Episode #592
You Made a Bunch of Money. Now What?
March 15, 2018

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!

Leave some feedback:

  • What should we talk about next? Please let us know in the comments below.
  • Did you enjoy this episode? If so, please leave a short review.

Connect with us:

Discover Latest Episodes

Episode
The Writing Secrets That Create Billionaires
April 18, 2024

In this episode, I had David Perell – a writing teacher, Founder of “Write of Passage” school, and the host of ”How I Write” podcast. David shares his passion for teaching writing, the conce...

Episode
Podcasts getting stale, Robots: Tesla vs. Apple, Monetization strategies & more
April 16, 2024

In episode #2721, we shake up our usual format with a full 90-minute episode, exploring the staleness of interview formats, sleep optimization, M&A strategies in business growth, influencer market...

Episode
A lot of people no longer use Google, instead they just turn to AI solutions like ChatGPT, Creator payouts grew 17% YoY, and 3 content marketing stats that will change how you create content
April 15, 2024

In episode #2720, we discuss the growth of ChatGPT and its impact on Google, as well as the increasing opportunities for content creators in the digital space. We also touch on the importance of promp...