Jack Thursday - Money Management (LA 1620)

Transcript:

Steven Jack Butala:

Steve and Jill here.

Jill DeWit:

Hello.

Steven Jack Butala:

Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.

Jill DeWit:

And I'm Jill DeWit broadcasting from the Valley of the Sun.

Steven Jack Butala:

Today is Jack Thursday. I'm going to talk about money management.

Jill DeWit:

And I'm going to take a nap.

Steven Jack Butala:

You know how I manage money? By buying land and selling it.

Jill DeWit:

You know how I manage money? By asking for your help.

Steven Jack Butala:

What?

Jill DeWit:

Just kidding. I don't know. Not really [inaudible 00:00:26]. You're the money. No, no, this is perfect, because look, you're the money guy in our whole relationship, meaning our personal finances and hey, we can do this or not do this. And I don't question you. I hope you appreciate that. I'm sure you do.

Steven Jack Butala:

I really appreciate that. I'll lay all the stuff out in a second here and then we'll talk about our personal situation, because it's worked. And it wouldn't work for everybody.

Jill DeWit:

It's true.

Steven Jack Butala:

There's some stuff that Jill and I do that most people that are partners like this, wouldn't put up with. Number one, we don't have any joint money.

Jill DeWit:

We have company money.

Steven Jack Butala:

We have companies together.

Jill DeWit:

That's true.

Steven Jack Butala:

She and I do not share, and never have, and never will, share a personal bank account. So I don't talk about, ever, I mean, I never have, how she spends money. It's her money. I don't care. And vice versa. I think, look, here's a prelude to the whole thing and we will take a question first. The number one way to succeed at managing money is to have a plan. Otherwise, the money will manage you. And we've all had friends like this, friends, or maybe parents, or siblings, or cousins, or people that are just always down in the dumps about money. And it's because they never had a plan.

Jill DeWit:

It's true.

Steven Jack Butala:

Before we get into it, let's take a question posted by one of our members on the LandInvestors.com online community. It's free. And don't forget to subscribe on the Land Academy YouTube channel and comment on the shows you like.

Jill DeWit:

[Zach 00:02:00] wrote, "Howdy, y'all. New member from Austin, Texas. My name is Zach K. I'm a seasoned entrepreneur, but totally new to land investing." This is great! "And fairly new to real estate investing, in general." Welcome Zach. This is cool.

Steven Jack Butala:

Fit the profile perfectly on [crosstalk 00:02:17].

Jill DeWit:

Yeah. "Having built several companies, the latest of which is a line of educational toys sold through big-box retail carrying Disney licensing, I'm experienced with building teams, setting up processes, outsourcing, et cetera, et cetera. The entire international supply chain has been wrecked these past years to say the least."

Steven Jack Butala:

Decimated is what I call it.

Jill DeWit:

Yeah. "And I felt it's time to a new business started in an entirely different and more stable industry."

Steven Jack Butala:

Amen.

Jill DeWit:

Yeah. This is so cool.

Steven Jack Butala:

We are so lucky we're in this business. We talk about it on the Thursday call all the time.

Jill DeWit:

Yep. And let's see here. "I started land investing two months ago after hearing great things from a friend who got into the business last year. I sent out 50,000 mailers to start and closed 10 sweet deals for info lots here in Texas, purchased for 8 to $20,000 and sold between 30 and $90,000."

Steven Jack Butala:

That's the textbook Land Academy deal.

Jill DeWit:

Totally. "By sending 50,000 letters right out of the gate, I was able to learn a ton, fast. Some of my letters were spot on and others were atrociously mispriced." That happens.

Steven Jack Butala:

It still happens us.

Jill DeWit:

That's right.