Quick quiz. Which country has the largest economy in the world? Most people I ask say China. The answer is the United States, and it isn’t close. Once you understand how this economy is built and where the money actually flows, you start to see your own opportunities differently.

In this episode I break down the global economy country by country, then turn to the American economy that most of my listeners live in. Most of it runs on consumer spending. Most jobs come from small businesses. And the sectors that carry the weight are healthcare, finance, real estate, and professional services. Then I compare that with the places so many of our young people are pouring their dreams: music and professional sports. Those are beautiful industries, and they’re a sliver of the whole. I don’t want you rocking the mic on stage. I want you owning the stage, the cameras, the lighting rigs, and the trucks that haul them.

Before we get to the numbers, we talk about something comedian Mike Epps said about people who can relate to your pain but can’t relate to your gain. Your environment matters. If you hang around nine broke people, I guarantee you’ll be the tenth.

A listener closes us out by asking what intellectual property has to do with building wealth. The short answer is that a patent is a monetized idea, and nearly everything valuable started as one. Take notes and bring this one to your book club, your fraternity, or your kitchen table.

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Prefer to watch? The full episode is on YouTube.