Inside the Mind of Tai Lopez: Masterminds, Mentors, and Million-Dollar Insights 🤝 E94

Summary

Podcast Summary: "Inside the Mind of Tai Lopez: Masterminds, Mentors, and Million-Dollar Insights" (E94)

Released on November 4, 2024

Hosted by Dan Fleyshman

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Introduction

In this compelling episode of "The Money Mondays," host Dan Fleyshman engages in an in-depth conversation with renowned entrepreneur Tai Lopez. The discussion centers around the transformative power of masterminds, the significance of mentorship, and strategic insights that can propel businesses into the million-dollar realm. Recording from a luxurious RV motor home in Beverly Hills, the episode seamlessly blends high-level business discourse with an intimate, "MTV Cribs" style setting.

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Tai Lopez’s Entrepreneurial Journey

Tai Lopez begins by sharing his remarkable ascent from humble beginnings to becoming a leading figure in the business world.

• From Adversity to Success: Lopez recounts a pivotal nine-month period where he transformed his financial standing from $47 in his bank account to six-figure earnings on autopilot. He attributes much of his success to leveraging the power of the internet and strategic marketing.

  "It took me nine months to go from basically I had $47 in my bank account. Nine months later I was making six figures on autopilot." [00:00]

• Mastermind Philosophy: Drawing inspiration from historical magnates, Lopez emphasizes the mastermind brain trust concept championed by Andrew Carnegie. He contrasts this with John D. Rockefeller's relentless work ethic, advocating for collaborative intelligence over solitary hustle.

  "I always tell people, be Carnegie, not Rockefeller. You need to be around people that you can trust their advice." [07:28]

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The Power of Masterminds

A significant portion of the episode delves into the mechanics and benefits of masterminds, illustrating how they serve as catalysts for exponential business growth.

• Definition and Importance: Dan introduces the concept of masterminds, highlighting their role in networking, learning, and surrounding oneself with excellence. Tai Lopez echoes this, sharing his long-standing involvement with masterminds since 2011.

  "Masterminds can be a game changer because you surround yourself with some of the best minds." [08:00]

• Quality Over Cost: Lopez discusses the varying levels of masterminds, cautioning against low-cost options that may lack quality. He advocates for investment in high-tier masterminds (e.g., $20,000–$100,000) to ensure access to vetted, successful peers.

  "If you're making any AM of money, you want to be in a gated one, you know, you want to be in a gated one, you want to at least be paying 20 to 30,000." [07:43]

• Exclusive Experiences: The creation of Hundred Million Mastermind and 20 Million Mastermind showcases tailored experiences for entrepreneurs at different revenue stages, featuring top-tier instructors like Marco Simon, Neil Patel, and others who have achieved over $100 million in sales.

  "We sold all hundred spots at a hundred thousand dollars." [11:38]

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Success Stories and Impact

Lopez shares anecdotes demonstrating the profound impact masterminds have had on his and others' businesses.

• Rapid Growth Through Masterminding: A notable example is an entrepreneur who, after feeling stagnant at $2 million annually, leveraged mastermind insights to leap to $12 million within a year.

  "He's doing like 100. But my point is, he was blocked. And so he was humble enough to be like, dude, I'm stuck. And somebody in that room 90% of the time knows the solution right away." [26:14]

• The PayPal Mafia Analogy: Drawing parallels to the PayPal Mafia—a group of influential entrepreneurs who propelled each other to success—Lopez underscores the necessity of building a personal mastermind network to emulate such synergistic success.

  "The mastermind me and you are doing is moves people towards that. It's our version of PayPal mafia." [17:53]

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Mastermind Environment and Dynamics

The setting and structure of masterminds are pivotal to their effectiveness, as discussed between Lopez and Fleyshman.

• Atmosphere Matters: Hosting masterminds in lavish environments like mansions or ranches fosters a relaxed yet productive atmosphere, encouraging open dialogue and genuine connections.

  "It's classy, it's fun. And also one of what I got a guy, these two ecom dudes, they're doing a meal a Week, right. Net. And they come for that. And they've been to the masterminds too, but they always make sure they're there for the party." [31:11]

• Forced Interactions: Implementing strategies like forced interactions ensures that participants connect meaningfully, facilitating valuable exchanges and collaborations.

  "Forced interactions allows people to talk, discuss, learn, or potentially work together." [23:32]

• Breakout Sessions: Small group discussions enable participants to share challenges and receive tailored advice, leading to significant breakthroughs.

  "Breakout sessions is 8 to 12 people. Let's just call it 8. Sit into a table in a different room, and then each of them talk between 7 and 15 minutes each about their situation." [26:14]

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The Role of Mentorship

Mentorship within masterminds accelerates learning curves and opens doors that might otherwise remain closed.

• Leveraging Experience: Lopez emphasizes the advantage of learning directly from seasoned entrepreneurs who have over two decades of success.

  "Go by credentials and experience. Just ask people." [37:02]

• Real-Life Examples: The episode highlights how mentors like Damon John can provide invaluable shortcuts to success, contrasting this with solitary efforts that may take significantly longer to yield results.

  "If you are doing 30, 40, 50 million, how can you save five years? How can you save three years? How can you save one year?" [35:36]

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Final Thoughts and Call to Action

As the episode concludes, Lopez and Fleyshman reinforce the indispensable value of masterminds in achieving and sustaining high-level business success.

• Adaptability and Continuous Learning: Drawing from Charles Darwin's principles, Lopez asserts that adaptability through continuous learning and networking is crucial for survival and growth in the business landscape.

  "It's not the smartest or the strongest that survive. It's the most adaptable to the environment in which they find themselves." [42:35]

• Invitation to Join: Listeners are encouraged to explore and join the 20 Million Mastermind or Hundred Million Mastermind through provided platforms to harness the collective wisdom and accelerate their entrepreneurial journeys.

  "If you're interested in scaling with ads, if you want to be networking genius, if you want to..." [35:36]

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Notable Quotes

• "Always be networking. Always be networking." — Tai Lopez [16:28]

• "You can be right or you can be rich." — Tai Lopez [40:55]

• "Never fear someone's opinion. Never fear looking bad. Just fear living a shitty life." — Tai Lopez [26:50]

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Conclusion

This episode of "The Money Mondays" offers a deep dive into the strategic advantages of masterminds and mentorships, illustrated through Tai Lopez's personal experiences and success stories. Listeners gain valuable insights into building powerful networks, leveraging collective intelligence, and creating environments that foster both business growth and personal development. Whether you're an aspiring entrepreneur or a seasoned business leader, the principles discussed provide a roadmap to unlocking greater financial success and sustained business excellence.

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Connect with Tai Lopez and Join the Mastermind

For those inspired to elevate their business endeavors, Tai Lopez and Dan Fleyshman invite you to join their mastermind communities:

• 20 Million Mastermind: 20milmastermind.com
• Hundred Million Mastermind: Accessible through TaiLopez.com/mastermind
• Follow Tai Lopez: Across all social media platforms under the username Tai Lopez

For more information or inquiries, visit themoneymondays.com.

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Thank you for tuning into "The Money Mondays." Stay connected for more episodes that empower your entrepreneurial journey.

Transcript

[A]

And it took me nine months to go from basically I had $47 in my bank account. Nine months later I was making six figures on autopilot. I just passed three billion minutes watching my YouTube.

[B]

Three billion.

[A]

Yeah. So Rockefeller made more money, a little bit more. But he had to work like an insane person. Whereas Carnegie used the mastermind brain trust idea to surround himself with the best idea and quantum leap forward with only two hours a day work. I always tell people, be Carnegie, not Rockefeller. You need to be around people that you can trust their advice.

[B]

Ladies and gentlemen, welcome to a very special edition of the Money Mondays. We are here inside an RV motor home parked in Beverly Hills, California in front of a hundred bazillion dollar mansion. And I am excited. The whole reason for the RV motor home is we can take this to busy people's houses or their offices or their football fields, or if they're performing in concert, we can show up to celebrities, athletes and business moguls right to their doorstep because they're too busy to go to a podcast studio. So we bring the podcast studio to them. And this is the perfect example right now with a world traveling businessman. You guys have for sure. It takes away that you guys have seen him on social media, you've seen him through ads, you've seen him through organic content, you've seen other people post about him talking about it. For many years, just one of his commercials had 1.4 billion minutes watched. And so I'm sure you guys have seen him before. So what I'm going to do is I'm going to have him give a quick 2 minute bio and then we can get straight to the money.

[A]

Mr. Ty Lopez, what is my bio?

[B]

Can you even do a two minute bio?

[A]

I mean he lived a lot of lives. I could do a 22nd one. I think my bio is like, I'm an entrepreneur, I'm adventurous. I, yeah, I've lived many lives. I lived with the Amish for two and a half years, lived on a farm. I have been. I graduated high school sleeping on a couch in a mobile home in Clayton, North Carolina. I was born in la, my dad was in prison. That's why I was born in Long Beach. He was on an island prison called Terminal Island. So grew up apart with a single mom and discovered Internet marketing. In 2001 I bought a course. Corey Rudle had a course for 300 bucks and I was like, I learned go. Back then there was only Google Ads and It took me nine months to go from basically I had $47 in my bank account. Nine months later, I was making six figures on autopilot and so I just never looked back. The power of the Internet to reach people. Now when I. Back then, there was maybe a couple hundred million daily actives on social media. It wasn't really there. There's like Friendster, MySpace, now there's 4.5 billion. So it's like my motto for my companies. I also buy and sell companies. I bought and sold some of the biggest companies in America. And now like my mission for my personal brand is the same one I had 10 years ago, which was spread good ideas, you know, so I've been in the education space. I've got 7 million followers. I got. I just passed 3 billion minutes watching my YouTube.

[B]

3 billion?

[A]

Yeah, 3 billion. It was like a couple weeks ago, I've been saying 2.8 billion. Then I looked and it was like, oh, is that right at 3 billion? Yes, 200. It went up like 200 million.

[B]

Three Super Bowls.

[C]

Yeah.

[B]

Have been watched.

[A]

Yeah. So that, that's my story, you know, and I'm interested and I do lots of stuff and I live in Beverly Hills and then I have a farm in the US and then I live also in Sweden, so I like rotate Brazil in the winter.

[B]

So very cool. I just had a Brazilian baby.

[A]

There you go. I know, Congrats on that. That's awesome.

[B]

And six Brazilian women live with me now, so I'm basically Brazilian.

[A]

You got good food. I do Brazilian jiu jitsu.

[B]

That's. I'm gonna have to start doing that next. Okay, so as you guys know, the way the podcast work is we keep it to under 40 minutes because the average commute to work is 45 minutes. The average workout is 45 minutes. So we keep these episodes 34 to 39 minutes for your listening pleasure. On this episode, I want to focus on Masterminds and understand the importance of networking, learning, and surrounding yourself with greatness. Surrounding yourself with other like minded people. And who better to ask than Tai Lopez, who's done this for many, many years, speaking at Masterminds, hosting his own masterminds. We created a Mastermind together and everything between. So I want to dive into the entire Mastermind business, but also why people should be attending masterminds, why they should learn about them, maybe even host their own little groups on Zoom or in person in their own cities. Like, let's just talk through the mastermind world. First off, like, what was one of the first Masterminds that you attended or spoke at?

[A]

Man, I went to a Mastermind in like 07 or 08. It was funny. I went with this guy who's definitely one of the best marketers in the world. Super secretive guy, owns a lot of websites that are faceless. And I remember going to one in New York City. He's one of the first ones. And he gave a talk and when I, the next day I was like, you know what? Everything you said at that talk was different than what you told me works for you. Privately, he's like, oh yeah, I like to go to Masterminds and give all the wrong info. So everybody copies my wrong landing pages, my funnel. So that was the first introduction. Don't go to Mastermind with this friend of mine because he's like, I throw all my. Because he's like, if I give my best stuff, everyone will copy. So that was my first intro. I launched my first Mastermind probably in 2011. So I've been doing Masterminds a long time, I think feel like you came to some of them. I used to do like Masterminds at my house in the hills and they would also transition into kind of like a party. I like that vibe because one thing I've learned with Masterminds is if they're too formal, you can't get some of the best dudes like Forbes. Those guys, they don't necessarily want to go to a super strict one, but if you have some fun to it, they'll show up for the fun. So you can some people. There are people that like that, like hardcore business. And there's another group that's Ballers. You want to be around them. But so I had like these entertaining Masterminds, kind of like what we're doing together, doing the same thing with the party the last day. So yeah, it was, it was a game changer because I cut my philosophy on Masterminds basically is you read the book the Gospel of Wealth by Carnegie. So second richest man in modern history is Andrew Carnegie. First is J.D. rockefeller, worth about 600 billion in today's dollars. And Carnegie was worth about 400 billion. So close. But what I liked about Carnegie, Carnegie early age around 25:30. He made his first couple mil and he said, I'll never work more than two hours a day. But what he said he did was create a brain trust of really smart people around him. And he said, no matter. We said. We often didn't disagree. We often did not agree. He says in the Gospel Wealth. But out of that brain trust came some of the ideas that took them from while working two hours a day took him to 400 billion net worth. So if you could be Rockefeller. Rockefeller worked like a dog, 16 hours a day. At age 50, all his hair fell out. There's a famous quote, he said, all of the money I've made, 600 billion, hasn't compensated me for the stress I went through. So Rockefeller made more money, a little bit more. But he had to work like an insane person. Whereas Carnegie used the mastermind brain trust idea to surround himself with the best idea and quantum leap forward with only two hours a day work. I always tell people, be Carnegie, not Rockefeller. Be the second richest man in the world who only works two hours a day.

[B]

You know, so masterminds can range, you know, we've both spoken at many, many masterminds over the years. They can be 25,000, they can be a hundred thousand. To be 20,000, 50,000, 10,000. Why is it important for someone to pay? Why is important to actually pay to be in a mastermind?

[C]

Yeah.

[A]

Well, you don't. There was a dude I remember down in San Diego, he used to have 5k mastermind. You did not want to go to that mastermind. It was, there was no screening.

[B]

Right.

[A]

So you go. I remember I went one time, I used to live down in San Diego and he had a 5K. It was one year. You got whatever, four events for $5,000.

[C]

Yeah.

[A]

The quality of the group, no offense to people, but it depends what level you're on. Maybe if you're a brand new beginner, you're not making any money really. Maybe a 5k mastermind is all you can afford and it will still be with. But if you're making any AM of money, you want to be in a gated one, you know, you want to be in a gated one, you want to at least be paying 20 to 30,000, you know. And some of the best masterminds I've had, like I've done my own, I do my own mini masterminds, by the way, I have a couple marketing guys, you do the same thing. Me and you kind of have a WhatsApp mastermind. We'll talk. So you could have. I have formal ones and I have little groups on WhatsApp. I paid one time, Steve Ballmer, $250,000 to have lunch with him. You know, he's now he's the fifth richest man in history. When I was there, he brought another guy. We were all sitting around having dinner for a few hours. It was like a dinner table. I paid quarter of a mil. Why gave it to his charity. He didn't want the money. But by the way, the other guy there was the owner of the Golden State Warriors. So it was like three of us. It was funny. Steve Ballmer left the table, was like, ty, I gotta go for 30 minutes. We're at the Clip, we were down at the Staples Center. So he leaves, we're having. I'm like, oh, man. He left me with this guy.

[B]

Oh, hey, Vivek.

[A]

It wasn't Vivek. It was a different. It was a former one. It was the guy before. So I'm sitting here with this. It was a Asian guy. And I'm sitting there and I'm thinking, oh, this is his assistant. He left me.

[B]

Oh my God.

[A]

So I just had a totally normal conversation. Just like, so what do you think? Who's going to win the game? The Clippers. And after like 15 minutes, I was like, by the way, you know, I was like, I thank God I didn't say, how long have you worked for Steve?

[B]

Right?

[A]

But I was like, how'd you guys meet? And he's like, oh, when I own the Golden State warriors before I sold it. And I was like, oh, shit.

[B]

Oh my God.

[A]

So what I'm saying is that was a master, A mini mastermind, right? That cost 250 grand at the table. But I had some of the best advice I've had in my life on buying and selling companies because I was with a guy that at that time was over 57 billion. I remember. So you need to be around people that you can trust their advice. Because nowadays everybody has advice. Everybody's advisor. I go on my Instagram, I'm like, this motherfucker is like people taking from advice. Advice from a dude who made money for three months and now he's like a guru.

[B]

He's a 20 year old life coach.

[A]

Yeah. I have my friend Jeremy that's in my house right now. He was in Bali. I remember him texting me during COVID and he's like, dude, I'm in. I'm in a Jacuzzi with like 10 people. And one of these is a. I said, how old are you guys? 20. What do you do? Life coach. She's like, who do you coach? 8 year olds at 20, you could coach 8 year olds. You could coach people 10 years younger than you because you got the experience. But yeah, so when you pay for a good mastermind or pay for like a seat at the table, you're getting assurance that this advice is tried and true and tested, you know what I mean?

[B]

Absolutely. So in 2019, after a decade of throwing free events called Elevator Nights.

[C]

Yes.

[B]

I finally created the Hundred Million Mastermind experience. Hundred million mastermind was $100,000 per person.

[C]

Yep.

[B]

And my goal was everyone inside this group was gonna do at least 5 million revenue, preferably 10 million or higher.

[C]

Yes.

[B]

That was the gatekeeping part of they had to be doing 5 to 10 million bucks. Most of them doing 10 to 40 million revenue.

[C]

Yeah.

[B]

I brought in a bunch of instructors that were either doing over 100 million sales.

[C]

Yeah.

[B]

Spending over 100 million on ads.

[C]

Yeah.

[B]

Or been seen by over many people.

[C]

Yep.

[B]

A lot of them are your friends. Marco Simon is the Wolf of Wall Street. Neil Patel.

[C]

Yeah.

[B]

The Morrison brothers. Like, guys that were movers and shakers, spending a lot of money so that they could be the instructors to teach people in this group within seven weeks.

[C]

Yeah.

[B]

We sold all hundred spots at a hundred thousand dollars.

[C]

Yes.

[B]

I look back at that in 2019 as like an enigma.

[A]

Yeah.

[B]

Or a situation of like, after all these years, I'd never sold into a Mastermind. I would just spoke at everybody else's Mastermind. And I realized in that moment and why I'm so obsessed with masterminds now, is how much people want to be in the room with other people in their similar world. And here's why. Most entrepreneurs feel like they're on an island.

[C]

Yeah.

[B]

They're by themselves. They can't talk with their wife or husband, friend or dad. It sounds like you're either bragging or it's weird. Like, you're like, Yeah, I did 14 million in sales, but my staff member did this or my manufacturer did that, or the vendor was late. And we have these situations that, who are we gonna talk to our buddy from high school? We can't. It would be weird to tell your buddy from high school that makes 80 grand a year at his job about losing $2 million in a business deal or whatever.

[C]

Yeah.

[A]

You don't want to tell them.

[B]

No, you don't want to tell them. It almost feels rude. Or like, what do they get? What advice could they possibly give you anyways? And even if your friend is successful and they have four restaurants, how can they help you when you have an E commerce brand doing 14 million scaling to 32? Like, that's just two different worlds. And so I realized the hunger and appetite when we sold out 100 spots. Literally $10 million revenue in seven weeks. Fast forward half a decade later. I think some of the most impactful things have happened from that mastermind because now there's tens of millions of dollars we raised for charity.

[C]

Yeah.

[B]

We've watched tens of millions of dollars be raised for companies and startups. We raised $56 million for private equity from those groups. We raised millions of dollars for charity. Like there's just so much impact that have happens from surrounding yourself with these high end people in your space, in your world.

[C]

Yeah.

[B]

And then what you and I created is the 20k version.

[C]

Yep.

[B]

Same quality, same feel, same style.

[C]

Yeah.

[B]

What the entrepreneurs are doing, 500k a million, 5 million, 10 million, 2 million. So that it's more affordable and more realistic. Get into it.

[C]

Yeah.

[B]

Talk me through your thoughts on the concept.

[C]

Yeah.

[A]

So the $20 million mastermind, like you said, it's like, can still have two levels. It's going to be two different masterminds, but there's a huge gap in the market for people that are wanting to hit 20 million. They're not there yet. You know, and what I would say is I tell people this. I've heard people, Russell Brunson, friend of mine, sometimes he says, you're one funnel away from doubling your net worth.

[B]

Right.

[A]

There's truth to that. But I would say even more so your one relationship away from doubling your net worth. Meaning there's some person walking this planet that knows one thing about Facebook ads or knows one thing about raising capital. And if you knew them on a friendly basis, they'd tell you. Because I tell people. People don't always tell you every secret they know. So if you buy a course, if you buy a book, they don't put everything in because people reserve their very best stuff for friends. So when you start coming to a mastermind, social events, dinners, stuff like that, people's guard drops and they give you their best Advice. Back in 2014, I was at a dinner. I swear it might have been one of your dinners. I wish I could remember. But 2015, a guy's like, there's a new thing called YouTube ad that's really taken off. And that was in September 2014. And I was like, you know what I've learned when somebody test everything people tell you. So I was like, let me do a little test. So in December 2014, I spent 17 grand on YouTube ads and made back like one grand. I made no, I was like, oh, this girl got me. Yeah. But the next month I kept dialing in the funnel and I may, I went, I launched. I remember it was July, it was January 24, 2015, I launched and we cracked the code. We had this here in my Garage video and a couple variations. And this thing started and I would spend 60 grand and make 120, 000. Back in an hour. I was making like 60,000. It was crazy. So that as much as I'd like to claim all the genius myself, it really back to that dinner. If, by the way, if you're that guy and you remember I want to take that guy to dinner because I can't remember who the hell it was. But the point is, that guy in his head probably had some friend making money on YouTube ads. And even though I'd heard of it, a guy at dinner is like, dude, I think you'll be good on this YouTube ads. And he kind of encouraged me. So you need that to catch trends. You cannot keep up on all the trends yourself. You'd have to read 30 books a day, 30 newspapers a day. You have to be Warren Buffett. That's the only dude I know who reads 800 pages. He says he reads 800 pages a day. So you either could read 800 pages a day to keep up with the trends, or you can go to, like, dinners masterminds and build a huge network. And one of them, I guarantee almost anybody that you'll double your net worth off something in somebody else's head. You can't have all the answers within, you know, you just can't. So network. That old saying, like, always be abc, always be closing. I'm like, no, always be networking. Always be networking.

[B]

You know the angel, the question people ask you on podcasts or speeches or stages is like, what, what's your. What's your superpower? Yeah, My answer always is my cell phone, right? Whether I want to get a reservation at a restaurant or buy a restaurant, right? It's a text message away. Yes, I can raise the capital for restaurant, get a reservation for, hey, Ty and I are going to go to this fancy dinner. Boom, boom, boom. It's a text away that's from relationships. And it changes my life. It fast forwards my life. Ty says, you know what? I want to manufacture black glasses. Oh, I know this manufacturer. This is his name. I'll group chat you.

[A]

By the way, that reminds me, I got to ask you about a manufacturer. So there you go.

[B]

Exactly.

[A]

Has a lot of stuff in his head. Dan's a connect. People think I'm a connected dude. I'm like, dan's Dan probably got me beat.

[B]

And then right when you say it, I think, oh, I know exactly who the manufacturer is.

[C]

Yeah.

[B]

Oh, I know. This should be the 3 PL warehouse. We should Use.

[C]

Yes.

[B]

Oh, this is the lawyer that. That does really good patents. Bam. You should use this lawyer. Oh, you want your funnel here. There's a really good kid. He's actually super smart. He's only 24, but he's done this, this, and this and this. Wait a minute. You need someone that knows how to scale it, specifically on LinkedIn. Oh, I know a LinkedIn guy for you. Wait. Oh, on Twitter. Oh, there's this. There's an agency called Blah, blah, blah. They do Twitter marketing, like in my head.

[C]

Yes.

[B]

And boom. Group chat, group chat, group chat, group chat. And all of those people I met. Masterminds, events, charity events, social media, more events. Like, I just meet them and I collect all the good ones.

[C]

Yeah.

[B]

And then I'm also like the Yelp for this industry.

[C]

Yes.

[B]

Just like you are. We know who's good.

[A]

Yeah, you got the rating stars. The other day, somebody hired some guy, I was like, red alert, pull back. Pull that retreat, you know? You know, by the way, the best argument ever of a mastermind that created the most wealth in history, they didn't call a mastermind. It's now called the PayPal mafia.

[B]

Yes.

[A]

And Elon Musk joined this group of people. He had sold his first company for about 30 million. He reinvested the money back and merged into PayPal with Peter Thiel. But if you look at a photo of the PayPal mafia, a whole bunch of smart business people basically living or meeting together every day in a mastermind setting, big room, talking, 23 of them. Elon was one of 23. The other guys, Ken, Howie, friend of mine, him and Peter Thiel started Founder Fund, the second largest VC fund. They funded everybody. They funded Uber, Airbnb. So you had Ken Howery, Peter Thiel, some people say the highest IQ businessman on earth right now, worth 10. Bill. The two guys in that PayPal mafia went on to small to found a small company called YouTube. So the two founders of co founders of YouTube came out of there. A guy started a business, social networking platform named LinkedIn. He sold it for a bill. Reid Hoffman was in there. And the founder of Palantir, one of the biggest tech companies, the founder of Yelp.

[B]

Oh, my God.

[A]

So when we see Elon Musk, we go, oh, the richest man on Earth. 250 billion net worth. Oh, he's just a guy who sits in a room, has great ideas. I could never be like him. No, no, no, no. His inception, the beginning of real wealth for him was being in a mastermind network. Now he was, if you could mastermind. Every day is better. It's not realistic for everybody. But he was masterminding every day for years with some of the people who became and were at the time the highest IQ business people. So you have to create your own PayPal MA. The mastermind me and you are doing is moves people towards that. It's our version of PayPal mafia. I don't know if it's, I hope it produces, you know, 20 billionaires out of it or whatever, 10 billionaires. But the point being, you have to, if you don't have a PayPal mafia, you will be born and die with half the net worth. You could have had half, maybe a 10%. So for me, a mastermind in networking, it's not optional. There's no smart dude. Once again, going back that dinner with Steve Ballmer. 250 now he's worth $150 billion. He owns 5% of Microsoft, $3 trillion company. I asked him, I said, you know, wealth, it's like you do you deserve all this kind of thing? At dinner, he's like, well, you know, I'm a smart guy. I would have been wealthy, but if I hadn't met these two guys, Paul Allen and Bill Gates, I wouldn't be worth 150 billion. So he was like, the connections I made created my wealth. And by the way, Mark Zuckerberg, who's the youngest wealthiest person, he, Mark Zuckerberg was the only person in history worth 100 billion under age 37. And Zuckerberg, he networked. He had all these smart people. He also networked and had Steve Jobs as his mentor in his mastermind. Your mentors can be in your mastermind. He had, people don't know he had Steve Jobs guiding him from like 2008 to when Steve Jobs died. So years of mastermind. So every behind every Forbes less billionaire, if you dig into this story, there's a mastermind. And so when I meet entrepreneurs that are doing 1 million, 5 million, 10 million, and I'm like, who's your mastermind? Like, oh, I don't need one. I'm like, bro, let me get this straight. You're smarter than Elon Musk. You're smarter than the whole Forbes list. Warren Buffett said, I wouldn't have been that wealthy if I hadn't met this guy, Charlie Munger. He met him at like a group thing, like a conference, and he met this guy and Charlie. They eventually became partners. Before then, Warren Buffett was working twice as hard and making half the money. And he's like I met this guy, Charlie Munger. A great book on this. If you want the actual science is by Jim Collins. He wrote a series of books, Good to Great, generally considered the most respected modern business books. He's like the modern Peter Drucker in his research of highly successful high net worth individuals. He was surprised he called. He said, I thought it would be a what event, Meaning somebody had an invention and thought of something. He said what it turned out to be was a who event. This guy met this other guy, Steve Jobs met Wozniak. When Steve Jobs was young, he networked with the, his neighbor was the founder of Hewlett Packard. So when Jim Collins, who's a researcher at one of the most respected business researchers, he said, wait, it's not somebody coming up with some idea. It's somebody meeting, connecting with another human. That's it. There's a lot of books on this, working together by Michael Eisner, the former CEO of Disney. He also says it's a myth that solo people make the most money. It's people who are either have joint ventures, partnerships, network, share ideas. By the way, we could just go back to Carnegie. 400 billion net worth. And he says he owed it all to his brain trust. That's another word for master. That's an 1800s word for brain trust. You know, I mean that's a 1800s word for mastermind.

[B]

Changes to 20 mil vein 20 mil brain.

[A]

You put in sub headline. Build your brain trust.

[B]

All right, so let's talk through actual masterminds. One of my favorite parts of masterminds and what I've implemented for years and I've seen at your masterminds as well is I call it forced interactions. Yes, I know that person is looking to raise capital. Oh, you should meet this person. He likes to invest. Yes, I know that person is looking for the manufacturer. Oh, that manufacturer actually here you should meet. Yes, this person is looking for a lawyer. Oh, that's great. We actually have a lawyer here in the building. He owns a law firm. And forced interactions allows people to talk, discussion, learn, or potentially work together. Walk us through why it's important for introverts to be able to be in masterminds like this.

[A]

Yeah, because introversion, look about half the world genetically is literally born on the more introverted style side. If you look at there's a modern science more, more advanced called Hexaco Score. There's like the big five. Those are the old ones, the newest ones called a Hexago in there. There's a Hexaco stands for H is honesty, humility. E is emotionality. X is extroversion. Introversion. People are on a spectrum of extroversion, and a lot of introverts want to just change themselves and go, oh, I'll just figure this out on my own. I'll start magically. I'll start being able to walk up to people on the streets. If you're introverted, it's better to get yourself in a room where there's forced interactions. It'll be a little uncomfortable for a second. But most introverts realize, oh, man, I need to be around more people.

[B]

They're really good at talking once you talk to them.

[A]

Yeah. Introverts are actually. It's a myth that introverts aren't social introverts sometimes. If you're an introvert watching this. In fact, some scientists say introverts prefer to be in social settings. They just want to be not in the center, and they don't want to be in the center of the room they like. That's one of the classic psychological. It's called psychometric questions. Are you a fly on the wall in a party, or do you go to the center of the room? Extroverts walk into a bat birthday party. They walk right to the center. My friend Harman is a PhD guy. Number one extrovert. He walks in, goes to the center where the most people are. I have another friend, Rick. He finds he likes the room, but he needs to be in the corner. So if you're an introvert, you have to have at these good masterminds. The way you do it and the way we're doing it is like, hey, dude, here in the middle, go talk to this guy. He's got and connected. Yeah.

[B]

So the flow of a mastermind weekend is also important.

[C]

Yes.

[B]

So I've been studying it every single time. Posted a mastermind. We do an exit report, and we ask the members and the instructors, what did you like? What did you not like? What could we improve on? Not necessarily. We're gonna change everything. But I want to hear right, see if there's a consensus. Maybe there's something that 40 of them out of a hundred are saying. Yeah, okay. If it's two of them, I'm probably not gonna change it. Both.

[C]

Yeah.

[B]

40 people say something. Maybe we actually could change or add. And what we learned the most was called breakout sessions.

[C]

Yep.

[B]

Breakout sessions is 8. 8 to 12 people. Let's just call it 8. Sit into a table in a different room, and then each of them talk between 7 and 15 minutes each about their situation.

[C]

Yeah.

[B]

And then the other seven people in that group say what their advice is, what their ideas are, what their relationship, and help them actually fix their problem.

[C]

Yep.

[B]

The amount of breakthroughs that happen in these sessions is staggering.

[C]

Yep.

[B]

Walk us through why you should actually be vulnerable and talk about the bad stuff. When you're in Masterminds, why should you talk about the hardest stuff in your company?

[C]

Yeah, that's.

[A]

Hey, I tell people, never be, Never fear someone's opinion. Never fear looking bad. Just fear living a shitty life. So if you go to a mastermind, don't be worried. Oh, if I say this, I look bad, there's always someone richer and someone poor. Say it. Because you're only optimizing for a good life. So I'd get in there. I always tell people, mastermind, what's. I call it the gbb. This is what I do. When I do a private mentoring of people, I always start the call, what's the gbb? What's going super good, what's going bad, and what's the number one thing you're blocked on that you've tried to fix but you can't fix? Because right now, every entrepreneur has things that are bad in their business, but they know the solution. That's so that you don't need a mastermind for that. You need a mastermind for the things you've tried to fix and you're stuck. Entrepreneurs plateau on revenue for five years. They don't know how to get out of it. Go to the group, be like, you know what? I've been five years. I had a guy come across, live across the street there a guy came to me, he's like, Ty, 2013, I made 2 million. 2014, I made 2 million. 2015, I made 2 million. And he started working with me, prime mentor. 2016, he went to 12. He even did 2 million. First month he was masterminding with me. So what? Used to take him a year to now He's. He did 40 the next year. He's pretty well known. Most of you know who he is, and he's doing like 100. But my point is, he was blocked. And so he was humble enough to be like, dude, I'm at 2, 2, 2, what the hell? And so you just vulnerably say, I'm stuck. And somebody in that room 90% of the time knows the solution right away.

[B]

And here's why you can't see the picture when you're inside of the frame.

[A]

Yeah, exactly.

[B]

He was living and breathing. He's inside the frame over and over and over. And he can't tell that you're like, wait a minute. You don't do LinkedIn, Twitter and facebook. And he's like, no, no, I only do instagram.

[C]

Yes.

[B]

Wait, you never actually hired a sales team. You do all the sales calls yourself. Why would you do that?

[C]

Yes.

[B]

Spend 20 grand a month on this and you'll do an extra 2 million?

[C]

Yes.

[B]

And we get blocked because we're just inside the frame. We don't know. We only see what's in front of us. When the people like Ty can be like, wait a minute. You could do this. It's easy. It looks like easy to us because we're just staying outside analyzing the situation. When you're inside of it and you can't talk to anybody else, you get stuck. You get stuck for 2 million. 2 million. 2 million. Like in that example. So in the 20 mil mastermind, the concept is it's three days.

[C]

Yeah.

[B]

It's multiple events throughout the year. Two of the events are here at the ranch, and the other two events are here at the mansion.

[C]

Yep.

[B]

And people can pick and choose between the dates and the reason that we did four events throughout the year and give people options. 100 million. Mastermind is three weekends for the year.

[C]

Yep.

[B]

Same concept. They come to the mansion or they go to the ranch. And then sometimes we might throw it in another venue if we choose to go to Miami or Vegas or etc. But most of the time we're gonna be doing that. The mansions and ranches.

[C]

Yeah.

[B]

Why is environment important? Like, why did you get this big mansion? To create your offices inside of it, Throw these parties, these monthly events you've been throwing. Why build this environment?

[A]

Well, the good thing about doing it in the same place is every event I do, we get some random dude that I know that would never come that's making a bill.

[B]

Right.

[A]

So if you move them around too much youh don't build flow. People know. All people around Beverly hills know every month Ty does it opens up his house for big baller guys. So I like. It's good to move it. Like we're moving between my place and your. Your ranch. But having it kind of in a set place will help bring the quality up. And so. But yeah, big house. I mean, I always tell people, big house is such a good investment, you can use it personally. You can use a business. I got a movie theater in there. You got your gym in there. Makes you more money. But when people come by the Way a lot of people get. There was a guy, Shane, this Shane SEO guy, he came and he's like, not only was I at the Mastermind and learned stuff, but I also learned I need to get a good. I need to start hosting these on my own. And he's in Atlanta. So you're gonna get a lot of good ideas from the Mastermind. Not just what people say, but also watch what people do more than they say, you know.

[B]

So I've been seeing your ads nonstop a lot. People have bring it up to me that you've been throwing these parties.

[C]

Yes.

[B]

So after the Masterminds you've been throwing like.

[C]

Yes.

[B]

You've been throwing these one off events mastermind style. And then you have these parties from 2pm to 8pm Walk us through the reason for the party.

[A]

Like I said. I mean my grandma used to say never be boring. So I like a little sexiness, you know, like some Masterminds that I've gone to. It's like so boring. In day three, everybody's asleep or people leave. I had three day Mastermind day one, everyone there. Day two, day three, like get me home.

[B]

They're just sitting in the Hilton Ballroom. Yeah, there's.

[A]

In a ballroom. Is it nothing? I did a party. There was a Garrett. Well, you know who Garrett White is there, wait, he brought his wife and he was like, this is the best thing. This was last weekend did a Halloween one. It's like I've been to everybody's like, this is the best one I've ever been to. It was like, I can't believe it. Because it's a mixture. I caught edutainment.

[B]

There you go.

[A]

You need education, but you need a little entertainment too. That's what my grand. That's why people sometimes see my story and they're like, oh Ty, you post stuff that's not business. I'm like my grandma, my 100 year old grandma told me this don't be boring. So this here is going to. It won't be boring. Beverly Hills party, Hollywood party is fun. It's fun. We do them in the. I don't get let them get too crazy because we don't do them at night. Late into the night, late into the night is too crazy. There's a level of crazy that I like. I'm still a businessman so I don't want full on wacky parties. But this is classy, it's fun. And also one of what I got a guy, these two ecom dudes, they're doing a meal a Week, right. Net. And they come for that. And they've been to the masterminds too, but they always make sure they're there for the party. And they end up masterminding all day at the party.

[B]

Right.

[A]

You know, sometimes some people do better in a formal setting. Some people need to be out at the pool, you know, got food, drinks, talking. Some people let down the guard. The whole point is, anybody watching this, you're gonna make, you're gonna get the best piece of advice. You're gonna make the most money when people's guard is down. A house, I like a house better than a hotel. You bring people to a hotel, everybody's all formal and stuff like that. So a big cool house or like your ranch is like, it's a different vibe.

[B]

So let's say someone is really going for it, right? They're doing 10, 20, 30, 40 million.

[C]

Yes.

[B]

Going into these high level masterminds, like a hundred thousand dollars per person, which we have, which is called 100 million mastermind experience. Why would someone that's doing 10, 20, 30, $40 million, why do they need to mastermind? Why do they need to network?

[A]

Yeah. First off, always stay proportional to your net. So I used to always have a rule. I still do 5% of what I'm making every month, I double down into my brain. So if you're making 40 million, let's say you're doing 20% margins, you're doing $8 million a year. You should be spending 5% for $400,000 a year on intelligence. Competitive intelligence, by the way. The higher you get up, you also need competitive intelligence. I see people launching campaigns, I'm like, no, no, no. I can tell you, right, that one doesn't work, right? So the wealthier you are, the more value you'll get from a mastermind. And so. And you don't want to be like I said in that old San Diego, $5,000 mastermind go to 100K. It's tax deductible. I tell people, don't be cheap, cheat, only be cheap. With like, I remember Mark Cuban came to my house, is interesting. He's like, ty, there's. You can look on my YouTube. We had an interesting long talk. And he's like, when I go to Costco every year, I buy all my toothpaste for the year because I save like 7%. I'm thinking, how much fucking toothpaste? So he's saving, he's a billionaire, thinking about how he saves a hundred bucks a year. But then I was like, after he was at my house. I'm like, where are you going? He's like, oh, I keep my jet warmed up down at the LAX because my time is valuable. So what I learned is the ultra wealthy, they are cheap. When you, when it's easy to be cheap toothpaste. If you can apply a coupon and save 40 bucks a year, no matter how rich you are, use the damn coupon. But when it comes to your time and saving time, he'll keep a jet engines on. That'll cost you $50,000 to keep the jet on just so you don't have to warm it back up when you get there. So if you are doing 30, 40, 50 million, how can you save five years? How can you save three years? How can you save one years? That is, you must be in a room with all people who can afford to pay 100k. They can pay 100k, they're qualified. Most likely. Unless they inherited their money, they're not a lot of trust fund kids in our stuff.

[B]

There's actually only been one pitch, one sentence I've ever used to explain why someone should join the Hundred Million Mastermind. And here's what it is. If you're doing over $10 million in sales and you believe that, myself, Tai Lopez, 20 other instructors, business people and 100 other members that are doing 10, 20, 30 million can help you save 1% or make 1% more than it's free.

[C]

Yes.

[B]

100,000 is literally free.

[C]

Yes.

[B]

I hope you think that I can do that or ty can do that on our own to help you save 1 or 2% if you're doing 10 or 20 million. But it's literally impossible with a room full of a hundred people that are movers and shakers to not help you. Teach you about something for taxes.

[C]

Yes.

[B]

Or the way you ship things, or the way you manufacture things, or the way you sell things, or how to protect yourself better. And that 1 or 2% that you save in that example, well, it doesn't go away. You don't unlearn how to save 1% on your taxes next year you go from 10 million to 16 million. 16 to 23, 23 to 30. And you're still going to know what we taught you half a decade ago.

[C]

Yes.

[B]

That's why. Yeah, I've only ever said that one thing to people because it's like a light moment, like, yeah, I am doing 19 million sales and yeah, I do think that you guys could teach me how to save or make 1%. So when someone is in that scaling mode, and they're starting to really build up their companies. How can they decide and filter through what type of masterminds or coaches or mentors to hire?

[A]

Yeah, well, I have a simple rule. I call it the two decade rule. I like to be around people that have been wealthy for 20 years or been killing it for 20 years. Like, if you want to learn. I've been doing. I've been doing funnel. I built my first funnel in 2001. If you want to learn funnels, scaling Internet stuff. I've been doing social media. I was. I was on a. I was big on MySpace. In 2006, I was on a TV show called Millionaire Matchmaker out of huge MySpace. I've been doing social media since before 2005. So don't come to me and Dan's mastermind. If your criteria is how to build a factory in China, there's probably a better mastermind. I would literally find dudes that have been building factories and for 20 years. If you want to be around people that know how to go viral on social, that knew how to do. I've got five of the most profitable and largest paid ad campaigns in history. Not just here in my garage. So if you're interested in scaling with ads, if you want to be networking genius, if you want to. Dan has like 75 companies. If you understand how to raise capital, go to this kind of mastermind. So I just use the 20 year. You've been killing it for 20 years. The number one mastermind I would avoid is when you ask that question, it's like, I've been doing this three years. There's an old saying, the young doctor fattens the graveyard. So if you need heart surgery and you. And you. It's kind of like a mastermind. The hospital's a mastermind. You roll up and you're like, yeah. They're like, oh, we're so happy to be here. You're going to be my third heart surgery. You're like, no, I want. No. When I went to do my lasik surgery.

[B]

Yeah.

[A]

Chris Paul's a friend of mine, basketball player. He's like, I said, I need Lasik. He's like, oh, LeBron James and me, we got our eyes done at Dr. Seal in Beverly Hills. So I go to Dr. Seal, he's about to cut my. They're literally about to cut your eyes. And I go, you've been doing this for a while, right? And he goes, you know, I calculated the other day, you're about number 60,000.

[B]

Oh, my God.

[C]

Yeah.

[A]

He had the. He had the patent and trademark on lasik in the 90s. So I was like, you're qualified. And so that's what I mean. Go to the Mastermind. That's like Dr. Rosiel doing your eyes. You want a guy who's like, I've done this 60,000 times. That's the mastermind. So just go by credentials, not college degree. Because college degree is not experience. Go by credentials and experience. Just ask people, you know.

[B]

So I'm going to give you guys a real life mentor example. So let's say that I want to start a clothing line and Tai Lopez wants to start a clothing line. I want to go do it by myself. And Tai hires Daymond John to be his mentor coach and he gives him a little percentage of Ty's clothing line versus Dan's clothing line. I'm going to go on Google, be like clothing manufacturer. Damon's going to text 19 different manufacturers and Ty can pick through which ones for shoes, sunglasses, underwear, sweaters, hoodies, leather jackets, everything. I'm over here googling shoe manufacturer and I'm calling, hello, is there a shoe manufacturer there? And I'm hoping that someone picks up the phone. Damon's texting the people he's known for 26 years. I'm like, I want to sell to the Footlocker and Macy's looking up the buyers. Damon text them and says, oh, Ty, let me introduce you the buyer of Macy's and the buyer of Footlocker. The it's not just the learning curve. A mentor can literally walk you through the forest, like, and so fast. I could keep going with examples, but you guys get the point. Like when someone has that type of experience. If it's the fast forward button. Yeah, time I have to give up 10%. Let's say he gives 10% equity, which sounds like a lot to Damon John. Don't you think he's going to get him to the 10 million sales way faster than 10% worth?

[C]

Yeah.

[B]

I mean, Ty could get there eventually, of course. A year, two years, three years, four years, five years. But if he gives up 10%, don't you think he's going to get there and way faster with Damon John? Where me, I'm like the little engine that could hoping that it works. And it might take me five or 10 years if I make it.

[C]

Yeah.

[B]

Where most will don't even make it. Ty's for sure going to make it because he has Damon as his guiding lights.

[A]

Yeah, yeah. Tell people you can do this the easy way. You can do it a hard way. Your choice. You know, I sometimes say, you can be right or you can be rich. You know what's interesting, a lot of people will tell you they rather be rich, but if you look at their behavior, a lot of people would rather be right. They have a conviction. They're like, I can do this, I.

[B]

Can do a closing line by myself.

[A]

I'm like, great. You could be right or you could be rich. As the philosopher Nietzsche said, convictions are greater enemies of the truth than lies. So a lot of entrepreneurs is just in their head, they got these weird, you know, self sufficiency. And when you look at the numbers, everybody's getting help that wins. So whoever has, you know, a good analogy, you show up to a fight, who wins a fight? One huge MMA strong guy or 50 medium sized guys, it's the bigger army that wins. Dr. Buss told me that. He said in chimpanzees, they attack each other a lot in troops, little groups. And he's like, in chimpanzee warfare, it's not who's the biggest, strongest, it's, it's literally numerical count. So if they're 50 little chimps, they destroy 10 big chimps. And so it's the same with entrepreneurs. One supposed genius entrepreneur is going to get taken down by a person who has a mastermind of 100 people behind him. He's going to get outmaneuvered. Nothing you can do.

[B]

All right, guys, so if you want to check us out, go to 20 mil mastermind.com check out Tai Lopez. Across social media, on every platform, it's under the same screen name, it's Tai Lopez. What are your final thoughts about 20mil mastermind or why masterminds in general?

[A]

Yeah, I would say I like what somebody summarized what Charles Darwin said. And he said, it's not the smartest or the strongest that survive. It's the most adaptable to the environment in which they find themselves. So if you're trying to double your net worth, you're trying to make twice the money with half the work, it's not going to be just you being super smart, you being super disciplined, you waking up at 4 in the a.m. like people say it's going to be. Are you adaptable to listen to a brain trust of smart people? So get in smart rooms, Always be the try every single month, at least once. If you're an entrepreneur, you're usually the smartest person in your company. But at least once a month at a minimum, make sure you're in a room where you Feel like, man, I'm not the. I'm not the smartest. When I had dinner, Steve Ballmer, he's like, so, Ty, what's revenue? How's your revenue doing? And I was thinking, usually in any room, I can be one of the top revenue guys. I've done almost 900 million in one year. But when I'm sitting with Ballmer, who ran a CEO of Microsoft for 20 years, I just said to him, not a lot, Steve. And that was a good room for me to be, to humble myself. And I was like, I need this more often, where I'm like, no, I don't know. Compare. You made my money in an hour. So don't always be the smartest person in the room. Surround yourself and you will win. Surround yourself with sharp mofos. Pardon my French. Wearing.

[B]

All right, guys, so as you know, the money Monday has been going on for nearly 100 weeks now. We've been staying in the top five in both business and entrepreneur category because of you guys liking commenting, sharing, etc. This one episode was a different style. And especially for you guys that have people that might want to be joining Masterminds, you might want to have your own little circle and start doing a little clothing mastermind or a food mastermind or a sports mastermind or pickleball or chess or poker. Maybe you'll just get your friends together on Zoom or in person and actually, like, have a little click and just talk about these things or play a sport or learn about a certain category. If you want to join us at 20 mil mastermind, obviously check out the website there. Check out Tai Lopez across social media. Visit [e-mail] and we'll see you guys next week.

[A]

And I'm going to put up. Oh, there you go.

[B]

Let's go, let's go.

[A]

I'm going to put a link tai lopez.com mastermind it'll link you to the masterminds. Me and Dan are doing just tylopez.com mastermind it'll redirect you to the 20 mil or the hundred mil if you're more advanced. So tylopez.com mastermind it'LL be a page with me and Dan when you read, when you click it that way it's easy to remember.

[B]

Perfect. See you guys next Monday.