by Craig Ballantyne, editor
Deep inside the SLS Hotel in Las Vegas lies a cavernous, and carnivorous, restaurant called Bazaar. Helmed by the celebrity chef, Jose Andres, you can order the finest charcuterie, rib eye steaks 2.5 inches thick, and if you call a day in advance, a whole suckling pig delivered to your table (recommended for groups of 6 or more). It’s not cheap, but it’s worth the visit. Last month, my friend and business partner Bedros Keuilian and I went to Bazaar and brought along our friend Andy. Young Andy was in awe of the restaurant, and the prices. He’s just getting started in his career and hasn’t yet built a proper money mindset. The right money mindset doesn’t mean throwing money around to show off, or wasting it on frivolous purchases. The right money mindset means that you know how to attract opportunity and properly allocate your capital. Bedros and I are good stewards of our money. Bedros has built several multi-million dollar businesses, and as a result, he lives the good life. Sure, he has treated himself to a couple of toys, a Nissan GTR and a few nice watches, but other than that, he wisely reinvests his profits back into his rapidly growing business, invests in rental real estate, and supports his family of four. More importantly, the good life also allows him to be a servant to others. He’s donated over $200,000 to Shriners Hospital, and he’s coached thousands of personal trainers to grow their businesses and, in turn, help tens of thousands of men and women transform their bodies and their lives.
Bedros has also built a franchise, Fit Body Boot Camp, where each week over 49,000 clients visit a location for a workout. Think about that for a moment. Bedros is directly responsible for helping almost 50,000 people lose weight, look great, and get healthy — all because he has the right money mindset and was willing to take action on his big ideas. Having the right money mindset has also led to our Mastermind Group. Bedros and I know that we need to celebrate our success by giving back and coaching others. We help people build businesses similar to ours. This month, we’ll have our annual Information Marketing Workshop in California with over 100 attendees, including several ETR readers, where we’ll teach people to make money — and how to have the right money mindset. The right money mindset starts a virtuous cycle. When you have it, you make more money, invest more money, and have more money. And doing all of that brings more opportunity back to you so that you can make more money. That was the big lesson we wanted to teach our young friend Andy in Vegas. “When you serve others,” I told him, “You attract the opportunity to make a lot of money.” “And if you have the right money mindset,” Bedros said, “You’ll deliver value and receive value in return. You’ll grow wealthy and be able to help more people, and that is a good thing, despite what you hear in the news and despite the negative talk you hear from other people, or worse, in your own mind.” “Plus, having the right money mindset allows you to make the right decisions with your money once you’ve earned it,” I said to Andy, who was getting excited at the prospect of getting rich. “Basically, the right money mindset guarantees that you will continue to grow your wealth, rather than losing your fortune, as has happened to so many others.”
“So how do I get the right money mindset?” Andy asked? It’s a great question. Everyone needs help with getting the right money mindset. Bedros and I have slightly different approaches, of course, because while the right money mindset is a general concept, the details are specific to each individual. The help you need for getting the right money mindset is unique to your situation. Some folks need help making money, others need help saving money, and some folks need help spending money. It’s tough to wrap up a generic money mindset lesson, but I’ll do my best. In my opinion, the best approach to a healthy Money Mindset is… To not need a lot of money… You must be able to overcome the power that money has over most people. If you can agree with the following statement, then you have the right relationship with money. If the world was to take all your earthly possessions and ask you, “What do you have left?” and you could truthfully reply, “Everything,” with a calm smile on your face, knowing that you have your family, friends, and integrity, then you, my friend, have lived the right way and won the game of life. Count your riches in relationships. Now all that being said… We’re here to make money. But if you can truly live by the statement above, then you will make the right decisions right now for your right life and your future. You won’t take short-term gains that sacrifice long term wins. To make money, you must have Big Ideas and you must add value to the world through the implementation of your ideas. You need to surround yourself with others that think big, like you, and that will support you on your quest to add value. This is why it’s so important for people to get out of their bubbles and attend events, connect outside of the industry, and hang around people that play up a level. If you only talked to your neighbor in your hometown, then you’d think that making $40,000 was good enough and getting a $1,000 tax refund every April was a big bonus. It’s not. But if you hang around Go-Givers, generous people that are wealthier than you, then you will see what is truly possible when you have a BIG IDEA that adds value to the lives of millions. That’s when the Money Game is ON. So it comes down to this. The truth about money is… “Your wealth is the average of the wealth of the five people you spend the most time with.” The No. 1 thing you can do today to improve your money mindset is to play UP a level. That might mean taking a millionaire to lunch, joining a Mastermind group, or hiring your first business coach. You need to attend seminars and be in the room with Bedros, Mark Ford, Tim Ferriss, Dan Kennedy, Oprah, Sara Blakely, Tony Robbins, and so on and so forth. Your money mindset, your habits, and your ability to generate big ideas are all greatly influenced by other people. Fixing your money mindset starts with choosing the right external factors — your friends and your environment. Go to good places. Spend time with good people and you will get the right money mindset on your side so that you’ll attract great opportunity into your life.