#377: How To Make $10,000,000 By Listening To This Episode w/ Preston Brown
SUMMARY KEYWORDS
people, business, fucking, recession, entrepreneur, problem, stage, customer, feedback, big, life, data, el paso, ceo, operational, numbers, money, scale, dad, soccer game
SPEAKERS
Speaker 1 (62%), Law (32%), Eric (5%), Speaker 2 (<1%)
1
Speaker 1
0:00
caviar and stuff that like I don't know Paso Texas guy and we make great money but like, you just don't think of spoiling yourself this way. And honestly, I couldn't fly there fly back and not have a chef for the rest of my life like it was like I need this.
Eric Readinger
0:14
Yeah Emirates Canada, Auburn. Alabama
Law Smith
0:18
we gotta I gotta we gotta get all burn through the Penn State game and take your dad yeah it's only are you in your you're born and raised El Paso right? Military I'm guessing
1
Speaker 1
0:32
no, no, just born here man. I mean, I did join the Air Force. And so I am ex military, but living here was just that's where my parents made me.
Law Smith
0:44
Yeah, and I just I know that. A lot of people got that. First off El Paso, one of the it can be one of the roughest cities in the country. I found out from doing stand up there. Stay in a bad light. That's
Eric Readinger
1:02
a unique experience to you. No, no.
Law Smith
1:05
No, I was a sweet boy. And this is the show was pretty wild. There's just some cities that can be like that when you hear top off.
1
Speaker 1
1:16
So you probably went down to BART reads comic strip, I think right. So I think one thing you got to love about El Paso is the Mexican culture and if you've ever been to a soccer game or even like gone to some friend's house like true Mexicans, where they have like a soccer game, there will be at least one fist fight if you have all the cousins and uncles there over the soccer game. I mean, being a Griego like I've never seen this at any of like the sporting events that we generally would go to with our families. But no, they're very passionate. It's a passionate people. There's a lot of fun. But man, I'll tell you what you get in that Comedy Club. Let me let me say it this way, this culture is so much fun, and I love this culture. But if you are a Hispanic family, and all the uncles, cousins, all that and there's one of the nieces or nephews that's chubby you'll call them Gordo, which means fat kid Yeah, you'll think they're the fat kid when he's fat. Like like it is. It is a it's a fun culture, but it's a tough culture. No shifting, lots of shit given.
Law Smith
2:20
I crushed but the other three guys have tried and Gordo's we got here tonight everybody started dipping in the crowd broke about that time so that's probably what I said. Verbatim maybe you were there. But out of all your Spanish pretty quick. All you have to do all I think all I did was really go there was a lot of families there which is surprising because you don't see like a big table of families that stand up shows a lot. And when you do you're like well, I've got to talk to someone at this. I got to find an entry point at this table because I know or like or if they're not the person that is like the person to make fun of they're gonna point to that person. That's usually Yeah. Right. Right. So like which one's the easy one, right? And so I think I mean, it's not Ms. 13 But whatever, whatever the this is 12 years ago, so but I remember like, driving around like this is a hard city. This is this could be a tough city. You have more as is right. Right across right.
1
Speaker 1
3:24
And what's funny, man, what is actually tough, el Paso's like one of those low crime rate. I mean, people don't they'll they'll play hard they'll talk shit but it's actually a pretty nice genuine place, but it seems tough. I could see where somebody would get that gauge. Maybe you're just
Law Smith
3:41
a tough guy and that's just normal.
Eric Readinger
3:45
Karate, or horse riding? Yeah, no problem.
Law Smith
3:49
You brought 18 businesses with gross revenues over 180 million.
3:56
Those are all numbers but yes,
Law Smith
3:57
what oh, what's up? What are we worried that I'm just going to be afraid actually they gave us what what is? What's the updated numbers
1
Speaker 1
4:07
so that was 2020 2021. We hit those numbers. This last year, gosh, for 2020 going to 2021 was when we got our returns and saw that. Now I'd say we're probably 20 30% larger. We've had significant growth through COVID and everything else, all of our businesses just took off it is it's been a blessing. And I'll tell you what, I'm not losing any hair, but I'm gaining lots of face. Learning how to create new systems, great new processes, like solve problems we haven't dealt with before. And it's it's a boatload of fun now.
Law Smith
4:45
That's awesome. Congrats. Yeah, that is something you know, when I seek out advice from a lot of people that are way more successful than me. The thing in COVID, or the looming recession, the most successful people I talk to always see that as an opportunity. Is that how you remember the word of 2020 was pivot. Yeah, and it's like, if you should need always kind of pivoting you should always be adaptable. And you know, market forces, unless maybe some of these businesses are really large, maybe affect that, but for the most part a lot of businesses I feel like should figure out how to be recession proof should figure out how, you know, at least a contingency plan.
1
Speaker 1
5:34
Yeah, so business. Look, a recession is a fantastic thing. Like anybody who's not excited about a recession is not in their heart and entrepreneur. You know, if you want to grow a garden, the first thing you need is a giant pile of shit. And the second thing you need is a seat. Okay, the recession provides a pile of shit and in, in a recession, you're the seed like your idea becomes the concept becomes the business. That becomes the flowering crops or fruit producing crops that you're going to harvest later. And you needed the shift in the recession, like a recession. Everybody's giving you one thing that you don't get the same level of in a good market. It's called feedback. You know, in a recession, everybody's bitching. Everybody's got problems. everybody's yelling, screaming lighting crime. And if you're an entrepreneur, which basically means Problem Solver that's smart enough to sell their solution to customers. That's what entrepreneur means. Okay? And if you can scale that, that all that feedback gives you better access to optics to study those problems. And the recession is what makes you fucking rich. You just don't feel it till the boom, but in the recession is when you get rich. Right?
Law Smith
6:42
That that has been a theme I've picked up on a lot the last couple of years that it is opportunity if you're entrepreneur
Eric Readinger
6:49
Yeah, I haven't heard the feedback part though. That's really interesting. Yeah, cuz
Law Smith
6:53
I guess most people just take that bitch. Yeah, well, if you want to take it as maybe effort and time spent, and that's in the wrong direction, if you're just pitching online or pitching, you know, to anybody who will speak, you're not really making an effort to solve your problems or a problem. Right. You know, feedback loops important. But that's on a customer scale. Usually. Yeah, I look feedback.
1
Speaker 1
7:20
Feedback in a recession is people are presenting what industry wide problems are. So that's the feedback you're looking for in a recession when you have a business and you're doing transactions with customers. The feedback can help you hone in tune because you already have the established relationship. What's nice about the recession, this type of feedback is there's lots of types of feedback right there have different feedback from your wife than you will from your business partner than you will from customers than you will from the general community the sociology not psychology, the we if you want, that you're getting an industry wide or global in some cases, hey, here's the big issue. Here's the big problem. Here's where we are in pain, then you build a better mousetrap around that.
Law Smith
8:04
Right? Yeah. Yeah. And in that feedback loop, the kind of feedback you were you were just kind of talking about is all based out of fear or the time. Yeah. I mean, part of your resume is it's kind of sprinkled in. You're more about the psychology of business. And that's how you're able to scale and grow and help coach other CEOs. Is that fair to say? Yeah, for sure. Yeah, I mean, breaking down business. I mean,
Eric Readinger
8:35
we talked about it all the time. It I mean,
Law Smith
8:37
in psychology, when you really break down, it's how behaviors flow. And trying to just have a good mental kind of acumen. Or we're just getting hoarse since then, a lot of ways to make decisions. Well, you know
1
Speaker 1
8:51
what, let me let me give you guys this so that your listeners could maybe get a million or 10 million or $100 million out of this podcast, really listen to it. I'm gonna give you the single single greatest problem that every business owner has got single greatest problem. They don't have an effective map. I mean, it's really just this and there's like six types of business owners, and nobody knows which type they are. Oh, can
Eric Readinger
9:18
we talked about that after you're going? Yeah, no.
1
Speaker 1
9:22
I'm gonna dive right into it. Okay, good. And then the reason is, most business owners are doing the right thing at the wrong stage in their business. Okay, like say you're a startup company. And you come listen to a guy like me who last year I think my net was 14 million and I paid zero fucking taxes. And I'm gonna give you ideas aren't that's not true. I paid taxes and my income was like half a million which means 200,000 Because I follow I follow all the tax laws. Trust me those 80,000 new IRS agents aren't for me. They know my fucking name and never got gaps on it. I know arms now. Right? Right. I'd say they don't even need to come to my office because we follow all the tax laws, but say I'm gonna give you information on how to legally ethically never pay taxes. Again. I'm at this investor, philanthropist stage of entrepreneurship, where a part of what you're investing in, is there to offset income and gains. Well, if you're a startup company and you need to be focusing on your customer and customizing to whoever your customer is supposed to be, because you're in a huge race for cash flow, you know, well, let's start the beginning. The first stage of entrepreneur watch printer right this is somebody that hasn't fucking taken the leap. They haven't taken a risk they haven't bought in their a one a B. Now this person has a mindset issue. You have to solve it. You have to overcome it. You have to get them in the door, right? Once they're in the door, then they're a startup, they've taken a risk. They've got to race for cash, they are going to customize everything desperately to find a customer that they can marry. That will continue serving them or a customer archetype. If you want not a single customer, obviously in most businesses, but that customization for the ones that survived 50% fail your one for the ones that survived takes the startup into this new phase where they found the customer but they got rewarded for being exceptional. Okay, and they succeeded at being exceptional. They customize customize customize, though they graduate to another stage called operational entrepreneur, operational entrepreneur, which probably should be called slave labor. Okay, is where you're a slave to your business. You got him for freedom. You got him for wealth. You got him for all this. All you got was an 80 hour week fucking job, your fault. So now this operational entrepreneur got rewarded by being exceptional. And he's made exception, an exception, an exception and he doesn't realize Oh, fuck a business is sort of like a car. It's an optimized machine. If your engine made an exception and decided to be exceptional on your way to the grocery store, you'd never get there. You'd literally blow her off, right? So now you get into this operational entrepreneur, we have to take this guy away from customizing get him into optimizing creating systems, processes, tools, setting expectations, measuring expectations, then he becomes this entrepreneur. character. He's like, wow, I've got all this this this this this team set up I've got a CRM, I've got process I've got systems but I'm doing the same amount of volume than I did before when it was just me. And so what I really got was a big fucking pay cut, but hey, I got my time. But I don't have enough money to live on in some cases. So I got up to entrepreneur, I'm there but holy shit, like my lifestyle is I was building up growing, growing, growing. It's higher than what I have. So then you get into immediate new problem. We need to scale people have no idea how to fucking scale. They're like, Oh scale, the scale everything and every fucking coach tells you Oh, you got to scale everything. No, sometimes you're gonna scale your brand. Why? Because you scale your brand. You can scale your margins, you can charge more. Once you scale your margins, then you scale the size of your team. Why? Because when your team gets larger, then you can serve more people your capacity goes up, then you scale your sales. Once you scale your sales, then you go back to scale, brand, scale margins, scale team, like so. So there's different levels of scale when you go into this operational mega printer. And eventually once you scale to a level where the margins are back and everything's back, and preferably a little more than that you hire the higher level team which means generally starting with the CFO tracking numbers, setting budgets, the CFO and cmo these are people that do mundane tasks, their high level mundane task employees. Once you have them, you become the CEO then eventually you train a CEO to replace you. It's basically somebody you're paying to be the owner so you don't have to be CEOs X for Chief Executive Officer I know people attend people at their company. They've appointed a CEO dumbest yet they can do you're not at the CEO level, don't fucking do it. So for all the entrepreneurs with 10 people at their company that have a CEO and everybody does that because I'm gonna reward you in his title bullshit pocket. I'm gonna get rid of, like, give him a free they're not no, they're not. Oh, no,
Law Smith
14:10
they don't. They don't come without penalty, but you can change your LinkedIn or whatever you want, you know, like,
1
Speaker 1
14:16
you can but the moment you have the title of CEO that's looked at differently in a court of law than somebody who was considered a director of operations
Law Smith
14:24
or Yeah, President. Yeah, you're, you're correct. But I'm saying like, outwardly Other than that, things. Yeah.
1
Speaker 1
14:33
Give them a big title that Wall Street wouldn't understand. Yeah. Okay. Like if you want to give a big title you could say you're the customer satisfaction engineer. Okay, the moment it's like, Oh, yes.
Law Smith
14:48
Yeah, that's fine.
Eric Readinger
14:50
Insert whatever thing you want officer and that's, you know, people feel very beautiful. Yeah,
1
Speaker 1
14:55
yeah. The chief clerical officer. Yes. Exactly. So when when when somebody goes out and starts talking, like, Hey, here's how you get out of tax advice. And you have the operational entrepreneur who's the slave to their business, and now he starts throwing all of his cash flow into getting out of taxes. You know what, this taxable income will go down? That's fine. But he didn't find a way to get his time back. She did the wrong thing at the wrong stage. Like he did the right thing, but it was at the wrong stage. At that point, he could still get out of taxes by just expensing it by hiring great people getting great systems. In business, solve the problem on the stage you're at. The first thing you do is identify the stage that you're at, once you know and everybody's oscillating. Most people are oscillating between two and even three because they're getting different advice in a lot of cases, bad advice, right? And, and if you solve the problem you have today, there's nobody out there. That can't be somebody doing 100 million in revenue, like 100 million in revenue is not even a crazy amount of money anymore. It's just people think it's a crazy amount of money. It just means you got epically good at solving a problem. And you've built a great team around the idea of solving that problem. And then you've solved it for lots of people.
Law Smith
16:17
That's all that means. You're like the business John Cena because you kind of look like a skinny version of Jimmy.
Eric Readinger
16:24
Oh yeah. Like John Cena after he retired from the NFL. No, but he's still
16:39
the business John Cena without the steroids.
Eric Readinger
16:46
See my prices.
Law Smith
16:48
You've got to you do have a certain like John Cena, like he's very successful in a way that there's a certainty behind what he's saying. Even if he's doing Chinese Mandarin to apologize for Fast and Furious in China, the Americans are like nodding. But it's one of those things where you have this amount of certainty and I'm guessing because you've seen a sample size that is relevant and reliable right? Of this cycle. As you were talking about stages I kept thinking of Maslow's hierarchy of needs. For business in a way like, you know, you have this stage, you have this stage, and they're kind of I mean, Maslow's hierarchy of needs. You can kind of wiggle it a little bit, but it's pretty, pretty standard. And what you're saying is pretty standard as well.
Eric Readinger
17:39
i Yeah, I'd like to bet you probably have a pretty kick ass infographic, the ball of what you just said, oh, yeah, in fact,
1
Speaker 1
17:45
we're remodeling the office. A lot of it's behind me on those sheets of paper while we're in the remodel, but if I
Eric Readinger
17:51
close the computer and try and read it, but I held back that's
Law Smith
17:55
the business model. That's all I could read. I've got to get
1
Speaker 1
17:57
actually, Jesse, would you grab them the business documents? Grab them all? Oh, yeah. Oh, fuck you brought it in and I didn't even see. Yeah, he snuck it. Why didn't he come in? That's awesome. Just make sure we email them all of the business documents, including stages and all that I think you guys can give it away like look, I look at like, you know if you want to work out just go outside and fucking run right like that gym, the outdoors. The great outdoors is the free gym that everybody has access to. Like and then a lot of folks they do a little personal training, whether it's listening to podcasts, whether it's this whether it's not that's not free, it either takes your mind time it takes your money it takes whatever if you go hire a coach, if you go listen to podcast, you're investing some time. So I'll send you those documents. You guys are welcome to give away to everyone. I think everybody should have plenty of fucking success in business or at least whatever their goal is.
Law Smith
18:50
Yeah, cuz part of the thing is like you can you have the blueprint, right? You're at that you're in this in this rarefied air and where you've been successful still are successful, done it multiple times over it's still got the juice flow and to still,
1
Speaker 1
19:07
most people ought to steroids not to steroids, different juice natural.
Law Smith
19:13
It'd be Winchester. Yeah. But it's that thing of like you if you could give this to someone one on one, right? And this is this is the business Bible and they still take you right?
Eric Readinger
19:27
Every tool they need. Yeah, to carry that out.
Law Smith
19:32
That's the interesting thing about life and human behavior. It's like the people that go through like Lowe's on speakerphone having a full conversation and not realizing their fucking asshole for doing that and annoying everybody in
Eric Readinger
19:47
there has to be stuck in the operational entrepreneur phase for the rest of their life. The week
Law Smith
19:53
well, that part where you're talking about, you have to know what stage you're in. Self awareness is. Is is something that is kind of left out of people's life.
Eric Readinger
20:06
rarefied air.
Law Smith
20:07
I mean, look, go on any plane that's not Emirates or whatever. You're on flight here a private jet. Go on any flight, Southwest flight. Look how many people are spatially aware of their surroundings? You know? So, what is what is your formula for living purpose with purpose?
1
Speaker 1
20:31
Oh, so that's typically the psychology side and honestly, it's my favorite question. Thank you for asking. Um, let's let's let's answer it in a different way. Have you ever been pissed off? Yeah, yes. Okay. If you had a menu of emotions that you could order in a restaurant and one of them was pissed off, and one of them was grateful and one of them was passionate and one of them was happy or any number of acronyms you could get for happy. Would you choose Best off? No. So anytime you're having,
Law Smith
21:07
oh, no, I was like, maybe one day you know, Sunday's being pissed off. People. Starting sometimes Sure. Sure. Sure, sure. So,
1
Speaker 1
21:19
in I would probably honestly choose every now that just so that I can have to counterbalance to the others for the threshold. Right. But if time, exactly, yeah. In most situations, I want the good emotions. So here here's kind of the living on purpose. Living on purpose is if you're experiencing emotions that you would not actively choose. It is realistically happening because you are living in what's called subconscious patterns. Your subconscious mind has developed patterns. There's things that trigger you that you are currently anchored to, oh, if I see that I get triggered, and I immediately feel this bullshit, whatever it is, right. And that creates a significant emotional event based on some emotional event that you had in the past. So if we look at that, and we say, Okay, well, then that's fair. That makes some sense. My subconscious behavior choice was anger because of something I probably wouldn't have chose. If I was consciously aware right now. Then let's say if consciousness is what makes us human, I'll pose the question is subconscious subhuman? It's making you act in a way that you wouldn't fucking chips
Eric Readinger
22:40
So yeah, in that context, yes. So
1
Speaker 1
22:45
so that's what I'm, what I'm teaching living on purpose to folks like. And normally it's not something you go into deeply on a podcast. It's something you're normally doing in a more intimate event. You got 510 25 people there, and you get people getting pretty like vulnerable, pretty intentional going back to their past experiences in life and what you find, or at least what we found, because I'm sure different folks that have different experiences is we find that the thing that is causing the most pain for most individuals is also their greatest source of strength if they start flipping the meaning that it generates. So once you start flipping the meaning, you take all that soil that was creating a shitty life you plant the seed in it and something beautiful grows out of there like you know so subjugating.
Law Smith
23:37
Yeah, make it bad interviewing.
1
Speaker 1
23:41
Sure. I mean, honestly, I think it's true for most people. It was your word of the day calendar on your
Law Smith
23:45
I know I was reading about this because I fully believe in that to try to try to turn anything that was bad that you're dealing with into a strength or into something positive, right?
Eric Readinger
23:58
Look how far you've come despite this will come
Law Smith
24:01
back down, dude, I'll give you a run for your money.
1
Speaker 1
24:03
Hey, we're back to the steroids. Part guys. I
Eric Readinger
24:09
want to mess with breakfast. There's
Law Smith
24:11
no way you're I feel like you have the energy like in high school when you see a fight. My philosophy since high school was crazy beats big. I feel like you've got the inertia that would put you in the crazy category because I feel like a Fight Club guy that wouldn't give up. Right? Like you can see. I'm not talking to the president. I know. I know. He could fly over here on his jet. You're welcome to Tampa anytime. Well. That's interesting. It's not that's more private. It's broad. But it's pragmatic, which I was worried you could go the Rick Warren, you know, The Purpose Driven Life kind of way, which is nice.
Eric Readinger
24:53
Well, it's like a familiar theme that we've heard a lot. Basically a stoic idea of taking a minute and addressing whatever reaction that is you're having. And when you're able to do that, then you won't go so human, you're automatically not so good when you're thinking consciously about it. Right. And that's, that's a common theme with people that we've asked.
Law Smith
25:17
I think, for a lot of people listening I think the one thing the little thing everybody could do is take five minutes, you know, the unanalyzed life's not worth living, whatever that's paraphrased as. A lot of people don't take that 510 minutes a day to go win or lose this day. Am I on track with the things I want to do? Because what could I have done better, but the thing I'm trying to write a bit about is just people you know, that are lazy Spock, and they say they're busy and dropped the ball on things like in a friend outside of work kind of thing with a friend friends or family like, Oh, I've been so busy. I'm like, I don't think you'll
Eric Readinger
25:56
anger comes in. He's angry wouldn't say Well, yeah, what are you busy with?
Law Smith
26:01
You know, I don't I take I take everybody at face value. And maybe that's been naive, but I have friends I can. You can it's like you were talking about you can fill your day. Like, like the feedback part. We're talking about where you can you can take all that energy and time and go bitch, right. And that's a form but say everyone's saying I'm busy these days. And you know, they that's the kind of same wasted energy I think with a little time left you know, we want to we want to keep to you probably have a busier schedule than us. What advice would you give to your 13 year old self?
1
Speaker 1
26:45
That's a good one. Let's see. What advice would I give to my 13 year old self?
26:49
You right off the bat?
1
Speaker 1
26:52
I would say one. Don't be so fucking hard on yourself. You're gonna do a lot of stupid shit. And it's probably going to be some of the most fun shit you do. And while it's costly in the moment, it's going to be the best teachers you'll ever have. And so be less hard on yourself. So that's probably one too. Fall in love with data. Fall in love with data like Wow, I've never heard that one. It took me years to realize that you know, all of the Guru's they go out and they say oh thoughts are things okay. Well, if you break apart the word in formation, a thought doesn't become a thing until it comes inside of you. And there's some shit that happens to create the formation into whatever the thing the thought became. And so information you got to bring that shit in and data there's a reason all of the largest companies on the New York Stock Exchange are no longer oil companies. It's because the data companies think about it. Amazon data company, meta data company, Apple data company. I mean, these are data companies, Google that
Eric Readinger
28:02
insurance company, great, good data stored
Law Smith
28:07
in Amazon, the scary thing that Amazon people just think about as the thing that delivers stuff, and you're like, oh, they own all the web services like Amazon Web Services. Yeah.
1
Speaker 1
28:17
Yeah, that their data is big data.
Law Smith
28:21
And they're almost so great that they control the labor market in that in a lot of ways, or at least a lot of people want to give it back that that kind of credits interesting. What I want I want to get back to the first one. I don't know if you have a third one.
1
Speaker 1
28:37
You're mainly those two I mean, I think those two because the other one the data one if if you can find a formula for it, and there's almost nothing that hasn't been done, okay, there's nothing that hasn't been done for the most part. Like there's a few innovators like the people that invented Google, you know, it's Dr. Berg invented face, but like there's very few pioneers. Almost nothing has been done. So if you can get the right data, that's where you stand on the shoulders of giants and do it better. Okay, fall in love with data. That is probably the best advice I could give anyone because one of the things that pisses me off about a lot of the folks that I coach, they're like, oh, I don't like numbers. I'm not good with numbers. And I'm like, I'm not a good accountant, either. Or I don't want to do accounting, but it doesn't mean I don't like numbers. I like fucking numbers. You know, if you ask me how much money is in this bank account right now, I probably know that number off the top of my bucket pet. Now if you asked me how much we expensed on I don't know our TBM 850 in fuel revenue on lease flights last month. I don't fucking know. Call the bookkeeper. Leave me the fuck alone. Like I don't want a page full of numbers. But you can give me the bottom line numbers. Don't say I don't like numbers. Just say I want to deal with the important ones. Data is fucking everything even Yeah,
Eric Readinger
29:56
all I can tell you right now nobody's done something that brings all the data into one place in a digestible format. I can tell you that right. Figures actually now yeah, I will be first maybe we need to learn
Law Smith
30:07
a lot of stuff and the what the one thing I always hear is EBITA is usually the go to metric. A lot of business owners need to keep their eye on for the most part that which stands for what law, earnings before income and the
30:24
Da
Law Smith
30:26
da you know, we don't have wait, I want to go back to the depreciation in something else. I hate accounting too. I want to go back to the thing. That first one you had, what words can you give us some examples of some of the things that you're hard on yourself that you maybe have worked on at this point and wish you did it early? So
1
Speaker 1
30:57
control is a fallacy. No different than anybody else like obviously everybody has a journey. I grew up broken on little mobile home park outside of Kenya to Texas. And my dad wanting to set our family free and get out of poverty. What open his own business to make a long story short, it is not a bill collect or charge so after three or four months in. My mom lost her job. The big fight happened. The frying pan went flying across the room lodged into the wall clamped to the floor. And my dad heard these words you probably heard a lot of fucking words, but these were the main ones. A real man could feed his family don't come home. If you don't collect what you're owed, so I got to be the charity piece drove up to the assholes house that hadn't paid my dad and I watched my dad all flattened six foot for the guy like he's a big guy. Big broad shoulders not like me, and he is towering over this little weasel little man. I was like I knew what's gonna happen. My dad's gonna own this son of that she was going to demand this cash and it didn't start that way. This guy is gonna pay we're gonna go home everything's gonna be fine. Only demanding with asking asking when to groveling and begging. And this little pipsqueak weasel man used money over my dad and completely mastered and we took a fraction of what we were drove down to the Smiths now and Albertsons and I got to ride back. We didn't say a fucking word. I watched my dad shed a tear. And he was a man that didn't cry. And I wrote back with a box of ramen noodles on my lap. Well from that point when I was a kid, I'm seven. Maybe Hey, yeah, and powerful. I knew that. I was going to mastermind because nobody would make me a slave like they'd made my dad my dad, to his credit beautiful man. My mom was a serious lady. She would have left his ass. She told you don't collect don't come home. Well he collected when he could. He came home and gave up on his fucking dreams and chose to be my father that next day, he went out and got a job gave up all of his finance dreams. So I spent up until 2019 being really fucking hard on myself over anything that had to do with anything that had to do with money. I needed to control everything. And control is a lie. It's a con. You're not gonna control anything. You need to have fun and flow through things. And, you know, I'm a 40 year old guy. I got more gray hair than my six year old friends because of how much I tried to control over the years now. You know, I look at all of it as a blessing. But there were times where I could have had a blast, and I didn't because I was being hard on myself because something wasn't perfect. You weren't perfect. Jesus lived 2000 years ago. I'm not that you're not that I don't know anybody that does that. And if there's anybody pretending to be the probably a deck and I don't want to know him anyway. So you know, don't be so fucking hard on yourself. That's what I mean by it. Because once you give up on being perfect and you start just perfecting a little bit every day, then progress equals happiness. Life becomes not just an investment but also a gift.
Law Smith
34:07
Yeah. I think this has been the best interviewing time on the show. Appreciate you coming on ever. Yeah, for sure.
Eric Readinger
34:16
I'm gonna go I don't think of it in that terms. I love all our guests equally well. That's really good.
Law Smith
34:22
I believe in capitalism. I mean,
34:26
you guys are awesome. story. I
Law Smith
34:28
mean, my love is not unconditional for the guests. I am not Jesus star. Thanks for coming. I appreciate it. And the Preston brown.com for the coaching I saw the websites being worked on and why be ill now.com for your best life now. Sessions maybe we need to go to one instead. Go Java
1
Speaker 1
34:53
check it out, man. Four trips a year. They're the best frickin things you can imagine. We just got back from to give you one more quick story. We went to Machu Picchu. Everything five stars absolutely top notch. But one thing we noticed there because we like to give back in every area that we go. So a relatively small group shows up to Aguascalientes in this little town and like 18% of the kids have shoes. We know an interesting statistic 18% of the children in that province go to school, because you can't get to school if you can't walk through the jungle and you can't walk through the jungle if you don't have fucking shoes. So we found a Peruvian shoe manufacturer. And we raised a little money. And over this week and last week since we've been back they've been acquiring and putting shoes on every fucking kid in that province. And we will change generationally, the way that people in that community live because we're going to improve the education proposition and get all of those little kids to school where they get a hot meal and an education. On top of that we got to hang out with Gabby Bernstein, Dave Asprey, JJ virgin world changing people learn all about faith, man, you get a chance to check out live BL do it. It is it is life changing.
Law Smith
36:09
You're picking up where Tom shoes left off. Forgot. Appreciate you coming on. Yeah, that is a really inspiring story. Amazing.
36:19
Thank you guys. Y'all have an amazing day. On purpose. All right, we will
Law Smith
36:23
see that is legit. Yeah.
2
Speaker 2
36:33
Crazy. People weighing on us turns
Outline
Beta
El Paso is a tough culture.
0:00
What’s it like to work in El Paso?
2:20
The first thing you need to grow a business in a recession is a giant pile of cash -.
5:34
Why most business owners are doing the wrong thing at the wrong stage in their business.
9:22
Why you need to scale your business -.
12:47
What is your formula for living purpose with purpose?
18:50
How to turn anything that’s bad into a positive.
23:38
Why you need to fall in love with data.
27:13
Growing up on a mobile home park.
31:03
