10 Tips to Striking It Rich From CNBC’s ‘West Texas Investors Club’
Rooster McConaughey and Butch Gilliam lay down some financial laws.
After building their empires in the heart of Texas, Mike “Rooster” McConaughey—yes, Matthew‘s brother—and partner Wayne “Butch” Gilliam decided to spread the wealth through investing. Together they’ve teamed up with buddy Gil Prather to make CNBC’s West Texas Investors Club. On the hit show they bring investors to their West Texas location make pitches to secure new capital. Rooster and Butch know the money game cold— and now they’re sharing their top tips with Maxim.
1. There’s no such thing as getting rich quick
If you want to get rich quick, go buy a lottery ticket or pray someone runs you over in a nonlethal car accident and you can sue ‘em. Those are about the only paths to overnight success.
2. Understand your strengths
But also take stock of your weaknesses. If you absolutely suck shit through a garden hose when you have to do even rudimentary math problems, then stay the hell away from any job where you have to deal with numbers. Butch has always said that he’s not smart enough to know everything but is smart enough to know who DOES know. Go after the deal, but surround yourself with the right team to figure it out.
3. Start saving now
What’s the first thing anybody does when they get a little money? They spend it on horseshit they don’t need like a Ferrari or a cappuccino machine from Italy or a rare dog. If you get money fast it usually goes fast – look at lotto winners – slow gain is good gain. A few people will help you make money, but a ton of people will tell you what to do with it. As difficult it is to make money, its 10 times fuckin’ harder to hold on to it.
4. Learn Somethin’
You don’t have to go to college to get an education. If you don’t want to go to school to learn how to be an adult, don’t assume that means you’re off the hook and don’t have to lift a finger for the rest of your life. Actually, it’s the total opposite. You have to work harder if you choose to skip school.
5. Be a Bullshitter, Not a Liar
Bullshit uncovers shit. Lying is to cover up shit. You bullshit to entertain people, but you lie to steal. It’s simple – don’t be a thief. A lot of people will tell you to be crafty or sneaky in a deal, and we disagree. Instead, be direct, honest, and clear with your intentions — and don’t budge. If you’re straight up, the people on the other side of the table will be too.
6. Don’t Skip the Steps
Butch never skipped a rung on the ladder. I [Rooster] stalled all over. You can’t skip ahead a rung on the ladder and not be surprised when you fall on your ass. You need a foundation – there was nothing to prop me up when I failed. I had weak links, all it took was just a little bit of chaos to blow me over. My wealth went away overnight in the previous crash – when people are rolling in it, they lose their senses.
7. Be nervous, but never scared
In business its okay to be nervous but never be scared. When it all fell out from underneath me, I started over scared. I thought: “If I can make a nickel, and if I can turn any amount of profit, I’m taking it.” Everything I took ahold of I wanted to get rid of. One of my mentors, Bob Herell, told me how he would buy stuff for a dollar and sell for a dollar and twelve cents… but if you held on to it, you could sell it for three. I learned to bide my time, be wary, and be patient – it has served me well in business.
8. Take risks
You can punch a time card, which is fine, but if you want big rewards, you gotta take big risks. But be smart, and be prepared to fail. People are ready to take the chance; they aren’t ready for the consequences. Assess the situation, and know who you’re dealing with. Get that stuff right, and chances are it’ll be a good investment. Risk and reward go hand in hand. There’s no way around it. Be aware of the windows of opportunity – if it’s hot outside, sell ice cream.
9. Be conscientious
Give me a conscientious person making 60k a year and living within their means and a get rich wanna-be spendthrift making 200k a year, and in five years, (in most cases) the 60k person’s bottom line will be more. (he probably won’t have as much neat shit though).
10. Be Content
Know when enough is enough. I (Butch) was content to work with a shovel and broom, and I didn’t have aspirations of becoming rich. The best way for people to achieve their goals is not to be obsessed with the goal, but be obsessed with your day to day shit. There’s no road map to be a filthy rich and miserable person. Know when enough is enough – when my dad was ready to retire, he walked away from the shop and gave it to me and my sisters. That person that has that in his heart, is RICH. That person knows exactly what they want.
Catch Rooster & Butch on Season 2 of West Texas Investors Club on CNBC, premiering Tuesday, June 7 at 10 PM ET/PT.