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what is Bill Perkins secret sauce I 00:00
think my biggest secret sauce is not giv 00:01
a that's Bill Perkins bestselling author 00:03
High Stak Gambler and millionaire energy 00:06
Trader last year he made $100 million 00:08
from Trading natural gas and oil you 00:10
made 100 million in a year yes but he 00:11
wasn't always the Million dooll Man he 00:14
is today when you have to like stay at 00:15
home living in a little room with your 00:17
mom can't get laid gramping your style 00:19
this sucks in the real world's hitting 00:21
you he traded his way to the top by 00:23
taking some massive risks and we were 00:25
down like I don't know 50% some ungodly 00:27
number in this interview I sat down and 00:29
asked him how making $100 million 00:31
changed his life I hear it all the time 00:33
it's like oh you have enough I'm like 00:35
you don't know what the you talking 00:36
about call it money Chuck-E-Cheese 00:37
tokens whatever I I don't give a [ __ ] I 00:39
care about what choices does this enable 00:41
me to have what it's like paying taxes 00:43
on $100 million what's been your biggest 00:45
tax bill 54 million that's a big tax 00:46
bill yeah it hurts Bill Perkins 00:49
everybody Bill Perkins is not living the 00:51
dream Bill Perkins is enjoying the dream 00:52
the question is whose dream my dream 00:54
let's dive in for the people that maybe 00:56
aren't familiar with with you what's 00:59
like the the 30 seconds who's Bill 01:00
Perkins I think I'm just a regular 01:02
person going young life I grew up in 01:03
Jersey City wanted to be rich because I 01:05
was very influenced by what was 01:08
perceived as rich people being able to 01:09
do which is whatever they wanted you 01:11
know have nice things Etc and that was 01:13
marketed to me I work my way through 01:15
being like a peon screen clerk in 01:17
Commodities up to a Commodities Trader 01:20
how how did you get into this career cuz 01:22
you're the third person that we've 01:23
interviewed with energy trading yeah and 01:25
they're all super rich and I have zero 01:27
idea still what energy trading is we'll 01:29
get to that but how did you get started 01:30
in this career I really wanted to get 01:32
into equities but I had like a there's a 01:33
spot for a screen clerk I didn't know 01:37
what a screen clerk was and I got 01:39
introduced to the floor and back then it 01:41
was open outcry and it was like chaos 01:42
people yelling and screaming it's the 01:44
buy and sell stocks yeah yeah buy and 01:45
sell Commodities like oil natural gas 01:47
heating oil back then natural gas wasn't 01:49
even a contract back then my thought 01:51
being like an arrogant at 20-some was 01:53
like wow if these idiots can be rich so 01:56
can I I went from serious super slacker 01:57
like least likely to succeed to you know 02:00
turned it on to 100 and learned as much 02:04
as I could what what changed what what 02:06
sparked that necessity like when you 02:08
have to like stay at home and you know 02:09
living in a little room with your mom 02:12
can't get laid cramping your style and 02:14
realizing like this [ __ ] sucks in the 02:17
real world's hitting you you you have 02:19
two choices you can become a victim or 02:20
you know turn it on and so how did you 02:23
grow in your career to get to your first 02:25
milon was it as this as a Commodities 02:27
Trader yes so I well I was a screen 02:29
Clerk and worked my way up learned as 02:31
much as I could and finally got into a 02:33
trading position and Traders generally 02:35
buy and large get up eat what they kill 02:37
and so that was like oh that's that's 02:39
that's where I want to be to get a 02:41
percentage of what you make what was 02:43
that like for you to get to the first 02:44
million like you said hey I wanted to be 02:45
rich I was dreaming of all this stuff 02:47
how did it feel when you finally got 02:48
there it was kind of anti-climatic 02:49
commodity training is a puzzle and I 02:50
think humans are puzzle solving 02:52
creatures right we love solving puzzles 02:54
and this is like a puzzle that's 02:56
constantly changing and the feedback is 02:58
fairly instant you know instantly hot 03:00
stove great trade hot stove you know 03:02
what I mean like the feedback loop is 03:05
very close to the action with trading 03:06
and it's complex enough but not 03:09
intractable and I enjoyed solving that 03:11
puzzle and I really enjoyed the life 03:14
that it could potentially afford me when 03:16
I got the money I had been so 03:17
conditioned on trying to make it I 03:19
forgot why I made it you know I became 03:21
disassociated from the reward right it 03:24
was all abstract it was just dollars the 03:26
first time when I made $35,000 a year 03:28
that was probably the most exciting time 03:31
in my life in terms of making money I 03:33
got to like 50 something and then I was 03:35
like I make more money than my mom I am 03:37
a badass that felt the best way more 03:39
than the million way more million 10 03:42
million 100 million you know 100 million 03:44
years are just kind of like oh I made 03:47
100 million I'm going to you made 100 03:48
million in a year yes all right we'll 03:49
get we'll get to that story what are you 03:52
trading what cuz what is happening to 03:54
make this money cuz you're the third 03:57
person I've been fortunate to meet 03:58
that's done well we're trading natural 03:59
gas so I trade natural gas in power 04:01
betting on whether the price is going up 04:02
down or the relative spreads are going 04:04
or how volatile it's going to be same 04:06
same thing but in commodity space most 04:07
of the people think like we're competing 04:09
against each other like other hedge 04:11
funds we're not all our money is from 04:12
people that like are actually in the 04:14
commodity business who don't give a [ __ ] 04:16
they're like hey I found natural gas and 04:18
it cost me a125 to make it and it's 04:22
trading 250 I want to hedge and lock in 04:24
the money and run I will sell you a 04:27
strip of natural gas for 2 years for 250 04:28
and we're like okay we'll buy it at this 04:31
price because we think this is a fair 04:32
price and it'll go up and hedging is 04:34
where we make the money because the 04:36
buyer of that let's say a power plant's 04:37
going to come on and says we need to buy 04:39
gas he's not there at the same time 04:40
right the people hedging for different 04:42
reasons are not the same time so 04:44
somebody needs to Warehouse that risk in 04:45
the meantime given the information 04:47
that's going on sometimes we get it 04:49
wrong we get ran over you know what I 04:51
mean sometimes we get it right right 04:52
that's where the money comes from it 04:54
doesn't come from me being right versus 04:56
Jaron or Morgan stanle or Etc it comes 04:58
from people that need to hedge that that 05:01
like a farmer I'm going to plant this 05:02
crop the crop's going to come out next 05:04
year and I need this price to make money 05:06
somebody has to come in and speculate 05:09
and say I'll buy at this price I think 05:10
it's going to be higher that's where the 05:12
money is made well if someone was young 05:13
and they're just getting started or even 05:15
old and they're like hey I want to make 05:17
a million dollars maybe in this energy 05:18
trading what would you what would you 05:19
recommend for them to go do wow it's 05:20
really hard I would recommend them go to 05:21
a place to learn um usually the banks or 05:23
some sort of internship where they can 05:26
actually learn and there that's where 05:27
you can cut your chops you know work 05:29
your way up to being an analyst and then 05:31
seeing if I want to be a Trader but not 05:33
everybody can be a Trader doesn't matter 05:35
how bright you are or how smart you are 05:36
there's a certain level of stoicism you 05:38
have to have and you know I've said this 05:40
before I don't know if you heard it like 05:42
most people require five to seven 05:44
positive events to make up for one 05:46
negative event if you're the best Trader 05:48
in the world like God mode you're what 05:49
6040 and so there's are very few select 05:52
people who can handle that the emotional 05:55
math is I need five days or seven days 05:58
of good days for one it just doesn't 06:00
work right so then your prefrontal 06:02
cortex and that stress and that 06:03
cortisone stops the work and you you 06:05
just break down it's not worth it to you 06:06
who can handle that many bad days and 06:08
still function properly how did you 06:12
practice that skill I think it can be 06:14
learned but I think some of it is just 06:16
innate I I don't know how you get it 06:18
innately but I think certain people do 06:20
practice it right they have like they 06:22
read all the stoics and they they 06:24
meditate and they do everything but 06:25
there are certain people are just like 06:27
it is what it is is what were some of 06:28
the Wilder stories on the the the big 06:30
wins or big losses in your trading we 06:33
had a huge draw down one of the things I 06:35
told my investors they were worried 06:37
because they see my lifestyle they're 06:39
like oh you're going to quit right we're 06:40
going to give you a bunch of money and 06:41
we're going to invest in you and then 06:43
you're going to quit in two years or 3 06:44
years and I told them I won't quit you 06:45
until you quit me and we were down like 06:48
I don't know 50% some some some ungodly 06:50
number for commodity trading right and I 06:52
thought like these guys are going to 06:54
pull out the money we're going to be 06:55
done and it takes a certain amount of 06:56
capital just to run the fund just for 06:58
expenses and my CFO was like you should 07:00
shut down the fund we should fire these 07:02
people you should just trade your own 07:04
money whatever and I was like nope I'm 07:06
going to chop wood and my investor said 07:09
they're not going to quit me until I 07:12
quit them I'm not quitting and so 07:14
chopwood obviously made like 200 or 07:17
something per the next you know very 07:19
quickly and and and came back and made 07:21
the money in in the rest his history I 07:24
think a lot of people were like really 07:26
depressed and distru and I was just like 07:28
this is what we do if you're a boxer 07:30
you're going to get knocked down you're 07:32
going to get punched in the face right 07:33
if you're an insurance agent the storm 07:34
will come there will be the bad time 07:36
right like the plane will crash into the 07:39
whatever it is right it's going to 07:41
happen and that's the game we're in and 07:43
so if you can't handle that you you 07:45
shouldn't be in the field what's it like 07:47
to make an $100 million a year I don't 07:49
want to work for nothing so $100 million 07:50
is who gives a [ __ ] what I care about is 07:52
what experiences and choices is it going 07:55
to allow me to have when I like time 07:57
bucket out my life and the things I want 07:59
to do it's like okay I want to have 08:01
another kid I want I like riding trains 08:02
I want to be able to ride trains I want 08:04
to move from here to here what does this 08:06
cost Etc so and one of the things that I 08:08
I would want to have that I don't have 08:11
that the money would now afford me so I 08:14
think of those things call it money 08:16
Chuck-E-Cheese tokens whatever I I don't 08:18
give a [ __ ] I care about what choices 08:21
does this enable me to have so when you 08:23
make the money whatever is if it's $5 or 08:26
100 million or $55 million I'm like what 08:29
is that associated with I hear it all 08:32
the time it's like oh you have enough 08:34
I'm like you don't know what the you 08:35
talking about because you don't know you 08:36
you have no clue I can name like 08:37
probably 10 events and I'm not going to 08:40
do it because I don't want to be 08:41
ostentatious about it but as you make 08:42
more money you get exposed to more 08:44
things like just people that have never 08:46
been to a concert can't afford a concert 08:47
a lot of people have never flown out of 08:49
the country they don't know but until 08:50
you do it then this whole world opens up 08:52
and you're like oh chi-ching this is the 08:54
price tag how much is enough for you I 08:56
haven't really calculated number I think 08:57
I am actually at that point can you 09:00
share what the number is or around 09:02
nah but it's it's a I I think I'm close 09:04
to the point where I am purposely 09:09
identifying a thing like what am I 09:11
risking what I have to get more of what 09:13
I don't have you know what I mean like 09:16
why am I risking this my my time right 09:18
my time and my money why am I risking 09:20
this like if I'm risking this there's 09:23
got to be a reward right so I'm risking 09:24
my time and my money to get what and so 09:26
I identify the what I like renting a 09:28
yacht in the summer I like probably I'm 09:30
55 say I make it to 86 31 years probably 09:33
20 years of that 20 times The Yacht 09:37
Rental plus the wink plus the APA I'd 09:40
like that money that's not cheap so so I 09:42
can attach it though right like even if 09:44
it's not cheap like I can attach it to 09:46
like this is what I'm working for what's 09:47
been your biggest tax bill 54 million 09:49
yeah it hurts that's a big tax bill I 09:51
mean it also means you me a lot of money 09:53
but it's also you know it's a lot going 09:54
to the government it is most angering I 09:55
guess to everybody it doesn't really 09:58
matter when you see how that capital is 10:00
allocated like you realize that 10:02
obviously when you're shipping your 10:04
money off to a government entity that 10:05
you're not going to agree with 10:06
everything wh what is Bill Perkins 10:07
Secret Sauce because a lot of people can 10:09
watch this and I would say like hey I'm 10:11
going to be in Trader I'm going to go 10:12
join a firm and I'm going to work my 10:13
house off it's not like a lot of people 10:14
it like I guess the secret sauce is 10:15
enrolling people in my vision and 10:17
getting way badasses to be on my Vision 10:19
on the team and then execute most of the 10:22
time I'm trying to fire myself except 10:25
where I'm the tip of the spear so in 10:27
trading with my book I'm the tip of the 10:28
spear I have to use my own neurons Etc 10:30
but at the end of the day I know I'm not 10:32
the best person for whatever it is my 10:34
job is to like protect the vision and 10:36
hire other people to execute the vision 10:38
and so delegation giving a PE people you 10:40
know risking my capital in my time 10:44
getting them on Mission and letting them 10:46
run the show is like like my superpower 10:48
there's a millionaire for every field 10:52
doesn't matter if it's like sweatpants 10:54
sneakers shoe lastings food food 10:56
television media it doesn't matter 11:00
podcasting like doesn't matter there's a 11:02
millionaire in every single field if you 11:04
want to be Pizza Hut you can't be the 11:06
guy making the pizzas and delivering the 11:09
pizzas right you have to delegate and 11:10
you have to think strategically and then 11:13
you got to hire somebody else to run 11:14
that and then pick the next location and 11:15
that and then that and then you're the 11:17
guy who runs the vision but you're 11:18
probably not the best guy at all and I 11:20
have a lot of people like well I started 11:22
this and I built this they're attached 11:24
to it I'm just like okay you'll always 11:26
be a mom and pop and when somebody puts 11:27
a bullet in your head your business dies 11:29
but I can kill the whole Executive Suite 11:31
of IBM and it'll still keep going my 11:33
thing is is like I put people who are 11:35
better than me in positions to do 11:37
whatever it is the thing is like I'm 11:40
constantly I love to fire myself and 11:42
then it's just a machine most people 11:44
don't try not because they can't handle 11:47
the Financial Risk it's because they 11:50
can't handle the emotional shame of 11:51
their friends and the ridicule if they 11:53
fail right well if I fail then I'll be 11:55
here whatever like who cares you can get 11:57
a job as a a waiter and makes 50 70 11:58
grand a year on tips right like you got 12:00
the skills you got subject verb 12:03
agreement I'm sure you could be a waiter 12:04
but their ego won't let them be a waiter 12:05
or a garbage person or whatever right 12:08
and they're worried about oh see you 12:10
went and you started and you failed and 12:12
your friends your mom said you shouldn't 12:13
to do it or whatever but I don't care 12:15
that paralyzes so many more people than 12:18
that that are willing to admit it and I 12:21
just don't have that as much as 12:22
everybody else can you share for the 12:24
people that don't know about die with 12:26
zero really depends on your audience 12:27
like it's a counterfactual regret 12:29
minimization algorithm solving for net 12:31
fulfillment that's a programmer version 12:33
yeah that's a programmer version what 12:35
this book is is basically giving you the 12:37
mental models okay to solve for net 12:41
fulfillment there's a lot of books like 12:43
how to get rich and how to be wealthy 12:45
right like you have a million dollar 12:47
weekend million dollar weekend a lot of 12:48
podcasts whatever they're out there 12:50
they're great so takes your wealth 12:51
that's one variable it takes your health 12:53
there's a lot of books on health and 12:55
podcast and everything on health and 12:56
then your time those are the three 12:59
variables right because you're a human 13:00
being uh there's two things that are 13:01
given you will you will eventually die 13:04
and you will Decay and so given those 13:06
three variables how do we use those 13:09
resources throughout our life from 13:11
wherever we are to maximize for NE 13:13
fulfillment how do we allocate those 13:15
resources throughout your life so that 13:17
we can have the most fulfilling life 13:18
possible the assumption is is that the 13:20
purpose of life is to be fulfilled I'm 13:22
value agnostic I'm not like to be 13:24
fulfilled you should you know hike to 13:26
Himalayas and pray to the Buddha or be a 13:28
Muslim or I don't care what your values 13:29
are right your values could be strip 13:31
clubs it could be Checkers I'm saying 13:33
basically giving those variables how do 13:35
we think about each phase of our life 13:37
each day of our life and how do we 13:39
allocate these re resources throughout 13:40
the life to have the most fulfilling 13:42
life possible because you only get one 13:43
ride and that's what the book is about 13:45
in the book you actually say there's a 13:47
moment that changed your life where you 13:49
started thinking about spending more of 13:50
this money what was that story cuz you I 13:52
don't know if I saw it in the book so 13:54
there's a period in my life I read this 13:56
book called your money or your life but 13:57
by is it Robin and Dominguez or whatever 13:59
it's in the top 100 books almost every 14:01
year and it it is the the it is the book 14:03
that launched the fire movement have you 14:06
ever heard of the fire movement uh 14:07
Financial Independence retire early 14:09
that's kind of like their Bible so I 14:11
read this book and and the book 14:13
basically has you go through this 14:15
exercise where you take in all the money 14:18
you get net after taxes right and then 14:22
it now has you calculate all the time 14:26
you spend to get that money so that's 14:28
the commute to work you know going to 14:30
work the hours you work the commute back 14:33
right and any kind of if it's 14:36
decompression time or whatever that's 14:37
fine dressing whatever all the cost of 14:38
going to work the cost of transporting 14:41
work the costume you have to wear if you 14:43
have to wear a suit or whatever and then 14:44
once you have all that time and versus 14:47
your net you divide it you find out what 14:49
your true hourly an hour of your time is 14:51
worth because that's what you're willing 14:54
to spend your time for right so you 14:55
whatever let's say it's like five bucks 14:57
an hour at the time for me or whatever 14:59
seven bucks an hour and so it's very 15:01
dactic and it's very painful but then 15:03
after you've done that for a week each 15:05
penny right instead of looking at like 15:07
you know I'm going to the movies right 15:11
and it cost me you know $7 to go to 15:13
movies or $5 to movies at the time you 15:15
would say it's going to take an hour of 15:17
my life I'm going to give up an hour of 15:19
my life to go see this movie I'm going 15:20
to buy this shirt it's going to take 3 15:22
hours of my life and so it's really eye 15:24
opening like it's like you're like after 15:26
you've done that for a while like when 15:28
you start thinking of everything in time 15:29
that's 20 minutes that's 5 minutes the 15:31
sandwich is this right like it's like 15:32
you're in The Matrix you're like holy 15:34
[ __ ] you start to get in touch with your 15:35
values because sometimes you say things 15:38
you're like I'm not going to give up 3 15:39
hours of my life for this thing uh so I 15:41
became pretty Frugal like a master saver 15:43
buying you know what I mean like not 15:47
doing time Etc and I was working on the 15:48
exchange floor in a business where 15:50
you're trying to get rich and I was 15:52
talking to a friend at work uh about 15:54
like how I had saved $11,000 which was 15:58
like an astronomical amount of money to 16:00
save you know driving a limo at night 16:03
whatever and my boss at the time Joe 16:05
Farrell overheard that and he was like 16:07
are you a idiot like what are you doing 16:09
saving that money he's like you think 16:12
you came here to make $1,000 $2,000 he's 16:14
like go spend that money have fun he's 16:16
like you came here to make millions you 16:18
know he was just like leaned into me why 16:20
is my poor ass broke self saving money 16:23
to give it to my future Rich self right 16:26
this guy right here right not that I 16:28
knew I was going to be successful on 16:30
commodity trading but I was working at a 16:32
job at a lower salary for the 16:33
opportunity anyway like I could have 16:35
went and waited tables and made more 16:37
money like I I was like he's right and 16:39
so I kind of ping ponged from being 16:41
Frugal to spending money like water 16:43
right like I I went on one autopilot to 16:45
autopilot saving money to autopilot 16:47
spending money right like just going 16:50
absolutely nut like didn't matter how 16:51
much money I made I was spent every last 16:53
penny of it right and that's not the way 16:56
to be either but that was kind of like 16:58
the first like Snap into it right if I 17:00
don't want to spend hours of my life and 17:03
give up hours of my life for money and 17:05
not spend it that would be dumb like 17:08
actually give up hours of my life and 17:10
not spend it so I have to spend it down 17:11
before I die right and so I thought I 17:13
started thinking a lot about like when 17:16
is Max spend when when how does the 17:19
spend curve look Etc main thing is like 17:21
getting off autopilot like spend spend 17:23
spend spend or save save safe safe right 17:25
like it's like okay how what real 17:27
framework right what's an algorithm I 17:29
can have I actually wanted to build a 17:31
computer program to tell me so I 17:32
wouldn't have to think like I told you 17:34
I'm lazy as so I was like I wanted to 17:35
get like these programmers to get 17:37
together and I could just be like you 17:40
haven't spent enough money here's 17:41
activities that you should be doing that 17:43
you love whatever like literally like 17:44
the chat and tell me you know so I can 17:46
have the most fulfilling life what would 17:48
you recommend for someone who's making 17:50
50k which is a lot of the people out 17:51
there today you know they're not at 17:53
these you know crazy numbers yeah cuz 17:55
it's not about it's not about crazy 17:56
numbers it's about choices one of the 17:58
things that I don't do is like I don't 17:59
watch TV unless unless my wife wants to 18:01
watch a series and we're spending time 18:04
together and that you know we're bonding 18:05
and I will not watch TV I can watch 18:07
every single show that ever existed when 18:10
I'm 90 in in Old Folk's home eating 18:12
tapioca pudding right now I'm going to 18:14
go hiking I'm going to go biking or 18:16
whatever there's no money right it's 18:18
just optimizing my time here on planet 18:20
Earth right because if you do it wrong 18:23
if you're like I watch Friends all this 18:25
time and all this TV and now I'm going 18:28
to do the hell skiing or whatever but I 18:31
can't cuz my back hurts or I don't have 18:33
the lung capacity you missed out the 18:35
person at 50k still gets the diet with 18:37
zero philosophy it's not about having a 18:40
bunch of money it's about having the 18:41
mental framework to get the maximum 18:43
fulfillment at any wealth level I've 18:44
said it before you might have heard me 18:47
say life is like Tetris if you don't get 18:48
the order right you don't get the high 18:50
score and so like you're married and 18:51
you're having two kids you're going to 18:53
the strip club days where earlier you 18:55
know what I mean this is not go to strip 18:57
club 18:58
it's really about thinking about the Arc 18:59
of your life what resources you have 19:02
your wealth health and time and how do I 19:04
make these decisions that's what the 19:06
book is about right like people say oh 19:08
this is for rich people no it's not it's 19:09
for every human being alive that wants 19:12
to have the most fulfilling life I love 19:14
that you made me think about my brother 19:15
where I don't think he likes he's a 19:18
doctor he doesn't care for patients he 19:20
doesn't like his job and I think he's 19:22
slowly pulling back from working and 19:23
trying to find the balance of getting 19:25
off autopilot and living not just like 19:26
okay got to work and then hopefully one 19:28
day I'm going to enjoy it and so I think 19:29
your book in this message is like let's 19:31
find that right balance where you're not 19:33
wasting these working hours where you 19:34
can have enjoyment hours especially 19:36
based on where your health is what 19:37
happens to people who have been like 19:39
going in doing the routine going to work 19:41
for years they've been doing it for 15 19:43
10 20 years they forgot what it's like 19:45
to be in the gym of Life they don't know 19:47
how to meet their neighbors and go to 19:48
dinner they don't even know how to pick 19:50
a restaurant that's not on a route to 19:52
work they don't know how to travel they 19:53
don't know they forgot all the things 19:55
that they really loved and even the 19:57
things that they think they love they 19:59
don't know how to do it they don't even 20:00
have the taste for it anymore and so 20:01
what I tell them is is like don't give 20:03
up it just takes time for you to ref 20:05
familiarize yourself with life like life 20:09
has been passing you by and those 20:11
muscles have been atrophying that's what 20:13
happens when people like oh I retire 20:16
what am I'm going to do I'm like are 20:17
youing kidding me of the infinite 20:18
gajillion things you can do in life 20:20
you're just like what am I going to do 20:21
then what am I going to do norons have 20:23
even decayed right this is not you live 20:24
my life like I am like the worst role 20:27
model there ever was like I've made so 20:30
many goddamn mistakes like the reason 20:32
why I know [ __ ] is because I made enough 20:34
mistakes to like that [ __ ] don't work I 20:35
got divorced gone broke I've been angry 20:38
I've been not forgiving people I've done 20:40
a lot of things like I've done a lot of 20:42
things that are like not good I'm not 20:44
the role model right I was curious 20:46
advice for marriage cuz you said you 20:48
were divorced and you had a regret wow 20:49
there's so many pieces of advice people 20:51
and they're so much better than me but I 20:53
think one of the things is like 20:55
forgiveness is like the he's so huge and 20:56
you have to forgive yourself and then 20:58
two a lot of people have the belief that 20:59
you discover the person you find the 21:02
right person I think that's actually 21:04
[ __ ] I think you actually build you 21:06
find somebody you can build with and you 21:08
keep building that person's going to 21:09
change the [ __ ] pipe's going to break 21:11
whatever it's always maintenance and 21:14
it's always work and so if you're always 21:15
working you can always be in 21:17
Integrity then you can always build and 21:20
so you build a life in that partnership 21:23
you don't find somebody it's like I got 21:25
the person and now I don't love them 21:26
anymore or what you don't find that's 21:28
Hollywood [ __ ] you find somebody 21:30
that's compatible with a builder they 21:32
commit to building and you build a life 21:34
together and you're always building 21:35
forever do you regret divorce it's weird 21:38
because it's like it's one of those 21:41
questions it's like would you change who 21:42
you know I mean if I if I don't get 21:44
divorced now like I don't have this life 21:46
or whatever I regret who I was and I 21:47
regret the mistakes of not doing my 21:49
bests I regret when I don't do my bests 21:51
you don't regret working too much or 21:53
yeah there's times I definitely regret 21:56
working too much and that's just me 21:57
being on autopilot and not thinking 21:59
about wait that [ __ ] go hang out with 22:01
your kids and read another story if I 22:04
was thinking if I was like really 22:06
thinking about it not just in the moment 22:07
in that time but the total Arc of my 22:09
life right and their life and how 22:10
everything fits together you know like I 22:12
I no this people is like oh never have 22:15
any regrets I'm like I I I regret when I 22:16
don't do my best how do you like to 22:19
enjoy your money like the resources and 22:21
things you've done like what have been 22:23
some of the experiences that you're like 22:24
I mean most of it is like I think travel 22:25
is like if you said like what is like 22:27
like kind of like your thing like I like 22:28
challenging my world view and going 22:29
traveling and meeting people and seeing 22:31
different places how people live they 22:33
have a whole different way of life whole 22:35
different way of thinking things whole 22:36
different way of eating like the foods I 22:37
like are the things that have been 22:39
inculcated to like like I don't eat 22:41
fried crickets and [ __ ] that repulses me 22:44
because I didn't grow up eating fried 22:46
crickets right like so you I love 22:47
realizing like oh wow I've been TR a lot 22:49
of the things that I think like I love 22:53
this I've been trained to love and I 22:55
love doing that with friends and and and 22:57
and family you know if you said my best 23:00
purchases has been boats like that boat 23:01
holds 16 people we hang out we turn on 23:03
music everybody's learning something 23:05
that keeps you in a zone of learning so 23:07
you don't stay in a Land of frustration 23:09
too long and it doesn't get bored 23:10
because you can always learn something 23:12
so you're always in the zone of learning 23:13
and you're doing that with friends and 23:15
you're creating memories and you get to 23:16
talk about that later you're bonding and 23:17
meeting new people so I love things like 23:19
that that that's what you know turns me 23:21
on fulfills my life how else have you 23:24
enjoyed the money cuz I can't we came 23:26
here to your property you have like 23:28
there's a full-time security guard 23:29
there's like Two Chefs you were telling 23:31
me on the phone earlier you have a 23:33
driver see like there's like some kind 23:34
of cool ways that you've optimized 23:36
around that too yeah at first I didn't I 23:37
didn't want a a driver I thought it was 23:39
like very onti and [ __ ] like who the 23:41
gets a driver but I was talking to my 23:43
friend sanay and we were we were like we 23:45
were talking about longevity we're 23:48
actually talking about health and he 23:50
said one of the lowest hanging fruits 23:51
you can do now as a wealthy person was 23:53
to get a driver and the reason why is a 23:56
driver is not distracted they're not on 23:58
the phone you're not on the phone you 24:00
can tell them never go more than 5 miles 24:01
over the speed limit Etc and they're on 24:03
10 and two and then you actually change 24:05
the odds to equivalent or less than 24:08
flying deaths that is a life hack in 24:10
terms of my longevity on top of that I 24:12
get the productivity back because when 24:15
you're driving you know 20 minutes here 24:17
20 minutes an hour of my life gone that 24:19
I could be watching a podcast like yours 24:21
and learning about something or or or 24:23
reading or working or trading or 24:25
whatever you know those three variables 24:27
your wealth your health and your time 24:29
nothing's more important than your 24:30
health it affects everything like if 24:31
your knees areed up and you have knee 24:34
problems cuz you were 40 lbs overweight 24:36
for too long or whatever and you go to 24:38
Paris and it's a great walking City and 24:40
you can't walk around you just got like 24:41
one 100th of Paris right and so your 24:43
fulfillment score from God's view right 24:46
from the simulat like went way the down 24:48
right one of the things that I don't 24:50
have to think right like I don't have to 24:52
waste the neurons is is like my protein 24:53
fats and carbs intake they know it 24:56
when I go to a restaurant they tell me 24:59
what to order so it's not like a lot of 25:00
people like oh you have a chef to be a 25:02
fancy it's like no I just want to be a 25:03
healthy and living and I'm just 25:06
lazy what other what other things like 25:10
there is convenience factor out of it's 25:12
great like hey you know $40 an hour 25:13
people doing $10 an hour work and I'm 25:15
just like what the are you doing dude do 25:17
you know how much your neurons in your 25:20
body can produce with that time and 25:21
you're doing 10 like first of all give 25:23
somebody else a job get the velocity of 25:25
money going right and then free up your 25:27
time to pursue your other dreams or your 25:30
other other habits whatever the dream of 25:32
your life is I have people who ideate 25:34
like where to go I'm going to introduce 25:37
a random number generator for where to 25:39
go you're like why am I you just I'm 25:43
waiting I'm waiting for the idea okay 25:46
right so so if I do the things that I'm 25:47
going to travel like if I'm like hey I'm 25:52
going to go to Vietnam cuz I do want to 25:53
go to Vietnam if I want to go here I'm 25:55
already doing something cookie cutter 25:57
brought on to me by the culture it's 25:59
quasi original but if I have a random 26:01
number Joiner that says no you're going 26:03
to Kazakhstan cuz it just picked 26:05
Kazakhstan then I'm actually going to do 26:08
something unique and I'm going to 26:10
explore something and not just an 26:11
extension of that and so that's the 26:13
random number generator to get me out of 26:16
my own version of cookie cutter right 26:18
what are you teaching your kids about 26:21
money and the value of time like the 26:22
money and and values what are you 26:25
teaching your daughters hardest thing I 26:27
have teaching is my kids because they 26:29
see the end result and they don't get to 26:32
see the tire process so I try and show 26:35
them the process to get there but really 26:37
I try and teach them about happiness 26:40
like how to navigate the world to choose 26:42
the life they want I want them to 26:43
understand Net Present Value and future 26:45
value right like these are things like I 26:47
think every single human being on the 26:49
planet should understand very well and 26:51
that's something that like you have to 26:53
like give many examples so you know it's 26:54
like oh if you you can use it in a 26:56
health example it's like if you just eat 26:59
200 calories extra a day like one cookie 27:01
or one snack those bags or whatever 27:04
you'll be 36 to 40 pounds of weight in 27:05
two years right you save and you know 27:07
there's tons of you put in $200 a day 27:10
you'll have this at 65 like yeah I'm 27:12
like great thanks I'm not trying to have 27:14
a party at 65 trying to have a party now 27:16
what what values do you want them to 27:19
have I mean I it's like it's just 27:20
repetitive like I I realize like a lot 27:22
of things that my parents taught me like 27:23
it didn't sink in until later you know 27:25
it's just kind of like I just want them 27:28
to be kind compassionate intelligent 27:29
kids that can navigate the world if they 27:32
can be that then whatever CH whatever 27:34
they choose is what they choose so you 27:36
know one of the things I've been telling 27:39
my my youngest daughter and I tell other 27:41
daughters I'm like listen you don't have 27:42
to be anything not a thing I just want 27:44
you to do your best and some days your 27:47
best might be like you're a superstar 27:49
you're like LeBron James and everything 27:51
and sometimes your best might be like oh 27:52
my gosh it's enough but as long as you 27:54
know you're doing your best 27:56
that's it I already paid the dues for 27:59
everybody you know what I mean like just 28:01
do your best one of the person you're 28:03
famous like you know who's famous it's 28:06
pretty popular is danian with Dan is 28:08
there any story you can share because I 28:11
think in your book you had a little bit 28:12
but you didn't call him out and I know 28:14
I've seen some photos so I was curious 28:15
like what what stories or experience it 28:17
seems like he it seems at least from the 28:18
outside image they're some wild 28:20
experiences I mean Dan is Dan like he's 28:22
not he's not really it is a snapshot of 28:24
who he is but it is an authentic 28:28
snapshot he it's it's him he's pretty 28:31
like outspoken and he had this whole 28:34
hedonistic streak that basically has 28:36
made him miserable about that you know 28:38
because like the whole the whole thing 28:41
was like what gets you women more fame 28:43
or money we knew it was Fame but the 28:46
experiment was was how much more 28:48
powerful is Fame than money and it's not 28:50
10x or 20x what we thought it's like 28:52
100x or a,x and so that was the 28:55
experiment and then I was just like put 28:59
the breakes that's why when you were 29:00
like hey can I interview you we can this 29:01
will be a great Doc and we I was like no 29:04
I don't want to be the guy like you 29:06
don't understand I don't want to be more 29:08
famous I don't want whatever because 29:09
it's like I'm trying to live like I 29:10
wrote the book for me and I want to be 29:12
fulfilled and I want to enjoy my life 29:14
and there's these things I want to do 29:16
and if you get too famous you cannot do 29:18
them you just cannot and then you're in 29:21
a bubble and you're always hanging out 29:22
with the same people and other famous 29:24
people and you have security guards and 29:26
you don't get to have like just a normal 29:28
life like you can't just walk in like 29:30
these nice little shops in Italy and 29:32
look at the plates you can't do anything 29:33
and so that's the story I can to you 29:35
with Jan is like everywhere we go it's 29:37
especially outside the country it's a 29:41
zoo yeah I noticed he hasn't posted I 29:45
was just curious I know I was seeing you 29:47
and I know he's trying to not be 29:48
miserable because it's miserable you 29:50
know what I mean it's like very it's 29:52
like you give up so much like we hang 29:53
out with friends like we're going to go 29:56
travel here we're going to go surfing 29:57
and we're going to go here and it's like 29:58
half the activities we do he's like I'm 30:00
just going to stay on the boat or I'm 30:02
just going to or I can't go there or I 30:03
can't do this you know cuz it's like you 30:06
wind up like hating Humanity because 30:09
it's like a zombie movie for you yeah 30:12
it's it's horrible whereas I can I'm I'm 30:15
Anonymous I look like the pizza delivery 30:18
boy you know [ __ ] zip in and out some 30:19
recognition is fine it's like a dopamine 30:22
hit and people saying hey I appreciate 30:24
you wrote your book and thank you 30:26
whatever and they leave you alone they 30:27
don't need to go take a photo but like 30:29
imagine you're like ex level famous it's 30:31
just like you just it's a it's a zombie 30:33
it's a zombie movie so he around and he 30:35
found out that fame fame get you a 30:38
metric 30:43
Fon of the opposite sex yeah pursuing 30:44
you people you never would think would 30:49
sleep with you people you would never 30:50
think would behave in that way but it 30:52
robs you of everything else complet 30:55
completely robs you of everything else 30:58
any other stories from that you've seen 31:00
people read the book or your friends or 31:02
yourself I get I get a lot of feedback a 31:03
lot it's it's overwhelming cuz I don't 31:06
want to be the guy right like I wanted 31:08
to I wrote the book to save my own life 31:10
like consider like some people Journal 31:11
right and I just wanted an app and I was 31:14
like all right fine somebody I got I'm 31:16
going to write this book but this book 31:18
is for me this changed my life this 31:19
changed my parents life like I've like 31:21
had friends there was this real estate 31:24
something some guy got up started crying 31:25
it's like over helming it's too much 31:27
it's kind of it's kind of odd but it's 31:28
the best feedback right cuz I wrote it 31:31
to save my life and then I hope it saves 31:32
other people's lives right and then I'll 31:35
explain it because maybe some of your 31:38
people haven't heard the save your life 31:39
they like why the Bill Perkins thinks he 31:41
saving lives with what the it's just a 31:43
book but if when we were rake surfing 31:45
and you started drowning okay and I 31:49
jumped in got you out and I gave you 31:51
mouth to mouth right and you all 31:54
dramatic you you were like you saved his 31:56
life guess what you're still going to 31:59
die you're 100% going to die you're just 32:02
not going to die that day so what did I 32:04
actually do by pulling you out I gave 32:06
you more time I gave you more I love 32:09
yous I gave you more experiences I give 32:10
you time with your kids more more 32:12
Adventures I can do more side quests 32:14
more whatever that's what I did I gave 32:16
you more of that I just gave you more I 32:18
didn't you know cuz you're for [ __ ] sure 32:21
going to die so when I write a book 32:23
about optimizing your life and getting 32:25
more fulfillment what do I give them 32:27
more I love you more time with their 32:29
kids more their Adventures more side 32:30
quests more than they want right as 32:32
opposed to be an on all life waking up 32:34
at 65 and be like where the did my life 32:36
go where did my 40s go where did my 30s 32:38
go why did I miss out on this why didn't 32:39
I spend more time with my mom why did I 32:42
make this decision because they weren't 32:43
thinking they were on autopilot so 32:45
that's how I save people's lives and so 32:48
I truly believe that a lot of people 32:49
fear of running out of money or fear of 32:51
being embarrassed I fear about wasting 32:53
my life see as is the number one fear 32:55
and so that's what the book is about 32:59
that's why I'm saving lives saving my 33:01
life I love it you love it it's great 33:03
man great you're known for bets and I 33:05
I'll wrap up with this you know you know 33:08
I know you've done a few prop bets yeah 33:09
I'm not a big gambler but I was like 33:12
well we can end it with like the 33:13
audience doing some type of prop bet 33:14
maybe on their health maybe on enjoying 33:16
life more so I was like trying to think 33:18
on the drive here and like the past few 33:19
days like what would be a fun prop bet 33:21
to do together how about this I got one 33:22
for you cuz you can do your kid okay 33:23
you're out there surfing you're in the 33:26
zone of learning you have to do a 360 by 33:27
the end of the summer the out here 33:30
yes on the back you have to wake surf 33:35
and do a 360 land it and be in it stay 33:40
in the wave and stay standing 33:42
up all right I'll take that bet all 33:45
what's the steak th000 bucks done th000 33:47
bucks I can't wait till you land it I 33:50
hope you do it dude okay all right Bill 33:52
Perkins di with zero prop bets prop bets 33:54
we got it if you like this conversation 33:56
you are going to love this video right 33:59
up here where I talked to another 34:01
amazing entrepreneur John Paul Thea he 34:02
has made billions in two separate 34:06
Industries hair care which I don't have 34:08
any of and Patron tequila which I do 34:09
have downstairs so make sure you check 34:12
out this video up here subscribe to the 34:14
channel if you are not already Uncle 34:16
Noah loves you and I'll see you out 34:18
there PE 34:19

– English Lyrics

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[English]
what is Bill Perkins secret sauce I
think my biggest secret sauce is not giv
a that's Bill Perkins bestselling author
High Stak Gambler and millionaire energy
Trader last year he made $100 million
from Trading natural gas and oil you
made 100 million in a year yes but he
wasn't always the Million dooll Man he
is today when you have to like stay at
home living in a little room with your
mom can't get laid gramping your style
this sucks in the real world's hitting
you he traded his way to the top by
taking some massive risks and we were
down like I don't know 50% some ungodly
number in this interview I sat down and
asked him how making $100 million
changed his life I hear it all the time
it's like oh you have enough I'm like
you don't know what the you talking
about call it money Chuck-E-Cheese
tokens whatever I I don't give a [ __ ] I
care about what choices does this enable
me to have what it's like paying taxes
on $100 million what's been your biggest
tax bill 54 million that's a big tax
bill yeah it hurts Bill Perkins
everybody Bill Perkins is not living the
dream Bill Perkins is enjoying the dream
the question is whose dream my dream
let's dive in for the people that maybe
aren't familiar with with you what's
like the the 30 seconds who's Bill
Perkins I think I'm just a regular
person going young life I grew up in
Jersey City wanted to be rich because I
was very influenced by what was
perceived as rich people being able to
do which is whatever they wanted you
know have nice things Etc and that was
marketed to me I work my way through
being like a peon screen clerk in
Commodities up to a Commodities Trader
how how did you get into this career cuz
you're the third person that we've
interviewed with energy trading yeah and
they're all super rich and I have zero
idea still what energy trading is we'll
get to that but how did you get started
in this career I really wanted to get
into equities but I had like a there's a
spot for a screen clerk I didn't know
what a screen clerk was and I got
introduced to the floor and back then it
was open outcry and it was like chaos
people yelling and screaming it's the
buy and sell stocks yeah yeah buy and
sell Commodities like oil natural gas
heating oil back then natural gas wasn't
even a contract back then my thought
being like an arrogant at 20-some was
like wow if these idiots can be rich so
can I I went from serious super slacker
like least likely to succeed to you know
turned it on to 100 and learned as much
as I could what what changed what what
sparked that necessity like when you
have to like stay at home and you know
living in a little room with your mom
can't get laid cramping your style and
realizing like this [ __ ] sucks in the
real world's hitting you you you have
two choices you can become a victim or
you know turn it on and so how did you
grow in your career to get to your first
milon was it as this as a Commodities
Trader yes so I well I was a screen
Clerk and worked my way up learned as
much as I could and finally got into a
trading position and Traders generally
buy and large get up eat what they kill
and so that was like oh that's that's
that's where I want to be to get a
percentage of what you make what was
that like for you to get to the first
million like you said hey I wanted to be
rich I was dreaming of all this stuff
how did it feel when you finally got
there it was kind of anti-climatic
commodity training is a puzzle and I
think humans are puzzle solving
creatures right we love solving puzzles
and this is like a puzzle that's
constantly changing and the feedback is
fairly instant you know instantly hot
stove great trade hot stove you know
what I mean like the feedback loop is
very close to the action with trading
and it's complex enough but not
intractable and I enjoyed solving that
puzzle and I really enjoyed the life
that it could potentially afford me when
I got the money I had been so
conditioned on trying to make it I
forgot why I made it you know I became
disassociated from the reward right it
was all abstract it was just dollars the
first time when I made $35,000 a year
that was probably the most exciting time
in my life in terms of making money I
got to like 50 something and then I was
like I make more money than my mom I am
a badass that felt the best way more
than the million way more million 10
million 100 million you know 100 million
years are just kind of like oh I made
100 million I'm going to you made 100
million in a year yes all right we'll
get we'll get to that story what are you
trading what cuz what is happening to
make this money cuz you're the third
person I've been fortunate to meet
that's done well we're trading natural
gas so I trade natural gas in power
betting on whether the price is going up
down or the relative spreads are going
or how volatile it's going to be same
same thing but in commodity space most
of the people think like we're competing
against each other like other hedge
funds we're not all our money is from
people that like are actually in the
commodity business who don't give a [ __ ]
they're like hey I found natural gas and
it cost me a125 to make it and it's
trading 250 I want to hedge and lock in
the money and run I will sell you a
strip of natural gas for 2 years for 250
and we're like okay we'll buy it at this
price because we think this is a fair
price and it'll go up and hedging is
where we make the money because the
buyer of that let's say a power plant's
going to come on and says we need to buy
gas he's not there at the same time
right the people hedging for different
reasons are not the same time so
somebody needs to Warehouse that risk in
the meantime given the information
that's going on sometimes we get it
wrong we get ran over you know what I
mean sometimes we get it right right
that's where the money comes from it
doesn't come from me being right versus
Jaron or Morgan stanle or Etc it comes
from people that need to hedge that that
like a farmer I'm going to plant this
crop the crop's going to come out next
year and I need this price to make money
somebody has to come in and speculate
and say I'll buy at this price I think
it's going to be higher that's where the
money is made well if someone was young
and they're just getting started or even
old and they're like hey I want to make
a million dollars maybe in this energy
trading what would you what would you
recommend for them to go do wow it's
really hard I would recommend them go to
a place to learn um usually the banks or
some sort of internship where they can
actually learn and there that's where
you can cut your chops you know work
your way up to being an analyst and then
seeing if I want to be a Trader but not
everybody can be a Trader doesn't matter
how bright you are or how smart you are
there's a certain level of stoicism you
have to have and you know I've said this
before I don't know if you heard it like
most people require five to seven
positive events to make up for one
negative event if you're the best Trader
in the world like God mode you're what
6040 and so there's are very few select
people who can handle that the emotional
math is I need five days or seven days
of good days for one it just doesn't
work right so then your prefrontal
cortex and that stress and that
cortisone stops the work and you you
just break down it's not worth it to you
who can handle that many bad days and
still function properly how did you
practice that skill I think it can be
learned but I think some of it is just
innate I I don't know how you get it
innately but I think certain people do
practice it right they have like they
read all the stoics and they they
meditate and they do everything but
there are certain people are just like
it is what it is is what were some of
the Wilder stories on the the the big
wins or big losses in your trading we
had a huge draw down one of the things I
told my investors they were worried
because they see my lifestyle they're
like oh you're going to quit right we're
going to give you a bunch of money and
we're going to invest in you and then
you're going to quit in two years or 3
years and I told them I won't quit you
until you quit me and we were down like
I don't know 50% some some some ungodly
number for commodity trading right and I
thought like these guys are going to
pull out the money we're going to be
done and it takes a certain amount of
capital just to run the fund just for
expenses and my CFO was like you should
shut down the fund we should fire these
people you should just trade your own
money whatever and I was like nope I'm
going to chop wood and my investor said
they're not going to quit me until I
quit them I'm not quitting and so
chopwood obviously made like 200 or
something per the next you know very
quickly and and and came back and made
the money in in the rest his history I
think a lot of people were like really
depressed and distru and I was just like
this is what we do if you're a boxer
you're going to get knocked down you're
going to get punched in the face right
if you're an insurance agent the storm
will come there will be the bad time
right like the plane will crash into the
whatever it is right it's going to
happen and that's the game we're in and
so if you can't handle that you you
shouldn't be in the field what's it like
to make an $100 million a year I don't
want to work for nothing so $100 million
is who gives a [ __ ] what I care about is
what experiences and choices is it going
to allow me to have when I like time
bucket out my life and the things I want
to do it's like okay I want to have
another kid I want I like riding trains
I want to be able to ride trains I want
to move from here to here what does this
cost Etc so and one of the things that I
I would want to have that I don't have
that the money would now afford me so I
think of those things call it money
Chuck-E-Cheese tokens whatever I I don't
give a [ __ ] I care about what choices
does this enable me to have so when you
make the money whatever is if it's $5 or
100 million or $55 million I'm like what
is that associated with I hear it all
the time it's like oh you have enough
I'm like you don't know what the you
talking about because you don't know you
you have no clue I can name like
probably 10 events and I'm not going to
do it because I don't want to be
ostentatious about it but as you make
more money you get exposed to more
things like just people that have never
been to a concert can't afford a concert
a lot of people have never flown out of
the country they don't know but until
you do it then this whole world opens up
and you're like oh chi-ching this is the
price tag how much is enough for you I
haven't really calculated number I think
I am actually at that point can you
share what the number is or around
nah but it's it's a I I think I'm close
to the point where I am purposely
identifying a thing like what am I
risking what I have to get more of what
I don't have you know what I mean like
why am I risking this my my time right
my time and my money why am I risking
this like if I'm risking this there's
got to be a reward right so I'm risking
my time and my money to get what and so
I identify the what I like renting a
yacht in the summer I like probably I'm
55 say I make it to 86 31 years probably
20 years of that 20 times The Yacht
Rental plus the wink plus the APA I'd
like that money that's not cheap so so I
can attach it though right like even if
it's not cheap like I can attach it to
like this is what I'm working for what's
been your biggest tax bill 54 million
yeah it hurts that's a big tax bill I
mean it also means you me a lot of money
but it's also you know it's a lot going
to the government it is most angering I
guess to everybody it doesn't really
matter when you see how that capital is
allocated like you realize that
obviously when you're shipping your
money off to a government entity that
you're not going to agree with
everything wh what is Bill Perkins
Secret Sauce because a lot of people can
watch this and I would say like hey I'm
going to be in Trader I'm going to go
join a firm and I'm going to work my
house off it's not like a lot of people
it like I guess the secret sauce is
enrolling people in my vision and
getting way badasses to be on my Vision
on the team and then execute most of the
time I'm trying to fire myself except
where I'm the tip of the spear so in
trading with my book I'm the tip of the
spear I have to use my own neurons Etc
but at the end of the day I know I'm not
the best person for whatever it is my
job is to like protect the vision and
hire other people to execute the vision
and so delegation giving a PE people you
know risking my capital in my time
getting them on Mission and letting them
run the show is like like my superpower
there's a millionaire for every field
doesn't matter if it's like sweatpants
sneakers shoe lastings food food
television media it doesn't matter
podcasting like doesn't matter there's a
millionaire in every single field if you
want to be Pizza Hut you can't be the
guy making the pizzas and delivering the
pizzas right you have to delegate and
you have to think strategically and then
you got to hire somebody else to run
that and then pick the next location and
that and then that and then you're the
guy who runs the vision but you're
probably not the best guy at all and I
have a lot of people like well I started
this and I built this they're attached
to it I'm just like okay you'll always
be a mom and pop and when somebody puts
a bullet in your head your business dies
but I can kill the whole Executive Suite
of IBM and it'll still keep going my
thing is is like I put people who are
better than me in positions to do
whatever it is the thing is like I'm
constantly I love to fire myself and
then it's just a machine most people
don't try not because they can't handle
the Financial Risk it's because they
can't handle the emotional shame of
their friends and the ridicule if they
fail right well if I fail then I'll be
here whatever like who cares you can get
a job as a a waiter and makes 50 70
grand a year on tips right like you got
the skills you got subject verb
agreement I'm sure you could be a waiter
but their ego won't let them be a waiter
or a garbage person or whatever right
and they're worried about oh see you
went and you started and you failed and
your friends your mom said you shouldn't
to do it or whatever but I don't care
that paralyzes so many more people than
that that are willing to admit it and I
just don't have that as much as
everybody else can you share for the
people that don't know about die with
zero really depends on your audience
like it's a counterfactual regret
minimization algorithm solving for net
fulfillment that's a programmer version
yeah that's a programmer version what
this book is is basically giving you the
mental models okay to solve for net
fulfillment there's a lot of books like
how to get rich and how to be wealthy
right like you have a million dollar
weekend million dollar weekend a lot of
podcasts whatever they're out there
they're great so takes your wealth
that's one variable it takes your health
there's a lot of books on health and
podcast and everything on health and
then your time those are the three
variables right because you're a human
being uh there's two things that are
given you will you will eventually die
and you will Decay and so given those
three variables how do we use those
resources throughout our life from
wherever we are to maximize for NE
fulfillment how do we allocate those
resources throughout your life so that
we can have the most fulfilling life
possible the assumption is is that the
purpose of life is to be fulfilled I'm
value agnostic I'm not like to be
fulfilled you should you know hike to
Himalayas and pray to the Buddha or be a
Muslim or I don't care what your values
are right your values could be strip
clubs it could be Checkers I'm saying
basically giving those variables how do
we think about each phase of our life
each day of our life and how do we
allocate these re resources throughout
the life to have the most fulfilling
life possible because you only get one
ride and that's what the book is about
in the book you actually say there's a
moment that changed your life where you
started thinking about spending more of
this money what was that story cuz you I
don't know if I saw it in the book so
there's a period in my life I read this
book called your money or your life but
by is it Robin and Dominguez or whatever
it's in the top 100 books almost every
year and it it is the the it is the book
that launched the fire movement have you
ever heard of the fire movement uh
Financial Independence retire early
that's kind of like their Bible so I
read this book and and the book
basically has you go through this
exercise where you take in all the money
you get net after taxes right and then
it now has you calculate all the time
you spend to get that money so that's
the commute to work you know going to
work the hours you work the commute back
right and any kind of if it's
decompression time or whatever that's
fine dressing whatever all the cost of
going to work the cost of transporting
work the costume you have to wear if you
have to wear a suit or whatever and then
once you have all that time and versus
your net you divide it you find out what
your true hourly an hour of your time is
worth because that's what you're willing
to spend your time for right so you
whatever let's say it's like five bucks
an hour at the time for me or whatever
seven bucks an hour and so it's very
dactic and it's very painful but then
after you've done that for a week each
penny right instead of looking at like
you know I'm going to the movies right
and it cost me you know $7 to go to
movies or $5 to movies at the time you
would say it's going to take an hour of
my life I'm going to give up an hour of
my life to go see this movie I'm going
to buy this shirt it's going to take 3
hours of my life and so it's really eye
opening like it's like you're like after
you've done that for a while like when
you start thinking of everything in time
that's 20 minutes that's 5 minutes the
sandwich is this right like it's like
you're in The Matrix you're like holy
[ __ ] you start to get in touch with your
values because sometimes you say things
you're like I'm not going to give up 3
hours of my life for this thing uh so I
became pretty Frugal like a master saver
buying you know what I mean like not
doing time Etc and I was working on the
exchange floor in a business where
you're trying to get rich and I was
talking to a friend at work uh about
like how I had saved $11,000 which was
like an astronomical amount of money to
save you know driving a limo at night
whatever and my boss at the time Joe
Farrell overheard that and he was like
are you a idiot like what are you doing
saving that money he's like you think
you came here to make $1,000 $2,000 he's
like go spend that money have fun he's
like you came here to make millions you
know he was just like leaned into me why
is my poor ass broke self saving money
to give it to my future Rich self right
this guy right here right not that I
knew I was going to be successful on
commodity trading but I was working at a
job at a lower salary for the
opportunity anyway like I could have
went and waited tables and made more
money like I I was like he's right and
so I kind of ping ponged from being
Frugal to spending money like water
right like I I went on one autopilot to
autopilot saving money to autopilot
spending money right like just going
absolutely nut like didn't matter how
much money I made I was spent every last
penny of it right and that's not the way
to be either but that was kind of like
the first like Snap into it right if I
don't want to spend hours of my life and
give up hours of my life for money and
not spend it that would be dumb like
actually give up hours of my life and
not spend it so I have to spend it down
before I die right and so I thought I
started thinking a lot about like when
is Max spend when when how does the
spend curve look Etc main thing is like
getting off autopilot like spend spend
spend spend or save save safe safe right
like it's like okay how what real
framework right what's an algorithm I
can have I actually wanted to build a
computer program to tell me so I
wouldn't have to think like I told you
I'm lazy as so I was like I wanted to
get like these programmers to get
together and I could just be like you
haven't spent enough money here's
activities that you should be doing that
you love whatever like literally like
the chat and tell me you know so I can
have the most fulfilling life what would
you recommend for someone who's making
50k which is a lot of the people out
there today you know they're not at
these you know crazy numbers yeah cuz
it's not about it's not about crazy
numbers it's about choices one of the
things that I don't do is like I don't
watch TV unless unless my wife wants to
watch a series and we're spending time
together and that you know we're bonding
and I will not watch TV I can watch
every single show that ever existed when
I'm 90 in in Old Folk's home eating
tapioca pudding right now I'm going to
go hiking I'm going to go biking or
whatever there's no money right it's
just optimizing my time here on planet
Earth right because if you do it wrong
if you're like I watch Friends all this
time and all this TV and now I'm going
to do the hell skiing or whatever but I
can't cuz my back hurts or I don't have
the lung capacity you missed out the
person at 50k still gets the diet with
zero philosophy it's not about having a
bunch of money it's about having the
mental framework to get the maximum
fulfillment at any wealth level I've
said it before you might have heard me
say life is like Tetris if you don't get
the order right you don't get the high
score and so like you're married and
you're having two kids you're going to
the strip club days where earlier you
know what I mean this is not go to strip
club
it's really about thinking about the Arc
of your life what resources you have
your wealth health and time and how do I
make these decisions that's what the
book is about right like people say oh
this is for rich people no it's not it's
for every human being alive that wants
to have the most fulfilling life I love
that you made me think about my brother
where I don't think he likes he's a
doctor he doesn't care for patients he
doesn't like his job and I think he's
slowly pulling back from working and
trying to find the balance of getting
off autopilot and living not just like
okay got to work and then hopefully one
day I'm going to enjoy it and so I think
your book in this message is like let's
find that right balance where you're not
wasting these working hours where you
can have enjoyment hours especially
based on where your health is what
happens to people who have been like
going in doing the routine going to work
for years they've been doing it for 15
10 20 years they forgot what it's like
to be in the gym of Life they don't know
how to meet their neighbors and go to
dinner they don't even know how to pick
a restaurant that's not on a route to
work they don't know how to travel they
don't know they forgot all the things
that they really loved and even the
things that they think they love they
don't know how to do it they don't even
have the taste for it anymore and so
what I tell them is is like don't give
up it just takes time for you to ref
familiarize yourself with life like life
has been passing you by and those
muscles have been atrophying that's what
happens when people like oh I retire
what am I'm going to do I'm like are
youing kidding me of the infinite
gajillion things you can do in life
you're just like what am I going to do
then what am I going to do norons have
even decayed right this is not you live
my life like I am like the worst role
model there ever was like I've made so
many goddamn mistakes like the reason
why I know [ __ ] is because I made enough
mistakes to like that [ __ ] don't work I
got divorced gone broke I've been angry
I've been not forgiving people I've done
a lot of things like I've done a lot of
things that are like not good I'm not
the role model right I was curious
advice for marriage cuz you said you
were divorced and you had a regret wow
there's so many pieces of advice people
and they're so much better than me but I
think one of the things is like
forgiveness is like the he's so huge and
you have to forgive yourself and then
two a lot of people have the belief that
you discover the person you find the
right person I think that's actually
[ __ ] I think you actually build you
find somebody you can build with and you
keep building that person's going to
change the [ __ ] pipe's going to break
whatever it's always maintenance and
it's always work and so if you're always
working you can always be in
Integrity then you can always build and
so you build a life in that partnership
you don't find somebody it's like I got
the person and now I don't love them
anymore or what you don't find that's
Hollywood [ __ ] you find somebody
that's compatible with a builder they
commit to building and you build a life
together and you're always building
forever do you regret divorce it's weird
because it's like it's one of those
questions it's like would you change who
you know I mean if I if I don't get
divorced now like I don't have this life
or whatever I regret who I was and I
regret the mistakes of not doing my
bests I regret when I don't do my bests
you don't regret working too much or
yeah there's times I definitely regret
working too much and that's just me
being on autopilot and not thinking
about wait that [ __ ] go hang out with
your kids and read another story if I
was thinking if I was like really
thinking about it not just in the moment
in that time but the total Arc of my
life right and their life and how
everything fits together you know like I
I no this people is like oh never have
any regrets I'm like I I I regret when I
don't do my best how do you like to
enjoy your money like the resources and
things you've done like what have been
some of the experiences that you're like
I mean most of it is like I think travel
is like if you said like what is like
like kind of like your thing like I like
challenging my world view and going
traveling and meeting people and seeing
different places how people live they
have a whole different way of life whole
different way of thinking things whole
different way of eating like the foods I
like are the things that have been
inculcated to like like I don't eat
fried crickets and [ __ ] that repulses me
because I didn't grow up eating fried
crickets right like so you I love
realizing like oh wow I've been TR a lot
of the things that I think like I love
this I've been trained to love and I
love doing that with friends and and and
and family you know if you said my best
purchases has been boats like that boat
holds 16 people we hang out we turn on
music everybody's learning something
that keeps you in a zone of learning so
you don't stay in a Land of frustration
too long and it doesn't get bored
because you can always learn something
so you're always in the zone of learning
and you're doing that with friends and
you're creating memories and you get to
talk about that later you're bonding and
meeting new people so I love things like
that that that's what you know turns me
on fulfills my life how else have you
enjoyed the money cuz I can't we came
here to your property you have like
there's a full-time security guard
there's like Two Chefs you were telling
me on the phone earlier you have a
driver see like there's like some kind
of cool ways that you've optimized
around that too yeah at first I didn't I
didn't want a a driver I thought it was
like very onti and [ __ ] like who the
gets a driver but I was talking to my
friend sanay and we were we were like we
were talking about longevity we're
actually talking about health and he
said one of the lowest hanging fruits
you can do now as a wealthy person was
to get a driver and the reason why is a
driver is not distracted they're not on
the phone you're not on the phone you
can tell them never go more than 5 miles
over the speed limit Etc and they're on
10 and two and then you actually change
the odds to equivalent or less than
flying deaths that is a life hack in
terms of my longevity on top of that I
get the productivity back because when
you're driving you know 20 minutes here
20 minutes an hour of my life gone that
I could be watching a podcast like yours
and learning about something or or or
reading or working or trading or
whatever you know those three variables
your wealth your health and your time
nothing's more important than your
health it affects everything like if
your knees areed up and you have knee
problems cuz you were 40 lbs overweight
for too long or whatever and you go to
Paris and it's a great walking City and
you can't walk around you just got like
one 100th of Paris right and so your
fulfillment score from God's view right
from the simulat like went way the down
right one of the things that I don't
have to think right like I don't have to
waste the neurons is is like my protein
fats and carbs intake they know it
when I go to a restaurant they tell me
what to order so it's not like a lot of
people like oh you have a chef to be a
fancy it's like no I just want to be a
healthy and living and I'm just
lazy what other what other things like
there is convenience factor out of it's
great like hey you know $40 an hour
people doing $10 an hour work and I'm
just like what the are you doing dude do
you know how much your neurons in your
body can produce with that time and
you're doing 10 like first of all give
somebody else a job get the velocity of
money going right and then free up your
time to pursue your other dreams or your
other other habits whatever the dream of
your life is I have people who ideate
like where to go I'm going to introduce
a random number generator for where to
go you're like why am I you just I'm
waiting I'm waiting for the idea okay
right so so if I do the things that I'm
going to travel like if I'm like hey I'm
going to go to Vietnam cuz I do want to
go to Vietnam if I want to go here I'm
already doing something cookie cutter
brought on to me by the culture it's
quasi original but if I have a random
number Joiner that says no you're going
to Kazakhstan cuz it just picked
Kazakhstan then I'm actually going to do
something unique and I'm going to
explore something and not just an
extension of that and so that's the
random number generator to get me out of
my own version of cookie cutter right
what are you teaching your kids about
money and the value of time like the
money and and values what are you
teaching your daughters hardest thing I
have teaching is my kids because they
see the end result and they don't get to
see the tire process so I try and show
them the process to get there but really
I try and teach them about happiness
like how to navigate the world to choose
the life they want I want them to
understand Net Present Value and future
value right like these are things like I
think every single human being on the
planet should understand very well and
that's something that like you have to
like give many examples so you know it's
like oh if you you can use it in a
health example it's like if you just eat
200 calories extra a day like one cookie
or one snack those bags or whatever
you'll be 36 to 40 pounds of weight in
two years right you save and you know
there's tons of you put in $200 a day
you'll have this at 65 like yeah I'm
like great thanks I'm not trying to have
a party at 65 trying to have a party now
what what values do you want them to
have I mean I it's like it's just
repetitive like I I realize like a lot
of things that my parents taught me like
it didn't sink in until later you know
it's just kind of like I just want them
to be kind compassionate intelligent
kids that can navigate the world if they
can be that then whatever CH whatever
they choose is what they choose so you
know one of the things I've been telling
my my youngest daughter and I tell other
daughters I'm like listen you don't have
to be anything not a thing I just want
you to do your best and some days your
best might be like you're a superstar
you're like LeBron James and everything
and sometimes your best might be like oh
my gosh it's enough but as long as you
know you're doing your best
that's it I already paid the dues for
everybody you know what I mean like just
do your best one of the person you're
famous like you know who's famous it's
pretty popular is danian with Dan is
there any story you can share because I
think in your book you had a little bit
but you didn't call him out and I know
I've seen some photos so I was curious
like what what stories or experience it
seems like he it seems at least from the
outside image they're some wild
experiences I mean Dan is Dan like he's
not he's not really it is a snapshot of
who he is but it is an authentic
snapshot he it's it's him he's pretty
like outspoken and he had this whole
hedonistic streak that basically has
made him miserable about that you know
because like the whole the whole thing
was like what gets you women more fame
or money we knew it was Fame but the
experiment was was how much more
powerful is Fame than money and it's not
10x or 20x what we thought it's like
100x or a,x and so that was the
experiment and then I was just like put
the breakes that's why when you were
like hey can I interview you we can this
will be a great Doc and we I was like no
I don't want to be the guy like you
don't understand I don't want to be more
famous I don't want whatever because
it's like I'm trying to live like I
wrote the book for me and I want to be
fulfilled and I want to enjoy my life
and there's these things I want to do
and if you get too famous you cannot do
them you just cannot and then you're in
a bubble and you're always hanging out
with the same people and other famous
people and you have security guards and
you don't get to have like just a normal
life like you can't just walk in like
these nice little shops in Italy and
look at the plates you can't do anything
and so that's the story I can to you
with Jan is like everywhere we go it's
especially outside the country it's a
zoo yeah I noticed he hasn't posted I
was just curious I know I was seeing you
and I know he's trying to not be
miserable because it's miserable you
know what I mean it's like very it's
like you give up so much like we hang
out with friends like we're going to go
travel here we're going to go surfing
and we're going to go here and it's like
half the activities we do he's like I'm
just going to stay on the boat or I'm
just going to or I can't go there or I
can't do this you know cuz it's like you
wind up like hating Humanity because
it's like a zombie movie for you yeah
it's it's horrible whereas I can I'm I'm
Anonymous I look like the pizza delivery
boy you know [ __ ] zip in and out some
recognition is fine it's like a dopamine
hit and people saying hey I appreciate
you wrote your book and thank you
whatever and they leave you alone they
don't need to go take a photo but like
imagine you're like ex level famous it's
just like you just it's a it's a zombie
it's a zombie movie so he around and he
found out that fame fame get you a
metric
Fon of the opposite sex yeah pursuing
you people you never would think would
sleep with you people you would never
think would behave in that way but it
robs you of everything else complet
completely robs you of everything else
any other stories from that you've seen
people read the book or your friends or
yourself I get I get a lot of feedback a
lot it's it's overwhelming cuz I don't
want to be the guy right like I wanted
to I wrote the book to save my own life
like consider like some people Journal
right and I just wanted an app and I was
like all right fine somebody I got I'm
going to write this book but this book
is for me this changed my life this
changed my parents life like I've like
had friends there was this real estate
something some guy got up started crying
it's like over helming it's too much
it's kind of it's kind of odd but it's
the best feedback right cuz I wrote it
to save my life and then I hope it saves
other people's lives right and then I'll
explain it because maybe some of your
people haven't heard the save your life
they like why the Bill Perkins thinks he
saving lives with what the it's just a
book but if when we were rake surfing
and you started drowning okay and I
jumped in got you out and I gave you
mouth to mouth right and you all
dramatic you you were like you saved his
life guess what you're still going to
die you're 100% going to die you're just
not going to die that day so what did I
actually do by pulling you out I gave
you more time I gave you more I love
yous I gave you more experiences I give
you time with your kids more more
Adventures I can do more side quests
more whatever that's what I did I gave
you more of that I just gave you more I
didn't you know cuz you're for [ __ ] sure
going to die so when I write a book
about optimizing your life and getting
more fulfillment what do I give them
more I love you more time with their
kids more their Adventures more side
quests more than they want right as
opposed to be an on all life waking up
at 65 and be like where the did my life
go where did my 40s go where did my 30s
go why did I miss out on this why didn't
I spend more time with my mom why did I
make this decision because they weren't
thinking they were on autopilot so
that's how I save people's lives and so
I truly believe that a lot of people
fear of running out of money or fear of
being embarrassed I fear about wasting
my life see as is the number one fear
and so that's what the book is about
that's why I'm saving lives saving my
life I love it you love it it's great
man great you're known for bets and I
I'll wrap up with this you know you know
I know you've done a few prop bets yeah
I'm not a big gambler but I was like
well we can end it with like the
audience doing some type of prop bet
maybe on their health maybe on enjoying
life more so I was like trying to think
on the drive here and like the past few
days like what would be a fun prop bet
to do together how about this I got one
for you cuz you can do your kid okay
you're out there surfing you're in the
zone of learning you have to do a 360 by
the end of the summer the out here
yes on the back you have to wake surf
and do a 360 land it and be in it stay
in the wave and stay standing
up all right I'll take that bet all
what's the steak th000 bucks done th000
bucks I can't wait till you land it I
hope you do it dude okay all right Bill
Perkins di with zero prop bets prop bets
we got it if you like this conversation
you are going to love this video right
up here where I talked to another
amazing entrepreneur John Paul Thea he
has made billions in two separate
Industries hair care which I don't have
any of and Patron tequila which I do
have downstairs so make sure you check
out this video up here subscribe to the
channel if you are not already Uncle
Noah loves you and I'll see you out
there PE

Key Vocabulary

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Vocabulary Meanings

secret

/ˈsiːkrət/

B1
  • adjective
  • - kept hidden from others
  • noun
  • - something kept hidden

million

/ˈmɪljən/

B2
  • noun
  • - a large number (1,000,000)

trade

/treɪd/

B1
  • verb
  • - to buy and sell goods
  • noun
  • - an exchange of goods or services

energy

/ˈenərdʒi/

B1
  • noun
  • - power or strength

risk

/rɪsk/

B2
  • noun
  • - the possibility of something bad happening
  • verb
  • - to take a chance

life

/laɪf/

A2
  • noun
  • - the condition of being alive

tax

/tæks/

B1
  • noun
  • - money paid to the government

dream

/driːm/

B1
  • noun
  • - a series of thoughts during sleep
  • noun
  • - a cherished aspiration

choice

/tʃɔɪs/

B1
  • noun
  • - the act of selecting

enable

/ɪˈneɪbl/

B2
  • verb
  • - to make something possible

allocate

/ˈæləkeɪt/

C1
  • verb
  • - to distribute resources

wealth

/welθ/

B2
  • noun
  • - abundance of valuable possessions

health

/helθ/

A2
  • noun
  • - the state of being well

time

/taɪm/

A2
  • noun
  • - the indefinite continued progress of existence

learn

/lɜːrn/

A2
  • verb
  • - to gain knowledge

build

/bɪld/

B1
  • verb
  • - to construct

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