Welcome to the “Inner Circle Podcast”, the place where patriot entrepreneurs create, build, and play. Each episode will help you move forward to the place where we all want to be, a place of total creative freedom, personal freedom, and financial freedom.
My name is Mike Fallat and I am your host. I’ve started a bunch of businesses, helped to write a couple of hundred books, and interviewed lots of millionaires. I will be your guide as we enter the Inner Circle.
Mike: This episode will help you understand and utilize your … wait for it, wait for it … identity capital. Yes, I think I just made that phrase up, but the principles that we talk about in this episode are very, very real, so let's get into it. [01:02.0]
Before we start here, I have to tell you I think I got this idea, this phrase, from one of my clients. His name is Jeff Fenster. He owns a company called Everbowl and this man travels all across the United States, talking about a thing called relationship capital. He's putting out a book here very soon called Relationship Capital. We've helped him out with it and it's a phenomenal, I guess, philosophy, and it makes a lot of sense.
The way he spins it is that relationships are like your bank account. You're always making deposits. You're always making withdrawals and, if you do the right things and make the right deposits, good things happen, and it's incredible the way he puts it together.
I started thinking about the most successful. Like I said, I’ve interviewed tons of millionaires and I’ve noticed that a lot of these people are obsessed with making deposits in themselves. They're always reading. They're always listening to podcasts. They're constantly growing, and guess what else they're doing? They're always giving back. They're always doing something to help out the people around them. They're always trying to mentor other individuals. [02:09.8]
What are they really doing? I think what they're doing is they're mastering. Yes, they are mastering their identity capital, very much like real estate. Anybody listening to this doesn't understand real estate or syndication or how things flow, I work with a lot of real estate people. Now, what they do is they build up a lot of capital, money, $25,000, $100,000, $1,000,000, $10 million, $100 million, and then they take that and they invest in something that does what? Yes, it appreciates. It goes up in value. The other thing it does is it provides income.
Now, not all investments are the same, but for the most part, someone wants to give money that they’ve worked hard for, they’ve made all deposits, and they want to exchange it for something that gives them more money in a multitude of ways. There's a lot more that comes with it. It's the personal development, connections, outlets, tools, resources, whatever. [03:13.4]
But, anyway, you're making these deposits, so you use it, right? Money is no good unless you use it. Let's think about all the people right now who are obsessed with making deposits of education. They're reading all the right books. They're going to all the events. They're doing all the right things. But they never use it. They never use it. They never withdraw all those deposits and apply it to something. They never start that business. They never actually do anything grand. They never buy that property. They never go after that dream. They never even start their dream. Think about how sad that would be. Your life is based off philosophy, not application. They're making all these deposits. They never use it. What's the point? [04:09.3]
Your identity capital is based off a couple of different things. Number one, what are you learning every day? What are you putting into your body? What do you believe in? What do you think? And what's that automated heartbeat doing? And then what are you getting in return? Are you doing anything with it? Are you growing in any aspect? Now, there are a lot of people out there and say, Mike, I’m not making any deposits. Oh, hell yes, you are. You are making deposits whether you know it or you don't.
Are you watching the news at night? Are you watching shit TV? Are you not reading? Are you putting the wrong things in your body? Are you listening to the wrong music that's actually feeding you with some fucked up shit? That’s a deposit. It'll manifest in your life in some way. [05:02.0]
And I think that if people are going out into conversational events and get together with all these people who are not feeding their mind and their soul and their passions, there are deposits being made, but they're not good deposits. These deposits are not extremely valuable. They're watered down. Maybe they even feel fake, right? When you go to exchange that for something of value, maybe there's going to be a banker there or some type of official that’s going to say, What you're trying to get me is really, really not that valuable. It doesn't deserve this, so that all the deposits you made were fool’s gold and that could feel like a huge slap to the face. It’s a scary moment when you realize all this time that you put into it, maybe you just really weren't growing at the rate you thought you were growing. [06:00.4]
Then that's why the people who are constantly feeding their mind and keep feeding their soul, and they keep pushing themselves to new limits, they're making these deposits, so that when the time comes, they're ready. They're standing there ready to go to war, to go after what is really on their mind or in their heart.
Now, people ask me, “Mike, how do I know if I’m on the right path? How do I know if I’m doing the right thing? I mean, you start a business. How do you know?” I really didn't know how to answer that question, but I think I’ve got something now. The answer is if you're making a move in anything and your soul, your DNA or your heart feels like it's getting weaker when it makes that move, it feels like it's getting weaker, then you know you're on the wrong path. That's the truth. [06:54.4]
Imagine you take in all these podcasts, read all these books and you hang around all these great people, and you're constantly leveling up in your mind, right? You're doing all this great stuff, but then you go and you have to take a job that you hate and you know it's a step down and you know your soul does not agree with the decision. Then it's wrong. It's the wrong move that you could convince yourself that it's only going to be temporary, and hopefully it is. I mean, it might be, by the way. But when your soul doesn't agree with it, you'll never win. Shit around, you're just going to crumble in some fashion.
There are a lot of times in your life when you're going to feel like you're in those woods and it's getting dark out. You don't know where to go or you don't even have a map. You don't have a compass. You’ve got to follow your gut instincts, right? Imagine not feeling right about that path for months or years even. Do you think you'll have a lot of jump in your step? Do you think you'll be able to keep pushing whenever it gets really bad or the storms come and they seem to linger? I don't think so. [08:09.3]
So, when you are making a step in your life and you automatically feel less like Superman, right? That's a great segue. But you feel like you becoming less of yourself or you're not leveling up, and you're not feeling concrete about every step you make. You're on the wrong path. If you are getting weaker, your capital has decreased. You've exchanged whatever deposits you made for something that is low dollar, low value, not in demand, not you. The capital exchange rate is off. It automatically off and you'll know it right away. That's the answer when you know you're on the wrong path. Maybe you feel a little bit more human, if you will. [09:06.8]
Now, this kind of reminds me of Superman II. It's the best one for a couple of different reasons, but if you didn't watch Superman II, it's the first time that Clark Kent Superman actually becomes human. It's the very first time. Now, he goes and he's living this life. He learns how to fly. You could say that he was always gifted with flight or superhuman strength. If you watch the first movie, he actually has to learn all this stuff. He learns it, right? And over time he puts all these things into his body, his ability to fly, his ability to communicate, his ability to solve problems, and his ability to be super strong, to be Superman, okay. He made all these deposits for his whole life. [10:02.5]
Then he meets this one woman, Lois Lane, and for some reason, he wants to give up everything that he was for her. I’m not a good relationship coach, but I will tell you that to exchange everything of who you were or who you are for something, to give up, it’s gone.
Lois Lane fell in love with Superman, the man who could solve problems, save the world, be the guy. She fell in love with that guy and here he is thinking, I’m going to go a different path. I’m going to give up everything that I’ve done in my life, everything that I’ve been given, everything that I’ve deposited in my soul, everything I became over all these years. All my generations before me led me to here and I’m going to give it all up for her. [11:02.7]
It sounds like a noble thing, doesn't it? It really does. But his exchange rate is a pile of shit. He takes everything that he was at his core, this unstoppable force, this machine, this God-given superhuman, and he gives it up for what? Is it for just this marriage? Why can't he marry Lois Lane as is? His exchange rate is not good.
And here's what happens. The moment it happens that he goes from Superman to just a normal man, he automatically feels weak and it's not just about his life. Now, all of a sudden, the world is worse off. Everything that he was given in life, everything that he worked for, everything that he applied was not just good for him, not just good for Lois, but good for the entire world. [12:03.0]
There's an automatic regret when the world starts to crumble and now he could do nothing about it. This is when he realizes that he is who he is. All of the stuff that he went through to get him to Superman, he's Superman. Nobody else is. That's who he is. He's born to be Superman, and what he gave up to what he got did not equate. It was not equal. He wasted it.
Unfortunately, the gods of his planet and his father, and I don't know how it all flows exactly in the script or how it was really all intended, but it was pretty cool. I think that it was all done on purpose it seemed like, like it was almost as if Superman actually had to do this. He had to have it all stripped away for him to really value it again and I’m getting chills even thinking about it because I think about how in my life, I’ve chased the wrong things and I’ve made some steps in my life. [13:15.0]
Sometimes you do certain things and you automatically feel weaker. Sometimes you feel like maybe I’ll have a little bit more time down the road to mend all that or maybe you don't. Maybe you notice when you’ve messed up and there's no way to fix it. But I love the fact that Superman, whenever he sees his father and says, “I’ve messed up. Please give me one more chance. I won't take it for granted ever again. I now know my identity. I know who I am all the way and I know my powers and I know my strengths, and I will not waste them ever again,” so his father says, “You needed to see this and this is all part of the plan. All your powers are being restored and now go be who you're supposed to be.” [13:57.3]
If you like what you hear and you are a patriot entrepreneur, go to Mike’sInnerCircle.com. Remember, you are only as strong as your circle. We'll see you there.
See, his identity came rushing back, all of his power, all of his strength, and now he could use it in a way that maybe you didn't even think of before. You're out there, if you're listening to this and you're thinking about making a move in your life, the moment you feel weaker, you know you fucked up. Maybe it's time to go rushing back to that contraption that changed you and change right back into that person that you're supposed to be.
Your identity capital is based off a couple of different things. All the deposits, everything that you are acquiring, everything you're doing, everything you're watching, you're listening to and making you who you are inside, you need to use it because acquiring is not everything. It's the usage, and that usage will give you a life that it's not just going to help you or your loved ones like the Lois Lanes, but the world. You have to use it where you're just going to be a hoarder. [15:20.8]
Then when you start to use it and you start to make these withdrawals, you start to invest in other things, you know what it's going to do? Invest in not just other things, but other people. These are the people that are going to do a couple things for you then. It's going to increase your value. The more you share your knowledge, the more you help people out, the more you be of service, the more you give back, it's almost as if it's like that property that you buy and the income is going to just keep flowing back to you. Maybe it's not money, but what if it's good vibes? What if it's energy? What if it's positivity? [16:00.7]
And now you’ve not only invested in yourself and made all these deposits over maybe 20 years, 30 years, 40 years, now you're using it to help out others, and by helping out others, all that energy and good intention somehow flows back to you. Your strengths, your abilities, your Superman qualities, keeping it to yourself, the shit, does nothing. It might be part of your identity inside, but the world doesn't know your identity. It's up to you to use your identity capital the right way. Wasting it? Could you imagine going to the next world to the next life, to heaven, and meeting that person that you were supposed to be and said you kind of didn't match up to who you're supposed to be? You fucked up. [16:55.2]
You’ve wasted your God-given potential, your God-given capital, your identity capital. You’ve exchanged it. You're all this inspirational motivational person that you want to be inside, but you’ve traded that in for this scumbag lying person. Could you imagine realizing that you messed up when it was too late? There are people out there and I’ve had a tenant. His name was Bill. He was a Eucharistic minister, an older guy, seemed like the nicest dude. I couldn't believe it when I found out that he was a conman.
I mean, it was two months into his rent that or two months into him being a tenant of mine when I found out he, there was a, it was a con man. He's been wanted by people all over the states for writing bad checks. I didn't do my due diligence and research to figure this out beforehand. I went off instinct. But what happens is that people like him, this guy was making deposits all over of lies. [17:58.0]
He was lying to his family. He was lying to his parents. He was lying to himself. He was lying to everybody he ever met and those lies are deposits built off on on sand, a shitty foundation, so his life is always going to reflect an identity capital of dog shit. Always. He has made deposits of fake bullshit lies, awful evil intentions. Every day for years, he had nothing to show for it. Nothing. His identity capital was not only just a conman, but no assets, no friends, no direction, just a scumbag.
Do you want to be a person of true value? You make good deposits. You keep your word. You get things done. Say you're going to do it, you do it. That's a deposit in your soul. It's a deposit to your own being. Hey, I’ll make a small promise and that small problem is going to get done. Make these promises to your team, to your friends, your family, to your clients. “Hey, I’m going to make sure I get this done. If there's a problem, we'll handle this.” Then you be there. [19:11.7]
They have a question on a Saturday night, whether you answer that night or the next day, or right away on Monday, the faster, the better, but your identity is based off your actions, not just what you take in. It's what you do with all the information. It's what you do with your soul. It's what you do with anything the world gives you. It's what you do with it that what matters. You can sit there and listen to this podcast and do nothing with it, and your identity is not going to be a man who just studied and learned and he was a great. He really took everything in.
Your identity is now a person who freezes when it matters, who doesn't get things to the starting gate, doesn't get things to the finish line. That's your identity. Your identity is based off those three principles. It's what you deposit day in and day out. It's what you do with it and it's really how long you do it for. [20:12.4]
This consistency thing is no joke. You can't step away for five, 10 years and think you're going to go right back to it. You are what you do every day. You can make that decision right now. Are you going to deposit stuff? Are you going to use it? Are you going to do nothing? People who do nothing, those are the ones with regret. You have all the information. You’ve made all those solid deposits. You’ve just never utilized it. It's like that miser, that rich miser. He has all that money, but never helped anybody, never cared about anybody. Do you think the world is going to remember that individual in a good light? Hell no. You’ve got to acquire. You got to give back. You’ve got to withdraw those deposits and use it for what you're supposed to use it for. [21:07.2]
Your identity is on the line guys. Every day, you can wake up and say to yourself, I’m going to make some good deposits. I'm going to make some good withdraws. Otherwise I’m going to waste this life iIf you make those wrong choices, if you don't do anything with it, you can be like Superman. You're going to become more human. You're going to bleed. God, when you make those poor decisions and you waste all this, the world is going to crumble. All the good, all your strengths, all your abilities, they're worthless and, all of a sudden, the world is going to crumble around you. They're going to look for you. They're going to need you and you won't be there, because you gave it all up. You wasted it. Nothing is going to fly ever again in your life if you run away from who you are or if you trade in who you are for a lesser version of yourself. [22:09.8]
It’s scary as hell to think that people out there have all this God-given potential. They have done all the right things behind closed doors, but they never ever apply it. Your identity capital is on the line every single day. Make deposits, guys, and then use them. The world is relying on the usage and that's the hard part. The action part, standing up for yourself, sticking to your word, the actual, taking your deposits and putting it on the line for the business and put your neck out for people and sticking to your guns for years, and trying to accomplish great things over a vast amount of time, which could be your whole life—that's the hard part. [23:11.6]
Your identity is based off actions and results, plain and simple. Are you going to be Superman or are you going to be Clark Kent, the real Clark Kent, the man who's unsure of himself, the man who is actually bleeding when he gets punched, or are you going to build yourself up to someone who doesn't kneel before Zod?
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