Life advice from self-made billionaire, Ray Dalio
Wealth, Mindset
November 19, 2017

Life advice from self-made billionaire, Ray Dalio - Bonus episode

Tony and Ray on overcoming challenges to create success

If you listened to part one and part two of Tony’s interview with Ray Dalio, you already know how he has created an extraordinary life by ridding himself of fear and embracing a giving mindset. He discussed how he credits his success to staying humble and always open to learning from others. He also shared some investing tips and his personal belief that pain plus reflection equals progress.

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In this bonus episode of the Tony Robbins’ podcast, Dalio turns the tables and asks Tony the hard questions. They talk about what drives most people, the rituals Tony has that keep him moving forward, how to make hard decisions and the importance of taking responsibility for yourself and your actions.

Tony Robbins and Ray Dalio have a lot in common, including sharing humble beginnings. Both of them grew up in situations much different than the ones they are in now. Because of their upbringings, both of them are driven by creating change and giving back. This drive led Tony to create his 1 Billion Meals challenge, along with other charitable activities.

They also discuss how some of their positive traits, such as Dalio’s strength or Tony’s insight, have become a positive addition to their lives. Unfortunately, these traits can sometimes lead to limiting beliefs in how we see the world and ourselves. In both men’s situations, they needed to overcome those beliefs to become their best selves.

In this candid conversation, Tony talks about how he has developed rituals that allow him to re-center: priming and meditation. The proper meditation techniques can make all the difference in one’s ability to keep a positive mindset and continuously improve.

Even though both Tony and Dalio have created significant success, they aren’t exempt from failure. Both of them have stories of how they have come out on the other side of economic winters by staying humble, driven and true to themselves.

This bonus episode of the Tony Robbins podcast will leave you feeling ready to embrace your true passions and build the extraordinary life you want.

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[00:10] Introduction
[01:15] What does Tony value most?
[02:00] How suffering drove Tony
[02:50] What you hunger for is what was missing
[04:05] The universal principle behind our actions and behavior
[04:35] Conditioning ourselves to meet others’ expectations
[05:35] Whose love did you crave the most?
[06:00] Who did Ray have to be for his father?
[05:55] First the awareness, then the freedom
[06:35] What do you want today?
[08:00] What principles does Tony find most valuable in life
[08:25] Principles need habits and systems
[08:55] How do you create an extraordinary life?
[09:10] The science of achievement
[09:25] Effective execution
[09:45] The element of grace
[10:00] The art of fulfillment
[10:45] The key to happiness is progress
[10:55] When you grow you have something to give
[11:30] What’s more rare than a billionaire
[11:45] Taking 100% responsibility for yourself
[12:10] Add more value
[12:55] Dreams + embracing reality + determination
[13:15] The quality of life is the quality of your decisions
[13:55] The meeting of a lifetime or a critical business obligation
[16:15] Decision-making must be done on paper
[16:25] What makes decision-making hard?
[16:35] Tony’s 6-step process for making decisions
[16:40] Outcomes
[17:20] Options
[18:00] Consequences (upsides and downsides)
[18:25] Evaluate (probability)
[18:45] Mitigate the downside
[20:45] How Tony sparked Mikhail Gorbachev into discussion
[21:10] What ended the Cold War?
[21:45] What was the moment it ended?
[22:35] Reagan’s bold move
[23:10] Finding ways to mitigate the negative consequences
[23:45] Success is the result of good judgment
[24:15] Putting problems into an algorithm
[25:05] A collaboration between Tony and Ray?

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