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Game-Time Decision Making with David Meltzer

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9 months ago

Automatic TRANSCRIPT

David say what's up to fire nation and sure something interesting about yourself that most people don't know most people don't know that i asked my wife in sixth grade camp to go steady with me the through a friend and which caused her literally like through an got her when she said no that caused her to stay away from me until late in my twenties when when i finally had the opportunity to ask for forgiveness and that that one incident don't change my life because out of anyone in my entire life and i've lived in extraordinary story life of relationship capital <hes> that one person oh my god. I always think of i didn't do that. What would what what would by life be like because that woman women has saved my life and is discussed the cornerstone of everything i do. I guess is just a lot of truth to not how you start the race. It's how you finish finish the race. David and i think you finish the race in first place there. If there's a higher place the natty means my wife knows that's true so distant extraordinary extraordinary person. I say that you know people tell you that there's a great woman behind every man great man in the in the old days and i say the opposite opposite. There's a <unk> unbelievable spouse in front of every successful person pulling them along not standing behind well. That's awesome awesome and fire nation as i said in the intro. We're talking about gametime decision. Making what are we talking about a lot of cool things with david today but let's just start off with this. You know a lot of people make poor decisions. They make good decisions but the question is are we making these decisions based on on a wrong assumption so break that down force david i blessed i beat some really good decisions in my life and then i started realizing you know what i make really good decisions and it's just a matter of how much stable data my working off of and where does that stable data come from. I don't think anyone really makes bad decisions. Asians they made poor assumptions and those assumptions can be deadly than but. I think that if we're more interested than interesting if we asked for mentorship and help that's a typically we can actually derive our decisions from good assumptions and you know people say will come on man like when someone decides to rob something or you know to break the law whatever they're actually making an assumption right. They're making a risk assessment and mitigating that risk through the assumption. You won't get caught or there's all these assumptions that are made and those can be prohibited. I mean literally can be changed so i don't look to my decisions visions. I always look at the data that is in front of me before i make that decision an extra step but it causes great success in my life okay so so you kinda gave an example with breaking the law or whatever that might be but let's talk about like a real specific story or a real specific example of either making arawa assumption or right assumption. How do you wanna go with this but let's go with a real story here. Oh i got a huge one so my entire life literally since the time. I graduated a law school. I've been able to attract money. I have an unconscious competency to making money and through that i started assuming that i could make great financial decisions for myself without any help <hes> beyond that i owned over one hundred million dollars in my portfolio and i made one in data solution. I thought i owned a golf courses ski mountain thirty three homes. I had gone through a lot of my liquidity a lawsuit to try to prove that i was right of things going on but i made those decisions based on the fact that i had all this equity in properties like my golf course in my ski mountain outten and that at any time i go to private bank and borrow against the equity that i had and so when i needed a quick five million dollars float i went to my private bank assuming they would say oh my gosh you have so much equity of so much with the bank. That's not going to be a problem that you borrow. Just you know secure with one one of your assets. Meanwhile the bank was going on her. It was two thousand eight and they weren't willing to extend credit in fact other. Institutions weren't willing to to give me that credit either because there was no more stated income. They're a bunch of variety of things that i could have avoided if i just ask for help if i would have been more interested than interesting. Meanwhile people will ask me all the time how the heck does a kid who grows up with nothing is a millionaire nine months out of law school a multimillionaire by thirty lose over a hundred million dollars won battles option one batson one reality in life and i can tell you i've experienced this case experience this. I'm sure you have as well but if you're listening to this as well fire nation you know this people love giving advice. They love forgiving input. They love a giving their opinions. What is your best advice for the handle this input advice from others david. I take advice like a handful of sand so i do. I am appreciative. If anyone gives me their advice i know that they care about about being some way and so i have to be appreciative of the fact that they care about me enough to to help me with what they think i should do but what i have learned is most advice right in even if it comes from people who love and care about us doesn't mean it's good advice just because someone loves you and cares for example my mom tom. When i got a law school i got a great job offer being an oil and gas litigator out of law school but i also got a job offer to sell legal research on the new founded the internet the online and i went to my trusted adviser to aspirin by not even giving me but i asked for it and my mom literally told me that i had to be a real lawyer because because the internet was gonna be a fad and that time when i realized that nobody loves me more than my mom. Nobody cares about me more than my mom but a handful of sand. I was gonna let that grain of advice fall through my hand. Tell my mother thank you and you know. I am never more grateful to think that the internet was not a fad and that's what was the impetus in catalyst for me. Making my first million dollars is being in the right industry with an extraordinary opportunity and so i tell people all the time this let the advice go through thanked people for their advice but make sure that you're making your decisions based off at advice from people who <unk> who sit in the position or have the experience or knowledge that you want so for example. I have a plan when the market dumps again it does it goes up. It goes down. I'm gonna spend all my time getting in front of warren buffett and telling him hey warren. I have thirty million dollars saved. What should i buy rightly. Why should i why should i take all the time. That guy sits in the situation. I want to be ninety years ninety years of analyzing stuff for sixteen hours a day. Why not just go up to him and say dude. This is how much money i have. What should i buy. That's all i'm gonna do what should i invest in and he's gonna and literally if i have to pay one hundred grand get in front of them for five minutes and donated to charity. It'll be the best one hundred grand i've ever spent because he's going to tell me exactly what to do with my money and i will be way more accessible than i tried to figure it out myself. There's so much wisdom here fire nation link for instance. I can tell you that it was pretty recently. I'm going to name names for reasons that are about to be obvious but you know i was sitting down having a conversation with somebody and they were telling me how disciplined they were and how they feel like i could be more or discipline as a human being and i'm sitting there looking at this person and they're a good eighty to a hundred pounds overweight and so i'm thinking to myself this person is talking about how this when they are but they obviously can't just enough to be right or to exercise every single day or at least multiple times per week like why would i ever listen to any advices. He says individuals giving for those reasons just like david said with mentors fire nation. Don't take advice from people that aren't experts the top of the field in the areas that you're getting advice from when i want to start a podcast guess what richard branson although he's an amazing entrepreneur would have been horrible person to give me advice because i wasn't starting in airline company or a record company so i hired a mentor who had a successful business podcast in that mentor taught me you how to create a successful business podcasts. That is the key when you're arguing advice from people. That's how you wanna be filtering through and again always be looking at individual. Did you give me the environment saying okay. They probably care about me. You know they're giving me input to give me advice but let's dig a little deeper here. Let's think about this. I is this the right person person to be giving me this advice and oftentimes the answer is no now david one thing that's just reality. We all make mistakes. Were human beings is going to happen so break it down for us how we can recover from these inevitable mistakes in give back to our center. I think people have the wrong word when they say mistakes because i have another word that i look at that starts with an m. i. Which is miracle right so my my perspective of mistakes things things how i define a mistake is important because i think everyone should define it this way. A mistake is things that happen that i didn't think would happen right right or didn't go the way that i wanted to happen. That's a mistake. I perceive this and this was an what occurred. Oh my gosh that's mistake. No it's not it's a miracle and when it becomes a miracle is from the lessons that we learn from that which happened that we didn't anticipate or expect and so for me. I'm i'm i encourage people. I actually give an award in my company called the dummy tax awards and the dummy tax award is we go around and everybody talks about the mistake in their the perception that miracle that happened in their life and why it happened and how it affected the business we then i give a bonus those people who made the biggest in most invaluable i should say mistake or miracle and when i shift people's perspective into a different m-word into a miracle where they look at all the activity that they've had in the things that happened that they don't anticipate or expect otherwise people defined as mistakes. I just make a quantum shift in their life and say look. Why don't you i find that as a miracle. This just occurred and i had no expectation of it occurring. Why do i have to put a negative connotation onto it. Instead of for example my bankruptcy was was the greatest miracle of my life. It made every relationship in my life stronger it saved my life got me to stop abusing myself with alcohol and drugs and bad had people around me and bad ideas. It refocused me and take stock and who i was the biggest miracle. miracle. My like everyone around me was like dude. That's the biggest mistake i've ever heard. You lost over one hundred million dollars. No it's a miracle because i make more money i help more people in have more fun than ever had in my entire life and and i've used mentors the get there in even more efficient effective in statistically successful way fire nation perception is everything and speaking of perception. This is reality. I like to use the word time. Travelers were always travelling in time fire nation. We're be moaning the past or we're wishing being you know for the past. I love to say like my best four years of my life or in college. I wish i was back in college now or just like scared of the future or we're just like really excited for the future so we're just thinking about that that that so few of us are living in the present. We don't time travelers where he's in the past or in the future. There were never just here today in the presence. How can we solve that. How can we focus on the present david i do. I pay attention to time right. Having time is essential i separate time to to construct the manmade constructive twenty four hours and so if i'm looking and studying my time studying my calendar under which is what the host of platform of time is. I'm looking at it with a lens of productivity inaccessibility. How much value can i provide how accessible am m._i._t. Others as well as how am i access thing what i want and then the second time frame that i look at infinity and i look at the construct of infinity entity timing infinite as i am not capable of a human being a grasping how infinite time is let me explain that in a real brief way. I don't think people understand or core even comprehend that if there's billions of years that our lifetime is a blink and that beyond that had ten years of the blink and beyond that one years a blink beyond that this month is a blink one week is a blink let alone one day one hour one minute but yet we get so caught up in the man made concept of time that we're creating our decisions and assumptions based upon a timeframe that the man made construct not in the infinite time time that's why we see mistakes instead of miracles because if we could unravel not just this lifetime but multiple lifetimes we could see me a fact that <unk> different decisions in actions in some people may development as karma has occurred even though we don't have a direct effect and so like a puzzle if we we stay present in appreciate the piece of puzzle. That's in front of us today the president. We don't need to know how fits into this beautiful picture. How many times do we look at something. That's happening in the present and say oh my god. This is horrible. Oh my gosh this is great but when the puzzle piece finally fits into the big picture are we have an exact understanding of why in what that piece of puzzle in the purpose in profitability or passion of that puzzle all fits in perfectly and you're you're just wasting time and energy if you don't understand the two platforms constructs of time and one more thing about the man made construct people like to make money and i'm a huge capitalist compassionate capitalist but i always tell them. There is no such thing as work. You told me perception is everything. I agree. Why can't we just look at things. Activities activities right activity we get paid for an activity. We don't get paid for and if we look at that activity most people nor the greatest activity that you do every day especially see where we mature the unconscious and subconscious