The Void #2 ** Core Episode ** Personal Finance Preparation – Jan 22, 2022
In this episode, we’ll discuss the various ways you’ll need to prepare your personal finances for transitioning to becoming self-employed. Banks will look at you differently when you’re newly self employed so you’ll need to be prepared. Tune in and enjoy the show!
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[Music]
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hey everybody and welcome to the void a
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show dedicated to filling the void
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between being an employee and becoming
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self-employed
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most people refer to starting your own
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company as taking the leap as if they’re
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blindly jumping off a cliff and into the
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unknown
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this show is to help you understand that
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it doesn’t have to be that way in fact
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it doesn’t even have to be a leap at all
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it can be as simple as taking a few
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carefully planned steps in the right
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direction
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we’ll share with you a process i used
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for starting my own company and you too
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can be on the way to starting your very
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own service-based company we’ll work
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through some common issues that are
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preventing you from starting your own
00:43
company and filling your own true
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potential
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as always if you like what you’re
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hearing on the show please do us a favor
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and help share the void with somebody
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who might also be wanting to start their
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own company we aren’t professional
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podcasters or videographers or vloggers
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or anything like that
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so
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we don’t pay to advertise this podcast
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uh we all have full-time jobs within our
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businesses and so we saw an opportunity
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to help others understand that
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self-employment is indeed within your
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reach
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and so just as our businesses have grown
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organically and because we provide great
01:19
value we hope this show does the same
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thing
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for that to happen it takes two things
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we have to put out great content and you
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have to help share our valuable message
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we know many of you out there are on
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different social media groups and for
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your various trades or crafts and so
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facebook groups
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notoriously are begging for this kind of
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information
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so as you see somebody ask questions
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about starting your own company or or or
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venturing off onto their own please do
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us a favor and drop a link to the void
01:53
in the comments of those questions
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we chose to start this podcast soon
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after i started my
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very own company
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i started our business from scratch i
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made the decision in early 2020 that i
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would finally follow through with a
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dream i had had my entire career i had
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been a plumber for about 20 years and i
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had always dreamed about starting my own
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company
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i spent years dreaming about doing
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something but i wasn’t really working
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towards it necessarily and it wasn’t
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until january of 2020 that i finally
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decided decided it was now or never
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2020 was also quite an interesting year
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we were dealing uh well the nation was
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dealing with a shutdown of local
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economies and it put pause on on many of
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our day-to-day activities
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i set a goal to launch our business on
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august 1st of 2020 and that left me six
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months to get everything prepared
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as my planning and preparations
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progressed so did the pandemic
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not to be deterred i pushed through with
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all of my preparations while the local
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economy seemed to be shutting down
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further and further because i was using
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my millionaire mindset and we talked
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about this on the last show
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the millionaire mindset is a mindset
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that you’ll want to adopt for yourself
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as well let’s talk about the millionaire
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mindset great point
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with me here is david hilton yep so glad
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to be back he kept me for one more
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episode one more episode we’ll see if i
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make it through it’s a show to show
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contract yeah the producer gets to uh
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decide that so we’ll see uh we’ll see
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what he says but the the millionaire
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back to the millionaire mindset is
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not the mindset of someone who has made
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a million dollars it is
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that of someone who is
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and there’s lots of different keys smart
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with their money right thinks about the
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next step instead of hey i have this i
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have this money i can go do this or
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and and
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get self-gratification or i can invest
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that money that’s a millionaire mindset
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right what’s another example of a
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millionaire mindset
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basically the millionaire mindset is the
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mindset of a person who wants the money
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to reproduce itself and that they can
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live off the proceeds exactly so in
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other words you hand somebody a million
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dollars if their inclination is to spend
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that million dollars they don’t have the
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millionaire mindset
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if you hand somebody a million dollars
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and their inclination is to use that
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money
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in a way that the money starts
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reproducing itself
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that
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is a
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significant factor of the millionaires
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and we’re not saying that if um i gave
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mitch a million dollars today say he
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paid off his house yes he’s spending a
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chunk of money but that is saving him
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interest right down the road and then he
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decides to do something smart with the
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rest of the money invest that money
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right instead of buying a ferrari 488 or
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you know a shelby cobra right he takes
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that money and does something smart with
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it all of those decisions
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are part of a millionaire mindset right
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quote unquote i hate to do that yeah
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yeah but yeah it’s it’s it’s to
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decisions that lead towards wealth
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instead of being rich yeah being rich is
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somebody with money being being wealthy
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is somebody who has uh some some things
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set up with their money to where the
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money reproduces exactly so
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when when we started our business uh you
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know others others were forced to deal
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with all the bad news and all the
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closures that were happening and
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everything else and it was brutal i was
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solely focused on our august first
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opening date of our company
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we when we met our goal we successfully
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opened our doors august 1st as as
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planned and we never looked back
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fast forward about six months
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we had performed some really admirable
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revenue for a one-man operation in just
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six months our business had completely
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paid off all of the all of the startup
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costs and we were in the middle of
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buying another truck so that we could
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add another plumber and and keep up with
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demand our business was a plumbing
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business
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so in just six months we went from
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nothing to a company that had value and
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and had so much demand that we needed to
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hire somebody else
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our profit was happening and our
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presence in the marketplace was
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undeniable
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and and we also had a perfect 5.0 rating
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on google and in six months we we had
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150 five-star reviews
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we also became a dominant player in our
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target market area
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if somebody posted like on a local
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social media group asking for a
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recommendation we were referred at a
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rate of six to one over any other
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company in the area no matter how long
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they had been in business
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so we didn’t even need to advertise our
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community loved us so much that they
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advertised for us
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we even had people recommending us that
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had never even used us they had simply
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heard about how great we were and so
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they wanted to support us let’s
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i wasn’t going to jump in here but i
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want to um you know when people hear
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those things they think oh
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so what he got another truck oh so what
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he got one more employee
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when you’re starting out and you’re just
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on your own those are big steps
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milestones they’re big steps and when
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you just when you hear that i don’t
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think people realize
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how much money it takes um to do those
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things
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in in that particular field right you
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know and those are
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those are big steps that anyone can take
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if they’re prepared to take them
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just to give you a reference
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at the time i started our company for me
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to buy a vehicle and fully outfit it
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with all the shelving and all the tools
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and all of the material that it needs it
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cost me eighty thousand dollars it’s a
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lot of money and early on in business
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you don’t really have credit so your
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only way to do all this is with cash
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and we’re going to talk about that and
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we’re going to talk about all that in
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the future for sure however uh so we
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were six months in we had already paid
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all of our startup costs off i had paid
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myself a decent salary and
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i had enough money in the bank to start
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i didn’t i didn’t have the 80 grand
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necessarily but i had enough to buy the
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truck and then start working towards
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getting all the inventory and everything
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else yeah and i didn’t want to stop you
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on your run there
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i thought it was uh important to bring
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up yeah so after realizing how
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successful our process was to start the
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business we decided that other people
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need to hear this this is solid
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information that people need to hear
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so i know many others out there want to
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start their own service based company
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but they have a lot more questions than
08:34
they do answers and so we chose to start
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this podcast to provide those answers if
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we can remove some of those unknowns and
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help clear your path then you can be on
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the path to success i personally love to
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watch others become successful and
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you’ll start to understand as you become
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successful successful people love
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helping other people become successful
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they love cheering other people on yeah
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especially their employees if you get
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right if you get a young man that
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doesn’t know anything or just knows a
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little bit and and you’ve kind of you
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know
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i don’t want to say like led him down
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the right path but but you’ve given him
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the skills to make it on his own and
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and do well in a truck that you gave him
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there’s a great deal of satisfaction
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in that process yeah hi guys nope
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introduce me yeah so mr martin i did say
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a young man yeah marcus our our producer
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who uh has always heard and never seen
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he he would like to speak
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oh man what’s going on marcus i think
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that was the perfect time to introduce
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me yeah yeah yeah go ahead and so so
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marcus
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is our producer there we go yeah i like
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it yeah yeah yeah
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so uh carry on fellas
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so so marcus is actually a videographer
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for our plumbing company and he helps us
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produce videos and things for um uh for
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for the plumbing company um and then we
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decided to spawn off and start this
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podcast so when we talk about watching
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people become successful and watching
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people evolve
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marcus is a great candidate to bring in
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mind
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because i have no doubt that one day
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marcus will leave our company and go do
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his own thing
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and it’s going to be one of the greater
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days in my life because he’s going to
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have done that through a lot of the
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information he’s gathering from what
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we’re talking about on the show and lots
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of lots of business owners um
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when someone leaves they’re
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upset they’re mad oh i spent all this
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money on that person blah blah blah not
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all of them not only but some of them
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are and a lot of times as an employee
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you think they’re thinking that and
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maybe they’re not right you know what i
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mean you’re like oh man i don’t want to
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leave because he’s put all this money
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into me in time and and he’s going to be
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mad or upset you know what he may not be
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right
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a boss or as like i like to call him a
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boss hole that’s that’s an [ __ ] who’s
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your boss yeah so those are different
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than what we’re talking about yeah a
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boss hole might take that approach of
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being upset
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if you if you if you work for a good
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leader
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they will be incredibly happy to watch
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you transcend to a different level
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leader and boss are two different words
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oh gosh yeah yeah yeah so
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um the remainder of these first nine
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episodes are both a story about how i
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started our business as well as a
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blueprint to help you create your own
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service related business
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this plan will get your business from a
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thought to a real thing the plan will
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get you started in the right direction
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and once you’ve started then it’s up to
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you on where you go from there
11:39
my business was a plumbing business but
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the ideas that we’re going to discuss on
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this podcast will work for almost any
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service related business out there if
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your business is direct to the customer
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and requires a high level of service
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then the ideas that we discuss here will
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work for you
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you would just need to tweak a few of
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the metrics maybe and and to line up a
11:58
little bit better with the services you
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provide
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so much like blueprints are successful
12:03
and are instructions to uh create a
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successful building
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the ideas that we’re going to discuss
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here
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are instructions that are going to give
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you the steps you need to start seeing
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profit in your very first month of
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business
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i’ve been where you are dave’s been
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where you are
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so i too have spent many evenings
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wondering
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what it would be like to have my own
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business
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i’ve also held the desire to build a
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legacy for myself instead of continuing
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to help build a legacy for somebody else
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yeah let’s talk about profit just for a
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second
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you know
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a lot of times when you’re growing up in
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an industry or you hear from oh you know
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i just i can’t pay that much for this
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you know someone’s trying to sell you on
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a set on a sale you’re trying to make
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profit is not a dirty word
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you cannot grow if you’re not profitable
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if you’re doing everything for for cost
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you’re actually losing money yeah profit
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is the reason you would go into business
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exactly if you if you can’t grow you’re
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dying if you don’t like
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profit
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don’t start your own company
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yeah
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and that’s not to say
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like the only reason you start a company
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is for-profit however profit is what
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allows your business to exist and profit
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is what allows your business to grow and
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profit is not just your business growing
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profit is
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hiring another employee
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profit is paying taxes profit is having
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enough surplus funds to be able to help
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your community in charitable ways yeah
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or give your guys a wee extra week of
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vacation off right or when uh one of
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your guys’s wife is pregnant and and
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he’s like hey
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you know we’re in a tough situation i’m
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gonna need eight weeks off and you’re
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like you know what why don’t you take
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the eight why don’t i give you another
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week right you know profit is what
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allows you to be in the position to
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where one of your employees grandma dies
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you’re like take as much time as you
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need right a good key indicator that
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companies might not be making enough
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profit
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is they’re going to be like oh that’s
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it’s sorry to hear that see you’re going
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to be a little late today instead of
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yeah and almost
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that goes back to bosses versus leaders
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right
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and if you’re say they are making a lot
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of profit and your
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boss is like oh okay i’ll give you one
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day
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like dude i have to go to virginia or i
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have to go to texas you know and he’s
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like okay well you know you’re not gonna
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get paid
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yeah
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oh okay you know even if even if that’s
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in the guess what he’s doing on the
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plane flight to virginia exactly it’s
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just he’s looking for another job yeah
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it’s it’s just and that is the
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difference between a boss and a leader
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yeah and you know i don’t want to drop
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any names but a company um
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i did heating cooling for a guy who
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owned a major electrical
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company in kansas city and he told me
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one time the
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the most the best thing you can do to
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help your business grow so that you can
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maybe just be a salesman or just work on
15:04
books is to take care of your guys yep
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to pay them well to give them vacation
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because that allows them to work hard
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for you and they don’t want to go
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anywhere right
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right
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the
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the easiest way so when your business
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gets to a point where you have employees
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the easiest way to understand how to
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manage employees
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is to treat your employees exactly how
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you expect your employees to treat your
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customers exactly if you can if
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if you were to summarize how it’s like
15:34
to have employees that is the one
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sentence answer
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if you treat your employees exactly how
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you want your employees to treat your
15:41
customers you will always be successful
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back on topic here
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that was well said yeah and i was
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awesome that was great
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we’re going to provide you a
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step-by-step process for all of the
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preparation steps as well as some advice
15:57
for for once you’re off and running
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after you’ve completed these steps you
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will be the captain of a debt-free
16:04
business that has some cash in the bank
16:06
and that’s growing every month the
16:08
timeline for completing these steps will
16:10
vary depending on your individual
16:13
financial situation and your individual
16:15
level of discipline
16:17
i personally completed all six steps in
16:20
12 months but your unique situation will
16:24
ultimately set the timeline
16:26
i’m not aware of a shorter process that
16:28
results in long-term success either
16:32
skipping steps will only hurt you later
16:35
spending less time to prepare will only
16:38
result in mediocrity you owe it to
16:41
yourself to do this right and your
16:43
future depends on it your future company
16:46
depends on it let’s talk about that just
16:48
for two seconds yep mitch isn’t saying
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it’s gonna take you 12 months
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nope it took him 12 months
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to get through the steps for his
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particular business yeah if you’re in a
16:59
different type of business some of those
17:01
steps may be quicker yep some of them
17:04
may be longer yep okay so don’t think oh
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i heard 12 months it’s going to take me
17:08
12 months why what it could not
17:10
necessarily it could realistically take
17:12
a guy 30 days
17:13
yeah just and everyone’s situation is
17:16
different yep so don’t don’t think oh
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i’m gonna listen to this
17:20
these guys are full of crap and it’s
17:22
gonna take me a year to get rolling that
17:23
that’s not what he means when he says
17:25
that and in all fairness half of these
17:27
steps are preparation steps and half of
17:29
these steps are beginning steps for once
17:31
you’re off and running it took me six
17:34
months to go through the first three
17:35
steps and those were the preparation
17:36
steps and then it took me six months to
17:39
really
17:41
drive down
17:42
our beginning steps and develop all of
17:45
my processes for once we were off and
17:47
running so that’s what i mean when it
17:48
took me 12 months to go through all 12
17:50
or all six steps
17:52
three of the steps are before you start
17:54
in business and three of the steps are
17:55
after you’re off and running yeah and
17:56
and the the pre-steps
18:00
be very quick because some of those
18:01
things you may you don’t even realize
18:03
you’ve done right or have already right
18:06
so we’ve split this we’ve split the
18:08
steps into two groups we have
18:09
preparation steps and we have beginning
18:11
steps and you can work on multiple steps
18:14
at once as long as they’re in the same
18:17
group
18:18
and and so the reason for that is we
18:20
don’t want you to start working and
18:22
start your business until you’re fully
18:24
prepared to start the business so work
18:27
on all the preparation steps you can
18:28
work on multiples at once that’s fine
18:30
don’t work on any of the beginning steps
18:32
until you’re done with the prep steps so
18:35
draw a hard line there between when
18:36
you’re preparing versus when you start
18:40
this the six steps that we’re going to
18:42
talk about are easy to discuss but they
18:43
require significant amounts of work and
18:46
discipline we’ve all heard the saying
18:48
that if it were easy everyone would do
18:50
it
18:50
but what most people don’t under realize
18:52
what most people don’t realize is the
18:54
problem with that is most people confuse
18:57
the amount of work with the difficulty
18:59
of work they see a lot of work ahead and
19:01
they just assume it’s hard
19:03
but
19:04
it’s it’s really not
19:06
it’s just easier not to do it and so
19:09
nothing we’re going to lay out in this
19:10
podcast is overly difficult
19:13
it just takes significant effort and
19:15
some of these steps may take significant
19:17
time
19:18
so it’s going to take working while your
19:20
friends are playing it’s going to take
19:22
working when you’d rather sleep it’s
19:24
going to take dedication and discipline
19:26
and the ability to manage yourself but
19:29
once you get comfortable with all of
19:31
that you’ll realize
19:32
that the more you work
19:35
the faster things start coming together
19:38
and it just feels different because now
19:40
you’re the person holding yourself
19:42
accountable rather than like a manager
19:44
at your job or anything like that
19:46
so
19:47
let’s let’s go over real quick the six
19:50
steps that we’re talking about the six
19:52
adversities yes so
19:54
the so let’s go through the first three
19:56
i’ll do the first three the the
19:57
preparation adversities yeah so the
20:00
which we’re gonna talk about in this one
20:01
the the personal finance preparation
20:04
which is i’m going to cover that later
20:06
yeah we’re going to go over that that’s
20:07
one two business finance preparation
20:10
that is not the same as you taking care
20:12
of yourself that’s getting prepared for
20:14
the business to actually get off the
20:16
ground yeah
20:17
high level overview of that it’s going
20:18
to be like setting a budget for the
20:20
business so you know how much money
20:21
you’re going to need to start and stuff
20:22
like that yeah yeah and then uh three
20:25
is systems preparation yeah so systems
20:28
preparation there’s actually there’s a
20:29
couple of episodes that cover systems
20:31
prep we’re gonna systemsprep is gonna be
20:33
drilled into your brain until you’re
20:35
tired of hearing about it yeah we talked
20:36
about it in one we’re talking about in
20:38
this one we’re talking about the next
20:40
one we’re gonna talk about virtually
20:41
every episode because it is literally
20:43
what determines your success and when we
20:45
get to the q a a lot of people’s
20:47
questions are going to be about systems
20:49
preparation you know hey how do i gel
20:51
code this right you know in accounting
20:54
you know where does this go that is a
20:56
system yep
20:57
yeah so uh systems preparation couple
21:00
episodes on that um
21:02
the beginning adversities and we’re
21:04
calling these adversities is because
21:06
these are things that you’re going to
21:07
need to overcome in order to be
21:09
successful so you need to overcome your
21:12
personal finance issues in order to be
21:14
successful in business you need to
21:15
overcome the amount of work that it
21:17
takes to put together good systems in
21:19
order to be successful so the beginning
21:21
adversities are community involvement
21:24
work you’re going to need to overcome
21:27
the idea that in order for you to be
21:28
successful you must be involved in your
21:30
community if your community doesn’t know
21:32
you exist you will not be successful
21:34
community involvement that’s free
21:35
advertisement yeah yeah it’s free
21:37
advertisement and we’re going to get
21:39
into it in depth in that episode uh uh
21:42
beginning step uh number we’re on five
21:45
we’re on number five uh so it’s the
21:46
second beginning adversity uh and that
21:48
is wake up do work and repeat and a lot
21:51
of people would call this like grinding
21:53
it out but i i hate that word it’s it’s
21:55
an overused word i like it i hate it i
21:58
like it
21:59
i don’t want to split wood for my
22:01
fireplace but i go do it i go do it and
22:03
i gotta grind through it the problem is
22:05
a lot of guys clock in on monday and by
22:07
11 o’clock they’re like oh grinding it
22:10
out for another day and it’s like dude
22:11
you’ve been to work for like three hours
22:13
like that’s not grinding no call me at
22:15
11 pm when you’re still at work on
22:17
thursday grinding on thursday with one
22:19
day to get right so it’s it’s not i mean
22:21
i try to use that’s just soft guys yeah
22:24
i try to avoid using the word because
22:25
it’s overused but uh that’s why i call
22:28
it wake up do work and repeat because
22:29
ultimately that’s what grinding it out
22:31
is it’s literally getting up every day
22:33
doing the job and then repeating that
22:34
every day and let’s talk about if you
22:36
think you’re gonna get up oh hey i made
22:38
my business and now i’m gonna i can
22:40
sleep till noon yeah i’m gonna get up
22:42
and work two days and then the rest of
22:43
the week i’m gonna be off no you you
22:45
want to be successful or you want to be
22:47
just a sack of
22:48
you know whatever stuff i’m not [ __ ]
22:50
it’s a podcast i can say that stuff but
22:52
i’m not gonna well again shorting
22:54
yourself on any of the steps will only
22:55
result in mediocrity so if you want to
22:58
skip wake up do work and repeat you’re
23:00
gonna be you ain’t gonna make it dog
23:01
right so and the last step is evaluating
23:03
your performance making adjustments and
23:05
improving and that’s that has more to do
23:07
with like self-reflection or taking
23:09
criticism from yourself or from others
23:11
on how you can do your thing better uh
23:14
no matter what your thing is uh how to
23:16
do it better and how to how to recognize
23:18
for yourself to do things better so um i
23:22
wanna i wanna pause here for a minute
23:23
and and
23:25
hit on something that is very common
23:28
we all know somebody who started
23:30
differently and we all know somebody who
23:32
seemed like they’re kind of an overnight
23:33
success uh maybe they were handed a
23:36
turnkey business from their parents or
23:38
the steps that we talk about here
23:41
maybe they didn’t apply
23:43
this show is not built for the one to
23:45
three percent of people that somehow
23:47
became successful without following any
23:50
of these norms this show was built to to
23:53
develop a lot of people into success
23:57
there’s always going to be outliers to
23:58
everything we talk about
24:00
ignore those
24:01
we
24:02
the number one way to fail is to build
24:04
your business around the outliers so we
24:07
we just ignore those and and we move on
24:09
not everybody can be handed a business
24:11
from their parents not everybody can win
24:13
the lottery and just have all the money
24:14
to start a business so i want to skip
24:17
over all of that for a moment
24:20
um
24:22
there are there shorter paths to success
24:24
possibly
24:26
but
24:27
we want you to come to the understanding
24:28
that success is usually forged through
24:31
the hard path
24:34
the adversities you overcome
24:36
forge your character so the hard path
24:40
literally molds your success
24:43
so these six steps are really six areas
24:46
of adversity that you will need to face
24:48
sooner or later in order to become
24:49
successful if you started your business
24:51
and you really only did two of these
24:53
then i can guarantee you’re struggling
24:55
because you’re missing the other and you
24:57
may make it and you might make it okay
24:59
but you might not but instead of instead
25:01
of the hill you’re climbing being like
25:03
this
25:04
it might be like this steep okay and you
25:07
might make it to the top yep but
25:09
you don’t have to
25:11
climb that steep hill yeah
25:13
and so operation when we talk about
25:15
these six areas of adversities and
25:16
understanding what they are before you
25:18
start your business the reason why is
25:19
because it’s really hard to work on
25:21
these advert areas of diversity when
25:23
you’re already in business yeah when
25:24
you’re already handling all the phone
25:25
calls when you’re already working five
25:27
or six days a week that makes it tough
25:29
so
25:30
um understanding that these areas of
25:32
adversity
25:33
uh
25:35
solving those before you start your
25:36
business is key
25:39
one of the areas let’s get right in
25:41
let’s get right into it yeah so one of
25:42
the areas that that people
25:45
commonly mistake is an avenue to start
25:47
their business in a service basically
25:49
and a service-based company is doing
25:51
side work
25:52
and
25:54
i want to talk about side work before we
25:56
even get into the areas of adversity
25:59
one of the number one problems i see is
26:01
guys will do side work and they think
26:04
that it’s helping them oh this is
26:06
eventually going to start my company or
26:07
whatever else
26:09
side work might be a way to make some
26:12
extra cash while you’re working for
26:13
somebody else
26:15
but that’s it
26:17
side work does not mentally prepare you
26:21
for business
26:23
side work is icing on the cake it’s not
26:27
the cake
26:28
so
26:30
if you’re looking for a way to fundraise
26:32
to start your business side work might
26:34
help
26:35
however
26:37
side work can also be
26:40
kind of shady let’s let’s talk about the
26:42
pros of side work i know there you don’t
26:45
think there are a lot of pros no there
26:47
are there are but so the pros the pros
26:49
of side work are
26:50
you can make extra money
26:52
to build your preparation yep okay to
26:55
take care of your own debts or put money
26:58
away to start your company
27:01
two
27:02
a pro you can uh work on the way that
27:06
you communicate with customers
27:10
and
27:12
what’s a good way to say it you can’t
27:15
you can work on sales pitches
27:18
you can work on not necessarily sales
27:20
pitches but how to communicate with a
27:21
customer sales pitches the right way to
27:24
talk to customers the right way to bill
27:27
you can work out some of those kinks
27:28
there now are there more cons than pros
27:32
absolutely so
27:35
we differ a little bit on this one we do
27:37
we do and and that’s fine the the
27:40
you can work on how to talk to customers
27:42
through your normal job you don’t have
27:44
to do something work to do that
27:46
um you can talk you can work on how to
27:47
build customers through your normal job
27:49
you don’t have to do that so
27:51
um
27:53
the major problem i have with side work
27:56
is because usually it’s under the table
27:59
and your employer doesn’t know about it
28:01
and most of the time you’re using your
28:04
employer’s tools and your employer’s
28:06
material and your employer’s vehicle if
28:08
you’re like in a mobile service business
28:10
um like like plumbing and that’s killing
28:12
your electrical that’s shady and so you
28:14
think you’re making all of this money
28:16
when actually your employer is footing
28:18
the bill for the tools and the material
28:19
and the gas and the vehicle well
28:20
hopefully you guys aren’t doing that so
28:22
guys do do it i mean i’ve seen guys do
28:25
it so
28:26
a lot of employers have a different
28:28
stance on side work
28:29
yeah
28:30
marcus doesn’t do it marcus doesn’t do
28:31
side work he’s yeah he’s not doing any
28:33
side work he did call me the other day
28:35
and say hey hey buddy
28:36
i got these cameras can i film something
28:38
yeah do you need a video made so you
28:40
know a lot of guys like like my stance
28:42
on side work i was always very
28:44
transparent with my guys and so if a guy
28:47
wanted you know if his aunt called or
28:48
his uncle called or his wife’s sister’s
28:50
friend called or something like that and
28:52
and
28:53
and they wanted him to do plumbing for
28:55
them
28:56
i was always transparent i told the guys
28:58
up front if you have an opportunity to
29:00
do side work let me know
29:02
and and usually what it was was like
29:04
yeah use the truck use the material on
29:06
the truck i don’t care about the gas
29:08
use all that that’s fine and then make a
29:10
list of everything you used and then
29:12
just replace it like i wasn’t going to
29:14
stand in the way of that because my
29:15
thought was as long as you’re not
29:16
stealing a customer from the business
29:19
i don’t really care and if it’s your
29:20
aunt well your aunt’s probably not going
29:22
to call the business no she’s wanting to
29:24
use you directly and give you some extra
29:25
cash that’s fine i didn’t care about
29:27
that and that gets back to boston
29:28
leadership yeah yeah you know and and we
29:30
could sit here and talk about that for
29:32
45 minutes we’re not gonna but
29:34
you know
29:35
and and as a person that’s doing that as
29:38
not the leader but the employee
29:42
if they go to their boss and say that
29:44
they’re becoming a leader yeah because
29:46
they’re taking personal responsibility
29:48
for what they’re doing right right so i
29:51
just i just want to be clear that side
29:53
work can be lucrative however side work
29:57
is not mentally preparing you for
29:59
business ownership no because business
30:01
ownership is much more difficult than
30:04
doing work for your friends and family
30:06
on the side yes so
30:08
i wanted to get that out there before we
30:09
did any of this that that side work is
30:12
not preparing you so stop lying to
30:13
yourself and thinking it yes so it’s
30:16
going to be best for you to listen
30:17
through all of these episodes uh these
30:20
especially these first nine core
30:22
episodes and make a note of everything
30:24
that sparks your interest because the
30:25
cool thing is with these you can go back
30:27
and listen to them again and again
30:29
it’s great to have a broad overview of
30:31
this entire process before we dive into
30:33
each step so it helps you to it helps
30:35
you to know how each step works with all
30:37
the other steps once you have a general
30:39
idea of what it takes you can decide if
30:40
self-employment’s right for you and this
30:42
podcast will either ignite your fire to
30:44
start your own company or it’s going to
30:46
help you resign the fact that i’m really
30:48
better off working for somebody else and
30:49
that’s totally fine too there’s a lot of
30:51
guys
30:52
that
30:53
i know personally that went out on their
30:55
own and realized it later hey you know
30:58
what i’m happier working for somebody
31:00
and being a lead dog and i’m okay with
31:02
that yeah and that’s fine don’t feel
31:04
like you you have to start your own
31:06
business yeah business ownership takes
31:08
it takes being able to manage yourself
31:10
and a lot of people can’t do that a lot
31:12
of people need to be managed uh most
31:14
people don’t realize that the things
31:16
that annoy them about working for
31:18
somebody else are actually what they
31:20
need in order to succeed most people
31:22
don’t realize that without their manager
31:23
or their employer they’ll fail
31:25
so
31:26
i’ve managed countless people who hated
31:29
being manager they may have liked me as
31:31
a manager
31:32
but
31:33
let me let me step back i’ve managed
31:35
countless people who hated being managed
31:38
they may have liked me as a manager
31:41
but they thought that they didn’t need
31:43
somebody pointing out areas where they
31:44
can improve or they thought that they
31:45
were doing okay and so i would perform
31:48
little hidden experiments with them and
31:49
i would back off as their manager and
31:51
i’d start giving them a little bit more
31:52
room give them a little rope and all of
31:54
a sudden their performance starts to
31:56
drop and i just ignore them a little bit
31:58
more and and not not ignore them in a
32:00
bad way just leave them a little bit
32:02
more room and their performance falls
32:03
and their performance falls and i’d let
32:05
it go for two or three weeks and now
32:06
their performance is really dropping off
32:09
and i would wait until they come to me
32:12
and they would circle back in with me
32:14
and they would say hey
32:15
i’m not doing so hot and usually they
32:18
don’t realize it’s them usually they’re
32:19
kind of pointing the finger well i think
32:21
i think this person’s not giving me good
32:23
calls or i think that i’m not set up
32:25
well here and all this stuff and so then
32:26
i would circle back in and i would say
32:28
okay
32:29
and i’d have my core areas of interest
32:30
that i’m managing them with and then say
32:31
okay are you doing this step
32:33
uh
32:35
maybe
32:36
you know are you are you doing this step
32:38
oh i i
32:39
i might be forgetting that one and and
32:41
all of a sudden now we’re starting to
32:43
realize that okay you need somebody
32:44
looking over your shoulder and helping
32:46
make sure that you’re doing all of the
32:48
steps in order to succeed so um it’s
32:51
highly possible that you listen to this
32:53
show and you end up with a newfound
32:54
respect for your employer or your
32:56
manager
32:57
um
32:58
all of those small details uh
33:01
they account for resulting in success
33:05
uh so so don’t feel bad if you listen to
33:07
this show
33:08
and then you realize hey it’s not right
33:10
for me yeah
33:11
we’re not for everybody we’re not here
33:13
to convince you to start your own
33:14
company we’re here to take people who
33:16
already want to and point them in the
33:18
right direction because it’s not for
33:20
everybody but if it’s for you you’ll be
33:22
miserable working for somebody else
33:24
so let’s go ahead and jump into the
33:26
first prep step
33:28
personal finance preparation personal
33:30
finance preparation so
33:32
we can talk about all this and we’re
33:34
going to go over all the steps this is
33:36
extremely important yes if you don’t get
33:38
started out on the right foot you could
33:40
be in trouble later well in and if your
33:43
personal finances are in the toilet
33:45
your business finances aren’t going to
33:47
look any better so if you expect your
33:49
business to perform well financially and
33:51
you need to perform well financially
33:53
personally exactly it’s a catapult yeah
33:56
yeah um
33:57
the the credit card debt
34:00
that’s huge um credit card debt has got
34:02
to be the first to go if you’re going to
34:04
prepare your personal finances for
34:06
business some of you might not have
34:08
credit card debt and that’s freaking
34:09
awesome like that’s great some of you
34:11
might and you’re going to want to get
34:13
that paid off before you start your own
34:16
company there’s no world where a high
34:19
level of credit card debt is acceptable
34:22
doesn’t matter self-employed or employee
34:24
doesn’t matter so it doesn’t matter and
34:25
we’re not talking about the people that
34:27
uh use points on their credit card they
34:29
go out and spend two thousand dollars
34:31
and then they pay it off every month
34:33
that’s not credit card debt no no no i
34:35
mean you have that for that 30 days but
34:37
when you start rolling that into months
34:39
two and three four five six then that’s
34:42
a problem yeah now and
34:44
let’s let’s say another thing
34:46
certain people once in a while will get
34:48
into okay it took me a few months
34:51
because i had something happen yeah the
34:53
furnace broke and it cost six grand yeah
34:55
and i had to do it because i didn’t have
34:56
the cash set aside and we’re going to
34:58
get into that also yeah that’s having
35:00
savings set aside but we’re we’re more
35:02
talking about the
35:04
habitual
35:05
users yeah if you’re living off credit
35:07
cards and you’re not paying them off
35:08
every month you’ve got to get
35:09
self-employment is not realistic for you
35:12
until you understand until you can take
35:14
control of your own situation
35:16
again that’s an adversity you need to
35:19
overcome you’re not financial you’re not
35:21
mentally prepared to handle the
35:22
financials of a business if your
35:24
personal life is living off credit cards
35:26
and this isn’t news okay gosh no this is
35:28
not we are not the first person to say
35:30
hey you can be successful when your
35:32
credit card debt is taken care of okay
35:33
this is everyday stuff
35:35
take
35:36
if you’re serious about having your own
35:38
business
35:39
get your credit card debt under control
35:41
once you do eliminate it if you need to
35:44
get rid of that credit card get rid of
35:46
it right if your wife has a problem
35:49
take it away right
35:51
right people are like oh man i can’t
35:52
take my wife’s credit card yeah but
35:54
amazon
35:56
when she’s asleep go in there if you got
35:58
to take the computer outside and smash
35:59
it right that just shows more commitment
36:02
right you you’ve got to get that under
36:05
control before you can expect success in
36:06
the business um vehicle debt is another
36:10
debt that needs to be evaluated prior to
36:13
self-employment
36:14
and this one i didn’t i didn’t say
36:16
eliminated i said evaluated so
36:18
this style of debt has a little bit more
36:20
options for how you’re going to work
36:21
through it the end goal here
36:24
is that you need to end up with a
36:26
reliable personal vehicle that isn’t
36:28
likely to need costly repairs
36:32
and
36:33
in your right side up in
36:36
on any loans associated to the vehicle
36:39
so if you’ve got a 50 000 vehicle that
36:42
you owe 70 000
36:44
on it’s time to evaluate that you got to
36:47
reevaluate that right so
36:49
um
36:50
you don’t want to be upside down in your
36:52
vehicle but at the same token you don’t
36:54
need to be driving a clunker that is
36:57
likely to break on you in the future you
37:00
need reliable transportation we’re not
37:02
saying
37:04
uh own it maybe yeah own it or lease it
37:06
if the lease is within it you know
37:08
you’re never going to see me frown upon
37:09
a lease as long as the lease payment’s
37:11
not outrageous i hate leases but that’s
37:13
just a personal decision yeah yeah yeah
37:15
yeah like if you’re leasing a good
37:17
reliable you know nice car that’s going
37:19
to be different than like oh i’m leasing
37:21
the latest 2021
37:24
lambo or you know i don’t think they
37:27
lose my ambos
37:28
oh you’d be surprised at least the least
37:30
freaking oh [ __ ] i’m getting a lambo
37:32
tomorrow
37:34
the reason i talk about being right side
37:37
up in your vehicle is because your
37:38
vehicle could be sold for capital that
37:41
you might need in the future so
37:43
let’s say you owe 5 000 on a vehicle
37:45
that’s worth 10. that’s a that’s a good
37:47
position to be in yeah because worst
37:49
case scenario if you need money for
37:51
anything personal business there’s like
37:52
five grand right there there’s five
37:53
grand right there sell the vehicle be
37:55
done and you’ve got some money now you
37:57
won’t have a vehicle you have to figure
37:58
that out but um
38:00
so hopefully you won’t ever need to sell
38:02
your vehicle for capital but that
38:05
that scenario that we just discussed is
38:07
another safety net that you can create
38:10
for yourselves while planning for your
38:12
future and a lot of what we’re talking
38:13
about in these prep steps is developing
38:16
safety nets and we’re talking more about
38:18
um
38:19
being financially responsible right in
38:22
your own area
38:24
you know what i mean
38:25
yeah so um
38:27
when i started my company
38:29
i was driving in 1998 ford ranger okay
38:33
so this thing was
38:36
20 plus years old
38:39
uh i bought it for 800
38:42
and i called it the danger ranger
38:46
uh
38:47
no one knows we haven’t said this yet
38:48
but mitch and i’ve been friends for like
38:50
20 years yeah yeah and i sometimes he
38:52
tells me things and i forget yeah i
38:53
remember the danger ranger
38:55
and it was a danger ranger i mean it was
38:58
it was reliable you know what it started
39:00
every day but i’ll say this
39:02
it’s hard to get stuff in a three by
39:04
four bed well
39:06
and
39:07
i’ll say this a ford ranger is probably
39:09
the most dangerous vehicle you can ever
39:10
drive in the snow
39:12
um other than other than a prius oh well
39:15
as a guy who’s fairly good at driving
39:18
reaches out and touches
39:20
a challenge if you hit a prius like this
39:22
it explodes in the cold weather
39:24
i mean the only thing left is a is the
39:26
battery this is the only thing laying on
39:28
the road this truck didn’t have power
39:30
windows the air conditioner was busted
39:32
but it ran great and it required zero
39:35
maintenance so i never concerned myself
39:37
with anything and then of course it was
39:39
paid off it’s 800 bucks right so it was
39:42
a perfect vehicle for me to have when i
39:43
started our company because um no i
39:46
didn’t i didn’t warn the company out of
39:47
the ford ranger it was my personal
39:48
vehicle yeah it was your personal but
39:50
there it put me in the absolute best
39:52
position possible to start the company
39:54
yeah
39:55
it was making you money without costing
39:57
you money right
39:59
the final the final subject we’re going
40:01
to talk about in personal financial
40:02
preparation is mortgage debt um
40:05
this is that’s huge it is huge so as as
40:09
we discussed this um
40:11
if you don’t own a home that’s great you
40:12
have no mortgage debt that’s fine if you
40:15
do own a home your mortgage can be a
40:17
help or a hurt depending on how you’re
40:19
set up so
40:20
one idea to consider before starting
40:23
your own business
40:24
is possibly refinancing your mortgage to
40:27
achieve a lower payment um if let’s say
40:30
you’ve lived in the home for 10 years
40:31
and it’s a 30-year note you can
40:33
refinance your home and reset that back
40:36
out to 30 years
40:38
doing that will make your payments much
40:41
smaller
40:42
that’s key because it makes your monthly
40:45
overhead personally
40:47
your monthly personal overhead much
40:49
lower so that way as you’re starting
40:51
your business and you don’t you’re a
40:52
little unsure about how the first few
40:54
months are going to go now your mortgage
40:56
payment’s less so your minimum that you
40:57
have to pay is smaller
40:59
however and this is where it comes down
41:01
to discipline if you refinance it and
41:03
reset it back out to a 30-year note and
41:06
then your business takes off right away
41:08
you can resume your exact payments that
41:11
you were making before
41:13
and your mortgage will pay right back
41:14
off in those same 20 years that you were
41:16
going to pay it off before
41:18
so
41:19
it takes discipline to do that however
41:22
it’s another safety net that you can
41:24
create where you’re lowering your
41:26
monthly obligations
41:28
to help better set you up for success
41:30
should you need it however
41:32
you owe yourself the discipline to come
41:35
right back into those same mortgage
41:36
payments you were making before in order
41:38
to get right back on track yeah let’s
41:41
let’s
41:42
get clear here you cannot
41:46
we’re not telling you to refinance your
41:48
house take all the money out
41:51
on the bus i’m not talking about a cash
41:52
or outreach no we’re not no we’re not
41:54
we’re talking that’s why i’m bringing
41:56
this up we’re talking about
41:58
i
42:00
have a had a 15-year loan
42:03
and i’ve paid three years of it and my
42:06
house payment is three thousand dollars
42:08
a month
42:09
okay i’m just this is just random i’m
42:11
saying numbers yeah yeah three thousand
42:13
dollars a month but i’m afraid that when
42:15
i start my company for the first six
42:17
months i’m only gonna be able to make
42:19
fifteen hundred dollars a month right or
42:21
eighteen hundred dollars a month right
42:23
i’m going to
42:25
refinance my house
42:28
to 30 years so that i can
42:32
uh
42:33
so that i can get that payment down to
42:35
1800 a month so i know that
42:37
no matter what happens i can make that
42:39
payment right now
42:42
i think that the company’s going to do
42:43
better than that right right right so
42:45
even though i have refinanced that
42:48
i’m still making the 3 000 a month
42:51
payment
42:52
paying extra for my principal so that
42:55
i’m not actually paying it as if it was
42:57
a 30 year i’m still trying to pay it as
42:59
if it was 15. it’s for if you get into a
43:01
sticky situation right you know february
43:04
comes along and it’s snowing outside and
43:06
i’m a lawnmower and i thought i was
43:08
going to have more snow removal but it’s
43:11
but there’s no snow
43:13
but it’s cold out so i can’t mow grass
43:14
either but guess what i refinance so i’m
43:17
down low i can take care of my
43:19
obligations yeah and then in march oh
43:22
guess what
43:23
it got warm early right now i’m mowing
43:25
more grass i can just jump that right
43:27
back up yeah and i’m still on track to
43:29
pay the house off on my 15 right year
43:32
but i just my obligation is lower than
43:36
it was when i started right right so
43:38
it’s lowering your obligation while
43:39
maintaining the discipline to go right
43:42
back to where you were
43:43
when the money is there to do so and if
43:45
you think
43:47
that if you’ve done the numbers and
43:48
you’ve done your research and you’ve
43:50
gone through all our steps and you think
43:52
oh i don’t need a refi don’t refi yeah
43:55
yeah yeah if you think you can make it
43:57
and it’s not an issue right don’t right
43:59
if you like earlier when you said and we
44:01
were talking hey i’m renting i don’t own
44:04
anything i don’t have an
44:06
obligation then you’re fine you know
44:08
you’re fine totally fine don’t refinance
44:10
just because we’re like oh i heard that
44:13
if i refinance that helps me no you you
44:15
have to think about it in a little more
44:17
depth than that yeah yeah we’re talking
44:19
about the people that have the ability
44:21
to lower their mortgage payment yeah so
44:23
let’s say you let’s say you just bought
44:24
your home and you’re already at 30 years
44:26
well you can’t do anything anyway
44:28
so
44:29
um another another thing that we want
44:31
you to understand
44:33
when you walk away from employment
44:36
and you walk away from w-2 earnings
44:39
you’re also walking away from your
44:41
ability to borrow money
44:44
banks look at two things when they want
44:46
to loan you money they look at your
44:48
credit score and they look at your
44:50
employment history okay they want to in
44:52
employment history they’re looking at
44:54
how much you make and how long you’ve
44:55
been there
44:56
somebody who doesn’t make very much or
44:58
has doesn’t stay it jobs very long
45:01
that lowers you on that half somebody
45:03
with a low credit score that lowers you
45:05
on the other half and if you’re low on
45:06
both halves the bank’s not going to loan
45:07
you money
45:09
well when you venture off into
45:10
self-employment you are no longer
45:12
employed no okay so not at all that
45:15
destroys you on that half you may have a
45:18
780 credit score or an 800 credit score
45:22
but the moment you walk away from your
45:24
w-2 earnings a bank will not loan you
45:26
money at all we call that buying power
45:29
right okay your credit score can be high
45:31
but if you don’t have money coming in
45:33
your buying power is it zero okay and no
45:36
matter how much money you have coming in
45:37
early in your business a bank will not
45:39
care no they will want to look at your
45:41
financial statements but if you go
45:44
say something happens this and this gets
45:46
back to the vehicle debt
45:49
say you had to go in and something
45:51
happened and you had to get a vehicle
45:52
right you might be in trouble if you’re
45:54
not prepared financially if you don’t
45:56
have some savings yeah yeah yeah you
45:58
know oh i’ve got to do this you go in
45:59
there they’re like okay we’ll look at
46:01
your statements they look at your
46:02
statements your statements could be
46:03
great right but they could only be three
46:05
months worth of statements and they’re
46:07
going to be like
46:08
[Music]
46:09
it’s a pretty hard lock inside of two
46:11
years or they’re going to give you some
46:13
kind of interest rate that’s insanity
46:14
right you know oh yeah we’ll look we’ll
46:16
get you that car at 12 and you’re like
46:18
so
46:19
if you have credit cards but they’re
46:22
paid off that is one safety net for you
46:24
some people don’t like credit cards and
46:26
that is totally fine let’s say you’ve
46:27
already done the dave ramsey thing and
46:29
you’re debt-free and you don’t have
46:30
credit cards perfectly fine
46:32
one tool at your disposal to become your
46:35
own lender for your first two years in
46:37
business
46:38
is if you own a home and you have a lot
46:41
of equity built up into that home
46:43
you can do a home equity line of credit
46:47
and so what that is is you’re basically
46:49
borrowing
46:50
uh against the equity that’s built up
46:52
into your home so
46:54
round numbers here let’s say your home
46:57
is worth three hundred thousand dollars
46:59
and you only owe a hundred and fifty
47:01
thousand dollars
47:02
you have a hundred and fifty thousand
47:04
dollars of equity in that home okay
47:08
so the bank will actually set up a line
47:10
of credit to where you can borrow
47:12
against they won’t let you borrow
47:14
against the full 150 of equity they’re
47:17
going to do like an 80 of loan to value
47:19
thing yeah i’m not sure what it is so
47:21
it’s 80 is it 80 but i was thinking it
47:23
was 75. so like 80
47:26
of of uh 300 000 is 240. so if you owe
47:30
150
47:32
you can do a home equity line of credit
47:34
between the 150 and the 240. so between
47:37
the 150 and the 240 you can you can set
47:40
up a line of credit on that money here’s
47:42
the neat thing with home equity lines of
47:43
credit they cost you nothing they
47:46
literally cost you absolutely nothing
47:48
and
47:49
you that money just sits there as
47:51
potential money that you could take out
47:54
and if one month comes up and you need
47:56
to spend five thousand dollars on a new
47:57
furnace for your house
47:59
then you do that and you’re only paying
48:01
interest on the five thousand
48:04
even though you may have a hundred
48:05
thousand dollar home equity line of
48:06
credit you’re only borrowing against the
48:07
five thousand so
48:10
that home equity line of credit can be a
48:11
great tool on another safety net to give
48:15
you the confidence to charge into
48:17
self-employment knowing that banks will
48:20
not look at you for two years and you
48:22
will have zero
48:24
lending power in your favor for two
48:26
years let’s say let’s say you don’t want
48:28
to do that and you say you’ve crunched
48:30
the numbers on your house just like
48:32
mitch uh rattled off and
48:36
your
48:36
heloc is
48:38
50 000 it won’t work
48:40
40 000 say whatever it is say you don’t
48:43
want to do it
48:44
you could just save that 40 000
48:47
and have it if you don’t want to do that
48:50
the next step would be you need to save
48:52
up that amount of money as a safety net
48:55
yeah but that can take some time it
48:57
could take some time so may but but
48:59
everyone’s different maybe it doesn’t
49:01
maybe you already have that money set
49:02
aside you could maybe you’ve been
49:04
working towards
49:06
doing this or maybe you’ve been working
49:08
towards putting in a pool yeah and
49:09
you’ve been saving and then you’re like
49:12
you know what i’d rather
49:13
open a business the yeah the key thing
49:15
to look at is recognizing the bank will
49:18
not loan you money for two years yes at
49:20
least and being prepared for that being
49:23
prepared to either have that money that
49:25
you might need or to become kind of your
49:28
own lender through exactly through the
49:29
home equity line of credit exactly and
49:31
you can do that with that you can do
49:33
that by saving that money yep and we’re
49:35
going to get into you know business
49:36
preparation here in another couple
49:38
episodes about you know how to get money
49:41
uh coming in to do you know different
49:43
things but we’re we’re more worried
49:45
about your personal yeah finances
49:49
and and again once you step off into
49:51
self-employment banks won’t look at you
49:52
so if you’re gonna go the heloc route
49:54
you gotta do it first is the acronym for
49:56
home equity line credit h-e-l-o-c so if
50:00
you’re gonna go the heloc route you have
50:02
to do that before you walk away from
50:05
your employer so don’t get all
50:06
hot-headed one day and quit your job
50:08
thinking oh i’m gonna get a heloc and
50:09
start a company yeah you don’t have a
50:10
job you can’t get it yeah you can’t get
50:12
it so exactly you have to do that long
50:14
before and he locks take like three
50:16
months to set up so
50:18
you have to do that long before
50:21
you start your own and that’s that is
50:23
the in
50:24
that is the point of these first steps
50:26
is the preparation that it takes yes
50:28
okay you have to start planning early
50:32
for success yeah you can’t just go quit
50:35
your job tomorrow and then
50:38
think the next monday i’m going to be in
50:40
business by myself right it doesn’t
50:42
unless you’re just really fortunate and
50:44
have a ton of money right or have
50:45
someone that’s willing to invest in you
50:47
that’s just not going to happen right
50:49
and we’re and that’s why we’re here
50:51
we’re here to bridge that gap and give
50:53
you the steps you need for that early
50:55
preparation yeah yeah so
50:58
um
50:59
the the the heloc is one option at your
51:01
disposal everything we’re going to talk
51:02
about are options at your disposal
51:06
you don’t have to do the heloc you don’t
51:07
have to you don’t have to do any of
51:09
these other than you have to complete
51:10
the prep step yes you have to complete
51:12
the core adversity steps yes so our idea
51:14
is to give you options and give you
51:16
ideas
51:17
so i have a question about
51:20
so if i have
51:21
a mortgage no
51:24
say i don’t have a mortgage and i’m
51:25
renting yep
51:26
and i’m thinking that i’m going to buy a
51:29
home in the next five years
51:31
what do i do
51:33
i would stay renting
51:35
until you complete like successfully
51:37
started your business
51:38
and plan on plan on renting for five
51:41
years plan on renting for five years or
51:44
three years and then starting your
51:46
business and making that a goal that the
51:48
business becomes successful enough for
51:49
you to buy a home and believe at home
51:51
with cash or buy a home after three
51:53
years of
51:55
statements that they’re like okay
51:57
we will look at your individual money
51:59
coming in and decide whether or not
52:01
we’ll yeah loan you the money for a home
52:03
either which
52:04
and this is more of an opinion yeah yeah
52:06
i’m asking you know what what what would
52:08
don’t what would you would you think
52:10
well a lot of people falsely aspire to
52:12
become homeowners that don’t necessarily
52:13
need to be you know grant cardone is one
52:15
of the most successful real estate
52:17
people in the world
52:18
and he does not even own the home that
52:20
he lives in he rents the home that he
52:22
lives in so you don’t need to own a home
52:24
and or like a home owning a home is not
52:26
a measure of success the middle class
52:28
thinks it is
52:29
but it’s not so um don’t think that you
52:33
have to own a home in order to be
52:34
considered successful you can rent for
52:36
your entire life and still become a
52:38
millionaire so a home is an asset and
52:40
all that stuff that’s fine but don’t
52:42
really focus on that i like that so
52:45
um guys that that pretty much sums up
52:48
today’s episode on side work and
52:50
personal finances and the fact that
52:52
we’ve recently been exactly where you
52:54
are so do us a favor and and remember
52:58
that while you’re hearing other people
53:00
out there wanting to start their own
53:01
businesses and you’re you’re seeing
53:03
questions about that do us a favor and
53:06
help share the void
53:08
with those people
53:11
we aren’t again we aren’t professional
53:12
podcasters we don’t pay to advertise
53:14
this podcast we have full-time jobs
53:17
we just saw an opportunity to help a lot
53:20
of people
53:21
make
53:22
make this switch and cross the void from
53:24
employment to self-employment and and we
53:27
want this show to grow in the same way
53:29
that our businesses have grown and
53:31
that’s by providing tremendous value and
53:33
relying on that word of mouth referral
53:36
so do us a favor and help share this
53:39
show with a lot of people that need it
53:42
i’m going to hit real quick on like
53:43
facebook groups
53:45
we’re all in facebook groups for our
53:47
various trades if you do hair if you do
53:49
lawn mowing if you’re a plumber if
53:50
you’re an electrician or whatever
53:52
those groups are littered with people
53:54
almost daily asking questions about how
53:56
to start their own companies
53:58
and so all
54:00
all you have to do is just drop a drop a
54:02
link to the show or drop a link to the
54:03
episode and say hey these guys are
54:05
really there to help you out give them a
54:07
follow give them you know check them out
54:10
if you guys could do us that favor we
54:12
would really appreciate it so again our
54:14
goal is to get this message out in front
54:16
of as many people
54:18
that that need it as possible that’s
54:20
right so um until next week guys um
54:24
share the show help us help us out and
54:26
and we will see you next time keep
54:28
working hard right yep thanks everyone
54:29
kicking ass appreciate it yeah that’s
54:31
right get some