Daily Meeting - Personal Finance 10: Only Invest Where You Understand

• Wherever you are is right where you should be
• If you changed your life, it cost you a lot
• If you’re not at ease with your situation, you should be moving
• Formula: Pause, calm yourself down, and ask yourself, “What’s my next, right move?”

Oprah Winfrey on Career, Life, and Leadership

https://www.youtube.com/watch?v=6DlrqeWrczs&t=2s

4th Law of Gold

• Only invest in where you understand
• Risks are part of life
• Risk comes from not know what you’re doing
• Become a mastering what you are about do, or how you’re about to spend your money 
• Diversification is a protection against ignorance
• Only when the tide goes out do you discover who’s been swimming naked
• When everyone is investing their money, and when the media is convincing everyone to run towards a certain stock or investment, everyone looks smart. Yet, when a crash occurs, you find out who the real geniuses are.

• When you invest in what you know, good things happen for you

What to Do With Your Money

1. Learn how to get more money
2. Learn how to keep the money you just got
3. Learn how to multiply what you just kept
4. Put the money you kept and multiplied into profitable employment

• Find a market that’s already popular
• Follow Antonio’s disruptive model
• Do an old thing a new way
• It is not important to be the best, it is more important to be first to a new category

Be First To A New Category

• Once you are first to a category, you are the leader.
• You don’t say you are the best, you say you are the first

1. Take your product and get it to the point of selling

• Not perfect, but to the point of selling.

1. Let your customers tear that product up.

• The customers buying a new product are willing to wait on/with you to fix it.

1. Build their feedback.

• Use their feedback to make your product better

1. Give it right back to them.

• This time, go get their friends and their family.

1. Improve your product again
2. Put it back out again
3. As soon as you think you have enough money, you don’t. GO GET SOME MORE!

• Now that you have more money, you are not going to compete with the big boys, you are just going to go get more Phils and Susans.
• Now, fix all of your customer loyalty problems
• Once you fix everything and you think you are ready, go after the established authority’s customers.

You’re the Product

• Your business is a front
• You’re selling what you know
• Selling what you know is a massive transaction, not a passive transaction
• You’re taking your customers’ money and putting it in real estate or some hard, income-producing asset 
• 50% of the money goes into a hard, income-producing asset
• 40% of the money goes back into your company
• 10% of the money goes into a discretionary fund

Closing Thoughts

• Antonio wants to buy a new apartment complex every month
• His end goal is own downtown high rises 

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