Joe Polish shares insights on making money ethically and the importance of surrounding yourself with producers rather than parasites. He addresses the cultural stigma against wealth creation and explains why entrepreneurs deserve credit for creating value in the world.
Eben Interviews Joe Polish Part 2
Joe Polish explains why entrepreneurs should be selective about who they listen to for financial advice. He observes that broke people often have more advice about making money than successful people, emphasizing the importance of seeking valid opinions from qualified sources who actually produce results.
Polish reframes the morality of wealth creation, explaining that making money ethically and honestly is one of the purest pursuits possible. He contrasts this with people who lie, cheat, steal, and kill for money, positioning ethical wealth creation as an amazing skill set focused on value creation.
The discussion reveals how society gives credit to philanthropists like Bill Gates and Warren Buffett for giving money away, while shunning the entrepreneurs who create that wealth in the first place. Polish argues that entrepreneurs deserve recognition for creating medicines, inventions, and everyday items that improve lives.
Polish concludes with advice about choosing the right influences, recommending that entrepreneurs surround themselves with producers rather than parasites. He notes that entrepreneurs are often attacked by bureaucrats and unproductive people who don't understand value creation.
“don't take making money advice from all your broke friends. That's stupid. And it seems that broke people have more advice on making money than people who are not.”
— Joe Polish▶ 45:46
No, you shouldn't take money advice from broke friends. Seek out people who can give you valid opinions based on actual results.
“don't ever, ever let someone make you think that the act of making money or pursuing money is a bad thing. It's one of the purest things you ever could do.”
— Joe Polish▶ 46:53
No, making money ethically is one of the purest things you can do because it's about creating value in the world.
“The people that make money, though, are not given anywhere near the credit for producing the money as they are given credit for giving it away.”
— Joe Polish▶ 47:14
People criticize wealthy entrepreneurs because society gives credit for giving money away but not for creating it in the first place.
“some of the best human beings on the world that have created medicines and procedures and inventions that make people lives easier and healthier and life more enjoyable”
— Joe Polish▶ 47:25
Entrepreneurs create everything from life-saving medicines to everyday items like computers, chairs, and microphones that make life easier and more enjoyable.
“part of this is surrounding yourself with producers and don't listen to parasites because those people, the technical term for them is they suck.”
— Joe Polish▶ 48:33
Entrepreneurs should surround themselves with producers and avoid listening to parasites who don't create value.
Don't take money advice from broke friends - seek valid opinions from people who actually produce results
Polish notes that 'broke people have more advice on making money than people who are not' and emphasizes seeking out people who can give valid opinions rather than listening to dysfunctional advice
Making money ethically and honestly is one of the purest things you can do - it's about creating value in the world
Polish explains that people lie, cheat, steal, and kill for money, making the ability to make money ethically an amazing skill set focused on creating value
Wealthy people get credit for giving money away but not for producing it in the first place
Polish cites examples of Bill Gates and Warren Buffett getting acknowledgement for philanthropy while entrepreneurs who create the wealth are shunned and looked down upon
Entrepreneurs create everything from medicines to everyday items like toilets and microphones - they deserve recognition for creating value
Polish lists specific examples including medicines, procedures, inventions, toilets, toilet paper, blenders, microphones, chairs, books, and computers as creations of entrepreneurs
Surround yourself with producers and don't listen to parasites - the technical term for parasites is 'they suck'
Polish explains that entrepreneurs are attacked by bureaucrats and people who don't know how to make money, with little acknowledgement for their ability to produce income
Don't take money advice from broke friends - seek valid opinions from people who actually produce results
▶ 45:46Making money ethically and honestly is one of the purest things you can do - it's about creating value in the world
▶ 46:16Wealthy people get credit for giving money away but not for producing it in the first place
▶ 47:14Entrepreneurs create everything from medicines to everyday items like toilets and microphones - they deserve recognition for creating value
▶ 47:25Surround yourself with producers and don't listen to parasites - the technical term for parasites is 'they suck'
▶ 48:33Claim: “Taking money advice from anyone who offers it is helpful”
Reframe: Only take money advice from people who actually make money - broke people often have more advice than successful people
Claim: “Making money is morally questionable or greedy”
Reframe: Making money ethically is one of the purest pursuits because it creates value for others
Claim: “Wealthy people should be criticized for having money”
Reframe: Entrepreneurs should be celebrated for creating value and wealth, not just for giving it away
“don't take making money advice from all your broke friends. That's stupid.”
“don't ever, ever let someone make you think that the act of making money or pursuing money is a bad thing. It's one of the purest things you ever could do.”
“part of this is surrounding yourself with producers and don't listen to parasites because those people, the technical term for them is they suck.”
Power People
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Creating Currency Business
Learn how to transform customer pain into "alternate currency" and increase sales by giving away 10x more value than you charge.
Test Different Niches
Discover why even the best marketers succeed only 1 in 5 times, and the counterintuitive testing approach that built a $100+ million business.
Coaching Strategies
Common Mistakes
Virtual team members force you to focus only on results rather than activity, eliminating creative avoidance behaviors that look productive but don't create outcomes.
Eben hired his first team members Sheila and Denise from Elance.com and discovered that when you only check results once daily or weekly, you can't see all the busy work—only what actually gets accomplished.
Build your team with four archetypal personality types: organizers for administration, creatives for design and communication, business-type people, and deal makers for partnerships.
Eben compares this to an eight-cylinder motor running on four cylinders—each new personality type adds power and they work together synergistically.
Use "negative capability" to shut down your own biases and simulate someone else's emotional state to understand their true motivations
Concept from poet Keats, learned from Ned Hallowell (author of 'Crazy Busy') who was introduced by Joe Polish. Allows entrepreneurs to experience emotions from customer's perspective.
Create "alternate currency" by translating customer's emotional pain into monetary value that can be communicated in real-world terms
Example: Hip replacement patient willing to pay $1000 to eliminate pain, $100 per 10% pain reduction. Product costing $97 that eliminates most pain becomes no-brainer when framed against $1000/month lost income.
