. If you do the math, if you decide, all right, I'm going to take this five-hour rule and I'm going to do it. If you do five hours per week over the course of the year, that's 260 hours of my math is correct off the top of my head, 260 hours per year if you just do it that way. And if you do it over the next 20 years, you're talking about over 5,000 hours

Starting point is 00:12:27 of learning something new. Imagine how much different your brain would be 20 years from today if you spent 5,000 hours learning something new. Think about that for a second. And it's very simple to do. The average person spends between three to four hours on social media. What if you were to take one, just one of those hours learning something new?

Starting point is 00:12:53 Thinking about some way that you could use that in your life. One of the things that I think is super important for every single person to do is to constantly be learning about something new. To feel like, I don't know anything and I want to learn and I want to grow and I want to get better. And I want to replace being a consumer of social media and scrolling and clicking like and commenting on friends posts and all that stuff. Most of the time, just looking at people that we've never met before. What if we were to take that time, just an hour a day, Monday through Friday and learn something new? How different do you think that you would be? And here's the

Starting point is 00:13:25 key that I want you to think about. Look at your schedule and find out when the best time of the day for you would be. For me, it's in the morning. That's the best time. For some of you, it might be after you put your kids to bed. You decide, you know what, I'm going to sit down with a glass of wine and I'm going to read about something like bananas, something completely off the wall that makes no sense to me, and I'm actually going to learn and use it to grow. One of the things that I think is important for someone to find their passion is to try and learn and do new things. All too often, when someone doesn't know what their passion is, it's because they haven't found it yet. It's not because it doesn't exist. And so if you haven't found your passion, you don't know what your purpose in life is,

Starting point is 00:14:03 this is a really good thing to do to help you start to jump kick the thoughts of what you could do. You could have a business idea. You could have an idea of a place to travel to. You can have an idea of a way to start, you know, becoming better communicator, whatever it might be. If you're learning about all these different things, eventually you're going to find your passion. But if you're out there, you don't know what your passion is, and you keep doing the same thing day in, day out, day in, day out, you're never going to find your passion because you're not searching for it. So one way to do it is just constantly be learning about all the different things that are going on in the world. This world is big. It's amazing. There's so many things that are happening. What can you do to put yourself out

Starting point is 00:14:43 there and start to see the things that you don't even know exist at this point? So what should you be learning? Think about that for a second. What interests you right now? Maybe like, you know what? I really want to read some magazines on space. Cool. Go online, Google space magazine, start figuring something out. What if you're like, you know what? I want to start learning more about the Amazon. Okay, cool. Not amazon.com, the Amazon, the actual jungle itself. Go online and see if you can start learning something new about it. And then what do you do after you have a learning session? You take a three by five card and you just write down a summary of what the most important thing that you learned was. You take that and then you just throw it in an empty shoebox. And at the

Starting point is 00:15:23 end of every single month you go back to that shoebox and you say hey how can I take this thing that I learned and relate it in my life and in some ways you're going to be able to relate it and in some ways you're just going to go that was just a cool thing that I learned what's cool about it though is it also makes you a better conversationalist as well reason why is because now you have so much more knowledge and so many more broad things that's the one thing I remember about my dad. My dad read all the time. Now, you know, he died 20 years ago. There was no social media people, you know, he spent a lot of time in bars. So he would sometimes read a book in a bar. Sometimes he would take it to the beach and bring beers with him and all that

Starting point is 00:15:58 stuff. But he was like reading all the time. And everyone who knew him said he was one of the best conversationists they ever met. Reason why is because he knew a little bit about so many different things. So when someone said, oh, I'm from Idaho, he'd be like, oh, I heard this thing about Idaho. And you'd start talking to him about it. And then someone else would be like, yeah, I just came in from Key West. He'd be like, oh, Key West, I heard that XYZ. He knew so many different things and it also made him a better conversationalist. So there's so many different areas of your life where just learning something new, something different, something that seems like it doesn't relate could help you in so many ways. It can help you in conversations. It can help you finding your passion. It can help you in maybe giving you a new business idea. It could

Starting point is 00:16:36 help you in giving an idea for the business that you currently have, like how bananas affected the airline industry and how the, you know, a guy walking into a bank completely changed the fast food industry. You can figure out what it is that you want to do with your life. You can figure it out easily. If you just decide that you're going to start learning more, you're going to start growing more and you start taking advantage of the five hour rule. Once again, super simple. Let's summarize all of it. You learn something new for an hour, read about it, whatever it is. And then at the end of that hour, you write it down on a three by five card,

Starting point is 00:17:09 whatever it is that you learned, you throw it inside of a box, you come back, you read it at the end of that month and see how it relates to your life. So that's what I got for you for today's episode. If you love this episode, please share it on your Instagram stories and tag me at Rob Dial Jr, R-O-B-D-I-A-L-J-R.

Starting point is 00:17:25 And once again, this podcast also has a brand new Instagram as well. If you want to follow us on there to see clips, video clips, behind the scenes, all that stuff, the podcast, it is The Mindset Mentor Podcast. No spaces, nothing, just The Mindset Mentor Podcast. Pop it in there, search bar, and you will find us. And I'm going to leave the same way I leave you every single episode. Make it your mission to make someone else's day better. I appreciate you, and I hope that you have an amazing day.

The Mindset Mentor - What a Billionaire Taught Me

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