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- 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,