Meet The $300 Billion Man

June 10, 2024

Meet The $300 Billion Man

MrBigMoney Big Money Mindset, How To Think Like A Big Money Millionaire billionaire, billionaire lifestyle, billionaire luxury, billionaire luxury lifestyle, billionaires, billions, Bitcoin, business, Business Advice, cnbc, entrepreneur, finance, forbes, forbes digital, inspirational, interactive brokers, jordan welch, luxury, markets, money, motivation, motivation 2023, options trading, personal finance, peterffy, rags to riches, stock trading, stocks, success, success story, succession, thomas peterffy, thomas peterffy net worth, wall street, wealth, wealthy, welch 41 Comments

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today I’m interviewing one of the richest men on the planet and we just arrived at his 100 million dollar mansion here in Palm Beach so he can tell me exactly how he got here thank you so much for having us at your house today this is without a doubt the most beautiful house I’ve ever seen in my life really yes thank you as of today how much in assets is your company interactive brokers have under management uh we’re roughly 350 billion dollars wow you’ve come a long way though let’s take it back to the beginning let’s tie sure yeah let’s go back to 1944 the year you were born 1944 I was born in in Budapest uh during the time when the city was under siege and it was being bombed and I was born in the basement of the hospital because there was a bombing rate there was a bombing happening while you were being born right all right and growing up under those conditions what was that like you grew up with your mother and your father I just grew up with my mother and you guys didn’t have much money back then we had no respect that badly had any food is it true that you made your first money in high school from selling Juicy Fruit gum to classmates that’d be amazing yes that is true yes I was 12 years old at the time it was at the time of the Hungarian Revolution the Hungarian people were basically fenced in so that they couldn’t go out and I had an older friend who was about 18 years old in the building who went out to Vienna with the Red Cross truck and came back with Juicy food grubs and he saw them to me for two dollars a stick and I cut them into five pieces and sold them for one dollar a stick that’s amazing how much money do you remember making from that a couple of hundred wow yeah well actually I brought you a gift I served you with you through God searched for a few days and I found the original packaging from 1970. Juicy Fruit gum this is actually the thing yeah it’s amazing maybe we should open it up and share a piece together yeah all right no no no it’s too old it’s too cold you think it wouldn’t be good anymore I think it might be the last piece of Juicy Fruit you ever have in your life that’s crazy thank you very much you’re welcome I will keep it at the souvenirs it’s amazing that you found them those those must be your neighbors flying in the helicopter yeah well Trump doesn’t like it when it flies over here yeah no he just sleeps down there three hours is down that way yeah just around the corner from Trump right not bad yeah so After High School you moved to the United States I was 21 when I came to the United States what type of challenges did you face when you moved to America did you speak English did you have money saved up did not speak English and I did not have money so that was a challenge both of them very challenged so so how did you get by how did you make your money when you came to America uh I got a job as a draftsman so I will start doing surveying back in Hungary I understood maps and I was hired by a highway designing firm to throw Maps basically highways so how did you turn that into learning computer programming how did you learn about programming in New York they didn’t teach that in Hungary they didn’t teach it anywhere at that time yet the company where I just got this job both a little uh computer in those days there were no commercially available computers in the United States so they bought this computer and they realized that nobody knew how to program it and I volunteered to learn how to do it and I did how did you learn manuals I just did the manual and started writing the program and that skill ended up being the one that changed your life forever and got you to this point today but first I want to know about how you went from working that job to getting a seat on the American Stock Exchange so before I did that I went to work as a computer programmer on Wall Street where I heard about options boots and calls I was intrigued by the question of how to calculate the correct price for an option I figured that out and wanted to go to trade for myself and so I’ve been saving money and over the 10 years of working I saved up two hundred thousand dollars which in those days was more A Lot 200 yeah today so I I bought a seat on the stock exchange and went on to the floor as a Trader that was very different in those days because there were no computers there was you know just people yelling and shouting and you you at the time felt like that was not the best way to do this the next certainly was not the best place to do this because by that time I was yelled by that time computer technology was at the time just at the point where you could have computerized the exchanges this was in 1977 but of course they didn’t but I do this because the big traders made their money out of the chaos he didn’t want to break the system that was already there but in 1984 you launched timber Hill which has now become interactive brokers right the largest Brokerage in the United States can you tell me the story of how it started as this small company TP and Co timber Hill to now be coming to this level you’re amazing you really did you remember yes of course I had to so I spent Five Years on the floor trying to understand how things work kept asking them to convert to computerized systems and they kept saying no no go away go away that specialist didn’t want to trade with me because I knew that I knew the number is better than they did so I hired a very attractive young women to trade for me we told them what to trade I went back to a specialist and they said I’d like to buy such and such after all the Specialists rised up and they said well that’s not going to work by the rules they were right so I didn’t know what to do so so that in 82 and decided that I would have a computer that would get all the all the prices so my computer took in those bids and offers and analyzed them and printed out the best trades to do you wrote this program all yourself I I did the program yeah which by the way I have in my office here you have it yeah I can show it to you so you build the hardware too yeah we did in the office right it’s a lot different than the MacBook but it was decade and a half earlier so it was touch sensitive and you could communicate with the computer by how where you touched it so how do you go from creating something like this getting your company off the ground to taking it to now billions of dollars well you know this was 40 years ago when I we ran down with the so 40 years is a long time you know it didn’t come very fast you know it’s just you have to do it day after day after day week after week year after year it takes a long time was there ever a moment that you wanted to give up or it got really difficult uh well several times I’ve always went bankrupt yes yeah several Banks so do you remember what that felt like sure remember it’s horrible on the flip side do you remember the day that you became a billionaire no you know I don’t but I remember the times that I always win bastia so that’s just something that happens and the day goes on as normal that no the billionaire is not it is the first million in the first 10 million that are difficult once once you got there goes faster and faster your story is incredible I think it’s the most incredible of any business person I’ve ever met in my life I want to switch it around and I want to ask for some advice because all my viewers are young entrepreneurs or aspiring investors the first thing I want to talk about is that you’ve seen many ups and downs in the market you’ve seen some of the worst crashes in history do you think we’re headed for another market crash well uh I mean that’ll be they’ll be crashes and there’ll be a final crash a final Crash from this there is no return there I I believe that because there is social dissonance and there is we don’t have a financial solid Financial basis anymore even over the debt and we can just keep adding to the dead so I think eventually through the collapse and when it comes back it will take some years to come back the companies and the stocks will not exist when when the system comes back again so the idea through the stocks that you end up with will be birthday it’s almost like a reset yeah so how can we prepare for that how can somebody like me prepare for that but my mother told me always the only thing they can never take away from you is what you have learned what do you think is the most important lesson you’ve learned if you are sitting with Thomas at 18 years old and he was looking you in the face what is one word of advice you would preach to him be ambitious try to succeed at all cost the last question I want to ask you is that you’ve achieved what most people would consider the dream life you have everything you’ve made billions of dollars you have houses around the world you have a family what’s left is there anything that you feel like is missing in your life no sure I still want to succeed better than I am and so far I like interactive brokers to become bigger and more successful and I think that’s the reason why you’re here today is because you care about building the best product the best team and helping your investors so that’s correct I really appreciate this interview it means a lot to me please subscribe to Jordan’s channel it’s terrific I have seen some of the videos he has made I think you will learn a lot if you subscribe and watch see you guys in the next one subscribe yet I don’t know what you’re doing me talking money on me

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