If you don't have money but want to make 5-6 figures part-time & learn:
Go be a deal scout.
I've paid out over $200k in carry or finders fees for deals to normal humans with no real finance, VC or PE experience.
Here's how it works:
Jun 5 • 8 tweets • 7 min read
Professional athletes are becoming billionaires.
But up to 94% of that net worth comes from off the court earnings.
Here are how their incomes break down:
Michael Jordan - 6X NBA Champ
Net Worth: $1.7 Billion
On Court Earnings: ~$94 Million
~94% of wealth made from ancillary investments such as:
• The Jordan Brand
• The Charlotte Hornets
May 30 • 16 tweets • 3 min read
13 contrarian views that changed how I see the world (and got me to my first $10 million):
1. Don't make decisions out of fear
Yes, you could fail.
Yes, people will talk about you.
Yes, it'll be hard.
But when my bro for instance got let go I told him it was the best gift he could ask for... the worst outcome is you die underutilized.
May 27 • 7 tweets • 2 min read
How to buy businesses for the least amount of money possible.
Aka low or zero cost business acquisition strategies.
If you want to prepare for a downturn and pick up cheap assets here's how:
60% of businesses closed their doors forever during the pandemic.
90% of startups fail.
50% of businesses fail within five years.
I've always thought it's a tragedy that any business closes it's doors for $0, there are always some assets to repurpose.
May 25 • 7 tweets • 2 min read
People say you can't buy businesses for less than their profit or for 1-2x their profit.
Here are just 2 business that prove them wrong.
Why would anyone sell you that biz for so cheap Codie??
IDK, bankruptcy, divorce, cancer, cash needs, over running it, hasn't sold for long time, don't want to list publicly, they like me...
There are literally 4801384212398123 reasons.
May 24 • 16 tweets • 3 min read
You only need to know 3 things to understand finance.
I could have saved myself:
- 2 years for my MBA
- $160,000 to pay for it
- 7 years at Goldman
If I just learned to read these 3 financial statements:
Want to know if a business is a winner to invest in, buy or build?
Read & understand:
• Income Statement: Revenue - Expenses = Profit
• Balance Sheet: Assets = Liabilities + Equity
• Statement of Cashflows (SCF): Starting Cash +/- Cash made/spent that period = Ending Cash
May 21 • 12 tweets • 4 min read
How do you make money even in a recession?
The BRRT Method...
This is my philosophy to grow your cashflow and assets despite what is happening in the world around us.
I'm calling it the BRRT Method.
May 20 • 9 tweets • 2 min read
Six businesses you should avoid investing or starting in a recession:
During tough economic times, everything changes.
It's not enough to be a level 10 operator.
You have to pick level 10 games to play.
The wrong focus, the wrong business, in a down market can kill you.
May 19 • 9 tweets • 2 min read
My friend Kenworth bought his first RV park for $400k.
He almost lost all his money, but ended up with a nice annual profit:
= $400k, 10% down (using his local bank he'd used for years)
= $15k/month in cashflow
= Property value ads took it to $175k a year in profit
He closed in 2017. The market is MUCH different now. BUT - that may change given what's ahead... so read on to prepare:
May 18 • 17 tweets • 7 min read
My friend took a company to $100Million in revenue and profitability w/o VC funding.
I sat with him to learn how to do the same; here's what he told me:
I didn't tell @aymanalabdul about this. 😅
But he's brilliant and took Appsumo from $1M to $100M.
His ideas when we met led me to 3x our sales.
My key to success is getting in the right room, with the right people, and asking the right questions.
@MattressMack The richest people I know often do the most boring things. It's a reminder that serving your neighbors is JUST as important as changing the world.
Like Jim McIngvale.
Jim launched Gallery Furniture (a low end furniture company) from his pickup truck in 1981 with $5,000.
May 16 • 8 tweets • 3 min read
Want to own a ranch but have other people pay for it?
So I harassed @thesamparr about his new $1.7M Airbnb and how he hacked his first $20k in 10 days.
@thesamparr He bought his ranch ~60 days ago for $1.7M.
Made $20k in 10 days.
Next looking to build $100M in airbnb assets.
Couple things I learned from him.
May 15 • 4 tweets • 1 min read
The fastest way to your first 1 million? Buying your profits.
How do you buy a business as a newbie?
Learn about boring biz's
Connect w/ local owners
Understand SBA loans & seller financing
Apply these three concepts.