The Wealth Triad: 3-Part Process For Passive Income

Hey, good morning. Wow, we got a full room today, ladies and germs. Hello, Rhino. Hello Raul. Hello Bradley. Good to see you guys in the green room. If you are watching live, please say hello in the comments. Good morning, Susan. Good morning, Drew. Good morning, Tiffany. Good to see all of you. Thanks for hanging out with me.

I'm in a particularly grumpy mood this morning. So what I do when I'm a little bit grumpy is it usually means I'm focused on something that I don't like. Like the baby was screaming or the cat woke me up at 4:30. Both of those things are true. Or you know, like whatever. We're focused on something that we don't like. So in order to flip that, we're gonna flip that on focusing on something that we do like. And when we don't know we what to focus on. I like to just come back to the basics and look at what had to happen to get me to this point. What had to get me to today. Thursday, October 15, 2020 Doing capitalism and coffee. Something as small as some farmer had to grow these coffee beans. Someone roasted these beans. Someone made the jura over there, my super expensive coffee machine that Brooke Castillo bought for me. Somebody made the wood of this desk. Man, there are a lot of people who don't even know me, who most must love me because they have made desks and coffee beans and jura coffee makers and whoever built this house and whoever invented the yeti microphone, which is how I podcast, which is how most of you know who I am. So we can always come back to. Ah, there's so much that had to go right to bring us to this moment. And on that note, before we talk about investing wealth and passive income, I hope you will join me in a cheers to all of those capitalists who made today possible. So grab your cup, your mug, your glass, your chalice, your stein, your tank, your thermos, your vessel of any kind, fill it with something. I've got decaf. And join me now for a cheers to all those capitalists who made today possible.

Bradley, I held my coffee a little bit longer hoping that you would join me. And I burnt my mouth for you. I just want you to know that I burnt my mouth. There. There is. Alright, okay, I'll give you a pass, all right. But I just want you to know that, Bradley, I'll be thinking of you while my mouth hurts all week.

So.

Good morning, Florin. Good morning, Fajita. Good morning, Sunil. Good morning, Spencer. Good morning, Tom Sullivan. Tom, are you here in the Tom, you got a link in your members area waiting for you. I know you wanted to chat today. Good morning, Mati. Good morning, Andrew. Good morning, Manny. We have a full green room today. Good morning, Brian. Good morning, Herb. Good morning, Austin. Good morning, Dickie. Good morning, Sonia. Good morning, Audrey. Good morning, Amanda. Hello, Dickie. Hello, Darius. We got a full, full house. All right, so today let's talk about wealth and cash flow. Because the reality is that most entrepreneurs are really bad at keeping and growing the money that they make. It's interesting that most of us spend our entire lives thinking about making money. Think about earning money as an entrepreneur. Think about, actually most of us think about not making money at a job. We equate freedom with not having a job. And we're piss poor at talking about growth and passive income. So we have this weird tension that a lot of us dance in, which is that we desire freedom from something which is a job. And as soon as we get it, we never really get the full taste of freedom that comes from having your, your lifestyle paid for from passive investments rather than having to work all the time at what it is that your primary source of income is derived from. So we get into this trap, this entrepreneurial trap that is kind of like a rat race, which is interesting because most of us got into the game of entrepreneurship because we wanted to escape the rat race. So here's your goal. This is a new goal for you as an entrepreneur. Your goal as an entrepreneur is not just to replace your income from your job with entrepreneurial income. Your goal as an entrepreneur is to replace your lifestyle with passive income. Passive income from get this businesses that you do not control.

That's the goal. That's when you can fire yourself and you're completely at choice. That's the point at which you can call your own shots. That's the point in which you are not answering the phone because no one knows you exist if you don't want them to. This is when the businesses that you show up for are the businesses that you want to show up for. That's freedom. Freedom doesn't mean not working. It means that you don't have to if you don't want to. Alright, so how do we get there? How do we get there? I'm going to introduce you to a concept, the process that I call the wealth triad. Why the triad? Because I'm in the Illuminati. So the triad is a three part process for setting things up so that you've got very clear buckets about where to put your energy and your money in order to grow long term. Whenever I'm talking about investing, I like to give an asterisk, a disclaimer.

I'm just some dude on the Internet. I'm not a financial advisor. I'm not qualified to talk about anything. You shouldn't listen to anything that I say. This should be taken as entertainment purposes only because I'm just an idiot who makes a bunch of mistakes on the Internet and you shouldn't listen to anything that I say. So if you want to make the same mistakes that I do, please keep listening. Now let's jump in. All right, so I'm going to share my screen with you and walk you through a little mind bubble with you.

All right, so this little bubble here, we're going to call this your business. All right? So your business. First things first. Like if you are working a full time job or.

If you're not working for yourself yet, your first area of investment needs to be your own business. Now this can be any cash flow business that you want.

This can be Amazon, fba. This could be affiliate marketing. This could be building a list and selling affiliate stuff to that. If you don't know what your model is, then there are videos that we have done that are. There's a video called Just One Site. So look up Ryan Moran, Just One Site and it will outline how to have a full time income with just One affiliate website. That would be a good place to start. But this, the business is the first piece. Most of you already know this, Most of you are already doing this. But I'm telling you this because it's so tempting for us as entrepreneurs to follow the next shiny thing or to buy the next stock or to invest in the next thing before we've got our own house cleaned up, before we've got our own things in order, before we have our own business that is at the point that it is producing for our, for ourselves. Until you're at that point, you don't need to be investing or doing anything else except that thing. However, what we do.

With.

How can I make this bigger? There we go. What we do with this.

The first thing that we'll do is we're going to take 10% of this, 10% of our take home income. And if you're working a full time job, this means your job and your business, 10% of whatever it is that you bring home. And we put this into long term, we're going to call it wealth investments. Now I call it a wealth investment because wealth accumulates over time. It's not an income play. It's something that we're probably never going to touch. It's something that is going to exist for probably decades and you won't touch it. And by touch it, I mean you're not going to spend it. You might move it around and I'll tell you a little bit about what I do here. You might move some things around, but you don't take the money and spend it. Never, never, never, ever, ever, ever. Unless, of course, it's an emergency. So you might consider this like an emergency fund or an emergency investment fund. So this is the place that we're going to park cash. And you're, you're not going to think about it, you're not going to question it. You're going to take that 10% and you're going to put it away for a long time. And I'll go into some of the specifics here in just a second, but the next piece of this is when your business is profiting, growing, scaling, you'll start to do regular distributions and those distributions will come from the excess, the profit that you have at the end of every quarter or at the end of every year. We're going to put those into cash flow investments.

Come on, maybe.

One more time in. There it is. There it is. Ryan can spell sometimes.

So there's a couple important distinctions here. The first is we're assuming that we're making our money from our business as our primary source of income. 10% of whatever we take home is going into long term wealth. We'll go into some examples of that. And then whatever is left over now, left over means that there was enough in the business, there was enough put into investments, and now you've got profits. So, for example, for most of my career, and I mean like more than 10 years, I paid myself between 60 and $90,000 a year as a salary. That's what I lived on. I lived on 60 to 90,000 a year. Take 10% of that, put that into long term wealth, and then whatever's left over, whatever profits are there.

Are distributed every quarter or every year. And that's what we're going to put into our cash flow investments. If you sell a company like this guy, or if you sell a house or if you flip a business, or if you have a windfall event, it goes into this. This is where your distributions, your big profits and your big paydays go. All right, so let's walk through what this might look like.

What qualifies As a wealth piece, what are the pieces that you're going to put money into and that you're not going to touch for a very long time?

My favorite because it's so simple, it's so predictable and it's so accessible is.

Dividend stocks.

Now I have a few rules for dividend stocks and if you want more on this, you can do one of two things. One, you can go into your members area. Look at the millionaire class, which is the training we're going through right now. The millionaire class has several different.

Videos on dividend paying stocks. Or you can stay tuned because we're going to have a whole probably four weeks dedicated to passive income and dividend stocks coming up over the next several weeks. Also in your newsletter this month we do an updated list of stocks we're watching and if you remember when Covid was just crashing the markets, we I won't say recommend. Don't say recommend. We reported.

Some of the stocks that we were tracking internally that we thought looked really sexy at that time and most of them have panned out really well. So with dividend paying stocks, we're looking for stocks that have raised their dividend for multiple years, at least 15 years, 10 to 15 years. You want to see that they're increasing their dividend over time. This is stocks like AT&T. Verizon. GPC is an interesting one. A lot of the oil companies, these are all companies that are around for a long time have reached the point of profitability to now they're paying dividends and they've been doing that for at least 10 years and it's increasing over time. Now I don't mean to bore you, you can listen to the most recent podcast if you want me to go into this in a little bit more detail. But dividend paying stocks have something called something that I call a double compound. So there's two ways that dividend paying stocks compound interest. We all learned about compounding interest when we were told to put money in the bank. Well, it has a double compounding effect in dividends because the dividend goes up in value and you're buying more stock at the same time. So it double compounds, which means over 20 to 30 years the cash flow on dividend paying stock is very impressive. If there's a better investment, please tell me about it because I don't know what it is. All right. Another thing that we might consider in this bucket is life insurance.

So if you're not familiar with life insurance as an investment, go listen to some of the podcasts I've done with Sam Prentice, who runs my personal policy. I don't even know that if he's doing it for clients anymore, but he ran my personal policy. He's one of my wealth advisors, you would probably call him. And basically it's a place to grow wealth tax free and be tied to the market, but not participate in any downside. It's one of the strategies that Tony Robbins talks about in the book Money Master the game. So life insurance as an investment. By the way, there's lots of like slick salesmen out there who would love to sell you life insurance policies. There's a great company called paradigm life. Paradigmlife.net is a company that does this for people. And, and they're an excellent company. I even endorsed the founder's book. They're fantastic at what they do. So paradigmlife.net is a good one for something like this. And then the third, which is, it's super boring.

It's super boring, but the returns are really attractive. Would be something like municipal bonds.

Okay, then to a lesser extent, municipal bonds, because we're going to have our money in there for several years. It's going to be tax free, but it's pretty boring. So in order, this is how I look at it. We're putting 10% of our money into dividends, life insurance or something else that we're not going to touch for a very long time. But remember, none of this matters until our business is paying for our life. When our business is paying for our life or we're at least taking a salary from our business, that's where this is relevant. So I just want you to see there's an order to this. First, shore up your business. Second, put 10% of your take home money into long term wealth. And then the third is putting your cash flow into, sorry, your distributions. The third is putting your distributions into cash flow investments, things that are going to pay you money in the short and long term. Now my favorite for this, this is like when you've got $100,000 or $250,000 in profit at the end of the year and you're like, what do I do with this? My favorite in this is real estate syndications. Real estate syndications are how you can invest in real estate without buying a house or investing in real estate yourself. So if you know some good real estate companies that buy apartment buildings or office buildings, not sure you would want to buy office buildings right now. But apartments specifically, there are businesses that exist to buy that apartment building and they raise their Money from investors like me. I have actually one of our former backroom members who built and sold a company, had a big exit, now buys apartment buildings and I invest with him. We actually did a podcast together. His name is Alex Upperman. You can Google that and listen to that podcast. There's also a good friend of mine here in town. His name is jp. He runs a company called Thrive, Thrive fp. They're a company here in Texas that buys a lot of apartment buildings. But there's a bunch of these. There's a bunch of businesses that buy apartments that raise money from investors and then pay cash flow and equity out to their investors. Another thing that I have done here is I have invested in mobile home park syndications. So there's a company called Four Peaks. Four Peaks is they buy mobile home parks, they partner with investors. I invested with them, I get cash flow from.

Their profits and I also own a piece of that. If they were to sell it, I would get a piece of that upside. So that's my favorite place to park. Bunny. Another place that you could do this is if you were to buy websites.

I love buying websites because they're super tax efficient because the ROIs are really high and you can find management companies that will do them. I don't have any to recommend right now, but if you want to just park 50k, that makes 20k a year, that's possible. With websites specifically, if you know what you're doing, if you know what you're doing, they can have really good roi. If you don't know what you're doing, you probably shouldn't put it here. Now where is the speculative button? Buck the speculative bucket. If you want to buy bitcoin, go ahead and buy bitcoin. Do it from this bucket. Do it from the cash flow investments. Why? Because this is the thing that could go away and, and you'll still be fine. This is the bucket that if it were to go to zero, you are not going to be affected because you still have a business and you still have your long term wealth. It will still suck, but you won't have your livelihood threatened. Now the goal is to have your life paid for by this bucket. This bucket is the thing that will pay for your life knowing that these two things are going to continue to churn, continue to grow, continue to make money, continue to allow you to do the things that you want to do. So for example, like I've built and sold a couple companies, I put my money into this bucket primarily, you know, I get a few million Dollars, put it into cash flow and I can live off the investments. I still run capitalism.com I still do this as my business. And so I live off these two things. I live off my businesses and primarily at this point, I use capitalism.com to invest in cool companies, to raise a fund, to build an audience. And these are all assets that I'll leverage for years to come. This is the wealth triad and the goal of all three of these is, is to grow for years. You'll make your short term money from the business, you'll make your lifestyle income, your passive income from this bucket, and your long term wealth is going to come from regularly, consistently putting money into this long term bucket. So a lot of times the question will come up like what's a good stock to buy or is now a good time to buy into the stock market? The answer to that question is always yes when you're following this strategy. So we're no longer trying to pick stocks, we're no longer trying to time the market. We're simply taking 10% of what we make and putting into a long term play that is going to grow for a very, very long time for years to come. We might adjust it a couple times a year, we might make our stock adjustments from time to time, but we're not going to touch that and take that money to live off of unless there's an emergency. Our cash flow is where we're going to take money off the table. But we're going to do that by taking our large chunk of money putting into a place that's going to pay us passive income and that's what we're going to live off of. So a fantasy example would be if you're paying yourself $100,000 a year, that means you're living on 90, you're putting 10 into long term wealth and you're doing that every year. So after 10 years, you've got $100,000 in basis you put in there. It's probably doubled in value due to market. So it's $200,000 and it's probably earning 6% in dividends, which means that it's getting $12,000 a year in interest, you might say. And that is going to keep compounding over the next decade and the next decade for a very long time. Then we're going to take when we've got profits and we've got an extra 50 to $100,000 in profits and we go put that into a real estate syndication that's giving us 10%. We're now getting 5 to $10,000 in passive income a year and that's hopefully growing. They're going to sell it. We're going to take that money, buy more passive income, buy more passive income and every year that's going to grow and It'll take us five to 10 years to have enough passive income to replace the money that we're getting from our business. Doesn't mean we're not going to stop running the business. It just means that we don't have to run it if we don't have to. So that is the wealth triad and this is the strategy to really set you free as an entrepreneur for you to be able to focus on the things that you want to focus on rather than being in response or reactivity mode of the time. Now for more on this, check out the the millionaire class inside of your members area in order to dive deeper into this and we'll be going into this deeper over the upcoming trainings as well. Now I'm going to turn this over to the green room, but we have a very full room. There is 2, 4, 6, 8, there's there we have, the room is at capacity. So I'm not probably not going to get to all of you. I'm going to put Tom on the hot seat first because he reached out to me before the call and asked to be put on the hot seat. Tom, give me a thumbs up if you are ready to come on here. All right, let's do this. Good morning, Tom. How are you?

Hey, I'm good, Ryan, how are you doing?

Well, what can I do for you?

So my main focus right now is building relationships with influencers. And so my whole Dream 100 approach is working really, really well. And so currently I take all of my sales on Amazon. And so my question is, do you think that I should be sending the influencer traffic to like a squeeze page and then to Amazon or should I set up my own funnel and with like say a subscription offer or something.

And then always get the email address. That's the rule. Always, always, always prioritize the email address. A, you're going to be able to move faster, B, it's going to work better for you long term. And three, it's easier for the affiliate as well. You're gonna be able to set that up. You don't have to manage your numbers. You get the person's contact information so you can follow up with them over time and it's just gonna be an easy system for you to build over time.

But do you think that I could take my sale on Amazon, or should I set up my own funnel with, say, a subscription offer and take this sale on my own funnel?

Are you doing at least $100,000 a month on Amazon? No. Amazon. Amazon, yes. Okay.

Okay.

Got it. Yep. Cool. Good to see you, Tom.

Yeah, you too.

All right, let's head over to David. David, give me a thumbs up if you are ready to come on live.

No. Okay, cool. Manny, you're up. Manny, give me a thumbs up if you'd like to come on live. Let's do this. Good morning, Manny. How are you?

I'm doing well, thank you. Thank you.

What's up? What can I do for you?

So I have a podcast that targets fathers. My partner was on here once before, and we have a baby bag that we're developing. It's kind of an offshoot of the podcast, catering to that audience. I'm having trouble connecting the podcast to the bag because I don't. I don't necessarily want to sell it to the audience, per se. I don't want to come off as, like, a sleazy salesperson. I want it to be kind of an organic thing. But I know I need to connect the two. So introducing it into an episode is my next step. Kind of casually bringing it up. But then when it comes to, like, the back end stuff, like, how do I ensure that I'm capturing the right information to know that conversion's happening, I'm getting the leads, and all that good stuff.

All right, so to your first point about how do you do this in a cool way? Talking about the bag to your audience, and the answer to this is your audience is dads, Correct?

Correct.

Correct. So the way that you will position this best is if you talk about starting a business from the perspective of being a dad. Because as a dad, I can relate to this. Morning. Baby's up early. Baby poops early, Baby won't eat. I'm thinking about capitalism and coffee. I want to get to the. To the office. Right. So I can relate to that story, but I can't necessarily relate to the pain point that you're trying to talk about that the bag solves. This is where a lot of entrepreneurs miss the mark, is they talk so much about the benefits of their product that they never relate to the person that is behind it. So your job isn't to talk about the bags. To document this entrepreneurial journey as a dad. And the more that I follow in your footsteps one day and be like, you know what? I'm buying One of those fucking bags. Because I so relate to you and the pain point hits me at the right time. What do I think of when I have that pain point? I remember the guy that I listened to on the podcast that I relate to so much. So I would not encourage you to, to try and find the perfect messaging to present the bag. I would instead encourage you to just document the process as a dad starting a business. And that first episode is going to sound something like, hey, guys, today we're going to do something a little bit different because I started a new venture, I'm starting my first company, and I'm a dad, and I'm going to be navigating a lot of challenges of like, how do I balance time with my kids and versus time in the business. And what does this mean in a Covid world when my kids are at school from home. Right. You see where I'm going with this? So it's not about the bags, it's about you and the journey as a father. Does that make sense so far?

Totally.

Cool. And this is true for all niches, for all cases. This is what I mean when I say talk to the person or think about the person much more than the product. It is a much more holistic play than just coming up with the right copy to say to that person.

Yeah, that's the struggle. Like, I know you talk about the pain points and that's something that we're using, you know, to, to, you know, grow our list and whatnot. We haven't launched the product yet. We're in the process of it. So that's the angle I was approaching it by. I'm still going to leverage that as well because I think it's vital. But the journey piece on the podcast, it didn't click, so that's helpful.

Yeah. And it's really great content like that. That content may end up being the best ad that you run. Like you'll go on some rant about being a father and it'll just be a fire two minute clip. And that two minute clip becomes, you know, you put B roll to it and ends up being your best converting ad. That kind of stuff happens and it happens a lot. So that's why I would recommend you stay focused on that person. Now your, your other question was about tracking and all of this. And the kind of obvious answer to this is, don't worry about it right now. The only thing you've got to worry about right now is setting up a squeeze page on a domain to collect people on a Hot list. And you can talk about that on the podcast where you're saying, like, if you do want to track my progress or if you do want to participate in something like this, head over to mannysbags.com Enter your email address. I'm only gonna have, like 500 units as my first order, but that'll put you first in line to do that. Or if you just want to stock what we're doing as a business, hey, that's cool too. Maybe you'll meet somebody who needs one of these bags. So go over to Manny's bags.com and you can stalk me and I'll let you know when things are live.

So versus putting it on social media. So, like, putting a journey through social media and like, pictures and videos, you're saying? I'm assuming you're saying do some of that also, but document the full journey kind of in my own private ecosystem where they have to give me their email to access.

So tell me a podcast that you listen to. Do you listen to, like, Joe Rogan or Tim Ferriss or any of those guys?

The Drink Champs. It's the hip hop podcast.

Okay, cool. So it's called the Drink Champs.

Yeah.

All right, cool. So let's say that the Drink Champs comes out with a brand of whiskey. They're talking about the whiskey or the tequila or something that is just something fun that they're doing now. What are you more likely to see and follow? Are you more likely to see the Drink Champs talking about their new business and drinking it over one of their podcasts? Or are you more likely to look up that tequila brand or whiskey brands own social media, follow it, and then decide to purchase? Which are you more likely to do?

The former.

That's right. And it's the same with most people. Like, I don't follow. I do follow Gary Empathy Wines by Gary, Gary V's company, but I don't follow K Swiss. I don't follow vaynermedia. I don't follow all these other brands. I follow the individual and I watch for what they're saying about the business that's going to be your customer too. So I don't think it's necessarily a good idea for you right now to have two social media channels for you to run two different content plays. Just go all in on the people that you're already speaking to and use the business that you're launching as an opportunity to create content for those people and allow those who resonate with it to connect with that story and consider purchasing and then when the company is making you 100 grand a year and you're at choice, then you can think about starting a, you know, a social media channel for it and doing all that stuff. But you're already doing that in something that you're excited about, that's working, and I would encourage you not to deviate from that. Cool.

Thank you, man.

Appreciate it.

You bet. That was fun. Thanks, Manny. You got it.

Who needs a cigarette after that one?

Hey, Sam.

Hey, Paulina. Hey, Krista. Hey, Monica. Hey, Austin. Monica, how fun has the capitalism incubator been? It's been so good. So this week is actually. Next week is the official pitch week for the capitalism incubator. What this means is the assignment that our students have is to create a pitch deck for their business. Even if you're like, we have a couple students who are already selling a million dollars a year, but even they have never put together a clear vision or a clear deck for their brand. And a deck is a great way to get PR and investors and influencers all on board. And so this week, their assignment is to put together that deck. And we've been giving them help throughout it, but it's a doozy of an assignment. And next week is the official pitch week.

Monica, we have surprises for next week. Okay, now let's go over to. I'm looking for new faces in the live today. So let's go over to Andrew. Andrew, give me a thumbs up if you're ready to come on live.

Andrew, give me that thumbs up. I mean, a physical thumbs up. Like raise it by your face. Going once. Andrew, you're looking right at me. Going twice, thumbs down.

He's like, oh, it's me. You're talking to me. All right, I'm bringing you on live.

Hello, Andrew, can you hear me? No. Okay, that was fun. Mati, you're up. Give me a thumbs up if you're ready to come on here. Let's do this. Good morning, Mati. How are you?

I am good morning.

How are you doing? Well, what can I do for you?

Okay, thank you. So I talked to you here a few weeks ago regarding my brand. And I told you that my biggest struggle is to identify who is the person. And I told you that I started a brand of wallets. And I still don't know what is the right decision for me is to try to find a person around this wallet or to just start another brand and leave the wallet like you say, as a cash flow and start another brand around.

I remember our conversation very well. And the Advice that I gave you is that your person was you. Your person was you, who's somebody who wanted to kind of upgrade their lifestyle and that you were the ideal avatar for that. Where I suspect that you are getting stuck is you think that you need to have, like, demographics locked in, in your brain so that you can run ads to the ideal person. And for you right now, where you really just need permission is what is the next logical product that I'm going to launch so I can build a real brand out of this? So let's make this real easy, Mati. For this brand or for another brand? I don't care which one. What are the next three products that you want to launch? Just as an entrepreneur.

I want to launch product that help people that work on the go, like Digital Nomad.

So stop trying to make it. Stop trying to be cute with it. Just tell me what the products are like, what really excites you, Mati, what do you like? What products are you sitting there thinking about launching?

Okay, so like something that hold your laptop so when you work it will be more comfortable for you. A backpack, journal, a pen, stuff like that.

Okay, awesome. And is there a way that you would describe them? Are these Me Too products or are they a little bit nicer? Are they luxury? What's different about them?

They more, like, comfortable if you traveling a lot. If you.

Okay.

So this is really for the Digital Nomad.

Yes.

Who is putting everything in their backpack.

Yes.

And they're. And they're traveling. All right. Does a Digital Nomad buy your wallet?

Yes.

Also, then it's the same brand. And here's. Here's what you can do. I think you're just kind of needing permission to go in this direction. Go build a Digital Nomad company.

Don't go build a wallet company. The wallet was the first product in your Digital Nomad brand. And if you want to do a different style of wallet that's just perfect for Digital Nomads because it holds their passport and it holds their important documents, and it holds like their insurance cards and all of that stuff, great. Like, go do that. But you, like, you can totally add more products that specifically target that Nomad and. And include the wallet. Now, if your brain just can't get around that, like, if you're like, the wallet doesn't fit, then let the wallet be. Let it just be a cash flow business and go start your Digital Nomad company. Because as soon as you said Digital Nomad, you knew exactly who the person was. You knew how to relate to them. You knew how to speak to them, you knew what the products were. So that's going to be the path of least resistance for you. So whether it includes the wallet or not doesn't matter to me. I just want you to feel that permission to go all in on that person that you want to serve. Perfect. How does that sound so far?

That's very good. Now I know what to do.

Awesome. That's everything. All right. Good work, Monty.

Thank you.

You're welcome. All right, let's squeeze one more in here. Let's see if anybody has a burning question. Wave at me, because I can see most of you.

Going once, going twice.

David, you make me laugh just because I can see up your nose and you don't give me a thumbs up when I call on you. So let's go over to Bradley, because he laughs at my jokes. Bradley, give me a thumbs up if you're ready to do this thing, all right? Good morning, Bradley. How are you?

Hold on. I can't. I can't hear you. We got that mic thing going on that we did last time.

Yep. I cannot. No, no, I really can't. Oh, wait, say it again.

No, not at all. But I can read your lips.

Here. I'll come back to you. Let me hit Rhino, and then I'll come back to you.

All right, Rhino. Give me a thumbs up if you want to do this thing. Yes. Good morning, Rhino. Your hair looks beautiful today.

Yes, I'm working on it.

What's up, my man? Your beard looks even studlier than usual. What can I do for you? Thank you.

So I. I sent out a gift to my influencer. One gift. That's all I could budget. I'm going to send out another gift next week. I schedule my headshot and my bio for next week. I'm having somebody do it. But, I mean, I'm concerned about doing my headshot because, you know, I don't feel like I'm unattractive. I'm like, I'm self conscious.

Well, first. Oh, that's fine. First of all, great fucking work. Way to take action. Number two. You're like. You're like. Regardless of what you think about yourself, you have a very signature look, right? So you have a very memorable look. Right? You have kind of like a. Like a. Like a. Like a man's man look to you. That's a brand, my friend. So regardless of how you judge yourself, you're a very brandable. I mean, your. Your name is Rhino, for goodness sake. You're a Rhino. You're with A badass beard with like a cool speaking voice. You've got a brand all ready for you. So regardless of your own judgments about yourself, those headshots will be the perfect brand that makes you remember, like, memorable. And memorable is better than hot.

Okay.

I get it.

So I'm not.

Hot is one of the ways that we remember things, but what our brain really pays attention to is different. And you're different. And that is your, that's your greatest brand. So I so run on that.

So then the other thing is this December to be 30 years. I've wanted to start my own T shirt business and I'm finally doing it.

Fucking A.

But the other, like, I know you say 12 months to a million. I'm a little scared of being successful. I'm worried I can't keep up with the orders. I mean, right now my goal is to make $110,000 extra a year.

So that's what. That's amazing. Okay. Okay. That's amazing. So like, you're not afraid of being successful, you're afraid of not being successful. This is what you're afraid of, Rhino. You're afraid of wanting it so much and not getting there. You're afraid that for 30 years you've been wanting it and thinking about it and, and you're finally going to make it happen. And that's unknown. And your brain is going, well, what the fuck now?

Yes.

And you're afraid of, if you take the plunge and it doesn't work out, all your hope will be erased. That's what you're afraid of. You're not afraid of being successful. You're afraid of the loss of the hope that you have had for 30 years.

So what do you do with that? What you do with that is you see every possible failure as you being closer to your goal. You know what means if you run out of inventory, Rhino? It means you sold some shit. Yes. Yes, sir. Do you know what happens if you get a bad review? It means you sold something. You know what happens if your T shirt breaks? It means you learned the process of taking distribution and taking sales, and now you can iterate on the T shirt and go launch another one. So every single one of these failures is one step closer to that 30 year dream actually being in sight. And for 30 years, were you a part of a community that was building million dollar businesses?

No, sir.

Are you a part of a community that builds million dollar businesses now?

Heck yes.

Are you a different person than you were 30 years ago? Oh, definitely, yeah. Do you have people who are rooting for you in a different way than you've ever had.

Yes, sir.

So there you go. So you're closer than you've ever been, and we're here the whole time for you to fail and whine and moan and be afraid of headshots. We got you. People have done this before.

Well, my wife definitely told me I cannot drop the 1% club.

Good.

She says she sees a change in me, and she's.

And she likes.

She listens to you in the background. She likes how. She likes hearing what you have to say.

I appreciate it. Tell your wife thank you very much.

Yes, sir.

Good to see you, Rhino. Keep us posted. You bet, man. We got you. Keep me posted. I will. All right. Good to see you, Rhino. That made my day. Clip that one, Sue. All right, Bradley, let's try this again. Let me see. Yeah, we're just gonna try one more time. If it doesn't work, you can just mime to me.

All right, Unmute yourself. Well, you're muted right now.

No.

Is there a way for you to adjust your mic? I don't know how any of that works on here. We'll just sit here awkwardly and have a.

Simultaneous sip. You. You're sorry. You're sorry, right?

I forgive you for. For burning my mouth. That's what she said.

Now you need sleep. Yeah. Okay, cool. Why don't you make a Post in the 1% about what's going on? We would love to hear about what's going on in the business. All right, cool. Cool, dude.

Andrew. Oh, we got Andrew. Don. Hey, Don. Good to see you. Andrew. Don. David, Wave at me if any of you want to come on live, and you get the last word. All right, Andrew, you're coming on.

Hello, Andrew. Good morning.

Well, afternoon for me. Ryan, can you hear me?

Yes, I can, loud and clear. How are you?

I'm all right. I'm good. Yourself?

Good, thanks. What can I do for you?

Well, so I'm right to begin the journey, and I've got a concept in my head, and my concern is, is that, is it the right product? And the reason for that is I sort of like running. So I've got, like, some running gear now. My concern is obviously on a budget to start all this, and when you start talking about running tops and product like that, you're talking different sizes, different shapes, etc. And I'm trying to think, is it the right product, or am I trying to go into difficulty with the type of product I'm going in for?

So.

The products Are running gear correct?

Yeah, it's more like a running top. What is. I suffer from Reynard syndrome. So the amount of time I go running and halfway around is I haven't got any gloves and so on, so forth. So it's about actually a product within the running gear, however, that the. So I'm trying to gear towards that type of person. However, then when I. When I'm looking at different sizes, different sexes, I can't just see one product. I'm seeing six or eight different products.

Okay, good. So. Well, here's the rule. A different size, a different color, a different flavor. Variations do not count as a new product. So iterations on existing products might give you a 10 or a 20% bump, but new products can give you 100% bump. So if you're looking at different sizes, that doesn't count as a new product. So my question to you, Andrew, is, can you name three to five products that your ideal customer wants that aren't iterations or variations?

I'm not at that stage yet because my concern is getting the first one. And I know you're saying it's the same product. It's not. Is it just the same iteration or different iteration? Get my teeth back in. But my concern is, am I going to get the right stock? As in, do I go for medium, for large, do I go for small? And then I'm going to have all excess stock to start with before I even get my second or third or fourth product.

All right, so.

This is. This is my recommendation, Andrew. Do not go into this space unless you can Name what product 2, 3, and 4 are going to be. Because if you can't, then you're not building a brand. You're selling a product. And I can already tell you're analyzing the product really heavily. You're talking about sizes, you're talking about shapes. You're wondering if it's too competitive, which means that you're questioning this product. And you'll relax into this if you. You can see the entire brand, the entire brand being four products that sell 25 sales a day at a $30 price point. Now, this first product, you're going to be all hands in, getting that to 25 sales a day. And you've got to be able to see where that is going to lead to product 2, 3, and 4 before you know if it's a good brand. So my approach is always, is there a brand here? Not, does this product have legs? Or is this product too competitive? Because if you know who the person is, then Nothing is too competitive. It's really hard to sell more spatulas, but it's really easy to target moms and moms buy spatulas. So for you, it's really hard to sell another compression sleeve or glove or whatever running gear you're going to sell. But it's really easy to target runners. It's really easy to go find people who have audiences that target people with this, this issue that you're bringing up. So that's where you need to have your focus. Does that person buy three additional products besides this first one? And if not, I would pause before going forward.

Okay.

Makes sense.

Yeah, yeah, yeah.

All right, cool. Good to see you, Andrew. Thanks for hanging out with us. Cheers. Alright, my friends, it's good to see you. Thanks for spending part of your Thursday with me a couple house cleaning items. So if you're a member of the 1%, you're watching this. This Sunday we have our monthly Sunday business church and we're gonna be joined by Tom Wheelwright. He is gonna be talking about how to eliminate tax bills. So he is kind of the entrepreneur's cpa. He knows the tax code specifically for entrepreneurs and all the cool things that we can take advantage of. So you'll want to see this. So that is on Sunday morning. Remember that this quarter we are talking about the millionaire class and going through that curriculum. So I would recommend that you watch modules one through four over the next couple of weeks because that's really where we're diving in right now. And next month we're going to be doing a whole series on passive income. Of course, you're always welcome to bring your questions and and your business struggles here to the lives. I really enjoy working on them with you. Thanks for hanging out with me on Thursday morning and I'll see you guys soon. Take care.