I’ll teach you about buying, selling, financing and managing SMBs without lies , exaggerations or hype. I’ve been working in/with smallbiz since the ‘90s.
Young men.
Be smart with your money and even smarter with your 🍆 .
The only thing that will set you back more than having a child with the wrong woman when you don't have the money to take care it...
Is prison.
And even then, it depends.
School board just told us they'll be closed for the rest of the year and that my kids need to do 1-2 hours of online learning and 30 min of reading per day to stay on track.
I think they just told me that they've been ripping us off since the birth of the internet.
Video games give you a false sense of accomplishment. This is why they’re alluring, especially to young men.
But when the game ends, what skills, abilities, and upgrades do you REALLY have? None.
You’re made to go out and do things.
Beat the game of life.
There are people out there who think you don't deserve what you have simply because they don't have it too.
Never mind that they didn't do the work, invest the time or make the sacrifice.
All they see is a zero-sum game that they're not even motivated enough to play.
You don't get paid because of how hard you work.
You get paid because of the problems you solve and how hard you are to replace.
You don't make more money for digging a hole because you used a spoon.
Everyone wants to be successful. I've NEVER met someone who *wants* to be broke, out of shape, and lonely.
But doing what it takes and coming to terms with the harsh truths that require discipline and change...
That's when you realize how addictive identity and convenience are.
Money is important. But it only really matters after you get the things that money can't buy.
It's not that money buys happiness. It's that lets you be happy without feeling stressed about money.
But if you don't have the rest of your house in order, money doesn't matter.
"Being rich is something you can lose with a crazy summer and a drug habit."
-Chris Rock
It doesn't matter how much you make if you make bad decisions.
You'll only have as much money as your worst habit. A lot of former pro-athletes learn this lesson the VERY hard way
I just realized how anyone can understand the world...
Step
#1
: Watch 'The Matrix'
Step
#2
: Read '1984'
Step
#3
: Read 'Atlas Shrugged'
Then I'll come join you in your new survivalist compound.
You'll make more money when you focus on finding win-win scenarios.
You might make even more if you don't mind losing a little on the deal now.
Stop thinking you have to bully everyone, beat the competition, and show no mercy.
You attract more flies with honey than vinegar.
Men, don't talk to your woman about your money problems.
Just solve them, even if that means getting a second job.
You're already suffering. At least have some dignity about it and don't shrug off the burden of masculine performance.
Family comes with a type of trust that you can’t hire.
However, there will be problems if your family isn’t on the same page as you, ambition, ability, or emotion-wise.
Disagreements you have in your personal life can manifest in your business—and vice-versa.
-
@edlatimore
If your health is a mess, you'll be able to afford good healthcare, but now all of your money is going to a sterile hotel and a government sanctioned drug dealer.
And that's so you can *barely* function.
A rich man has many wishes. A sick man only has one.
You think you want money. You really want freedom.
You think want power. You really want respect.
When you know what you're actually try to hit, then you can target the right activities fulfill your desires.
Until then, you're lost in the wind.
When a man with money meets a man with experience, the man with experience leaves with money, and the man with money leaves with experience.
Sometimes the only way to get good at business is to make bad business decisions.
Charge it to the game.
The average person is overweight and has less than $1,000 in savings.
You're probably doing better than you think. And if you aren't, let this serve as a reminder to how woefully easy it is to be above average.
If your relationships are a mess, it's even worse.
There's a special kind of hell where you have a lot money but no one who likes you enough to have a $2 coffee with you.
And if you ruin your romantic relationships, it could cost you all that money and your health.
I guess it’s time to test the new Musk Twitter freedoms. So, I’ll say something slightly offensive…
Teachers are paid with taxes. They are incapable of comprehending anything entrepreneurial because they’re not subject to market forces. Stop expecting schools to teach biz stuff.
Most people have an extreme relationship with money.
Either they value it so much they won't spend it on anything more than is necessary...
Or they value it so little that they can't accumulate enough to make their lives easier.
@daniel_foch
In 2020-'no Heloc downpayment' rule was in effect. Asked banker if they were enforcing. Told me to take $ from the Heloc and put it into a savings acct for 90d to make it 'savings.' Rules like this will have to have some kind of personal balance sheet quick ratio to make sense.
Being good at making money does not make you interesting.
It doesn't make you a good person.
It doesn't even mean that you're smart.
It means you're good at making money. That's it, for better or worse.
You don't need to make a lot of money to be free and trust me, freedom is what you really want.
You don't want fancy cars, lavish trips, and a bunch of trinkets that will make you a target. You don't even want other people to know you have money.
You want something else...
A THREAD ABOUT A 100% SELLER-FINANCED DEAL.
Yes. These deals do happen.
Let me walk you through the case study.
The business in question was well-established and profitable.
It had been open for over a decade.
The seller wanted to exit and retire.
17 Stupid things entrepreneurs, solopreneurs, and small business owners do
A thread about greed, not considering higher order consequences, overestimating value, and underestimating work.
All the things people are bad at get magnified when money is on the line.
THREAD
Think of yourself as a business.
Would you buy stock in you?
Do "customers" believe in your product?
Is your packaging and presentation right?
Will you last?
"I'm not a businessman. I'm a business, man."
-Jay-z
You want the best things in life.
The best things in life aren't material. They can't be touched. You can't post them on social media to flex.
You want strong relationships, fantastic health, peace of mind, and purpose.
Money removes distractions so you can focus on those.
Many businesses that you think are successful may not be.
Some fabulously wealthy people purposefully hide outside the public spotlight.
All that glitters is not gold. All that's golden doesn't glitter.
Imagine being financially successful but having no friends, family, or love life.
The cold and unpleasant feeling you got is why you should NEVER sacrifice good relationships just to earn a few extra bucks.
Money doesn't replace what you get from these things. It just allows you to enjoy these things and use them to affect the great good on the planet while you're here.
Get money so you can focus on things more important than money.
@SultanofStorage
You need to invest lots of time with your kids before they’re 10. Trips, one on one time, etc. this is when they learn to value you and your opinions. My kids are teenagers now and they still listen to me and seek my counsel.
I once reviewed a business up for sale for a client who wanted to buy.
Immediately, I saw the asking price was ridiculous. The buyer wanted $7M for something only worth $2M—on a *good* day.
They were trying to get us for 350% more than it's worth.
What's the right play??
You need a code of conduct, morals, values, and ethics.
This is not just to keep you out of jail or in good standing with others.
You need to be able to look at yourself in the mirror and be proud of who you see. You need something to stand for that gives you purpose.
A THREAD about the opportunity of LOW SDE Businesses.
I had a member of my group coaching program tell me yesterday that he was going to focus on finding a business with a high SDE (Main St.)
Likely $300K-500K.
In business, honor and integrity above all else.
Because if you lose that, then none of your other competencies matter.
No one will do business with someone they can't trust and comes with recommendations to NOT work with.
@ronmortgageguy
I’ve always thought that the right was about freedom and the left believe they’re smarter than you and should be making all your decisions.
Just listen to what they say.
When I go through my social feeds, I just see this whirlwind of emotions and reactionism.
No thinking.
No reflecting.
No deliberation.
No nuance.
Just name-calling and assertions. Get off of Twitter and go live in the real world to calm down.
It's nice.
@SullyBusiness
I used to follow an economist that tracked classified ads for motorcycles, boats and RV's as a leading economic indicator.
When money is tight, selling toys can be a first response.
Simple: Don't spend more than you earn. Not a complicated way to never be broke.
Hard: Resisting instant gratification and the urge to put stuff on credit. Not an easy way to never be broke.
Most problems are simple but difficult. But it's their simplicity that makes them easy.
@frugalistamom
@GailVazOxlade
@fordnation
If you're vaxxed, why are you afraid of unvaxxed people? Everyone can transmit it. You're more resistant.
You're acting emotionally, not rationally.
@Rich_Cooper
When I got separated, I went to a counsellor who gave me some clear and actionable advice.
1. stop doing husband stuff for her,
2. Get some new hobbies that you did not do in the relationship,
3. Don't try to date until I felt centered in my own world. It was good advice.
I
@SievaKozinsky
Taxes? Capex? That the price is insane. 3.5x EBITDA doesn’t make sense for a service business with low barriers to entry. Saying it’s affordable because of growth just makes you complicit in the seller making you pay for ‘blue sky.’ Why would you pay for work you’re going to do?
@TheKelseyMcR
I’ve had many conversations lately about the short-sightedness of PE acquirers.
Actions like this just create new openings for new competitors.
.
Three recipies for financial independence:
You become financially independent in one of several ways.
Traditional way- Build assets that deliver income without you working AND this income is enough for you to live on.
This is what the financial-planning industry sells you.
You want peace of mind.
It's easy to sleep at night knowing that you can pay all of your bills and feed your family without putting yourself into debt or making trade-offs.
There is nothing more stressful than hoping your card doesn't get declined at the grocery store.
3. Anything worth having is cheaper to maintain than fix, but once it's broken, don't throw good money/time after bad. The Sunken Cost Fallacy has ruined more lives than actually sinking ever has.
4. Trust but verify. Then double-check. Then keep checking.
@EdLatimore
My 12 year old gained weight during the pandemic. I taught him how to use a calorie counting app and put him in a 3X/wk baseball skills camp. He grew 6in and lost 20lbs. He’s so proud of himself. Now he’s 13 and knows he can control his weight. Also, he made the A-level team.
Yes, because in order for someone to die from Covid, they already need to be sick in some fashion. WHO reports that 99.8% of healthy people recover from Covid. We are destroying the economy so that some people can feel good. Meanwhile 270M more people are now food-insecure.
When you work for yourself, you don't *really* control your own time. You just control the distribution, and only to a certain degree.
You don't have a rigid 9-5. You have an extremely fluid 24/7.
As long as you can accept that, you'll do great.
Don't loan money you can't lose without losing sleep.
Don't borrow money you can't pay back if there was a sudden recall.
This keeps you honest about using other people's money to make money instead of just to buy nonsense and flex
The other day, I had a zoom call with a guy in Venezuela.
Now, if you listen to the news, you’d likely think the internet doesn’t work there anymore.
It’s true that things are tough there.
I asked him about how the economy could function with such high inflation.
15. Assets aren't just physical. They can also be skills, connections, or reputation. Develop those as well because you never know when you need them.
16. Good skills build a good reputation. A good reputation will make you well connected. This is networking.
Yesterday, I spoke to an audience of 50 biz owners. I invited them all to connect with me on LinkedIn. Only 2 did. Almost 20 came and asked for my biz card though. Most real-world biz ppl are not online like you and me.
The easiest way to keep yourself from getting scammed is to be honest and stop looking for short cuts.
Most of these hustles take advantage of your greed and laziness.
1. Do your projections based on the worst-case scenario. It's rarely this bad, but being conservative will keep you from getting in too deep or completely underwater.
2. Don't loan more than you'd feel comfortable giving to charity. Because it might turn into a donation.
It’s why having a savings account with 6-months of expenses is so critical. It’s actually an investment in restful sleep and the ability to choose integrity in business dealings.
5. Most people are good and won't take advantage of you. But when it comes to your money, assume they're all devils. Better to miss a good deal assuming everyone is bad than to take on a bad deal assuming everyone is good.
6. Cash is king but the kingdom is run on credit
10. Don't make financial decisions when you're emotional. This is NOT the same thing as making financial decisions based on emotions.
11. There are no sure winners, otherwise everyone would be winning. But there are a LOT of sure losers.
7. Always pay your debts back on time, but no sooner. Very often, that money can be used to generate more money.
8. Money don't you lose spends the same as money you gain.
9. Don't loan money to friends. If they really need help, just give it to them.
If you can't buy traditional assets, create intellectual ones.
A very helpful $50 ebook or webinar can set you up to generate a small bit of passive income that could save you in a major emergency.
@GoodsCapital
Smallbiz doesn’t ‘cash out.’ They sell when personal circumstances require. This won’t change. The change is on the buy side. Less overall liquidity means fewer ‘drunk-money’ bids. We’ll get back to normal pricing.
When doing business with family, try to keep things simple and ensure everyone understands how you can happily end the arrangements if someone wants out.
Personal relationships must be defended over business interests.