Larry Winget grew up dirt poor in OK and he made the decision early on after he was made fun of, he would do whatever it took to be rich. The only thing he could do better than anyone was out work them. He could get there earlier, stay longer, and work harder. He started in telecom and ended up eventually owning his own telecom company. After losing it all, he became a professional speaker.
Authenticity is one of his core principles and that is what made the difference in separating him from the rest of the pack.
His advice for broke people?
You are broke because you want it to be. Everything about your life is exactly how you want it. If you are fat, it’s because you want to be. If you are broke, it’s because you want to be. You can only be broke for 2 reasons. You either don’t make enough or you are spending too much. It’s simple math. Stop being a victim. It’s not everyone else’s fault. Your life is exactly the way you want it to be, otherwise it would be different.
What about advice parents give for getting a safe and secure job?
Very few people are cut out to be an entrepreneur. Most people need a boss to tell them what to do and hold them accountable. Very few people know how to run a business, managing people, or being an entrepreneur. Being an entrepreneur is a bad idea for most people.
What can you do to change your situation?
- What is your current situation? Look in every single area of your life.
- Write down what you want your life to be. Write down the difference on each area.
- Lastly write down what you will sacrifice in order to get from where you are to where you want to be.
Finding a coach and mentor is a great thing. You can find plenty of people who claim to help you do something that they never have been in. Make sure someone has actually done what you want to do and been successful.
What about formal education vs. informal education and real world experience?
The best thing you can do right now is read. Reading 500 books on one topic can make you a world class expert on that topic. In the last 5 years Larry has read 4500 books. You are an idiot if you don’t read. Larry’s top 5 recommendations:
- It’s Called Work for a Reason
- Becoming a Category of one
- Create Distinction
- The Fred Factors
- Results Rule
What would get someone on the mindset for becoming successful?
Poor people value their rewards sooner than others. I am into action, not mindset. If people would work at something, even if they do the wrong thing, at least they are learning faster. You will stumble across more good things by staying busy.
What skills do you need to master to be successful?
Selling. If you have a great product and you ask enough people to buy, you will be successful. It’s a numbers game. It’s either you or the product.
How do you move past fear?
Fear of success is the dumbest thing we have ever perpetuated. Fear of failure only means you are taking rejection personally. Consequences change your behavior.
On adult children living at home?
Parents need to stop enabling adult children to be irresponsible. If you allow your children to put your retirement in danger, then you deserve to lose your savings.
How to make changes?
- Start with the previous exercise of where you are, where you want to be, and what you are willing to sacrifice to get there.
- Start reading more.
- Just work harder.
- Focus on value – we are rewarded financially in proportion to the amount of value that we bring.
What are the biggest mistakes people make?
- Following your passion. Passion will cause you to fail. Business is not about emotions. Businesses are black and white, and not emotions. Passion is worthless. Excellence is what you get paid for.
Biggest take away from speaking to Fortune 500 companies?
Honesty, integrity, serving people well, being the right kind of person – that’s what success is all about.
Shouldn’t people work smarter, not harder?
It’s a combination of both. People only work hard on the job half the time. Most of the time people aren’t really working as hard as they believe they are. If you are busting your ass everyday and not making it, then you need to get some education and make sure you begin to work harder on things that have more value.
If your life sucks, it’s because you suck.
Who’s fault is it that your life sucks? You are the only one that can do something about it.
#1 Rule for life and business: Do what you said you would do, when you said you would do it, the way you said you would do it.
You can touch base with Larry at:
Next week, we have the founder of Entrepreneur’s Journey and he will tell us about the ups and downs of his entrepreneurial journey.
To Your F.U. Money!
Mike and Rob