10 Hard Truths About Getting Rich.

The things no one told me, that are the opposite of PC.. and turn out to be true... (a thread)
1) You need to know how it feels to lose, to win. You won’t take enough financial risk if you always play small.

So I hope you lose early, then you’ll see at once how it feels to survive & realize you aren't invincible.
2) There is a direct correlation between doing hard things AND making money.

The harder the problems you solve, the tougher the challenges you put in front of yourself, for some reason the universe rewards those.
3) Money is a cruel mistress.

If you don’t pay attention to her, she’ll leave you for someone who will. Budget, track, and care for your wealth, or it'll leave you for the pool boy (or something like that).
4) The government is not responsible for your financial freedom. You are.

Social security probably won’t exist when you retire. You are your own retirement plan.
5) When you lose money, it’s always your fault, even when it’s not.

I’ve been scammed, lied to, cheated, stolen from. It was all my fault. I got myself into those situations. Take responsibility and $$ follows.
6) Trading time for money, is playing someone else’s game.

It’s great to be an employee, if you’re learning, growing and like the work. But don’t trade your $ for time just thinking it'll get your rich one day.
7) You don’t have wealth until you earn while you sleep.

Until then you’re just well paid.
8) In the beginning learning > payments.

Getting greedy fighting over pennies when you could be downloading knowledge millions is where most young people mess up.
9) If you’re wearing a tax the rich shirt, you’ll probably never be wealthy. You hate the thing you’re seeking.

So it’ll elude you. (Unless you're already rich, then you're just virtue signaling).
10) Money is just a tool.

More tools = more opportunity to build the world you want. That is a worthy goal.

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More from @Codie_Sanchez

9 Apr
I was burned out in finance, working on someone else's schedule, tired of having my time tied to $.
So I started investing in cash-flowing biz's.
Not sexy startups, but boring businesses.

One of my fav small deals netted $67k a year, $100k at close... w/ quarters

A thread: Image
I asked myself:
How could I work when I want, where I want and on what I want.

I'm not smart enough to create the next Tesla, Bitcoin, FB, etc.
But I can model like a MF'er and I'm pretty good at DD

Solution: Maybe I should just buy a boring cash-flowing biz?

Now I own 7 that I'm active in and many more that I passively invest in.

Now I ask myself: how do I get more people in the ownership/acquirer seat?
Read 10 tweets
7 Apr
Buying 300 golf carts at a bankruptcy auction & selling them for 5x?

Don't let the ridiculously high stilettos fool you.
@LisaSongSutton is a former attorney & shark.
A thread from our call on buying at bankruptcy auctions:
Tiny lady + big profits.
5'2 inches of lil Lisa likes to call up trustee attorneys and tell them:
- she's a cash buyer and when they have items come up to put her on the list.
- that's how she got access to 300 golf carts at a golf course firesale
- she promptly bought them..
When I asked, "But, how'd you know what to buy them for, how to sell them and whether you'd make money?"

She replied, "Google, b*tch."
Ok. Point taken.
Read 6 tweets
5 Apr
Buy land for $10k, and make $1,500 a month on it?

It's not just possible, turns out it's repeatable.
A thread on glamping and land grabbing:
All started when Kate Hacock told me she bought 3 acres of land in Joshua Tree for $10k (on a Contrarian Thinking call)

She wanted a biz that was low maintenance, low cost, low risk & didn’t have much wear and tear.

A plot of literal dirt appears to hit those parameters.
I like Kate, but my motto is question everything, I didn’t believe you could get land in Joshua Tree for $10k. Turns out, joke is on me.

Hundreds of acres for sale surrounding Yellowstone, Joshua Tree, Moab, etc for prices ranging from $5-20k an acre.
Read 8 tweets
2 Apr
In November, @michaelnerby closed on 2 laundromats in CA

Used $25k cash to close on assets worth ~$1 Million
- 4,200 sqft w/ 114 washers & dryers

A thread on creating $250k in boring biz cash flow: (WARNING - no NFTs were used in the creating of this deal 🤣)
Got the property through a broker referral. (@BizBuySell)
Followed up to get the financials.
Financials looked good (aka clean and profitable)
Both locations bringing in 46k gross and approx $23k net. Image
Arranged a visit to walk the properties.

No branding. Terrible flooring & green paint job 🤢.
Hardly any marketing.
Absentee owner.
No credit card.
No drop-off services.

No website = GOLD.
Lots of room for improvement... Start getting excited.
Read 11 tweets
17 Mar
Asked one of my 9 figure net worth friends what he's investing in RN.

He immediately responded with a $ by $ breakdown.
Knowing your money THIS well... is how you grow it.
Love twitter. You guys actually read. Should have mentioned this is 1 of 3 sheets of assets. Is it helpful to see a bigger asset breakdown? My point was asked him and he emailed me 10 min later. It’d take me 2 hours to calculate mine. Which is prob why he’s worth so much more.
Y’all have lotsssss of qs on his asset breakdowns and %s. At the bottom under crypto is a leverage segment where he has a margin account that accounts for some 15% ish. Additional buy in to something I don’t know what. RE?

Other qs drop em I’ll ask.
Read 4 tweets
30 Dec 20
How we created a community doing $750k in sales in 3 months: A thread…

We launched our community (unconventionalacquisitions.com) in August 2020 with a goal to create 100,000 business owners.

We’re far from done, but here are some lessons learned along the way:
First let’s take a look under the hood:

Cost is $1997 a year x (66 members) = $197k in revenue, 3 months in. Some discounts, freebies and we recently started but it’s growing FAST.

Which brings me to the first lesson...
Lesson #1: Price it higher than you think:
Sell your product at $10, some will say too high.
Sell your product at $100, some will say too high.
Sell your product for $10,000 --> less complaints, less returns.

The most bizarre yet true phenomenon to remember
Read 10 tweets

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