Clay and Z break down 7 notable quotables and nuggets of knowledge found within Ray Dalio’s new book, Principles. Ray Dalio (arguably the world’s most successful hedge fund manager) is the founder of Bridgewater Associates and the author of a new book, called Principles.
Learn More – https://tim.blog/2017/09/13/ray-dalio/
Buy Ray Dalio’s powerful new book – https://www.principles.com/
Bridgewater Associates was founded by Ray Dalio in 1975 from an office in his Manhattan apartment. At that time, the business consisted exclusively of advising corporate clients and the management of domestic and international currency and interest rate risks. The firm later changed its emphasis and began selling economic advice to governments and corporations such as Nabisco and McDonald’s. Ray Dalio is now worth an estimated $18.9 billion.
Ray Dalio Net Worth – $18.9 Billion – https://www.google.com/search?q=ray+dalio+net+worth&oq=ray+dalio+&aqs=chrome.3.69i57j69i60j0l4.7404j0j4&sourceid=chrome&ie=UTF-8
No Gain without Pain
NOTABLE QUOTABLE – “If you’re not failing, you’re not pushing your limits, and if you’re not pushing your limits, you’re not maximizing your potential.” – Ray Dalio, Principles: Life and Work (An American billionaire investor, hedge fund manager, and philanthropist. Dalio is the founder of investment firm Bridgewater Associates, one of the world’s largest hedge funds.)
NOTABLE QUOTABLE – Proverbs 16:27-29
Make Right Decisions Don’t Focus on Being Right
NOTABLE QUOTABLE – “I just want to be right—I don’t care if the right answer comes from me. To be effective you must not let your need to be right more important than you need to find out what’s true. If you are too proud of what you know or of how good you are at something you will learn less, make inferior decisions, and fall short of your potential.” – Ray Dalio, Principles: Life and Work (An American billionaire investor, hedge fund manager, and philanthropist. Dalio is the founder of investment firm Bridgewater Associates, one of the world’s largest hedge funds.)
MYSTIC STATISTIC – 90% Of Startups Fail: Here’s What You Need To Know About The 10%
NOTABLE QUOTABLE – “Pride goes before destruction, a haughty spirit before a fall.” – Proverbs 16:18
Only Listen to People Who Know What They Are Talking About
NOTABLE QUOTABLE – “Listening to uninformed people is worse than having no answers at all.” – Ray Dalio, Principles: Life and Work (An American billionaire investor, hedge fund manager, and philanthropist. Dalio is the founder of investment firm Bridgewater Associates, one of the world’s largest hedge funds.)
FACT – More than four in 10 American households (44.3%) — or upwards of 76 million — didn’t pay any income tax to the federal government last year, according to data for 2016 from the Tax Policy Center. This year that number is expected to be roughly the same, at 43.9%. – https://nypost.com/2017/04/18/almost-half-of-americans-wont-pay-federal-income-tax/
FACT – “About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That’s according to projections by the Tax Policy Center, a Washington research organization.” – http://www.foxnews.com/politics/2010/04/07/nearly-half-households-pay-federal-income-tax.html
Hands Up Help People and Handouts Hurt People
NOTABLE QUOTABLE – “The greatest gift you can give someone is the power to be successful. Giving people the opportunity to struggle rather than giving them the things they are struggling for will make them stronger.” – Ray Dalio, Principles: Life and Work (An American billionaire investor, hedge fund manager, and philanthropist. Dalio is the founder of investment firm Bridgewater Associates, one of the world’s largest hedge funds.)
Fire and Promote Quickly
NOTABLE QUOTABLE – “My approach was to hire, train, test, and then fire or promote quickly, so that we could rapidly identify the excellent hires and get rid of the ordinary ones, repeating the process again and again until the percentage of those who were truly great was high enough to meet our needs.” – Ray Dalio, Principles: Life and Work (An American billionaire investor, hedge fund manager, and philanthropist. Dalio is the founder of investment firm Bridgewater Associates, one of the world’s largest hedge funds.)
Use Your Money to Buy Time
NOTABLE QUOTABLE – “Remember that the only purpose of money is to get you what you want, so think hard about what you value and put it above money. How much would you sell a good relationship for? There’s not enough money in the world to get you to part with a valued relationship.” – Ray Dalio, Principles: Life and Work (An American billionaire investor, hedge fund manager, and philanthropist. Dalio is the founder of investment firm Bridgewater Associates, one of the world’s largest hedge funds.)
Wisdom Takes Time | Don’t Make Urgent Decisions
NOTABLE QUOTABLE – “Systemize your decision making.” – Ray Dalio, Principles: Life and Work (An American billionaire investor, hedge fund manager, and philanthropist. Dalio is the founder of investment firm Bridgewater Associates, one of the world’s largest hedge funds.)
Two men, 13 multimillion dollar businesses, eight kids, one business coach radio show. It’s the thrive time business coach radio show with Dr Zellner and Clay Clark.
All right, thrive nation. Welcome back to the thrive time show on your radio and podcast downloads. Now on today’s show, today’s show is titled the Billionaire Brilliance and wisdom of the world’s most successful hedge fund manager, Ray Dalio. So we’re gonna do is. I’m going to. I’m going to try. Oh, hold on one second. Hold on one second. Oh, in the intro you talk about is having 13 businesses, which is awesome. Very successful in doing well. Very good. And then you talk about r eight children that we have, I mean not together enough.
Got You. Now do. You would never. You have never openly spoken about the date children we have together that would felt that we thought we would keep private, but at the time of year that Intro, I’m thinking, okay, you’ve got five and I’ve got it
three right? Are you just kind of rubbing it in my face or you just, you just, you preemptively start to show by just the end zone of the fifth kid. I had a vasectomy. Yeah. So if you’ve not yet had of a sector would eventually one right now I’m just writing experience. Well, that’s the vast difference between you guys. Oh, don butter, chop. Now here’s the deal. Ray Dalio is a guy who has had a ton of success and he recently released a book called principles and his book principles explains how he grew. Arguably the world’s number one hedge fund. Uh, this is one of the world’s 100 most wealthy people and he’s a very wise guy. But Jeff, can you give us kind of a little intro into who ray Dalio is? Yeah,
absolutely. So Bridgewater Associates was founded by Ray Dalio in 1975 from an office in his Manhattan apartment. At that time, the business consisted exclusively of advising corporate clients and the management of domestic and international currency and interest rate risks. The firm later changed its emphasis and began selling economic advice to governments and corporations such as Nabisco and Mcdonald’s,
right daily. I don’t want to put on on today’s show notes so all the listeners can verify this. Ray Dalio, as of the time of the recording of today’s show is worth 18 point $9,000,000,000, but blah, blah, blah, but so z. He talks in a way that I believe is pretty high level and I think sometimes being able to take big ideas in this entity distilled into a third grade level so that I could understand them is very valuable. I think a lot of people talk over people’s heads and raised a very eloquent speaker. He’s very articulate, but I’m going to read
the notable quotables from Ray Dalio and I’d like for you to break them down. Write them down one by one. Cricket. So Z. I’m gonna. Read the first notable quotable from Mr Ray
daily. Are you getting your reading music on? I want epic music because it makes it sound like every word that I’m saying matters. Pow Wow. Here we go. Power music. If you’re not failing, failing, you’re not pushing your limits, and if you’re not pushing your limits, you’re not maximizing your potential potential. I want to say it one more time to let it soak into the minds is this. If you’re not failing, you’re not pushing your limits and if you’re not pushing your limits, you’re not maximizing your potential. Z
to me about, because I think a lot of people want to run into a little bit of failure or a little push back. They stopped pushing, but he’s saying, if you’re not failing and pushing your limits, then you’re not really maximizing your potential. Talk to me about the importance of operating outside of your comfort zone.
Well, I think that’s what it really means, but when you break it down as what really means, you’ve got to get out there and you’ve got to. If you’re not failing, you’re not trying hard enough. You the auto. For example, in the auto industry, if you are not making a few, if you’re not overpaying for future radiant, in other words, that’s a fail. If you’re not overpaying for a few trade end, you’re not working and you’re not getting as many deals as you can tell. The guy’s guy, a guy drives up with a 10 year old Honda and you bid it and then you take it to the auction because you don’t want to retell it, so you wanted to sell it and you don’t get what you bid for it. So that’s a fail, but yet you reached a little bit. You pushed to make the deal happen, to sell the new car to that person that came on the line. Does that make sense? Am I making sense
in the great, great, great spirit of of one upsmanship. I have a two examples. Ready to go. As you’re talking, I’m able to. Wow. So the auto auction industry, there is third. It’s important to get rejected, right? Right. On the Po and the podcast industry. I mean, think about this, z. we’ve been rejected by some of the top people in the world. Feels good, doesn’t it? I reached out to some of the, I mean as an example, seth goden recently said, yes. Oh, so power. I’ll be on your podcast and when he said yes, I’m thinking to myself, no, and I kept it together and I don’t think I cried as much in terms of like, you cried a lot. I’m not even. I’m not exaggerating. I could not sleep the entire night after we interviewed seth Godin sound like he’s the man. He’s the man. He is so excited now. We’ve been rejected a lot now recently we’ve started conversations with Dan Gilbert’s team. This Dan Gilbert is the guy who started quicken loans, the owner of the cavaliers and I’m thinking even cavaliers NBA basketball team. Oh my gosh.
And so, so it’s a lot of times
it’s like when you are going after some big time people, you’re going to get rejected a lot. A lot. If Dan Gilbert comes on our podcast, I want to say when he comes on, let’s just prophesied. Okay. Oh, you’re not going to ask him Lebron James’ question, are you? Absolutely not. Yes you are. No, I’m not. I know. Look at the. Look in your eye. Oh No, no, you are. No, I’m not because that Z isn’t gonna. Hang up the phone, see I’m going to ask him about the development of Detroit, how he started quicken loans, how he’s developed Cleveland will you will you might say things like if you were at Burger King, what would you order? Or I might say, ah, oh. Even little things like suppose I was six foot eight and great and had a basketball and had a beard. What would you say to me?
I. What does that Baird is. We are now. Is it Kinda like have an amish. The amish beard. He’s got an amish. Fancy beer is turning a lot of butter. He’s Jewish. He’s riding a horse. Riding carriage is around La Right now on believable? No, no, but seriously. So I would just say one is with the podcast we’ve been rejected a lot. Another example is that I’m with elephant in the room. As we began to grow the business, it becomes more uncomfortable because we have over 40,000 members approximately at the elephant in the room right now. So they’re 4,000 members and when you have 4,000 members you try to fit them all in and make sure they can all get scheduled for haircuts, which, which recently it’s caused us to look at expanding our hours because if you’re a member, I want to make sure you can get scheduled for your haircut.
And so we’re going to probably add one more hour per night to our schedule. Everybody. Yep. Yep. And so we’re, we’re, we’re pushed. We’re being pushed to our limits because our members are saying, hey, can I get it at 7:00? I’m busy until seven, can I get in for a haircut? And so again, if you’re not feeling a little bit of pressure or a little bit of pushing, you’re probably not performing at your Max. Cory, when you started Trinity Employment Specialists, um, when did you first start to feel some pressure where you thought to yourself, man, I am probably out of my league here. This is a little bit over my head. Well wait, when did you first feel that cost start day one. Day One. I was over my head. Um, you know, I, I told you my story the last time I was on the show where, you know, the guy that was coaching me basically said, hey, you’re not, you’re probably not going to be good enough. And I started the company the next day just to spite it, but I was over my head immediately. But one of the things that I learned, I love your honest, candid corey. Uh, you know, I, I’ve, I’ve come to a conclusion with training my staff to I need to fail. I want my staff to fail faster for me. I needed to fail a lot. I mean I had my very first customer, I’m Dr Mava literally explain my own service agreement to me whenever I, whenever I sit down. I mean I had.
Oh boy. Oh boy. We got a situation where. Wait, I have an audio,
I don’t know if you’re aware of that, but is this Dr? Vin Moba? Um, uh, yes. So Dr Ben Meaux was a mutual friend of ours. He’s great. He’s a great guy. So I have an audio audio recording of the meeting where you were meeting with Venmo. I don’t know if you’re aware of it. I venmo va was Mike Z. Venmo va was mike the time July Kim. So he didn’t move over and so this is. This is an audio recording of what Venmo va, Dr Venmo va said to you at the time that you gave him an agreement that you have never actually fully understood yourself. So I cannot wait to hear this. So excited about this.
Surely you can’t be serious. I am serious. And don’t call me Shirley.
So how did he explain? How did he. Because Venmo was very tactful, very honest, very kind, kind of very direct. What did he say to you? Well, he, he told me that I was wrong and he began to explain to me and, and so I learned a very important lesson in business. You need a really great relationship with an accountant and an attorney, an attorney read your agreement before you go out and explains it to explain it to you. Yeah. That was 11 years ago for people that are listening that think that I just started with. Yeah, we’re good now. But hey listen, you want to talk about a failure, I mean, but, but listen, had I not been willing to move that quickly, you know, trinity wouldn’t be here today, right?
And it’s that pressure that pushes you forward and I think that pressure actually helps with your business too. And Clay, I hear you talk about this all the time. There needs to be no downtime for your team. Idle hands are the devil’s playground, so you have to make sure that you’re applying that same pressure to your team, that you’re feeling as the owner of the manager.
Um, if you get a chance to open a book called proverbs from a book called the Bible, it’s about one proverbs 16, 27 chap put on the show notes. Proverbs 16, 27 reads, idle hands are the devil’s workshop. Idle lips are his mouthpiece, an evil man sows strife. Separate gossip separates the best of friends. Wickedness loves company and leads others into sin. Oh Wow. An elephant in the room. It’s hysterical. But if we have nobody a scheduled, a lot of times we’ll have like all 10 stylists scheduled and then like seven guys will miss their appointment all at one time for the haircut. And so you have seven stylists and it’s amazing. And I’ve actually watched this on the camera, but immediately after they’d been waiting for their client for maybe 10 minutes, they realized that we got a 30 minute gap. I’ve seen as stylist, none of our current stylist, but settle us in the past.
You of course, I’ve seen them turn to the other person and say, so how much money do you make in one style? True Story. She says, I make about $1,400 a week because she’s like fully booked out, gets great tips. And the other person who was not aware that she’s referencing both her hourly pay and tips, it’s like, are you kidding me? I get paid like four, five day because we pay all of our stylists more than anybody else in Tulsa in Tulsa if we pay them hourly. But the tips come in from the customers. So long story short, these two people are talking in two entirely different conversations in one and the one person is working maybe 35 hours a week and the other person’s working 40 and is fully booked out. The other ones new has worked like 35 hours a week. Are you kidding me? You make like 1400. Oh Man. Make less than $500 and right away there’s like an argument going on. It gets crazy. And Chuck, I beg and I pray when I watched the video,
please let a customer come in. His madness. Anybody coming?
Because this really is the devil’s workshop z. Why is idleness the devil’s workshop from your experience running companies? Why does it? It just always proved to be true. That idleness is
devil’s workshop. You know, I remember back in the day, back in the day, way back when, way back when a busy day, you look up and you’d be like, wow, it’s time to go home now. That was really good. I felt productive. I got a lot done. It’s how a lot of patients. I mean, what a great day, and it’s those days like you said, that you don’t have something to do immediately, right? Then that gossip sets in which leads to envy, which leads to false rumors, which leads to terrible terribleness, which leads to cats and dogs living together. I said, acid rain, blimps blowing up. I mean the drama of floating islands of trash in the ocean, just it leads to horrible thing is down, down is up, and unfortunately, unfortunately, unfortunately it’s. It’s the carnal human nature of people to kind of go there unless they really, really, really protect themselves from going there. Keep your team busy and avoid the devil’s workshop. State tennis and thrive time. Show on your radio
entering the Dojo of Mojo and the thrive time show.
All right, thrive nation. Welcome back to the thrive time show on
your radio, and today we’re talking about the wisdom for one of the world’s most successful hedge fund managers, Ray Dalio, and in his new book principles, he lays out some serious notable quotables and I think everybody out there should know. That’s a great book and there’s a lot more words of wisdom in his book principles, but I wanted to just unpack eight of them because I feel like they could really, really change your life. Now, chuck, can you read us a brief description of who ray Dalio is for anybody just now tuning in either physically or
mentally? Yeah. He, uh, Ray Dalio founded bridgewater associates in 1975 from an office in his Manhattan apartment at the time the business consisted exclusively of advising corporate clients, the management of domestic and international currency in interest rate risks. The firm later changed its emphasis and began selling economic advice to governments and corporations such as Nabisco and Mcdonald’s. Ray Dalio, Ray Dalio is now worth an estimated 18 point $9,000,000,000. Can you repeat that again? You seem to the dia, there used to be a little hesitate. It’s hard to. It’s 18 point $9,000,000,000.
He’s at the top. Is in the top hundred right now. Yeah. Yeah. And, uh, all I can say is he is doing very, very well and write daily. I wrote this book called principles, which very few people are reading because it’s a under the. I don’t think a lot of people know Ray Dalio. I don’t think people know that name. They know Kanye West like, oh my gosh, that show. I don’t know how many people read a book written by Ray Dalio because he’s successful and a lot of people want to talk about what’s entertaining, so hopefully we can make this a book written, a written by a successful person, entertaining. So the next notable quotable, he says, I just want to be right. Let me keep my epic music to make it more entertaining. Here we go. Your epic epic. Here we go. He says, Oh yeah, I just want to be right.
I don’t care if the right answer comes from me, me, me. To be effective, you must not let your need to be right, right, right. Important. Then you’ll need to find out what’s true. If you are too proud of watch, you know how good you are at something. You will learn less making decisions and fall short of your potential. Don’t even on decisions next time because that’s a hard one to to see, but I’ll eat. A lot of people want to be. They want to argue and they want to like win the argument even though their idea’s wrong and through emotions. A lot of times people will go find, find you’re right, fine if you’re a very emotional person, but z, talk to me about the importance of making sure that you actually care if you want a company that you actually have to care more about making the right decision then you care about whether it’s your decision or not. That is a big one and that is one of the biggest problems I see in entrepreneurs and that is pretty.
and one of the biggest things I see with entrepreneurs and probably one of the reasons why I hate this statistic, clay hoarding it, Forbes, Forbes, either eight or nine. It’s way too many out of 10 businesses fail. According to Forbes right now, nine out of 10 small businesses fail. Startups fail and and that’s, that’s a very high number. It’s a very high note. It’s a, it’s a high fail rate and I think one of the core issues, we’ve never talked about it on the show in a year and a half, almost two years now. Wow.
Is Pride, is that. Why is that? Because here’s what it is. Most entrepreneurs say, you know what? I’m going to do this. I’m going to do it. This is my business. I’m going to come on. Everybody. Screw them to do it. I picked the colors, my screw those people, and then they don’t go and get someone to help them out with the basics of the business.
In other words, they’ll get a business coach. They don’t get someone who’s an expert in marketing because they’re not. They don’t get someone who’s an expert in, you know, in a, in, in logos because they’re not. They don’t get no proper. 16, Eighteen Square back in proverbs 16, 18 from that to a controversial book called the biddle, a read. Pride Goeth before destruction and a haughty spirit before a fall. Pride go with before destruction and a haughty spirit before the fall. I feel like I’m. This is very common for a lot of people and z. If you don’t get to a place of of coachability, you’re probably gonna lose and lose often. So I want to get corey because corey, you’ve had to rehab, received some great mentorship throughout your life or maybe some advice from people that maybe it was uncomfortable but was true. Yes.
Can you talk to me about some moments as you grow in Trinity Employment Specialists where you’ve maybe got some mentorship or feedback where you thought to yourself, I don’t know if that feels good at all, but it was real, right? Yeah. You know, I think one of the biggest problems that a lot like what you were saying earlier, Z, it that entrepreneurs have is they have so much pride and so they are unwilling to hear honest advice from other people and when they get good advice and it doesn’t matter from the the level if their pride is there, they’re just unwilling to hear it in and unwilling to be able to implement that and so they just have in their mind that they’re right. The pride, the pride thing kicks in and because of that they just keep going down the wrong road and those are the entrepreneurs that are generally going to fail.
You got to always be open to suggestions. You’re right corey, and what happens is to finish up my answer on that, what happens is is that if you’re not surrounding yourself with people smarter than you in certain areas, then you’re not doing what you need to be doing, so you need, if you need, if you’re not good in a certain area that that’s necessary to run your business, surround yourself with someone who’s smarter than that and then listen to them and it’s okay to not your idea. It doesn’t matter because what all that matters is that your business is successful.
Z, one thing that you taught me, and there’s so many things you’ve taught me, but one thing that really helped me a lot was you said, if somebody is not performing at the job and they know it, you’ve already discussed it. You should fire them. Correct. It was almost like a word for word. We’re sitting down for man-cave session and I said, hey, if this person’s not doing this or that, and you go, hey, if somebody’s not performing their job and they know what they’re supposed to do, you need to fire them. And it was, it was, it was so clear, so simple, so profound. But I think there’s a lot of people get stuck right there.
Well, yeah, but they’re my friend or I’ve known them or they feel like they’re going to be a life coach to them. I’m gonna. Give him another chance. I mean, talk to me about your overall philosophy on becoming a life coach to your team. If you’re not in a life coaching business, don’t do it. Oh man, that’s some deep stuff, man. Don’t do it. I had dinner with my son last night. He owns a business and he, um, he’s, he’s in a conundrum right now about a very good friend not performing or not doing well, that never, whoa. That’s a friend. And I have a story about the same thing that happened with me and when we come back from this break will thrive nation. I’m going to tell you, I’m gonna tell you about it because there’s great toward break. We’re going to come back from where’s he going to tell you about a great story?
Let me tell you about onyx imaging imaging. If you’re wanting to save both time and money, that’s crazy. By the way, I encourage you to auto ship your office and printer supplies and I would encourage you to use one of our great show sponsors, onyx imaging because they believe in the thrive nation and they believe in their product. Chuck, tell us about onyx imaging.com and why should we order from these great guys. If you guys go out and you get your office and printer supplies and cartridges from onyx imaging.com, they’re actually going to give you a free printer, a free what? Printer? Copier, and you’ll get free printer service if anything happens to that. Free. What? Free Printer Copier, what’s the website and onyx imaging Dotcom. Sonics imaging.com. Onyx. Onyx imaging.com blows my mind and now back to the business coach radio show that has a diary call. The Guinness Book of World Records
started from the bottom, now we’re at the top teacher systems to Colton Dixon is on the books. I’ve written the books to get some wisdom and the so to see my wife and kids up. When you’re ready, welcome back to the thrive time show show
on your radio. My name is Clay Clark. I’m the father of five human kids and that’s because I’ve designed the life that I live. It’s not random. I didn’t think to myself, oh, which causing that we had, but I think it’s so important that you design life that you want
to live in. One way you can do that is to study successful people and figure out how they got to where they are and think about how you are, where you, how you, how you got to where you are right now. How, how did I get here, how did they get there and what do I need to do to go from where I am to where I want to be? And so on today’s show, we’re breaking down the words of wisdom from arguably the most successful hedge fund manner manager in the history of the planet. Ray Dalio, but Z. before we went to the break, you had a story. You are, you are going to start to share with the listeners out there was it had. I don’t want to steal your thunder, my friend, so you have a large portion of a large segment to share with listeners out there your incredible story.
Give me your epic story music. Oh yeah, yeah.
Alright, here we go. Years ago he was a boy. I had a childhood best friend who went through some hard times. Years later came to say, wow, it looks like optometry is a cool thing. Can I shadow you and see if this could be something I might be interested in? And I said, of course,
please do it. I would like nothing more young Palawan. So
he did. And then years later he became
for you, you can’t really root rules. You can’t insert an echo on your own. You’ve got it. You’re not doing it. I was, I was just progressive. Okay, fine. You try it again. That goes bro.
So then he became an optometrist. I hired him. He came on the team. He was family, but he had the most horrible thing and employee can have a title meant. Oh,
he thought he was my good friend, that he could have special treatment, that he could get away with things. These three for our lunches, that he could go do this and do that, that he could have the other doctors
because he can do this, that and this and he could do this and that.
Anyway, and firing. I’m letting him go. He was the best thing for him. The best thing for me, but it hurt. It was painful and I didn’t realize what all was going on because all the other players were scared to tell me because I knew he was one of my good friends. Right. And that’s what happened. And so my son and I had dinner last night. We try to do dinner once a week and he owns a company and he’s, he’s kind of coming up against the same thing. And he said, dad, how was that when you did that thing with your best friend?
First off, I have live audio. I don’t know if you’re aware this. We have a team
will, of course you thrive time show porsche follows you around to restaurants with a shotgun mic. NFL films. They put a mic up there to record the flyers, retroactive it. A lot of players don’t even know they’re being recorded. And so we thought the most ethical thing that we could do would be to record you and your son’s private conversations with listeners. So, uh, well that’s, that’s the thing though. We record politicians here, record franchise owners without their knowledge. And so we wouldn’t record you as well. And so this is what you said to your son allegedly last night. You can refute this if you want, but this is the audio that are embedded. Private recorder thinks that you might have said last night. Here we go.
Lot of pressure. Got to rise above it. You got a harness and the good energy harness energy block that you’ll feel it. It’s circular. It’s like a carousel. You pay the quarter to get on the horse, goes up and down a quarter circular circle with the music, the flow, all good things
that wasn’t audio from your conversation with your son that was more audio from a happy Gilmore movie x or Z.
Yeah, but that’s kind of pretty close. And so those are those hard questions that entrepreneurs, business owners ask me all the time, you know, when do you know it’s time to fire someone, especially someone that could be family or can be a very close friend. And I always tell them, I said, you know, you’ll know when to do that because you’re, you’ve had enough of their jackass re, you know, and it’s difficult, but it’s usually the best thing for them and for you. And now he’s gone on to a successful career. He’s opening up his own places and he’s doing well and I’m happy for him.
Can you share our combined love for the Word Jack Ass? Sorry. I mean Jack Kasserine is such a powerful. He wrote a book and maybe Jack Ass seriously with that first time that you and I discussed the word Jack Ass street was like we connected on a metaphysical, spiritual level. I mean it was like a
wow, we got word. We man hugged and just cried for like 30 minutes every moment. It was a moment because if you own businesses and you have people working for you, you understand what that word is. So many things that people on the clock we’ll try to do to keep from working and you get paid.
I want to get John Kelly on the show, but he’s hiding over there on the show notes station, but want to get them on here, but chuck, what are some recent examples of jackass or that you’ve seen? Oh Gosh. Were you saying that right there and you, you coach a lot of clients when they’re installing a camera in their office for the first time or video recording or audio recording without sharing the client’s names. Can you share a recent example of Jack three or one of your clients expressed to you an extreme level of jackass or and you thought to yourself, that’s hot. He had two good examples. This is the cardinal sin of talking bad about the business owner when they walk out of the room because they’re not there and the cool thing is nowadays we have these two way videos that audio can go back out of the. So when the
owner goes, oh yeah, I heard that, we’ll be talking tomorrow. They lose their mind and then one of my favorite ones, this person does not work on the elephant, the room team anymore, but I want to bring this one up. I’m watching the cameras one and time an elephant. The Room TV. We saw a guy running from his manager hiding, hiding behind the wall was awesome. Like a little kid going from one side of the wall, Teddy Cruz store, a 35, probably 38 year old man trending towards 40 z. We watched a guy, the manager in downtown tries to find him and so he’s on his phone and I’m not exaggerating. He goes and hides behind the wall and the shampoo was doing the old wow and then the managers on the try to find him and then he hides in the bathroom and he’s moving around like, like, it’s like when you run from your dog, you know, and it’s like, doesn’t know what room you’re in or whatever.
Sure. The manager, he’s honest. He was looking for his man because he wanted to be on his phone while he was hiding from work. That’s from Jack [inaudible], my friend Jack asks, or if you’re, if you find yourself and your business being a victim of jackass where you’ve got install, recorded phone lines and you got to put video cameras in your office Z. can you explain why a camera’s reduced? The theft in a business that seems obvious, but why are so many small business owners resistant to time theft in business theft and they’re saying, you know what? I don’t want to put cameras in my office. I don’t want to do that. I’m trusting that’s not the culture I want to set up. I trust these are my family. They’re my employees. Violate. He need to do it. They’re cheap. You need to do it, and it it just a.
it’s a must do. It’s a must do. Now, thrive nation. When we returned from the break here, we’re going to be breaking down the words of wisdom from Ray Dalio. Ray Dalio, one of arguably one of the most successful investors of all time. But before we do that, let me tell you about one of our incredible show sponsors. That’s hood CPAS DOT com. That’s [inaudible] dot com. So if you’re out there looking for an accountant who is as proactive as you are, I would encourage you to go to hood CPAS DOT com. What’s your attitude? CPAS DOT com. Schedule your free consultation and he will give you a free copy of Warren Buffett’s only authorized biography
he called snowball hootsuite, [inaudible] dot com today to claim your tickets to the thrive time show today, interactive business workshop for free. All you have to do is to subscribe to the thrive time. Show on Itunes, leave an objective review, and send us confirmation and Info at thrive time. Show.com to claim your star and the National Star registry. We can’t help you.
All right. Thrive nation. Welcome back to the thrive time show on your radio and podcast download. For anybody out there who are just now discovering the thrive time show podcast, what we do is we try to teach you practical, actionable business tips that you can implement in your business today. Yes, and so as we’re listening to a big high concepts or learning big ideas, just be thinking about how can I apply this to my life today? And so today’s show is entitled, it’s titled Wisdom from one of the world’s most successful hedge fund managers. His name is Ray Dalio. Chuck, can you give the listeners out there just a quick introduction into the life and times of Ray Dalio?
Yeah. Ray Dalio. He founded bridgewater associates in 1975 from an office in his Manhattan apartment. At the time the business consisted exclusively of advising corporate clients and the management of domestic and international currency and interest rate risks. The firm later changed its emphasis and began selling economic advice to governments and corporations such as Nabisco and Mcdonald’s. I’m traveling to Nabisco next week. Actually, Ray Dalio is now worth an estimated 18 point $9,000,000,000
and he recently wrote a book called principles and I want to share a notable quotable from that book and I want Dr Zoellner to break it down. Ray Dalio and his book principles rights. Listening to uninformed people is worse than having no answers at all. You know, he was really kind of sweet when he said that. I want to. I wonder. I want to reread this one more time because I have a quick little take on this and I want to get z to just unload the truth candidate. By the way, I’m going to cue up the choir in a minute. I’m going to get the good, the gospel whole Mojo. Preach. Preach. Oh sure. Oh yeah. Church. Listening to uninformed people is worse than having no answers at all. No, my take on that. That’s why I don’t network. That’s why I don’t talk to most people.
That is why as a general rule, I prefer solitude unless you’re somebody that I admire or I feel like we have the same values because according to, again, these are statistics that I’m going to give you. You can, you can cite they’re drawing the show notes. You can look them up. According to Fox News, 47 percent of Americans today, no longer pay any taxes, which means that 47 percent of the people you know don’t have a job or are not gainfully employed or don’t make enough money to pay taxes. Now, if you want to go left of center, the New York Post says 44 point three percent of people don’t pay any taxes. So I’m just trying to tell you who I listened to. If you don’t pay any taxes, I do not care at all what you think. Step one, step two, if you do not own a business, I do not care at all about your feedback as it relates to my business, unless you are one of my ideal and likely buyers. So back when I ran a company called DJ connection Dot Com, if you are a bride and you were hiring a Dj, I cared about what you, what you thought as much or more than a business owner, but if you weren’t a bride to be or weren’t a bride who had already had a dj, I don’t care what you think because everybody has suggestions and opinions and opinions. Everybody has an opinion. They’re like heroin, like have like elbows, elbows like eyebrows. Everybody’s got one
at least. Oh, it says point nine percent of them
people jumping. But I would say is it a lot of people have an opinion. Everybody has an opinion, but I don’t listen to most people’s opinion and that’s one of the things that allows me to be successful is I really do read a lot of biographies and case studies and I surround myself with successful people. So Z, what’s your take out there? Because there’s so much of a bias in the world to network. You should hang out with men. There’s so many men’s groups, women’s groups, tips groups, entrepreneurships groups, and if you’re not careful, you surround yourself with enough feedback from people who are wrong. You start to feel like, oh no, I should change everything. Break it down. Listening to you uninformed people is worse than having no answers at all. Play my can. I kind of play my music. I’m ready. Are you ready? I’m going to do it.
Let me do it. I get it. Listen to me out there and thrive nation, land uninformed, ignorant, the egrets. Pick it to your life. That means you are ignorant. Ignorance is not bliss was you? What’d you say? Come on now. What’d you say? You might find yourself because people surround yourself with smarter people to do. If you look around and your top five people that are around you, guess what? He ain’t good for nothing and get people around. You don’t listen to them just like, no, you hit grit. Get outta here.
Z. I think it’s a thing though in our culture. We’re used to. I remember this with, with my company, Dj connection. I got called and this is me back in the day before I ended up. I knew I was doing. Yeah, and there’s a rotary group and they said, clay, it’s important that you fellowship with other Christian men, other men, and this guy was really selling me Christian men, you know? Sure. The chamber calls me. It’s so important that you network and you stay relevant with your peers. Sure. And I thought to myself, oh, I don’t see the founder of Kwik trip here. You didn’t. I don’t see the founder of southwest airlines here. I don’t see. I don’t see the head of American Airlines here. What I see as a lot of people pitching an Mlm, and by the way, if you work at a bank in America today, don’t you pretty much have two job titles, either a, you’re a president or B, you’re a teller. Is it every banker, a vice president. Isn’t everyone at the bank, a vice president or a teller? That’s the move. So I feel like everybody at these chamber events was a real estate agent and Mlm aspiring entrepreneur trying to
sell you something shirt or a banker. Well, yeah, I’m going, nobody’s booking any fricking weddings here, so what I decided to do was to invest heavily and yellow page ads because I met with you. That was lunch. That was the move and have audio. I have audio of me the day. I’m not kidding. When the phone books arrived, the first time I’d advertise I bought it because yellow pages used to be like what Google is today. Oh yeah. I bought. I was over $2,000 a month for the number one. Listen to the largest town. I loved it and this is audio of me reacting to receiving my. Those were the days my friend. They showed us the biggies. I thought that never end. This is audio of me receiving the phone book that I advertised it for the first time. Here we go.
No, well, I wish I could get that excited about not getting so many three. Johnson Barr stopped funny. Now get the work every day isn’t the kind of spontaneous pop your name in print people. Things are going to start happening to me now.
See, I booked United Airlines, their holiday party as a result of that as well. Of course, and that was the move back. There was the move. It’s changed, but that was the mood. You’re saying it’s changed.
I invested heavily in the yellow page. Did you ever see the picture in your ad? Yeah. That picture’s got a big, big story. Right? With the big heads. Big Dj made characatures of all my employees, which turned out later. I should not have chosen my employees, but my employees, I enlarged their heads on suited bodies and Z. my ad was smoking hot. Got Everyone’s z. do you remember advertising in yellow pages for the first time? Dude, he was the move. Are you kidding me? I would. I would have extra people come up against the picture with me. Just read it looked like at a bigger staff. I mean it was, it was the moon. It was the moon all the way back. I did the picture. I drew the picture, the picture moving there. You know, you and your staff surrounding hotties, you kind of sit there and you’re like, I’m getting a big deal. Hey, when you say hotties, do you mean males that you met in your bowling league? Oh, no. Awkward. Yes.
I just want to be clear. I mean because there was a lot. I mean if you do want to apologize to any of the male, they were attractive bowlers. What does that. What do you, what do you use your like bowling? Ally was just wanted to give you a show. I mean, what is. What are we doing now? We’re hating on bullying. Now, the next notable quotable, the next word of wisdom we can break down from Ray Dalio is this. Ray Dalio says, the greatest gift you can give someone is the power to be successful. Giving people the opportunity
to struggle rather than giving them the things they are struggling for will make them strongerZ. , why does it hurt people when you give them unlimited free things without having to earn it because they don’t appreciate them and I have a great story when we come back for the break and that is you don’t want to miss two of these. No, or I know I’m a little. I’m going to look Kevin and alone and cliff hanger. I mean, come on. You will thrive nation. I’m going to be a cliffhanger. Wednesday after z finished is sharing his story about a entitlement. I want to share the winds of the week. We’ve got thrivers all over the country who are implementing the proven systems and processes, processes, and are starting to have massive success. When we come back, we’re going to play wins of the week. We’re going to hear [inaudible] story. It’s going to be a game changing sec segment, but before that, chip, what if listing and my spine feels kind of Adeline. You should see somebody. If I want to crack my back, who should I say? You should see Dr John Sibley and you can check them out at Dr John Sibley Dot Com. Dr John Sibley Dot com, or call them at nine. One Eight, seven, four, nine five, seven, four. One nine. One Eight, seven, four, nine, five, seven, four. One.
10. The world’s best business workshop led by America’s number one business coach for free by subscribing on itunes and leaving us an objective review. Claim your tickets by emailing is proof that you did it and your contact information to [email protected] All right, thrive nation. Welcome back to the let’s
drive time show on your radio and podcast download. Today we’re breaking out the wisdom from one of the world’s most successful hedge fund managers. I got the name of Ray Dalio. He recently released a powerful, a new book called principles, and if you have yet to read the book, I would encourage you to read the book written by a man who is now worth 18 point $9,000,000,000 and one of the things that he talks about in his book is it’s so important. It’s so important that you don’t listen to people who don’t know what they’re talking about. He goes on to talk about in his book, he says, this is a notable quotable. He says, the greatest gift that you can give someone is the power to be successful. Giving people the opportunity to struggle rather than giving them the things they are struggling for will make them stronger and z. When you heard that quote, you thought to yourself, Gosh, I have a story. I want to share a story, that old story, it’s not my my story, but it’s a story I’ve heard and it really resonates with me. This just in this, just in from our Home Office, from our Home Office in Broken Arrow it, Camp Clark and chicken palace. Soon to be home with the Lampoon Lagoon. You don’t just
get that pool and we’re going to get into the summer. Christmas is what I’m looking for. Total. Total. Of course. That makes sense. They said it’s a brand new pool at Christmas. We’ll see. Listen, you’ve got the sauna, which is a winter thing. Okay. There we go. Hot Tub. A winter thing. Okay. You’ve got the pool up. Do you have the enclosed deck area where you can do play billiards? Yeah, in the fall and winter and you’ve got the heater auto. I love the fact that you said I want my grindr to go eight feet in so I can go in there and read behind the waterfall. Yes. I love. I love the right reclusive man who enjoys the collusion. I love reading and the sound of water makes, allows me to read easier. I have a stroke, I have a hard time not being distracted unless I have sort of some sort of white noise. So as he is, I would say December 25th we shall open up the pool. That’s actually Christmas Day. Well, you know, if you’re being accurate, I mean I’m just saying.
okay. So is he your story? What? It reminds me of a story that I’ve heard a lot of my life and that is the difference between giving someone a fish and teaching them how to fish.
Surely you can’t be serious. I am serious and don’t call me surely.
All right, so the thing is there is what he’s saying there is basically saying don’t just give it to them. Teach them how to go and get it because then that’s sustainable and they can redo that and then they. You don’t always have to give. If you give him a fish, you don’t teach them how to fish and when the guests, what they’re gonna come back the next day and go, hey, hey man, I’m a hugger. Have another, see, I feel like a lot of people don’t like that idea and why is. Why do you think that is clay? I think because a lot of people would like to vote for Santa Claus and the next election and they just want to fish $15 an hour minimum wage or free college. No one wants to do the math of like, how are we going to afford that? No one wants to look at the fact that right now, according to a right of center organization, Fox News, 47 percent of Americans don’t pay federal income tax or to the left of center publication.
The New York Post 43 point nine percent of people don’t pay income taxes. I think people want to say everyone deserves free college. Everyone deserves to have $15 an hour, but it was to actually do the math of thinking themselves. Hey, if we actually did that, how does that work? It could be just like, well, no one wants to travel to Greece and think about, do you guys know that Greece started sucks. Nobody wants to think about like, hey guys, I’m. I made a list of all the things that Spain and Greece have recently invented. A lot of the huge companies that have come out of Greece and Spain recently, and uh, that would be, I have a huge list, consists of
because Spain and Greece don’t do anything. These socialist borderline communist countries, they don’t work well. I mean Z. I mean North Korea in theory, you know, if you just think about the
theory of them, they have some kind of appeal to them, but the reality is, you know, they build walls around those countries as a capitalist country trying to build a wall to keep people out.
It’s crazy if you think about that. Again, they’re building walls to what the key people in to keep people out. I know you were with this as an entrepreneurship. You get business podcast slash radio show to give you one mega point redeemable in the afterlife. Now, back to your story, my friend. Okay, so that’s what I’m saying. Is it teaching someone how to fish teacher going to do the hard thing on how to supply their needs is what we should be doing. That’s what we do here at thrive thrive nation. You know we have online business school, we have one on one business coaching. We have in person workshops, which we have a pathway for you to come for
pre for food. We all got to do is leave a an objective review about the thrive time show on itunes and leave us in writing. Again, subscribe to the thrive time show podcast. Leave us an objective review and email us to info at thrive time.
Sure. Dot Com. Proof that screenshot, that intention was India. A free tickets is a free radio show that you and I pour our hearts and our was into and we turned it into a podcast. And so we’re, we’re, we’re here. We want you to succeed. We do this. We’re cheering for you. We want you to succeed. We know the proven path. We’ve taught a lot of people the proven path on how to go from zero to hero. I want to share a win of the week about a thriver out there. Then I want to get west charters. Take on this inquiry. Mentors take on this. So here we go.
I’m pretty excited about today’s the Swedes, the week my friend, and why would you be? We all love wins. We have a great guy by name of Luke who runs a gym in broken Arrow called the hub Jim, Luke Owens with the hub Jim, and we found out that his sales year over year are up almost 70 percent this year versus last year, a year in the coaching program. He’s up almost 70 percent. Wow. But he had to learn how to hire people, how to fire people, how to do marketing, how to do sales, how to build checklists, and the guy hats off to luke, Owen’s there. He’s had a massively successful year, a great guy, and so I want. I want to tap though into a west Carter’s wisdom on this next notable quotable from Ray Dalio. Ray Dalio says, my approach was to hire, train and test and then fire or promote quickly as soon as possible
so that we could rapidly identify the excellent hires and get rid of the ordinary ones. Repeating this process again and again until the percentage of those who are truly great was high enough to meet our needs. Wes, for anybody out there that says, Gosh Man, I’ve never hired anybody. I’ve never fired anybody at all. Can you talk to me about the importance of never stopping recruiting or interviewing? As you guys are growing winters and king. You guys are known as one of the top law firms in Oklahoma, but behind the scenes you guys are never done recruiting, which is how you built such a great team. Talk to me about the importance of being of never being done recruiting.
Well, we’ve talked about it before. I think one of the most important things is that you never know when an employee is going to have a family change, a sickness, a new job that’s going to leave you and then you’re stuck in the lurch with either you’re held hostage by that employee because they say, Hey, I’m either gonna need you to double my salary, or I have this new job offer, or they just have to leave. They have no choice and you have no one to fill in that gap, so if you’re doing your advertising correctly, hopefully you’re on a growth track and so constantly bringing in new talent is vital to keeping up with that growth. And then also you, you going to make
some bad hires, even the best hire surely that fake it till they make it sometimes and it takes a while to weed those out. Guys, I want to tap into cory’s wisdom on this because Corey, you run a company called Trinity Employment Specialists. Were you guys help recruit people for hospitals, medical professionals, and a banking professionals, Migos, working a lot of different industries. We do. Can you, uh, one, uh, share with the listeners out there, what kind of businesses that you typically do recruitment for and then to share about the importance of never being done recruiting? Well, we, we started in the medical field, but now roughly about 40 to 43 percent of our business has come in banking, finance, accounting. We do administrative type positions. You know, just recently we did a human resources. Yeah, we’d been a human resources position. But um, did you guys find a good one, by the way?
Did you have, was it a good fit? They’re stuck pool, right? Awesome. Yeah. Well we’ll win z calls. You amp up your game too. And we listen. We were very honored to be able to do that. So thank. Thank you. Thank you guys were on onspot. Thank you very much. But you get what you tolerate with people. People will come in and you’ve got to be prepared for that and that’s what we do for a lot of companies is just be able to give them the power of our recruiting to be able to replace people quickly because what you said is very, very important and that is you never know what someone is going through and they’re likely not going to share that with
their employer until the very last minute. And so you know, like what you’re saying, clay, that’s so important to be able to be on top of that. Just recently is as an example, we were talking about this today at elephant in the room. We have right now three awesome managers for the three stores. So one manager per store is awesome and each of the assistant managers could arguably be the manager. I mean, we’ve got an unbelievable team right now and it was probably two years ago, one of our top people, I remember, they pulled me aside to meeting and Nz, I’m sure you’ve never had this happen to you, but they said, hey, you know, I, uh, um, once you can we talk real quick. And I said sure. And she says, I want you to know I really appreciate you. And I’m thinking to myself, are, we had some sort of like wedding where someone’s had too much to drink and they become, you know, weddings where people become abnormally saffy as a result of three or four, uh, adult 70 will become mean drunks. Some people become very positive,
very affectionate drugs,
a bath by me as really, it was really intense. They said, I just waited it out. You’re just the bath I’ve ever had best badge or you’re just. It’s like I love writing. Every day is like a dream and you’re going, I’m thinking to myself, well, hey, I mean if this doesn’t result in somebody saying something crazy next, this could be the first time it’s ever happened to me because usually it’s like that all that’s a warm up to the bad news to the, to the, to the Bam, and then it was, this is the statement, Hey, I’m having a baby and I’m moving tomorrow to a different state. Retro like the same day and you’re going, you’re moving tomorrow. Nosy. When they knew that they were pregnant, when they knew they were moving, do you think they called me first and talk to me about it first?
No. Listen out to if you own a business or you want to start a business, listen to this. The employees will always, always, always, always do what’s best for them on their timeframe. Can you repeat that again please? They’ll always do what’s best for their timeframe, so they will hide a pregnancy. They will not tell you about something going on. They won’t tell you about their spouse getting moved to wherever, until the last minute because they are going to do what’s best for them. Almost every. I. I very rarely cross across the board because I never stopped recruiting. I said to this person, Hey, I appreciate your time here, and I replaced them the next day. Bingo. That’s why you do that weekly, weekly roundup of new recruits and perhaps to do it. Now, if you’re out there, you’re saying to yourself, you know what? I’m going to expand my business probably not, uh, tomorrow,
but in the next year or so, you probably want to start interviewing good contractors right now. You want to make a short list of maybe top one to three contractors, meet these people, get some bids from them and go with an experience brand that you can trust. And so that’s why I would encourage you to check out Williams contracting. That’s Williams contracting. One of our incredible show sponsors. These guys are been around for over one decade, two decades, going on three decades. Chicken out at will dash. Conduct comments. Okay.
We’ll DASHCAM DOT com today. Attend the world’s best business workshop, led by America’s number one business coach for free by subscribing on itunes and leaving us an objective review. Claim your tickets by emailing is proof that you did it and your contact information to [email protected] All right, thrive nation. Welcome back to the thrive time
on your radio is we’re breaking down the wisdom from one of the world’s most successful hedge fund managers. Ray Dalio, Ray who? Ray Dalio, d a v I o his new book principles. You can check it out there. A Ray Dalio right now, according to Forbes is worth an estimated 18 point $9 billion dollars. And before I read the next notable quotable, a lot of money. By the way, I’m just because the sidebar. That’s a lot of Chili. I mean come on man. But before, before we break down the next notable quotable from Ray Dalio, I want to share a story that CSI has a potential to be awkward between you and I, but I, I respect the story. I feel like that respect awkwardness by the way. No, and I, this is, this is a big thing. So we were, um, we were talking about, um, growing thrive and thrive in, in my mind, this is how I look at thrive.
More and more people are getting their, uh, are realizing that their mba isn’t super valuable and more and more people are realizing like, Gosh, I got to learn practical skills practical. And so we’re starting to see a pendulum shift and we might be a little bit ahead of that, but more and more people are saying I want practical education. And so I’ve been a business coach for a long time, been very successful with it. And, and so I thought to myself, you know, we should scale this. And now today with the podcasts and the workshop and the One on One business coaching, we’re doing that and it’s growing and growing and more and more. But I remember one time I called you and you didn’t answer my phone, so I sent you a text and you didn’t answer the text. And I thought to myself, okay, I called, I text.
Um, I, I want to be respected. You Fax me that I did not, but I called in text. I realized okay, you didn’t call me back. So we’re at the bar at our 1,609 South Boston office over there at the front desk area and I remember looking you in the eye and I said, hey, did you not get my message or what’s the best way to reach you? And you said clay, um, I own probably a little less than one percent of thrive and so I just want you to know you get a little less than one percent of my time is actually two percent, two percent if you said you got to get a little less than two percent of my time. And I remember thinking to myself two things. One, I remember it like it was like a matrix moment where it’s like, because all of a sudden I realized okay, the matrix was like the crazy camera angles where the camera would rotate and it was like those guys would kick and the camera and rotate. It was like slow motion but things had happened fast. I remember just leaving my body and thinking to myself what he just said
So I’m thinking to myself, or this is all like real within seconds.
So then I said, how much of the business do you need? Oh, own, uh, how much of the business do you need to own for me to have access to you? Because I feel like of all the guys I’ve ever met in my life. And again, I’ve spent a lot of time with the founder of Skyy Vodka, Maurice Kanbar, the founder of Hobby Lobby, uh, David Green, a David Robinson, Nba Hall of Famer, George Foreman. There’s a lot of folks I’ve spent a lot of time with and z’s perhaps, uh, perhaps one of the wisest people I’ve ever been with. And when you told me that, hey, because I only own x percentage of this venture, I’m not going to give you more than x percentage of my time. It didn’t hurt me, but it was like a true statement. And so ray Dalio is next notable quotable. Want you to break this down? What this means to you because you’re the best at this. And I, I’ve never met somebody and you’ve, you’ve taught me this, and it’s helped my life so much. Ray Dalio says, remember that the only purpose of money is to get what you want.
So think hard about what you value and put it above money. How much would you sell a good relationship for? There’s not enough money in the world to get you part, to get you to part with a valued friendship. He goes onto explain how basically time by or money buys you time. Money buys you time freedom. Can you explain your rules for who you spend time with and who you don’t. And because Ray Dalio talks about that, he says to remember that, that the only purpose of money is to get you what you want. And I think a lot of people, they get so busy and have so much money, but they don’t have any time freedom. And you are a master of, of, uh, optimizing your day and where you spend your time and what you don’t spend your time on. Can you, can you walk us through your process for where you spend your time?
You, I think that’s one of the things that I see that’s sad in the world is a very successful person that is then trapped by their success instead of released by their success. You know what I mean by that clay, in other words, there’s someone that’s successful and that controls them and they don’t control their success.
Brittany Spears is the best example I can think of because Britney Spears talked about this. Justin Bieber also talked about this where it’s like they were so famous they couldn’t go to starbucks without somebody saying you’re terrible, or you’re the past or they couldn’t go out to dinner with wanting an autograph or they couldn’t write a song or say anything. They just, they couldn’t be a human anymore. So they had to build walls and, and, and seclude themselves from the world to have the one thing they wanted from the very beginning, which was time freedom and a lot of people kinda. But you’re, you’re very good. CSI, I think about being a social bowl guy, but also setting boundaries on who you’re going to socialize with. I mean, what is your
process? Well, the thing about it is everybody out there right now think, think about this, answer this question in your brain right now. Write it down or think about it or text it to your best friend or whatever you want to do. Who are your five closest friends? You’re fine. Can I list mine?
Yes, you may.
Vanessa, my wife,
Jonathan Kelly, Dr. z Zzz
and my five kids.
So it’s a total of eight. So I probably broke the rule, but that’s what I’ve gotten from. So John, that Turkey didn’t even make the list, which is shocking. No, I left. I left college Turkey. It was a female Turkey by the way, Tom. Listen, Tom boy, Tom boy, that’s where the original Greek word
tomboy comes from. The word meaning female Turkey
you refer to as a man died. Did Not. Oh, I’m learning so much. Hanging out with you so much. No, but seriously, that this is a great exercise. So ask yourself who your five closest friends are and then evaluate them or they’ll edifying and there was. Are they encouraging? They lift you up. Are they intelligent?
Are they loving or they find they spend a lot of their time smoking marijuana and talking into a box fan saying,
I am your boss
fair if you’re depressed, and that cuts from an attorney so that they to the bank, so you say to yourself, who are the five friends you have and that value those relationships and you can’t put a monetary value on those because those are the people that when times get tough, those are the ones you turn to those the ones you call and say, hey, circle the wagons. Come help me. I need to. I need some truth spoken in my life and I trust you guys because you are great people to do that.
Can we do this? We come back from the break. I would like for West Carter to talk about his top five and who you who you kind of have in your soul that’s mentor who’s in your circle is very helpful for the listeners out talking about the hotspot, but before we do that, I want to. I want to talk about it. A great company called RC auto specialist Z. Are you familiar with a company called Ford?
Ford, Ottawa Hills? Yes. Yes. You’re what about four? That’s a four letter word, but I can say
that on on the on air. Let’s say you’re out there and you were driving a Ford and you, you have a problem with your transmission, your lighting. You maybe need battery issues. You have your batteries, your suspension problems. You want to get those things fixed. I encourage you to reach out to Tulsa’s number one, Ford automotive repair specialist. That’s RC
specialist.com RC auto specialists.com. Attend the world’s best business workshop led by America’s number one business coach for free by subscribing on itunes and leaving us an objective review. Claim your tickets by emailing us proof that you did it, and your contact information to [email protected] All right,
thrive nation. Welcome back to the conversation. It is the thrive time show on your radio and just tuning in. We’re breaking down the wisdom from one of the world’s most successful hedge fund managers, man by the name of Ray Dalio. D A I, R, d a l I o d a l I o daily. He has a powerful new book called principles and if you haven’t checked it out, you actually go to principles.com. He bought the domain principles.com. Do you ever have to go to the principal’s office when you’re a kid? Where did you spend a lot of time there? Because you, you seem like a young man. Yes. That would spend a lot of time in the principal’s office. Fine. I will give you two stories because you asked.
I went to Lynwood elementary, broken Arrow, Oklahoma in 1925 west Memphis and Memphis. We played soccer and I didn’t understand the point of soccer, like the scoring and soccer was too low, you know, it’s like four to five, four to five. Even game back six to find one to zero. Yeah. So I would pick up the ball during recess and carry it all the way down the field and throw it into the goal. Why wouldn’t you? And uh, I remember a kid by the name of Bo, he said to me, he said, dude, you can’t carry the ball. I’m going, I just did. I just did. So again, by the name of Keegan or this guy, Keegan said, dude, you can’t carry the ball. I’m like, I just did. And I would likely be kicking the ball and I would just cure it and throw it in.
I didn’t really respect the game of soccer. So all of a sudden bullock tackles me hardcore. Now it’s gone to football now. Football kit of a rugby kind of a thing. So I throw a haymaker Oh yo, there you go. That’s what we’re doing. And so like, this is like fifth grade. Okay. So what happens is all of a sudden, like, all the guys start releasing, dude, if you want to play soccer, that’s like rugby. So you would kick the ball, you know, and they were like a kickoff and you would just carry the ball and didn’t matter if you throw the ball we can with the rules, right? You threw the ball in, you got a one point. If you kicked in, you get one point. If you ran it and you’ve got two points. Nice. So it became as very aggressive thing. Will Mrs Burns Maya a pe teacher? She pulls me aside. Mrs Burns. She was very attractive. Oh yeah. I’m not kidding. She was like 26 in like fifth grade and she’s a beautiful lady. All right, Mrs Burns.
She would walk up to us, said, guys, plenty. Just stop this and I’m going stuff. What? She goes, come on. I just want you to carry the football career that the soccer ball, everyone’s carrying the ball. You need to stop. This is against the rule soccer. You gotta you can’t use your hands. And I’m like, well my feet don’t work that great, but I’m gonna carry the ball. Whatever. So then if you got in trouble, you to go stand on the wall. The wall, the wall. You can’t stand in the middle of the wall where the cafeteria. Okay. Oh and broken or linwood elementary has all these. Like they, I guess they couldn’t add on real buildings. So they’re like, it’s almost like mobile homes. They added on fewer seeing linwood elementary, they added on like mobile homes that are covered by some sort of cover.
So it was only would rain, you wouldn’t get wet. So I would carry the ball. She would take, go on the wall, I’d go in the wall. So I’d go who eventually once you’ve been on the wall and you realized that like Mrs Burns is going, this kid’s going to go on the wall every day. Like everyday the kids goes into, what was it? Mrs. Burns or Miss Burns. Mrs Burns. But she could have been a misprint. So she could have been. But I don’t know. I don’t do in my Mrs Vernon. The point is on the wall every day and then one day she goes, clay, I have talked to you about this everyday. You’ve had to stand on the wall during the entire. Because it resets would start and within the first five minutes I get in trouble every time. Resist. It’s like an hour, but you get like five minutes.
Boom. On the wall. Fifty five minutes. She was. What is your deal, but pretty soon, like all the guys are on the wall to. We’re on the wall, on the wall. I want you to go see the principal. Mr. Blankenship. Yeah. Oh my goodness. That Mr. Blankenship had the paddle back in the day when you’re in the saddle, you had the paddle. Oh yeah. Remember that z. The principal can actually hit you with that thing. Oh my goodness. Yes. So you know, and to quote the late great philosopher slash a hip hop, a guru juvenile. When he decided to, to, to Spain, we had to back that thing up. I’m like, do it, do it back. That takes you back that thing up. Yeah, like a, like an incredible fifth back that thing and credible. So he just Bam. He’d hit me if you promise to stop carrying the soccer bonk.
No, Pam do you probably know. And I’m like crying, like he calls my dad now when you called Tom, not Tom Clark would reference his belt. He’d go, son, I came here from work and I’m wearing a belt. I’m like, Dad, okay, good. Do you have a good 10 gig line? That’s a good thing is a do you don’t want, you don’t want it to happen. And he would tell me about what I didn’t want to happen and I don’t know that I ever got hit with the belt, but the idea of getting hit with a belt by the time we pulled into our driveway in 1925 West Memphis, after my dad came home from work early, I realized I had probably better shut up so my dad would like ground me. But I’m, I, I had a very intimate relationship with Mr. Blankenship. Um, I met Dean Boyd, Oral Roberts University. I’ve met all of them. I met Mr Johnson at decile Keto high school. I met all of the leadership for non-positive reasons Z, so thank you for deep diving deep into that question. Then all the thrivers have wanted to know.
Well, I think when you talk about principles, it’s just you’ve got to cover the basics. All of my friends were going to go to west and cory go about their top five here in a minute because that’s what Ray Dalio says. Ray Ray Dalio says, this is Ray Dalio, one of the wealthiest people in the world. He says, remember that the only purpose of money is to get what you want, so think hard about what you do value and put it above money. How much would you sell a good relationship for? There’s not enough money in the world to get you to part with a valued relationship. Yeah. West, who’s in your top five? Who Do you spend your time with? Who would you trust? Who are some of your top five friends in your life that you could say their names? You can just tell them kind of a general thing about them, or you could say their names or you can tick off.
No, I mean, I. I’m one of those guys for better or worse, my wife is my best friend. I’m A. I’m a very hesitant to bring people into my inner circle, so my wife is always a number one. If I need to bounce something off someone or you know, get some advice on a situation. Usually she gets horrible advice. So then I go on down to my.
She skipped this day, but I will start with her out of a bounce ideas offer. Oh yes. This is good. Now continue
after she tells me. I have no idea. Maybe.
What do you think?
Okay. West? No. So, uh, I have some, some friends that are from my days in middle school and high school in Muskogee, Muskogee that turned out to then be fraternity brothers in college that, uh, those are the guys that if I need to really get some honest advice, I know they will not hold anything back. Quick question. Is muskogee still a town? I believe it is not one you want to visit very often, but yes. But you’re running it by your old school homeys guys you’ve known for a long time, right? Guys, you know, if I call them up and say, Hey, I need, I need to commit a felony tonight. Are you down
about cup? Yeah, tell me, tell me, show. So what’s the what? Who else? Who else do you do you reach out to? Who’s in your top five?
That’s personally. And then I, I kind of separate personal and professional because I have personal people that I would never take business advice from, but I know will speak truth if I have a personal question. Got It. And then actually I have, I have my two partner, my two law partners, Mike King and Tom Winters, that if I have a professional issue, a business, a financial issue that has to do with anything in our profession than they have been down that road. And neither one of them will hold anything back either. They’ll tell me the straight up truth. So that’s very useful.
Thrive nation. When we return, we’re going to ask Corey Mentor, the founder, the cofounder of Trinity Employment Specialists
whose in his top five, who does he turn to when he has a question about business, about life? Who is in his inner circle? Zoe, it’s important to ask yourself,
who do you let? Grab the pebble? What does it always go back to a pebble in to have a problem. You have an obsession with no.
Attend the world’s best business workshop led by America’s number one business coach for free. By subscribing on itunes and leaving us an objective review, claim your tickets by emailing as proof that you did it, and your contact information to [email protected] All right, thrive nation. Welcome back to the thrive
show on your radio and podcast download and we have a lot of really great things to celebrate. On. Today’s show is we’re breaking down the wisdom from one of the world’s most of the world’s most successful hedge fund managers. His name is Ray Dalio, and if you’ve yet to buy his book or check out his book principles, I would encourage you to check out his book principles today, Ray Dalio. According to Forbes is now worth an estimated 18 point 9 billion billion dollars. Dollar in his book is absolutely incredible. Putting links on it, on today’s show notes, but Z, I want to celebrate a couple of wins we’ve had in the thrive nation just recently celebrated, man. Come on. Let’s do it in. Our podcast has been consistently in the top 10 on the itunes podcast charts. For the last three months or so, 550 to 600,000 podcasts.
There’s a lot of people out there. According to Forbes, there’s over 530,000 podcasts in the world today, and so to be in the top 10, I just want us to tell the thrive nation out there. Thank you so much for not only subscribing, but sharing this with your friends, and so if you have already subscribed, I want to give you a free ticket to our next in person. Thrive time show workshops. All you have to do is a timeout timeout. Why would anyone in their right mind one come to one of our in person workshops? Aren’t we trying to up sell them? You’re trying to scam him. You’re trying to do something nefarious. I mean you’re up to one is something. So as far as our sco is just something I went to the listeners to understand as far as our podcasts go, the region Y or z and I are doing this.
We don’t need anybody at all to advertise or to subscribe to do well. I’m God’s blessed us and we’ve been blessed with ambition and a desire to do well and we’ve done that so you know the optometry clinic takes care of you and the haircut business takes care of me and the marketing company takes care of me and your durable medic, your durable medical care company takes care of you and the [inaudible] takes care of you and my different take care of me. This is a simply an altruistic thing or we take a couple hours a day to teach what we’ve learned and the mistakes we’ve made to help you become successful. And so many of you have said, Gosh, I want to attend the workshop. And so the workshop is an upsale free zone where we teach you the business school without the BS, which means that we’re probably going to offend you at least once a once per conference and we want to reward the people out there who have subscribed to the podcast.
So if you subscribe to the podcast, you just email us proof that you did it and your review to [email protected] Just leap as an objective review and email is proof that you subscribed to info at thrive time. Show.com will give you free tickets. If I just talked to a guy today, I’m from Canada who he bought a ticket to the workshop. He had a connecting flight. He was going to fly to Minneapolis and then go from Minneapolis I believe, to Dallas and from Dallas to tell. Yeah, you told me about him and his flight got delayed and so he drove from Minneapolis to Tulsa. Impressive. Talk to him today and he said, dude, it’s my favorite workshop I’ve ever been to in my entire life and so I’d encourage the listeners out there. Don’t believe what I’m saying. Just type in thrive time, show reviews. We have now over I think 1600 reviews a lot of martin videos. We have almost 500 vintners, so cool. I’ll be up. I think it was actually 600 people on video sharing the reviews and so our workshops are are powerful, but it really is an altruistic thing where we’re trying to help guys like you, people like you and we can’t help you. If you don’t get a chance to know yet,
why is it that the culture today, when you tell someone, hey, listen, no strings attached. I just want to help you. Why is it that people are so skeptical?
I think because everybody has been in a situation where you’ve all received that phone call where it’s,
Hey, is this Robert? Yes it is. I’ve been thinking about you a lot and I’m on the ground level
upstairs is going to revolutionize the way that people use soap. It’s got a guy in Sweden who’s invented this new soap. It’s unbelievable. It’s made from an ache hybrid. Are you familiar with the Aki? Barry’s anyway, to Aki Barry. It’s been tested in Swedish slabs and if you use this in your auto ship it pretty soon you’ll be at triple diamond, which is why I’m driving a Bentley
in the business for two weeks and I’m already driving a Bentley. It’s a superfood. See, I’m just telling you what I care about your brother and all of a sudden you’re like, what happened there? What? We’re going to ambush and so I encourage you to come to the workshop. Leave your wallet in the hotel, leaving the car, just come to the workshop and you’re going to absolutely love this. Now, before I went to the break, we, we, we tease this idea that corey mentor, the founder of Trinity Employment Specialists. Is that all right? Corey? Who is in your top five who’s in your trusted circle? Because Ray Dalio, the bestselling author of principles, he shares that it’s so important to have good relationships your life. Who’s in
your top five? My friend? Well, I’ve worked actually very hard on this, but the first one is my wife. The reason that I like her advice is because if, if you, if you like the taste of humble pie, which I sometimes do it because it helps me. My, my wife will not hold anything back. She’ll, she’ll tell me exactly what it is, whether I liked it or not. And I, I really, really appreciate that. Um, the, the next person, um, in, in, in no real order there. There’s a guy named Charlie Stinson and he, he is a CEO of a industrial oils unlimited. And, and he, he does this. He does a very similar thing, but he’s more direct for me. I love someone who is going to call out anything that they see that’s not, that’s not right in line with, and this guy has a certain amount of, of wisdom that I’ve just not ever been around for.
The next guy is. He is an accountant. His name is Jeff frable. He actually just spoke at our leaders in healthcare luncheon series that I do. Yeah, he’s CCK. He’s one of my best friends and um, Jeff has a unique wisdom and an enthusiasm about the way that he presents it, that, that I just love there. There’s another guy, Scott Johnson, he works with a Zico and he’s become one of my closer friends that I work with. He has his wisdom that he brings. He thinks about the world completely different from anyone else that I know. And so at any kind of problem that I give to him, I’ve never had him come back to me where he’s thinking the same way than I am. So he always offers a different perspective. And then, and then my, my very best friend that had, had been there for years. His name is Jason Hansen. He’s been, he’s been wonderful. So those are, those are the people that I love.
Z. I tell you what the thing I love about what you said right then, corey is you used the word wisdom multiple times. And I think that if you are surrounded by people that are not full of wisdom, given you wisdom, have wisdom, can speak wisdom into your life. You might want to reassess your top five and maybe go. You might want to fire a friend or two. I know. Is that
glaze that I think that was the last time you fired a friend. Well, I think, uh, you know,
two weeks ago, right? You do it. It’s, it’s, I knew it probably every two weeks. Your life because of Linkedin and facebook and somebody that I went to college with recently who, uh, was really getting over the top political. I’m talking about how the currency is going to collapse and you got to do this. You got to do that in trump’s crazy trips. Crazy before that it was Obama’s crazy and he just very always about everybody’s Iraqi dinar hurry and to the end of the world. And um, and I, I go back to proverbs 15, 22, proverbs 15, 22 from the Bible. It says, plans fail for lack of counsel, but many advisors, but with many successful advisors, they succeed. So surround yourself with people that know what they’re talking about. See we have time to get into ray Dalio is final quote. He says, systemize your decision making. Um, z. One of the things I learned from his book that’s powerful is that like if you have a big decision to make, it’s really wise to wait 24 hours to make that decision.
I often will say I’m asleep on that. There is so powerful. Here’s what I’m thinking about going to sleep on it and I’ll let you know tomorrow. But the other thing about that, that is the conclusion of that thought is make the decision. So think about it for 24 hours, sleep on it, but then make a decision. And so many people don’t. It wears me slick. What I can’t stand is people who make decisions on emotions cause they always let you down because they’re so wishy washy, sort of making a decision, sleeping on it, thinking about the facts, but you get all hyped up or you’re in a good mood or in a bad mood. Whatever the case is, and you make a decision on how you feel and how you feel. And everlast.
What I’m gonna do is I’m going to tee up a podcast we’re going to be putting out here. So we had a member of the thrive nation who emailed us to [email protected] from Florida and we had a very thoughtful, very specific conversation today where I explained to her that her business idea will probably take 36 months to 48 months to develop. And so we decided that it’s probably best for her not to enroll in the coaching program right now, but to probably get out to a workshop and then save up some money built up for war chest. And it wasn’t an emotional exchange. It was very logical, very thoughtful. And she said, so you don’t want me to sign up as a client? I said, no, no, but you need to build up the war chest. Let’s plan long term and not short term. And if you’re out there and you say to yourself, you know what? I’m looking for a source of mentorship that I can trust for the next decade. I encourage you to go to thrive time show.com for podcast workshops, one on one coaching thousands of videos. We’re gonna be here to help you and support you along your entrepreneurial journey. Go to thrive time show.com to check it out. And now, without any further ado, we always end with a boom. So here we go. Three, two, one. Boom.