meta_pixel
Tapesearch Logo
Log in
Valuetainment

Why LUCKY Millionaires Almost Always Go Bankrupt

Valuetainment

Valuetainment Episodes

Business

4.81.7K Ratings

🗓️ 7 August 2023

⏱️ 5 minutes

🧾️ Download transcript

Summary

In this episode, Patrick explains why lucky millionaires almost always go bankrupt. Connect With Experts On Minnect: https://app.minnect.com/ Get Your Tickets for The Vault 2023 NOW ⬇️⬇️ The BIGGEST EVENT in VT History! **TOM BRADY, MIKE TYSON & PATRICK BET-DAVID on one stage!** https://thevaultconference.com/ Visit our website: https://valuetainment.com/ Subscribe to our channel: http://bit.ly/2aPEwD4 @ValuetainmentMoney @ValuetainmentComedy @bizdocpodcast To reach the Valuetainment team, you can email: info@valuetainment.com Want to get clear on your next 5 business moves? https://valuetainment.com/academy/ Join the channel to get exclusive access to perks: https://bit.ly/3Q9rSQL Download the podcasts on all your favorite platforms https://bit.ly/3sFAW4N Text: PODCAST to 310.340.1132 to get added to the distribution list Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller Your Next Five Moves (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

Transcript

Click on a timestamp to play from that location

0:00.0

So I'm consulting for the CEO of the day. He's super nervous, very antsy, anxiety-side. I'm watching

0:04.8

for him. He's about to ask the question and he's sweat-ness and he's about to tell me he's

0:08.2

going through a divorce as wife left him. You know, he's found bankruptcy. One of his employees took

0:12.5

his money and he doesn't have anything left, but no, he says, Pat, all of a sudden our business

0:16.3

doubles in size. We did $16 million. I've never met this kind of profit before. I've never

0:21.9

had this kind of money before. I have no clue what to do. So think, his business is growing.

0:26.8

The business owner's dream. He's making more money than ever before, but he's nervous. So I

0:31.7

asked on one question that took the conversation to hold a different direction, but by the way,

0:35.3

if you get value added this video, give it a thumbs up and subscribe to the channel. Let's get

0:38.5

right into it. I ask him, is your business at $16 million doubled in size because of the current

0:46.0

climate of the market, because of you or because of a client or a employee? So he says, uh, no,

0:54.9

the business is at $16 million and we can't make this kind of money because the market, the market

0:59.7

is just so hot. I've never gotten this much business in my life before. I'm not doing anything

1:04.1

different and I didn't hire anybody new and it's not because of a new customer. I said, okay,

1:09.3

do you want the good news or do you want the bad news? He says, Pat, I have a feeling it's only

1:13.4

going to be bad news. I said, well, I said, the good news is you're about to make a lot of money.

1:16.8

The next three, six months save a lot of that money, but the bad news is this is going to go by very

1:21.6

quickly and your business is going to drop 50% back to what it normally has been the last five years

1:26.0

for the following reason. The market can change all the time. There's a lot of guys in real estate

1:30.3

and mortgages that made a lot of money during that 160 month economic expansion. I know a lot of

1:37.6

people will say, well, no, it was only 128 months interrupted by COVID. If there is no COVID,

1:42.4

that 128 is more like 160, 150 economic expansion. So many realtors, mortgage loan officers made so

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Valuetainment Episodes, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Valuetainment Episodes and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.