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there is no magic pill for financial success that people like Warren Buffett Bill Gates are using to build kind of their financial empire too many people think wealth comes from diversifying into companies they to understand or dollar cost averaging right which is putting your money way every month whether the markets up or down or budgeting which is all about scrimping and saving and sacrificing and eliminating or even more respected eye on things they know nothing about the real way Bill and Warren have created their success is by buying companies keeping control and investing in what they know when you only invest in what you know and by companies rather than invest in stocks there's actually exponential wealth let's look at like you know warren buffett there's a documentary out there about him and he read a book by Ted Williams and Ted Williams who had you know 400 batting average in a year he had this entire notion of this circle right and he said if the ball isn't within the circle if I swing for things outside of that circle I'm gonna have a lower batting average so it was more about the pitches he didn't swing at and Warren Buffett says the difference between a successful investor and a highly successful investor is the highly successful investor says no a lot more right so he learned from one of the greatest of all time was far as hitting Ted Williams and it was about what he didn't swing at in the late 90s when everyone was putting their money in the speculation of the dot-com Warren Buffett stayed on the sidelines he said it doesn't make sense to me um people thought he was crazy and tell that bomb happened in 2000 2001 and 2002 so it isn't about keeping busy it isn't about working harder it isn't about taking more chances the hard work a lot of times is saying no to the distractions all these distractions are gift-wrapped as opportunities all these investments sound good but in reality are they if you don't understand them don't know how they're gonna work don't know how you're gonna benefit from them don't know how to protect the bat the downside and mitigate risk like it's completely different so it's all about swinging not swinging at most pitches because that's gonna lower your average see when Warren Buffett invests he actually buys a company he takes controlling interest and he has a team that implements his methodology to influence the outcomes so it's not like he's a stock market investor he's a company buyer so if we all went out there and bought this stocks is heated it's a completely different notion of what he's up to than what the average investors up to were they buy a few shares and he buys that controlling interest he's got these people to go in a lot of times they start looking for inefficiencies in that company they start firing people and they start adding additional workload to other employees right they start doing certain things like that so they can extract a higher rate of return and whether that's right or wrong or whether you like it or not it's part of the way that he uses the methodology to create a much higher return than most people get so if he's gonna boost his returns it's more about being a business owner than a stock buyer Bill Gates has created more influence in getting what he wants in being charitable rather than even getting into politics Bill Gates in these charities can have more influence like when you want to have charter schools or we want to do these types of things because it allowed him to meet a lot of people and he didn't have a certain timeframe where he would eventually get voted out of office or he didn't have to worry about go out there and you know raising capital just to get elected and so these guys create a game right they know how to win and they've amassed an amazing amount of wealth and this didn't come because they were cutting back I get it we've heard all the stories about how frugal warren buffett is now Bill Gates hasn't been quite as frugal considering he sent all of his neighbors to Hawaii when he was building this extraordinary house into the kind of hillside right there on the lake out there in Washington but you know Bill Gates still lives in the original home but at the same time Bill Gates still fly in private when he's going somewhere because his time is extraordinarily valuable it's just that he values different things these guys didn't get wealthy by funding retirement plans they actually created companies right they they took genius of what they saw in the world and for Warren Buffett that was allocating capital for Bill Gates that was creating software and they made their money through that business they weren't following the herd Warren Buffett's notorious for saying why would I follow the herd I'm not looking for advice from all these other people that are so-called experts he looked at his own expertise and then he followed that so let me break this down into three simple parts for you one you can read hundreds of finance books and then I'm gonna mention the power of owning a business businesses have an opportunity for massive and those massive gains that you have a lot more control over over something like an index fund a mutual fund an exchange-traded fund look I get it there's perceived risk there's perceived risks and starting a business but what Warren and Bill invest in are the things that they know they invest in companies that make sense to them they pass on the ones that don't and some of those might even make money but it's really about their own investor DNA their investor DNA comes down to what are their core values like what are the things that they that are important to them what are their core competencies what do they have unique expertise and then really what are their core drivers what are the things that they're interested in and that they want to be part of and then they focus more than they diversified they focus because they really dial in the things that they're very best at and they extract the most profit from that rather than taking and spreading themselves so thin that they don't know whether something's gonna work or not they swing in the pitches they know how to hit that's the key the second piece is they build amazing relationship capital bill stayed involved in his main company right he continued to refine his skills and delegate the rest Warren is incredible at allocating capital and sticks to what he's great at there's stories of him just sitting in his office reading articles and reading most of the day taking a few calls here there because outside of allocating capital he isn't quite the genius that we see in allocation of capital so Warren Buffett was known to look at his calendar each day and saying what things could I eliminate what liens can I delegate so I could do only what I do best and what he even enjoyed because he was still doing certain things like coding even after he was worth so much money so what did they do they hired amazing people we know Charlie Munger when we're thinking about Warren Buffett and the things that he could do you think about the management team at Berkshire Hathaway and so it's really about sticking to what you do best outsourcing and delegating the rest so that you bring the most power to anything that you do now if you want to really dial this in in your own life and figure out where your financial strengths right what are the things that make most sense for you to pay attention to or whether it's delegating and bringing in a team member of your personal finances whether it's really understanding like what the stress test is of where your financial strengths are you could dial in even more and go to take a little assessment at wealth Factory comm ford slash know more but well factory comm Ford slashed no more budgeting you can take this financial stress test figure out where your strongest and figure out what things have to be addressed either because you outsource it you delegate it or you eliminate it now the third piece of this there is a methodology there is a philosophy and there's a reliance on their strengths when it comes to both Warren and Bill Warren isn't getting a committee or retirement planner to tell him to invest his money he isn't doing index funds he knows what is worth the money he's got a what I would call like a hurdle rate right if something doesn't earn a certain embraer have a certain amount of opportunity then it's not worth this time if it's something he doesn't understand or know how it works and it doesn't make sense he's been known to buy companies off a one-page letter that came in because it's said the right things because it made total sense to him so you know like I said before he may live in the same house and he may have even spent years walking to work and now I guess he's upgraded a little bit because he's got this Cadillac but it wasn't really about his frugality that allowed him to build wealth it was through the value creation it was through the reach it was through the investing in things he knew it was in the allocation of capital it was in the number of people that were impact and then yeah but it's important things like saving time that's when he is flying private right and he knows his value when it comes to his production bill continually looked at ways he could do only what he did best right figuring what he could let go of figuring out the things that didn't make sense for him to do because he either wasn't unique at it or someone else could do those things so he could bring his best knowledge to be able to deliver in the highest way the key with both of these guys is they both have a never ending purpose and didn't retire they didn't retire from purpose the vision may change with Bill working to make an impact with his nonprofit but they're both completely active and up two major things this is the key to wealth find a purpose you never want to retire from find something that's so compelling and even beyond your reach or wherewithal or even know how so that it's something that's worthy of your life and that's what's gonna deliver the most value there is no magic pill for financial success that people like Warren Buffett Bill Gates are using to amass their fortune to make their impact too many people think well comes from diversifying into companies that they don't understand or dollar-cost averaging or budgeting or speculating on things they know nothing about by creating a business using the right methodology and building great relationships you can start down the same path towards financial independence using the principles of Warren Buffett and Bill Gates now you have the knowledge to transform your thoughts into profits and build the life you love if you're looking for more on this topic check out my video on wealth through conversation you'll learn the importance of values and how to spend your time I'll see you there
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