BigDeal Podcast Episode #80: I Asked 6 Billionaires How To Get Rich
Release Date: July 23, 2025
In Episode #80 of the BigDeal Podcast, host Codie Sanchez delves into the minds of six billionaires to uncover the secrets behind their immense wealth. This episode adopts a unique format, featuring multiple billionaire guests who share bite-sized, best-in-class insights on building substantial wealth. The discussion spans various topics, including coaching, first principles thinking, leadership, serving customers, risk-taking, and the importance of speed in decision-making. Below is a detailed summary capturing the key points, notable quotes, and the essence of each billionaire's advice.
1. The Power of Coaching and Personal Growth
Speaker: David Goggins
Timestamp: [00:00] - [03:47]
David Goggins emphasizes the significance of having coaches in various aspects of life. He shares his personal experiences with different types of coaches, including a swim coach, memory coach, and sales coaches, highlighting how they have helped him improve in areas where he initially struggled.
"Coaches are important. I still have coaches. You have to believe in the end of your story."
– David Goggins [00:00]
Goggins underscores the importance of investing in oneself to become irreplaceable within an organization. He believes that by making oneself indispensable, one gains leverage and cannot be easily dismissed.
"I think you should make yourself irreplaceable. That's really important, then you have the leverage. Like, you can't even fire me."
– David Goggins [02:49]
He also cites Gandhi, saying:
"Learn like you'll live forever, live like you'll die tomorrow."
– David Goggins [02:49]
2. First Principles Thinking in Business
Speaker: Peter Thiel
Timestamp: [00:30] - [06:03]
Peter Thiel introduces the concept of first principles thinking, a foundational approach to problem-solving that involves breaking down complex issues into their most basic elements.
"First principles thinking, you say, what are our fundamental assumptions? What are we doing here?"
– Peter Thiel [00:30]
Thiel elaborates on how this method is crucial for entrepreneurs to understand their core capabilities and identify new opportunities adjacent to their primary business focus.
"It's the biggest hedge fund in the world. But it's really important. You've seen this in lots of areas where you go back and you say, what are our fundamental assumptions?"
– Peter Thiel [04:03]
He draws parallels between the principles of the American founders and successful modern entrepreneurs, emphasizing the importance of clear, principled decision-making.
"Founders in general who are the best are similar to the American founders, like, really debate these things."
– Peter Thiel [05:25]
3. Serving the Customer Above All
Speaker: Donald Miller
Timestamp: [00:41] - [12:34]
Donald Miller advocates for a customer-centric approach in business, insisting that serving others should be the primary focus for any entrepreneur.
"You serve, serve, serve."
– Donald Miller [00:41]
He explains that by prioritizing the needs and desires of customers, businesses can achieve sustainable success and financial stability.
"If you help enough people, you don't have to worry about money."
– Donald Miller [10:24]
Miller shares his philosophy of making customers the heroes of their own stories, positioning the business as a guide that facilitates their success.
"Don't have to be the hero. You can be the guide."
– Donald Miller [12:34]
4. Leadership Styles and Building Effective Teams
Speakers: David Goggins and Peter Thiel
Timestamp: [03:06] - [06:33]
Goggins discusses his approach to leadership, which centers on building confidence and belief within his team. Despite considering himself a "back of the pack entrepreneur," he focuses on empowering others to realize their potential.
"I am good at giving people confidence and belief. And that's really important because you have to believe in the end of your story."
– David Goggins [03:47]
Peter Thiel complements this by highlighting the necessity of clearly communicating the company's vision to attract top talent and ensure everyone is aligned with the mission.
"You need to make sure people understand the vision of what's going on."
– Peter Thiel [06:33]
5. Embracing Risk and the Importance of Speed
Speaker: Peter Thiel and Unknown Guest
Timestamp: [12:34] - [16:07]
The discussion shifts to risk-taking, with speakers highlighting its essential role, especially for younger individuals who have more flexibility to experiment without significant repercussions.
"The younger you are, the easier it is to take risk and use that to your advantage."
– Unknown Speaker [12:44]
Peter Thiel adds that cultivating a mindset geared towards taking calculated risks early on can lead to substantial long-term benefits.
"Risk is like a muscle... you're moving towards your dreams."
– Unknown Speaker [14:09]
He urges entrepreneurs to act swiftly on their ideas, suggesting that delayed execution can hinder potential success.
"Speed implies action. You're moving towards your dreams."
– Unknown Speaker [14:22]
6. Applying Sports Management Principles to Business
Speaker: Unknown Guest
Timestamp: [07:51] - [10:20]
An unidentified guest shares insights from owning a WNBA team, drawing parallels between sports management and running a business. The guest discusses the challenges of team ownership, such as funding and decision-making under constant scrutiny.
"We owned the team for a decade... I learned so much being a sports team owner that applied to business."
– Unknown Speaker [08:28]
He emphasizes the need for decisiveness and effectiveness, likening business decisions to game-time decisions in sports, where outcomes are immediately visible.
"In sports, you can't kick the can on a problem... It just really emboldened me to make those decisions and keep going."
– Unknown Speaker [09:52]
Conclusion
This episode of the BigDeal Podcast offers a treasure trove of insights from some of the most successful individuals in the world. From the importance of coaching and first principles thinking to serving customers and embracing risk, the advice shared is both practical and inspirational. Whether you're an aspiring entrepreneur or looking to elevate your business, the strategies discussed by these billionaires provide valuable guidance on the path to wealth and success.
Note: This summary intentionally excludes promotional segments and advertisements presented towards the end of the transcript to maintain focus on the valuable content shared by the guests.