177: What Skills Make People Rich?
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What is the main topic discussed in this episode?
Hey everyone, and welcome back to the Rich Habits Podcast, a top 10 business podcast on Spotify brought to you by Public.com. By the end of this episode, you're going to know the four skills that actually separate rich people from everyone else. And not one of them is taught in school. Not one of them requires a degree, a trust fund, or permission from anybody. My name is Austin Hankwitz. I'm joined by my co-host, Robert Croke. Robert is a seasoned entrepreneur with lifetime revenues of over $300 million, and I'm a multimillionaire in my early 30s with a background in finance and economics.
What four skills do the hosts say actually make people rich?
As the show name might suggest, every episode we talk about rich habits as they relate to business, finance, and mindset. So Robert, specifically, what are we talking about in today's episode?
In this week's episode of the Rich Habits Podcast, we're tackling a question that doesn't get asked enough. What skills actually make people rich? Not degrees, not job titles, skills. A study from Fidelity found that 88% of millionaires are self-made. So what did they do differently? Because it wasn't luck, it was a specific skill stack. Today, we're breaking down four skills. Sales, distribution, financial literacy, and tenacity, each one building on the last. Sales without distribution has a ceiling. Distribution without financial literacy is a leaky bucket. And none of it matters if you don't have the guts to actually go for it. So Austin, let's start with the one that makes everything else possible.
Yes, skill number one is sales, but it's not exactly door-to-door sales or something of that nature. Scales is a skill no one wants to learn because it can be intimidating, but it's a skill that everybody needs. And again, I'm not talking about cold calling. I mean the ability to communicate value in a way that gets people to take action. Let me say that again. Sales is not cold calling. It's not door to door. It's the ability to communicate value in a way that gets people to take action. Whether you're negotiating a raise and the action is to pay you more money, or maybe you're pitching a client for your startup or website business, or maybe you are selling a product or a service to someone online, all of that is
sales because every dollar that's ever been made ever started with someone convincing someone else that it's worth paying money for that thing that widget the service whatever it might be every business every career advancement every partnership it all starts with a sale and now here's the part that people miss Robert is real sales is not about convincing someone to buy something they don't need it's about understanding somebody's problem clearly articulating how you can solve that problem and being a good listener to ensure that that articulation actually solves the problem that they need figured out. That is sales in a nutshell.
And the cool part for everyone watching this episode and listening, it's completely learnable. People treat it like it's a personality trait. You're either a good salesman or you're not. And that is just completely wrong. It's a set of techniques. Active listening, objection handling, understanding timing, framing value in a buyer's language, and the one that kills most people, actually asking for the close. You can study these the same way you'd study coding or accounting or any other skill set and learn them just the same. And once you internalize these, you see sales everywhere. Negotiating your salary is a sale. Pitching your boss on a new project is also a sale. The skill transfers to every part of your life.
And if you're looking to brush up on your sales skills or you feel you're lacking in general, we recommend a couple books to help you along the way. A couple of our favorites are How to Win Friends and Influence People and The Psychology of Persuasion. But sales have a natural ceiling, and that brings us to skill number two.
Skill number two is distribution. You've learned to sell, but now you need the distribution. And we're not talking about millions of followers on social media.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00β0:34
2
What four skills do the hosts say actually make people rich?
0:34β7:53
3
How do Austin and Robert define sales as a wealth-building skill?
7:53β18:39
4
Why is distribution the skill that removes the income ceiling?
18:39β30:15
5
What financial literacy principles stop high earners from staying broke?
30:15β38:15
6
Which five financial practices should high earners master now?
38:15β39:51
Speakers
2 identifiedMore from Rich Habits Podcast
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185: Is Your Financial Life Too Complicated?