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Why you will never earn your fortune
Tony Robbins and Gary Vaynerchuk on building wealth, growing a business and finding gratitude
In this episode of the Tony Robbins Podcast, we’re bringing you to the #AskGaryVShow. Gary Vaynerchuk is a serial entrepreneur and CEO and founder of VaynerMedia – a full-service digital agency servicing Fortune 500 clients across the company’s four locations. Gary has also made his mark as a public speaker, venture capitalist, New York Times bestselling author, and has been named to both Crain’s and Fortune’s “40 Under 40” lists.
Gary is also the host of his podcast, The Gary Vaynerchuk Audio Experience, and of course, the ever-popular #AskGaryVShow, a business and marketing focused YouTube show with over 800,000 subscribers.
Tony recently stopped by the Gary V Show to talk business, wealth, strategy and psychology. In the Gary Vee interview, they discuss what it means to be unshakeable, the power of gratitude and their morning rituals, and they give advice to entrepreneurs and business owners on how to stay focused and keep their mental edge when things get tough – so that they won’t just achieve financial freedom, but true fulfillment.
Gary Vee Podcast Show Notes
[00:55] Ana introduces this episode
[02:20] Gary welcomes Tony
[02:30] Why Tony wrote “Unshakeable”
[03:00] Corrections provide opportunities like never before
[04:00] Destroying the fear with real results
[04:20] How Gary used economic winters to excel
[05:10] It’s impossible to time the market – why Gary is sitting on cash
[05:50] While you are waiting, people are making money
[06:15] The secret is to diversify
[06:20] You don’t earn your way to a fortune
[07:05] Creating a “money machine”
[07:20] People are overreacting to market corrections
[08:30] 80% of market correction never become a bear market
[08:45] Crashes happen every 5 years on average
[08:50] Every bear market lasts one year on average, going down 33%
[09:00] In two centuries, every bear market was followed by a bull market
[09:15] Unless you’re betting on America disappearing, you win
[09:35] JP Morgan study on S&P and best trading days
[11:10] What someone with a lot of cash should do
[11:50] Make the decision to become an owner
[12:20] Theodore Johnson example
[13:20] What to be careful of
[14:20] The power of compounding for your savings
[15:20] The impact of “I am Not Your Guru”
[16:05] How do you become so grateful?
[17:20] Gratitude shatters anger and fear
[18:35] The power of priming
[18:50] The iced vs. hot coffee study
[19:45] Tony’s morning ritual
[21:00] Sir John Templeton – the secret to wealth is gratitude
[21:35] Gary V.’s daily ritual
[23:20] How do you know if you are taking too much on?
[24:40] Most entrepreneurs attempt too many businesses in the beginning
[24:50] Find your flagship, that you will commit everything to
[25:20] Business is also about your own psychology
[25:30] Master one thing at a time
[26:30] Massive focus and big risks
[27:00] The 3 beliefs you must have when starting a business
[28:00] Learning how to maximize
[28:20] The business you’re in and the business you’re becoming
[28:50] The 80% of what I do
[30:00] The business you are in and the business you are becoming
[30:20] Intertwining your personal and professional brands
[31:30] The importance of intent
[33:20] Tony’s take on social media
[34:00] Why Tony prefers audio over text
[36:40] The value of Facebook Live
[37:20] Tony’s social media director weighs in on Instagram Stories
[38:00] Success without fulfillment is the ultimate failure
[39:00] Learning how to master the mind
[39:40] What’s a magnificent life for you?
Using economic winters to succeed
In this Gary Vee interview, Gary talked about how he has used economic winters to excel. Tony has often said that economic crisis creates breakthroughs. Why? Because a crisis forces us to take our minds off what we believe we are capable of and make massive changes. It ends procrastination and demands action. If you hesitate during an economic winter, you’ll lose. That’s the secret to being a disruptor instead of being disrupted: Making moves when everyone else is hunkered down and preparing to weather the storm.
Diversity is the key
Tony is a big proponent of diversity and this episode with Gary Vee illustrates why Gary feels the same way. Diversifying your investments reduces some of your financial risks and offers an opportunity to maximize your returns. A diversified portfolio is a strong portfolio no matter what the economy is like. Need help making sure your investments are diversified? Consider working with a fiduciary or a financial coach who can help you make the right selections.
Adopt empowering beliefs
Tony knows that if you have limiting beliefs, you are setting yourself up for failure. This holds true in personal relationships as well as in business. In this Gary Vee interview, the entrepreneur and marketing guru discusses the three beliefs you must have when starting a business.
Do you need help adopting empowering beliefs to live and work by? Attend Unleash the Power Within, a live event with Tony Robbins where you’ll learn all the secrets to unlocking an extraordinary life.
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