Money Mindset and How to Win in Business with Patrick Bet-David

Money Mindset and How to Win in Business

And today, it’s easier than ever to find yours. Tons of people are building their dream jobs from scratch and creating big, beautiful lives for themselves. Intrepid entrepreneurs all over the world are bringing new products and services to excited consumers.

Does that sound like something you want to do? Are you ready to say “Goodbye!” to your 9-to-5 desk job and build a business for yourself? Do you want to start growing your personal wealth? Do you want to have the career and lifestyle of your dreams?

If you’re reading this post, I’m sure you do! But you probably have a lot of questions. How should you manage your money? What financial and entrepreneurial strategies do you need to learn? How do you build relationships that support you and your business?

Most of all — how do you even get started?

My guest today is going to tell you exactly how. Patrick Bet-David is a business expert, and he’s joining me today to teach you how to have the money mindset you need to win in business.

Who is Patrick Bet-David?

Patrick Bet-David is a true business guru. He has built a business empire from scratch, while routinely overcoming the criticism tossed his way. I really admire the way this guy gets up every day and continues building no matter what!

Patrick has been building and hustling his whole life. When he was just ten years old, he fled to America from Iran. Then after high school, he joined the military and served in the 101st Airborne before launching his business career. Before he was 30 years old, Patrick had started his first company, PHP Agency — the fastest growing financial services company in America.

Today, Patrick Bet-David is an amazing content creator, investor, producer, author, and CEO of both PHP Agency and Valuetainment Media, with a fanbase of over 10 million followers across five media platforms. And he’s getting set to release a new book, Your 5 Next Moves: Master the Art of Business Strategy, on August 18th! This book is a practical and effective guide for thinking more clearly and achieving your most audacious business goals, and I highly recommend grabbing a copy when it’s released!

Patrick Bet-David is an inspiring guy. He truly embodies the American Dream. His business genius is uncanny — he tells it like it is, and I always learn a lot from my conversations with him. And if you’re curious, check out my interview with Patrick about my book The Mask of Masculinity on Valuetainment Media!

If you’re ready to level-up your business game, grow your wealth, and achieve the success you’ve been dreaming about, read on!

The Inspiration Behind Patrick Bet-David’s New Book: Your Next Five Moves

As I said above, Patrick’s got a new book coming out on August 18th called Your Next Five Moves, which is a must-have for anyone who wishes to accomplish their business goals. In the book, Patrick outlines how everyone needs to find the next move when it comes to business. His inspiration from the book came from one very simple but challenging question:

“Everybody talks about, ‘What is the key to success?’ The key to success is [to] marry the right person, save money, work hard, go to school, get a degree, love people, faith, God — you hear so many different things. … Years later, I said … the biggest key to success … the difference between [successful people] and other people is their sequencing.” – Patrick Bet-David

What does he mean by sequencing? Let me break it down for you: Two people may have the same vision of what they want to do in life. Let’s say they both want a career in the NFL. There are going to be countless steps and options to get to that level of success, but the person who chooses the right order (the right sequencing) is inevitably going to get to that point faster. The other person, while they might have the same dream, does not have efficient sequencing, so they may never get there.

Patrick experienced this sequencing firsthand when his life started falling apart around him. When he was around 26 years old, his girlfriend broke up with him because he loved his business more than her. After that, he got a message from his mom, asking him what happened to her little son who used to love his mother? THEN he read an email from a client, from whom he was expecting a $15,000 auto commission, saying that they were backing out at the last minute. All of this happens before 6:10AM.

“I [had] no idea what to do in that moment. All I thought about is, ‘What are my next five moves? What do I need to do next?’ From that moment on, everything I did with business, I would ask myself, ‘[What are] my next ten, 15 moves? … What can I do to be better than this guy? What can I do to be more efficient than him?’… Everything came down to [my] next five moves.” – Patrick Bet-David

I asked Patrick what next move we should all be thinking about, and he went the extra mile, giving me the three next moves in forming your dream career and personal life:

Ask yourself, “Who do you want to be?”

If you don’t know the answer to this question, it will take you WAY longer to actually become great. Take some time to sit and reflect on your dream job or the best version of you. Don’t compare yourself to others you see around you. Get really clear on who YOU want to be.

2. Discover your natural talents.

Patrick says that after you’ve identified who you want to be, you can start figuring out what talents you have. Are you naturally gifted at public speaking? Are you a creative problem-solver? Are you data-driven? Once you do that, you can start using your talents intentionally to give your sequencing an upper advantage.

3. Start sequencing.

Sequencing can happen at a macro and micro level. If you’re not sure where to start, begin with standardizing your morning routine. Then move onto bigger things — relationships, business deals, etc. You’re going to make mistakes, but these are opportunities for you to rework the sequence and find a more efficient flow.

If you want to learn more about the next moves you can take in your career and relationships, definitely check out Patrick’s book, Your Five Next Moves, which is coming out on August 18th!

“You’re one contact away from your life changing. If you start valuing your contacts like a book of business, everything changes.” @patrickbetdavid

Should You Be an Entrepreneur or an Intrepreneur?

So once you’ve gotten clear on who you want to be, you may be thinking, “I want to become an entrepreneur. I want to start my own business.” I wanted to hear Patrick’s advice for people who are thinking about this career path, and whether they should become an “entrepreneur” or “intrepreneur.”

“You may want to be an entrepreneur, but [being an] intrepreneur may make sense next, right? … So this movement of ‘entrepreneur’ got a lot of people to become entrepreneurs who should have never become entrepreneurs … because they did not experience the element of being an intrepreneur. … The only difference between the entrepreneur and the intrepreneur is [that] the entrepreneur puts up the money. That’s it.” – Patrick Bet-David

Patrick went on to give the example of Bob Iger, who started off with ABC several years ago as a young man who didn’t know what he wanted to do:

“[He] accidently gets a job. He starts working at ABC. Then he works his way up. Then it’s his dream to be a CEO of Disney. Then [he] eventually becomes a CEO of Disney. He’s the CEO of Disney for 15, 16 years. He ends up closing George Lucas on buying Star Wars, he ends up buying Marvel, he ends up buying Pixar from Steve Jobs, and he ends up buying Fox. … His salary was $67 million a year.” – Patrick Bet-David

Bob Iger was never an entrepreneur. He found a company that was absolutely killing it, worked his way up, and rode the wave of success. Maybe what you need isn’t to become an entrepreneur, but to become an intrepreneur. Find someone who’s on their way up, partner with them, and start climbing that ladder to leadership.

“[The entrepreneur has] a whole different level of sacrifice, a whole different level of stress. … And that’s one of the reasons why the intrepreneur respects the entrepreneur. It’s like the hidden code. ‘Listen, man, I’m willing to do everything that you’re doing, but I didn’t put up money. Salute. I respect you. This is why you are number one. I’m number two.’… And there’s that element of respect for one another … the entrepreneur has to be willing to allow an intrepreneur to exist.” – Patrick Bet-David

Let’s face it: Not everyone can be an entrepreneur. Not everyone can be an intrepreneur either. If you’re certain that business is the career path for you, I want to encourage you to take some time to think hard on what you want, who you want to become, and the best sequencing for YOU to get there.

Be Intentional and Intuitive About Your Relationships

In addition to talking about business, Patrick and I also talked a lot about the importance of pursuing relationships — in your business and personal life. Let’s say you’re an entrepreneur who isn’t living the quality of life that you feel like you deserve. You’ve put in hard work, and you’ve seen some fruit, but less than you expected. What is the key to that abundant success you see other entrepreneurs having?

Relationships. Are you being intuitive about who you should be spending time with? Are you surrounding yourself with a community that is going to support you? Are you going out of your way to meet people and make new contacts?

“… You never know the potential of a contact. You have to know [that] every contact could take you to someplace that you don’t know. It’s like a movie. You don’t know the next scene, you know? So you can’t just assume what that contact is going to lead into. Sometimes the smallest contact can lead into something big.” – Patrick Bet-David

Guys – don’t pass up the opportunity to make a connection. And not just for the sake of making a connection, but for the purpose of giving. One of the things that I love about Patrick is that he reminds me of my father — he would just remember names like nobody’s business. He was so giving, so thoughtful, and he was always thinking of the long term. He wasn’t like, “How can I sell to you now?” but more like, “How can I give to you now?”.

Patrick and I agree that if you meet people with the purpose of “how can I serve you,” then you’ll find your relationships become more genuine, and your business will grow exponentially as a result!

Three Rules You Need to Know About Making Money

Before we ended the interview, I wanted to hear Patrick’s advice about making money. He talks a lot about money and the top 20 rules for money on his YouTube channel, so don’t forget to check that out after this interview! I asked him to boil down those 20 rules into the three most important rules. These were his answers:

Money is a game.

“Number one rule — [Money] is a game. You’re playing a game. It’s that simple. If you look at it as a game, just like anything, you can get better at it, right?” – Patrick Bet-David

Like any game, you can get better at it. It takes practice. It takes experience. You might lose a few rounds at first, but if you can pick yourself back up with a winning mindset and strategy, you’ll be set up for success.

2. You need to play the doubles game.

Part of the money game is finding ways to double your profits — what companies can you buy into? Where can you invest? Should you start buying gold? Let your money make you money. There are definitely risks involved in investment, but this is just part of the game.

3. You need to be “manically maniacal about being patient.”

“I mean, you have to be patiently aggressive. … It’s so tough to do because you want your money to double down. Might take 10 years. But if you are willing to do the 10 years, it may double 40 times…” – Patrick Bet-David

In order to win the money game, focus and patience is crucial. You have to be willing to invest in things that might not bring you cash right away. You’re playing the long game — not the short one — and if you keep yourself focused and patient, you’ll reap the rewards.

Why You Should Listen to This Patrick Bet-David Podcast Episode Right Now…

Guys, this interview was packed full with practical tips about building your own business, perfecting your money mindset, and thriving in relationships. I encourage you to listen to the full episode to make sure you don’t miss anything!

I want to acknowledge Patrick for the way he’s shown up his entire life — how he is constantly improving and caring about people other than himself. He’s a man who doesn’t let ego get in the way of making real connections and making the best decisions for his business. He is truly living out his definition of greatness:

“Alignment. It’s purely alignment. If I’m aligned with my values and principles and my goals and dreams … I’m the most fulfilled, happiest person alive.” – Patrick Bet-David

Are you aligned with your purpose, your values, and with the people in your life who mean the most to you? I hope this interview makes you reflect as much as it made me!

Don’t forget to tag me @lewishowes and @patrickbetdavid on Instagram with your biggest takeaways from this episode! And please share this interview with someone who needs to hear it! Remember: You can change someone’s life.

If you’re ready to level-up your business game, grow your wealth, and achieve the success you’ve been dreaming about, join me on Episode 992 with the amazing Patrick Bet-David!

To Greatness,

Lewis Howes - Signature

Some Questions I Ask:

What’s the first step for entrepreneurs who want to start a business?
How do you know if you’re an entrepreneur or an intrapreneur?
Why do your relationships affect your business?
What are the key rules of money?

In this episode, you will learn:

How to sequence your activities for maximum productivity
That it’s essential to be self-aware of what you truly want in life
Why your romantic partner has to understand your professional needs
How to better understand money and investing
Plus much more…

Show Notes:

Check out Patrick’s book – Your Next Five Moves

Connect with:

Patrick Bet-David

Everyone has a dream job.