Making money is an integral part of entrepreneurship, but knowing what to do with the money you make is a whole other story. In this episode, A.J. is joined by entrepreneurial coach Henry Daas to discuss how to figure out what money or financial wellbeing means to you in life and business. Their discussion is based on one succinct principle: money has no inherent value other than giving us the ability to do what we want to do. 

Tune in to this episode to learn how to plan for and think about your financial wellbeing.  

About Henry Daas: 

Henry Daas is an entrepreneurial and personal finance coach. According to him, he has reinvented himself 10 times so far throughout his life. Henry Daas is the author of “FQ: Financial Intelligence.” In this book, Henry presents a comprehensive exploration of personal finance, guiding readers with essential knowledge and insights. This book empowers individuals to navigate the various factors influencing their financial well-being, enabling them to make informed decisions and unlock their path to lasting financial success.

Visit our curated collection of Business Books for more enriching reads.

Signs that you need an entrepreneurial coach

Are you unsure if you need an entrepreneurial coach to guide you on your business journey? Here are several indicators that suggest you may need a coach:

• Feeling Stuck or Overwhelmed: If you’re feeling stuck, unsure of your next steps, or overwhelmed by the challenges of running a business, it could be an indication that you need an entrepreneurial coach. They can assist you in gaining clarity, identifying solutions, and developing a plan for moving forward.
• Need for Skill Development: To succeed as an entrepreneur, you may need to learn new talents or hone existing ones. If you notice gaps in your skill set or a lack of experience in particular areas crucial to your company’s success, an entrepreneurial coach can help you develop those skills efficiently.
• Business Decision Challenges: Making significant business choices can be difficult, especially when faced with uncertainty or conflicting options. An entrepreneurial coach can assist you in navigating challenging issues, providing objective insights, and guiding you to make informed decisions that are consistent with your aims and values.
• Need for a Fresh Perspective: When you’re fully immersed in your business, it’s easy to lose sight of opportunities or potential blind spots. An entrepreneurial coach provides a unique point of view, offering useful ideas and challenging your assumptions. They can assist you in seeing things from a different perspective and identifying new possibilities.

Remember, seeking an entrepreneurial coach is not a sign of weakness but a proactive step towards enhancing your skills, mindset, financial wellbeing, and business success. It shows a willingness to invest in your professional and personal growth as an entrepreneur.

On today’s episode: 

• Who is Henry Daas? - 0:40
• Getting to a point in your journey where you don’t need to sell anymore. - 04:29 
• Being content with having just one gig going. - 11:06
• Where can you find company secrets? - 12:56
• What’s the difference between being rich and having a lot of money? - 17:27 
• The downside of the gamification of money.- 21:34 
• How rich do you actually want to be? - 24:02
• An analogy that might help you understand what cryptocurrency is. - 32:14
• Why you can’t fully predict the future from reading financial charts. - 37:06
• Thinking of success as having freedom. - 40:59
• Who becomes rich when new opportunities happen? - 42:55
• The likelihood of making more than a million dollars in your business (and why people don’t want to be entrepreneurs). - 46:48
• The risk of being an employee. - 50:12 
• Why are the rich not being taxed in the US? - 57:50

Key Takeaways: 

• Your entrepreneurial journey will not be linear. There will always be ups, downs, rights, and lefts. You might even get to a point when you no longer want to do any client-facing work.
• Low attention spans in the internet age have led to misinformation. People rely on headlines without doing their research. To get the full picture of events and markets, you must put in the work and read full pieces.  
• You don’t need to have a lot of money to be rich. Being rich is having enough to be content and comfortable with your life. Having a lot of money is just living in excess for the sake of it. 
• You can think of bitcoin as similar to gold. It is a store of value but it is a long way off from having enough liquidity. 
• You can think of the definition of success as having the freedom to do what you choose. 
• You have to think of your exit strategy as an entrepreneur. Ask yourself what you want from your business. If your business does not have lots of barriers to entry, it can be a great thing for you but it can also mean that you can be easily replaced.
• The risk of working for other people can be a lot riskier than working for yourself.

Who becomes fabulously rich?

[45:29] “People who became fabulously rich in the 1800s were the Vanderbilts and the Carnegies who actually built the railroads but since then the ones who have become fabulously rich are the people who have used the networks...who has made the money? Amazon. Facebook. Netflix. Google. None of them owns a stitch of the actual network.” 

How can you leverage this thinking to create wealth for yourself? Tell us in the comments, and don’t forget to say hello if you would like to share your entrepreneurship story on our podcast. 

Connect with Henry Daas:

• LinkedIn: @HenryDaas
• Facebook: Daas Knowledge
• Website: https://henrydaas.com/  
• Newsletter: https://fqupdate.daasknowledge.com/  

Connect with A.J.Lawrence:

• Website: ajlawrence.com
• Email: [email protected] 
• Instagram: @ajlawrence
• LinkedIn: A.J. Lawrence
• Twitter: @ajlawrence
• Medium: @a.j.lawrence

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