#AskGaryVee Episode 86: Passive Income, Foreign Languages & How to Delegate

- On this episode we talk delegation, we talk the value of languages, and we get really deep on the thoughts of passive income. (hip hop music) You ask questions and I answer them. This is the #AskGaryVee show. Hey, everybody, this is Gary Vay-ner-chuk and this is episode 86 of the #AskGaryVee Show. We're gonna try to bumrush this episode because I'm on my way to Copenhagen to speak, doing a little European travel, got Madrid next week. And Matt and I had a miscommunication, so I don't have my passport, so he's gonna go run and get it. It's been a little hectic here. Big ups to Meerkat, what's up everyone? And, uh, oh, the gang met Lizzie yesterday. That was fun, watching you guys interact with Lizzie, I enjoyed it. She's like, I got home, she was like, 'cause I had a meeting after our little Crain's 40 for 40 thing, which is why she was here. She's like, "Man, India's hair is long. " I'm like, it sure is. India, let's get into the show. By the way, before we go into the show, and keep this rolling, DRock, VaynerNation, I'm really enjoying, you know, I had a few minutes to look at this, the interaction between the VaynerNation and you guys is super fun for me to watch. You know, I also got a random email, like, "Hey, can you get me India's email? "I have a project I need to speak to her about. " I'm like, I'm air traffic control to India? What the (beep) is going on here? Something is clearly happening here and it's magic. All right, let's go.

- [Voiceover] Denni asks, "Gary, do you have any tips "on delegation? " - Denni, you know, I actually think the best piece of advice that I can give to delegating is actually going to be very much up in the clouds, and as you know, I like the clouds and the dirt. DRock, link it up. I think I'm tremendous at delegating and I'll tell you the number one rule to delegation, recognizing that 99. 9% of things don't mean shit. If you actually think it's not that important, it becomes a hell of a lot easier to let somebody else do it. If you recognize somebody else's 7. 7 skills is better off because that job is worth that, versus your 10. 0 skills, it's humility, my friend. Ego oftentimes is the issue with delegation. Even though I have a ton of ego, I have a boatload more humility than you think.

- [Voiceover] Tommy asks, "Gary, isn't working long hours "an old school mind set? "Why not focus on building wealth via passive income? " - You know, Tommy, I think both work. You know, I think that when people say, "Hey, let's do passive income," they go into Spam City, USA oftentimes. You know, I have passive income when I'm investing in early stage startups that then go sell for 400X and I didn't do anything, I made money, shit, I made more money on my passive income, probably, than my hustle income. They both work but please make sure that your passive income has practicality to it because all the people who have tried to create systems and automate their cash, there's been a very small percentage of people that have been able to lay on the beach while they collect money on the internet. A lot of that stuff is completely ludicrous and I promise you the ones in the 1% of passive income spent a boatload of hard work and hard time to get to that evergreen place up in the sky. And so, you know, I think that there's an enormous, massive, misunderstanding that there are (scoffs) almost zero people that have pulled off substantial success without putting in real time and effort. Now, we all have different ambitions and goals. Do I think that it's easier to create $60,000 a year in passive income on the internet today? I sure do and if that's where your goal and ambition is, that's more practical than millions. Millions of dollars in passive income on the internet, smoking (beep) weed in Jamaica while it just keeps coming in is just not as real as you think, partner. (laughing) You like that one? I'm right, because that's what everybody thinks it is and it's just not real. (beep) Show me, 'cause I'll show you a billion people that have won through hard work. Show me. Show me this magical person, 'cause I'll show you somebody who sells you that dream but isn't actually doing it. That, I'll show you. You want me to hire some models for the afternoon and get a boat and go to some sunny (beep) place and be like, this is it? I'll show you that. You want me to show you the people on Instagram who go take all the money they own in the world in $100 forms in the bank and throw it on a bed and take a picture and then put it back in their bank? I'll show you the front of this passive income dream of the internet. Sorry. - [Voiceover] The fuck outs turned out a little too soft. - Is that right? You're happy I picked up a little crescendo? - [Staphon] More than a little bit. - Is Meerkat liking the crescendo? - It went out, it was just audio for a while. They could hear it but-- - [Gary] Got it, got it. Wait 'til you see it.

- [Voiceover] Derek asks, "Gary, what athlete, "past or present, embodies hustle for you? " - Wayne Chrebet, 10th guy on the depth chart when he joined the Jets in '95 in practice. Got there because his dad hustled together some VHS tapes, the Jets sucked, so the coach brought in anybody and his number was retired last year. That is incredible. He looks like me, he's a short, white dude. He played through massive concussions. I've gotten to know Wayne a little bit in his post-career. It's funny, I always felt like Wayne was a little overrated, 'cause he was the little white guy and I was like, ahh, that's racist, or you know, but his hustle is insanity. And so, I have enormous amounts of respect for him and he absolutely is the answer to that question. - [Voiceover] Thomas asks, "Gary, what value do you find

"in knowing a foreign language? " - Thomas, (speaking in foreign language). You're laughing at me because the way I speak Russian is so hardcore English accent and struggle, but it's interesting, I failed German and the only reason I even graduated high school is 'cause my Spanish teacher is the greatest of all time and she just knew that I had it. And big shout out to Senora Kennedy, the one teacher that really holds a hardcore place in my heart because truly, in New Jersey, you have to graduate two years of language and by failing out of German, my freshman and sophomore year, I needed a miracle to pass Spanish 1 and 2 in my junior and senior year. And God was very good to me for giving me a teacher that had a tough reputation but clearly, she was smart as shit 'cause she actually knew who I was. She literally called my mom and was like, I'm giving your son a C for charisma, but you need to know, he doesn't even know how to say "hello" in Spanish. And so, I don't put a lot of value on knowing other languages. Maybe that's 'cause of my own personal prejudice of being someone who struggled learning another one, even though I got two from at least a hearing standpoint and I can communicate. You throw me in Moscow for a month, that Russian you just heard will get a hell of a lot better as my ear and tongue get adapted to it. I also think technology is now coming where we're gonna be able to translate, clearly, in a decade, I'll be able to go to China and just be like, or like talk into here or just, it's in it, or put in the ear pieces. Does anybody not know that we're gonna put ear pieces in when we go to foreign countries and we're just all gonna talk our languages and everything's gonna be translated proper? And so the value I put on it has gone down in value as I recognize technology's gonna fix that issue. - [Voiceover] Benjamin asks, "Gary, I want to start pushing "people to make the same decision I made "by leaving a very secure job to pursue their dream. "My question is, will my employee retention rate drop? "Since you started building up your personal brand, "has your employee retention rate dropped? " - Benjamin, the thing you need to understand is that intent trumps everything. And so I think one amazing thing in this company that I'm extremely proud of is I truly believe that these people that work at VaynerMedia really recognize that I want to win but not at their expense. I want to buy the Jets, not at the expense of my employees, with my employees and I equally want what's best for them. Of course, you know, looking at these three, and things are running through my mind and, obviously, I know them all at different levels, but you know, there's narratives in my mind that I can play out right now that leads to a world of them not being here. And that makes me sad and I really don't want that. And from an ego standpoint, I truly believe that I can bring them so much value over the long haul that makes it interesting for them to stay. But I think it's massively important that they always, deep down, feel as though I want them to have what they want, even though, optically, it doesn't benefit me. And I would say 40% of VaynerMedia believes that. And that may surprise you as a low number, but I hope you understand the level of cynicism that is instilled in us as human beings to not believe everything I just said. And so I'm massively proud of the 40% and I'm really pumped that I think that 40% was actually 12% only 12 to 18 months ago and so I'm building momentum, right? Look, I think if you're scared to lose somebody who believes in their heart that they have the skill set to go and do it, you're making a huge mistake and I actually think you build retention by showing them the reverse. It's a reverse psychology game that is not a tactic because if you don't actually believe it, that reverse psychology will come across as bullshit and you'll lose it. I don't do it because I want to reverse psychology India, I do it because I believe it. And then they have to believe and evolve in their place. You know, I believe that the evolution of people not being here is gonna have a lot more to do with things in life, they fall in love and get married, and have to move 'cause their spouse really needs to do this and they have the empathy and being the bigger man or woman in the relationship to go let their spouse do that, unfortunately, maybe something tragic. I actually think that when you're pure, when you want to win but with, not, you know, on the back of, people start sticking around because the truth is, if somebody works at a job, in a lot of ways, they weren't thinking purely, I'm gonna put this on my back to begin with, right? And you, and I don't know your age, is there a picture, or is this a written word? - [India] Oh, this is written. - You know, I don't know your age, but again, if you're over 30, you were sold on a world where it wasn't, I'm gonna go do my own thing, right? So now that we live in that world, I actually feel that the kids that are going to work for companies now in lieu of entrepreneurship are truly not entrepreneurs. Back into that big argument of entrepreneur-like tendencies and entrepreneurship, I'll tell you right now, show me a 23-year-old that wants to work here and I'll show you somebody who is, got entrepreneurial tendencies but isn't pure entrepreneur. So I just think doing the right thing is always the right thing and I think empowering your people to follow their dreams if they have one, if they think they're good enough, if they are willing to deal with the stress and all the dog shit that comes along with having all the pressure on your shoulder, then, you know, you empower them and root for them and try to be part of that narrative. But if they have tendencies, what you're doing is actually building a deeper relationship with that person, and actually, my belief is that percentage, you're creating longer term. I mean, the stickiness of this company is pretty intense, given the agency world's a tough place for stickiness and so I'm very proud of that and you know what I spew. Great last question. Question of the day, what is the, right in front of you, right now, what is the clear dream that you have? What's the one thing you want to accomplish that is crystal clear and it will evolve, it might be different than it was six months ago, it's gonna be different in six years, but right this second, as you watch this show, what's the one thing you want to accomplish? You keep asking questions, I'll keep brilliantly answering them. You like that?