Summary
Highlights
The host travels to Scottsdale, Arizona, a hub for wealthy individuals, to interview millionaires and billionaires in their 60s, 70s, 80s, and 90s. The goal is to uncover their secrets to success and offer advice to the younger generation, focusing on insights not typically taught in academic settings.
An entrepreneur in his 60s, who built one of the largest online lending companies, shares his philosophy: 'You got to have big balls' to take necessary risks. He emphasizes working for oneself, identifying universal demand, and not being afraid to scale. He advises against being underfunded, suggesting early seed money as loans rather than equity to retain control. His advice on banks is that they offer help 'when the sun is shining' but withdraw it 'when it starts raining'.
A 65-year-old entrepreneur in furniture, fabric, and lighting wholesale, who made over $50 million in a single year, highlights the importance of self-reliance with the advice, 'If it's to be, it's up to me.' He stresses the significance of good product quality, as pricing becomes less of an issue when value is present. He also observes that most successful people he meets are humble.
A 79-year-old former contractor, whose company Kitchell achieved billions, emphasizes the role of education and continuous movement ('Just keep moving'). He began with a job after college but quickly transitioned to entrepreneurship. He advises focusing and 'staying in what you know,' echoing Warren Buffett's philosophy. For his wealth, he prioritizes cash flow over net worth and advocates for helping others.
John Hoy, a 68-year-old who sold his lawn care company for $10 million, shares a powerful story of overcoming a difficult childhood, including losing his mother at 16. His advice: 'Never give up. Give God the glory. Never say I can't. Always say I can. And take care of your customer. And your customer will take care of you.' He became the largest mowing company for military bases and diversified into real estate and stocks, learning from Warren Buffett to 'stay in what you know'.
George Brimhall, an 84-year-old who built 13 amusement parks, emphasizes the importance of family, highlighting his 66 grandchildren and 55-year marriage. He believes that true fulfillment comes from family relationships, not just business achievements. His advice for success is to continuously set and work towards goals, developing talents, and improving situations for oneself and others. He lives by the adage, 'Early to bed, early to rise, makes a man healthy, wealthy, and wise.'
An over 90-year-old Holocaust survivor, who built an aerospace industry distributorship, attributes his success to having 'no fear' after enduring immense hardship. He started his business with 32 employees, never having formal education in America, and supporting himself since age 16. His ultimate message is to 'Enjoy your family. They're gone so soon sometimes. Love each other. Live your life with a goal in mind without fear.' He encourages entrepreneurs to 'Don't be afraid to get into something, to try something. It's not going to happen if you don't.'