Dentistry Uncensored with Howard Farran
Dentistry Uncensored with Howard Farran
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301 Master Money with Tony Robbins : Dentistry Uncensored with Howard Farran

301 Master Money with Tony Robbins : Dentistry Uncensored with Howard Farran

1/27/2016 7:24:43 AM   |   Comments: 0   |   Views: 1310

301 Master Money with Tony Robbins



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301 Master Money with Tony Robbins




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AUDIO - DUwHF #301 - Tony Robbins





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VIDEO - DUwHF #301 - Tony Robbins







For the past three decades, Anthony Robbins has served as an advisor to leaders around the world. A recognized authority on the psychology of leadership, negotiations, organizational turnaround, and peak performance, he has been honored consistently for his strategic intellect and humanitarian endeavors. His nonprofit Anthony Robbins Foundation provides assistance to inner-city youth, senior citizens, and the homeless, and feeds more than three million people in 56 countries every year through its international holiday "Basket Brigade." Robbins has directly impacted the lives of more than 50 million people from over 100 countries with his best-selling books, multimedia and health products, public speaking engagements, and live events.


What began as a young person’s desire to help individuals transform the quality of their lives has grown into Robbins’ lifelong crusade as he is called on by leaders from every walk of life-presidents, political leaders, advocates for humanity, CEOs of multinational corporations, psychologists, peak performance athletes, world-class entertainers, teachers, and parents. Since fathering the life coaching industry, Robbins has produced the #1-selling audio coaching system of all time. He also is a corporate Vice Chairman, and Chairman overseeing five private companies. Robbins has been honored by Accenture as one of the "Top 50 Business Intellectuals in the World"; by Harvard Business Press as one of the "Top 200 Business Gurus"; by American Express as one of the "Top Six Business Leaders in the World" to coach its entrepreneurial clients; by Forbes as a Top 100 Celebrity; by Justice Byron White as one of the world’s "Outstanding Humanitarians"; and by the International Chamber of Commerce as one of the top 10 "Outstanding Young People of World.”


www.TonyRobbins.com


Howard:

Thank you so much for doing this. I cannot believe I am podcasting interviewing a legend. You're going to talk to about ten thousand dentists right now, and they're going to sit there and say, "How the hell did Howard score this interview with the man?" I got to thank Tom [Jee-uh-ko-bee 00:00:23]. He interviewed you at the Sirona meeting in Vegas, and as a gift to me, he scored this interview with you. How are you doing Tony?

 

Tony:

I'm doing awesome. How about yourself?

 

Howard:

Very good. I first want to thank you. I got four boys, and we grew up-, I never parked my car in the garage, we had a big wrestling mat out there, and a weight gym. My boys listened to your thirty day Personal Power while we were working out probably ten times. I took them all to your seminar in Phoenix, Arizona, way back in the day, you had a whole auditorium filled with people. In our family, we make the sign of the cross when we say your name.

 

Tony:

You guys are too sweet.

 

Howard:

I mean we do.

 

Tony:

Where do you live now?

 

Howard:

Phoenix, Arizona still.

 

Tony:

I'm coming to Phoenix. You ought to come as my guest to the seminar. I'm doing one there next Monday.

 

Howard:

You tell me and I'm there. But in all seriousness, to this day my boys are twenty two, twenty four and twenty six. They still drop one-liners that they learned from you their whole life. You're huge.

 

 

You're talking to a very tight group. You're talking to dentists. You know dentists. They make a lot of money, but Tony, they're stressed. When you go to a restaurant, everybody's happy. When you go to Disneyland, everybody's happy. When you go to the dentist, you're mad. You're hurting. You didn't sleep last night. Someone's going to max out your credit card. I wanted to talk to you because they're very stressed. They've had a lot of high suicide rates, and a lot of them want to retire.

 

 

You kind of fit that whole package, because I just read your New York Times' best selling book on money, and that was amazing. I have an MBA, and it was amazing if you were a novice kid reading it in college, and it's amazing if you're a fifty-year-old with an MBA. I want to talk the back end of that, but I want to start with the front end. What would your advice be to dentists if they're burned out, they're going to work. They don't quit because they're making too much money, but they're burned out. The patients are upset, they've got to manage staff ... What advice would you give to them?

 

Tony:

There's two things. Fortune Practice Management is a company I started twenty five years ago, and I started specifically for dentists, and I would come four times a year, and we'd bring in, I think in those days, thirty dental offices. I'd have them tell me every problem or challenge they had, and I'd come up with systems solutions. Everything from the communications, to how to deal with the clients. You imagine it. I know dentists' work pretty strongly from my past. But I would say there's two things.

 

 

One is you have to train yourself to stop thinking like the operator or the dentist, and you've got to decide that you're going to be not just a business operator or a dentist, but you're going to become a business owner. That psychological difference is the difference between being stressed out or not stressed out. Operators are always stressed because everything depends upon them, and when I talk to dentists, they go, "That's a pipe dream." I actually have a five day process I take people through of any business, but I have a lot of dentists that go through it. It's called Business Mastery. What I do is walk them through how to actually run the business where it isn't just you. That process is more than doable, but it's not part of the mindset when you're going through school to become a dentist. Most people go because they really love people. This is an area they feel they can make a major difference for people. Even though people are scared of them, and they want to avoid them because of the process, they still have had some fulfillment, except now their stress is the business. One part of learning how to really run a business, and really knowing this is a business, that you can change people's lives, but still run a business-, everything isn't on your back every single moment. That's a detailed conversation

 

 

The other one is you've got to change your psychology. Eighty percent of success in life is psychology, twenty percent is mechanics, or the how-to, or the strategies, and I'm a strategist. I believe in ... one strategy can save you ten years. Financial strategy, business strategy ... but unless you have the right psychology, nothing works. I offer people to think of it this way: if you want an extraordinary life, extraordinary quality of life, life on your terms, not my terms, yours, whatever it is for you ... Some people, an extraordinary life is three perfect children. Some people, it's making a billion dollars. Some people, it's doing things for their church.

 

 

Everyone has a different idea, but if you want an extraordinary life, you need to master two primary skills in life. One is the science of achievement. How do I pick what I dream about, and make it real? How do I go from thought, to reality? Most dentists, if they give themselves credit, there's something in their life-, if you are listening right now as a dentist, there's something in your life today that once was a dream, that once was a goal, it once seemed difficult to impossible. Having your own practice might have been that, a relationship you have, a car, a certain level of financial success. Now you have it. How did you go from where you are, to actually achieving something that once seemed difficult or impossible?

 

 

Fundamentally, at the most basic level, everybody goes through three steps, and we forget that we are the creators of our lives. We are not the master of our circumstances, because we get so caught up in the day-to-day, so how do we do it? Most people, they think of something-, what's in your life today that once was a goal, or a dream, or seemed impossible? For example of you, Howard, so we can use you as an example.

 

Howard:

A dental office, a dental magazine, a dental website, for amazing boys ...

 

Tony:

Great. Let's take your dental magazine as an example. At one point, that seemed difficult or impossible, I assume?

 

Howard:

Absolutely.

 

Tony:

What did you do? How did you make it happen?

 

Howard:

I just did it. I just printed it up, and mailed it to all the dentists. The first issue lost ninety thousand, the second issue lost eighty thousand, and by the time it broke even, I was under one million dollars.

 

Tony:

That's awesome. That's the entrepreneur's pathway. You lost enough money, and made enough money. It paid for your education. Here's the point. The first thing I guarantee you did is you obsessed about it. You had a goal. You had a desire. You had something that you were so focused on, that your mind, your body, everything was geared-, you're really hungry for, and your driven for ... Sometimes just thinking about it constantly programs the part of your brain called the reticular activating system, the RAS. That part of your brain determines what you notice. Kind of like when you buy a car or an outfit, and suddenly you see that car or outfit everywhere. They were always around you, but you see them now because this part of your brain that knows what's important is there. When you decide, "This is what I want, and I want it badly," you'll hear a conversation, you'll see things, you'll relate things you never would have noticed.

 

 

Then the second step, once you have this incredible hunger and this desire, the second step for everybody is to take massive action, which is what you did. It was like, "Screw it. I'm going to run this. I'm going to send this. I'm going to try this. I'm going to do this. Whether it works or not, I'm going to do it massively." You've got to take massive action, and then what you've got to do is find the most effective execution. You've got to find the right way to do it. You did that. You tried a bunch of things, it cost you a lot, looked like you were going under, but you kept your head together, your psychology together, and you found a way to execute.

 

 

What's the third thing to achieve what you want? It's really simple. It's a little bit of grace. Some people call it luck, some people call it God. It's a little bit of grace. What I've found grace comes to you when you work your ass off, and you're crystal clear on what you want. That's achievement in the most simplistic approach, but it's important to remember that we're creators of our lives.

 

 

The stress is something totally different. Lots of people power to achieve their goals, and then say, "Is this all there is?" A lot of people, dentists, will get to where they thought they wanted to be, and they're still stressed out. The reason is because the human mind is not designed to make you happy. It's a two-million-year-old brain, and it's designed to make you survive. Happiness is your job. Most of us have never trained how to be happiness. Most of us are wired for fear or concern. Fight or flight is in all of is. We used to have to be at fight or flight about whether a saber tooth tiger is going to get us, and that same structure's there, but there's no saber tooth tiger, so now we worry about what people are going to say about us, or we worry about how much money we have, when any dentist who's listening to this, even someone who's failing, is doing better than seventy, eighty percent of planet living on two to three dollars a day.

 

 

Our idea of survival has changed. Our reaction has changed. The second master lesson, The Science of Achievements, how you get a great life? The second one is the art of fulfillment. To succeed without fulfillment is the ultimate failure. What you really have to do is you have to literally become an achiever at enjoying your life. In order to do that, you have to see what gets in the way. I'll give you a good example. We-, about a year ... I think it's been four months now-, a year and five months ... we lost a national treasure, and that is Robin Williams. Did you enjoy Robin Williams?

 

Howard:

Absolutely.

 

Tony:

Whenever I go around the world, just in China, in Singapore, I was in London, I was in Australia ... everywhere I asked about him, everybody raised their hand. They loved him. Now think about this guy. He was the ultimate achiever. He wanted to make the world laugh. He did it. He wanted his own tv show. He did it. He wanted to make movies. He did it. He wanted to make a movie, and win an academy award for not being funny, for being a dramatic actor, which wasn't his skill, and he did it. He wanted a beautiful family, and he did it. And he hung himself. See, success without fulfillment is the ultimate failure. He made everybody happy but himself, because what he did for years is suffer.

 

 

I want to give your people all that there's out there, something that's so simplistic, that I know many of them will just pass it off and not get it. If they get it, this one little conversation could change your life, because I had a conversation like this that changed my life. My companies do five billion dollars a year. I have four unbelievable children. I travel all around the world. I have people come up to me every single day of my life and tell me, "Oh my God. You changed my life." I hear these beautiful stories. I love it. You're life-life, say your [inaudible 00:09:48], say it's the most magnificent life you can imagine, but, I'd made a distinction ... actually, a friend of mine from India sat down with me, and the distinction was really simple. In life, there's only two places you can live emotionally. There's states that are beautiful states of mind and emotion, and there are suffering states.

 

 

Most of us achievers, most dentists aren't going to say, "I'm suffering," but a beautiful state is not just happy. A beautiful state can be hungry, driven, creative. It could be excited, it could be focused, determined. Those are all states, and when you're in them, you do the right thing, and you enjoy yourself. Suffering states are frustration, stress, overwhelm, worry, anger, sadness, envy, any of those things that emotional beings have. If you were to ask me before do I have those emotions, I would say, "Sure I get pissed off, I get angry, I get frustrated, but I don't stay there. I have this amazing life." What's changed for me is I decided that I am control. No one else is responsible. I made a decision that I am a hundred percent responsible for my experience of life. My experience. I can't control events, but I can control what it means to me.

 

 

I've always known this, and taught it, and practiced it, but what changed for me is I decided my vision for my life, my spiritual vision, is I want to have people end suffering. Suffering shows up when you get pissed, frustrated, freaked out, because that's what the human mind does. It always looks for what's wrong. What's wrong's always available, so is what's right. What I've trained my mind to do is when I start to feel anything-, and I wouldn't have called it suffering, because achievers don't suffer, right? We're ultimate achievers, we get a little stressed, but I always say to people, "Stress is the achiever word for fear."

 

 

"What are you stressed about?"

 

 

"I got to do all these things."

 

 

"What if you don't?"

 

 

"But I have to."

 

 

"What if you don't?"

 

 

"It will fall apart."

 

 

"What if it falls apart?"

 

 

"Then it will fail."

 

 

"What if it fails?"

 

 

"Then I'm a failure."

 

 

If I follow the trail of your stress, it will take me to your deepest fear. Here's what I offer them who are stressed out. You have to make the most important decision of your life, and that decision is, that when you start to feel like you're suffering, that you understand it's about you. It's all you obsessing about yourself. If someone says to me, "You don't know. I'm depressed because my kids are not doing well, and I'm freaked out about my kids." No. You're freaked out that you failed your kids. It's about you.

 

 

People are always worried about something they're going to lose, or something they lost, or something they're never going to get. Whenever we start doing that, we feel frustrated, or pissed off, or angry, or sad, and we blame something. We blame other people, we blame events, or we blame ourselves. Blaming yourself doesn't change anything, it just puts you in a lousy state. It makes you suffer more. What I've decided is-, it's really simple. Every day of my life, suffering will arise, meaning frustration, anger, sadness, whatever. It will arise-, that's like the sun arises, but I kill it when it arises. I kill that monster while it's a baby. I don't wait until it's Godzilla taking the city. I become obsessed with, "I won't suffer." I'm not going to live in the future, I'm not going to live in the past. If I can't find ecstatic feelings, ecstasy, joy, happiness in this moment, then more accolades, more impact, more achievement, more money, more children, more life is not going to give you more either. You have to master the moment. That experience has transformed myself, my wife, and it's a decision.

 

 

I tell people there's lots of things that are going to happen in your life you can't control. You may go through a divorce, even if you're a good person, or you could lose a family memory to cancer or heart disease, or you could be in a position where the government changed the rules, and all of the sudden, your business will change radically. I think decisions like who you're going to spend time with, who you're going to love, who you're going to marry are the most important decisions of our whole life, but the most important decision is not to suffer, and to live in a beautiful state.

 

 

If something happens, and you're always reacting to it, from a reaction place you're not going to solve the problem anyway, and you're going to be in a lousy state. I'll give you an example. Friend of mine in India started, I can't even pronounce it, but there's a sport there that for a thousand years Indian people have played in their villages as little kids, he made it a professional sport three years ago. In a year, his team, which I think he spent ten, twenty million dollars to develop, was worth four hundred million dollars. They went to the championship with this sport, and in India, five hundred million people watched this sport that has only been a professional sport for three years. His profitability went through crazy, everything's great.

 

 

I'm with him, and he get a phone call. The people that are the best players in the world used to be construction workers. He went out and found these people, and now half a billion people watch them, and they're superstars in the media and in everything else. Two or three of them he recruited are the best in the country. He gets a phone call that says they have signed with another team, because they tripled their salary, and you could just see him getting so frustrated and angry. What was it about? It was about himself. He was like, "How could they do this to me? They used to work on a construction site. I made them famous. I changed their lives."

 

 

All this suffering. Me, me, me, me. He's like, "My team won't win next year because they lost the best players, and we're not going to be the number one team anymore." All this happened, and in the middle of it, he caught himself and he said, "Look at this. I'm obsessing about myself. I'm obsessing about the future or the past. All I need to do is come back to the center of the truth is, 'I'm here to appreciate something in this moment. I'm here to give something. I'm here to learn something. I'm here to love or be grateful for something'." And in doing that, what happens immediately is that the suffering disappears, and he can just say, "Okay. I'm not suffering anymore. What do I need to do? I need to hire some new players. I need to move on."

 

 

I know this sounds esoteric, but it's the most valuable thing I can tell you that I have learned in my life in thirty eight-, going to be thirty nine years doing this around the world. I meet billionaires, and they're suffering. I've always known it. I help them turn their business around; I turn them around. If you can just discipline yourself to say, "I'm not feelings things I don't want, what am I feeling? What am I focusing on? It's something about me." The antidote to that is one of three things.

 

 

Appreciate something outside yourself, and get you out of your head. Hard to enjoy something at first if you're suffering, but appreciate and then enjoy. What can I learn from this? How can I grow from this? If we learn and grow, there's no suffering. Third one, who can I love? What can I give, or what can I be grateful for? If you would just make the decision that says, "I am going to live in a beautiful state no matter what, even if it rains on my parade." Life is too short to live in stress. Life is too short to suffer. If death was coming for you, Howard, today, you'd want to negotiated. You'd say, "Give me a week." Death would say, "I gave you fifty two weeks this year. What the hell did you do with them?" Right? My view is I will not suffer. If I see other people suffering, I want to give them the tools to change that. Every dentist can learn those tools.

 

 

I'm trying in this quick little conversation to stimulate them to think there's a decision you can make, drawing a line in the sand that says, "I'm just not going to go there. I'm not going to waste my energy and time. If there's a real problem, I'll solve it, but I'm not going to sit here and stress out about it." That's the core of what's necessary to get out of stress long-term, forever.

 

Howard:

Tony, every time we polled dentists and said, "What is the number one stress in your life?" They say, "Staff." They say it's so frustrating. They studied eight years. Math, physics, chemistry, and now they're trying to lead a hygienist's assistant, a receptionist. What advice would you give them so that the staff doesn't stress them out, and they can be a better leader like you?

 

Tony:

I have eighteen companies that I'm directly involved with. I manage eight or nine really directly, very intensely. I'm on stage all the time. I travel. Last year I was on a plane, about once every four days on a plane, or on stage somewhere in the world in thirteen countries. I learned early on that all your pain, all your suffering is coming from expectation. You're expecting people to be different than they are. You're expecting people to do all the right things. You're expecting they'll follow through. It seems like a reasonable expectation, but the truth of the matter is, people are going to do what they do.

 

 

The first step is better hiring. First step is really getting someone's nature, defining the DNA of the job, not only in their ability to do the job, but what's their psychology like? How do they deal with stress ... and finding people ... I found in my life, it's not the person you hire, it's the person you fail to fire that really hurts you. Decide who's right and going for it. Even with that, with so many moving parts, and so many moving people, I know people are going to screw up. I don't get pissed of. I don't get freaked out about it. I know it's going to happen. I train myself. I might start to feel it. I used to get so frustrated all the time.

 

 

I remember one time somebody came to me. It was early in my career in one of my companies. They said, "I'm sorry to tell you this. I don't know how to tell you this."

 

 

"Tell me what?"

 

 

"We've lost a hundred and twenty five thousand dollars." This is the days when my companies weren't doing billions. They were probably doing a million and a half dollars gross, right? I'm like, "What?" I go crazy. I go bezerk. Of course that makes people not want to tell you for the longest period of time, because they're avoiding conflict. It doesn't solve anything. After a while, I realized this wasn't working, so I created this new trigger for myself, which is, someone says, "We've lost a hundred and twenty five thousand," or something.

 

 

"That's fascinating." I say, "I'm completely fascinated how you could do that. Can you explain to me how that's happened?" While I'm doing this fascinating, making myself break my pattern, and my humor, the other person doesn't feel quite as freaked out. What happens is in staying in a beautiful state instead of a suffering state, an angry state, a reactive state, you can get to the solution. We found the money, right? We figured out how the money got lost, and we figured out how to make sure that won't happen again.

 

 

Part of it for the doctors is hiring more effectively, but the other part of it is trade your expectation for appreciation, and you'll have a completely different life right now, because you're expecting people to do all the right things. I'm excited. Here's what I expect. People are going to do what they do. I'm going to hire better and better people, and even the best people are going to screw up. I'm capable of screwing up. What I'm going to do is understand I that I've got enough systems, enough back up, that nothing is life and death. Even the whole thing of, "Don't sweat the small stuff." It's all small stuff. By living that way, I'm not lowering my standard. I still am committed. I'm still driven. I'm still making sure we follow through. I'm just not reactive, and so I don't have a problem with me.

 

 

I'm sure your doctors know, because I'm sure they've studied, that all it takes is two minutes of agitation, of frustration, anger, and that stays in your body for approximately four to five ours. Literally there's a residue of that in your body. The way your heart moves, the way your adrenaline is functioning. There's a biochemical change. You can also stack good things. You can take little things and stack them one after another, after another. One of the things I do so that I'm better with people, as I possibly can, I train them. I reinforce them. I know they're going to screw up. I'm very connected to them. They want a support. They want to move forward. They feel like they're in a very beautiful fair environment. I look for system solutions.

 

 

The other thing I do is every single day of my life, I start my day by what I call priming. I take ten minutes-, and there's never a day I don't do this. I made a deal with myself. I said, "If you don't have ten minutes for yourself, you don't have a life." I go outside the first thing in the morning, and I put some music on, and all I do is focus on three things for ten minutes. Usually I'm so in state, I'll usually last twelve, or fifteen, or even twenty. I do this breathing pattern that I teach, which is an explosive breath. You take a breath in, and you blow it out your nose. Like this. I do thirty of those, three times in a row, close my eyes, put on the music, and I spend three and a half minutes just focusing on what I'm grateful for. I think of three specific items I'm grateful for, and I think of one ... I make one something really simple like the wind on my face, or the smile on my son's face. Something really simple, but I step in like I'm there, feeling the gratitude.

 

 

Now why do I do this? It's not a positive thinking technique. When you're grateful, you can't be angry. When you're grateful, you can't be frustrated.  When you're grateful, it changes the biochemistry that's going on in you. I deliberately put myself in that biochemical state to start every day, three and a half minutes, and I do it in a way where I'm like, I don't remember something I'm grateful for over there, like remembering going on a roller coaster over there. I imagine I'm going over the top of the roller coaster in the front seat. I step into what I'm grateful for, and I feel it. I have thanks for my health, for family, for everybody around me. I just see energy going through my body, healing, solving any problem that needs to be solved, corny as it sounds, and then I send that love and energy to everyone else. It creates even deeper compassion. Gets you outside yourself.

 

 

Then I do three minutes of what I call my Three to Five to Thrive. I pick three to five things that I really want to achieve. I see each one as accomplished. I experience the enjoyment and the joy of it, and I'm done in ten or twelve minutes. What happens is most people have a dirt road to happiness, and they got a highway to pissed of, a high way to frustration, a highway to stress. I guarantee most of your dentists, by the nature of their environment, have gotten themselves wired to be stressed. You can de-wire that, and you can create a highway to happiness. I don't hope that's going to show up.

 

 

People say, "You always seem so happy all the time. Are you actually happier? Don't you have bad days?" I used to say, "Of course I have bad days. I don't really [inaudible 00:22:42]. I might have bad ten minutes, fifteen minutes, and it's not phony and fake. It's just I won't tolerate it. Also, because I start every day by wiring myself." The more you do this, the more you wire yourself to feel those great feelings, the more you get there. You've got instant access, because whatever you do in your nervous system, you know neurologically what you're wired to do. That's a few ways I would attack it.

 

Howard:

Tony, my favorite TED Talk was actually yours. Will you talk about that? I want these dentists to go home and do that TED Talk. What made you do a TED Talk? Seriously, that's my favorite TED Talk, and I've watched a thousand of them.

 

Tony:

Thank you. It's rated one of the top ten-, it's in the top ten of the hundred thousand TED Talks they got or more. Quincy Jones, a dear friend of mine, he invited me to come and said, "Will you come do this TED Talk?" I didn't really want to do it; I was busy, but he said, "Please, please come." I got there. Then they told me the talk was eighteen minutes. Now, my shortest seminar is four days. If I want to go deep, and I don't just want to talk, I want people to do things so they get it in their bodies, so they're wired. Eighteen minutes. I've never done in my life.

 

 

I got up there, and the first thing I did is the guy who's introducing me, who's now a friend of mine, at the time was not. He's like, "Please don't get people jumping around and stuff." I have people move because sitting still learning the traditional way is not only so boring, but there's no energy in your body. I believe it should be like a rock concert. When it is, you learn at a different level. You learn where you're going to use what you learned, because you're active instead of passive like most people are.

 

 

I thought, "I've got to engage these people. I can't get them jumping," so I just asked them all a question. I said, "I've got a question. Who here's ever failed?" Now this room in those days, there was no TED Talks on the web, no one knew what it was. The only people there was only eight hundred people, and they were all billionaires, the founders of Google, Steve Jobs was there. All these people that are the who's who in the world of tech were there, and the investment community. I said, "Who here has ever failed?" Nobody raised their hand. I said, "I know you're out there. I can hear your breathing. Who here has ever failed?" It got most people to raise their hand. I said, "When you failed, why did you fail?" Their voices came out. They said, "We didn't have the right technology," and someone else said, "We didn't have enough time," and someone else said, "We didn't have enough capital," and someone else said, "I had the wrong people." I said, "That's funny. You're people told me you had the wrong leader." I kind of teased him.

 

 

Then I heard a voice in the darkness. It was this dark room [inaudible 00:25:04] was done. The voice said, "I didn't have enough supreme court justices." I looked down, and it's Al Gore. Vice president, Al Gore. Everybody starts clapping, because Northern California, it's a democratic community. I said, "That's one way to explain why you didn't become president of the United States." I said, "I want to ask everybody a question." I said, "Everything you told me, why you failed, was a lack of a resource. Not enough money, not the right contacts, not the right technology, not enough time. It was all resources." I said, "But I found that resources are never the problem if you're resourceful enough," and I have four or five great examples from Sam Walton [inaudible 00:25:37], who didn't have the resources, but they were resourceful, so they got it all.

 

 

The ultimate resource is human emotion. If you're creative enough, you can get the answer. If you're determined enough, you can get the money. There's always a way if you're in the right state. I turned back to Al Gore, and I said, "I watched you last night give a talk, and you've given this talk on the environment, Inconvenient Truth," which was the first time he'd ever given it. He was so passionate. I said, "Vice President Gore," I said, "I watched you last night." I said, "I watched you in the debate with George Bush," and I said, "I couldn't vote for you. Even if I wanted to, I couldn't vote for you. But the guy I saw last night, he could have set the world on fire," and everybody started clapping like crazy. I said, "You didn't lose because there weren't enough supreme court justices." I said, "You lost because you had to go to the supreme court, because you didn't do the job up front, because you didn't inspire America." He looked at me kind of freaked out, and all of the sudden, everybody starts clapping like crazy, and he came by and gave me a high five.

 

 

It kind of started this whole process where I show people in that TED Talk that it's never what you think it is. It's never the outside world. It's in you. WHen you change what's in you, you'll change the impact on the environment.

 

Howard:

Okay, Tony. I want a really serious question. These kids are coming out of dental school, twenty five years old, three hundred and fifty thousand dollars in debt, and they're scared. You just wrote a New York Times bestselling book on money. What would you tell these kids with three hundred and fifty at age thirty and under? Could they be a millionaire at sixty five?

 

Tony:

They could do it much earlier than sixty five. A millionaire today is a very limited amount of capital, quite frankly. I interviewed fifty of the smartest people alive financially. I mean people that ... John Paulson, he made five billion dollars a couple years ago. In one year he made four billion personally. Not his company, personally. He's the third most successful investment guy in history. Hasn't given an interview in fifteen years. I got the first interview with him. I interviewed Ray Dalio. Number one hedge fund guy in the world. A huge hedge fund. Rich people give their money to their hedge fund, a big hedge fund would be ten billion, fifteen billion. He's a hundred and sixty billion. When I was there, the prime minister of China called for coaching.

 

 

What I did is I asked them. I went to these people and said, "Can you still win this game? Can the average person win, and how?" What they walked me through was-, fundamentally there are seven steps that people go through, but just to give you a taste, the most-, there are a couple of decisions, but you've got to make early on. If you make it early on in your career, wealth and financial wealth anyway, is easy. The first one we all know, but very few people practice, and that is you have to understand the power of compounding. Everybody knows it intellectually, but they don't get what the impact is.

 

 

I interviewed a professor who created-, most people know at this point ... they've heard of ... Everybody knows about an active mutual fund versus an index. The man I interviewed is the gentleman who created the first index funds. Now trillions of dollars are going into index funds. This is really, truly [inaudible 00:28:31]. He wrote a book called A Random Walk on Wall Street. I'm having this conversation with him. He said, "Tony." I said, "What's the most important thing to teach anyone financially?" He said, "Tony, you know it." He said, "It's understanding compounding," and then he gave me this whole metaphor. He said, "There's two brothers. William and James. William decides to start saving money at twenty five years old, and he saves three hundred dollars a month. Four thousand bucks a year, basically. He puts it in the market, lets it grow, and it grows at ten percent, and it's not being taxed. It's staying in the market, right?" He said, "And it grows. He does it for twenty years until he's forty five years old." Twenty to forty is what he said. In twenty years, he's put inside it eighty thousand dollars, right?

 

 

His brother doesn't start until he's forty, but he does it until he's sixty five. He does it for twenty five years, three hundred dollars a month, four thousand a year. His brother put in a hundred grand, he put in eighty thousand and stopped at forty. Which one has more money at age sixty five? It's not hard to figure out. Everyone's going to go, "Obviously the guy that started earlier," but what most people don't know is the one that started earlier has two point five million. His brother who put more money in the system, but waited, has four hundred and fifty thousand dollars. That's how big the difference is in compounding.

 

 

The most important thing is for you to take a percentage of what you earn in your business, and put it aside. Now people say, "I can't do that. I have all this debt. I have this. I have no money to do it." I'll give you an example. There's a gentleman named Theodore Johnson, who worked for UPS. He never made more than fourteen thousand dollars a year in annual income. He was a driver in the nineteen fifties. When he retired, he had seventy million dollars. He gave away thirty five million while he was alive. Seventy million, never made more than fourteen thousand. How in the hell do you do that? He took his money, and he created a tab. A friend of his said, "I know you have no money at fourteen grand a year. I know you can't afford to pay your bills." If the government came in and said, "Mr. Dentist," or in this case, "Mr. Theodore," we're going to add a twenty percent tax to you, you would scream, you'd yell, and you'd have to find a way pay it, and you would.

 

 

He said, "I want you to create a tax where you're the collector, and you're collecting for your future." He saved twenty percent. He made it automated, so he never saw the money, came right off the top, and went straight into his investment account. That is the single most, and simple thing that anybody can do. Even if they think they can't put aside ten percent, or whatever the case may be, they could put aside five percent, and then every time they get a little bit more profitability, they can add another five percent until they get to a number like fifteen or twenty percent. If you save that, and then you do the second thing.

 

 

The second decision is it doesn't matter whether you put money in apple, or buy a piece of real estate. What I've learned from all these investors is asset allocation is ninety percent of your success or failure in investing. Asset allocation is big words. It just means how are you going to divide your money up? We all know diversification is the only free lunch. You don't put all your eggs in one basket. My bet is most of these dentists put all their eggs in their dental basket. Of course. "I've got so much debt there. I got so many things there." It's a giant mistake.

 

 

Early in my career, Ken Blanchard, who wrote The One Minute Manager books, pulled me aside. I was just coming out with one of my books, and he said, "Tony, don't put that book in the company. Let the company get the leads, get the people who are interested, but that money should be set aside in a nest egg you don't let anything touch, because your business will always consume whatever amount of money you make available to it." You've got to just cut it off. This is the tax. This is where it goes. I would say you've got to come up with a percentage that you're going to take out, even if you owe debt, no matter what. You'll find out your brain will find a way to adjust, and you will find a way to succeed, to get more clients, do whatever it takes to do it when it's a must, not a should.

 

 

Then you got to decide where to put it. Little too complex to try and explain here, but someone could pick up my book, and I explain the simple bucket theory. Some of that money's got to be really secure, some of the money you're going to put at risk in order to grow faster. Some of it's going to lead to your dreams. In the book, I took Ray Dalio, the most successful investor in history. They call him the Steve Jobs, literally, of investing. To give you an idea, ten years ago, you had to have a five billion dollar net worth, and a hundred million to give him to have even talk to you. Now after ten years, he won't take anybody's money. I convinced him to tell me the exact formula where he puts his personal money for his family. It's a system that's better than anyone's in the world. In the last seventy five years, it's made money eighty five percent of the time. The fifteen percent of the time when it didn't make money? You can imagine. The most it ever lost was three point nine percent.

 

 

Think about all these draw-downs in the stock market of fifty percent in 2008. Think of the last seventy five years of what's happened. If you could go to Vegas, and you could be right eighty five percent of the time, and when you're wrong, the most you lose if four percent, and your average upside is ten percent? You'd gamble all day long. He actually has that strategy, and any dentist can pick it up.

 

 

If you just did those two things as a starter, you'd be way ahead of the game from anyone else.

 

Howard:

I know what they're going to be thinking. Should they be saving even though they have student loan debt?

 

Tony:

Yes. Student loan date, today, if they go and negotiate, they can get it down at really low rates. You need to make sure that along the way, you're starting to build something up, because there'll be a compounding of the money they put aside. The bottom line of where we are today is, if all you do is pay off your student loan debt, you're out of debt, but you don't have any upside. You have nothing to look forward to. Something crazy. You want to pay your debt down. You have to. You want to do it at a rate that doesn't destroy you. You want to negotiate at the best rate possible.

 

 

There's firms now in the world that do that for you, that help you negotiate the best price from the government, and revamp it so the price point's low. You want to go out and get a return, where you can see returns are ten or fifteen, where the interest rate you might be paying today might be six percent, five percent. Some of these programs they have go even lower.

 

Howard:

Are you still working with Fortune Management a lot?

 

Tony:

Yes. I founded it twenty five years ago, that's why I was at Sirona at that point. I was doing a talk for them as well.

 

Howard:

I want to end on one thing. I know you're the busiest man. I don't want to be greedy, keeping you for your time. My last question is this. They studied eight years. Math, physics, chemistry. Now I got to the word they hate the most is sell, "I'm a doctor. I don't want to sell you," but they know that the ones that are most successful can convince you to get treatment. How do you neurolinguistically program a dentist's mind to say-, because selling is the dirtiest four letter word in dentistry. They don't want to sell, but I think if they don't convince you to get treatment, you're not a good dentist. How do you reframe that to where they can sell dentistry?

 

Tony:

I personally don't think of it as sales. I think if you think of it as sales, you'll always have a bad taste in your mouth. I think of it as leadership. What does a leader do? A leader's job is to influence the thoughts, feelings, emotions and actions of another human being. If you know what your craft is, if you know the value of what you can take care of someone ... and we all know I've had some dental work, as you can tell, what happens inside the mouth can determine whether or not you have a heart attack these days. We've got a different level of research to know what this affects. It affects the entire system. If you know that, and you don't find a way to break through someone's fears about time, or their fears about the treatment, or the fears about money, or whatever it is, you're not a salesman, you're not even a dentist. You're a person who's not leading.

 

 

Your job in becoming a dentist is lead people to a greater level of health and vitality, and ideally, maybe self-esteem and beauty. The very minimum is that. If you have completely associate to what you're-, you're doing something for the client. If you think you're doing it for you, there's this little internal piece inside of all of us that creates a tension that clients feel, and you feel, and it feels bizarre. I would tell people the truth, and say, "Listen, I am not a salesman," if I was a dentist, "I am not a salesman. I can't sell for squat, but I've got to tell you something. This has got to be done for you. Let me explain to you the consequences of all this. I can't let you out of my office with integrity, with any caring about you whatsoever, without you knowing you got to get this done. If you don't do it with me, you want to go to someone else, I'm fine, but it's got to get done. Here's why I'd think you want to deal with me, because I do this, this, this and this."

 

 

It comes down to owning the value of what you're delivering to people, and understanding that if you don't deliver it, if you accept their objections, their no's, their fears, their putting it off, you're hurting them. If you get that, you'll break through anybody. Calling it selling is the kiss of death. None of us want to be-, what's a salesman? We think of a salesman, the white shoes salesman, sells used cars ... I have no interest in that whatsoever, but I do have an interest in impact. I do have an interest in making a difference in people's lives. I do have an interest in pushing people.

 

 

Listen, I've got to push people to do things they never thought they'd ever do in a million years, but that's why they come back and thank me. The same thing will happen with the dentist when they're pushing through.

 

Howard:

Tony, talk about the company that you're working with now as far as retirement planning, and what made you get into that? You started a retirement pension plan company. How would you describe it?

 

Tony:

It's called America's Best 401k. It actually came about, because when I was doing research on the book, Jack Bogle started Vanguard, which is a three and a half trillion dollar company now. Trillion with a T. A genius of man. Doing the business sixty five years. A man of such integrity. He said, "Tony, I know you're sincere in wanting to help people." He said, "But you got to remember [Sar-ken 00:37:39]." He said, "Their money is in their home, and it's in their 401k." He said, "Most people just don't understand how they're being ripped off on their 401k. Go do the research. It'll blow your mind."

 

 

I did the research, and I found some interesting things. You've got an industry that we used to have pensions. Now pensions are gone for ninety five percent of Americans. 401k was supposed to be for wealthy people to add to their pension. It was supposed to be a supplemental approach, but it became the foundation because it was cheaper for companies. Now what's happening is for thirty years, the industry did not have to legally tell you what they charged you. Could you imagine being in a business where you have everybody's money, you don't have to tell them what you charge them, you just send them statements. You keep collecting whatever you want. That's how it worked up until three and a half years ago.

 

 

The Department of Labor, three and a half years ago, came along and said, "You have to tell people what you're charging them." Now what these firms do, the biggest firms of the world, the principals, the one we had, there's all kinds of companies, right? Big brand names. They come in now, fidelity-whoever, and they give you a thirty five to fifty days disclosure document to show you what you're being charged, but you need a PhD in finance to figure it out. There's no way you're going to do it.

 

 

What I did is I said, "This is bullshit. They're ripping people off." The average person, by the way, pays three point one percent in fees on their 401k. Most people say, "No, I'm paying one percent." That's the front part of the sticker. There's all these hidden fees. There's seventeen hidden fees that you wouldn't even know about. That's the average according to Forbes. Three point one percent. Let me give you a context. Let's say a thirty five year old citizen, as a dentist. Let's say you have a hundred thousand dollars you accumulated, and you put the hundred thousand dollars towards your retirement, and it's in the stock market, and it grows at seven percent a year. In thirty years, if you're paying one percent in fees, you'll have seven hundred and sixty two thousand dollars. A hundred almost grows eight hundred. Pretty amazing, right? Without adding anything to it.

 

 

If you paid three percent in fees, you got four hundred and thirty two thousand dollars. In other words, you have seventy seven percent more money if you have the same stocks, exact same product, but you just have less fees, because there's a compounding of these fees. People don't understand that. It's kind of like there are companies, we ... I wanted to create a transparency here, so I create website called showmethefees.com. America's Best 401k or shoemethefees.com, either one. If you go there, you can type in your company, or you can type in your dental practice, and you can say, "Here's the company we use," and it will spit out for you how much you're really seeing in fees, and show you what that one or two percent, which sounds like nothing, cost you and your team over the next five, fifteen, and twenty years.

 

 

I brought in this company, had them look at one of my first education companies. It was a small little company I had. Within a day, we got all the same stocks, all the same investments, but the fees were cut by eighty percent. They put five million dollars directly in the pockets of all of my staff. Their retirement is completely different, and we didn't change any of the stocks. All we did was get rid of the company overcharging. It costs nothing to convert.

 

 

I said to these guys, "I want to promote you. I want to be your partner." I got on their board, and then I invested in them. Now I'm a partner in America's Best 401k, and we're on the cover of 401k Specialist, Jack Bogle, and myself, and Vanguard. I was just awarded it by [inaudible 00:40:49]. They just came out with a hundred most influential people in finance in the world, and I'm named number forty nine, which blows my mind. I don't care what the rank value of these guys. It's because we're disrupting the space. We're showing people how to transform their financial world by understanding what's going on.

 

 

Doctors, many of them, have different forms of their own individual retirement plans, but I'm going to be announcing in four weeks a new association I have with one of the most amazing firms on the planet, one of the highest rated firms on the planet. In the meantime, if they got to America's Best 401k, they can analyze that. If they don't got to America's Best 401k, if they don't have a 401k, but they have one of the other types of retirement plans that dentists have, they can guide them through it as well. They'll just show them what the fees are, and show them how to change it.

 

Howard:

I've never met anyone, personally, who knows how much fees their 401k is charging. I've never met a single person.

 

Tony:

I did two hundred interviews in about a year and three months around this book, because it became the number one New York Times Bestseller, and I think I found two people that knew their fees, and one was wrong. It's a good idea. Out of two hundred people, and many of them in the financial business, they just don't know how to read it. I'll give an example. Most companies, dentists, people like that, will be told, "We can't get you those." Most people know, or have heard, that mutual funds are not the place to put your money. The reason is, and I got this from David Swensen. He's the chief investment officer of Yale. One billion to twenty four billion he grew them. He's one of the smartest men alive. Warren Buffet told me the exact same thing. Ninety six percent of all mutual funds fail to match the market over any ten year period of time. Ninety six percent. You go, "I'm going to find the four good ones that do a little better." It's not going to happen, because they're always changing. I'll give you a metaphor.

 

 

You play Blackjack? Did you ever play Blackjack?

 

Howard:

Blackjack? Yes?

 

Tony:

Yes, so you know that you play ... it's to twenty one. If you go over twenty one, you're busted. You lose. Right? It's got to be below twenty one to win, but as close to twenty one as you can. If you get two face cards worth twenty, and you're inner idiot says hit me, you have an eight percent chance of getting an ace. You have a four percent chance of getting the right mutual fund. What you really want are index funds like Vanguard? Most 401k providers say, "We can't do that. You're not big enough." It's totally false. America's Best 401k will take you to Vanguard.

 

 

The ones that do take you, if you dig into the disclosure statement, which is what our company does, you'll see that many of them, we saw one just the other day, they're charging one point five percent for Vanguard. That doesn't sound like much, but Vanguard only costs point zero five percent. They're charging you a thousand times more money. Would you like to have a Honda Accord for thirty thousand dollars, or like to have a Honda Accord for a million dollars? That's the difference we're talking about, and there are people, there are dentists all over, and people around you who have the same product, but they're paying five and ten times more money. You got to know what they are. Go to showmethefees.com or check out America's Best 401k, and they can help you out.

 

Howard:

Would you recommend they read your book first? Tell them our book.

 

Tony:

My book is called MONEY Master the Game: Seven Simple Steps to Financial Freedom. You can pick it up anywhere, and you can read the chapter on 401k. I'd go pick up the book for sure. By the way, I donated all the profits from this book in advance.

 

 

I was fed when I was eleven years old. Our family had no money and no food, and it was Thanksgiving. Somebody came and fed our family, and it touched me deeply. I promised myself I'd give back, so when I was seventeen, I fed two families. I'm going to double it every year. That was four, then it was eight, then I got my companies involved when I was just getting started, but over the last, I guess ... I've been doing this now thirty eight years, going on forty nine years ... I've fed forty two million people up until last year. Started feeding four million people a year, two million through my foundation, and two million I matched.

 

 

The last year when I was writing this book, and interviewing these billionaires, I watched that where they cut food stamps by eight billion dollars, which means every family in need would lose one meal a month for twelve months, unless somebody else stepped up. I went to feeding America, which is the most efficient group in the world for feeding people in the United States, and I said, "If I gave you all the money from this book, and I got five million dollar advance and then some, how many people could I feed?" They said, "You could feed ten million people." I was like, "I'm in," and then I raised it. I said I'm going to feed fifty million.

 

 

I can tell you, I just found out yesterday, we fed a hundred and two million people last year alone, and I'm going to do another seventy five million this year. By the end of this year, I'll have fed a quarter of a billion people. I feed half a billion by the five year mark, and at the ten year mark, I'll feed a billion. If you get the book, all the money goes to feeding people while you're learning how to transform your life as well.

 

Howard:

Last question. Who do you want to be the president of the United States?

 

Tony:

I'm not going to step into that one. All I can tell you is it's fascinating. I know Donald Trump quite well. He's quite a character. It's fascinating to see how he's used the media the way he has. Bill Clinton has been a client of mine, a friend of mine for many years, so it may come down to those two, which will make it very interesting for me.

 

Howard:

Tony, you've been a legend for me, my personal family, every dentist I know. Thank you so much for all that you've done for everyone. It's been an honor to have you as a guest.

 

Tony:

Thank you so much.

 


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