Success strategies from a self made billionaire – bonus episode
Bonus strategies from Ray Dalio
In his podcast discussion with self-made billionaire Ray Dalio, Tony and Ray talked about principles such as the power of humility, traits of successful businessmen, finding joy in helping others succeed and how pain plus reflection equals progress. If you missed parts one or two, you can access them here (part 1) and here (part 2).
In this bonus episode, Ray turns the table and interviews Tony on what drives most people, how to make a tough decision and the importance of taking 100% responsibility for yourself.
[01:15] What does Tony value most?
[02:00] How suffering drove Tony
[02:50] What you hunger for is what was missing
[04:05] The universal principle behind our actions and behavior
[04:35] Conditioning ourselves to meet others’ expectations
[05:35] Whose love did you crave the most?
[06:00] Who did Ray have to be for his father?
[05:55] First the awareness, then the freedom
[06:35] What do you want today?
[08:00] What principles does Tony find most valuable in life
[08:25] Principles need habits and systems
[08:55] How do you create an extraordinary life?
[09:10] The science of achievement
[09:25] Effective execution
[09:45] The element of grace
[10:00] The art of fulfillment
[10:45] The key to happiness is progress
[10:55] When you grow you have something to give
[11:30] What’s more rare than a billionaire
[11:45] Taking 100% responsibility for yourself
[12:10] Add more value
[12:55] Dreams + embracing reality + determination
[13:15] The quality of life is the quality of your decisions
[13:55] The meeting of a lifetime or a critical business obligation
[16:15] Decision-making must be done on paper
[16:25] What makes decision-making hard?
[16:35] Tony’s 6-step process for making decisions
[18:00] Consequences (upsides and downsides)
[18:25] Evaluate (probability)
[18:45] Mitigate the downside
[20:45] How Tony sparked Mikhail Gorbachev into discussion
[21:10] What ended the Cold War?
[21:45] What was the moment it ended?
[22:35] Reagan’s bold move
[23:10] Finding ways to mitigate the negative consequences
[23:45] Success is the result of good judgment
[24:15] Putting problems into an algorithm
[25:05] A collaboration between Tony and Ray?
In this bonus episode, Ray Dalio asks Tony what he values most and why. Tony explains that he had an abusive childhood with very little money and that his family rarely had enough to eat. This lack of safety and stability made Tony crave giving stability and a sense of safety to others when he became an adult. Tony has made a life out of creating impact, whether that’s through his trainings and events, his 100 Million Meals challenge or his personal interactions with others.
What makes us tick?
Ray wants to know what Tony believes is the universal principle of what makes people behave a certain way. Tony relates that it’s the way you learned you had to be in childhood to receive the love of the person you craved it from the most. While this can help an individual develop positive traits, like Ray’s strength and Tony’s insight, it can also lead to limiting beliefs about how we see the world and ourselves.
In their discussion about guiding principles, Tony comes back to the core belief that everyone must take 100% responsibility for themselves and their decisions. They must become the master of their emotions. He learned from his own coach, Jim Rohn, that for things to get better, you need to get better, and that you should always be focused on adding more value to other people’s lives to achieve success.
Want to learn more about Ray Dalio or the principles behind Tony’s interview with him? Read Ray Dalio’s book or our suggested reading below.
Are you free of financial fear? – If you want to create an extraordinary life, you must learn to master your emotions, especially when it comes to your money.
Find the best financial advisor – Financial guru Ajay Gupta lays out the questions you should ask before hiring a financial advisor.
Learn the language of the wealthy – Consult this primer of basic definitions and analogies to help you attain a better grasp on the terms and phrases commonly used in the financial world.