Lewis Howes Interviews Patrick Bet-David
Watch the Interview: https://www.youtube.com/watch?v=6GmTlmpg4Ho
Patrick is from Iran, became a refugee in Germany then went to live in America. Having done badly in school, Patrick joined the US Military before starting a business career in the financial services industry. Joined JP Morgan as a broker selling insurance as well as investments. He then saw a gap in the market and started his own insurance company PHP Agency. PHP is now one of the fastest-growing companies in the financial marketplace. Patrick is passionate about shaping the next generation of leaders by teaching thought-provoking perspectives on entrepreneurship and disrupting the traditional approach to a career. Creating videos on YouTube, sharing practical advice on business, leadership and personal growth.
You can check him out on his Youtube channel: https://www.youtube.com/user/patrickbetdavid
He is a lifestyle entrepreneur, high-performance business coach and keynote speaker. A former professional football player and two-sport All-American, he is a current USA Men’s National Handball Team athlete. He hosts a top 100 iTunes ranked podcast, The School of Greatness, which has over 100 million downloads and 1000 episodes since it launched in 2013. Lewis was recognized by The White House and President Obama as one of the top 100 entrepreneurs in the country under 30. Details Magazine called him one of “5 Internet Guru’s that can Make You Rich.” Lewis is a contributing writer for Entrepreneur and has been featured on Ellen, The Today Show, The New York Times, People, Forbes, Inc, Fast Company, ESPN, Sports Illustrated, Men’s Health, and other major media outlets.
You can check his Youtube channel: https://www.youtube.com/user/lewishowes
It's all about Sequencing
What do rich people do that poor people don't do?
Rules for Money
3 Best Investments You've made
If You've lost your job right now, how would you invest in yourself?
How to reach out to a mentor?
How do you manage both family and work relationships?
3 Truths to share
Definition of Greatness
1. It's all about Sequencing
Like a Chess Grand Master, you need to plan 15 moves to get the chess pieces into a specific position to end your finishing moves. It has to be in order. It can't be in a different sequence, if not what strategy and the outcome would not be what you want.
And to Patrick, he shares two moves that you generally can start with.
The Next 5 Moves is about what to do when you're stuck. You're in a rut. Or a fresh grad just out of university and figuring out what to do. Instead, going on YouTube or asking people what to do. Patrick takes a very different approach, on digging deep, looking towards yourself and doing lots of introspection. Figuring out what you want and who you want to be. He first does this by taking this ultimate questionnaire understanding his background, on why he does what he does. I've done the Ultimate Questionaire and found it as a platform on digesting ideas and concepts in my head. A melting pot of integrating everything that I've learnt from business, sales, communication, politics, theology, philosophy and psychology and creating my point of views.
In any case, in the context of business. You should first define your identity very clearly.
Who do you want to be?
And once you've decided on you who you want to be.
Ask yourself, are you okay with it? Because if you're jealous of anyone else life. You're lying to yourself.
So be transparent and honest to yourself.
Ask yourself what kind of life do you want?
Know the cost of it also, the sacrifices you've got to make.
Second would be knowing your talents. Everyone has different talents.
Leverage on them.
Sometimes you don't have to be a number 1. Sometimes you're of more value, and you earn more as a number 5 or 6 guy.
If you've watched the Last Dance, Scottie Pippen was a significant number 2 to Jordan. And look at Steve Kerr right now! Doing such a great job right now coaching the Golden State Warriors. When back then, the was the 3rd or 4th guy when he was playing with Jordan.
So that's on the business side.
However, what about on and personal level?
First is the same, on coming up with an identity on who you want to become and work towards it.
Second though. Is about changing your language. On what you tell yourself inside your head.
Is like dating someone who complains about her exes. It's never her fault, always complaining, always finding excuses.
You never want to date a person like that. Because you know what? Next time, she'll be complaining about you and how it's all your fault.
What she needs to do is to change her language on how she talks to herself when challenges arise, do you complain about it all day long? Or do you look at this as a learning opportunity? To rise to the challenge to grow and level up from this?
Look, let's not try to be that auntie or uncle that always blames the government, saying that things can never change because they were born this way or that way. That we're confined in this box that we're supposed to live in. Let's try not to be so self-centred and always think about ourselves and let's think about how we can use every opportunity and challenge to serve people and make this world a better place.
2. On Marriage
On sequencing, he thought he wanted to marry young at age 23. However, he did some reflection and asked himself if he were to have a daughter. Would he allow her to marry himself? He wouldn't allow that. And that's how he knew he wasn't ready for marriage.
Generally, he believes that people should marry around age 30 and beyond. I don't entirely agree with that. However, the question of "Marrying Yourself", that's quite an interesting perspective to look into.
Another point he talked about marriage is on choosing the right person.
You can change business partners, change colleagues, friends, even kids, and you might have more than one kid to love fully.
However, when it comes to your wife.
You only can choose one.
Thus, this is where I realised the importance of figuring out myself first before looking to choose a partner.
If you read further on, there's a question about how to balance work and life?
His reply was: "Which level you decided to play on."
And Patrick decided to pursue his entrepreneurial spirit and built an insurance business from scratch. And the stakes were high. Late nights, long working hours, flying overseas etc.
And all these were thrashed out with a marriage counsellor before they married each other. And the wife had to be okay with it.
Sidetrack a little bit. But the counsellor also mentioned that he was not concerned with his wife. But for him, how he needed to sacrifice time off work to spend with his family as well.
The point is, going back to the idea of sequencing, for him to choose and filter his potential wife, he had to know of his identity first and the direction you're going, even before selecting a potential wife.
3. What do rich people do that poor people don't do?
Intuition. Study. Relationship
Intuition judging people. On who to hang out with and what opportunity to chance. You never what know what's coming up the next corner.
You need intelligent decisions.
Study. Study your business, your competitors, your customers, your partners. And especially your relationships.
Always come from the angle on how you can help others.
How can I help you?
Even over ten years, you never know how one referral can change the trajectory of your business.
Follow up, share ideas and news articles, send books, and connections.
Even if there are no results in the short term, it is still worth it to invest in relationships.
4. Rules for Money
1) It's a Game
Everything is a game, the more you play it, the better you get in playing the money game.
2) Doubles Game
The game of money is to find out the best way to double your money.
If you have $1,000 in your bank, you're nine doubles away from a million.
Finding the doubles is the game you have to master.
The best investors make their money when the opportunity is there. For instance, Warren Buffet, Ray Dalio and Howard Marks. While the stock markets were crashing in 2008. Howard Marks was millions of dollars every quarter while the market was still going down.
It comes to those who are willing to take risks.
Imagine the risks investors took putting money into Amazon when it first started. To Berkshire Hathaway when it first started. Imagine what investors thought when they invested in Warren?
4) Cash Is King
When the timing is right and the opportunity to double your money is there. You'd need to have the cash in to make those investments.
Be Patiently Aggressive
You got to be patient to look for the opportunity to make that doubles investment. And when it rises. Be on aggressive on it.
5. 3 Best Investments You've made
1) Harvard OPM (Owner, President and Management)
This was where Patrick was able to learn from business owners. He had no idea what to do as a CEO. So it enabled him to learn technical business owners who have 7 CEOs under him. Lawyers, Accountants, management etc
2) Vistage Program
Vistage Program created an environment where business owners come and share their problems and brainstorm technical issues. Once this business owner was sharing that he needed $5 million if not his company would go bankrupt. Right there and then, someone made a call to one of his partner, gave the phone to him, trashed out the terms and conditions and the following week he had $5 million in his bank account. W
3) Premium Content
Bloomberg, Business Insider or The Wall Street Journals whatever premium content you've can subscribe too. Subscribe to it. As this elite information is written by an insider.
6. If You've lost your job right now, how would you invest in yourself?
Relationship and contacts.
7. How to reach out to a mentor?
Do a lot of research
8. How do you manage both family and work relationships?
What level do you want to be at?
Do you want to be a business owner? Or do you want to be a 4-hour workweek guy?
Ultimately how much do you want to compete?
What're the questions people ask you more?
When you're doing do something big, how do you manage the guilt? That comes from your wife and kids.
Can you live your life not knowing your full potential?
Guilt vs Regret
You have to be very upfront about your relationship and commitments.
You can have a different employee, different boss, friend, family, children. But you only have one wife.
You can be pissed with your best friend. But you don't sleep with your best friend at night.
9. 3 Truths to share
1) Learn to process issues
2) Figure out your truth and practice it & last but not least
It's going to give your strength that you can't find anywhere else. It's going to give you peace and certainty.
3) Find a way to give back. Give back after you've set yourself up financially. Be it charity or politics.
10. Definition of Greatness
Alignment. If I'm aligned with my values, principles, purpose and dream. This is where you find fulfilment.
If not, misery, depression, anger and disappointment.