Each day, if you do not make the decision to win, you have automatically made the decision to lose.”

– James Whittaker

Welcome to Win the Day and today is a special one – this is Episode 50!

Before we dive into all the good stuff for today, I just want to say an enormous THANK YOU for listening to this podcast, watching it on YouTube, and sharing it with friends. Your support means the world to me, and we’ve got some seriously kickass episodes coming up! So if you haven’t already, hit subscribe on YouTube or follow on Spotify. Together, let’s bring more and more positive energy into the world.

Because this show is about growth. It’s about recognizing that, while we might’ve faced adversity, challenges – even serious trauma – in our past, all that matters is what we decide to do from here. That’s why to truly win the day, we must begin every morning with an acknowledgement that the day – THIS day – is there to be won.

When I’m bringing these guests on the show – who are some of the most accomplished individuals on the planet – I’m trying to hone in on what they’ve done different:

With that information, I can learn, you can learn, and together we can inspire others through our example. That’s growth. Every day, we get better and better, so we can make the world – and everyone in it – a better place.

But this show is nothing without ACTION, so make sure with every episode you think about what 2-3 things you’re going to do as a result of what you’ve learned to level-up in your relationships, in your health, in your business, so the world knows how serious you are about what it is you want. Because, as Napoleon Hill said, “Action is the real measure of intelligence.”

Today, in honor of our 50th episode, I’m going to share with you my 12 favorite takeaways from the guests’ we’ve had on the show. These are the value bombs that have stood out to me the most, and I know will be enormously impactful for you too.

And because of this milestone, I’ve got a special giveaway just for you. Make sure you check out the podcast or YouTube version of this episode for more info on that.

The quote for this episode is one I put up at every speech:

“Each day, if you do not make the decision to win, you have automatically made the decision to lose.”

If you can figure that quote out, and turn that into a habit, the rest is easy. 

In fact, I started saying “Win the day” because I wanted something more succinct from that sentence that I could use for my podcast. And the rest is history! Here we are 50 episodes in, and you and I are still making the decision to win because the alternative, which is slowly losing every day, eroding our progress, and sabotaging our dreams, is not something we can tolerate. We’ve got ONE life to live and we’re going to unlock every little particle of potential inside us so our time on the earth is well spent.

So are you ready to win with me? I hope so! And if there’s a friend or loved one who wants to join us, share this episode with them right now.

In honor of our 50th episode, here are the 12 best tips to win the day, every day. Welcome to the Win the Day All-Star Edition. 

We'll go through:

NOTE: This episode contains exclusive clips from special guests who have come on the show. For the best experience, we recommend checking out either the podcast or YouTube version of this episode.

🎞️ For the video interview, click here.


Resources / links mentioned:

Success Plan.

🎥 YouTube version of this episode.

Episodes mentioned:

Win the Day with Gabby Reece (Ep 43).

Win the Day with John Assaraf (Ep 33).

Win the Day with Rob Angel (Ep 48).

Win the Day with Keith Ferrazzi (Ep 30).

Win the Day with Kerwin Rae (Ep 31).

Win the Day with Emily Fletcher (Ep 29).

Win the Day with Coss Marte (Ep 32).

Win the Day with Dr Sonja Stribling (Ep 37).

Win the Day with Brandon T. Adams (Ep 35).

Win the Day with Adam Carroll (Ep 38).

Win the Day with Michael Fox (Ep 26).

Win the Day with Marcus Smith (Ep 42).

Each day, if you do not make the decision to win, you have automatically made the decision to lose.”

James Whittaker

Welcome to Win the Day and today is a special one – this is Episode 50!

Before we dive into all the good stuff for today, I just want to say an enormous THANK YOU for listening to this podcast, watching it on YouTube, and sharing it with friends. Your support means the world to me, and we’ve got some seriously kickass episodes coming up! So if you haven’t already, hit subscribe on YouTube or follow on Spotify. Together, let’s bring more and more positive energy into the world.

Because this show is about growth. It’s about recognizing that, while we might’ve faced adversity, challenges – even serious trauma – in our past, all that matters is what we decide to do from here. That’s why to truly win the day, we must begin every morning with an acknowledgement that the day – THIS day – is there to be won.

When I’m bringing these guests on the show – who are some of the most accomplished individuals on the planet – I’m trying to hone in on what they’ve done different:

With that information, I can learn, you can learn, and together we can inspire others through our example. That’s growth. Every day, we get better and better, so we can make the world – and everyone in it – a better place.

But this show is nothing without ACTION, so make sure with every episode you think about what 2-3 things you’re going to do as a result of what you’ve learned. As Napoleon Hill said, “Action is the real measure of intelligence.”

Today, in honor of our 50th episode, I’m going to share with you my 12 most memorable takeaways from the guests’ we’ve had on the show. These are the value bombs that have stood out to me the most, and I know will be enormously impactful for you too.

And because of this milestone, we've got a special giveaway! Make sure you check out the podcast or YouTube version of this episode for more info on that.

The quote for this episode is one I put up at every speech:

“Each day, if you do not make the decision to win, you have automatically made the decision to lose.”

If you can figure that quote out, and turn that into a habit, the rest is easy.

In fact, I started saying “Win the day” because I wanted something more succinct from that sentence that I could use for my podcast. And the rest is history! Here we are, 50 episodes in, and you and I are still making the decision to win because the alternative, which is slowly losing every day, eroding our progress, and sabotaging our dreams, is not something we can tolerate. We’ve got ONE life to live and we’re going to unlock every little particle of potential inside us so our time on the earth is well spent.

So are you ready to win? I hope so! And if there’s a friend or loved one who wants to join us, share this episode with them right now.

In honor of our 50th episode, here are the 12 best tips to win the day, every day. Welcome to the Win the Day All-Star Edition. 

NOTE: This episode contains exclusive clips from special guests who have come on the show. For the best experience, we recommend checking out either the podcast or YouTube version of this episode.

1. The best way to show you’re grateful for something is to take care of it.

I’ve noticed that the word “gratitude” has become hijacked lately, a little bit like the “self-love” movement. People talk a big gratitude game and post their fancy snaps on Instagram, but what Gabby Reece shared during Episode 43 of the show is that the best way to show you’re grateful for something is to actually take care of it.

That means, behind closed doors, when the phone’s away, you’re looking after the things you’re grateful for – whether that’s your physical health, your mental health, or the most important people in your life.

Here’s what Gabby shared:

“I don't need to lose my health to covet it.

The other thing I'm doing is I'm practicing. When people talk about gratitude, the best way I can show that, "Hey, I'm really grateful for my health," is to take care of it. That's ultimately what I'm doing.

The other side of that is it's a level of sanity. I am a better functioning organism if I can also take care of the physical avatar to the best of my ability. It's a law of the universe. It's the truth, and so I don't need to keep relearning that lesson. I know what the lesson is, and I'm just ahead with it.”

So if, like me, you’ve been bitten by the gratitude bug, that’s awesome! Just make sure you’re doing the reps behind the scenes. Those daily reps add up to massive results over time.

2. Actively pursue calm so you can thrive in chaos.

If there’s one thing the covid pandemic has emphasized in bold, italic, and underline, it’s that the world is shifting faster than ever before – but, most importantly, it’s going to keep getting faster and faster, as George Chanos reminded us in Episode 27.

When the covid pandemic started, there was an entrepreneur in Australia who saw it coming months ahead of time, and that was Kerwin Rae.

In Episode 31 Kerwin came on the show to reveal those insights with us, but what I found most impactful was his emphasis on pursuing calm at all costs. As the world is getting faster, more chaotic, more transactional, more automated, and more digital, we’re faced with sensory stimulation like we’ve never even imagined – and that’s an absolute recipe for disaster where our mental health is concerned.

Yet, Kerwin reminds us that we need to shift away from passive sensory overload, and instead shift to more proactively putting ourselves in situations that get us out of our comfort zone in a good way. And if we can do that regularly, and train ourselves to be effective and calm in complete chaos, we will not only be extremely well positioned to benefit from the rapidly changing world but we'll also insulate ourselves from failure that could be completely demobilizing for most people.

Here’s what Kerwin said:

“The more you can regulate stress in a healthy way, at levels that other people can't, the more you’ll enable yourself to go further than anyone else can.

That’s the beautiful thing about being human. We all have this capability to grow. We all have this capability to change and transform.

The only difference between someone who plays here and someone who plays here is their ability to expose themselves to information, in some cases, stress, at a level that they can regulate in a healthy way. That's why not everyone's going to be able to build a multi-billion-dollar company because not everyone could cope with the mental stress of even considering working with those denominations and those values.

And that's why you'll always find where your limit is, and wherever that limit is you'll be constrained by some level of fear that triggers a level of stress.”

3. Tie your financial goals to your definite major purpose.

Most people recognize the importance of proper goal-setting in achieving what they want. (And to start practicing what I believe is the most effective goal-setting system available, download my Success Plan. Free instant download; no opt-in required). But when it comes to your financial goals, the secret sauce is how you tie them into your definite major purpose.

Your definite major purpose is the core goal you have that most of your other sub-goals stem from.

Anyone can put “$1 million” on a goal sheet, but tying it into your definite major purpose, backing it by emotion, and then outlining the steps you need to take to get there and how that will impact the world is going to make it 100x more likely for you to achieve that goal.

In Episode 38, personal finance expert Adam Carroll shared this with us:

“My parents were very positive-minded and they talked about opportunity a lot. My dad was big into Deepak Chopra back in the day. And he would tell me growing up that I was a wizard, and I didn't really understand what he was telling me at the time. I had visions of Harry Potter-esque kind of wizards.

But what he was telling me, I believe, is that I could create whatever environment I wanted to create; that I had the ability to manifest my own desires. And so when I read Think and Grow Rich the first time – which you are obviously well-versed in – I realized how important the messages of definiteness of purpose, and of focus and attention, were. I have a saying up on my door up here and it says “The definiteness of purpose for acquiring wealth is necessary for its acquisition.”

And I kept reading that over and over and over again. Think and Grow Rich was one of the first books that got me on the path. Then I went down this unbelievable rabbit hole of finding all of the quantum physics and law of attraction books that were out there. I realized that we are all constantly, consciously or unconsciously, creating our own environment.”

So powerful.

Remember, Adam is the guy whose TED Talk on playing Monopoly with real money has 6+ million views. So if you’ve got big financial goals – and you should because the more resources you have at your disposal the more you can contribute to the causes you care about the most – you need to tie it into a higher purpose or mission that you have for your life.

4. Your past isn’t your future.

If we’ve been brought up in an environment that doesn’t reward creativity, growth or love, we might feel that we’re doomed to continue that cycle. Or worse, we might never recognize that a problem even exists because it seems “normal” to us.

But in Episode 37, Dr Sonja Stribling – who’s one of the toughest and most resilient people I’ve ever met – stated:

“When you hear me say that 'If you didn't come from a wealthy family, let a wealthy family come from you,' it empowers you to realize that just because you came from nothing doesn't mean your family has to carry on that tradition. It means you get to create whatever lifestyle you want. That's just been my mantra. I don't want my children to suffer the way I did or the way my mother did.

And it's not just about the money. Being rich is more about teaching different ways that your children don't have to always go get a 9:00am to 5:00pm job and always have to go to school because school is not for everyone. There are other means to create wealth. You just need to know where to find those ideas and the strategies and the tips and tools to do so.”

While, at times, you might feel that your future is pre-destined because of the circumstances where you grew up, it’s never too late to be what you want to be, lead by example, and inspire future generations to take ownership of their lives. And while the goal of flipping the script of generational poverty in your family and turning it to generational wealth might be great financially, never forget that it’s the lessons, the relationships, and the attitude to handling adversity that are the most important things.

5. There is no excuse for you to remain mediocre.

This might seem harsh, but I’ve interviewed enough people now who have overcome the most horrific circumstances imaginable and gone on to incredible success. To see firsthand what they’ve been able to do with their lives but, more importantly, how grateful they are for that adversity, has been the biggest blessing I've had on this journey. In some of their deepest pain, they were able to use those experiences as fuel to live a life of compassion, meaning, and impact.

Some of those people are Janine Shepherd, who I mentioned in chapter one of Think and Grow Rich: The Legacy. Her story as a walking paraplegic is extraordinary. Remember, she had qualified for the Olympic Games, only to have her athletic dreams and physical being completely destroyed through no fault of her own.

There’s Jim Stovall who, at 18, went totally and permanently blind, before going on to write 30 bestselling books and become the founder of the Narrative Television Network – while blind. Todd Love, who became a triple amputee at 18 years old after being blown up by an IED in Afghanistan; Todd views the explosion as a “gift” and has since completed the Spartan Race on numerous occasions to inspire others.

Or Sonja Stribling, who we just mentioned in the last tip, who was born into a family as the youngest of 12 children, to parents who only had a second-grade education. At age 15, she gave birth to her first child. And just two years later, at 17 years old, she was raped and left for dead in a field. Sonja is now an internationally regarded female empowerment coach who helps millions of people around the world.

There are too many examples of this.

Make no mistake, how you respond to adversity when it INEVITABLY strikes is what separates ordinary people from extraordinary achievers.

And in Episode 30, #1 NY Times bestselling author Keith Ferrazzi shared a very succinct approach for those who want to become extraordinary:

“There is no excuse for you to remain mediocre. If you want to be extraordinary, you chart your path. If you hold onto your individual title, you'll never have enough resources under your control to really break through. You need to go to Peter Diamandis, you need to go to Jim Kwik, you need to get James Whittaker who knows everything about podcasts to teach you about podcasts, right?

You need to expand your view of team. If you don't redefine your view of team, you will remain mediocre with mediocre resources.”

So think about what you can do to turn your individual mission into a shared mission.

There is no excuse for you to remain mediocre. If you want to be extraordinary, you chart your path and build the team to get you there. That’s it. It’s so empowering.

Rather than dwell on our misfortune, or people who’ve wronged us, or whatever it might be, we instead need to channel that energy into constructive means so we can create the very circumstances we want.

That all starts with a recognition that a better life awaits (irrespective of what has happened to us in the past), followed by a focus on detailed plans to make it happen, then a commitment to seeing it through with the right people around us.

6. Regardless of what happened yesterday, wake up ready to win today.

Like most of these tips, the real growth comes when you can turn them into a habit – that way, when the voice of doubt kicks in, it’s quickly overridden by habit and you do what needs to be done.

One of the best habits to have is waking up and recognizing today as a clean slate, which means you leave any drama, frustration, or stress in the past where it belongs. And you wake up excited for another opportunity to do exactly what you want to do.

In Episode 42, ultra athlete Marcus Smith, who was almost killed after being hit by a vehicle while cycling, shared this:

“We ALL have tough days. We ALL get overwhelmed and we have to be honest with ourselves on that. But I think what the difference is from what you said and from what I see in my life is that no matter how bad today is I'll wake up tomorrow and it's a new day, and I'm ready to dominate and you're ready to win the day.

If I can just encourage people that every time you go to bed, when you get up the next day, you've been just gifted this unique opportunity to do amazing things. You've got a fresh mind. And if you start the day with this great positive mindset that you're going to have an awesome life, you can just rinse and repeat that. It's beautiful.”

And there’s a level of peace that you can see in these people. They’re at peace with themselves and what has happened to them, and they’re even at peace with the people who were responsible for their most brutal pain.

But more than peace, they also know exactly who they are, what they’re capable of, and how they will inch closer toward their mission.

7. Always take time for yourself.

There’s been many moments in my life – too many to name – where I’ve reached a pretty dark place and felt overwhelmed and frustrated, and the negative self-talk got noisier and noisier.

Inevitably, in every one of those instances, it was because I either did not know about the daily rituals for success, or I had become so overwhelmed with work that I neglected those daily rituals of success.

If we fall out of alignment, that’s when those dark feelings emerge, and it’s a horrible feeling to find yourself in a situation where you’re saying, “How did I get here AGAIN?”

It can be a difficult road to come back from.

In Episode 48, Rob Angel – who was the creator of the world’s bestselling board game, Pictionary – mentioned how he had to take a leave of absence from his own business because he was totally out of alignment:

“As entrepreneurs, they say you've got to push hard and make sure you're working 24/7, and you've got to push, push, push. Well, that's what I wound up doing. And about 5-6 years in, I changed my mission from giving Pictionary to the world and people having fun, to how do I make more money and push this game.

It wasn't just burnout. It was complete and total anxiety. I wasn't comfortable with myself. My authentic self had left and I was so off balance. I was so out of alignment. But I didn't know how to deal with it. So for a couple of years, I was getting in fights with my partners over nothing.

And I wouldn't show up for work periodically and it just became untenable. So I took a leave of absence. That's all I could do. I had to remove myself and recalibrate and took about six months. I came back to the business and the partners accepted me and took up the slack. But you don't have to do that. You can pre-warn.

Make sure you take an hour for yourself every day. Whether it's meditation, watching television, working out, or whatever it might be, where you don't think about your business. Because guess what? If you're not there for 20 minutes, it's going to be there when you get back. It's not like it'll fail if you take time for yourself.

I do believe in meditation. But if that just sounds so woo-hoo and off the wall, take a walk, anything, but you've got to take care of yourself mentally, spiritually, and physically to be more productive and make more money and be more successful. You have to.”

So make sure you stay in alignment. And the best way to do to that is: to always have an idea of what success looks like to you in ALL areas; and, second, make sure your own cup is full at all times, because the more you have the more you have to give.

8. Give yourself time to heal and re-align.

A surprising theme I noted from most of the people who’ve come on the show is that a deliberate break has been the springboard to their greatest achievement. In Episode 26, Australian entrepreneur Michael Fox (founder of Fable Food Co) shared how he raised more than US $30 million for an exciting business venture that was backed by some of the most established retailers and venture capital firms in the world.

But after losing everything – his business, the $30 million in investor money, 10 years of his life, and even his marriage – Michael took six months off in Europe where he allowed his intellectual curiosity to go where it wanted to go.

In that moment of massive internal transition, which didn’t have any boundaries or time constraints around it (like he’d had with the rigorous demands of running his own business), Michael became drawn to one particular topic, which became the foundation of his new mission: to end industrial agriculture.

Michael went all-in on that mission, and in a few short years has created a high-end meat alternative that uses mushrooms, which is now available in more than 1,000 supermarkets and has partnered with people like acclaimed chef Heston Blumenthal.

Here’s what Michael had to say:

“My wife and I, with our one-and-a-half-year-old, went to Denmark. For me, it was a great period to have a reset – I didn't have any pressure to find a job or figure out what I was going to do next. I just knew, okay, there's six months, I can focus on being a dad and do whatever I feel like doing.

I ended up reading a lot of books. And because I've been vegetarian for four and a half years, I just ended up reading more about industrial animal agriculture. There were other areas that I was really passionate about and started exploring too, like community living and some different areas like that. But I just ended up reading all these different areas that I was passionate about.

Then towards the end of the six months, I started thinking, “Well, there's two or three areas I'm deeply passionate about, is there a business model or something that I could do?” Well, actually, I didn't even want to start a new business. I was thinking that maybe I could work for someone else in in the meat alternative space because it’s a space that's been growing really quickly.

That six months allowed me to explore whatever I wanted to, wherever my intellectual curiosity took me. That really helped me narrow in on what my passion was and what industry I might like to enter. We added lifestyle decisions around that, and got to work."

So if you’ve gone through a very difficult period, make sure you take a defined period of time – without any boundaries, constraints, or pressure – to allow your intellectual curiosity to go wherever it wants to go. You’ll likely find answers to what you want with much more clarity than you’ve experienced ever before, which could be the perfect springboard to your next chapter.

9. The most important opinion is how you feel about yourself.

All those who do great things have one fundamental attribute: unwavering self-belief. In a world, where haters come with the territory, and everything we see comes with a like, share, and comment button, it’s more important than ever to recognize that there’s only ONE opinion that really matters and it’s how you feel about yourself.

In Episode 32, a truly unique guy, Coss Marte, came on the show to share his story. Coss was brought up in very difficult circumstances, before finding massive success on the wrong side of the law. As one of New York’s most prominent drug dealers, Coss was earning more than $5 million a year at 21 years old and needed eight mobile phones just to store the sheer number of customer contacts. Eventually, he was sentenced to a lengthy prison sentence, but was able to use his time inside to start a new career as a fitness entrepreneur.

There was one quote that stood out to me during our conversation: “My mentality was nothing is going to stop me.” Even in a prison cell, Coss was going to turn his dream into a reality, and I would never bet against someone with that level of faith in themselves.

Here’s how Coss describes what happened next:

“I started realizing that I was affecting not only the thousands of people that I sold drugs to, but I started thinking about their families. I started thinking about my family. I started thinking about this web of destruction that I'd created, and I felt so much regret. I said, “I want to give back in some sort of way.”

I came up with the idea of ConBody in that cell. Then, I lost 70 pounds in six months, while helping 20 other inmates lose more than 1,000 pounds combined. So, I started this whole workout program in the prison yard. I knew then that it’s what I wanted to do when I came home: a prison-style bootcamp. In my cell, I wrote a mini-business plan and a 90-day workout plan.

I said to myself that I would do what I wrote, and I did.

About a year later, I came home and put it into action. I started training classes in the park, then rented out studios, then eventually opened up my own studio. It escalated to building an online workout platform where I now train thousands of people all over the world. Today, we've trained more than 50,000 people. But the most beautiful thing is that we've hired over 40 people coming out of the prison system, and none of them have come back into the system.”

So next time you’re faced with an opinion about what you’re not capable of, whether it’s from a family member, a friend, or a total stranger, remember that those comments are based on THEIR limitations. The most important opinion is how you feel about yourself, so take action on your dreams and what you know you're capable of.

10. Create imagined memories to manifest your ideal outcomes.

That might sound a little woo-woo, but what Emily Fletcher shared in Episode 29 blew me away. Emily is the world’s leader in meditation for high performance, and one of the most valuable takeaways I got from her episode was that the mind doesn’t know the difference between imagined memories we create for the future and actual memories from our past.

So if we’re serious about creating a life we love, a powerful method is to consciously remind ourselves of the outcomes we want and have the discipline to do it every day. We literally visualize an important moment – whether it’s a client meeting, a keynote presentation, a guest appearance on a podcast – and play out the entire event in our most optimal state.

That way, when it happens in real time, we’ve already trained our subconscious to deliver at the highest possible level and made sure we’re perfectly prepared for that opportunity.

Emily uses a combination of meditation and manifestation to reduce the impact of previous trauma while empowering us to get the absolute best result from important events we have coming up in the future:

“Mindfulness is really good at dealing with your stress in the now. And then the manifesting piece is all about dealing with your dreams for the future. So it sounds a little hippy-dippy. It sounds a little woo-woo. Maybe not to you or your audience!

But I would define manifesting as consciously creating a life you love. It is reminding yourself of your dreams. And what I've found is that the combination – and this might really be the thing that keeps you committed to meditation – the combination of meditation and manifesting is so much more powerful than either one alone. Because you could meditate all day, but if you're not clear about what it is that you want it's very hard for nature to give you the thing.

And conversely, you could manifest all day, lining your walls with vision boards, but if you're not meditating and your nervous system is riddled with stress and trauma, and limiting beliefs that you can't even see, then again it's going to be a lot harder for you to achieve your dreams. But when you do them together, you get rid of the stress in your body, you peel away these subconscious limiting beliefs, and you remind yourself of your dreams every day, twice a day, and things start to show up a lot more quickly.”

It’s one hell of a bio-hack, yet so few people do it. If now is the time to massively level-up with what you’re doing, create imagined memories for future events to manifest your ideal outcomes.

11. Help the people who want the help, not the people who need the help.

This has been a lesson I learned the hard way. Naively, I thought I could help everyone, and you might have felt – or still feel – the same way. But if we try to lift people up who don’t even want to be lifted, not only are we NOT going to be able to lift them up but they’ll likely end up pulling us down to their level.

But in Episode 33, mindset expert John Assaraf mentioned:

“On many occasions I’ve worked harder at helping somebody achieve their goal than they have. But that brings me back to a couple of things that I've discovered over the years. First and foremost, help the people who want the help, not the people who need the help.

Number two, don't be in the convincing business, because if you've got to convince somebody, then they're not sold on themselves doing it.

Number three, every person I work with I ask the question, “Are you interested or are you committed?” And if they tell me they're committed, and they're willing to do whatever it takes, and be radically honest with themselves, and radically honest with what they do, or don't do, then I'm willing to help you.

But anybody else, I have no interest in helping. I don't want to spend my time trying to talk somebody into what they should be doing.”

Powerful, right!? And I’ll never forget it. John shared a TON of gold in that episode.

12. Action is everything.

There’s a quote we mentioned at the start of this episode from Napoleon Hill: “Action is the real measure of intelligence.” Hill also mentioned “It doesn’t matter what you know; it matters what you DO with what you know.”

And when Brandon T. Adams came on the show in Episode 35, he said this:

“Action is what gets results. The number one thing holding people back is they think about something and they strategize all day. At the end of the day, an idea is shit unless you actually take action towards it, and that's what I learned in Think and Grow Rich. You've got to take daily action, even if it's one thing you do every day, every single day, just one thing you accomplish. It'll build up, it's the compound effect. It'll slowly build up over time, and eventually, get you your bigger opportunity.

If you take action, get outside your comfort zone, and become comfortable being uncomfortable, you will find opportunity. And then follow up on the opportunity; don't just get it and then let it go. You have to follow up and keep taking action, every single day.”

And that’s success in a nutshell. Eventually, you have to get your hands dirty. You’ve got to get out of your comfort zone. You’ve got to take action. So a question I want you to ask yourself right now is:

Who do I need to become to succeed in this rapidly changing world?

There might be skills you need to get, relationships you have to establish, limiting beliefs you need to overcome. The world is changing faster than ever, so it’s more important than ever to make sure you’re clear on who you need to become so you can figure out what action you need to take.

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I hope you’ve enjoyed those 12 tips to win the day every day! If you wanted to dive into those in more detail, you can check out the full episodes, available in video on YouTube and in audio on Apple Podcasts, Spotify, Google, Amazon, and everywhere you listen to podcasts.

What was your favorite tip? Let me know in either the comments on the YouTube video or in a review on Apple Podcasts. We’ll then pick out THREE lucky people to receive a signed copy of Think and Grow Rich: The Legacy delivered to wherever you are in the world for free.

Is there someone in your life who needs some help winning the day? Share this episode with them now. They’ll thank you for it later, I promise.

To finish, I want to leave you with the quote for today’s episode:

“Each day if you do not make the decision to win you have automatically made the decision to lose.”

Imprint that on your mind so nothing can knock you off course ever again.

That’s all, folks! Remember, to get out there and win the day. And think about how strong you'll be when we hit 100 episodes 😉

Onwards and upwards always,
James Whittaker

Resources / links mentioned:

Success Plan.

🎥 YouTube version of this episode.

Episodes mentioned:

Win the Day with Gabby Reece (Ep 43).

Win the Day with John Assaraf (Ep 33).

Win the Day with Rob Angel (Ep 48).

Win the Day with Keith Ferrazzi (Ep 30).

Win the Day with Kerwin Rae (Ep 31).

Win the Day with Emily Fletcher (Ep 29).

Win the Day with Coss Marte (Ep 32).

Win the Day with Dr Sonja Stribling (Ep 37).

Win the Day with Brandon T. Adams (Ep 35).

Win the Day with Adam Carroll (Ep 38).

Win the Day with Michael Fox (Ep 26).

Win the Day with Marcus Smith (Ep 42).

“Money is a terrible master but an excellent servant.”

P.T. Barnum

Prior to moving to the US in 2012, I spent more than a decade in financial planning in my home country, Australia, and there are so many lessons from that time that I’ll never forget, such as:

But you know me well enough to know that I'd never introduce a problem without offering a solution 😉

Enter one of the world’s foremost financial literacy activists, Adam Carroll. Adam has spent 15+ years helping people do more with the money they make. He is an internationally recognized financial literacy expert, a three-time bestselling author, host of the Build a Bigger Life podcast, and a two-time TED Talk speaker with more than 10 million views online.

He is also the creator of the documentary Broke, Busted and Disgusted, which aired on CNBC and is shown in hundreds of high schools and colleges across the United States.

In this episode, we’re going to be talking about how you can achieve financial freedom and create intergenerational wealth for your family. We’ll also go through:

Adam is an extremely accomplished entrepreneur and there are some phenomenal takeaways in this one. Get the notepad ready!

James Whittaker:
Adam Carroll, great to see you my friend. Thanks for being on the Win the Day podcast.

Adam Carroll:
James, it's my pleasure. It's been a while and I'm super excited to be with you and your audience.

What was your life like growing up, and what was your relationship with money at a young age?

Well, I thought it was privileged to be quite honest. I grew up in this idyllic mid-western household where my dad had a very abundant mindset. If we needed it, we would get it. And I always thought that we were affluent or somewhat affluent.

And when I got older, my dad came clean with me. He laughed and said we were far from affluent. I think it was just the fact that I was loved at home. There was lots of opportunity, it seemed like, and I was really lucky because both of my parents had a very positive mindset, which meant there was always an air of opportunity around the house. I think that's what helped shape who I am today.

The positive energy, the love in the home, and of course, financial literacy, these are core tenets that you and I both are very passionate about and incorporates much of the light that we want to bring into the world, so I'm so excited to dive into all of that stuff today.

What career opportunities did you gravitate towards at a young age? Or did the entrepreneurial bug bite you early?

I was an entrepreneur from way, way back, and I'll tell you the very first story. My mom had made a chocolate cake one day and it was great and I said, "I want to make one. I think I could make one." And she said, "Well, the recipe is right on the side of this Hershey's cocoa can."

So I made a cake, and it so happened that the neighbor came over that day and was really wowing it up that I had made this cake, how delicious it was, and said that maybe she would like to buy one. Well, in that moment I had made the decision I was going to be a cake baker! I went around door to door and I sold three chocolate cakes that week.

I think I'd made a grand sum total of $17 in profit or something, but I was hooked immediately. And it followed me through my high school and my college years. I mean, I did little things like buying big bulk bags of candy and having that in my locker and then selling them for a quarter a piece at school. When I got to college, I bought these gigantic popcorn vending machines – they were like seven feet tall and they air-popped a 24-ounce cup of popcorn.

But I was hooked on the idea of entrepreneurship. And so my career choices post-college really went after sales and marketing because I made the connection that if I could come up with an idea and sell it, I could be a really successful entrepreneur. Lo and behold, here we are some 15 years later being self-employed and building businesses. And I would say it's all gone fairly well.

Once you’ve had the taste of entrepreneurship, it's hard to go back isn't it!?

Dude, I am functionally unemployable at this point! I'm convinced of it.

What about your commitment to your own personal growth at that point? Was there a book or two in particular that really stood out and helped you realize that perhaps you had more potential and power than you would have given yourself credit for previously?

I mentioned my parents were very positive minded and they talked about opportunity a lot. My dad was big into Deepak Chopra back in the day. And he would tell me growing up that I was a wizard, and I didn't really understand what he was telling me at the time. I had visions of Harry Potter-esque kind of wizards.

But what he was telling me, I believe, is that I could create whatever environment I wanted to create, I had the ability to manifest my own desires. And so when I read Think and Grow Rich the first time – which you are obviously well-versed in – I realized how important the messages of definiteness of purpose, and of focus and attention, were. I have a saying up on my door up here and it says “The definiteness of a purpose for acquiring wealth is necessary for its acquisition.”

The definiteness of a purpose for acquiring wealth is necessary for its acquisition.

And I kept reading that over and over and over again. Think and Grow Rich was one of the first books that got me on the path. And then I went down this unbelievable rabbit hole of finding all of the quantum physics and law of attraction books that were out there. I realized that we are all constantly, consciously or unconsciously, creating our own environment. And I owe it to Think and Grow Rich for getting me started.

What about when it came to the practical application of these things, was there a job in particular that you had that helped transform your mindset around life or business?

Interestingly enough, this is going to sound kind of odd, I think, James, but when I was in college, I got recruited to sell books door to door. It was a company called Southwestern Publishing that recruits about 4,000 college students a summer. And we go out and we knocked on 200 doors a day, 12 hours a day, six days a week. So it's a brutal, brutal summer.

My first summer incidentally, I was in Rancho Cucamonga, California. That was my home for 12 weeks. And I went and knocked on doors and I got told no 198 times a day. And they told us if you sell two sets of books a day you'll be successful. And what I realized in that business, not necessarily manifestation – although we were constantly trying to manifest what we wanted during the day – it was more about the fact that every no is just a next, and that every no just gets me closer and closer to what I truly want.

So after that summer, and then the summer the next year, I really felt like I could deal with rejection better than just about anybody because it was no big deal. You could say no to me and I was just going to go to the next door, it wasn't a big thing. And I think that alone has made me an effective entrepreneur because when I hear no, or I experience failure it's just like, "Whatever, next."

That resilience and finding the gift in every adversity and very quickly moving on when there's a door closed in front of you is a phenomenal attribute for anyone to have.

What about experiences with money? When did personal finance first appear on your radar?

Given that I was raised in a household where I thought we were affluent or mass affluent, we would receive a J. Crew catalog in the mail and I thought, "Oh, we're obliged to buy something," because it seemed like that's what we did. Then I got to college and the way that I like to describe it now when I go and spoken on college campuses is that I was a rich college kid and I quickly became a broke professional.

I was a rich college kid because I was trying to live the same lifestyle that I had grown accustomed to at home, but I was doing it on the pre-approved credit card offer that I got in my freshman year that ballooned to over $8,000 by the time I was a senior. Then I met my future wife, who was probably one of the most financially savvy women I'd ever met in my life. She said, "Adam, get rid of your debt or I'm going to get rid of you!"

She said, "Adam, get rid of your debt or I'm going to get rid of you!"

Now, we’ve built a really incredible life together using very core philosophies around the mistakes that I made and the lessons learned in the midst of those mistakes, and then going out and teaching other people how to do exactly the same.

So to answer your question, James, I think it was probably near the end of my college career where I started to take a really long, hard look in the mirror at what did I have in debt and what were the mistakes I made that got me there and realizing real quickly I didn't want to live that life. I wanted to live one that was free of encumbrances, debts, and obligations, and one that was a bigger life, one that had freedom and flexibility and options and choices. So it was from that point forward that I really started to dive in and pursue mastery of money.

What are some of the steps you've taken with your own children to insulate them from falling into that trap of credit card debt particularly?

I love this question because I think the experience that I had on college campuses in talking to teenagers helped prepare me to prepare my own children for the same kind of environment. The students that I spoke to that were 18 – 21, up to 25 years old, and many of them had never made a financial decision on their own before they arrived on the college campus.

They didn't fill out their FAFSA, they didn't buy their own clothing. Some of them didn't pay for their own gas or their own meals. Many of them had no concept of what a thousand dollars borrowed meant. What I realized was I wanted to bring my kids up in a world where they had made very tangible, real decisions around money. So my wife and I realized that it was first of all important that they have money in their hand.

And I wasn't just going to hand it out; I wanted my kids to have a work ethic and be industrious. So we pay them based on chores they do at home. It's not a commission, but it's money that you're going to make for doing this work around the home. They also make money babysitting. My daughter has a part-time job. My son has reffed soccer and basketball games. My other son has mowed lawns and shoveled snow, and done lots of other odd jobs.

I wanted my kids to have a work ethic and be industrious.

But what I'm most proud of James is the fact that all three of them have far more money in savings than the average American does right now. And they're also very, very savvy and wise about making purchases that are no longer small, insignificant purchases. They're buying things like phones and computers, and they're making really educated choices in doing it because we prep them on the $5, $10 and $50 items so that they are better prepared for the $1,000 and $5,000 items down the road.

I love it. It's not necessarily the dollar value, it's the habit that you get into at a young age, which is something I included in my first book The Beginner’s Guide to Wealth. So when you get older and have more money at your disposal, you're naturally embedded with those good financial habits. And something I talk about often is that Think and Grow Rich could just as easily have been titled Think and Grow Poor because the idea is the same. It's that your actions each day, extrapolated over time, manifest that reality.

You're a dad, I'm a dad. We know that if we really want to enact this financial literacy change generationally, it all starts in the home. What should parents be doing to teach their kids about money? And when should they start that in the home?

I get this question quite a bit from parent groups who say, “My kids are six or they're eight, or they're three, what age should I start?” Some will say, “My daughter is 18 and she knows nothing about money.” I had that conversation just the other day. Actually a dad said, "I'm sending my daughter off to school, I think we've done a great job, there's just one area that I think we fallen down."

And I said, "What is that?"

He said, "Well, she knows nothing about money. She's carried my credit card the entire time she's been in high school and when she needed gas, she charged it. When she wanted clothes, she charged it. When she went out to eat with her friends, she charged it."

And for those of you who have younger kids, let me be very clear, that is NOT the way to bring your kids up to understand money.

I think we should start doing this with kids as young as five or six years old. And the way that we did it with our kids, which I think worked was, first, we gave them an allowance. And the reason that we wanted to give them that based on the work or the chores they did at home was they need to have some tangible amount of money in their hands while it's still real and tangible.

That paper money is a big deal because as they get older, if they've never experienced the paper money and had the emotional tie to a $20, $50, or a $100 bill, they'll go onto Amazon and hit one-click ship on a $47 item and not think twice about it.

Then they get the credit card statement where it looks like there's too many things on there to even go through. So it's like, "Oh, I'll just pay it. I couldn't be bothered spending 10 minutes combing through all of my purchases."

That's exactly right. Or pay the minimum, right, where we don't even feel it. And so I think if we start young and we give kids money, we also then must give them the ability to make the decisions that they want to make. With our kids we said, "Listen, you're not going to spend $10 on candy necessarily."

But if they said they really wanted to buy a Nerf gun or a piece of athletic equipment, I’d let them know that it’s their money and they’re perfectly entitled to do that. And as the purchases got bigger, we would just have a little bit more dialogue about: How long do you think you'll use it? Will you get a good use out of it? Do you think you could resell it when you're done so there's not a sunk cost in it? So we were just teaching them some business lessons.

A study came out that said 65% of the American population could not come up with $500 cash in the event of an emergency. So another thing we did was make a rule that by the time our kids are five, they had to have $300 in savings in an emergency fund. By the time they were seven, they had to have $400. And by the time they were nine, they had to have $500.

And people will ask me, “What kind of an emergency will a nine-year-old have?” The answer is that they hopefully won’t have an emergency, and if they did I would take care of it, but if they have $500 at the age of nine, they're going to have it at 19 and 29 and 39 and 59. They're going to have it forever because it is a habit, just as you said.

Absolutely. Well, many parents conflate this idea of love with cash handouts. Is spoiling children financially about the worst thing that you can do for their development?

In my opinion, that whole idea of love and money and us conflating that idea of, “I love my kids; therefore I don't want them to struggle.” The challenge today is that there is this generation of students coming through college right now who have never really struggled. And because of it, they think that life is supposed to be easy and as soon as they confront struggle, they collapse.

They think that life is supposed to be easy and as soon as they confront struggle, they collapse.

My fear is that we're going to have a lack of entrepreneurial spirit for people in their 20s and 30s because they never experienced struggle when they were in their teens. And I think if you hand your kids money, it equates to removing all struggle from their life. I think kids need to mow lawns, they need to rake leaves and they need to wash windows, and they need to make their own money, first of all, if they want some of these big things.

As parents, we're taking away that ability if we give it to them straight away.

This is very much the growth mindset that Carol Dweck talks about, only applied to personal finance. It's absolutely brilliant.

How do parents balance that journey of their kids as they enter adulthood where independence is required, but they might've found themselves in a situation where all of a sudden one day your kids come home, they might be 18 years old and old enough to be responsible for their own decisions and be independent, but they've got $40,000 in credit card debt. How do you balance the need for independence with interjecting to potentially stop them from going a hell of a long way down the wrong road?

I think some of this goes back to my comment that young people don't really understand the context of 10 or 15 or 20 or 40 or a hundred thousand dollars in debt. And one of the ways I think as parents that we can do that is we need to have really candid, honest conversations with our kids about, “You like that card? Let's do a quick price online and see: A, what does that car cost to really run; B, what does it cost to maintain that car; C, what are the payments on that on a monthly basis; D, if you don't have a degree, how many hours would you have to work in order to pay for that car; and E, is that really what you want?”

In our house, we have some interesting conversations around, “I get that you want that car, but the car dealer doesn't necessarily want to sell you the car, they want to sell you the loan.”

And so understand that as a society, what we are doing is we are teaching our kids how to payment themselves into a corner. And when you’re paymented into a corner, it's really hard to build a bigger life because you're constantly working just to pay the minimums, as opposed to working and knowing that you own 60 or 80% of every dime you make.

Are there some things as a household that you do, or maybe you personally, to make sure you're being responsible day-to-day with your finances?

In our household we really value certain things, but going out to eat is not necessarily one of them. My wife's an amazing cook and we eat at home 99% of the time. I mean, for us to go out to eat, it might be once, maybe twice a month that we go out and have a nice dinner.

But when we do, James, we typically really take our time and enjoy it. I'm always surprised, maybe I'm not surprised, but I'm always taken aback, I think, when I go out to a restaurant and you see a family wolf through a meal, throw down a card, and walk out 25 minutes later. And the assumption I make is they do this all the time and it's not special.

And my guess is that they probably spend a decent chunk of their income going out to eat. While that may be important for them, and that's great, I also think they may be sacrificing their future financial freedom in doing that in the moment to just wolf down a meal. And was there anything special to it? Not really. So one of the things we do is we eat at home a lot.

Another is, we're just very, very careful about what we spend and when we spend that it's something that really aligns with our values. I am going through a couple of online courses around money because I always love to just absorb more and pursue mastery. And one of the course creators said, “Is this thing that I'm buying worth my freedom? And if I buy it, how much longer does it take me to achieve that freedom?”

So I am having that mindset a little bit. And I would say we're kind of closet minimalists. We're not quite there, but we're almost there.

What about someone who might be 40 years old with a bunch of debt and feel like it’s too hard to get out of debt or they don’t even know where to begin – what are some steps that people can take to start to move forward financially?

I think number one is looking for proof that it’s true or untrue. And I can show you a number of cases and clients of mine, friends of mine who are in their 40s, and I could riff off probably three or four examples right now. One guy had two homes, $600,000 in mortgages. There were three car payments in the family. There was credit card debt.

He had multiple savings accounts that he was saving for a whole bunch of random things. And I said, "Hey man, your income is totally inefficient. You've got all this money sitting in all these accounts waiting for you to spend. At the same time, you're spending copious amounts on interest payments for cars and homes and credit cards." And so we built a plan that had him completely out of debt in three and a half years – both homes, all three cars, all credit card debt.

I can share valid proof of people who've said, "I think it's possible. I'm going to build a system that makes it possible, and I'm going to go do it." And I think for those that are in their 40s and you're faced with a mountain of debt, and yet you really, really want financial freedom at some point, know beyond the shadow of a doubt, you are somewhere between three and seven years of having everything paid off. All you have to do is have a little bit of discipline and a little bit of definiteness of purpose, to go back to our conversation earlier.

It’s a great reminder that people who perhaps made a silly decision years ago can be proactive about getting on the front foot and taking care of some of those things so they’re not haunted by it forever.

How do we change the education system to start helping people become more responsible about finances?

I will say that that more and more schools today are offering financial education as part of the curriculum, but it's still not enough. In our state alone, they spent two days, two full days, arguing, negotiating, coming up with what the definition of ‘financial literacy’ was. And my mentality was if you spent two days doing that, it's the wrong people in the room defining what financial literacy is.

It’s like the quote, “If you want something done, give it to a busy person!”

Yes, indeed! And not to a committee, and definitely not to legislators. I think for us to change things, it goes back to what I've talked about in my TED Talk, which was that money is largely an illusion today, it's not real, it's zeros and ones, it's bits and bytes of the $4 trillion circulating the globe on a daily basis. Only 2% of that money is in cash point or currency.

Yet we are freely passing money to and from each other through Venmo and Zelle and all these other online apps. But if that's all kids know, the money never feels real. So they get a credit card and they're like, "Cool. I have $1,000 to spend," when they can barely afford the $28 minimum payment that comes along with it.

They need that real-world experience. And that brings us into your amazing TED Talk, which is brilliant! It’s at the London Business School and has more than 10 million views between the TED Talk site and on YouTube, so well done for such an amazing presentation.

Before we talk about the content of that awesome talk, how did you put yourself in a position to be able to get a TED Talk in the first place?

Well, I really appreciate the question, because this is a fun little walk down memory lane for me in terms of how things happen. And going back to even the conversation my dad and I had about me being a wizard, I kind of feel like it was manifested.

The way it manifested was I had been speaking professionally for some time, James. So I knew that I had chops and my career had progressed to a point where I had done local groups, I had done associations. I was on college campuses all across the country. I started getting some international nods. And a friend of mine said, "What's next for you?" And I told him I really feel like there's a TED Talk in what I'm doing.

So we brainstormed what that would look like, and what we came up with was at the very bottom of my signature line on my email, I had a solid line and in big, bold red letters, it said, “My dream is to someday grace the TED stage.” And then just below that, it said, “If you know someone who could help me make that possible, I would be forever in your debt, a simple introduction would suffice.”

And I put it at the bottom of my email signature line and I just left it. And over the course of maybe two or three months of sending out emails, I'm sure thousands of people saw the message and I ended up getting an email one day from a gentleman named Aaron who had been a student at the University of Wisconsin, Milwaukee. And he said, "Adam, I'm on the curation team of this TEDx event and you were the first person I thought of."

So I went and I did my first TEDx event in the States, in Wisconsin. It was a great experience. I come home kind of riding this high of having accomplished my goal of a TED Talk. And not two weeks later, James, I got another email, this time from a woman named Sarah Durlacher – who's a dear friend of mine – and she said, "Adam, I'm on the curation team for a TEDx event at the London Business School, you're the first person I thought of." And so that's how it materialized. Again, it just kind of felt like I had manifested it.

Adding something to your email signature got you more than 10 million views online and has completely changed the trajectory of your career and the impact that you can have on the world. It's a great lessons of taking the first step to think about what you want, and then that second step of saying, how can I create those circumstances?

In your TED Talk, there's obviously some amazing lessons. Thus the 10+ million views! It's called What Playing Monopoly with Real Money Taught Me About My Kids—and Humanity and it's an incredible perspective. So don't give too much away because I want everyone to go and watch it afterwards. But where did the inspiration for that topic come from?

Well, we're a game playing family, and we love to play ball games, board games, dice games, card games, but my kids love to play monopoly, as many kids do. And one day I was noticing that the game was either really rushed or really slow depending on how my kids decided they wanted to play whether or not they were watching TV.

The money is kind of being shuffled along. And at this point, the money is like crumpled up, sweaty handed bits of paper, right? And I thought, "I wonder if the game would play differently if it were real money." And in the back of my mind at the time, James, I'd come off of a tour of college campuses where I'd met a number of students who were making these very dramatic decisions around money, and not small amounts.

I mean, they were borrowing $80,000 or $100,000. And I thought, "I think it's because the money isn't real that this is part of the issue." And so I did a quick sum of how much was on the counter at the time and was figuring out like, “I think it's $1,500 in starter capital that you need for every player. Well, there are five of us, that's $7,500. And I figured the bank needed $2,500.”

So I went to my credit union on a Friday and I said, "I need $9,990 in these denominations of bills in order to play this cash game of Monopoly." And so the idea I would love to say was like this flash of brilliance, it really was observing my children and observing teenagers and early 20 somethings with money and putting the two together and saying, "I think there's a disconnect and I want to figure out how to connect the dots."

You mentioned something earlier about a regular allowance for your children, which in Australia we call pocket money. Is it important for you that any time money is given to kids that there's some type of exchange and sacrifice for any money to be given?

I think it's important to do. And I'll tell you how I reconcile that. There are a number of people, Dave Ramsey being one of them and I'm sure Suze Orman kind of shares this mindset that kids should be paid commission for chores done. That it's effectively like you're selling me on this job and I'm going to pay you this commission.

The challenge is that you will, at some point, likely experience this, or you may have been a kid like this, that no matter how much money your parents had offered you to clean the toilet, you wouldn't have done it, right? And the thing with my kids is I didn't want them to be able to say, "I'm not going to do that. I don't care how much it is." Because the reality is that there is no job beneath you, particularly in making the house run.

So if it's cleaning the toilet, that's what it is. If it's sweep out the garage, that's part of the job. And so I wanted to tie the allowance to whatever the jobs were around the house. And the only way that they would get it is if they completed the job. In my mind, what it also tied together was you're not going to go get a job, a part-time job, and assume that they're going to pay you and not show up.

You have to show up to work. You have to do the gig in order to get the money. The same is true here. So we did that for quite a while. And candidly, speaking very honestly about it, we've since stopped the allowance program for the most part because our kids do such an effective job of saving and investing and making money that it doesn't really feel like they need the money from us.

What we've shifted that to is building what I would like to call a generational wealth plan, where we are building a program for our kids, much like the Rockefellers did, that by the time they get out of college, there will be an amount of money, a small bank for them to leverage to borrow from, to buy real estate, pay down debt, whatever it may be. So that's where that money has shifted to.

I love it. You're teaching them about the value of a dollar, about the value of hard work and responsibility and a whole bunch of other things aside from just the dollar amount.

My daughter is 18 months old, she loves the Baby Shark song (“Baby shark, doo doo doo doo doo doo”), which you're probably very familiar with as I'm sure everyone who's a parent is! And every day I take her for a walk around the neighborhood and she says "Doo-doo" repeatedly, which is how she firmly requests me to sing it over and over and over again.

The moment I finish singing, she says “Doo-doo” for me to sing it again, although occasionally she mixes it up with “Baa baa” for Baa Baa Black Sheep.

I love it.

She's extremely convincing! I find it almost impossible to say no. As she gets older, that's going to extend to materialistic things. I’m happy to sing Baby Shark to her for 45 minutes each day because it makes her so happy! But at what age do you start saying no to these things, and is there a way to say no responsibly that maintains the peace and happiness?

I wanted to ask this question because I feel like there are a lot of parents out there who they know that their kids are just the ultimate salespeople!

Particularly for those young kids, right? You go into a Target or to a toy store, "I want, I want, can I have this?" And the natural reaction for a young child especially is to cry if they don't get it. And I've talked to parents before in large groups where they'll say my kid just has this utter meltdown.

And logically, and I was taught this by a child psychologist, they said when a baby was hungry as a baby, it cried and it was fed. When the baby was cold, it cried and it was fed. When the baby was wet, it cried and it was changed. So very naturally they equate, if I want something, I just need to cry and then I'll get it. And as parents, we start to give in to that rationale, whether they're three or they're 13, at Target.

So what I tell parents is when you implement the allowance program, and let's say you implement it at five years old, and the deal is the kid is going to get $5 a week. Well, that may seem like a lot to some families, and it may be; you may need to ratchet that down a little bit.

But if it is $5 a week and we go into Target and they see a stuffed animal, or some gadget they want to buy, there is a lesson to be taught there where we say, “Well, let's look at how much it is. Okay, well, it's $18.99. Now, how much do you have?”

“I have $10.”

“Okay. So if you get $5 every week, and you need $10 more dollars, that's two more weeks and then we can come back and get that thing.”

What a lot of parents will do, James, erroneously is they'll say, "Listen, I'll get it and then you can pay me back." But what we're doing is we're teaching instant gratification. And this is probably hard for me to even say, but I've seen my sister do this with her teenage son, he wants a new computer. They bought it for him, but he's going to pay them back by mowing the lawn for the next two years! It doesn't work that way, not in our house. If they want it, they work for it.

It doesn't work that way, not in our house. If they want it, they work for it.

We don't do stuff on credit. It's not the First National Bank of Mom and Dad, because that one's too easy to default on. And once they default on that bank, they're going to default on the next several banks that they're a part of. So I think that the way you bring up a child to learn delayed gratification and understand the value of money is you put money in their hand and you let them make decisions of their own accord and also feel the repercussions of that.

If you, as a parent, don't think they should buy that $20 item but they have $20 and they want to spend it, that's their call. And it's a really hard lesson learned if they get home and it breaks or they get home and they're like, "Guys, don't like it. I want to take it back." You can't do that in some cases.

I love it. So even things like your emergency savings account and the weekly allowance or monthly allowance, whatever that might be, it's important that it's physical money rather than them seeing digital numbers on a computer screen.

100%. And on that note, when we hand it to them, our policy is:

And then we had what I call the family 401k program. So if you put money in investing, I would match it up to $25 a month. So my middle son who's a very savvy one, every month had $25 in his invest jar. And the rest would say, "Well, I'm putting some in savings. I'm going to spend the rest of this." But my middle son knew every month dad's going to give me $25 if I put $25 in here. So again, my goal was to reward that behavior.

What's your favorite thing to spend money on?

James, I am a technology nut. And I would be remiss not to say that I'm on Kickstarter or Indiegogo probably once a week, and I buy stuff. Within arm’s reach of me there's multiple things I bought on Indiegogo and Kickstarter. I love little tech gadgets, and I probably spend too much money on those things, but I geek out on it.


Check out the YouTube or podcast version where Adam does the Win the Day Rocket Round, answering questions about his favorite quote, what advice he’d give her 18-year-old self, his favorite book, and a whole lot more 🚀


Final question, what's one thing you do to win the day?

This is a hard question to answer. The one thing I do, and it's more like a conglomeration of things is the morning ritual. And the morning ritual for me really starts with a night's sleep that is similar almost every single night. So I learned once, James, that we sleep in circadian rhythms, every 90 minutes we go through a circadian rhythm.

And so that realistically what we should be sleeping is some number of circadian rhythms at night. So it could be six hours, it could be seven and a half hours, could be nine hours, could be 10 and a half hours if you really need sleep. For me, I know that seven and a half hours is my ideal night's sleep. So if I go to bed at 9:30pm or 10:00pm, I'm getting up at 5:00am or 5:30am every single morning.

I'm to the point now where if I know that if I go to bed at 10:00pm I'll wake up at 5:28am, 5:29am, and I bound out of bed. First thing I do is drink a glass of water and stretch and do a little bit of yoga or exercise. And that just starts the day for me the right way. Then it's followed by a little bit of journaling or morning pages if you follow The Writer's Way. And then looking at my schedule for the day.

Then I take a shower, get ready, have breakfast with the kids. But it's all very sequential. And my business partner and I have this theory that if you win the first hour of the day, you win the rest of the day. And so our first hour is orchestrated and scripted to an extent that just makes us feel good.

We’re also building out the ultimate downstairs. You know how every guy wants a lair!? This will be my lair, so I've got a studio that I'm building down there. I've got an exercise area. Adjacent to the gym area, there's a bathroom that I'm putting in a three-person sauna and a standup shower right next to it. So my morning routine, once this is done here in the next few weeks, will be go downstairs, exercise, sit in the sauna, meditate, take a cold shower, get ready, and then go into the studio and work. So I'm jacked about that. So it sounds weird to be excited for cold showers, but I'm super excited about it.

Resources / Links Mentioned:

👨‍👨‍👧‍👧 Adam Carroll’s TED Talk ‘What Playing Monopoly with Real Money Taught Me About My Kids — and Humanity

📝 Adam Carroll on Facebook

⚡ Adam Carroll on Twitter

💻 Adam Carroll website

🧭 The Shred Method: How to get out of debt

🔥 Build a Bigger Life Podcast

🚀 Think and Grow Rich by Napoleon Hill

🗝️ How to Become a Financial Winner

💰 A Happy Pocket Full of Money by David Cameron Gikandi

🎙️ We Are Members: Create a thriving business from your podcast

“Money is a terrible master but an excellent servant.”

P.T. Barnum

Prior to moving to the US in 2012, I spent more than a decade in financial planning in my home country, Australia, and there are so many lessons from that time that I’ll never forget, such as:

But you know me well enough to know that I'd never introduce a problem without offering a solution 😉

Enter one of the world’s foremost financial literacy activists, Adam Carroll. Adam has spent 15+ years helping people do more with the money they make. He is an internationally recognized financial literacy expert, a three-time bestselling author, host of the Build a Bigger Life podcast, and a two-time TED Talk speaker with more than 10 million views online.

He is also the creator of the documentary Broke, Busted and Disgusted, which aired on CNBC and is shown in hundreds of high schools and colleges across the country.

In this episode, we’re going to be talking about how you can achieve financial freedom. We'll also go through:

Adam is an extremely accomplished entrepreneur and there are some phenomenal takeaways in this one. Get the notepad ready!

For the video interview, click here.


Resources / Links Mentioned:

👨‍👨‍👧‍👧 Adam Carroll’s TED Talk ‘What Playing Monopoly with Real Money Taught Me About My Kids — and Humanity

📝 Adam Carroll on Facebook

⚡ Adam Carroll on Twitter

💻 Adam Carroll website

🧭 The Shred Method: How to get out of debt

🔥 Build a Bigger Life Podcast

🚀 Think and Grow Rich by Napoleon Hill

🗝️ How to Become a Financial Winner

💰 A Happy Pocket Full of Money by David Cameron Gikandi

🎙️ We Are Members: Create a thriving business from your podcast

Ready to win the day™, every day? 

Actionable tips from James and exclusive interviews with the world's leading experts to help you win the day. Delivered to your inbox every two weeks 🔥
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