October 9, 2019 0

Tony Robbins, Unshakeable, Gratitude & Focusing on Your Steak | #AskGaryVee 242

– On this episode, the legend stops by! (hip hop music) You ask questions, and I answer them! This is The #AskGaryVee Show. Hey everybody,
this is Gary Vaynerchuk, and this is episode 242 of The #AskGaryVee Show! I mean I don’t really
know what else to say. Legend in the room. You know what I
really like, Tony? And I’ll just get right into it, thank God for your documentary. Because people
realized that you cursed, and that gave me
(Tony laughs) the air cover. People are like, oh Gary
it’s okay that you curse now. I’m like, phew! Thank God! I was pumped, people
are like tweeting like, Tony curses like Gary! I’m like, yeah! – I used to
bring you to my talks so that people
would feel good about me after listening to you,
– Exactly! – So we’re doing the
same thing for each other! – Tony, for the
quarter-of-a-person that is watching
right now on livestream and on this show who
doesn’t know who you are, why don’t you give me
the one second thing and obviously, today’s a big day! New book!
You look good in this shot. – (laughs) Thanks man.
– This is a good one. This is pretty quick, your last finance book–
– I didn’t write a book for twenty-five years. I like writing books
like I like selling my organs to the black market. You know, I hate it, but, I really wanted to write a
book that would protect people because, you know,
we’re in the eighth year of a bull market,
second largest in history. Everybody knows
a crash is coming, there’s all this volatility. – I like this subject.
– But I want to really protect people
but more importantly, show them how a crash is one of the greatest
economic times in your life, if you’re prepared for it, to leap frog from where you
are to where you want to be. So if you’re a
millennial out there and you got all this
debt from school still, it’s crazy. I know how stressful
it must be for you. Bottom line is, you can
literally jump during this time. Or if you’re a Baby Boomer and
you didn’t get started ’til way too late and
you think it’s too late, it’s not too late
in these situations ’cause the corrections provide opportunities like never before. And people just
aren’t prepared for it, so I have a partner
named Peter Mallouk. He’s been rated, the
only man in history rated the number one financial
advisor in the United States three years in
a row by Barron’s. Two years in a row by CNBC,
and this last year Forbes, this year Forbes just
came out with their first list and he’s number one. So I want people to
know, I’m his partner I’m on his Board of Directors. But he has grown his
business from nothing in basically 2008. He grew it to 2 billion during the worst economic time,
’cause he warned everybody, there’s gonna be a crash. Here’s what you’re gonna
do so you don’t lose money, and here’s what
you’re gonna do so you make more money during the
crash than anybody imagined. So with no
advertising to 2 billion. Now he’s, when I
joined him a year ago, partners that were 17 billion. We’re now 23 and a
half billion in assets, because this guy
knows what he’s doing. So I took the best of
what I learned from the 50 best investors in the world from Warren Buffet to Ray Dalio to Carl Icahn. Shrinked it down into just– – Really, by the way, nice size. – Yeah my last one’s 670 pages. – Yeah, different size, right? – My whole focus
here is destroy the fear with real results
with a real strategy and make it a playbook
and get people so they can really win. – For my audience, I don’t talk about this
often but I’ve mentioned it a couple times in the vlog, both Wine Library– – Yes.
– My family business, and VaynerMedia were
built out of horrible crashes. – Yes.
– I got involved in Wine Library
full time in ’99, and just as I
started getting going, 9/11 happened and
the 2000 crash happened, and VaynerMedia
was started in 2009, right on the back
of all the issues. So, for me,
I’m a big fan of this. And I will say one other tidbit, there’s a lot of
youngsters who are watching, who are on the flipside, are not sitting with debt. Who are making some
money being influencers, have found themselves
into some quick 50, 100 thou, nothing will turn
$50,000 dollars in cash into millions of dollars quicker than a bust. – Yeah that’s absolutely correct.
– So let me– – Well a bust that
you participate in. (laughs) – Well, right.
– You’re prepared for it, you take advantage of it.
– So here’s something you might
find this interesting. I am sitting on more cash, and not because I’ve made more. I am actively
sitting on cash right now because my hope is
that there is a meltdown and I can buy things
for 20 cents on the dollar, 5 cents on the dollar– – How long you been in cash? – About a year and a half. – Yeah, so, you are a
perfect person to chat with ’cause I would have
had the same mindset before. – Yes. – After interviewing
all these people, I learned some
really interesting facts. First of all,
trying to time the market– – Impossible. – Yeah, and
Warren Buffet said to me, listen, all these market
forecasters you see on CNBC, he said their whole
purpose in life is to make fortune tellers look good. – Yeah.
– No one can do it, I can’t do it.
– That’s exactly right. That I know. – So, but, logically you say, I’m waiting for the crash,
’cause it’s gonna come. But while people are waiting,–
– People are making money. 100 percent. – Unbelievable amounts of money!
– A hundred percent! – 250 percent since 2008. How about just since November with the President,
14 and a half percent, right? – So, tell me how I’m
doing this wrong or right. What I’m also doing
with the rest of my activity, ’cause it’s not a, it’s a piece of my wealth. I’m being ultra-aggressive
and driving the other way there playing on both
sides of the extreme. – I get it, the–
– So not real estate or like, yeah.
– The whole secret is diversifying, obviously, and knowing where you’re
strong and where you’re weak. But what people
should know about the market, ’cause it’s really important. The stock market has provided, you and I know a
million people that have made a fortune, and then go broke. – That’s right. – Whether it be an athlete– – That’s right.
– or an actor or anybody of that nature.
– Unlimited people. – ‘Cause, no matter,
what’s his name right now? I just saw, 50 Cent
just went bankrupt. He made $100 million
on Vitamin Water ’cause he got a tip. He made like
$400 million and broke. He’s about through a divorce, what’s his name,
Pirates of the Caribbean? – Johnny Depp?
– Johnny Depp! Made $750 million,
three quarters of a billion and they say he’s
gonna go bankrupt now. He spent $30,000
a month on wine. So you should’ve got him– – I got a couple pieces of that. (Tony laughs)
Shh. – But the point
of the matter is, you don’t earn
your way to a fortune. The way you have
a fortune long-term is you make money your slave. You and I have done it through multiple businesses, right?
– Yes. – But the other way to do
it is through the investing. And I always tell people, how great your business is, you should have a money machine
on the right side of you with no employees,
with no moving parts, it takes 15 minutes a
year once you know what to do. That’s what this is. But let’s talk about
the market for a second. People wait to
try to time the market, – Yes. – So watch this, and first
of all, you get a correction every year. People are
overreacting and I tell people the market never
took a dime from anybody, only you did that
because you got fearful. – Yep. – So last year, since 1900,
a hundred and sixteen years, we’ve had an average
of one correction a year. Correction, by the way
for people that don’t know, it is when it goes
from a market high, you drop by ten percent, up to 19
and 99 percent, ’cause at 20 percent or more, it becomes
a bear market or crash, okay. So, we get one of these
every year, so last year in January, worst January in
the history of the market,– – Yep, I remember.
– $2.2 trillion meltdown. – Yep.
– People are freaking out. Market drops
900 points in a day, All the wealthiest people
in the world are at Davos. They go interview
Ray Dalio, the number one, you know, hedge fund
in the history of the world. – And? – You know large hedge fund’s
15 billion, he’s 165 billion, you need a $5 billion
net worth and a $100 million to talk to him. – Yep. – I got him to share
with me, they put him on TV, they say, what do we do?
Is the end coming? He goes, it’s a correction.
He said go read Tony Robbins’ book, I explain the theory
of how I’ve made 85– – Did you sell
some copies there? – I sold a great
amount there, but– – You’re like yes! – But I got him to give
me the answer that has made money 85 percent of
the time in 75 years, but here’s what you need to know.
80 percent of those corrections never
become a bear market. They all correct back,
just like last year. But if you sold, you lose.
– Of course. – But then let’s
look at the crash. Crashes happen every
five years on average. We’ve gone eight without one, that’s why we’re due for one.
– Mhmmm, mhmmm. – And you’re right to be
somewhat prepared, but while you’re preparing, there’s
opportunity that’s happening because, first of all,
every bear market lasts on average a year. Goes down 33 percent, but you
don’t lose 33 unless you sell– – That’s right. – And here’s the one
thing I want people to hear, in two centuries
of American Business, every single bear market was
followed by a bull market. So you remember 2008,
and people lost 50 percent? – This is where– – It went up 69%
the next twelve months. – This is where
Buffett wins. Buffett’s got– – He always talks about this. – Buffett is so, it’s
such a great concept I believe in it so much, which is, unless
you’re betting on America disappearing, you will win. That’s it, that’s it,
that’s the punch line. – For centuries, and we’re
gonna keep, by the way, every month on average we have a new
high, so we hear it’s high, oh my God it’s gonna
crash it’s high, but let me give you one more,
’cause it’s the timing. – Please. – And this’ll be
the payoff for you. Payoff is, I just did the
JP Morgan alternative investments conference in Miami.
You have to be a billionaire to attend, to prove it
with your net worth. There’s 400 people there.
It’s an amazing group. JP Morgan did 20 year
study, and Schwab did one also, separate. They
found that in the last 20 years, that S&P 500 gave you
an 8.2 percent return, so you’re doubling
your money every nine years, – Yep, Yep. – Pretty cool thing,
but what they found was if you’re out of the market
on the ten best trading days in 20 years,
instead of 8.2, you got 4.5. Almost half as much money. If you miss the top
20 days, trading days, in 20 years, one day a year, you’re doing what you’re doing
trying to be the right timing. – Yeah, yeah. – You got a two percent
return, you might as well buy bonds.
– Makes a ton of sense. – If you miss the top
30 days, you lose money. – Makes a ton of sense. – In 20 years, so the most
difficult, the dumbest thing you can do is be out
of the market, not you,– – No, no I get it. – ’cause you can
be in the market. – I’m plenty,
I’m plenty in the market, ’cause I believe in it.
– Plenty in the market, and then also being
prepared like you though. – So Tony, listen, first
of all, one of my favorite things about you
from afar, we get to hang once in a blue moon,
random calls here and there, – Yeah. – But from afar, you
know what I love about you? You fuckin’ hustle.
Like I feel like, the book came out today, you’re freaking
everywhere, doing your thing. That’s what you’re good at.
We have a very large audience, of a,
I know what you’re doing, but here we have a real
awesome opportunity because I think we’re gonna go
deep in a narrow field. – Yeah. – So the majority of
these people I don’t think are looking at the stock market,
I even look at the characters here,–
– Yes, I know. I’m looking. – They way they’re
thinking about the stock market, so different, in a
world where you might not have cash, and where
you might have debt, or if you’re not even
in debt, you just don’t have a lot of cash,
talk to me about somebody sitting with $10,000,
which by the way for a high percentage is still a ton.
– Correct. – But is there anything
that, if they have $1500 are they, should
they be out of the market? Like what are they,
like, I know we’re going very, very, very micro here but
I actually want to bring value. – No, I want to do it too. – My payoff is actually
bringing value to everybody watching, go ahead. – I’m of the same,
I actually give an example in the book here– – And then we’re gonna
take a phone call. Get ready phone calls.
Chris you ready? – Yeah, so, forget just
the $10,000, what matters is the system you put in place. The shit you do randomly
every now and then because you got money is not
gonna help you much right? – Especially if it’s
fuckin’ fat whip or a watch. – (laughs) Yes.
– I don’t even want to start. – So, number one most
important financial decision for everyone watching,
everyone in this room, really we all know you’ve got
to become an owner instead of somebody that is constantly,
you know, utilizing products. In other words,
if you have an iPhone and you don’t own
Apple, what’s wrong? You’re a consumer
you’re not an owner, – That’s cute.
– How do you do it? Every person in this room
has got, regardless whether you think you have the
money or not, to make the most important financial decision
which is to be an owner I have to take a
percentage of my income and then no matter
what, off the top, automate it so I don’t see it, put
that in an investment account. Now what’s the number? You might say I can’t, Tony.
I’m starting my business, I’m strapped, I tell
all business owners, example of a gentleman, true
story, Theodore Johnson, 1950’s works for UPS.
Guy never makes more than $14,000 in a year.
He retires with $71 million, he gives away $35 million
while he’s still alive. – So good.
– How is that possible? A friend of his,
did what we’re teaching. Comes to him and says,
I’m gonna make you rich. He goes, I’m not rich,
I make 14 grand in a year, right? He says I’m make you rich.
I’m gonna put 20 percent tax on you. He goes
what are you talking about, I can’t pay my bills as it is.
He said listen to me. – Adjust. – If the government gave
you additional 20 percent tax, you’d bitch,
you’d yell, you’d scream, and you’d pay it because
you’d have to and your brain adjusts, but that money goes
into his investment account, the compounding of that
account made him $70 million and he never made
any more than 14 million. – Andy, do you
have Facebook stock? – [Andy] Yes. – Because of all the
chatter we always have in here? – [Andy] Yes. – Like that’s the
punchline, right, like we know because we live in this
world for the last three years– – Yes. – I’ve been yelling
and Andy will tell you, (phone ringing) not yet. That just buy Facebook.
We know Facebook’s underpriced. That’s even narrow. – But, but, but here’s what
you’ve got to be careful of, and this is something
Ray Dalio taught me, one of the smartest men on the face
of the Earth, he said Tony I don’t care what it is
you know, you’re gonna invest in what you know ’cause
you have certainty, right? – Of course. – Whatever you know is
gonna drop 50-70 percent sometime in your life,– – That’s right.
– and he said if it’s it’s later in life,
you’re completely screwed. – That’s why diversity matters. – That’s why a
diversification matters. But let me give you,
the guys here watching,– – But, but let’s talk
about that for a minute, – Yes. – And Ray’s right, like
that’s just non-debatable. – Of course, that’s
totally undebatable. – That’s data, it is
interesting to see, where– – What I’m saying is, you don’t
just want to own Facebook, and you’ve got to have
across the board because you say I want the best,
I want Facebook, I want Apple,– – Here’s an interesting
debate that if you actually knowledgeable about a
sector, and you’re only putting $2-4,000 a year to work, that’s an interesting debate. – It’s an interesting debate,–
– and by the way, Netflix and Amazon, yeah. – When you’re this young,
you can also be more heavily on stocks, you
can take more losses ’cause you have more time. But think of it this way,
just go back to compounding as a simple example. Guy in here, I talk about
in the book, 19 years old, dad convinces him to
save 300 bucks a month, 4,000 bucks a year, so
it’s within the range of anybody here you’re
talking about, right? – Yep. – Guy starts at 19,
stops doing it at 28. He only puts in 35 grand. He puts it in the market
and the market’s grown 10 percent over 30 years,
but let’s use eight percent to be more conservative. Last 20 years have
been more eight percent. At eight percent,
that will grow to 941,000 without another dime. He’ll have a million
bucks off of $50,000. – You’re preaching. – But on the other hand,
his best friend waits ’til he’s 29, he does the same
thing but he has to keep investing to 65. He puts in almost
980 grand, he doesn’t get the million bucks. – Yeah the math is the math.
– You gotta get in. – You gotta get in.
– Alright, you got something? Go ahead. So, you’re inspired now? – By the way, I wanna
tell everybody by the way. I wanna tell
you guys by the way. – You’re gonna remember this
interview your whole life. Let’s go. – I want to tell you by the
way, for everybody watching, this book, my last book,
I donated 100 percent of the profits,
five million bucks. I’m doing the same
thing with this one. We fed 100 million
people between my donation and the additional
donations I made in 2015. 100 million people
last year through my partnership Feeding America. We’re gonna be
100 million people, 100 percent of
this goes to that. We’re gonna feed a
billion people over the next seven years
to give you an idea. It’s pretty cool. It’s pretty cool, and
it’s all coming from the book. – While Chris is trying to
figure out how to dial a phone, (Tony laughs) Talk to me real quick about
the Netflix documentary impact. I try to trade
culture and attention. – Yes. – I could taste
it in the ecosystem. You’ve been a
known brand for decades. Where does that, what was the
impact of that documentary? – Huge, it was huge
because it’s taken, I decided to put it on
Netflix ’cause it immediately put me in 172 countries,
and they translated it for all those languages.
– Huge. – So the level of distribution.
– Global. – And it’s free, you’re
already there, people are already in Netflix,
and it got five stars and it took off like
crazy so the concentrate, you know I went to the
fight with Diaz versus. Oh there you go.
– There we go. – I went to the UFC
fight, and it’s like… – We’ll pick it up. – All these young
guys coming up to me. – Yep. – That normally
wouldn’t know that are like… – This is Gary Vaynerchuk
and you’re on The #AskGaryVee Show
with Tony Robbins. What’s your name
and are you excited? – [Brandon] Holy shit. (Gary laughs) I’m so excited, I’m a huge fan of both of you guys, this
is absolutely incredible. My name is Brandon Dendiff and I’m coming from
Denver, Colorado. – Love it man,
what’s your question? – [Brandon] So it’s
a little bit off topic. – That’s okay. – [Brandon] I know you guys
were talking about the market… – We adjust. – [Brandon] But,
both of you are huge advocates for gratitude and that kind of, you know,
delivers your energy and how you guys
interact with everyone. – The world. – [Brandon] Especially
you Gary on social media, stuff like that. So, my question for you is,
how do you become– – Grateful? – [Brandon] So
grateful yeah, exactly. To have this energy,
especially from Tony’s position of just like, I dove into
your documentary on Netflix, and that was actually the first
time I was exposed to you. Actually my father, who
owns an independent agency in Connecticut, very successful. He quoted you as a huge
inspiration so, I kind of dove into your content, and
fell into kind of your hands and your guidance so. – They’re big ass
hands too, by the way. Jesus. Well listen, thank you
for the question, Tony? – The question is, how
do you create the gratitude? I’m not quite
clear on the question. – Yeah, how do you? Go ahead. – [Brandon] Well, how
do you become so grateful, and because of that,
you live a life of… – I think this is, actually,
this is a great first question Brett, thank you so much
because I actually think he nailed it, which is,
I actually think he’s right. Like, in what I see in
you and from others like, gratitude, it’s incredible
what gratitude does. – Well the two things
that mess everybody up are anger and fear. When you let them
dominate you, you’re in trouble. And you can’t be angry
and grateful simultaneously. – Nope.
– It’s the antidote. It’s the only attitude
that really works. And you can’t be fearful
and grateful simultaneously. So for me, the
answer to his question, I don’t hope I’m
gonna be grateful. I have a system, like
anything in life I, you know, if you’re a great pilot,
you know how to fly a jet, you still have a checklist
’cause if you miss the checklist the
consequences are too big. So I’m not a big meditator. My meditations have been
active, it’s been physical, it’s been in nature,
it’s been ripping things open. It’s being on stage. But I started a few years ago
doing what I call priming. And what priming is
is most people think their thoughts are their thoughts.
When really your thoughts have been primed
by the environment. That’s why you want to
create the environments like you create and I create
’cause it makes you be your best, but specifically
there’s a study where they took a group of actors.
They had ’em go out to 200 people and the only
thing different they walked up to each person, and the only
different was they held a cup of coffee. They walked
up to you a stranger and go, would you hold this for a sec? And they’d look down so
you can’t say yes or no, and you’d end up taking it. They get their phone, they
adjust it, they take it back and say thank you. That’s the whole thing. Same facial
expression for every person. Only difference,
half got an iced coffee, the other got hot coffee. Now, 30 minutes go by,
they send out an assistant, a research assistant with a
clipboard and they come up to these same
individuals and say, if you give us two
minutes of your time we’ll give you 20 dollars. Will you just read
these three paragraphs, and tell us what you
think of this character. Couple questions. They read the three
paragraphs and they say, what do you think
of the main character in this little story? 81 percent that were
given ice coffee say the person is cold and uncaring. 80 percent, a one percent
variance, of those who are hot coffee said the person is
warm and connected and caring. With nothing else but coffee
30 minutes earlier ice cold. I can tell you 50 of these.
So what I do, is I get up every morning
and I make a radical change in my state, and I have
a simple deal with myself. I prime for
10 minutes every day. ‘Cause if you
don’t have 10 minutes, you don’t have a life.
– Hundred percent. – No excuse. So I come in, I do this
radical breathing change. These three sets of 30
breaths where I bring the air in and explode
it out my nose ’cause, I’m sure you know
from Eastern philosophy, the breath is like
the string on a kite. The mind is the kite.
– Yep. – You can change
the mind through breath. – Yep. – So I do this radical
breathing, takes a minute. – Then I do three things for
three minutes, really simple. I take three minutes
and I focus on three specific individual
things that I’m grateful for but I don’t think
about intellectually. I step into the moment.
Remember it, feel it. What does is it
activates it not as a thought but as a biochemistry. Then I do three minutes
of prayer and blessings, starting with my family
and moving out to everybody, my clients,
friends, people I meet. And then I do three minutes
on what I call three to thrive where I focus on three
important outcomes that I have, that I wanna accomplish
but I don’t think about want to accomplish it.
I see it, I feel it, I experience it and
then I feel grateful. – That’s your move. – I actually go 15 or 20
minutes ’cause it feels so good, but what’s happened
is now you’re primed. You’re not hoping
you’re in prime time, you are in prime time. And to me, that’s how I do it. Once you’ve primed
yourself, you start noticing things to be grateful
for all the time. When I asked Sir John Templeton, one of the first
billionaire investors, international investor
in the whole world. Started with nothing, built it up. When I asked him, I said,
“What’s the secret to wealth?” I’ll never forget, he
looked at me and smiled and said, “Tony,
what do you teach?” I said, “Well, I teach a
lot of things, which thing?” And he goes, “Gratitude.” How many billionaires
do you and I know that are miserable human
beings and they’re so unhappy. He said, “They’re poor.” If you’ve got a billion
dollars but you’re frustrated and angry and sad all the time, your life is frustrating,
angry and sad. How many people have
nothing but they’re grateful for their family or
their health or there, there. That is the game, it really is. – To me, it comes down to its
cousin which is perspective. – Yes. – So I do something very
similar every single day. I make pretend that my
mother, dad, sister, brother, wife or children are killed. Now, I know this is a
different version of it. (Tony laughs) I know, you
didn’t expect that one? – I love you
crazy son of a bitch. (group laughter) – I know it’s a
little different. – Yes, they get
stabbed in the eye, and then they
take out the groin. – Yes, it’s sometimes
even in detail but I will tell you,
it’s very fleeting. It usually happens within–
– It’ll make you grateful for them still
being here (laughs). – But I promise you,
I know it’s a little left field. It’s insane what
that perspective does me. Nothing, and I feel it. – Well, it’s contrast.
– And I feel it. – I get it.
– I feel it in my soul. – Contrast works. – It just makes every bad thing, and by the way, I’m
sure for your business, when you’re the
last line of defense. You know how they say
occupation on the doctor form? The last time I filled
it out I said firefighter. (Tony laughs) Because that’s what
I think I do for a living. It’s just problems. When I get done
with this interview and I’m gonna look at my phone, seven problems,
seven fires to put out. That’s what I do. For me, it’s perspective. I don’t understand
how people don’t get that there’s seven
plus billion people, that there’s so many people
that have it worse than you. – If you live in this country, you know, I feed 100
million people a year, I care. But if you live in
poverty in this country, you’re the one percent. You’re not the 99 percent.
– I know! – Two thirds of the planet lives on $2.50 a day, $900 a year. If you’re making $18,000 a year, I don’t want
you to make $18,000, but you’ve gotta
start with gratitude that you’re one of the
richest humans on earth. – You’re preaching.
– It doesn’t feel like it, but you are.
– Preaching. DRock, don’t produce the show. Hello, this is Gary Vaynerchuk and you’re on
The #AskGaryVee Show. – [Miguel] No,
there’s no fucking way I have this luck (laughs). – (laughs) You’re on man! What’s your name,
where are you from? – [Miguel] I’m Miguel. I’m
from Los Angeles, California. – Awesome, Miguel,
what can we help you with? – [Miguel] Okay, so,
God damn, hold on. (Gary laughs) (laughs) Alright, so, I’m 20 years old. I’m in college right now. I’m in my junior year,
the hours are really crazy ’cause I’m going to
school for game design. That’s what I really wanna do. – Okay. – [Miguel] I really
want to be able to just purchase my
own games studio. – Okay. – [Miguel] I also
work part time, I just started a
marketing business to try and bring more money in but this is the first
business thing I’ve ever done and I’m trying to start
my own gaming YouTube channel just to get my
name more out there and learn basically
how to get my own following and become an influencer
for video games myself. – Okay. – [Miguel] My question is, how do you know whether or not you’re trying to basically
take too much on– – Right, are you
stretching yourself thin? Yeah.
– [Miguel] Yeah, yeah, yeah. Like, I wanna know– – I got it, Miguel. – [Miguel] How do you know
when you get to that point? – I got it. Tony, this is
such a classic question for a lot of entrepreneurs. You’ve done it, I’ve done it.
We’ve lived our lives. You know, where does
doing a lot of different things to see if there’s upside in it, which all my great
things have come from. – Me too. – Stop, and
where does it start to, you’re taking on too much
and now you’re trying to do everything which
means you’re doing nothing. – First of all– – Thanks for the call, Miguel.
– Thank you for the question. Most people who start
a business, very often, will start two, three, four more and the reason they do
it is because the first one isn’t succeeding
or they no longer have juice for it.
– They lack patience. – Exactly right, and so
what happens to that person is they’re never gonna
successful in most cases, unless they get lucky. – Yeah.
– You can get lucky, bounce across
something that’s easier to do. But most people are always
looking for that next level. What my view is is it’s great
to test all these things but you’ve gotta find,
what is your flagship? What is it that you’re
gonna commit your soul to? Because if you don’t do that, the inevitable challenges
are gonna come up and you’re gonna then
move on to something else that’s more enjoyable.
– [Gary] 100 percent. – And so, the
other thing I look at is, business is about
constantly, not only adding such massive value, doing more
for others than anybody else, but it’s also simultaneously
about your own psychology. It’s your ability to go
through thresholds of control. It’s like, I can remember
when I didn’t have $50,000 to keep the doors
open on my company. I had 12 employees
and 11 wanted to quit ’cause they hated the
person running the show. And $50,000 would be
like 500 million to me today. And I figured out how to
get through that threshold, and once I did, all the problems related to that were handled. I know you’ve done this as well. And then I had a
$5 million lawsuit, it was totally
unfair and unjust, and I finally had to just, the amount of the
time, energy and money, I had to bite the
bullet and five million was more than
I could remember. Then I got a partner
who took a company that was losing a
million dollars a day and turned it into
1.5 billion in positive EBITDA. I’m not mentioning
names, Amway. (laughter) And he wanted me to
join him in business with some other partners, not
doing the multi level side. Did the business,
put in 10 million bucks, we all put in 10 million,
it was 40 million of debt, but I signed joint and several, which I didn’t understand in
those days what that meant. Two of my
partners were supposedly billionaires
and they went broke. We bought some more companies. I end up with
$120 million in debt that I was on the hook for. No one else had any money, and I’m getting up to do a
seminar wanting to throw up. It was a new
threshold of control. So you know when
you ski or you snowboard, and you think you’re
maybe, just new at it, and you think you’re
going down a blue or green and turns out to
be a double black ( Gary laughs) and you’re like,
what the fuck?! – Yeah.
– Right? And so you have two choices, one is
you start to go down and you freak out
and you’re gonna die, you slam on the ground and
try to hang on for dear life. Or the other is, baby you
focus on where you wanna go – And go.
– And you find a way to curve. You find a way to cut. And once you do it,
a couple of times,– – You get used to it. – You have no more
fear of that element, now my biggest one, out of that, that led me to a billion. I have 31 companies
now to give you an idea. Seven different
industries, as diverse as stem cells to virtual reality. We have the
exclusive to the NBA now, in virtual reality
to give an example. We got 1200 employees,
we’re on three continents, and we got
$5 billion dollars in sales. But I did that
because I first stayed on one freakin’ thing and I got so masterful at it. The way I look at it, I’ll
give you one more metaphor. You’re probably not
old enough to remember this but I’m old enough to remember–
– I’m pretty old. – Mel, I forget
his name, he was a, the guy that–
– Mel’s Diner?! The great ’80s sitcom?!
(Tony laughs) – No the guy that looked for
gold on the Spanish galleon. I forget his name. But anyway, he found a
half a billion dollars in gold but it took him
like 31 years to do it. And you can’t live on that, that’s a good start! – Maybe he loved
the journey, though. – No, he did not
love the journey! His son was
killed on the journey! – Well that’s bad.
– He made no, if you could imagine
31 years of going out there, getting money from investors and showing nothing? I mean after a
year, two, five, ten some point you hit
your breaking point He never hit his breaking point. So I looked at my
businesses back then and I was always looking
for the new business that was great for opportunity. I loved what I was doing, it’s emotionally rewarding but low margin business. And, I had these meetings
with a group of billionaires. And they said, you
have not maximized. And then I saw this
guy Mel and I thought, I don’t believe, I have
not the right beliefs. You need three beliefs to be successful in your
business the highest level: you have to believe, number one, what did this guy have
to believe to go 31 years? He had to believe, number one, that the treasure was out there. Number two, he had to believe, I’m gonna find it. And number three he
had to believe it was going to be worth it. – Yeah.
– If you don’t believe there’s that
treasure in your business, you’ll never find it.
– [Gary] You’re finished. – You’ve got to use
those three things to go to another level. – Miguel to
answer your question, I’ve now had a career
for twenty-plus years. I, at every minute, was
running one of two companies. Wine Library or VaynerMedia. There was never a day in my life where I didn’t have
something that I called, “The 80 percent of what I do.”
– That’s right. – That’s exactly
what you were saying. – Yes.
– I call it the meat, the main dish. You can go and have side dishes, and if your meat,
if your steak is perfect, you’ll always be
able to absorb the losses, because they’re smaller losses and then when something
over here becomes bigger, you can turn that
into the main part and that can become the steak. Too many people
have all side dishes, and no steak. – I want to say
something else about it too. – Let’s do another phone call.
– Most people massively overestimate
what they’re going to do in a year. And they underestimate
what they can do in a decade. So what happens is
they get all disappointed and frustrated and they
don’t stay with the game– – Talk to me
about lack of patience. This is something,
I’ve been pounding patience. – You’ve been pounding patience? – Yeah.
(laughs) I actually, do you know
that I genuinely think I’m the most patient?
Do you know that– I genuinely call myself a
tortoise in a hare’s costume? Don’t let my energy
or my stage presence confuse what I’ve
actually been doing. – Yeah. No I get it,
I’m teasing you. – I know you are.
– I know. – But the reason I want
to put it out there is I think it’s an
important thing that, it’s an enormously
important variable. – I think so too, let me mention
one thing with it. You really, I think
all businesses though, we’ve talked about
focus, I just want to add one last piece to that before
we go to what you’re saying. I think all businesses should
be running two businesses. The business you’re in and
the business you’re becoming. Because, if you only
run the business you’re excited about
you’re going to become, you’re gonna miss the cash
flow of managing your business. If you only focus
on the day-to-day, you’re not
anticipating the competition. – This is GaryVee,
and you’re in The #AskGaryVee Show
with Tony Robbins. Who’s this? – [Nico] Yo Gary, it’s
Nico from Chicago, man. – Nico, how are you? – [Nico] I’m good, how are you? – Good man,
what’s your question? – [Nico] Alright, so
just a couple sentences to give you a cap of what I do. I’m building two
things right now which is a small business,
my creative studio, and my personal brand. – Okay.
– [Nico] So my creative studio does photo/video content
for small businesses and my personal brand
is just my creative content and me documenting my life
through Instagram and YouTube. – Okay. – [Nico] So, I’m wondering,
should I leverage, or should I use my
leverage and community for my personal brand and
funnel that into my business? Or should I keep them separate? Or what do you
think I should I do? – Well look, obviously
I know why you’re asking this, because
I’ve lived this life, right? Now the thing
that’s interesting about me and I’ve talked about this is a lot of my
audience doesn’t necessarily represent the
clients of VaynerMedia. VaynerMedia does, you know, gonna do $125 million
dollars in revenue this year, and it’s mainly
Fortune 500 companies who are not necessarily
watching my 25 minute vlog. Now, what I knew
about being in the business you’ll be in the future, is that the technology
would drag people down. And that the
53-year-old cliche executive would eventually watch
YouTube and be on Instagram. I would tell you, here’s what I would
say to you, brother; Intent matters so much. As long as the content
you’re putting out and the stuff you’re doing creatively, isn’t just a
gateway to get clients, just because of that. I think you’ll
be perfectly fine. It’s going to happen naturally
anyway, first and foremost, because people are
going to become aware of you. I think, listen,
I wrote a book called, “Jab, Jab, Jab, Right Hook”. I think it’s okay
on your personal brand once in a while to say,
hey is anybody looking for small business clients? As long as that’s three,
six, seven percent of your, and that’s an arbitrary number. As long as your
audience doesn’t feel like that’s your intent. Look, Tony and I get
compared to a lot of people that we are opposite of. But it’s our energy
and the way we roll that people think we look that part. The intent matters. So I would tell you that, as long as you’re asking
instead of making, you win. Do you know how many
people have landing pages where they get you in
and you got some content and then all of a sudden you
got to pay to keep going? That’s making people pay. Putting out good
stuff to the world and then maybe some
of it coming your way? “Jab, Jab, Jab,
Right Hook” was give, give, give and then ask. Most people interpreted it as give, give, give
and then take. That’s a very big difference! – I like that. – [Nico] Okay, so my first
brand is like, the complete, it’s exactly what
you’re describing. It has nothing to
do with my business– – It will work.
It will work. Dude, dude, dude, do you know how many
people have given me business ’cause I’m a Jets fan? That’s real!
We connected on the Jets, but it became, absolutely. Speak your truths, have pure intent, work hard,
a lot of good things happen. And by the way, I heard your structure,
your strategy is on point. You’ve got an 80 percent stake, you’re building a
personal brand over at 20, you’re doing YouTube
and Instagram today, as we record this. That’s right. So you’ve got
every piece in place. Keep going with your intuition. – [Nico] Alright,
thanks brother. I love you man.
– Thanks man. I love you too, man.
Alright. Bye. – Tony, while we transition, we’ll get one
more question in here. What’s going on with
you and social media? I remember very, very, very, the last time I reached
out to you I got inspired. I called you, and
I said, bro, Snapchat. This was fifteen months ago.
– Yep. – Talk to me about
your journey on that, and one other thing that we
have to do before we leave. I’ve never asked you this,
and I think it’s really funny to ask here, and
you may not remember. I will never forget
being at SXSW 2008, ’09 or ’10. And I get this email,
it says Anthony Robbins. And then it’s a voice email! – (laughs) Yes. – And I’m like, I don’t know. Click. It’s like, Gary! Tony Robbins! And I’m like, holy shit! (group laughter) I don’t know if you recall that. – Yes, I do.
– But what I’m curious about is, do you recall
why you wrote that email? – I don’t remember
that in particular but I use audio emails
much more than regular emails because–
– Context. – You hear your voice,
– Context. – That context that you can’t
get that in a normal email, plus, if it’s a
couple lines I’ll type it, but if it’s something
that has emotion to it, I want somebody to hear it, so I can connect with them.
– I love it. – The piece there, so that’s it. – I love it. I love it.
Alright let’s go to this. And I’m not
letting you off the hook, (phone rings)
I want to know what’s going on
with you and social. – Oh, I’ll answer that question. – Let’s, we’ll
see if this person. – If you got it, go.
(phone ringing) – [Doug] Hello. – Hello, this is
Gary Vaynerchuk and you’re on The #AskGaryVee Show
with Tony Robbins. – [Doug] Fuckin’-A
it is GaryVee! – It is!
(group laughter) – [Doug] Brother.
– Who’s this? – [Doug] This is
Doug, Austin, Texas. Doug, Austin, Texas.
– I love it, man. – [Doug] My question for you is how can I possibly
thank GaryVee for pushing me
through all these years. Starting with 2007,
I’m looking at my 101 wines right
now, founded by you. Know your pal, you were in Austin
with the book signing. Tony, loved you in Shallow Hal. (group laughter) – Amazing. – [Doug] I just
wanted to call in and give you the gratitude. (inaudible) This production
company here in Austin, Texas. Just grassrootin’ it. It’s been fun, and I
appreciate you just hustlin’ and showing us
how it’s done, man. – I appreciate it man, listen.
– [Doug] Been solid. – You go impact
one other person. The right way to do it, and
that’s more than a payback. But if you find
yourself in New York, or wherever I am, I’m gonna
be in Austin a couple weeks for South-By,
come and shake my hand. Send an email to Gary
– Hair, brother! – (laughs) I will, man, it’s good to see you.
Thank you for the love. – [Doug] Peace out, thanks. – I forgot about that
amazing appearance you made. Was that fun?
– Which one? – The Hollywood, when
you became a Hollywood star. – You know
what’s interesting is, the guy that wrote
that is legally blind. That’s why the story is about seeing the beauty in someone– – I did not know that. – And he bought my audio
programs because he’s blind, he has Personal Power. He listened to it. He went
to the Farrelly Brothers. Never wrote a movie in his life. Sold the film, they’d ask me
three times to be in films. I said, look, I’m not an actor. I appreciate it but no. They send me the script– – They’re like, you’re in it! – Made me laugh, I cried. But then what they
didn’t tell me was, they re-wrote that section. The writer didn’t do it,
he had like a fortune teller doing it and they
said, eh, that’s bullshit. If you were stuck in an
elevator with Tony Robbins your life would change. (Gary laughs)
So I show up and I start speaking,
and they didn’t tell him and they didn’t tell me
this is how it came about. So he hears my voice and, Tony Robbins! And tells me the whole story! – So cool.
– Then I go to do the piece, and I’ve got
Jason Alexander there, right? – Yeah, yeah, yeah. – And I said, look guys,
you wrote this whole thing. I’m honored to
be the center of it. It’s not me, I wouldn’t say the shit.
– I’m just gonna do my thing. – He goes, well
there’s no script. I said, he’s an
actor, let him act. And so when
I healed him like that, when you see him shocked,
that isn’t acting! He wasn’t prepared for
it to give you an idea. We did it over and over
again, it was a fun trip. – Tony, end with this for me. What has been
your journey on social? Where are you now? What are you excited
about, are you into it? Is it hard for you?
You’re very busy. Like every, don’t pander to us, I’m actually
curious to where you’re at. – This young man
right here runs it for me. – Yep.
– So, Tyler, he does a great job but I do all
my own personal components. I get him to go
leverage and get the pictures and the graphics
and all those things. I found that Facebook
Live is one of my favorite tools at this stage. – Yep.
– ‘Cause we get three-quarters of a million people, – Watching.
– It’s like you have your own show, you
just go in there and, boom! So that tool to me is
one of the most viable tools. But you know, we’ve got a
million people on Instagram, – Tyler.
– We got 10 million people there now.
– What do you want to see, this is your chance. This is the air cover you’ve been waiting for.
(Tony laughs) I’m gonna be your shield here, this is the
right room to do this. Where’s the place
that you’d like to see him focus a little more on? – For me?
– Yes. – Had you asked
me six months ago, I would have said
Snapchat, but now I’ll say Instagram Stories. – [Gary] Yep.
– Yep. – We’re doing it today, he’s
taking a little run-through on it,
– [Gary] I love it. – He’s digging it. You know, it’s ephemeral,
it’s here today gone tomorrow. But you’re, he’s able
to connect with his fans. And give them that little
sneak peak behind the scenes of what he’s up to. – [Gary] My man.
– I’d love to see that. – And I love that
Instagram is more your personal life to a great extent. Each piece, you know,– – Yeah, Facebook’s
like mainstream media. And by the way, they ebb
and flow to his point, he’s exactly right. Six months ago it
would have been Snapchat, and tomorrow,
somebody might buy Vine, create one feature
and we all care. – Yeah.
– It’s a moving market. – Without a doubt.
Without a doubt. Thank you, brother!
– It’s great to see you. – Listen, people watching, I want to plant one seed,
one seed for you too. Both of us have achieved a lot. I’m sure many of you
have achieved a lot too. Success without fulfillment’s
the ultimate failure. This guy’s very
fulfilled, that’s why he works 24 hours a day. His whole hustle is
that it fulfills him. Same thing with me. If you don’t find
what fulfills you, all the achievement’s worthless. I had a really
cool conversation, and I talk about it at the
end of the book here because money is not
gonna make you happy. It’ll give you resources,
it’ll give you tools. But you got a
2 million year old brain that’s always
looking for what’s wrong ’cause it’s trying
to make you survive. If you’re going
to override that, you’ve got to learn
what it is that’s gonna fulfill you most. And if you
discover that, and you pour all of your juice into that, forget the money,
the money will be fine. But what you really will have
is an extraordinary life. That’s what this
character has done for himself, ’cause he lives
it every single day. I live it every single day. There’s nothing short
of that that’s going to give you what you want. So, hoping you read this,
you’ll also find there’s pieces there about
how to master the mind. ‘Cause this is
what messes this up. You can be a billionaire and be miserable.
– This is the game. This is the
operating system, baby. – We’re the only creatures
on the planet that can think a thought and
make ourself miserable, and think a thought and
make ourselves euphoric. So, take control of your mind. That’s really the
end of the game for you, that’s how you’ll survive. – Two things, you gotta
ask the question of the day. That’s what every guest does. So you get to ask a
question, and there’ll be thousands of comments
on Facebook and YouTube. So give that a
thought of what question you want answered. Number two, I’m about
to take a picture with this man, and I’m gonna give
away a hundred copies of this on Instagram over
the next 24 hours. – Cool! That’s exciting! Question I have is, what is your definition
of a magnificent life? I’d really be curious. – Oh we’re gonna get some good stuff.
– What’s your criteria for a magnificent life? Which to me is
life on your terms. It’s different for everybody, I’d love to know what yours is. I’d love to see
the variety of people. Thank you, brother. – My pleasure.
– Good seeing you, man. – You keep asking questions, we’ll keep answering them. (hip hop music)

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