In this episode, we talk about how to deal with friends and family who are not supportive of your business idea/venture!

 

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Show Notes:

First you want to do is think more about your idea

Is it feasible?

Is the cricticm coming actually something to look into and consider?

Is it an actual problem you are solving?

Once taken those into consideration, and want to still move forward with the idea, you should:

Have a good business plan. This will include all the cost analysis (cost to start, budget, loan needed, income projection, etc) This will show that have done your research and are serious about this venture

Showcase the product/service you are trying to sell. This will also help show to your friends/family that you have something planned and might actually get better critical feedback once that happens

If after doing all this, their criticism is still the same, you should consider increasing your outreach/network and ask them for critical feedback.

If you took their criticism and feedback and realized it was not a good idea, you should

Go back to the drawing board and come up with new ideas/plan. There is nothing wrong with coming up with ideas that might not be good. That is human nature. 

Your new idea can be a modification of your original idea. You do not always have to start anew.

In this episode, we talk about how to find a great deal through unlisted homes! If your out searching for your dream home or your dream investment property, well you came to the right place! I go in-depth on how you can find this property and what steps you should take to secure this deal!

 

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Show Notes:

Medium article

Why is buying stocks and collecting rent terrible advice?

Doing this at face values can have negative impacts

Need to do research and dive deep into what you are doing. Do not rely on people you see online.

Anything taken at face value is bad, regardless of what field it is

Real estate

Article goes to discuss a neighbor purchases house for $1.1M later sells it for $700k

Creates extra stress due to debt

Are tied down to the investment so less cashflow for other investments

A lot of bad deals out there

Stocks

There are bubbles out there. Look at Tesla

Most companies are formed out of thin air

US Government pumping cash into the market. Inflation will increase. Rich people understand when to buy and sell

Sometimes you are forced to sell

What to do?

Increase your financial knowledge 

Give everything a hard look and question everything

Always have an emergency fund

Have different streams of incomes that you understand

In this episode, we talk about how to find a great deal through unlisted homes! If your out searching for your dream home or your dream investment property, well you came to the right place! I go in-depth on how you can find this property and what steps you should take to secure this deal!

 

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Want to reach out to us? Email us at [email protected]

 

Show Notes:

What is an unlisted home?

These are essentially off market homes that have not been listed on the MLS (Multiple Listing Service)

Why would you go for an unlisted home?

Sometimes the seller does not want to list it on the market

Can be underpriced

More open to seller financing

Less competition so less bidders

How to find an unlisted home?

Send mails to the owner asking them to contact you

Get their phone number and call them

Knock on their doors if you find out the owner lives there, if not ask the tenant.

In this episode, we talk about if you should leave your current state/city to look for a better place to live in! We talk about the possible scenarios and situations in which you should or should not leave! If the rich are moving, it might be time we move as well!

 

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Show Notes:

Graham Stephan, a popular youtuber, is leaving his home state of California, LA, to move to Las Vegas.

He moved due to high taxes in his home state/city

Better quality of life

More bang for your buck

Many other people are living their high cost cities to cheaper alternatives 

Should you make the move? It all depends on your situation

Yes, if

You have a remote job. Due to recent events, you can work full time remote, or easily find a new job working remote

You live in a high tax state/city (NY,CA, etc)

You want to purchase a property, significantly easier to build wealth/purchase properties in other states

You are part of the FIRE community. This can help expedite your plans/goals

No, if

Your work cannot be digitized

You are not able to reallocate (This can be due to, family reasons, medical reasons, etc)

You do physical labor work (i.e construction)

Your business itself is within that state/city.

In this episode, we talk about how to become better with Money while going to college virtually! we talk about all the different things you should be doing to help improve your financial literacy early on especially now since most people have a lot more free time! We talk about the type of skill sets you should be learning as well as getting a head start on starting to branch out your networks! 

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Want to reach out to us? Email us at [email protected]

 

Show Notes: 

Due to current recent events, most high schools/College are now virtual

This means you now have more time to invest in yourself and control your life

Ways to succeed

Start learning new skills related to either the field that you are in (i.e. what you are learning) or something that you are passionate about 

Start a side project/Hustle (Youtube, Fiverr, Podcast)

Learn time management and project management skills. Will help in any field regardless.

Increase your financial literacy

Youtube, podcasts (BMF), Investopedia, books, etc

Learn how to budget yourself early in your life

Ways to fail

Not taking advantage of the extra available time

Wasting money on frivolous things due to more time/boredom

Not networking (Meetup.com, LinkedIn)

In this episode, we talk about a CNBC article in which a 38 year old retiree gives his advice to Americans on what they need to do to retire early and stop bad spending habits! See full article here (https://www.cnbc.com/2020/03/04/stop-wasting-money-on-these-7-useless-things-and-save-for-early-retirement.html)

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Show Notes:

CNBC Article on a couple that retired at 38 years of age discuss how they did it and what you should do.

They discuss stop wasting money on these 7 things:

1. Eating out

According to a 2019 survey of more than 2,000 Americans, 69% said they wasted money dining out

They ate out about $750 a month

Restaurant meals: $210

Drinks: $189

Takeout or delivery: $178

Buying lunch: $173

2. Phone upgrades

This can cost you anywhere from an extra $600-1200 a year.

Really no point in upgrading unless you have major technical issues.

3. Clothing and apparel

The average American spends about $1,866 per year on clothing and apparel

4. Lottery tickets

From scratch-off cards to Powerball and Mega Millions entries, nearly half of Americans play state lotteries. According to a 2019 report from Bankrate, consumers each spend an average of $86 a month on lottery tickets.

A staggering 59% of millennials believe winning the lottery is a reasonable way to retire

5. Extended warranties

Extended warranties have become a big business: Roughly $40 billion

No real reason to do this. Most products have their own warranties.

6. Cable TV

You can watch free content on youtube, twitch.

You can get low cost services such as hulu, netflix etc.

7. Impulse purchases

88.6% of Americans have succumbed to the temptations of impulse shopping, with an average spend of $81.75 per session or $17.78 billion per year. Americans also make up to 156 impulse purchases every year, spending up to $5400 annually, or $324,000 over their lifetime.

In this episode, we brought over an amazing guest to our show, CJ! CJ is a fresh college grad and someone who can show all millennials and Gen Z's out there that personal responsibilities and making good life choices can give you a great boost and start in life! 

CJ also has a podcast called "Suits and Sweatshorts" You can check himout here! (https://open.spotify.com/show/5iqyoI12iXtUBaiADQG9Ky) 

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Brian Ursu (http://www.brianursu.com/)

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In this episode, we talk about Jerone Gillespie, a 23 year old Millennial making $25K a year and still saving $10 A year on that salary! This was a perfect example for us to show our listeners that if Jerone can save money, anyone can! Check out his video: (https://youtu.be/KqhW5G7sbtQ)

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Brian Ursu (http://www.brianursu.com/)

Want to reach out to us? Email us at [email protected]

 

Show Notes:

Jerone Gillespie, 23, earns $25,000 a year between driving for Uber and Lyft and working in a tax preparation office. When the pandemic hit, Gillespie stopped driving for Uber and Lyft to keep himself safe, and he relied solely on his tax job for income. He earns $14.50 an hour as the manager of the tax office.

Jerone’s Monthly Budget $1,282:

Housing $823 - Sharing with one roommate, has wifi and electric included

Food $200

Phone $67 - Personal and business

Misc $58 - Clothing and personal care

Gym $40

Transportation $30 

Subscription $24

Uses G-sheet to track his expenses. Has an actual I/S and BS.

Jerone Tries to save $10,000 a year

Changes his mindset to have never less than $100 in his bank account

Learned about ROTH IRA from Graham

He has $4,500 in his ROTH IRA

Used $8,000 to pay student loan debt

Had around $13,200 in his brokerage accounts like robinhood

He took out an emergency loan of $20k. He invested that since he can make more than 3.75% a year.

In this episode, we talk Kakeibo! The Japanese art of saving money! This is one of the most well known and interesting methods out in Asia that helps you manage your finances with a unique twice. It helps take a minimalistic approach to things that help you clutter things that you do not need out of your life! 

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Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

 

Show Notes:

What is Kakeibo?

It means household financial ledger

A simple approach to managing your money. Just a pen and paper are needed

The point is to physically write things down to meditate and reflect upon your spending habits 

It's easy for a computer or an app to do it all for you and just view it on a chart or graph. But the point for actually doing it yourself, you get a different sense of things.

Actual research shows there is benefit to writing it by hand rather than a computer doing it 

According to the kakeibo method, you must ask yourself the following questions before purchasing any non-essential items

Can I live without this item?

Based on my financial situation, can I afford it?

Will I actually use it?

Do I have the space for it?

How did I come across it in the first place? (Did I see it in a magazine? Did I come across it after wandering into a gift shop out of boredom?)

What is my emotional state in general today? (Calm? Stressed? Celebratory? Feeling bad about myself?)

How do I feel about buying it? (Happy? Excited? Indifferent? And how long will this feeling last?)

Here are some simple kakeibo-themed strategies to ensure that you spend more mindfully:

Leave the item for 24 hours.

Don’t let “blowout sales” tempt you.

Check your bank balance regularly.

Spend in cash.

Put reminders in your wallet. 

Change the environments that cause you to spend.

In this episode, we talk what you should do after your tenant leaves your apartment/unit! We give all the necessary steps you need to take as soon as they head out and what you need to do next to find a good prospective long term tenant! 

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Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

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Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

 

Show Notes:

What do you, as a landlord, do now that your tenants have left?

Before they left and you have the security deposit

Did you check to ensure everything was in working order and no major damage was done to your place?

If there is damage or problems, you can take it out from the security deposit. 

Security deposits should never be used as back rent (unless absolutely necessary) 

Restart the progress on finding a tenant

Does the apartment need to be remodeled? 

Meaning do you need to update the kitchen or bathroom or add another room to possibly bring in more rent?

Was the current rent you were charging the current going rate?

You can use websites like zillow or rentometer to get your rent estimate

Mine says I can rent it out for 1950-2000 and I currently rent it for 1800.

If you want a good tenant with more competition, its smarter to make it lower than the market price.

Start advertising

You can advertise on facebook marketplace, groups, craigslist and more! These are all free options where you won't have to pay a penny.

Get the best of the bunch that come

Do this with a open house, it would show them that multiple people are actually trying to get this house

Make them fill out standard forms that they authorize background checks and they can fill in their income and whatnot there as well. This helps weed out problem tenants.

If they pass the background check and income ratio, ensure to check with references so you are not getting a bad tenant

Choose the best one and provide a lease! 

Once you provide a lease

Make sure you do a final walk through of the apartment

Make sure you actually read all the rules from the lease to them. Let them know if they can use the driveway, backyard, etc.

Inform them of monthly or quarterly check ins to ensure everything is working and maintenance work.

Inform them they will have to pay for damages or changes to the house if not approved by the landlord.