How the 1% Protect Their Wealth During Economic Shifts | Eric Thomas (Archived Episode)
Eric Thomas discusses how highly successful people achieve greatness through execution, purpose, and mindset rather than circumstances. He emphasizes that wealth protection and success require getting out of feelings, taking responsibility, preparation, and viewing challenges as opportunities rather than obstacles.
Summary
Eric Thomas discusses the fundamental principles that separate successful people from those who remain average. The core theme is that execution—doing what you said you would do—matters most, but most people fail because they allow their feelings to dictate their actions. Thomas argues that feelings are not facts, and facts are what help people process through difficulties.
Thomas shares his personal journey from homelessness at age 13 to becoming a renowned speaker. A pastor gave him purpose by recognizing his speaking potential when he was at his lowest point, smelling badly and living in abandoned buildings. This sense of purpose transformed him from discouraged to determined, visualizing success despite his circumstances.
A central theme is that circumstances don't determine destiny—mindset does. Thomas discusses this through the concept of "recycling pain," meaning that even when life deals you a bad hand (like his associate Inky losing the use of his arm), you must transfer that pain into achievement in another area. He uses poker as a metaphor: it doesn't matter if you're dealt a royal flush or nothing; what matters is how you play your hand.
Thomas emphasizes preparation as crucial for handling challenges, particularly those related to discrimination or systemic obstacles. He sent his children to diverse schools and challenging environments not because the obstacles wouldn't exist, but to prepare them in advance so they could control the situations rather than let situations control them.
On wealth and freedom, Thomas argues that true freedom comes from working hard and controlling your own destiny rather than accepting government assistance or working for someone else. He prioritizes seeing his children's achievements and being present for his wife's health challenges because wealth means nothing without freedom to allocate time as he chooses.
Thomas discusses exposure and environment as determinants of possibility. He was exposed to billionaires and realized he could become one because he understood humans in that room were ordinary people operating at high levels. He advocates getting people into environments where they can see what's possible and dream beyond their current limitations.
Finally, Thomas argues that everyone has the ability to get so good at something that people cannot stop you, using Kobe Bryant and his Academy Award as examples of transcendent excellence across multiple domains.
About this episode
<p>Greatness isn’t reserved for the lucky or privileged few. Success and wealth isn’t a right that anyone has been denied by bad luck of the draw either. Possibility is within your control when you learn to use the pain and live the life you’ve been given better than anyone else and you learn to see opportunities. But you have to execute to make sh*t happen!</p><p><br /></p><p>Eric Thomas has been motivating people for years and is bringing his energy and passion to Impact Theory to share the keys to success. Eric, also known as the hip-hop preacher, is a speaker, an entrepreneur, educator, and author. He’s taken the hard path in life, not by choice, and learned how to achieve greatness by relentlessly executing.</p><p><br /></p><p>You can achieve greatness but you have to take action and be accountable to yourself first and foremost. Think about what it is that you want to be best at and give that your total focus. Tom often says, ‘action cures all’ and Eric is living proof that action is a must once and once you release all of your excuses, you can become unstoppable.</p><p><br /></p><p>“If there’s another mountain to climb, climb it!” -Eric Thomas</p><p><br /></p><p>Check Out Eric’s latest book, You Owe You, Ignite Your Power, Your Purpose, and Your Why: <a href="https://www.amazon.com/You-Owe-Ignite-Power-Purpose/dp/0593234987" target="_blank">https://www.amazon.com/You-Owe-Ignite-Power-Purpose/dp/0593234987</a></p><p><br /></p><p>[Original air date: 9-1-22]</p><p><br /></p><p><strong>SHOW NOTES:</strong></p><p>0:00 | Introduction to Eric Thomas</p><p>0:16 | This One Thing Achieves Greatness</p><p>4:24 | Cultivate a Winning Mindset</p><p>11:15 | The Real Power of Belief</p><p>21:11 | Break Up With Your Excuses </p><p>27:51 | You’re The Only One In Your Way</p><p>35:47 | Hold Yourself More Accountable</p><p>41:40 | Focus on Winning Life’s Challenge</p><p>51:00 | Become Unstoppable</p><p><br /></p><p><strong>CHECK OUT OUR SPONSORS</strong></p><p><strong>Range Rover: </strong>Explore the Range Rover Sport at <a href="https://landroverusa.com/" target="_blank"> https://landroverUSA.com</a></p><p><strong>Rosetta Stone:</strong> Check out Rosetta Stone and use my code TODAY for a great deal: <a href="https://www.rosettastone.com/" target="_blank">https://www.rosettastone.com</a></p><p><strong>Betterhelp</strong>:This episode is sponsored by BetterHelp. 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Download the CFO's Guide to AI and Machine Learning at <a href="https://netsuite.com/theory" target="_blank">https://NetSuite.com/theory</a></p><p><strong>Goldback:</strong> Goldbacks are currency for now, and for the future, get yours at <a href="https://impacttheory.co/GoldbackITNov" target="_blank">https://impacttheory.co/GoldbackITNov</a></p><p><strong>Miro: </strong>Bring your teams to Miro’s revolutionary Innovation Workspace and be faster from idea to outcome at <a href="https://miro.com/" target="_blank">https://miro.com</a>.</p><p><strong>Legal Zoom:</strong> Launch, run, and protect your business at <a href="https://www.legalzoom.com/" target="_blank">https://www.legalzoom.com/</a> – use promo code 'IMPACT' for 10% off!</p><p><strong>Shopify: </strong>Sign up for your one-dollar-per-month trial period at <a href="https://shopify.com/impact" target="_blank">https://shopify.com/impact</a></p><p><br /></p><p><br /></p><p><strong>Follow Eric Thomas:</strong></p><p>Website: <a href="https://etinspires.com/home" target="_blank">https://etinspires.com/home</a></p><p>YouTube: <a href="https://www.youtube.com/user/etthehiphoppreacher" target="_blank">https://www.youtube.com/user/etthehiphoppreacher</a></p><p>Facebook: <a href="https://www.facebook.com/etthehiphoppreacher" target="_blank">https://www.facebook.com/etthehiphoppreacher</a></p><p>Instagram: <a href="https://www.instagram.com/etthehiphoppreacher/" target="_blank">https://www.instagram.com/etthehiphoppreacher/</a></p><p>Twitter: <a href="https://twitter.com/Ericthomasbtc" target="_blank">https://twitter.com/Ericthomasbtc</a></p><p><br /></p><p><strong>What's up, everybody?</strong> <strong>It's Tom Bilyeu here:</strong></p><p><br /></p><p>If you want my help...</p><ul> <li>STARTING a business: <a href="https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show" target="_blank">join me here at ZERO TO FOUNDER</a> </li> <li>SCALING a business:<strong> </strong><a href="https://tombilyeu.com/call" target="_blank">see if you qualify here.</a> </li> <li><br /></li> </ul><p>Get my battle-tested strategies and insights delivered weekly to your inbox:<strong> </strong><a href="https://tombilyeu.com/" target="_blank">sign up here.</a></p><p><br /></p><p><strong>If you're serious about leveling up your life, I urge you to check out my new podcast,</strong><a href="https://open.spotify.com/show/47VE90Cittmo6TGGFqg2xf" target="_blank"> <strong>Tom Bilyeu’s Mindset Playbook</strong></a> —a goldmine of my most impactful episodes on mindset, business, and health. 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Key Insights
- Thomas argues that execution is not about feelings but about doing what you committed to do regardless of emotional state, because feelings are not facts.
- Thomas claims that the most insidious thing about excuses is that they are valid, making it harder for people to reject them and move forward.
- Thomas asserts that poverty is fundamentally about a set of limiting ideas in someone's mind rather than purely about money, and these ideas can be changed through exposure and belief.
- Thomas argues that receiving government assistance or working for someone else who controls your schedule is a form of surrendered freedom, even if it feels secure.
- Thomas states that exposure to high-level operators (like billionaires) determines what people believe is possible for themselves, which then determines their level of success.
- Thomas claims that people hold others accountable for failures but refuse to hold themselves to the same standard, creating a contradiction that prevents personal growth.
- Thomas argues that preparation in advance for obstacles (like discrimination or adversity) means you control the situation rather than letting the situation control you.
- Thomas asserts that greatness is latent in everyone and requires only activation through discipline and consistent effort, not special circumstances.
- Thomas claims that presence and availability for family matters is worth any financial cost because freedom to allocate time as you choose is more valuable than passive income.
- Thomas argues that people can think their way into either positivity or negativity, and where you look determines where you go, making mindset a choice.
- Thomas states that successful people view challenges as 'game seven' moments—opportunities to prove excellence—rather than reasons to quit or complain.
- Thomas asserts that becoming excellent at one thing (like basketball) requires the same discipline that can be applied to other domains (like filmmaking), and excellence is transferable.
Topics
Transcript
Eric Thomas, over the next 60 minutes, you and I are going to give people the keys to success. You ready? Let's go. Awesome. All right, guys, you're going to want to stick around to the end where I'm going to give you what I think is the most powerful Eric Thomas quote, and you are not going to want to miss it. All right, Eric, what is one thing that highly successful people do every day that helps them achieve greatness? Execute. Execute on the things that they say they wanted to get done. Not what you want me to get done. My mother wants me to get done. My coach wants me. But the things that I really…
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