In episode #592, Eric and Neil discuss what you should do with your profits. Tune in to hear in what you should be investing.
TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: You Made a Bunch of Money. Now What?
- [00:45] If you make six figures, pay your expenses and live a minimalist lifestyle.
- [01:05] Put all your money back into your business.
- [01:28] Ray Dalio’s book has been helpful for determining what to do with your money.
- [01:54] Ray is a hedge fund manager; his book discusses the benefits and diversifying.
- [02:18] Warren Buffett typically makes ten to twenty investments at a time.
- [02:37] Invest back in yourself!
- [02:50] Invest back into your business!
- [03:22] Neil would take his profits and invest in more businesses.
- [03:40] He lost a lot of money this way. Focus on your core business.
- [03:44] Neil spoke with Brian Lee, head of Shoe Dazzle and Legal Zoom. He told Neil to have laser-sharp focus on his core business.
- [04:14] Only consider expanding when your core business has leveled off.
- [05:23] Eric watched a video about how to get richer.
- [05:45] He learned that taxes are 30-50%.
- [06:06] Eric recommends starting an LLC to run your expenses through.
- [06:21] That’s all for today!
- [06:25] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!
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