Richer Everyday | EU86 with Mike Dillard
I have never posted a podcast episode on both Sold With Webinars and Experts Unleashed, but having Mike Dillard as my guest I knew that this is a conversation that will be golden for both of my audiences.
Mike is a master of creating passive investments into passive incomes. And the backstory of how he came to be where he is now is a strong one, so buckle up.
In this episode, we cover a lot of juicy stuff. Mike shares about the importance of aligning your neurochemistry, subconscious programs, and investment strategies so you can make the best decisions with what to do with your money.
We wrap up by diving into passive investments and cryptocurrency, and Mike gives us some insight on which kind of crypto is the best to invest in for different needs.
This is a powerful conversation, so I hope you’re ready to jump in. Mike is also opening up his program for a special price just for my audience, so make sure to listen till the end to take advantage of this awesome offer.
What you need to be aware of to build wealth [12:35]
How your neurochemistry is your primal brain’s way of controlling you [12:02]
How your subconscious programming affects your thoughts and actions [19:41]
What does “passive income” really mean? [36:36]
Bitcoin vs. Ethereum —is there an investment preference? [44:51]
…and much more!
EU 86 audio
SWW EU Mike Dillard
Mike Dillard: [00:00:00]
If you want a stable store value, that’s going to protect you against inflation and just political corruptness and all of the craziness that’s going on in the world today. And you want to be able to take your wealth anywhere with you in the world that you want in your pocket or on your laptop, bitcoin is amazing for that.
Joel Erway: [00:00:23]
Hey, welcome back, Joel Erway here. Thank you for joining me for a blended episode. This podcast is going to be a first. So what I mean by that is this is actually going to be posted and syndicated across both of my podcast platforms, because it is relevant to both of my podcast audiences. I am super excited, super grateful, and I’m just ready to dive into today’s conversation with the legendary Mike Dillard.
Now, Mike and I have connected over the past year. And we’ve talked about lots of different things. I wanted to have him on this podcast because I recently joined [00:01:00] his richer everyday program, which is his latest adventure in the education space. I am a student of, I think all of his programs, I could be missing something, but I go back to list grow self-made man.
He launched a crypto course and when he launched richer every day, I was trying to be the first person to jump in.
Mike Dillard: [00:01:24]
I think you were actually, yeah, that was cool. I appreciate it.
Joel Erway: [00:01:27]
It was a hidden button and I just grabbed the code. I’m like, I know I’m going to find the Euro you or somewhere I hit the checkout. And so, much respect Mike. I’m a student of his copywriting. I followed him because of some of the webinars I’ve watched them and it was just completely non hypey. That is how I got attracted to Mike. And so Mike, welcome to the show, man.
I’m super excited to have this conversation and expose you to my audience. And, hopefully they’ve already been exposed to most of them probably have, but we have a great conversation that we we’re going to be having today.
Mike Dillard: [00:01:55]
Cool, stoked to be here, brother. Super excited. Thank you for having me on both shows.
[00:02:00] That’s super cool that this is the first time you’re doing that. And so I’m honored and can’t wait to dive in today. I think we’re going to have a really deep conversation that’s going to affect every single person listening, which is, uh, you know, the most likely.
Joel Erway: [00:02:11]
The topic of today is going to be richer everyday, right?
And that is the hook, which is just fascinating. It was how to make a hundred thousand dollars per month in passive income or passive. Yeah. Actually passive income, right.
Mike Dillard: [00:02:23]
Joel Erway: [00:02:24]
Right. So, totally passive, which is a really, really strong hook. And I’ve gone through the program and it fulfills on that.
Right. So it maps out a lot of stuff of like how to get there. Right. Let’s start with the backstory of what got you to. Believe or not, not even believe, but what got you to this point of wanting to create that passive revenue stream? I know the backstory, but this it’s a strong backstory. Let’s start there.
Mike Dillard: [00:02:50]
Yeah. Um, yeah, it’s, it’s pretty interesting. Uh, it was born out of necessity on [00:03:00] June 13th, 2018. I was just taking a break from work plan publicly on my iPad and felt a little click in the back of my brain. And. And said that that’s probably not good, but it didn’t hurt and nothing else kind of happened.
So I really kind of forgot about it. Um, until that night, when I, I physically couldn’t fall asleep, uh, not, not for a single minute, not with supplements, not with melatonin, not with anything. And then that one night turned into six nights and then seven nights and then eight nights. Uh, and days of literally not getting a single second of sleep for seven or eight days.
And at that point I could feel my body starting to shut down, call the doctor. Um, they put me on Ambien and Xanax, which I’ve never been on before in my life. Um, I consider myself a fairly healthy person and I don’t do the pharmaceutical thing, but, uh, I was desperate and, and I was. If I did not get sleep, you’re eventually going to die.
Um, so I got on those medications and I had to take a double dose of both of them to get about 60 [00:04:00] to 90 minutes of sleep. And. Essentially, my body was just completely drenched in cortisol and adrenaline 24 seven. So even though I was laying down in my bed wide awake, it felt as if I was running from a tiger or under attack or being chased by someone with a gun or whatever it may be.
And that went on for days and then weeks and then months. And then that turned into kind of suicidal tendencies at that point because, uh, you lose your identity and you lose hope. And the biggest challenge for me out of that was the fact that, uh, nobody could tell me what was going on. And when you get on Google and you’re have a health problem and you get on YouTube and you cannot find a single person or story.
From anyone else in the world, that’s talking about the symptoms that you’re having that gets really, really scary. And when you go to three doctors and they have no idea what’s going on, that gets even more scary than that. It turns to a lack of hope and that turns to desperation. And so. [00:05:00] Uh, long story short, uh, that went on for almost two years.
I obviously made progress. Uh, over that time we eventually, a year later found out it was toxic mold. I had a severe, severe toxic mold infection, which was releasing neurotoxins in the brain and putting my body in fight or flight 24 seven. So that’s essentially what happened. We found that out a year in, into the challenge and it’s now been, it’ll be three years this June, but.
What made going through that period? Worse was not having the ability to work and not having any source of real passive income as a successful business owner used to making millions of dollars a year just by sending out a couple of emails. Uh, quite honestly, I never really worried about my ability to make money and I never ever expected at the age of 40 to be healthy one day and then dysfunctional.
And non-functional the next day just didn’t pop into my realm of reality. Uh, going through this process, unable to work, uh, [00:06:00] that, you know, made money a huge priority moving forward. And about two years in, as I started to come out of this and started to heal from it, um, Michelle and I decided that we’re going to make passive investment income, our number one priority, because we never want to be in a position again.
And so that’s where we started focusing all of our time, all of our attention and. And we started to look at different strategies that were available, but what’s really interesting is that during that two and a half year period, that I was healing from toxic mold, um, is really where I gained all of the knowledge and insight that I needed to fix my relationship with money and to actually start to invest successfully.
And I’ll kind of dive into that here in a, in a, in a moment as that’s really, I think, kind of the meat of ritual every day and what makes it so different. Um, but. Yeah, during that two and a half years. In going through toxic mold and going through brain injury, it’s kind of like going through PTSD. It’s kind of like shell shock and a war.
If you can imagine your nervous system comes out of that, literally frazzled after having been in that fight or flight state every single day for, for two years. Um, the body and the nervous system are just off kilter. And so to help heal from that, I did every kind of therapy you could think of. I did traditional thought talk therapy.
I did EMDR. I did transcranial magnetic where they put a big magnet on your head and, and send signals to that. I did biofeedback. I did electro feedback where they’ve put. Uh, an EKG cap on your brain and measure your brainwaves and then, uh, put electrical stimulus to certain areas to bring it back into balance.
I did hypnotherapy, which was super effective. And then I also did, uh, different plant medicines, like, uh, not necessarily plant medicines, but psychedelics like ketamine and in DMA therapy, which were incredibly, incredibly helpful and effective for me. But what I realized going through that for two years is.
Um, we were attending at trying to heal my brain from [00:08:00] the mold damage. But when you go through that type of work, you also get to, um, it go through an entire lifetime of trauma, then all of your shit from all of your childhood and everything else that comes up that is stored in your nervous system, that essentially you need to heal and get out of your body in order to heal the nervous system.
And so, uh, kind of by default, I became the ultimate therapy patient, if you will. And. Uh, as a result of that, I really mastered the brain, your neurochemistry and how the subconscious works and how the subconscious plays such an important, critical role in every aspect of our lives on a daily basis. And it just gave me an insight into that.
The most powerful parts of our brain and our operating system that 99% of the population are not even aware of. And yet these are the two things that run our lives. And so to bring that back to the context of money, I was like, all right, we have to really focus on building. [00:09:00] Passive income for ourselves.
Our goal is to replace my active income and, and then, uh, you know, more on top of that to have fun with. So we made our goal a hundred thousand dollars a month within the next three years to hit that goal. That means we need to have around 15 million fully invested making anywhere from eight to 10% a year in order to, to hit a hundred grand a month in passive.
So, um, What was interesting is that anybody can go out and read a Robert Kiyosaki book, or they can read a Dave Ramsey book or Susie Orman, or pick your, pick your financial guru. And for the most part, they’re going to talk about mindset and I’m going to talk about. Some kind of methodology or strategy, right?
Dave’s is, don’t go into debt. Robert Kiyosaki’s is, go into debt, you know, so they have, they have their own strategies, but that’s basically what it’s kept to his strategy. And when people think about, or hear the word investing, that’s where their brain goes to. What’s the investing opportunity. What’s the strategy, what’s the return on investment, et cetera, et cetera.
But I went through that phase 10 years ago, 10 years ago, I started a company called the elevation group, which was [00:10:00] designed to. Really educate myself about different investment strategies. And I went and I interviewed people like Robert and some of the most successful investors in the world can McElroy on real estate, um, uh, Tom wheel, right on taxes.
Right. So, and then I invested a lot of my money, millions of dollars. And to all different kinds of investments, oil and gas, man camps, um, anti-cancer drugs, pharmaceuticals, gold and silver. Um, apartment complex is basically if an opportunity came across my desk, I would write a check and, and, and pursue that.
Um, I’d say 20% of them paid off. 80% of them did not. And what I realized now, 10 years later, having gone through the therapy that I had to go through for toxic mold is that entrepreneurs specifically are wired differently than the average person. We are wired to take risk. We are wired to make fast decisions and to [00:11:00] take action.
Uh, we are wired to, um, Yeah, really just jump in with two feet, even if you don’t have a lot of information. And when you apply that to entrepreneurship, it tends to produce positive results. That’s how we build and start companies. But when you apply that to investing and saving money, it’s the exact opposite of the characteristics and traits that you want to apply when you’re moving into that mode.
And so looking back on 10 years ago, the investments that I made, I treated investing just like I would a business idea. Um, I would just. Get attracted to it. Say that looks. You know, like a, a winning opportunity and I’d write a check and dive in with two feet. And, and, uh, at the end of the day, I really realized that I was chasing adrenaline and I’ve been an adrenaline junkie my entire life.
If I’m not building businesses and putting all of my chips on the table to, to build a hydroponic robot or, you know, a big e-learning platform or whatever it may be. I’m either erasing cars, I’m racing in a Baja, 1000 I’m [00:12:00] playing competitive video games. And I’m drinking caffeine in my entire life. We’ve all revolved around, uh, adrenaline and risk-taking.
And so when I had that awareness, that was a really big epiphany for me. And. So as I went through this process, I realized that if you want to build wealth, there’s actually three things that you have to be aware of. Most people start with the third one, which is the strategy, but that’s actually the last piece of the puzzle.
What you need to first start with is your neurochemistry. And so all of us have neurochemical associations or addictions that influence our decisions. Every single decision that we make, all of the emotions that we have. And for the most part, we’re completely unaware of those. So these are all really based on the five primary neurotransmitters or hormones that are in our bodies all day long.
We have dopamine, we have serotonin, we have oxytocin, we have endorphin, and we have cortisol the first four. Are all happy hormones. Dopamine is what we feel when we feel [00:13:00] pleasure. Serotonin is what we feel when we feel status or, or satisfaction. When we feel the special, if you will, oxytocin is what we feel when we feel in love or when we’re having physical touch or contact with somebody.
And endorphin is what we feel when we are in the gym and feeling that pump and kind of that. Can I jump in
Joel Erway: [00:13:16]
real quick, Mike, because please, with what you’re saying there, one of the questions that I’ve got like that is. When did you start to dissect the brain chemistry? Like when did you discover that that was kind of like the thing was that after your, um, your health crisis, like, did you learn about brain chemistry during the health crisis?
Yeah. How did you learn? Like where did you get exposed to the brain chemistry? Like when was that kind of like revealed
Mike Dillard: [00:13:49]
to you? Um, As a part of, uh, the challenges I would go through, it was, it involves severe adrenal fatigue. As you can imagine, if you haven’t slept, uh, you know, for [00:14:00] more than an hour or two and two years, um, a night that taxes the adrenals in a, in a really severe way.
And I went through a severe period of probably three to six months of extreme adrenal fatigue, where I could barely get out of bed. I could barely walk. I could barely think. Um, and. When your body is dumping the kind of cortisol that mine was dumping, uh, it has all kinds of side effects. And so then I had to start learning about cortisol and I just had to start learning about adrenal fatigue and the HPA access and, uh, just the nervous system and how, how it provides a feedback loop.
And it just kind of keeps you stuck in what is called the limbic loop, where your, your brain signals your adrenals to put out adrenaline. And then that causes other things to fire off, which keeps your brain stimulated. And it just keeps you stuck in this cycle. And so I started reading books on neurochemistry and, and those hormones to try and figure out that piece of the puzzle.
And, and then as you realize, and you start to study neurochemistry, you start to [00:15:00] realize how your neurochemistry is your. Primal brains way of controlling you and your decisions and your actions in a very simple way or analogy to kind of put this in perspective, comes, comes into a diet and shopping. So cortisol is our one hormone.
That is our, our discomfort hormone. Cortisol is what you feel when you feel stress or anxiety or fear. And that’s your body’s in your brain’s way of signaling you. Hey, we don’t like what’s currently going on and we want you to go do something else. Uh, or you need to go take your attention or move your body or get out of this situation.
And so whenever you feel stressed or anxiety, your cortisol is going to come up in your body. It’s not going to feel good. And your, your body’s going to want you to do something to change that circumstance. And so the, the antidote to cortisol is one of the other four happy hormones. And so. In order to neutralize that cortisol, you have to go get produced.
Something that produces dopamine, serotonin, oxytocin, or endorphin. Now in [00:16:00] our modern society that we live in today, it is easier than ever to one have your cortisol stimulated. All you have to do is open your phone and look at the news or Twitter or Instagram or Facebook or whatever. And you’re inundated with cortisol producing stories and, you know, things like that.
Uh, in a way that is completely unnatural, you know, as of even just a hundred years ago where we’re, we’re getting more cortisol, inducing, stimuli on a daily basis than most people would get in an entire year, uh, back before the internet and those types of Intellivision. And so, well, what do we do? We have to go neutralize that the fastest way to do that in modern society is to.
Eat food, drink alcohol or go shopping. And those three things will release dopamine or serotonin, which neutralizes the cortisol. And so you might find, we all have our different habits that when you get stressed, you have certain things that you turn to. It’s probably a certain food. I know mine is smart sweets, these damn little gummy bears that have zero sugar in them.
And I’m [00:17:00] just totally addicted to those things. Um, but in the past it was, for me, it was caffeine or it was alcohol. Um, Or for other people, it might be shopping, right? It might be jumping on Amazon or going down to best buy or whatever it may be. And you get consumed and distracted by the shopping process.
And for, for me, it was cars. I loved cars. So I would spend weeks researching what the next car is that I wanted to buy. And I would end up go, go in and buying that. But making that purchase decision was well, we’ll get into it in a minute on the car side, but making that purchase decision is really, it starts with.
That little hormone trigger. And what happens is, as you. Go shopping. Let’s say to relieve that anxiety or stress that you’re feeling, and you get that dopamine hit and your body goes back into more of a peaceful state. Your body’s like, Oh, that worked, that was effective. And then the next time it happens, it knows what to do.
And so it’s going to want you to go shopping again to fix that problem. Hey, we [00:18:00] noticed this and this works. Let’s go do that again. And then as you start to do that, it becomes a habit and that habit just becomes ingrained and it becomes a super highway within your, your, your neural pathways, basically.
And it just becomes the default road that gets just, you know, dug in deeper and deeper and deeper, and it becomes habitual. And that’s the same thing. That’s happening with people who have a food issue. And so what’s really interesting is we’ve all tried diets. We’ve all tried to do things in our life that have required discipline, uh, in some form or fashion.
And I would, I’ll just use dieting as an example, because that’s such a primary one that I think a lot of people can relate to, but why do 99% of people fail on a. Try to get on a diet or try to get into workout routine over new years. It’s because they’re trying to make this decision and to take this action from a conscious perspective, and they’re using willpower to overcome their neurochemistry, their no chemical habits and their subconscious programs.
And the [00:19:00] problem is, is that you’re either not aware of those two things and that they exist in their influence on your decision making process, which is most people, or if you are. Um, and they’re just not compatible. And so if your conscious brain and your unconscious brain are going to get into a contest, your subconscious brain is going to win because it has an infinite number of time and resources where your conscious willpower requires.
It requires willpower. It requires effort. It requires discipline. It requires all of these things that have a finite. The amount of resources. And so that’s why people end up quitting, you know, a month later, two months later because they run out of willpower. And so ultimately the question becomes, how do you, what do you need to do in order to.
Pursue the actions that you want to take in life and get the results that you want to get without requiring willpower. How do you become completely congruent with that and get your subconscious and your conscious brain on the exact same track so that they’re working together and there’s zero resistance and it just happens without effort.
[00:20:00] Uh, well, when it comes to money, the second piece of the puzzle. So the first is our neurochemical chemical habits and addictions. The second piece is our subconscious programming. And so as we feel. These emotions that are caused by these hormones, whether it’s stress or pleasure or happiness or satisfaction, whatever it may be.
Um, those feelings are then going to lead to an action or decision that is determined by your subconscious program. And an illustration of that might be, I could give a hundred people, a million dollars each, and I can say your goal in your job is to go and invest this. You have to invest it. You can’t do anything else with it.
You’re going to get a hundred different results. You’re going to get some people who lose all the money. You’re going to get some people who don’t really make any return. You’re going to get a few people who make a spectacular return. So why is that happening? If they had the same resources and the same rules and guidelines in the same investments to choose from basically, and you get a hundred different results.
It’s because people are viewing the world and their decision-making [00:21:00] through their unique lens. That is their subconscious program. In the entrepreneur space, we really have two categories of people. We have those like you and I who’ve really mastered the art of making money and making money for us is just easy.
And it’s kind of like breathing. It’s just, we don’t really have any resistance there for other people. And this was me for a good five years when I was first getting my start. I didn’t make a dollar for five years, my first five years in entrepreneurrship. And, and I’ve observed that the, I would say 80% of the people who are in.
The entrepreneur online marketing space are the ones who are reading the courses, find the books, going to the events and they still can’t really make any money. They’ve been doing this for years. Maybe they make a few thousand bucks. Maybe they get up to 10 grand a month and that’s just been their ceiling.
And they’ve never been able to break through or break past that, even though they’re doing all of the right things. The reason why that is the case is they have a subconscious program in their brain that is designed to keep them safe. [00:22:00] And that is preventing them from. Moving to that next level or to get that result.
How could that possibly have anything to do with safety? Uh, it’s quite simple when our brains are developing and when most of these subconscious stories are being programmed into us, it’s when we’re young. It’s when we’re between the ages of basically three to 10 years old, three to 13 years old. And if you’re ever in a house.
Where your parents demonized rich people or said money is evil or money is bad. Or if you went to a church where those, those kinds of things were taught or preached, um, if you’re in a friend group, right. Who, uh, who was saying the same type of things, well then guess what that got embedded into your brain at a very young age before you have the conscious ability to judge for yourself, whether it was accurate or not.
And. For 99% of human history. If you got kicked out of your family or your tribe, that means you were going to die. And the only way we survived as a species was. Uh, [00:23:00] as a tribe and by working together. And so it’s one of the most primal fears that we have still in our DNA that runs our operating system for day to day is that we can’t get kicked out of the tribe.
I want to highlight that real quick, Mike,
Joel Erway: [00:23:13]
because when, uh, like when I was going through the program and you talked about that, I mean, that was one of the things that just. It kinda hit home. Like, um, like for me, going through the buying, going through this whole cycle, it’s like, okay, you do your promotion a hundred thousand dollars per month in passive income.
Of course it’s gonna attract a lot of people, right. Get in. And then you start to go through the reworking of the brain and what I respect most about you. And I think this is probably a Testament to like your copywriting skills and doing deep research. Truly mastering, uh, you know, what you teach, which is what we need way more of in the online education space, this story, or this little.
Little tidbit, I’m going to say, or [00:24:00] whatever, you know, this, this fact that you like, this was, this was like one of the things that was just like, damn, like it hit, like, okay. Like I, you know, I’m, I’m bought in I’m I’m I know it’s mindset stuff. I know, like, there’s a lot of like mental reworking, which I’ve done some studying on in the past.
But like, when you talked about this specifically, I was like, like, that was one of the things that was just like hit me, like a ton of bricks. So I just wanted to, uh, Verbally emphasize for my listeners. Like let’s pay attention to this part. This is, this was something that hit home.
Mike Dillard: [00:24:33]
Hit home for me. Yeah.
Yeah. No, that’s, that’s, that’s really cool to hear because, you know, I think my most hated phrase in copywriting is it’s not your fault. Like it’s such a cliche thing that, that just, I just can’t stand it. And this is the first time in my life where I actually can say that with honesty and in full integrity and say, if that’s something that you’ve experienced in your life, it is actually not your fault [00:25:00] because you’re not aware of a subconscious program in your brain.
That’s causing you to make decisions that are actually, um, going and against what you’re trying to achieve consciously. And so for me, it’s, it’s so critical to make people aware. And that’s really, the first step in this process is awareness of what’s going on. And what chemical associations do you have?
What subconscious programs are running in your background that are holding you back. And so for people who again have been in that situation, and who’ve maybe had that programming embedded in them when they were young and they’re trying to consciously make money. Now, if your brain. Thanks. And your subconscious thinks that if you make money, you are going to be judged and considered bad by your tribe.
And you’re going to get kicked out and die. It will not let you make money ever. And so. If you do, if you happen to win the lottery, if you happen to do really well in crypto or whatever it may be, and guess what your brain will find a way to very quickly have you get rid of that money, which is why [00:26:00] 90 plus percent of lottery winners go broke.
It’s because their subconscious programming is not in alignment with. The money that they have in a reality, and their subconscious is going to take over. It’s going to cause them to make decisions to lose that money so they can get back to what the brain perceives as safe and the brain doesn’t perceive a lot of money in your bank account as necessarily safe.
It, it, it prioritizes tribe over money at a bank account, for sure. And so that’s why that will always. Prevail and dominate your results in life until you become aware of the programs that you’re running and then address them. And that’s, I
Joel Erway: [00:26:34]
would, I would echo that even for the person who’s struggling to make like 10 grand a month, everybody, we all, yes.
And it like, so for me personally, this came up as like, I never really had any issues making money. Like I didn’t let me, let me rephrase that. Uh, Until a certain level of income that I achieved. I didn’t have those stories. Like I was not afraid of money. I knew how to make it. Um, [00:27:00] but we recently just purchased our first vacation rental as an investment property.
And. I have, I’ve noticed that like, as I start to talk about these things, which have now, like my family never did that. Like my family never did investment properties. I’d never done a lot of things that I’ve never done. Like they’ve always supported me as an entrepreneur, but, um, that was the career. They had careers.
I had a career. Mine was a little bit different, but now it’s like, I’m doing different things with my money and now that’s different from them. And I’ve seen. That, when I talk about that, I get weird vibes. It’s not necessarily weird bobs. They’re not trying to squash me, but it’s almost a judgy. It is definitely a judgy vibe.
And I’ve had this conversation with my wife, you know, about different. People that we talked to about this. And, and then we decided not to share it with them because we don’t want that judgment. And that’s, that’s a, that’s a bad loop to be in. Like for me, I [00:28:00] like talking about that stuff. And so for me not to be able to, I mean, it’s it, you know, it does have a ripple effect on
Mike Dillard: [00:28:07]
what I do know.
Yeah. Guilt and guilt and shame. Yeah. Right. Yeah. Do you, do you risk being ostracized by your current friend group who is not comfortable with the kind of success that you’re having? Yeah. Yeah. So
Joel Erway: [00:28:19]
it happens not just at the beginner stage of like, Oh, like you want to be an entrepreneur or wherever you want to make your first 10 grand and your, your family’s never done that or whatever it’s it happens further down the pipeline to where you might not expect it.
I definitely didn’t didn’t expect that to happen, but it, it. It does.
Mike Dillard: [00:28:37]
Yeah. And, and you know, another quick example of how this manifests that’s incredibly common is, is for those of you who do start to make money more than you’ve ever made in your life, uh, you’re going to find yourself starting to spend it and to spend more money than you’ve ever spent in your life.
And why is that? Again? It goes down to the neurochemistry one. It’s every time you go shopping, you’re getting a dopamine [00:29:00] hit, but every time you go shopping, also, you’re getting a huge serotonin and serotonin is what your body releases, when it wants to teach you when, excuse me, when it wants you to, um, pursue.
Increasing your status within your community when it wants you to demonstrate your value to other people in the community. So when you feel confidence, that’s serotonin, um, And what is the role in serotonin? Well, basically serotonin is your body’s way of saying, Hey, the more resources that we go acquire, and the more we demonstrate our position or hierarchy in society, and again, you have to go back to the majority of 99% of human history.
That’s not modern modern society today. Your body wants to do two things at once you to survive and it wants you to procreate. And it says, Hey, if we get. More resources and get successful at acquiring more resources. And we get successful at demonstrating our value in the tribe. We’re going to be one, we’re going to have [00:30:00] access to, uh, more mates or higher quality mates or chances of having offspring increase.
And we’re going to, uh, increase our ability to keep our offspring safe and to provide for them and give them the resources that they need. And the higher up we are in society, the more protection we’re going to have from our other tribe members. Right. And so it’s all about status. Serotonin is the status chemical.
And so in our modern day life that we happen to live as an entrepreneur. Uh, you know, especially if you’re not married and don’t have kids yet, this really comes into play. So why is the entrepreneurship space for the most part, obsessed with Supercars? Right. We’ve all had them on posters since we were kids or on our phone or on our vision wall or where we were wanting to drive it.
But it’s something that almost every young entrepreneurs, especially in their twenties aspires to have ladies for you, it might be the, you know, the products or the Gucci purse or whatever it may be that you aspire to have. Um, and. Your body is driving you to go buy [00:31:00] those things, whether it’s a nice pair of shoes or the Rolex watch, or the car that you’re driving, because that is how we demonstrate our status in a modern day world.
When we walk around and we walk outside, we’re not wearing our bank account on our chest. Right. Um, which would demonstrate how much resources we have. Uh, available to us. We don’t do that. The way that we demonstrate that is through visual cues, like the car, we drive, the shoes we wear, the clothes we’re wearing and the watch we wear.
And so your body literally wants you to go spend money to get those status symbols in society that visually demonstrate, Hey, I am a high value individual and I’m a potentially a good mate. And. Uh, and that’s why you see that dynamic between men and women and whoever successful, and then just that, that whole, that whole dynamic is taking place.
And so for me, that was just a massive light bulb moment because I’ve owned like 15 Supercars. I’ve literally bought, I think, two or $3 [00:32:00] million worth of Supercars, if not more than that over the last 15 years. And I always thought that I was just in the cars. It turns out I wasn’t, it turns out what my brain really wanted me to do is to demonstrate my sat and my status until I found a maiden had offspring.
And what’s interesting is once you do that and you find a mate and you have offspring is the status stuff tends to just kind of dissipate. It doesn’t become as important to you anymore. Well, that’s because your brain got what it wanted and it doesn’t need to drive you in that direction anymore. And so.
If you can just make people aware of that and so that they understand why they’re making the purchase decisions that they’re making, instead of, for the reasons that they think they’re making them, it empowers them to make a different choice for healthier reason. And what’s really interesting is. In American society or modern society specifically, we’re getting thousands of messages a day from professional marketers and professional companies who have a plan for the money that you have made.
The plan is to take it from your pocket and to put it into their pocket. And [00:33:00] we are, we have that skillset, right. You and I can recognize exactly what’s going on. Um, and we can see what’s happening, but most people can’t. And what ends up happening is. Modern marketing. And it has trained our nervous system to release dopamine whenever we go buy something.
Cause that’s what we’re told to do is to pursue, pursue material goods. And then that those are going to make us happy and make us feel better about ourselves. And so as we start to fall into that trap and spend more money and get dopamine or get them to spend more one and get serotonin and those neuropathways get dug in and get entrenched, then that becomes our default go-to.
And. Joel, if that’s your default, go-to whenever you make money, is that you, you go find a place to spend it. Are you ever going to build wealth? Obviously the answer is no. Right. And so you have zero chance of actually building wealth. If that’s the neural connection that has been made in the program that you’re running.
And so I call that. Uh, I call that is, is when people have an inverted dopamine response. It [00:34:00] means they’re getting a dopamine release when they’re doing things that are actually bad for their, for their longevity and long-term goals. And the people who are actually really wealthy in life, the entrepreneurs who are very wealthy.
And I’d say maybe this is 5% of all entrepreneurs that I’ve ever met. Meaning they’ve made a ton of money and then they’ve not spent it, but they’ve wisely invested it and they’ve saved it. And they’ve, they’ve built real wealth and passive income. Uh, they have a normalized dopamine response, meaning they get dopamine whenever they save money or invest money.
And they actually get cortisol when they spend money. And that means that it’s. Effortless for them to build wealth because they’re neurochemistry the subconscious programs and their conscious programs are all aligned and they’re all going in the same direction. They’re not having to drag any one of those pieces up the mountain with them that eventually is going to pull them back down.
And again, for most people, that’s simply not the case there, their conscious goals are in conflict with their chemical programs and [00:35:00] their subconscious programs, which means they’re just going to find a way to sabotage themselves. Um, So, yeah, I think that’s kinda, that’s kinda the big, the big discovery that I’ve, I’ve made for my, for myself in my life.
And I can go back and see how this played out a hundred different ways in my life. And once you have that awareness, then you can move into the next phase of the program, basically, which is how do you rewire your brain and change your neurochemical associations and interrupted those patterns so that you can start to train in new ones that are aligned with the goals that you actually want to achieve.
And when you do that, then it just becomes automatic and effortless. Yep.
Joel Erway: [00:35:36]
Yeah, it has been, it has been a fascinating experience to kind of go through that. And I’ve, I’ve, um, I’ve done some training on this in the past. Um, Dr. Trevor Kashi is somebody who I’ve paid a lot of money to. And he’s been on the podcast a couple of times.
He focuses a lot on habits and, uh, he’s probably the smartest person that I’ve ever, [00:36:00] that I’ve ever met. And, um, I think you two would get along real well, just based on what you’re talking about and what I know, he knows because he runs a diet and health program, but it’s all focused on mental. Like it’s all mental, it’s like.
Count your calories and, and get a good macros. You’ll be fine. Like, but that’s the easy stuff. Like I got to work on the back ends, you know, the internal stuff. And so, um, you know, we haven’t even talked about like the number of strategies that you, you cover inside of the, uh, inside of, uh, like the, how to stuff like how to actually produce, produce the money.
Um, one of the things I want to talk about real quick is this idea of passive income, uh, I see it be used all the time and just kind of like. Bastardized and, you know, it’s, it’s funny, like, and I think this might be what happened, you know, from your experience. And I’m sure you’ve learned about passive income before you had your crisis and realized I really don’t have any passengers.
Right. I mean, why do you think that is like just the [00:37:00] idea of passive income? Like D is it. Um, is it abused? Is that term kind of abused? Uh, do people think they have it, but they don’t like, what do you think is the misnomer
Mike Dillard: [00:37:12]
with passive income? Yeah, I mean, I, I definitely think there’s different definitions of it, right?
Like, and when I got my start 20 years ago as entrepreneurs and network marketing, so the whole sales pitch of network marketing is passive income. Right. You make passive income off the downline that you build and whatever it may be, and that’s. To some degree, it can be true. Um, after you build up a huge organization, sure.
You’re going to make some passive income, but eventually if you stop showing up or building organization, it’s going to dwindle every month and get smaller and smaller until it goes down to zero. So for me, that’s not really passive income. We see the same thing in affiliate marketing, right? Passive income from affiliate links kind of a little bit semi-passive um, so my definition of passive income is income that is going to come in no matter what, whether I show up.
Ever again, to work or not. And so that to [00:38:00] me is rental real estate. It’s dividend stocks, it’s high yield crypto savings accounts today. Um, it’s RV parks, it’s storage units. It’s things like that that do not require your time or attention. It’s a short-term rental, you know, a real estate or even long-term rental real estate.
Um, and you can. You know, those are all considered for the most part businesses, but you can outsource the management of those businesses and literally never have to be involved in those at all, ever. And that money is just going to come in every single month. So for me, I really can strain my definition of passive income to passive investment, income and investment.
There is the key word for me. It’s not that it’s not real passive income in my personal opinion. And so, uh, you know, why do people have trouble? Why is that word used so much, but people have trouble doing it. Uh it’s it’s because the, the promise is very sexy. A lot of money for little work or no work. Um, the strategies are available.
You can go to [00:39:00] any bookstore and buy a thousand books on real estate or dividend stocks or whatever it is that you want, but then you run into problems one or two. And those are the two components that are actually the most important. And if you don’t address those first, then the strategies are irrelevant.
Three. They’re not going to work or you’re going to screw them up. And to me, that’s when I looked out at the finance industry in my life, I was like just huge light bulb moment of like, nobody has put this together. Nobody has figured these two other pieces, you know, the equation out or talked about them.
And for me, that’s why I’m so excited to kind of share this with the world and, you know, folks like you and. So many other successful entrepreneurs in the program is because this is a genuinely new. Paradigm shift for folks. It was, for me, it was for you it’s it has been for our other members. And it’s been the missing piece of the puzzle that has never been talked about in any of these other books or programs.
And it’s why people typically don’t get results from any of them. Um, so for me, that’s why we, we do it in that order. We address your [00:40:00] neurochemistry, we address your subconscious programs, and then once we do those things, well, then we get into the actual investment strategies. And what do you do with your money?
Because then. You’re in a place where you’re aligned and you’re actually going to make some good decisions when it comes to that cash.
Joel Erway: [00:40:13]
So, so, uh, you talked about lots of different, different strategies inside the program. I probably know the answer to this, but I’m going to tee it up anyway. Which one gets you most excited?
Mike Dillard: [00:40:26]
Which one was most exciting. Which ones
Joel Erway: [00:40:28]
gets you most excited? Like
Mike Dillard: [00:40:30]
excited today. Yeah. You know? Well, there’s two of them. I know you’re probably your answer. Your guests is probably crypto, but, um, you know, there’s two strategies for me. I have realized as I’ve put this program together and. And looked back at my life and, and the friendships and the mentors that I’ve had, the people who are the most successful with money that I personally know all put their focus into one single investment strategy [00:41:00] until they basically hit their freedom number.
They didn’t have to worry about money anymore. And then they started to diversify. So. I have many friends. Who’ve made a ton of money in real estate and all they ever did was real estate. I have other friends who’ve made hundreds of millions of dollars and stocks, all they ever did with stocks. Um, and so I think that’s a really important thing to bring up because a lot of people talk about, Oh, the importance of diversification, et cetera, et cetera, diversification is fine.
If you’re just looking to preserve your capital, it’s not going to make you wealthy. It’s going to help you not go broke basically. But if you want to become wealthy, Your return on your investment is directly related to your amount of expertise that you have in that investment category. The expertise is what’s going to allow you to reduce risk and to increase your, your ROI because you have a knowledge advantage and an experience advantage over the other 99% of the people who are also in that same investment category.
And so I think that’s really important is to kind of pick, pick your [00:42:00] path and stick to that and master it. And then once you’ve. Reached your goal then diversify for wealth preservation. Um, for me, that vehicle has become crypto. I started buying Bitcoin in 2013 when it was $75. I started buying a theory in 2017 when it was seven bucks.
Um, and it’s something that I have studied and followed an hour or two a day every day since 2013, basically. Um, it is also, as you can imagine, been a very. Fruitful investment. And so for me, that’s the single most effective investment strategy and vehicle that I’ve ever used, but I, I put the time into it.
Um, I also lost close to what will be in this cycle Mo close to a hundred million dollars, uh, in crypto, meaning in 2013, I bought 400 Bitcoin for $30,000 total. And the next year it got stolen when Mt. Gox got hacked. So if you take 400 Bitcoin and you multiply it by a hundred thousand dollars, You know, that’s a $40 million.
If Bitcoin is 200 grand, that’s going to be [00:43:00] $80 million that I’m going to have lost at this point. And so, uh, it did not happen without its downsides without its risks, without its losses. I didn’t just get lucky, like the amount of money I’ve made in crypto I’ve, I’ve earned with a thousand arrows in my back, right at this point.
And so for me, it makes sense to make that my primary strategy, which is what I’ve done and, uh, above and beyond that. You know, our plan is to cash out crypto at the top of this bull runs close as we can get to the top. And then I’m really interested in real estate and specifically short-term rental real estate.
So we live in Austin and kind of my dream is to buy some, uh, a big piece of property and build just amazing different, different homes or rental homes on there. That’ll provide all different experiences. It might be. Uh, it might be, you know, geodesic, domes or TPS or tree houses or whatever it may be, but in a, you know, fill that space with animals, fill it with zebras and chickens and goats and, and, and.
You know, make sure it has an amazing view [00:44:00] on a bonfire pit and a pool, and just make it an experience that, uh, differentiates that property from anything else that’s available in the area. And so for me, that’s really appealing because it appeals to my creative side. Uh, it provides passive income. It’s an asset that’s going to grow over time.
It’s going to reduce my taxes. It’s going to put smiles on a ton of people’s faces. They’re gonna make lifetime memories there. And so it just hits kinda all my buttons. So for me, after we cash out in crypto, I will then start to diversify and I will start to diversify from, uh, into real estate, primarily.
Joel Erway: [00:44:36]
Yeah. Real estate gets me excited. Um, I’m interested in crypto because we’re just in a hot cycle right now. Not just because it took me a long time to wrap my head around him. Um, you know, in the time that we’ve got left, you got about eight minutes left. I would like to just dive into a little bit about crypto, because I think it is such a hot topic right now.
And a lot of people would probably want to hear, uh, [00:45:00] just some conversation around it. Sure. Yeah. I don’t want to get around the basics of like, what is crypto? What is, what is that stuff? Uh, you know, there’s tons of videos out there that you can, that you can learn. And if you do join either Mike’s crypto course or, you know, Richard, every day, he does give you additional resources there.
But I’ve personally been diving into Bitcoin and Ethereum, uh, And I watched a debate the other day, which, you know, I wanted to see the other side. Right. Everyone’s talking about the upside. Right. But I also wanted to see the other side and I, um, I think there were some interesting arguments made from the, the, the opposite side with Bitcoin.
Um, then I dove into Ethereum and so I see potential with both, but me personally, I think if theory them is fascinating. Fascinating. What are your, what is your opinion on Ethereum? Like w would that
Mike Dillard: [00:45:57]
being that’s my biggest holding [00:46:00] anything. Yeah. Okay. All right. Yeah. Yeah. So, so Bitcoin is, and has recently become and been accepted as, uh, basically the replacement for gold as a global store value.
It is. It serves all the, all the benefits that gold does, but it does it better in every single way. And so the world is turning Bitcoin into digital gold. And that’s awesome. If you want a stable store value, that’s going to protect you against inflation and just political corruptness and all of the craziness that’s going on in the world today.
And you want to be able to take your wealth anywhere with you in the world that you want in your pocket or on your laptop. Bitcoin is amazing for that. Um, Ethereum is. It, it, it has more abilities, right? It’s a programmable, smart contract platform that you can use to make all kinds of software on an applications on.
And many people think that a theorem and or one of its competitors like car [00:47:00] Dano are going to be the platforms that power the world. Into the future. And I happen to absolutely agree with that and we can see that happening now, if we do nothing else than to look at decentralized finance and what has happened in that space over the last two years, which has all built up until this point on Ethereum.
And so people have been able to replicate and duplicate just about every service that you can find in the traditional finance and banking world, meaning lending and derivatives. Um, Uh, decentralized trading from one asset to another, uh, insurance custody, all of these critical components that essentially build up our financial and banking system have been replicated on Ethereum in a decentralized fashion.
And you can now. Use these platforms to conduct those same activities with no middlemen, with nobody’s permission, with no fear of your funds being seized by the [00:48:00] government or the bank or whatever you can do it. 24 hours a day, seven days a week. You don’t need to do a credit application. You don’t need to have a bank account.
You don’t need anybody’s permission. You don’t have to have a credit score. It gives you full, complete. Autonomy sovereignty and control over your money and what you want to do with it. And these applications, because they’re decentralized. Once they’re launched, they can not be stopped once they are on the Ethereum blockchain, it can never be shut down.
There is no one to arrest. There is no company headquarters to raid. There is no office to Sue. Um, and so. And, and, you know, well, how does that work? Well, they’re all completely transparent. So the code is transparent, which means you can go in and verify that this is going to work the way that it says it works.
There’s no secret, hidden back doors of trap doors or whatever. So it’s built on complete transparency. And when you have complete transparency, that gives a complete trust. And when you have trust and you have the ability to transact and the Ethereum blockchain enables people to do that [00:49:00] in a, in a fully trustless manner.
And so. We’re now seeing, you know, hundreds of billions of dollars already locked up in these defy programs and lending programs and in this, in this ecosystem. And so it’s just literally taken off like a rocket right now. And that process is going to continue. Right now the biggest complaint the world has is that it’s slow or the fees are high.
You know, the theorem gas fees are like $20 now. Right. Um, or, uh, the transaction on Bitcoin might take 15 or 20 minutes, which means you can’t buy groceries with it at the grocery store. All of those are. Technological issues that will be, that are, are being, and will be improved just as every computer phone and other technological devices always improved and gotten better every single year.
So when a competitor like Cardona launches in a couple of months with their smart contract platform, that is going to be it. If you want a special tip here to make a shit ton of money, that is going to be a massive opportunity when Cardon alarms on tracks. It is not, [00:50:00] it is, but not the smart contract functionality.
Got it. So that’s going to be when its Gogan update is done, which is supposed to be the summer, you will be able to build smart contract applications on Cardinal, just like Ethereum, but Cartano, um, He is going to be a hundred times faster. It’s going to be a hundred times more efficient and it’s going to be even more decentralized, gonna be better than Ethereum and every single way that you can think of.
And so now transactions are going to be a penny, a piece, and they’re going to happen within a second. Um, Ethereum to which they’re working on is going to provide those same types of improvements and advantages. And so, you know, Peter shifts in the naysayers of the world, like to come and poop on crypto because it’s slow or expensive or whatever, maybe.
To not acknowledge that technology always and continually has improved and, and it gets better is, is just pure ignorance in my personal opinion. And so if we know that it’s going to get faster, it’s going to improve the capabilities that are going to get better. The adoption is going to continue to grow.
Uh, crypto is just going [00:51:00] to consume the entire technological world. The next internet is going to be built on it so that, um, people can bypass the firewalls in China and eventually the firewalls that are being built in the United States. That’s how we’re going to get real social media. That’s unedited.
It’s how we’re going to be able to post things that can’t get censored. And it’s how we’re going to be able to do transactions with our money and control our money in ways. Um, That again, can’t be seized by someone who doesn’t like you or who wants to Sue you, or, you know, for whatever reason, it may be a it’s the single biggest innovation in human history since the invention of the first Fiat currency.
Joel Erway: [00:51:38]
yeah, my only hesitancy with Bitcoin is that. It has a ceiling. And let me be clear. I’m still very new in this. And so, but my understanding is it takes, it took me a long time to understand Bitcoin. And so that in itself shows that there’s a ceiling because we have people that still aren’t [00:52:00] even on the internet.
Yeah. It’s like, and who can’t even use email. And so for them to adopt it, A a new currency like that just shows that’s got some sort of ceiling. I’m sure it’s still has a ways to go, but like, I look at a theory them and I don’t see that because that’s built for, I think it’s built kind of for the tech people to use it and build apps on like that doesn’t need your N you know, my 90 year old grandmother.
To adopt it, but she could still use it on knowingly because of other things that are happening around it. And so that’s why I got really excited about Ethereum and I haven’t done any research on Cardinal. I’ve heard of it, but I didn’t realize it was, it was a competitor to, uh, to Ethereum. But you know, those are just my 2 cents from comparing those two over the past few weeks and few months of doing,
Mike Dillard: [00:52:47]
The opportunity is in the fact that, that it takes a learning curve right now. Yeah. Right. That’s why there’s, there’s, you know, it was supposedly a hundred million people around the world that are somehow involved in, active in [00:53:00] crypto. Um, and it’s because there is a learning curve involved and, uh, you know, within the next three to five years, all of that technology is going to become invisible.
Like, like a square has made it with the cash app. Right. You can go on a cash app right now and buy Bitcoin with two clicks and. And never even have to know how Bitcoin works, you know, so. Um, you know, now that PayPal is doing the same thing and Venmo is doing the same thing and all the credit card companies are integrated into the banks for integrating crypto it’s, it’s just going to be, you know, kind of like sending an email or sending a text, uh, at some point or swiping your credit card.
And the Tech’s really just going to become invisible. Uh, in the next couple of years, you’re not going to need a Trezor hardware wallet, or any of that bull crap. It’s like that stuff is, is early adopter tech. Um, Which is, which is awesome because it means we’re early and there’s still a lot of meat on this bone from an opportunity perspective.
Um, but again, it does require that learning curve that you’re talking about. So, yeah,
Joel Erway: [00:53:58]
Mike fascinating stuff, [00:54:00] man. This is, uh, I love, I love just having intelligent conversations with intelligent people, and this is something that I’ve been looking forward to for a long time. Um, Where can people go find more information about richer every day?
Where can they go find you and follow you? Let’s try it.
Mike Dillard: [00:54:18]
Yeah. Thank you, brother. Um, I’m just at mikedillard.com and uh, if you guys are interested in richer every day, we did a private launch a couple of months ago to my, my audience, which is when Joel joined the program. So thank you for that. Appreciate the support.
And, um, that was kind of our bait around right. To, to make sure we. We had a great program in place in that people understood it and knew how to use the system and all of that good stuff. And it’s been an awesome experience. So, uh, we’re currently closed if you guys are interested in the program and if you would like to join, I will put up a special page just for Joel’s audience.
Uh, and we will also honor the special launch price that we did, um, that we did [00:55:00] when we released a couple of months ago. We’re going to launch this program to the public. I’d say probably in the next 60 days. And we’re going to be raising the price substantially because I am also a student of Joel’s and we have, we’re going to turn this into a high ticket, high ticket program, um, when we do that.
So yeah, if you guys. Want to check it out. If you’re like, man, he’s talking about me. This is an area of my life that I could really use help with. Uh, just got a richer every day.com forward slash and Joel will put up that original page with the original price for a few days and let you guys take advantage of the program.
Um, and, uh, I think it’s going to change your life. This is the fun part for me with Richard every day is if you go through it and you use it, it is impossible. Not. To start getting a little bit richer every single day. Like it’s impossible not to, which is kind of fun. So, um, yeah, it’s pretty cool. But yeah, Richard va.com forward slash Joel and, and, uh, I’d love to hook you guys up.
Joel Erway: [00:55:54]
Appreciate it, Mike. Yeah. Um, one final plug for it. I mean, this is, uh, the strategies will make you [00:56:00] money. Um, I’m a Testament for that, that, you know, there’s one strategy that will make you legit almost 9% passive income. Just for holding your money. I mean, it’s a high yield, yield savings account that I had never been aware of.
And it’s, it’s one of the things that Mike Mike reveals and in like that alone worth the price of the music price of the, of the program. And so, um, not only that, but you will learn how to rewire your brain and apply that to diet, apply that to exercise, apply that to relationships, whatever you feel that model as Mike calls it inside the program is applicable.
For all areas in your life. So, um, head over to that link, we’ll drop a link in the, uh, excuse me, in the show notes and go follow Mike, if you haven’t, it’s a, uh, he’s, he’s, he’s worth all of the information that he, he puts out any publishes and, uh, um, you won’t be disappointed. So thanks again, Mike. And for everyone listening, we’ll see you on the next episode.
Mike Dillard: [00:57:00]
Take care, Joel. Thanks for having me.