WEBVTT 1 00:00:00.240 --> 00:00:02.480 Before we start, tell me where you're listening from in 2 00:00:02.520 --> 00:00:05.559 the comments. Maybe you're wondering why some people seem to 3 00:00:05.599 --> 00:00:10.000 track money effortlessly while others struggle despite working hard. Maybe 4 00:00:10.000 --> 00:00:13.000 you're curious about the invisible habits that keep people trapped 5 00:00:13.080 --> 00:00:16.120 in financial mediocrity. Maybe you are ready to hear some 6 00:00:16.280 --> 00:00:19.760 uncomfortable truths about wealth that most people don't want to face. 7 00:00:20.519 --> 00:00:23.920 This conversation is for you, at fifty four, having built 8 00:00:23.920 --> 00:00:28.440 companies worth hundreds of billions, and having observed thousands of entrepreneurs, employees, 9 00:00:28.440 --> 00:00:33.479 and investors, I've noticed something that might surprise you. The 10 00:00:33.479 --> 00:00:37.640 difference between rich and poor isn't usually about intelligence, education, 11 00:00:38.280 --> 00:00:41.840 or even opportunities. It's about daily habits that most people 12 00:00:41.880 --> 00:00:45.439 never examine. Today, I want to share seven habits that 13 00:00:45.560 --> 00:00:49.240 rich people never do, but poor people practice religiously without 14 00:00:49.320 --> 00:00:53.079 realizing their sabotaging their own financial future. These aren't just 15 00:00:53.280 --> 00:00:57.240 business strategies or investment tips. These are fundamental approaches to 16 00:00:57.799 --> 00:01:01.640 thinking and living that determine whether money flows toward you 17 00:01:01.840 --> 00:01:04.760 or away from you. Some of these will make you uncomfortable, 18 00:01:05.599 --> 00:01:09.120 some might challenge beliefs you've held your entire life. But 19 00:01:09.200 --> 00:01:13.239 all of them represent patterns I've seen destroy financial potential 20 00:01:13.280 --> 00:01:17.519 in otherwise capable people habit one. Rich people never complain 21 00:01:17.560 --> 00:01:21.799 about money problems. Poor people constantly talk about their money problems. 22 00:01:22.239 --> 00:01:26.519 They discuss their debt, complain about low salaries, blame the economy, 23 00:01:26.840 --> 00:01:30.439 and bond with others over financial struggles. They think this 24 00:01:30.560 --> 00:01:34.519 creates connection and sympathy, but it actually reinforces a poverty mindset. 25 00:01:35.000 --> 00:01:38.560 Rich people never complain about money problems because they don't 26 00:01:38.560 --> 00:01:41.040 see money as a problem to complain about. They see 27 00:01:41.040 --> 00:01:43.959 it as a challenge to solve. When Tesla was burning 28 00:01:44.040 --> 00:01:48.000 through cash and nearly bankrupt, I didn't spend time complaining 29 00:01:48.200 --> 00:01:51.959 about our financial situation. I spend time figuring out how 30 00:01:51.959 --> 00:01:56.079 to raise more capital, cut costs, and accelerate revenue. The 31 00:01:56.120 --> 00:02:00.239 difference is fundamental. Poor people see money problems as as 32 00:02:00.840 --> 00:02:04.159 evidence that life is unfair. Rich people see money problems 33 00:02:04.200 --> 00:02:08.039 as data about what needs to change. When you complain 34 00:02:08.080 --> 00:02:11.719 about money, you're programming your brain to focus on scarcity 35 00:02:11.800 --> 00:02:14.919 rather than solutions. You're training yourself to be a victim 36 00:02:14.960 --> 00:02:19.520 of circumstances rather than the creator of circumstances. You're also 37 00:02:19.599 --> 00:02:23.120 signaling to others that you're someone who dwells in problems 38 00:02:23.199 --> 00:02:28.000 rather than someone who solves them. Rich people talk about opportunities, strategies, 39 00:02:28.240 --> 00:02:32.520 and solutions even when discussing challenges. They frame them as 40 00:02:32.599 --> 00:02:36.719 puzzles to solve, rather than burdens to bear. This shift 41 00:02:36.759 --> 00:02:40.759 in language reflects and reinforces a completely different relationship with 42 00:02:40.840 --> 00:02:44.719 money and problems. Have it too. Rich people never wait 43 00:02:44.759 --> 00:02:48.479 for permission to act. Poor people wait for permission. They 44 00:02:48.479 --> 00:02:50.599 wait for their boss to give them a raise. They 45 00:02:50.639 --> 00:02:53.360 wait for the market to be right before investing. They 46 00:02:53.400 --> 00:02:56.879 wait for someone else to validate their ideas before pursuing them. 47 00:02:57.400 --> 00:03:01.240 They wait for perfect conditions before starfle guarding anything important. 48 00:03:02.159 --> 00:03:06.479 Rich people understand that waiting for permission is waiting forever. 49 00:03:07.439 --> 00:03:09.599 When I wanted to start PayPal, I didn't wait for 50 00:03:09.639 --> 00:03:12.039 the banking industry to give me permission to disrupt their 51 00:03:12.120 --> 00:03:14.960 business model. When I wanted to build electric cars, I 52 00:03:14.960 --> 00:03:17.599 didn't wait for automakers to approve of my plans. When 53 00:03:17.599 --> 00:03:20.240 I wanted to make rockets, I didn't wait for aerospace 54 00:03:20.280 --> 00:03:24.479 companies to welcome competition. Permission is a luxury that poor 55 00:03:24.520 --> 00:03:26.800 people think they need, but rich people know they don't 56 00:03:26.800 --> 00:03:29.159 have time for the market doesn't wait for you to 57 00:03:29.159 --> 00:03:33.800 feel ready. Opportunities don't pause while you gather courage. Competition 58 00:03:33.840 --> 00:03:37.439 doesn't slow down while you seek approval. This doesn't mean 59 00:03:37.479 --> 00:03:41.719 being reckless or ignoring wise counsel. It means understanding that 60 00:03:41.759 --> 00:03:43.520 most of the permission you think you need is actually 61 00:03:43.599 --> 00:03:48.080 just feared disguised as prudence. It means recognizing that action 62 00:03:48.159 --> 00:03:51.120 creates clarity faster than planning, and that you learn more 63 00:03:51.159 --> 00:03:54.120 from trying and failing than from waiting and wondering. Poor 64 00:03:54.159 --> 00:03:57.360 people ask what if it doesn't work? Rich people ask, 65 00:03:57.800 --> 00:04:00.240 what if it does work? And I miss it because 66 00:04:00.240 --> 00:04:01.879 I was waiting for someone else to tell me it's okay? 67 00:04:02.520 --> 00:04:06.520 Have a three. Rich people never trade time for money 68 00:04:06.840 --> 00:04:11.439 in linear ways. Poor people think wealth comes from trading 69 00:04:11.439 --> 00:04:14.280 more time for more money. Work more hours, get more pay, 70 00:04:14.960 --> 00:04:18.199 take on a second job, make extra income, stay late, 71 00:04:18.639 --> 00:04:22.560 earn over time. Their entire financial strategy is based on 72 00:04:22.560 --> 00:04:25.879 the assumption that income should be proportional to time invested. 73 00:04:26.639 --> 00:04:30.439 Rich people understand that this approach has a ceiling. There 74 00:04:30.439 --> 00:04:32.839 are only twenty four hours in a day, and even 75 00:04:32.839 --> 00:04:35.000 if you could work all of them, you'd still be 76 00:04:35.040 --> 00:04:39.079 limited by your personal capacity. True wealth comes from creating 77 00:04:39.120 --> 00:04:43.120 systems that generate value independently of your direct time investment. 78 00:04:43.839 --> 00:04:46.399 This is why I focus on building companies rather than 79 00:04:46.439 --> 00:04:50.079 just being a highly paid employee. Tesla doesn't stop making 80 00:04:50.120 --> 00:04:55.319 money when I sleep, SpaceX doesn't pause revenue generation when 81 00:04:55.360 --> 00:04:59.040 I take a vacation. My wealth grows from the value 82 00:04:59.079 --> 00:05:02.839 these companies create from hours I personally work. Poor people 83 00:05:02.879 --> 00:05:05.519 often resist this concept because it feels unfair. They think, 84 00:05:05.759 --> 00:05:07.879 why should someone make money while they sleep when I 85 00:05:07.920 --> 00:05:10.800 have to work hard for every dollar. But this resistance 86 00:05:10.800 --> 00:05:13.759 to leverage is exactly what keeps them trapped in linear 87 00:05:13.800 --> 00:05:17.399 income models. Rich people look for ways to multiply their impact. 88 00:05:18.040 --> 00:05:21.519 They build products that serve millions of customers. They create 89 00:05:21.560 --> 00:05:25.759 systems that operate without constant supervision. They invest in assets 90 00:05:25.800 --> 00:05:30.279 that appreciate over time. They understand that scalability, not hard work, 91 00:05:30.759 --> 00:05:35.199 is the key to significant wealth. Have it for. Rich 92 00:05:35.240 --> 00:05:40.519 people never avoid learning about money. Poor people avoid financial education. 93 00:05:40.920 --> 00:05:45.199 They think money management is boring, complicated, or somehow beneath them. 94 00:05:45.480 --> 00:05:48.800 They delegate financial decisions to others or make them based 95 00:05:48.839 --> 00:05:53.000 on emotion and guesswork. They're more interested in earning money 96 00:05:53.040 --> 00:05:58.399 than understanding money. Rich people are obsessed with understanding how 97 00:05:58.439 --> 00:06:01.199 money works, not just how to make it, but how 98 00:06:01.240 --> 00:06:05.040 to keep it, grow it, protect it, and deploy it strategically. 99 00:06:05.720 --> 00:06:11.480 They study markets, understand tax implications, learn about different investment vehicles, 100 00:06:12.040 --> 00:06:17.279 and constantly expand their financial literacy. I spend significant time 101 00:06:17.959 --> 00:06:20.600 understanding the financial aspects of my businesses, not just the 102 00:06:20.639 --> 00:06:24.759 technical aspects. I know how cash flow works, how different 103 00:06:24.839 --> 00:06:29.040 funding structures affect control and returns, how tax strategies can 104 00:06:29.079 --> 00:06:33.600 impact long term wealth building. This knowledge directly influences every 105 00:06:33.800 --> 00:06:37.040 major decision I make. Poor people often say they don't 106 00:06:37.079 --> 00:06:39.959 have time to learn about money, but then spend hours 107 00:06:39.959 --> 00:06:43.800 watching entertainment or scrolling social media. They say financial education 108 00:06:43.879 --> 00:06:47.839 is too complicated, but then make complex emotional decisions about 109 00:06:47.839 --> 00:06:52.600 money without any framework for evaluation. The irony is that 110 00:06:52.759 --> 00:06:56.800 avoiding financial education because you think it's complicated guarantees that 111 00:06:56.839 --> 00:06:59.920 money will remain complicated for you. The more you understand 112 00:07:00.000 --> 00:07:04.319 about how money works, the simpler and more intuitive financial 113 00:07:04.360 --> 00:07:09.360 decisions become. Rich people read financial statements like poor people 114 00:07:09.399 --> 00:07:15.720 read social media regularly, carefully, and with genuine interest in 115 00:07:15.759 --> 00:07:20.040 what they reveal. Hab At five. Rich people never spend 116 00:07:20.040 --> 00:07:24.439 money to feel better. Poor people use spending as emotional regulation. 117 00:07:24.680 --> 00:07:28.519 They buy things when they're sad, stressed, celebrating, or bored. 118 00:07:29.279 --> 00:07:33.800 Shopping becomes therapy, and purchases become rewards for surviving difficult 119 00:07:33.839 --> 00:07:39.079 experiences or achievements deserving recognition. Rich people understand that emotional 120 00:07:39.120 --> 00:07:41.600 spending is one of the fastest ways to destroy wealth. 121 00:07:42.439 --> 00:07:46.439 Every dollar spent on temporary emotional relief is a dollar 122 00:07:46.480 --> 00:07:50.360 that can't compound over time. More importantly, using money to 123 00:07:50.399 --> 00:07:54.079 manage emotions creates a cycle where you need more money 124 00:07:54.160 --> 00:07:57.360 to feel good, which creates more pressure to earn, which 125 00:07:57.399 --> 00:08:00.720 creates more stress, which requires more spending to manage. When 126 00:08:00.759 --> 00:08:04.199 Tesla was struggling and I was under enormous pressure, I 127 00:08:04.240 --> 00:08:08.720 didn't cope by buying expensive toys or taking lavish vacations. 128 00:08:09.439 --> 00:08:13.800 I coped by focusing on solving the problems that were 129 00:08:13.839 --> 00:08:18.240 causing the stress. I understood that emotional spending would have 130 00:08:18.240 --> 00:08:22.920 made our financial situation worse, not better. This doesn't mean 131 00:08:23.399 --> 00:08:26.560 rich people never enjoy their money or never make purchases 132 00:08:26.759 --> 00:08:30.720 for pleasure, but they make those purchases from a place 133 00:08:30.759 --> 00:08:35.559 of abundance and strategy, not from emotional need or compulsion. 134 00:08:36.279 --> 00:08:40.039 Poor people often justify emotional spending by saying they deserve 135 00:08:40.120 --> 00:08:43.720 something after working hard or dealing with stress. Rich people 136 00:08:43.799 --> 00:08:47.559 understand that what you deserve is financial security and freedom, 137 00:08:47.799 --> 00:08:51.879 and that emotional spending works directly against those goals. The 138 00:08:51.919 --> 00:08:53.960 fastest way to build wealth is to find free or 139 00:08:54.039 --> 00:08:58.000 cheap ways to manage your emotions. Exercise time in nature, 140 00:08:58.519 --> 00:09:04.480 conversations with friends, creative hobbies, spiritual practices, and use money 141 00:09:04.559 --> 00:09:07.679 only for purchases that align with your long term financial goals. 142 00:09:08.399 --> 00:09:12.759 Habit six. Rich people never surround themselves with other poor people. 143 00:09:13.480 --> 00:09:17.360 This sounds harsh, but it's critically important. Poor people tend 144 00:09:17.440 --> 00:09:21.240 to surround themselves with other people who share their financial 145 00:09:21.279 --> 00:09:25.600 struggles and mindset. They bond over money problems, reinforce each 146 00:09:25.600 --> 00:09:30.039 other's limiting beliefs about wealth, and collectively normalize financial mediocrity. 147 00:09:30.759 --> 00:09:33.720 Rich people intentionally spend time with other people who think 148 00:09:33.759 --> 00:09:38.399 about money differently, not to show off or feel superior, 149 00:09:38.480 --> 00:09:43.360 but because mindset is contagious. The conversations you have, the 150 00:09:43.399 --> 00:09:47.000 assumptions you absorb, and the possibilities you can imagine are 151 00:09:47.039 --> 00:09:51.080 all influenced by the people you spend time with. When 152 00:09:51.120 --> 00:09:55.600 I was starting my companies, I sought out mentors and 153 00:09:55.639 --> 00:09:59.120 peers who had built successful businesses. I wanted to learn 154 00:09:59.120 --> 00:10:03.320 how they thought about risk, opportunity, growth, and wealth building. 155 00:10:04.000 --> 00:10:08.679 I wanted their perspectives to challenge my assumptions and expand 156 00:10:08.679 --> 00:10:12.519 my vision of what was possible. This doesn't mean abandoning 157 00:10:12.600 --> 00:10:16.879 friends or family who struggle financially, but it does mean 158 00:10:16.919 --> 00:10:21.120 being intentional about also cultivating relationships with people who model 159 00:10:21.159 --> 00:10:24.120 the financial mindset and behaviors you want to develop. Poor 160 00:10:24.159 --> 00:10:27.279 people often resist this because they think it means they're 161 00:10:27.279 --> 00:10:31.919 being disloyal to their community or becoming arrogant. But wanting 162 00:10:31.960 --> 00:10:35.159 to grow financially isn't a betrayal of your roots. It's 163 00:10:35.240 --> 00:10:37.759 often the best way to eventually help the people you 164 00:10:37.799 --> 00:10:41.320 care about. The people you spend time with either support 165 00:10:41.320 --> 00:10:45.879 your financial growth or undermine it. Rich people choose relationships 166 00:10:45.919 --> 00:10:49.639 that support their goals, while poor people often choose relationships 167 00:10:49.639 --> 00:10:53.639 that feel comfortable, even when they reinforce limiting patterns Habit seven. 168 00:10:54.480 --> 00:10:57.279 Rich people never believe money is the root of all evil. 169 00:10:57.840 --> 00:11:01.919 Poor people have conflicted relationships with money. They want it, 170 00:11:02.200 --> 00:11:05.240 but they also believe it's somehow corrupt. Spiritual people shouldn't 171 00:11:05.240 --> 00:11:08.600 care about it, or that pursuing wealth makes you greedy 172 00:11:08.600 --> 00:11:14.399 and selfish. This internal conflict sabotages their ability to build 173 00:11:14.440 --> 00:11:17.679 wealth because part of them believes that succeeding financially means 174 00:11:17.759 --> 00:11:21.440 failing morally. Rich people understand that money is a tool, 175 00:11:22.000 --> 00:11:25.320 not a moral category. Money amplifies who you already are. 176 00:11:25.679 --> 00:11:29.360 If you're generous, money makes you more generous. If you're selfish, 177 00:11:29.399 --> 00:11:32.440 money makes you more selfish. But money itself is neutral. 178 00:11:33.080 --> 00:11:36.799 I've seen this limiting belief destroy more financial potential than 179 00:11:36.799 --> 00:11:40.679 almost any other factor. People who could build wealth choose 180 00:11:40.720 --> 00:11:43.759 not to because they've been taught that wanting money is 181 00:11:43.799 --> 00:11:47.559 somehow wrong. They settle for enough to get by because 182 00:11:47.600 --> 00:11:51.399 they think wanting more is greedy. But here's what I've learned. 183 00:11:51.960 --> 00:11:53.639 The people who do the most good in the world 184 00:11:54.080 --> 00:12:00.600 often have significant financial resources. Charitable foundations, medical research, educational initiatives, 185 00:12:01.000 --> 00:12:05.639 environmental projects. They all require capital. If good people avoid 186 00:12:05.639 --> 00:12:09.039 building wealth, then wealth gets concentrated among people who might 187 00:12:09.039 --> 00:12:13.000 not use it as wisely. When I built PayPal, made 188 00:12:13.039 --> 00:12:16.159 money from that success, and then invested it in Tesla 189 00:12:16.240 --> 00:12:20.879 and SpaceX, I wasn't being greedy. I was using financial 190 00:12:20.919 --> 00:12:24.600 resources to solve important problems that affect millions of people. 191 00:12:25.279 --> 00:12:27.759 The wealth was a means to an end, not an 192 00:12:27.840 --> 00:12:31.840 end in itself. Poor people often quote the biblical verse 193 00:12:32.159 --> 00:12:34.759 money is the root of all evil, but the actual 194 00:12:34.840 --> 00:12:37.519 verse says the love of money is the root of 195 00:12:37.559 --> 00:12:41.879 all kinds of evil. The difference is crucial. Loving money 196 00:12:41.919 --> 00:12:46.279 more than people, principles, or purpose is destructive, but seeing 197 00:12:46.320 --> 00:12:49.960 money as a tool for serving those higher values is 198 00:12:50.000 --> 00:12:54.039 actually virtuous. Rich people pursue wealth not as an ultimate goal, 199 00:12:54.480 --> 00:12:57.159 but as a means of increasing their ability to solve problems, 200 00:12:57.600 --> 00:13:00.679 help others, and create positive change in the world world. 201 00:13:00.879 --> 00:13:04.679 These seven habits might seem small, but they reflect fundamental 202 00:13:04.720 --> 00:13:08.120 differences in how people think about money, opportunity, and their 203 00:13:08.159 --> 00:13:12.480 own agency in creating financial outcomes. Poor people practice these 204 00:13:12.480 --> 00:13:16.840 habits unconsciously, not realizing their programming themselves for financial struggle. 205 00:13:17.440 --> 00:13:21.360 Rich people avoid these habits deliberately, understanding that wealth building 206 00:13:21.399 --> 00:13:25.360 starts with mindset and is reinforced through daily practices that 207 00:13:25.399 --> 00:13:29.759 align with financial growth rather than financial limitation. The good 208 00:13:29.799 --> 00:13:32.919 news is that all of these habits can be changed. 209 00:13:33.799 --> 00:13:36.759 You can stop complaining about money and start solving money problems. 210 00:13:37.240 --> 00:13:39.840 You can stop waiting for permission and start taking action. 211 00:13:40.639 --> 00:13:44.720 You can stop trading time for money and stop building systems. 212 00:13:45.159 --> 00:13:48.519 You can start learning about money instead of avoiding financial education. 213 00:13:49.039 --> 00:13:53.559 You can stop emotional spending and start strategic spending. You 214 00:13:53.600 --> 00:13:59.279 can surround yourself with people who model financial success, and 215 00:13:59.360 --> 00:14:01.919 you can embrace money as a tool for good rather 216 00:14:01.960 --> 00:14:05.360 than seeing it as morally suspect. But changing these habits 217 00:14:05.399 --> 00:14:08.960 requires honest self examination and the willingness attack differently than 218 00:14:08.960 --> 00:14:13.639 the people around you. It requires choosing growth over comfort, 219 00:14:13.960 --> 00:14:17.080 learning over entertainment, and long term thinking of a short 220 00:14:17.159 --> 00:14:21.519 term emotion. The choice is yours. You can continue practicing 221 00:14:21.559 --> 00:14:24.279 the habits that keep people poor, or you can adopt 222 00:14:24.279 --> 00:14:27.960 the habits that create wealth. The market doesn't care which 223 00:14:28.000 --> 00:14:31.639 you choose, but your future self will live with the consequences. 224 00:14:32.279 --> 00:14:35.399 What matters isn't where you start, but which direction you're moving. 225 00:14:36.080 --> 00:14:39.200 Rich people weren't born with different DNA, They just develop 226 00:14:39.279 --> 00:14:43.840 different habits, and habits can be learned by anyone willing 227 00:14:43.879 --> 00:14:47.559 to practice them consistently over time. Share this with someone 228 00:14:47.559 --> 00:14:51.759 who's ready to examine their relationship with money honestly. Subscribe. 229 00:14:51.759 --> 00:14:54.759 If these conversations help you think differently about wealth, and success. 230 00:14:55.519 --> 00:15:00.240 And remember the biggest obstacle to building wealth isn't lack 231 00:15:00.279 --> 00:15:03.559 of opportunity, it's practicing the daily habits that push money away. 232 00:15:04.360 --> 00:15:20.159 Which of these habits do you need to change first.