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"If you went broke today, how would you start over?" | YouTubeToText
YouTube Transcript: "If you went broke today, how would you start over?"
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I made some mistakes before I started
following your content and like an idiot
I started three businesses. So I have
three businesses. I'm exiting
three wives.
I know it's a problem. So the main
business which is my primary source of
revenue, me and my partner very much not
on the same page. I'm transitioning and
exit right now. I have a large eye out
coming and I'm trying to decide do I
redo that same business? I'm good at it.
It's my primary source of revenue. Or do
I pour into one of these other two businesses?
businesses?
What's the business you're selling? So,
I have been in financial services. Um,
okay. Great business.
Yeah, I was the top producing rep, like
number two out of like 3,000 reps.
I'll just tell you right now, do that.
If you're two out of 3,000, you're not
even 1%. You're like 0.1 whatever
percent. And so, these other things
probably sound really sexy and
interesting. You can tell me what they
are and I'll tell you that they sound
sexy and interesting.
Well, so I guess my problem was is like
I've got a non-compete non solist. I
have to re relocate.
So, it's like I have to move 60 miles
away. My whole network has to
So I'll have about a million bucks
probably when it's all said and done. So
I have, you know,
you have to move to a new location.
So I if I want to not take a like
three-year hiatus, I have to move 60
miles and I'm very regional in my my
business. Like all my local it's all
local, multif family, habitational, like
so if I move
But you knew how to build it.
Yeah. But it was a six-year process to
start all over again, I guess, is where
where my brain goes is like,
but don't you think you can do it faster
the second time?
Oh, for sure.
I can do it in third of the time. So,
yeah. So, you're 24 months away from a
brand new business, the same thing you
do right now, except you know all the
lessons you learned.
So, just go for it. And
what are the other two? Just so I can
So, yeah. No, I I've got Well, I've got
a real estate portfolio and I I feel
like I'm really good at real estate,
too. But the problem is capital, right?
Like I can buy bye-bye. But yeah,
cuz insurance did that and create all
the deals through a network, had all the
contractors and it like they fed into
each other really well, which is why I
started it.
But um the problem is like then you were
like well hyperfocused and I'm always
like well
I don't think you'd need to stop real
estate. I mean like I own a bunch of
apartment buildings it but like it's
just not my main game. Like I've got
some money that I'm like this is my like
if I go become a [ __ ] vegetable like
there's cash flow for everybody. Um but
like what's my main game, right? And so
I want to make sure that you're not like
trying to make your your side hustle
your main hustle.
Okay? Because the returns on real estate
are not as good
as the returns in business. Period.
Private equity owners are by far much
wealthier on average than than real
estate. Real estate makes more
millionaires. Private equity makes more billionaires.
billionaires. Yeah.
Yeah.
So low risk, high likelihood business
once you gain the skills is always where
all the upside is. All right. What's the
third one?
So well the third one I did the same
thing again where I was like I started a
junk removal company to feed more leads
into the real estate because I was like
and it does. So then but then it's like
how far
can I move horizontally before I'm
losing that vertical integration cuz
it's like hey it does provide leads and
flips that feed into the real estate and
finds deals. So it's like
and you find old ladies and they've got
money so you do the financial services.
It works great. We're just
and part of my question I think is how
lateral can I get inside that vertical
before I'm losing focus where it's like
you're already losing focus.
I know.
So do I just sell it and dump it? I mean
what do you do? So, I will give you the
unpopular advice that I would give
myself. Um, which is like, do you
believe you can win? Yeah.
Yeah.
Then [ __ ] it. Do the thing.
Do the main thing. Forget the other
stuff. Basically, on some level, doing
these side hustles is almost like a
hedge against your own risk. But you
incur more risk because it decreases the
likelihood the one sure thing actually
is the sure thing. And so, when if I gun
to your head, I was like, you have to
make money. What would you do?
I'd sell insurance.
Of course. Then do the thing that you
would do when you need to make money and
you will make money way more. Okay?
Okay?
I'm only saying that because I have done this.
this. Yeah.
Yeah.
I had a dental agency. I had a
chiropractor agency. I had a gym. If I
went out of business tomorrow, like my I
had a some $100,000 bill. What would I
do? I'd launch a [ __ ] gym for sure in
my sleep. I know that's what I would do
because I can do it in my sleep. So then
I had this brilliant idea. She's like,
"Why don't we just do that thing that
we're really good at over and over again
and just not do the stuff that we suck
at?" And I was like, "I don't know if
that's going to work.
I was like, "What if these other ones
take off?"
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