190 Million Reasons to Proactively Organize Your Passwords and Files – A Knowledge Bomb

Show Notes

Most companies are crippled by not knowing the location of key passwords and files. However, according to ABC News Story, one company lost $190 million of cryptocurrency because the CEO died at the age of 30 with the sole password.

  1. A Thriver writes, “Clay, I know you believe in the power of saving passwords. Thought you would enjoy this unreal story!”
  2. FUN FACT – ABC News Story – Company loses $190 million in cryptocurrency as CEO dies with sole password
  3. A 30-year-old cryptocurrency CEO’s death has created chaos for his customers.
  4. Over $190 million in deposits have disappeared into the ether after the CEO of Canada’s largest cryptocurrency exchange, QuadrigaCX, took the password to his grave.
  5. As a result, on Tuesday, the Nova Scotia Supreme Court granted an order for creditor protection, allowing QuadrigaCX to avoid bankruptcy for 30 days while it tries to figure out how to pay its debts.
  6. We did not enter into this decision lightly,” QuadrigaCX said in a statement.
  7. The company said that it had spent the past weeks working “extensively to address our liquidity issues,” which includes locating the money its customers had deposited.
  8. “Since we were unable to resolve these issues in a timely fashion, we did not want trading to continue on our platform,” the company added. As of Tuesday afternoon, its website was taken offline.
  9. QuadrigaCX’s problems accelerated when CEO Gerald Cotten died unexpectedly at the age of 30 from Crohn’s disease while traveling in India on Dec. 9. His death was announced Jan. 14 on the company’s Facebook page by his widow, Jennifer Robertson, who also serves as the executor of his estate. – https://abcnews.go.com/Business/company-loses-190-million-cryptocurrency-ceo-dies-sole/story?id=60851760
    1. Hosting
    2. Domain
    3. Back-End to the Website
    4. Email
    5. Google My Business / Gmail
    6. Facebook
    7. Hootsuite
    8. Twitter
    9. Youtube
    10. Instagram
    11. Office Software
    12. Computer
    13. Online Banking
    14. Security System


  1. Step 1 – Buy a Dropbox Account
  2. Step 2 – Spend All Weekend Putting All of Your Passwords In One Place
  3. Step 3 – Always Save Passwords In Dropbox Immediately
Business Coach | Ask Clay & Z Anything

Audio Transcription

Yes, yes, yes and yes. Here’s to your success, thrive nation. We are loving how much you guys are engaging, sending in questions, attending business conferences. It is awesome. We’re going to get a chance to meet you guys at these business conferences. There’s just so much success happening at this past workshop. I was so fired up because I probably ran into, I think three of our clients that I’ve worked with personally that now have complete and total financial freedom as a result of diligently implementing the systems for the past three year implementation. I mean it wasn’t it cool to see Thomas Get up there with full package media and explain how his company now is doing and they sit in a slow month. It’s a, it’s a real estate photography company like the worst month, the worst month of the year, the slowest month of the year. They did like upper 70,085 I think $75,000 of gross sales in a slow month doing real estate photography growing like crazy.

I think he said the year before in January, it was like 25,000. So like, right. It’s awesome. And they’re, they’re on pace this year to double again. Yeah, baby. And he’s very, very close to franchising the business. And to me that is just exciting seeing a guy get out of his brand new Tesla after delaying gratification for three years. Right, right. That’s the cool, that’s the cool part. That was just awesome to see that. And one thing it was great to talk to him and other thrivers about was how organized they are. Yeah. Just a piece you have in your mind when you know where everything is, when you know where your passwords are, when you know when you do all your print pieces are, when you, I want to ask you this job, I’ll ask you doctor Breck and then I’ll come back and confess myself. Do you, do you remember a time chuck, when you are running the concrete company where a critical file or document was needed and could not be found, uh, at one point for multiple years in the business?

If it was not something that my mother directly created or filed that was every document, every pathway, what would you do? It’s a burning fire now. Oh my God. A calling. Everybody. Everybody. Everybody interrupted. You got to find it. We’ve got to figure this out. Uh, passwords. You know how often when you work with a client, can they not, when it’s a new client, how often do they, can they not get a hold of their passwords for their website? 99 98% maybe a two out of 100 maybe one out of a hundred really? Yeah. How often will their web guy quote unquote, not call them back every single time. 105% of the time, even in the future that’s already predetermined that it’s not going to happen. Or how often do they have print pieces that are saved on random laptops and random computers and they can’t fight every time, every single time.

And, and it’s, it’s, it’s so frustrating because as a business owner or business conferences, you’re always, there’s always something going on. You’re in a hurry, you know, fast walkers, clay, you talk about being fast. Right? That’s what entrepreneurs are. Yeah. And when you find these things, it just grinds everything to a halt. Dark. Dereck, I want to ask you this question here. Um, as a chiropractor, you’ve been in business for a long time. Uh, you’re having a lot of success these last couple of years. You’re really scaling the company right? Early on as a young chiropractor, did you ever, uh, lose all your digital files or you couldn’t find something? Or did you ever find yourself looking around for passwords or where am I business card templates? I mean, yeah, yeah, there’s been multiple things where, uh, I mean, whether it was a hard copy something and I’m tearing every filing cabinet apart, my desk apart, my home office apart, going, you know, looking in my car, looking in my wife’s stuff, places it should never have been.

Um, but I’m going to search every high and low too. I find it or something digital where I’m like, I’ve got to get that back. I got a, uh, one of my worst story, he came to me just as he was talking. Nice kid came to you like a vision. You just found it and I had blocked it out somewhere deep down, back in there. So, uh, I did estimating for the concrete company as well, right? So we had a massive database of, you know, it takes this long to pour this kind of footing and numb all the labor numbers and all of the costs for hundreds and hundreds and hundreds of different pieces of material. It feels like a thick score is such a sexy database. Tell them about the things they can do the job so fast because we put all this time okay. And I even was a little proactive and I put that database on an external hard drive.

You know what they say, right? External hard drives fail to, oh, that’s what they say. Oh. And so I lost that thing on my desktop and my hard drive and we had to start over. What would you tell us? Which of an afterthought? Because you need to be very, very paranoid when it comes to having all of your stuff backed up. Now, before I tell the listeners out, there are the horror stories of passwords. Um, chuck, how often do I run around the office code? Where are the passwords? I’ve yet to see it, right? Cause I never ever, ever, ever, ever, ever am looking for passwords ever because they’re all saved where I can find them. Right? Or You have somebody that can do that for you as well. Right? I just, they know where it’s at. It’s just so important. It’s so important. So important.

All your passwords are saved in one place. And the probability that the Libyans that the Olympians that, that, that the Chinese and the Russians are going to hack into your Dropbox and steal your one place where your passwords are. Document there. Yeah. Properly. The probability of that happening is far less than the probability of you not being able to find your passwords for your Gmail and your Twitter account in your youtube. When you’re in a bind and you’re losing money, then you’re losing money. So Chuck, I would like for you to read this story here. This is a story from, uh, I believe we pull it up here. Okay. Kind of link to the story. This was from ABC News and I feel like it’s kind of a longer read, kind of a longer form. So I’m going to, I’m going to queue up some audio that I think it’s appropriate to do this here.

And as you kind of read off the, the, the, the, the story, I want the listeners to think about how you would actually feel if this happened to you. Okay. ABC News Story Company loses 190 million in cryptocurrency as CEO dies with sole password, a 30 year old CEOs, death has created chaos. Could you try to read it like Andy Rooney? Maybe start again. Ah, I don’t even know what when. And he’s like, Hello America. Come wait 119 million and crypto currencies change. Keep going. I just start sticking out. Die Worth the stroll. Peshmerga, he always went up or down. You never know who’s going up or down a year. Old crypto currant sheets. Chicky oh deals. Jaslin’s credit chaos bar is, it’s almost like he was gonna die before cost. Demerge over a hundred million and he just hang up there from the budget has been disappeared in the ether after the CEO of Canada’s largest crypto exchange.

Quadro Cook. I can work on Murphy seasonings. Doesn’t matter. America. I’m old enough to no longer care about the liquid. My eye brows took the password to his great. You had seen any Rooney? Yeah, I just, I know what he looks like. It was good. Eyebrows are haunting wild. Yeah. He was just, this is like a cat. As a result on Tuesday, the Nova Scotia Supreme Court granted an auto for creditor protection, allowing quadric gotch chic extra whatever to avoid bankrupt sheet for how to pay decks. We did not enter into this decision lightly quadro crowd. Why the crept Rafiki bring the name of that company said in a statement and why do people like the color purple? The company said that it has, the last has spent less weeks working extensive need to address our liquidity issues, which continues, which includes locating the money its customers have deposited. You can’t find the freaking personally, since we were unable to resolve their issues in a timely fashion and we did not want trading to continue on our platform, the company added as of Tuesday afternoon.

It’s website was taken offline. Quadric seek apps. Chuck, how would you read that quote? [inaudible] ships is accelerated when the CEO Gerald Cotton died unexpectedly at the age of 30 from Chrohn’s disease while traveling in India on December 9th, his death was announced January 14th on the company’s Facebook page vice widow, Jennifer Robertson, who also serves as the executor of his estate America. Remember you have 190 reasons, hundred 90 million reasons to now save your freaking password. That music really hit the spot right there. Press. Can we look at Andy Rooney first and I was looking at, let’s look at this. Let’s do it. I want to just give to Andy Rooney here. This is Andy Rooney, uh, face. So we just look at it. Look at its face. Gosh, it just, we’re looking at, look at, look at that. Look at those. I keep reading about the problems people have falling asleep and staying asleep nights and organization called the national sleep towels and it says the economy is making people sleep.

Look at that. I mean how much your job wasn’t just reading it. I feel for all of those people who aren’t candy, it was it. Got You. You guys were watching his show. Oh yeah. You got to a place near the end of his career where he would say anything and it didn’t matter. He did you remember seeing that? I remember going off on a rant one time series about the color purple and it was just hilarious because like purple, why do people like the color purple anyway, get off and he just didn’t dwell on it for like a half hour. I’ve got nothing else to talk about. All right, so again, if you’re out there today and you haven’t saved your passwords, you probably need to start right now. So I’m going to go out and make a list of all the passwords that you need to have right now.

And if I am forgetting the passwords to something chat, please feel free to add on here. These are just, you want to get started. Okay. So here you go. Absolutely. You want the passwords for your hosting, for your website. Got To have it. You want your passwords for your domain, a doctor Breck if you already, had he ever been in a place in your business where you didn’t have the passwords for your website? Yes. And what does that feel like when you can’t get ahold of the person and you don’t have the passwords that is, you’re trapped. I mean, yeah, that’s, that’s really not a good feeling at all. I’ve had other people try to work on my website and they couldn’t access it. Now Chuck, you also want the website that the passwords for your actual website. Yep. Okay. Not just the domain and hosting.

Then you what your password for your email. Chuck, you see this all the time. How often can someone not launch their ad words? Cause I can’t find their Gmail account all the time. And it’s, it sucks because they’re afraid to log out on other devices too, cause they know they don’t have their passwords. And so that they’re like waking up every morning wondering, did the power go out at my office? Does it log me out of my Gmail account because I’m not going to be able to get that good. I haven’t had that feeling, that feeling really yes. That if I log out of this, I’m never going to get back in.

Tonight’s going to be a long, long night that took notch going ob where all my passwords doing. Okay. I’m sorry. We’ll move on now. Thankfully I never lost 192 million. There you go. Yeah. Now the, the, you gotta have your passwords to your Google my business account. Why chip? Uh, because you’re gonna need to add photos. You need to add video to this font, to caustic reviews and reviews, respond to good reviews. Um, you just need to be gone. You’re going to need to be able to log into your Google my business. Just because I said respond to cost to profuse doesn’t mean you need to counteract it with something positive. This show’s designed Indian. The show’s designed to be one third negative and I’m keeping track over here and two thirds positive. And what you’ve done is you’ve missed it, the balance. So that’s what I do.

I’m going to show you our district Facebook. I get to the password for Facebook, got launch some ask not to, not to just scroll for hours, but Facebook is a great place to launch your ad. Great Place. It’s a great place to show your ads. Facebook ads. Yes. Yeah. Not to show your now HootSweet HootSweet you gotta have the passwords for that. Now what does hood suite do roughly? Chuck, give us kind of an overview. What does hoot suite? Uh, you can write messages and posts on multiple platforms and schedule them out instead of taking time to write them all every day. So it’s a neat platform. Also, you can post on all of them at the same time, right? Even if you don’t schedule them, which isn’t very helpful to, you don’t have to go on to all the different platforms and and post. Chuck, do you know what sound and Al Mix who? I don’t know. I mean I’ve heard rumors of the WHO’s, let’s listen to this real quick and see if this is of what you think of Al. Sounds like. Okay, here we go.


Sound like a rooster. These are, do you like the sound is the sound of bells? We have hours at my house. Who doesn’t like the sign of els? You have ELLs at your house. We did. The owls freak you out. How they can turn their head. Almost done a complete sir. Have you ever, I love it. Have you ever seen an owl with no feathers? No. It’s creepy. They’re way smaller than you think they are. Like where are you going to see owls will not go there. That’s not all that extra time. There’s a certain bar that you go to when I call the featherless owls. Okay. Chump. So we’ve got to have the passwords also for youtube. Yup. For Twitter, Twitter, Instagram. All of those social, what else? What else are passwords where people, the clients you’ve worked with, big one. A big one is all of the backend software that your office uses.

Oh, the office software, office software, the Crm, whatever you’ve got. You’ve got to have those passwords cause it’ll shut your office down. It’s like I said, the power goes out in the system. Reboots and nobody can log in. Okay, so office software. What about the computers? If you’re sitting on a company computer and you can’t log on or someone has a stupid password. Ds. Yeah, especially in like a company computer. I hate that. Like, no, no. What are other passwords that we need to have? Seriously? What other passwords? And we’re making a list here. Your security codes to your office or whatever. Like you need to have that written down somewhere. Online banking, online banking or your security system for everything. Yeah. Oh, was log in just to pay my bills. So you’d really, you’d have to have logins for that. So, uh, the, the theme of today’s show is Kenny Loggins.

Think about that now. Okay, now I see what you did. Great artists. Now let’s talk about this though. Chip, if we got, if we don’t know where all the passwords are, right. I’m going to walk listeners through the action items right now. Okay. This is what I would do and if I’m, I’m skipping a step, let me know. Okay. Step one by a Dropbox account today. Chuck, talk to me about Dropbox and why we use it and why it works. The really cool thing, a one, it just works, so that’s awesome. Like you’re files are always there. Kind of explain it like a third grade level. It doesn’t know what it is or how it works. Dropbox is basically a digital file storage cabinet. Literally you say folders and files in those folders in a cloud storage system that you can access from the Internet and you need to save your own Dropbox password somewhere as well.

So that’s ironic. It backs it up, it backs it up a realtime, realtime. And the cool thing is, is you can share the people onto these flat files and if they delete them, you as the owner can get them back. So you don’t have to attach files to emails. Right. And therefore you have to send a massive emails to people. Yes. You can just send them a link, a link. And like I said, if they accidentally or nefariously delete anything, they can’t permanent delete, delete anything because they don’t own the folder. And if you own the folder, you can bring back deleted files. Or I hate to be positive guy when you’re being something over there. But what you don’t, when you said that somebody wouldn’t nefariously delete the passwords, that was pretty negative. And I would like to dwell on that for a moment. Yeah, you have to. Why? Why would somebody ever do that? Because people are jerks. Hmm. Hmm. It’s happened because you made it work. The Saturday shift, because I don’t like to brag on our backside Chubb to counteract what you just said. People are jerks. I have some optimism

there. It is right there. Most people aren’t jerks from time to time. But if you listen to this kind of music, it’s still feels good. It feels good when people are deleting

files. Okay. Dr Breck, do you use Dropbox internally? Do you use Google? What do you guys use over there? Did you learn how to do this at one of the business conferences? we do use Dropbox. Yeah, it’s a great platform. I love that you can access things from anywhere that you can share documents instantly that it’s a living document. So pause or made very positive things you’re saying now? Yes, I love, I love it. It’s, it’s been life changing for our chef. He’s been very positive. Whereas you have been very negative disruptor. Okay. No, chump. Step number two. Okay, this is what you’re going to give me. This one. I see what you did that by a Dropbox account. That’s all roses. Step number two, spend all weekend putting all of your passwords in one place. You’re bringing the negativity. You are. I mean some of that guy, some people could care. So clay, I care about these people. Some people come into the room and they’re like a human cow bell. Hey, they walk into the room and it’s a positive blasting. Last. They come in the room and it’s like I’m having a party and he got me a, Ooh, we’ll come into the room and it’s like her goes or just split. Oh, Ooh, Ooh.

Oops. We, we’re just going to go blue there. So in all seriousness, spend all weekend putting all of your passwords in one place. You need to put a better spin on. Let’s try it again. Shit, let me, let me, let me, let me get some music going here that you have. Okay, let me, let me let, this will be the win of the week. Okay. Because now it is time for

all expenses paid trip to sitting in your living room and lifting.

Nice. You see if the thrive time show down. Now step three chapters is what is what always save passwords and Dropbox immediately touch it once. Don’t not do it because you have a 32nd take. The 30 seconds it takes to save it immediately. If you do not have all your passwords in one place, there’s 190 million reasons that you should put it in the right place. That’s true. And if you don’t put your passwords in the right place, if you don’t put all your logins and the right place, Chop your head to the dangerous zone. It’s a highway.

Kenny Loggins danger is, I’ll look at this. Look at this. Oh, look at this video. This video is hot maverick. Let’s just let them, let them just get it real quick. Going to hurry up. Go.

He’s so cool. He had the big aviator glasses. It makes something happen to your eyebrows too. They go down when that song comes on. He’s just kind of squint. Here we go.

Dangerous. Dangerous. Oh, oh. It’s so freaking awesome.

Stagnant, round goose.

Nice. It was just all goose. Gose skim the tower. God iceman. The iceman cometh so great. Oh Wow. Wim Hoff was in that movie. Kilmer. Oh yeah. Oh God. The back when he was then I heard the whole deal. The whole, take me back. Take me back to val Kilmer. Crazy. Tom Cruise and val Kilmer are approximately the same age. Yeah, one looks 14 still. When one looks at 114 sorry, I’m sorry. No, no. See again, the thing is we’re trying to make the show a positive show and then you hope he hears it and makes a few changes. Okay. So step one, you want to buy a Dropbox account to spend all weekend putting all your passwords in one place. Step three, always save the passwords immediately. Always save passwords immediately in Dropbox. So you never have to go back and think to yourself, I wonder if I did it right because you won’t at one point and then you won’t have your, your passwords and somebody out there is saying, I don’t have time to get that done. I’m so busy. And so since we couldn’t have Elon Musk on today’s show, although we did just recently interviewed the head of NASA. That’s right. I am working on Elon Musk Cuban audio clip of what Elon Musk would tell you if he were in the room with you right now. And you said, I don’t really have enough time to save the passwords this weekend. He would say

human tendencies, wishful thinking. Um, and then just work like hell. I mean, you just have to put in 80 hour, 80 to a hundred hour weeks every week that the oldest things improve the odds of success.

Okay? Now I have a chat by have a, you know, 10 tips for how to be unsuccessful. Okay? And the first tip would be, one, don’t save your passwords. That’s true. And I’m just giving you the listeners. If you go to thrive time show.com, you can find the whole list, but this is time. This is a sneak preview of another tip that you could find on thrive time show. Probably my best tip is tip number eight. Uh, always keep bags of your own poop collected throughout your stay and just have it ready. See, that’s another tip to not be successful. That’s been my problem too. Ooh,



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