Patrick Bet-David is an Iranian American financier and entrepreneur. Born in Iran in 1978 and migrated to the United States 1990, PBD was not wealthy at birth and had to work immensely hard for $150 million he is supposedly worth today.
PBD founded PHP agency in 2009, a financial service organization that offers insurance products. By 2019, PHP was endorsed by some of the big names in the entertainment industry. He also own Valuetainment media LLC, a company that helps future moguls to understand how money works.
On a recent lecture given on his Valuetainment channel, PDB gave us an insight on some key things we need to know in order to build wealth.
#1- MONEY IS A GAME: I could not agree more. The game of money is never taught in schools and has to be mastered if you are into building wealth. Have you ever noticed that the people who make the most money, put in very little work or none at all? This is because they versed in the art of using debt and taxes to their advantage.
#2- MONEY IS A DOUBLE’S GAME: In the words of Albert Einstein “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” If you cannot find a way to double your money, chances are you are a consumer. Consumers don’t hold money for long, hence they cannot build wealth.
#3- ATTRACT MONEY: Don’t be a hater of money. In other words, broke people are quick to point out “money is the root of evil” and “all rich people are shady”. Statements like that are the reason they will stay broke, and money will continue to steer clear from them.
#4- MONEY LOVES TO BE SEDUCED: I have spoken to quite a few millionaires and they all say the same thing. Those who chase after money or work for money typically don’t have money. Money come to you when you are of value. The best way to seduce money is to create a brand of value and watch how money chase after you, like a lady chasing after a man of wealth and power.
#5- STUDY SMART INVESTORS: For you to get to where you want to be, you must seek who have already done so successfully and “pluck a leaf” from his or her tree of knowledge.
#6- BE GRATEFUL WHERE YOU ARE BUT DON’T BE SATISFIED: This is not to be misconstrued with comparing your success to someone else. Successful people always think of a way to build their asset class, because contentment is the biggest growth killer.
#7- BEFRIEND MONEY MAKERS: If anything, I know one thing to be very true. And that is, show me your friends and I will show you your future. You are the average of the five people you hang with. There’s no way you can be around broke people and expect to be rich (vice versa), it simply does not work that way.
#8- POSITIONING: You have no idea how many great and talented minds that will never see the surface of wealth due to their position in life. Positioning is the key. You must be in the right place at the right time to access wealth.