Full Stack Business Owner: Recent Episodes
Full Stack Business Owner
It’s absolutely possible for a business owner, like you, to have it all. The only limiting factor to success in your business and in your life is you, the business owner!
The Full Stack Business Owner podcast exists to help you overcome your limits. Hosted by successful Australian entrepreneurs Grant Merriel and Charley Valher, the show is dedicated to sharing information, insights and tools to help business owners, like yourself, build a stable, thriving business that unlocks your money and life goals.
Grant and Charley both dive into their own experiences with their fellow Australian business owners and trusted professionals to help you become the best Full Stack Business Owner.
*Disclaimer - We are just like you, Australian business owners, and everything we discuss is intended for entertainment and educational purposes only and is not financial advice. Always seek professional advice before making any decision when it comes to wealth creation.
EP 132:
Are you curious about the intricacies of business strategy and growth over the past year?
This week, Grant and I dive into a comprehensive review of 2023.
We unravel the successes and setbacks encountered in the ever-evolving business landscape.
From groundbreaking strategies that led to awe-inspiring achievements to hard-earned lessons from our challenges, we provide an in-depth analysis of what worked and what didn't.
Learn about the strategies that propelled us forward and the missteps that provided invaluable lessons.
Episode Highlights:
00:00 Welcome to Business and Investing
04:09 Personal and Professional Goals With a Focus on Self-reflection and Growth
10:04 Business Success and Real Estate Investing Despite Economic Uncertainty
15:36 Business Wins, Personal Growth, and Golf
20:19 Business Growth and Risk Management
23:20 Business Lessons Learned in 2023
29:20 Investing, Compounding, and Beliefs
33:13 Business Priorities and Scaling With a Digital Nomad
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 131:
Ready for some business and investing insights?
Grant and I delve into the world of buying businesses!
Discover the highs and lows of acquisitions, from spectacular successes to cautionary tales.
Gain valuable perspectives on what makes an acquisition go well, where it falls short, and why some turn out to be game-changers.
Episode Highlights:
00:00 Welcome to Business and Investing
1:48 The rise of business acquisitions for growth
2:36 The risks and rewards of acquiring a business
3:42 The allure of buying businesses
9:47 Buying an existing business vs starting one from scratch
14:14 Buying a business with little experience.
19:57 Industry experience, and acquisition strategies
25:15 Business integration challenges
29:35 Acquisitions in the SEO industry
32:59 Business acquisitions and valuations
38:41 Buying vs. growing a business
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 130:
Explore the $57 Pizza Dilemma in this eye-opening episode!
Grant and I cover the challenges of rising living costs and the contrasting approaches of cutting expenses vs. creating more value.
Gain valuable insights into navigating the evolving business landscape and discover strategies for success.
Don't miss out on this engaging discussion that transcends the pizza debate to uncover practical tips for a thriving mindset and business growth.
Episode Highlights:
00:00 Welcome to Business and Investing
5:08 Food costs and poor decision-making
10:02 Cost of living increases and how to cope with them in a business
15:44 Adapting to economic changes in business
20:44 Business growth and cost-cutting strategies
24:38 Business growth and expansion
29:03 The importance of networking and adapting to change
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
○ How to Get Rich: https://www.amazon.com/How-Get-Rich-Greatest-Entrepreneurs/dp/1591842719
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 129:
Struggling to let go of routines when handing over tasks?
Grant and I highlight the vital role of strategic planning for business owners adopting new identities, urging intentional definition of success metrics.
Ready for a similar journey? Outline success in your upgraded role, letting those insights shape your daily actions.
Remember, seeking support and refining your approach are key to becoming the business owner you aspire to be.
Episode Highlights:
00:00 Welcome to Business and Investing
7:38 Personal growth and identity
9:50 Balancing business ownership and personal growth
12:05 Personal growth and identity changes
16:51 Business growth and self-awareness
21:14 The Peter Principle and career growth
25:16 The expectation management in business
28:16 Business growth and hiring a CEO
31:18 Making identity changes and avoiding old habits
36:28 Personal identity change and adaptation
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
○ How to Get Rich: https://www.amazon.com/How-Get-Rich-Greatest-Entrepreneurs/dp/1591842719
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 128:
Grant and I explore the insights from Dennis Felix's book, "How to Get Rich," with a focus on financial arbitrage, borrowing money, and creating spreads in business.
Uncover unique strategies for raising capital, valuable hiring tips, and insights on prioritizing business goals.
Whether seasoned or a budding investor, this episode fuels your journey with wealth-building insights!
Episode Highlights:
00:00 Welcome to Business and Investing
3:14 How to Get Rich?
9:27 Borrowing money for business growth and risk
15:10 Raising capital for business growth
21:41 Business growth strategies using other people's money and time
28:22 Hiring and negotiating strategies
33:46 Wealth, age, and quality of life
39:02 Prioritising business goals and net worth
42:00 Entrepreneurship, business, and investing
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
○ How to Get Rich: https://www.amazon.com/How-Get-Rich-Greatest-Entrepreneurs/dp/1591842719
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 127:
Grant and I discuss money traps in business and investing.
Exploring the impact of chasing short-term gains on decision-making and emphasizing the need for an emergency fund to make wiser choices for your business.
Join us for some real talk and useful tips on managing your money better!
Episode Highlights:
00:00 Welcome to Business and Investing
4:09 What are the dangers of short-term thinking in business?
9:02 Financial management and client selection in business
15:12 Business growth and emergency funds
18:52 Setting long-term goals
24:51 Avoiding money traps
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 126:
How do you secure long-term business success?
Reviewing a client's ad account emphasized the necessity of a robust edge and moat in your business strategy.
Grant and I delve deeper that this clent had been using various internet marketing tactics but faced increasing customer acquisition costs.
This highlights the importance of creating a unique selling proposition or moat for lasting sustainability and differentiation from competitors.
Episode Highlights:
00:00 Welcome to Business and Investing
5:23 Using edges to build a moat in business
11:32 The importance of moats in business
15:09 Creating a competitive edge and controlling the market
18:28 Business strategies and competitive advantages
24:31 Creating an edge in business to maintain profitability and growth
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 125:
How can you get better at building wealth, whether in your business or personal life?
Grant and I discuss the importance of quarterly planning in business and stress the need to stay flexible for success.
We also highlight the importance of being ready for changes and being quick to take advantage of opportunities in the ever-changing business world.
Episode Highlights:
00:00 Welcome to Business and Investing
1:07 Advertising strategies in Q4
3:48 Significance of planning in business
10:21 Quarterly planning and prioritization in business
13:22 Prioritizing tasks and planning for business growth
18:25 Taking accountability in business.
21:48 Having a supportive network in business
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 124:
Are you outsourcing wealth responsibility and opting for a defensive approach instead of pursuing financial success?
Find out how to reassess your strategy for alignment with your objectives.
If you're naturally aggressive, how can you avoid settling for playing it safe?
Join Grant and I covering staying inspired,accountable, and informed about achieving financial success!
Episode Highlights:
00:00 Welcome to Business and Investing
7:54 Managing risk and uncertainty in business and investing
12:28 Prioritizing business growth and investments
15:51 Are you taking responsibility for financial planning and goals
20:29 Significance of wealth mentors, goals, and investments.
25:25 Investment decisions and taking responsibility
30:38 Personal responsibility in investing and wealth creation
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 123:
In a changing world, we all want stability.
Our focus has shifted to focus on media and advertising.
In this episode, Grant and I discuss spotting trends and handling economic uncertainty.
We're thankful for your support during our break and want to share personal changes, like Grant's move to a city apartment, to inspire you to chase your dreams.
Join us here in the Business & Investing podcast for growth and new beginnings.
Episode Highlights:
00:00 Welcome to Business and Investing
5:02 Business growth during economic uncertainty
11:55 What taking risks and pursuing dreams in mid-life are like?
18:29 How does personal development work for business owners?
22:20 Scaling an agency, selling properties, and business growth
27:55 Buying a principal place of residence with a buyer's agent
31:30 Golf and business growth
38:12 Business growth, investing, and lifestyle design
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 122:
Are you making decisions based on their outcome at the end of each month…
Rather than each year?
What about offering new services to increase the number of products you can offer your current client base?
Well, if this sounds like you…
You might have fallen into the trap of making decisions for the short term rather than the long term.
Tune in to this episode as Grant and I explain how playing the short-term business game can actually cost you more in the long term.
Make sure to stay with us until the end for valuable tips and stories of our experiences you can learn from.
Episode Highlights:
00:00 Welcome to Business and Investing
03:01 Focusing on the short-term goals
11:17 Quick fixes and taking on more businesses
16:50 People focused on short-term vs long-term
20:50 Is it possible to play both short and long-term?
26:41 Sacrificing everything you built in business
30:30 Building the wrong vehicle for your goals?
35:20 What we could’ve done differently
41:01 How to get more benefits when focusing on the short-term
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 121:
Whether it’s tomorrow, next month, or five years away…
Your business will, at some point, require a change of business model.
And, by the way, that’s normal!
But how do you move forward, considering the risks and uncertainty?
That's what Grant and I are talking about in this episode!
Here, we shared our experiences about how we transitioned out of business, where we were trapped by a decaying business model.
Tune in to this episode now, and discover tips and advice on how to break free from the prisons of an unfulfilling business.
Episode Highlights:
00:00 Welcome to Business and Investing
03:55 Getting stuck in business
07:57 Navigating the transitions and changes in the business landscape
12:58 Realising you’re not in a good opportunity anymore
16:20 Having the choice
21:45 Creating certainty in your business
27:55 Why do we stay in risky or unwanted situations?
35:05 Taking risks when you have a family
40:32 Important lessons to bear in mind
43:37 What to do when you’re stuck
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 120:
If you have set unreasonable workloads, aren’t willing to spend on project or task management tools, and don’t know what success looks like within each role...
Then, I’d argue that the decisions you’ve already made are creating the outcome you are getting (poor output and people leaving).
Fortunately, it doesn’t have to end like that…
Which is why Grant and I are unpacking everything you need to know about scaling the team around you!
Throwing the kitchen sink at this one—from hiring, prioritising, management structures, and retention.
Tune in now!
Episode Highlights:
00:00 Welcome to Business and Investing
02:49 The challenges in team and management structures
06:26 Hiring team with a specific intent
12:25 Taking on debt vs bootstrapping
15:58 Why you should hire people with experience
21:37 Finding good and reliable people for your team
25:17 What is topgrading?
27:15 Keeping good people in your team
39:08 Will you get a better outcome if you pay your team more?
41:37 Recap
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 119:The path to financial independence is difficult but is definitely achievable.
Eventually, you’ll reach a point where you can choose to work on projects that excite you with people you want to be around.
So, in this week’s podcast episode, Grant and I are uncovering the stages of wealth that you will be encountering on your journey to financial independence.
We’ll be discussing:
- Attaining financial stability
- Why sustainability is so important
- Getting the money to work for you
- As well as financial independence, the wild phases, and more!
Hit that play button now!
Episode Highlights:
00:00 Welcome to Business and Investing
01:32 Entering into the investing stage
07:33 Charley’s investing experience
09:02 Know what you’re trying to achieve when investing
16:46 Attaining financial stability and sustainability
19:54 Why financial sustainability is important, too
26:14 Have you gone past financial stability and sustainability?
30:18 Getting the money to work for you
32:01 Let’s get wild!
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
○ Episode 005: Core Wealth Creation Concepts Only Top Investors Know: https://businessandinvesting.com/ep-005-core-wealth-creation-concepts-only-top-investors-know/
○ Episode 012: Building Your Wealth Creation Team: https://businessandinvesting.com/ep-012-building-your-wealth-creation-team/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 118: Well, there are levels to business and to wealth.
One of those first levels is realising that buffers are NOT optional…
…they are ESSENTIAL!
Now, if you were to start building a house, but didn’t have rock solid foundations..
I’m sure you can imagine the outcome.
It’s the same in wealth creation.
The sequence you follow is incredibly vital.
In this week’s podcast episode, Grant and I are breaking down the first few stages of wealth creation that we have followed over our own journeys to financial stability and independence so that you can continue to level up!
We’ll be discussing:
-
Minimum monthly savings for investing
-
The importance of buffers and deposits
-
As well as “get rich quick” and more!
PS: What rules have you set for yourself in your journey?
Episode Highlights:
00:00 Welcome to Business and Investing
02:21 Going through the levels of wealth
06:48 Investing $5k/month on average
10:42 How to know if you’ve succeeded in stage one
14:43 Buffers and deposits
20:18 The importance of having buffers in your business
25:19 What happens when you try to get rich quick
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
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○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 117:
I’m sorry to remind you of it again, but…
Tax season is quickly approaching.
Luckily, I've got you covered!
In this podcast episode, Grant and I are covering everything that you need to know to help you prepare for the upcoming tax season.
Tune in now for a smooth-sailing EOFY journey!
Episode Highlights:
00:00 Welcome to Business and Investing
01:38 Learning more about the tax system
06:15 Grant’s journey and relationship with the Australian tax system
07:56 Talking with an accountant
15:42 Tax minimisation strategies you may look into
17:30 Tax loss harvesting
25:57 Why you should review your assets
28:30 Tips for a smooth-sailing EOFY journey
33:33 Are you in the right accounting system for your situation?
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
○ Business and Investing Partners: https://businessandinvesting.com/partners/
○ Tax Secrets of the Rich by Allan Mason: https://www.amazon.com/Tax-Secrets-Rich-Packers-accountant/dp/0980422647
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 116:
My father was a carpenter. Inspired by him, I took up the tool and spent 7 years as a plumber before I ventured into business.
So, believe me, I can totally see how tough it is to navigate this industry.
But when I was a tradesman, I didn’t see the benefits…
Fortunately, I’m here to share what I would do differently! ☺️
In this week’s podcast episode, Grant and I are breaking down how we would scale a building company.
Tune in to the full episode now!
Episode Highlights:
00:00 Welcome to Business and Investing
06:07 Challenges in the trades industry
10:00 Getting to know the people in trades
12:59 Looking into the demand for work
17:57 Derisking your cash flow cycle
21:07 The importance of referrals and marketing
24:42 Leveraging your skills as a tradie
28:05 What are the risks you should avoid in trades?
33:22 Exploring the potential of prefab houses and second dwellings
45:10 Funding your building services
51:38 Scaling your building company
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
○ EP 109: How Would You Scale a Web Design Agency? https://businessandinvesting.com/ep-109-how-would-you-scale-a-web-design-agency/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 115: In this week’s podcast episode, we’re joined by Goose McGrath…
He’ll be sharing his past experiences coming from difficult circumstances as well as how he’s now overcome them to being the owner of a million-dollar buyer’s agent business.
We’ll be giving you all the tools you’ll need to build a mindset that can overcome challenges…
As well as covering:
- How to find perspective
- Confronting your fears
- Taking actions
& much more!
PS: Share your past (or current) experiences with difficult circumstances! Send through any questions you’re struggling with and we’ll get to it in a future podcast episode.
Episode Highlights:
00:00 Welcome to Business and Investing
05:53 Goose’s past experiences and its impact on him
11:53 The ability to handle challenges and be resilient
15:20 The benefit of hitting rock bottom
16:01 Playing from a place of nothing to lose vs. the opposite
17:59 “I’ve tried everything” (Have we really?)
20:46 Getting perspective (Four questions)
26:09 Turning problems into solutions
30:27 Taking action
35:15 Learning from others
36:43 Fear setting and perspective getting
45:40 Naming the fear and confronting it differently
50:50 “What do you want?” and “Am I happy?”
55:35 Maintaining your mindset to overcome challenges
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
○ If you want to find out more about our guest, Goose McGrath head over to: https://businessandinvesting.com/partners/
Other resources mentioned in the podcast:
○ The Work of Byron Katie
○ Sadhguru’s video
○ The Dip by Seth Godin
○ The Demartini Show with Dr. John Demartini
○ Joe Dispenza
○ Wayne Dwyer
○ Trevor Blake
○ Tim Grover
○ Chasing Excellence by Ben Bergeron
○ Can’t Hurt Me: Master Your Mind and Defy the Odds by David Goggins
○ The Seven Spiritual Laws of Success by Deepak Chopra
About the Guest:
Goose McGrath is the CEO of Dashdot, a property investment firm helping business owners build prolific, profitable property portfolios. They specialise in sourcing properties that are under market value, cashflow positive and have strong growth and value add potential.
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 114: In this week’s podcast episode, Grant and I are back for part two! We’re breaking down the hardest skills to learn that will have the most impact!
We’ll be discussing:
- consistency,
- sales and communication,
- as well as education, finance, and more!
P.S. How was the process of learning them, and what incredible things have you been able to do with them? Reply by sending us an email or posting a comment.
Episode Highlights:
00:00 Welcome to Business and Investing
02:24 Having a feedback loop
10:27 The role of accountants and bookkeepers in the feedback loop
12:02 Repetitiveness and consistency
14:21 The importance of sales and communication
19:07 Why is sales a hard skill?
24:43 Acquiring knowledge and skills through research and education
30:15 Why you should consume as many resources as possible
34:40 Honing your finance skills
40:37 Reading financial statements
47:33 A wrap-up of the skills you need
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 113: In this week’s podcast episode, Grant and I will be talking about the hardest skills that will continue to reward you forever!
We’ll be discussing:
- Delegation
- Self-management
- As well as Problem Solving, Networking and more!
P.S. Share the skill that you have spent the most time leveling up and has had the most impact in your life!
Episode Highlights:
00:00 Welcome to Business and Investing
04:34 The power of delegation
08:34 How Grant became really good at delegation
10:46 The CPORT framework
12:43 Self-management
15:24 How to know you’re not managing your self-well
19:59 The need to work on self-management
20:24 Modeling other people
22:38 Problem-solving
27:44 Problem-solving is not just a tick in the box
28:50 Spending time on thinking about problems
31:04 Networking
35:51 Different seasons, different networks
37:11 Selling to your network
38:21 Waiting to make the first move
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
○ Check out our podcasts on the topic of networking:
-Your network is holding you back… (https://youtu.be/646mWYbBlXI)
- Is Your Network Holding You Back? And What to Do About It
(https://youtu.be/i0Wfd94EsL4)
○ Don’t miss out on Part 2 of this episode which will go live next week
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 112: In this week’s Q&A podcast episode, Grant and I will be breaking down our full thoughts on short-term rental strategies and whether we’d consider adding one to the portfolio anytime soon!
We're also sharing our perception about investing with a family member or a friend.
Tune in now!
Episode Highlights:
00:00 Welcome to Business and Investing
03:30 What are the risks of buying a property with a friend or family member?
17:06 When to buy an investment property with another party
24:26 Our thoughts on Airbnb or short-term rentals
30:25 Airbnb: A higher-risk investment class
36:38 Considering short-term rentals
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 111: Are you really backing yourself 100%? Going all in on the hard decisions you need to make or are you dipping your toe into multiple ponds at the same time?
In this week’s podcast episode, Grant and I are discussing:
- How to back yourself
- Taking control of your life
- As well as mindset, dealing with failure, and more!
Hit that play button now!
Episode Highlights:
00:00 Welcome to Business and Investing
04:43 Second business syndrome
06:47 The time Grant thinks he can’t do SEO
18:38 Not backing yourself when obligations are involved
27:27 Looking into the unconscious and conscious reasons you didn’t back yourself
31:29 How to back yourself up
36:59 Believing in yourself and changing the course of your life
41:49 Necessity is the mother of inventions
49:16 Why it’s okay to fail sometimes
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 110: In this week’s podcast episode, Grant and I are breaking down how we would play the situation if our business meets its defined end date.
Episode Highlights:
00:00 Welcome to Business and Investing
02:08 What is a cigar butt in business and investing?
07:25 Looking into the future of businesses
10:16 Cigar butt businesses
15:28 How will technological advancement shape the future?
24:27 Dealing with developments and saving your business
31:00 Holding on to legacy
33:12 What to do if your business starts to become a cigar butt
39:35 Starting or investing in a cigar butt business
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 109: How would you scale a web design agency in today's market?
Especially with competitors like Shopify, Wix and SquareSpace offering incredibly low barriers to entry at more affordable price points?
Well, luckily for you.
Grant and I have both done this…
We’ll be discussing our experiences, as well as what we would do differently so that you can be better prepared and use these new skills in your own business.
Even if you are not in web design, the ideas on creating moats, marketing, etc might prompt action in your own business.
P.S. Do you feel your business could generate more profit and you would like us to share how we would approach it if it was ours - just let me know about the business and we will do an episode on it for you.
Episode Highlights:
00:00 Welcome to Business and Investing
05:40 Challenges Grant faced running a web-design agency
14:10 Scaling a web design service for dentists
14:28 Why Grant chose dentists as his niche
16:13 The subscription package
17:56 How Grant would market his web design service
22:46 Two types of products Grant would offer
27:17 Scaling a web design service for real estate agents
27:24 Why I chose real estate agents as my niche
29:45 Generate recurring revenue through continuous need
33:10 Creating a premium service
35:21 My acquisition strategy
36:08 Providing value through data and list management
39:33 How I would pitch my service to make it stand out
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 108: In this week’s podcast episode, Grant and I are breaking down everything you need to know about being a franchise owner as well as franchising your own business.
We’ll be discussing:
- setting up a franchise
- the advantages of licensing
- our advice for those considering franchising and more!
Episode Highlights:
00:00 Welcome to Business and Investing
02:55 We considered buying a franchise, and here’s what we think
07:39 Personality types and franchising
12:10 Can a business owner be successful in franchising?
16:38 Successful franchises
20:52 Will Charley buy a franchise?
22:36 Setting up a franchise
29:24 The advantages of licensing
32:07 Tips and advice for people who are considering franchising
33:32 Will we start a franchise?
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 107: Is dropshipping dead?
Well… you could argue it should be! 😂
But ultimately, No. I don’t think so.
In this week’s podcast episode, Grant and I are discussing how we would be approaching dropshipping differently in today’s market.
So that you can understand different business models…
Or, extract out some ideas that might apply to your existing business!
We’ll be covering:
- The key elements required
- What we would do different today
- As well as branding, niches and more!
P.S. Send through those burning questions! Whether it relates to your dropshipping aspirations or not… I’ll make sure we get back to it in a future episode!
Episode Highlights:
00:00 Welcome to Business and Investing
03:14 Is dropshipping dead?
05:47 Why we moved out of dropshipping
10:28 Is dropshipping great for new business owners?
12:43 How Grant would approach dropshipping today
15:16 Nicheing for dropshipping
17:13 How I would approach dropshipping today
22:56 Unbranded vs branding products
24:53 Brand power
28:10 Being the face of the brand
30:20 Key elements when you enter dropshipping
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 106: It's the second part of our money mindset podcast! Here, you'll discover how we finally got to improve our money mindset, which ultimately set our business up for success.
Episode Highlights:
00:00 Welcome to Business and Investing
01:07 Changing your goals and expectations
06:14 Working on yourself
17:26 Moments that bring changes
22:49 What improved our money mindset?
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
○ Dr John Demartini's Ultimate Wealth Mastery Library: Key Strategies for Financial Mastery: https://www.amazon.com/Martinis-Ultimate-Wealth-Mastery-Library/dp/B091D8W3KQ
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 105: In this week’s podcast episode, Grant and I are discussing our relationship with money
How it has affected our business, and how we changed our perspective so that we could make better decisions and continue to grow our businesses.
Episode Highlights:
00:00 Welcome to Business and Investing
02:23 What happens when you project scarcity into your business
09:48 When did Charley realise he had money issues?
19:26 How Charley’s money issues reflect in his business
27:11 Looking into the past to understand the present
38:51 How did Grant’s money mindset show up in his business
42:57 The connection between demographics and mindset
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 104: When was the last time that you took a significant financial hit?
In this week’s podcast episode, Grant and I are discussing on our financial hits and:
- How we pulled ourselves back up
- How we healed ourselves from those experiences
- As well as the mindset frames that we used and more…
So that you can make the best decisions and maximise the outcome going forward in your business.
Tell me some of the ways you have dealt with these experiences.
Or, shoot us the questions you have and I’ll try to convince Grant to reopen his wounds and answer them in a future episode!
Episode Highlights:
00:00 Welcome to Business and Investing
02:50 Business comes with more risk
04:05 The number of financial hits we’ve encountered
07:02 Grant shares about his financial hit
13:48 How financial hits create self-doubt
15:39 Steps Grant took to get back up
23:20 Gaining confidence back
27:28 Leaning on other people during the process
27:56 My share of a financial hit
38:52 Giving time to heal is important
39:28 My take ongetting back up from a financial hit
45:30 Two mindset frames I remind myself to get back up
48:08 Taking time to assess what caused the hit
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
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○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 103: In this week’s podcast episode, Grant and I are discussing business volatility and several business models that won’t be here in the next five years…
So that you can identify and then adapt to the changing business landscape!
Episode Highlights:
00:00 Welcome to Business and Investing
01:40 The prevalence of artificial intelligence and ChatGPT
06:13 Is AI the next big thing to change the world?
14:16 Embracing change as a business owner
18:27 What industries will be affected by the rise of technology?
28:15 The effects of AI on the online industry
33:54 What will be the future of car dealerships?
37:49 Technology-driven changes in investing
41:59 How should people approach the next wave of technology?
47:56 Strategically changing your business
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
○ Know the Score of your business to ensure success! https://knowthescorefinance.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 102: In this week’s podcast episode, Grant and I are discussing everything to do with your business and investing endgame, including the multiple factors you need to consider before deciding on an exit strategy.
P.S. Leave a comment if you know your end game and how you have aligned it to your current business model.
Episode Highlights:
00:00 Welcome to Business and Investing
01:58 Have you given much thought to your business’ endgame?
07:23 Selling a business
10:32 What are the endgames?
15:54 Your endgame heavily depends on your business model
25:38 Factors to consider when setting an endgame
28:07 Grant’s entrepreneurial journey towards the ultimate goal
39:37 The risks of going all in on an exit
48:45 How long does it take to make the end game work well?
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
○ Check out our new Property and Investing Podcast! https://propertyandinvesting.com/podcast/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 101: The government is contemplating making changes to super.
In this week’s podcast episode, Grant and I are discussing exactly this!
We’re covering:
- Super Advisors
- Investing outside of your Super
- As well as the next steps to take & more….
So that you can start to think, plan and maximise your retirement!
Remember: none of this is financial advice, just 2 guys with mics talking. Just remember to speak to a professional.
If you have an opinion on this! Am I wrong? I would love to hear some thoughts on this topic.
Also! Shoot me the questions you’re wondering about super and retirement and I’ll make sure Grant and I get to them in a future episode!
Episode Highlights:
00:00 Welcome to Business and Investing
03:33 Government is making changes to super
08:26 Disincentivising people who want to strive
11:02 Breaking trust as a result of changes
12:19 Business owners are an ambitious bunch
15:45 Will changes being a short-term fix change my opinion?
17:31 Financial advice is crucial
21:14 Making rules clear and outlooking
22:21 Investing outside of super
24:31 New Zealand raised their cash rate to 0.5%
28:45 When something has to break
31:29 Is Australia taking a back seat or not?
32:47 With uncertainty on the rise, what to do?
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 100: So, how should you plan your business getaway?
This is exactly what Grant and I discuss in this part 2 episode.
We cover exactly how we plan our getaways…
So that you can prepare and then execute your next getaway…
As well as make the most out of your time and money!
Also, we’d love to know what activities or priorities you are planning to add on your next getaway.
Episode Highlights:
00:00 Welcome to Business and Investing
01:37 How to make sure you book that getaway
02:30 Prepping yourself for the getaway
04:21 Thinking time
07:42 The lead up to the getaway
09:31 Get the most out of a getaway
17:19 How Grant approaches the getaway
26:59 Honest conversations with yourself
30:26 Turning your list into actions
31:51 Key points to remember for your getaway
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
○ Listen to Part 1 of this podcast episode: https://www.youtube.com/watch?v=0BeZVmHca8g
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 099: There’s truly something special about taking time away from business that motivates you and helps you look at obstacles with a new perspective.
In this week’s podcast episode, Grant and I discuss exactly that.
We spoke about our getaway as well as how it was structured so that you can replicate it and take action the next time you take time away from your business.
Episode Highlights:
00:00 Welcome to Business and Investing
02:33 The need to getaway
06:07 Why getting away is effective
07:40 Routine is dangerous
09:30 Brain space - giving time to think thoroughly
16:21 Weekends away alone vs. weekends away with a bigger company
25:07 Investing in better accommodations
30:08 Getting away to get perspective
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on YouTube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 98: Our resident financial planner is back to talk about succession planning. Consider this episode as succession planning 101, a helpful guide on how to start thinking about succession planning.
NOTE: This episode is a general guide, NOT financial advice.
Episode Highlights:
00:00 Welcome to Business and Investing
03:22 How much wealth will the next generation most likely receive?
05:07 The best time to start succession planning
06:48 What you need to consider before starting
12:31 Different ways things can be passed on
16:12 Tax implications on inheritance
22:20 Helping your children earlier in life
29:09 Accumulating assets and succession planning
33:42 Contested wills
36:21 What is an investment bond?
41:43 What happens when there’s debt in the assets you pass on
43:02 Planning your children’s inheritance early on
46:33 Common mistakes people make when succession planning
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
○ Business and Investing partners: https://businessandinvesting.com/partners/
About the Guest:
Ray Regmi is the Senior Financial Adviser and Principle of Ryker Capital (AFSL: 243313). They offer services to Australian business owners who are looking to reach financial independence and create true wealth.
To connect with Ray and the Ryker Capital team, head over to: https://businessandinvesting.com/partners/ryker-capital
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 97: Join us in this episode as Grant and I look back on the recent breakthroughs that levelled us and our business up.
Episode Highlights:
00:00 Welcome to Business and Investing
03:08 “Rightsizing” a company
12:25 Why you should build wealth inside and outside your business
15:12 Leveling up your finance skills
19:20 Training your mind
27:08 The art of bringing ideas to the table
38:54 Doing less but better
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
○ The Road Less Stupid by Keith Cunningham: https://www.amazon.com/Road-Less-Stupid-Keith-Cunningham/dp/0984659269
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 96: Grant and I discuss the most impactful business lessons we've learned in this week's podcast episode - from how we left being self-employed and started developing our business owners’ mindset.
We're sharing our stories hoping it would help you out if you are in a similar situation.
( it’s what we wish someone told us earlier )
Episode Highlights:
00:00 Welcome to Business and Investing
04:24 Experiences build you to become better
05:40 Self-employed vs. a business owner
14:38 The lack of knowledge on pricing
20:01 The equation of thirds
22:28 The value of sales and marketing in business
23:29 Value-based pricing
26:52 Delivering a service the market values
36:25 Knowing where to fish for premium clients
44:29 Relationships
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 95: In this episode, Grant and I talk a little more about buying back your time as a business owner versus being more efficient.
P.S. What about you? What's your time management strategy?
Episode Highlights:
00:00 Welcome to Business and Investing
03:48 The importance of time management in your business
08:00 Do you always have to grind and hustle hard?
11:57 Wiring, beliefs, and time management
16:07 Having a morning routine
28:15 Buying back your time
32:37 Managing your energy and happiness
37:13 Times when you should change your approach to time management
42:51 Good time management starts with good calendar management
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 094: In this week's podcast episode, Grant and I break down our best business and investing decisions.
We’ll discuss the lessons we wish we had known earlier, and revisit the moments that changed our lives, forever.
Episode Highlights:
00:00 Welcome to Business and Investing
03:12 Business is volatile, expect it!
09:56 Reducing business volatility
11:27 Catching on business trends to grow
16:41 Surround yourself with people who move you to improve
23:41 Treat your investments like a business
If you enjoyed this episode, subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
○ Visit the Property and Investing website and check out our podcast episodes: https://propertyandinvesting.com/podcast/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe to Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 93: A great network is an investment you want to make for the long term.
It compounds at a far greater level than any other asset.
On this week's episode of the podcast Grant and I do a deep dive on building your network.
Think of this episode as a practical guide to finding, nurturing and getting value from the net.
Episode Highlights:
00:00 Welcome to Business and Investing
04:07 How essential networking is to us
06:51 The tacky vs. proper way of networking
08:02 Networking is not an even relationship
09:17 Giving out too much information
10:55 Building networks without recognizing opportunity cost
14:53 The limitations of B&I
17:30 Build the RIGHT network for you
18:00 How to build a network
21:22 Different networks for different outcomes
25:24 Set up your intention
26:04 Geography
30:35 How to manage/nurture your network
38:19 Is there a limit to the amount of people you can manage/nurture?
44:15 How to give and get value to people in your network
50:02 Develop the skills to become valuable to your network
53:07 Practical steps to get value out of your network
57:04 The FREE:FREE ratio
58:00 Review your network regularly
1:02:31 Network changes with the season
1:09:22 Cut-off period to review your network
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 92: In this week’s episode, Grant and I discuss “What we would do differently if we were starting our businesses today.”
PS: What would you do differently if you could have your time again?
Episode Highlights:
00:00 Welcome to Business and Investing
04:41 Would you go back in time if you could?
06:12 Reinvesting back into business
13:52 Starting a business the wrong way
21:38 The truth about scaling your business
28:05 Why you should niche your business
34:17 Bookkeeping and accounting
41:10 Mastering one business
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
○ Check out our new Property and Investing Podcast! https://propertyandinvesting.com/podcast/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 91: This week's podcast is an important one.
James Cant joins me from JCF coaching.
He has a special skill set when it comes to health and peak performance.
Most notably:
- He helps people get out of the type of burnout I got myself into
- He gives people the tools to avoid ever getting into that state
This podcast is what I wish someone would have sent me all those years ago.
Episode Highlights:
00:00 Welcome to Business and Investing
03:29 Opportunity cost due to health problems
04:30 An overview of who James is and what he does
05:45 How poor health affects performance in the present
12:55 Low energy: A common problem for business owners
18:40 Coping mechanisms to deal with stress
23:10 James shares the results he’s getting for his clients
28:19 What is the best way to assess one’s health?
35:57 What level of fitness should business owners aim for?
40:37 Awareness of what “feeling good” means
41:50 Allocating time for health
48:58 Food and diet for overall health
56:11 Bad health advice
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
○ If you want to find out more about our guest, James Cant, you’ll find him on the ff. social media platforms:
- Instagram: https://www.instagram.com/jamescant_/?hl=en
- Facebook: https://www.facebook.com/jcfcoaching/
- LinkedIn: https://www.linkedin.com/in/james-cant-86580592/?originalSubdomain=au
About the Guest:
James Cant is the founder of JCF Coaching where they envision liberating and empowering every fitness coach so they can build amazing businesses and live their life with true freedom.
James is also passionate about helping people recover from their illnesses and is dedicated to mentoring men and women who want to be at their peak cognitively, physically, and emotionally.
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
EP 90: On this week’s episode, Grant and I do a review of “Die with Zero by Bill Perkins”.
This isn’t your normal book review, as we put a business owner spin on it.
PS: Hopefully, Bill tunes into the podcast and is up for writing version 2 of the book just for business owners!
PPS: Hi, Bill! 👋
Episode Highlights:
00:00 Welcome to Business and Investing
02:46 What does it mean to have a life well-lived?
07:47 What we think about the book
13:35 Generational wealth: yay or nay?
19:53 What do you really want in life?
22:08 Running on autopilot
26:49 What we didn’t like about the book
37:00 How “Die with Zero” changed our lives
43:36 Why you should start compounding assets early on
45:43 Checking things off the bucket list
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:
○ Business and Investing Website: https://www.businessandinvesting.com/
○ Check out our new Property and Investing Podcast! https://propertyandinvesting.com/podcast/
○ Die With Zero by Bill Perkins: https://www.diewithzerobook.com/
○ From 0 To 130 Properties In 3.5 Years by Steve McKnight: https://www.amazon.com/130-Properties-3-5-Years/dp/1742169678
○ The Road Less Stupid by Keith J. Cunningham: https://theroadlessstupid.com/
○ The Debt Millionaire by George Antone: https://www.amazon.com/Debt-Millionaire-people-never-wealth/dp/0982704542
○ Work Less, Make More by James Schramko: https://www.jamesschramko.com/book
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
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○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
Have you heard of the FIRE movement?
At one point in my life, I was obsessed with it.
If you don’t know, FIRE = Financial Independence Retire Early
The concept behind it works like this:
In your 20s and early 30s, you work hard, live frugally and invest all you can.
You do this for about 5-7 years.
Build a big enough nest egg to retire in your 30s instead of your 60s.
Which is an incredibly cool concept!
Go hard early and then never have to work again!
Imagine never having to work again in your early 30s!
The choices you could make if you didn’t need money?
You could spend more time with loved ones.
Travel the world.
Maybe write that book you had always thought about writing?
Or, take up some ridiculous hobby.
For me, the attraction was being able to have more time to raise my future son.
(This was before my son Jack was born)
My Dad worked a lot.
Always providing for the family.
I had always wished for more time with him.
This was an opportunity to do things differently for my own kids.
Anyhow,
I bought into the idea of becoming FIRE and adopted the lifestyle.
Initially, it was fun.
Putting a focus on increasing income from business.
Finding creative ways to save money.
Buying things in bulk and being strategic in how we used credit cards.
You would be surprised how much you can save when you get creative.
But…
Living this “fire” lifestyle also comes with something you don't enjoy.
Working more hours and missing out on life experiences
Doing work you don't like just for $$$
Missing out on holidays or having nice things.
It’s a game of extreme delayed gratification.
You would often hear me say things like:
“This is the sacrifice you need to make to have time for your son.”
“It will be worth it when you are retired in your 30’s”
However… over time…
As that initial excitement for FIRE faded.
Things started to become a GRIND.
It wears you down.
Especially when you see others around you enjoying while you are suffering.
Now to be fair, the FIRE process was working.
You could see my net worth going up every month.
But, I hated my business and life overall.
Continually dreaming about getting to burn my business to the ground once I hit FIRE.
If you have ever run your business in a similar way, maybe you have felt the same.
Work hard and suffer now for the reward of “someday”
Anyhow,
It turns out it's common for people who adopt the FIRE lifestyle to feel this way.
There are many Facebook support groups focused on supporting people in the pursuit of FIRE.
One evening I was scrolling through one of the FIRE groups.
There was a question posted
“What do you plan to do once you hit fire?”
My knee-jerk reaction was:
Spend time raising my future kids, of course!
Then…
Maybe sit on a beach for a bit and spend some time with loved ones.
The question got my mind spinning a little more.
“What else would you do?”
Then it hit me…
“Start a new business.”
One that’s enjoyable to run instead of this hell.
Working with great people, doing something enjoyable and interesting!
I have a love for business.
Just not the business I’m currently running.
My mind kept spinning…
Hrmm…
Why would you build a business to burn it to the ground and then start another business?
Why not just build one business?
It will be far more efficient overall, and you won't hate your life today.
You could have this today?
What's stopping you?
A mind explosion was going off in my head. 🤯
You can have a life you love and keep progressing towards financial independence.
So I did!
Letting go of clients, I didn't want to work with
Stopping projects we were doing just for the $$
No more grinding for massive hours every day.
Within a month, life had completely changed.
The business was so much more enjoyable, and life with it.
What’s crazy is I ended up hitting FIRE a few years later.
There was no need to grind it out in a business you hate.
It's possible to make plenty of money in a business you enjoy!
The years of grinding it out seem like a mistake in hindsight.
Would have been nice to have worked that out earlier 😬
Anyhow,
In this week's podcast episode, we go deeper into the concept of:
“Building a life you don't want to retire from.”
Tune in now!
Episode Highlights:
00:00 Welcome to Business and Investing
02:50 How the holidays changed businesses and jobs
07:15 Reaching financial independence
12:24 Sometimes, being happy means being different
14:31 The mandatory grinding period in business
17:34 Shifting to a sustainable business model
24:00 How does it feel like to not do business…
26:42 Sustainability vs grinding
34:54 What to do when you don’t like what you’re doing
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:○ Business and Investing website: https://www.businessandinvesting.com/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
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○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
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○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
Would you like to know my two least favourite words?
“If only.”
These are the words said only after making a terrible decision and having to pay the “stupid” tax.
Maybe you have said them also…
- If only I had checked that.
- If only I had spoken to that person before.
- If only I weren't in such a rush, I would have noticed that.
Here are a couple of personal examples:
(I’m a little embarrassed to share these.)
- I once hired someone because they played League of Legends (a video game).
No reference checks, no resume, and no body of work were checked.
Wonder why that hire didn’t work out. 😂
- I bought a website for $40,000 in pursuit of passive income.
Only to find out later that all the traffic was coming from a click farm.
Despite having the skills to check the traffic source…
The appeal of making a 20% yield was so strong!
It would have been more efficient (and entertaining) to just light the $40,000 on fire.
- I bought a house that had an illegal renovation done on it.
Then went through the incredibly painful process of getting council approval to have it fixed.
FOMO had kicked in hard.
Compromising on due diligence in fear someone would buy it before me.
Anyhow,
The “stupid” tax bill on just these events is well over $100,000.
After each of these experiences, I have felt dumb and embarrassed.
Often knowing better and yet not doing better.
And it’s not just losing money, or the time it takes to fix these mistakes.
The worst part is having to tell Bianca.
To look her in the eyes and admit to paying the “stupid” tax… again.
She doesn't rub it in, but the look in her eyes just crushes me.
Is this how someone who is supposed to provide for her should be behaving?
Well,
After buying the house with some illegal renovations, it was time to update my due diligence process.
The stupid tax bill was only getting bigger as the years went on…
When updating my process, some things stood out.
(That might be helpful for you.)
Here they are:
-
When my emotions run hot in the heat of the moment, I’m particularly vulnerable to the stupid tax.
-
When someone I respect does something, I assume it’s safe for me.
Things do not get checked as deeply or in the same way.
EG: If Elon buys crypto, it must be okay, right? LoL.
Having a stronger process has been the key to overcoming these vulnerabilities.
In the last three years of following this process, the amount of stupid tax I have saved has been incredible.
Bianca was particularly happy when we avoided buying another house with illegal renovation work done to it.
BTW - What is it with people doing illegal renovations to their house before they sell it?
Anyway,
In this week's episode of the podcast, I want to take you through parts of the updated process.
Specifically, the areas of due diligence that are critical to bringing down your stupid tax.
The areas to put extra effort and pay particular attention to.
This episode is for you if you want to pay less stupid tax and level up your own due diligence process.
Episode Highlights:
00:00 Welcome to Business and Investing
02:03 Why you shouldn’t skip doing due diligence
08:42 Being specific with your goals
17:05 How to know if your purchase is the right fit for you
21:43 Consulting people who have experience
28:13 Checking the financials of a business
39:41 Utilising the Internet for due diligence
48:04 Is the business successful enough in the industry?
53:30 External validation
If you enjoyed this episode, be sure to subscribe, tune in, and share this podcast!
Resources:○ Business and Investing website: https://www.businessandinvesting.com/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
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○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
A while back, I was a plumber…
With a night hustle.
It was brutal, and involved doing massive hours.
To give you an idea, this is what my Monday - Friday looked like:
5:00 am = Alarm goes off.
Throw some clothes on and skull a cup of instant coffee, aiming for the door.
Gotta beat the traffic…
6:30 am - 12:00 pm = plumber work (absolutely hating it)
12:00 pm -12:30 pm = quickly check emails and ebay messages while on my plumber lunch break
12:30 pm - 3:30 pm = back to being a plumber and hating it.
3:30 pm - 5:00 pm = Finish work and head to the golf range.
Hitting golf balls for 45 about min as “my exercise”
(Loved it)
5:00 pm - 10:00 pm = work on ebay store.
10:00 pm - onwards = Dreaming about being able to quit work as a plumber and instead become a full time business owner.
This “lifestyle” continued for about 6 months, and it was killing me.
Gradually becoming more and more exhausted and frustrated by any notable progress.
There were many moments of self doubt.
Perhaps life as a plumber was it…
On the weekends, I would play golf and relax, trying to recover from the brutal weeks.
Feeling like I had earnt the break.
Anyhow,
No progress was being made. So in a “do something or give up” moment … I joined my first mastermind group.
They had a training coming up on “achieving your goals”.
Which felt perfect for the situation.
I had a goal but was not achieving it.
Anyhow,
A few weeks later, I was at the training!
The day started with the leader of the group standing up and asking 2 questions.
How bad do you want to achieve your goals out of 10?
How willing are you to change out of 10?
You might want it really bad, but, if you are not willing to change, then it won't happen.
If you didn’t need to change in order to achieve your goals, you wouldn't be here.You would already have achieved it.
It’s easy to see how willing you are to change.
How willing are you to give up the things you love doing?
Would you stop watching TV or going out for dinner with friends?
What if you had to spend less time with your kids?
His words hit me like a kick to the face.
Pierced my soul.
I wanted to be a business owner, but wasn't willing to stop playing golf.
I wanted to be a business owner, but wasn't willing to put in time on the weekends.
There was an extra 15 hours a week to work on my business if I wasn't spending it on golf.
My love of golf was real.
But, my unwillingness to change was preventing me from putting the time into my business.
It was time to make a pledge.
Stop playing golf until you are making $10,000 profit.
Six months later, the transition to full-time business owner was made.
I was a business owner.
Going all in was a great decision.
I learnt some powerful lessons from the experience.
- It’s not just about how bad you want it. YOU need to be willing to change to achieve your goals and dreams.
- If you want to be one of those people who achieve their goals, then you must both want it and be willing to change.
Anyhow,
Keeping things on the theme here.
In this week's episode of the podcast, Grant and I cover how to level up YOU in 2023.
Sharing some of the powerful strategies and tactics we use to level up our game.
Things that can help you crush your dreams and goals for 2023.
Episode Highlights:
00:00 Welcome to Business and Investing
04:20 Why do some people level up much faster than others
08:05 Ask yourself what your goal is
11:46 Level of priorities
16:31 How much do you spend to level up?
19:39 Careful research of what I choose to do
20:09 Willingness to change
26:03 If you want to grow, you have to stop thinking you’re special
33:43 Do shit!
39:29 Being open to feedback
45:37 Finding the gold standard
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
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Connect with Business and Investing:
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○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
It’s Grant! Just thought I’d hijack the episodes from Charley again 😉
When I was a kid, I looooved mental challenges.
My mum (a teacher) would surprise me every now and then with specific books.
I remember them clearly.
Everything from colour by numbers to magic eyes pictures.
But there was one book that always stood out from the rest.
Where’s Wally!I’m sure you’ve seen it before!
The book where you needed to find the guy in a red and white striped top and beanie, who also wears black glasses.
And, if you wanted to be an overachiever (like me), you didn’t stop until you also found:
- Wally’s girlfriend
- The Wizard
- The bad guy (yellow and black top)
- The dog
- Even the dog bone, glasses, etc
I would spend ages on every picture.
So much so that I built a system.
If I couldn’t find Wally within 5 minutes, I would map out the entire picture in a grid.
Then, I would systematically look over square by square until I found EVERY item (kinda like search parties in the Netlfix murder mysteries).
Even just thinking about this puts a smile on my face.
But there was one thing I hated.
It was that once I found the items in the picture, I could never do it again.
A sense of accomplishment would come over me and then be consumed by a sense of disappointment.
No matter if it were a day, a week, or a month—whenever I opened the Where’s Wally picture again, my eyes would immediately find Wally and his friends.
It was impossible to “lose” them again.
So, when my friends came over and wanted to look for Wally, I would sit there stressed out, wanting to scream exactly where they all were instead of joining in the fun…
All the while, my friends would be hunting harder than ever to find them.
But what does this have to do with anything?
Well, 2023 is upon us.
And with a new year comes new opportunities.
In fact, I would argue that I can see more opportunities for business owners to generate wealth than ever before.
So many industries have been unlocked, and so many options to make the most of them.
But I still see a lot of business owners who cannot see them.
And it’s left me here feeling the same as in my childhood.
The situation where I knew where Wally was, but my friends were still trying to find him.
I can see the opportunities and want to help point them out for those who are hunting for them.
Which is why Charley and I dove into the opportunities we see in business and investments in the latest episode.
Episode Highlights:
00:00 Welcome to Business and Investing
01:59 Is AI one of the best opportunities for 2023?
04:06 Diving deep into TikTok ads
13:45 The power of having independent media
24:01 Businesses offering services for cost-cutting and efficiency
29:44 Combatting data breaches
36:47 Opportunities for property builders and developers
44:11 Multi-tenancies and the demand for properties
51:19 Has the Australian dream of owning a house changed?
55:19 Opportunities present in private lending
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Business and Investing website: https://www.businessandinvesting.com/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
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○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
In October, I took on a new mentoring student.
A lovely young girl from WA who had been listening to the podcast but not enjoying her business.
She was experiencing a huge amount of frustration and challenges:
• Wanted to start investing but wasn’t producing enough income from business
• Feeling a lot of pressure and stress to earn $$ as she wanted to start a family
• Struggling to get new clients
• The clients she did have were churning
• Burnt out from working insane hours
As someone who has done some grinding in my time, it was evident she was doing the same.
She was working incredibly hard for very little upside.
I could see it in her eyes.
The frustration of working so much harder than those around her, only to be making so much less.
Feeling like a failure.
Anyhow,
Whenever I take on a new student, the first thing I do is a diagnostic.
Think of me like a mechanic.
Listening, tapping, and checking over a car to see why it is making a funny sound.
I’m looking over this business, trying to find the root cause of the challenges.
As often, there is a core problem that leads to many symptoms.
As I popped the hood on this business and looked around, it became clear to me what the real problem was.
(but it wasn’t so obvious to her)
She has great skills and a good product, but…
Was offering it to the wrong industry.
There just wasn’t enough demand for this product in the industry she chose.
They don’t NEED what she has to offer.
Kinda like selling ice to Eskimos instead of people needing to keep their drinks cool on a hot summer's day…
I asked her if she would be open to going after a new industry.
One that has much more demand.
An industry that's going to grow over the next five years.
Initially, there was some resistance as all her experience was in the industry she had been serving.
Nonetheless, she agreed, as the pain of things staying the same was high.
After a month of going after this new industry
Not only has the business completely changed, but so has she.
She is excited about her business again.
The spark is back.
She is finding it easy to bring in new clients.
She has people hunting her down to know more about what she does.
A very different experience than when compared to the previous industry she was in.
I suspect she is about to have a huge 2023.
The point of this story?
It can be easy to fool yourself that your product or service isn’t good enough.
Or that you just need to work harder to achieve your goals.
When in reality, things like who you serve can play a huge role in the success you achieve.
Anyhow, in this episode of the podcast, Grant and I do a community Q&A.
A big thank you to those who submitted questions for this round.
Here are the questions we covered:
• How do you improve your business model?
• Is buying a place to run your business from a good idea?
• What's the difference between prioritisation and sequencing?
• When to double down vs when to look for another opportunity?
Number 4 was my favourite.
Tune in now!
Episode Highlights:
00:00 Welcome to Business and Investing
02:38 What does a business model look like?
08:11 The struggles of improving your business model
12:17 Setting a realistic goal
19:35 Suggestions on how to improve your business model
23:21 Where do you run your business from?
25:34 Working from home vs working from the office
27:08 Renting vs buying a place of business
38:35 What are prioritisation and sequencing in business?
43:23 The high-achiever syndrome
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Business and Investing website: https://www.businessandinvesting.com/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
2022 was a challenging and volatile year when it came to investing.
There was a huge amount of uncertainty:
- Inflation
- Interest rates
- Geo and local politics
- Crypto collapse
- The US market fell 20% at one point
- Australian property fell 9% nationally
The list goes on…
It’s understandable why many investors sat on the sidelines or even sold off some investments.
However…
It’s not what I did.
Yes, I increase my cash buffers to adjust to the change in the environment.
But… throughout the year, I was able to stay in the market and also made another property acquisition.
Which is up 7% for the year. 🥳
There was a point when I came close to buying a second property.
However, the terms of the deal were just not right.
I loved the property, but the terms made it a terrible deal for me.
Anyhow… a topic for a future podcast.
Something I have learnt is that times of uncertainty are often the best times to buy good assets cheap.
Uncertainty can be your advantage if you are in a position to strike.
Sellers are motivated to sell in uncertain times.
Many want out of the market to wait for more certain times.
That's your opportunity!
It’s much harder to buy or overpay when the markets are booming.
As sellers feel that if they wait, they can get more for the asset at a future point.
However…
Something I have not heard people speak about is just how hard it is on your psychology.
To buy when others want to sell.
It’s a hard thing to do.
I’ll admit I was extremely nervous and stressed about buying in 2022.
- What if the media was right?
- What if the market collapses?
- What if rates keep powering up?
I nearly pulled out of the purchase at one point.
The thing that made the difference was the team I had around me.
Being able to lean on their expertise and experience got me through it.
In times of uncertainty, you will need a strong, qualified, and experienced team around you.
side note: just a reminder that I’m not a qualified financial advisor, and I get help from qualified professionals, and you should do so too
The team I use is listed on my website under the “partners” page.
If you are in need of some assistance, that might be a good place to start.
You can find it here: https://businessandinvesting.com/partners/
Anyhow, back to my portfolio.
Here is a summary.
I made 1 purchase.
2 of my properties did fall in value across the year.
Roughly 5% each.
Here is the most surprising thing for the year.
My overall portfolio is up 11% 🥳
And…
We had rents go up 10% across the board
A result I'm absolutely thrilled with.
Anyhow, in this episode of the podcast, Grant and I break down our 6 best investments of 2022.
You might be surprised to hear about the returns we produced 😉
Episode Highlights:
00:00 Welcome to Business and Investing
03:18 Sharing your success with people you know personally
08:15 Purchasing a house in WA
13:19 An improving real estate portfolio
17:52 Property renovations
19:35 Investing in a conducive working environment
27:42 Advantages of having a property near Melbourne CBD
33:19 The important things to invest in
35:41 Time investment
45:34 Investing in your health
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Business and Investing website: https://www.businessandinvesting.com/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
It’s Grant… again!
So…
A few weeks ago, Hazel and I went over to Charley and Bianca’s for dinner.
(Which is a regular occurrence)
We started the night like any other.
We opened a bottle of single vineyard pinot noir from Yarra Valley,
Toasted to the last few weeks of a very successful year,
And moved on to cooking some of the best cuts of meat from the South Melbourne market butcher.
From the outset, it looked to be a fairly normal night.
While cooking and eating, we continued to talk about:
- the latest team updates
- our mentoring clients
- the podcast episodes
- and even getting down to health and families
The mood was great.
But, the best part had not even started yet…
Over the course of our meal, every now and again, someone would ask:
“Should we start it now?”
“No, no. Let’s wait a bit more,” was the constant reply.
After finishing our meal, we cleaned up and migrated to the lounge room.
Charley and Bianca sat on two chairs, and Hazel and I took our position on the couch.
All four of us were facing each other.
No television, no music, no Jack (he was in bed).
Heck, we had even exchanged the wine for tea.
“Who’s going to start?” Charley asked.
Everyone looked at the other.
“Bianca!” I said before anyone else could jump in.
“Do I just share my points from top to bottom based on the agenda?” she asked.
Agenda?!?!
That’s right!
A group of friends set an agenda for what we were going to talk about.
And we're excited about it!
We had set an agenda an entire week before our dinner.
(It was actually the prompt that triggered our latest episode topics.)
When you find a group of people who also want to grow and improve, it becomes infectious.
And, if you want ordinary results, do what ordinary people do.
But if you want extraordinary results, do what extraordinary people do.
Heck, we took it to a whole new level.
‘Some’ people were even sending blurred-out screenshots to egg others on.
Where’s the fun if I can’t turn it into a competition? 😂
Anyway, the agenda was simple:
- What were your biggest LESSONS of 2022
- What are your GOALS for 2023
But it created hours of conversations - especially the ‘lessons’.
It was better than a Tony Robbins event.
Everyone had spent hours on their lists.
But what made it even more special was the interaction with others.
For example,
When I would share a lesson from my list, Hazel would share some of her observations about me and the situation from a wife’s perspective.
Charley and Bianca would chime in as well by asking deeper questions.
It helped me reconfirm my thoughts while validating other lessons they might not have considered.
Everyone genuinely cared!
It wasn’t just for me, either. The response was the same no matter who was speaking.
There were...
- No egos
- No personal barriers
- No truth bending
And the result?
Absolute infection!
The energy in the room was electrifying.
This is exactly what business and investing with friends should be all about.
Nobody wanted the night to end.
It easily goes down as one of the best nights of the group.
And created a bond of a friendship group even further.
And this is what I want your end-of-year experience to feel like,
Which is why Charley and I shared our lessons learned in this week's episode.
Check it out now!
Episode Highlights:
00:00 Welcome to Business and Investing
01:08 Build compounding businesses
04:08 Leverage vs compounding
11:05 Turning down good ideas
13:27 Factors affecting your ability to see or generate good business ideas
16:06 How to say no to great propositions
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Business and Investing website: https://www.businessandinvesting.com/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
It’s Grant.
Yep! I have hijacked the episode posts from Charley!
Why?
I would love to say it’s because my skill at writing these posts has super-seeded his
But… the real reason is that he is with his family.
Anyway,
It’s that time of year again…
The time when:
- our team members have checked out
- clients won’t reply to our emails for weeks
- and we are sitting here looking back over the year that was
For me, it is the time when I am always cautiously excited about
The time when I get to see and evaluate the year
And I don’t mean looking out of my window with a cup of coffee, reminiscing on all the good times.
I mean, diving deep into the exact mistakes I have made and trying to learn from them.
It’s one of the ways I have been able to refine and hone my skills over the years.
And a skill that was unlocked, thanks to an SAS Sniper
(who is actually one of my co-founders of software as a service business)
I can still remember the day,
At the end of 2016/17, I decided to present a timeline and review of our year in business to my co-founder.
I had listed out everything we did well in the year... and I was a little more than impressed with my outline.
It would have been easy to tell the excitement in my voice.
After I finished dancing around, presenting it
My co-founder took one glance at me, then back at the presentation.
Then at me and back at the presentation
And in an effort not to offend me, he just nodded.
Rightfully so, it was a great year.
He then opened his mouth to speak and asked, “So, what did we learn from the year?
And, what would we do differently if we could do it again?”
“We would focus more on sales and marketing.” I responded excitedly!
Without hesitation, he responded with what I should’ve expected:
“Great, where does it say that on your list?
And, where does it say what we tried to do?”
I stared at my presentation.
He was right
I literally wrote a “pump piece” that was designed to make me feel better about a hard year and hoped that he would just agree to it.
“Ummm… Let me add….” I stuttered.
He interrupted quickly
“How about we approach this a better way? The way I did in the SAS.”
Feel let off the hook, I was all ears.
Dangling a framework in front of my face draws the same attraction as a moth to a flame.
He continued:
“It’s also a retrospective framework that I used at the largest resources company in the world, and it really helped us extract more meaningful insights.”
Here’s what he shared:
The concept is called: GBB
- Good: what is working
- Better: what needs to improve
- Best: what was the biggest win
“Alright, what did we do ‘GOOD’ over the year?” he asked.
I pointed at my presentation.
“That was a bit easy.
Alright, what could we have done ‘BETTER’?”
This is where my mind clicked!
“So, you want lessons learned?” I asked.
“Exactly.
By doing this a lot of times, I have come to learn that if we list every item we did well at the start of the process, it actually helps us identify the items we could’ve done better.
Usually, people ignore the ‘not so good things’ when building the list to make themselves sound and feel better.”
Exactly as I did.
“Then, we continue to bounce between them, adding as many points as necessary.
The objective is to look at every ‘less than ideal outcome’ as something we could do better next time.
Once we have built the list, we then spend almost all of our time evaluating the items we could do ‘better’.
As if we do not improve on the most important ‘better’ items, we won’t be able to continue growing”.
Damn!
This framework is perfect!
“And the ‘BEST’ is just a list of items we crushed?” I asked.
“Yep, that’s where we can pump ourselves up.”
He was right!
Re-building the list into the GBB framework actually extracted more items than I anticipated
So much so that I actually still use it to this day.
Even expanding it to review my weeks personally, evaluate team projects, etc.
Everyone I have shared it with has found it to unlock real value.
This is exactly what Charley and I shared this week.
We dive into where we could have done ‘BETTER’ in the year, our ‘lessons learnt’.
Episode Highlights:00:00 Welcome to Business and Investing
01:09 Learning from challenges and people with experience
07:55 Sometimes in business, less is more
15:02 Making drastic changes in your business
18:17 Better business model wins
24:04 The truth about reinventing your business model
28:42 Grant’s interesting take on improvement
34:30 Rituals, habits, and routines
37:00 Changing strategies and tactics for different seasons
41:43 Realising you need to change strategies
Resources:○ Business and Investing website: https://www.businessandinvesting.com/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
Something not often spoken about when it comes to investing is “sleep at night factor.”
We often get caught up in the juicy returns.
Or, how much money we might lose.
Rarely do we ask ourselves, “will this keep me up at night?”
What's worse…
Once we are in an investment, if we start losing sleep over it.
Heck knowing you should sell an investment to regain sleep can be even more difficult.
Yet that’s exactly where I found myself this year.
Going back to 2021, the Reserve Bank of Australia (RBA) announced that they would not raise interest rates until 2024.
A full three years of a low-interest rate environment.
They even encouraged Australians to go out and borrow money.
Now, this is a government institution, not some speculator betting on stocks.
I and many others took the announcement as fact and borrowed money thinking rates wouldn’t go up.
I used the current interest rate in my own forecasts.
However, things changed in 2022.
The RBA wasn't able to keep its promise and started lifting interest rates 12 months in.
The first-rate rise didn’t affect me too much.
I rubbed it off as a one off thing and nothing to worry about.
But after the second and especially the third, it started to keep me awake at night.
I would lie in bed wide awake, thinking:
- What if rates get to ‘X’?
- If the RBA can’t be trusted to forecast, then who can?
- Maybe I shouldn’t use debt with my investments?
- Do I need to change my strategy now this has changed?
- Maybe we should sell everything and wait for this to pass?
It stirred up a heap of uncertainty and fear that I had made a huge mistake.
The uncertainty was emotionally draining.
Spending so much time going back and forth on what to do next.
Plotting out moves and scenarios while my head was on the pillow.
After a month of poor sleep, I couldn't take it anymore.
The lack of sleep was showing up in the other areas of my life.
I was becoming weaker in the gym.
I was developing a short fuse when dealing with people.
But what to do?
In the end, I came to the conclusion that the RBA and other institutions can't be trusted to make predictions.
They are OPINIONS, not FACTS.
I need to change my risk level to match this.
This means slowing down the rate at which I acquire property and lowering my debt level.
I adjusted my plan and used business profits across the following months to reduce some debt.
(I did not sell any assets)
As soon as I started taking action on the new plan, my sleep returned.
Back to 8 solid hours.
The big lesson:
No investment is worth losing sleep over.
If it costs me sleep, the risk is too high.
A filter that might be worth adding to your own investment plan.
Anyhow, on this week's episode of the podcast, Grant and I talk about our biggest investing lessons of 2022.
You might have picked up on one of my lessons from this email.
You can check it out at this link here: https://www.youtube.com/watch?v=C9di0pf7RiA
Episode Highlights:
00:00 Welcome to Business and Investing
01:51 Investing has its ups and downs
04:14 Only invest in assets you know and understand
13:07 All forecasters and people predicting what the market is going to do are guessing
21:32 Keep up with changes in all of the markets
27:34 Building wealth and keeping wealth are two different things
32:19 Stages of investments
39:19 Cash in a bank account is not wasted
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
○ The Most Important Thing: Howard Marks, John FitzGibbon https://www.amazon.com/Most-Important-Thing-Uncommon-Thoughtful/dp/151138347X
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-and-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
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○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
It’s supposed to be a time of joy, happiness and celebration.
Yet, for the business owners, I know it's a huge pain in the… (you know what)
Business doesn’t stop because Christmas is here.
We don’t get to punch out for two weeks like someone who works a 9-5.
If anything, Christmas just creates more pressure and stress.
As It adds more to our plate, not less.
Anyhow,
Every year I am faced with the same challenge.
Doing what I want to do VS doing what others expect of me.
For example:
My family expects me to take two complete weeks off business.
That I’ll spend each day by the pool eating and drinking to excess, bitching about people and talking about what the government “should” do. 🤮
While what I actually want to do is keep making progress in my business and the goals I have for my life.
I don’t know about you, but I want to:
- work on my business
- look at investments
- read great books and learn new things
- improve my health
- spend time with other ambitious business owners
Grant and I are even planning to do a podcast on Xmas day.
( I love what I do so much )
This conflict between what is expected of me VS what I want to do creates a huge amount of guilt.
When working, I feel guilty about not spending time with my family.
When with family, I feel guilty about the lack of progress I'm making in my own life.
It's a lose-lose game for two weeks.
I look forward to everyone going back to work.
Anyhow,
In this week's episode of the podcast, we have a repeat guest and fan favourite Toni Versic.
Toni has come on for a specific reason.
He has a set of strategies and frameworks to help business owners have a better experience with family and friends over Christmas.
The ‘Love Meeting’ framework he outlines in the episode is particularly powerful.
(I will be using that one myself)
This episode might just be the difference between having a great Christmas or an incredibly stressful one.
Episode Highlights:
00:00 Welcome to Business and Investing
02:53 Who is Toni Versic?
04:52 Why do business people struggle with the holidays?
08:42 Make loved ones know what you will and will not do
11:50 Have a plan before January
12:07 What if you haven’t reached your goals for the year?
16:06 Other types of work business people can do during the holidays
18:49 Having a reflective piece with your loved ones
26:02 Apply principles in business in my personal life
26:40 Love meetings (Questions you can ask)
32:22 Dealing with loved ones who are difficult
36:01 You cannot control, you can only influence
39:25 The superpower is to change yourself
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
○ Quarterly Business Agenda
○ Love meeting agenda https://www.elitebusinessman.com/love-meeting-optin
○ The Empowered Man Podcast https://podcasts.apple.com/au/podcast/the-empowered-man-podcast/id1544493610
○ Elite Business Men https://www.elitebusinessmen.com
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
For the past few weeks, I have been cooking the same dishes over and over.
Why?
I’m attempting to improve my cooking skills.
Simple idea: refine techniques to create serious deliciousness.
Yet the big discovery is…
… if you cook the same meal 10 times in 2 weeks, you stop enjoying the meal 😝
… it’s become so repetitive that it’s longer fun
The frustrating internal tug-o-war ensues…
cooking the dishes on repeat to improve
- VS -
cooking things that excite me and keeping it fun
Dilemma!
The urge to rebel and cook something different has been creeping in…
On Friday, this build-up reached a breaking point.
“I want to break free” by queen was playing loud on rotation inside my head 😂
Side note… Great song
I hatched my plan 😈
With a newfound spring in my step I bounded off to the supermarket.
Skipping down the aisle with a big smile, picking up all kinds of new and exciting things to cook with.
Eventually, hitting the best aisle in the supermarket.
The spice isle 🥳
This is where flavours are born.
My mouth was salivating, thinking of the meal that would be created tonight.
Looking across the shelves, there was this bright electric blue jar that caught my eye.
A Mexican spice mix was calling out to me.
Without hesitation, I threw it into my basket and headed for the checkout.
My walk home from the supermarket felt very different than earlier in the week.
My posture was more upright, my strides were longer and faster.
The excitement of the kitchen had returned.The feeling was back
Yeah baby !
Anyhow,
What started as making one new dish turned into a weekend cooking bonanza.
Bianca (wife) was certainly also thrilled to see something new on the menu.
By Sunday night, we were both so stuffed with delicious food we needed to lie down. 😂
Bianca made a comment that it was nice to see me having so much fun in the kitchen, and happiness was beaming off me all weekend.
And… it was the best food she had tasted from me.
She also noticed that this version of me was showing up in the other areas of my life.
-
Family time with our son
-
Podcast recordings
-
Business conversations
My whole energy and mood had changed in a good way.
Then it hit me…
I used to do the same thing in business.
I would grind in the pursuit of improving my business.
(to make more $$$)
But, it would take all the joy and fun out of the experience of being a business owner.
I would make it feel like suffering.
Funnily enough, when you make a business feel like suffering for $$, you end up making less $$ over the long term because it’s not sustainable.
Eventually, you act out as I did in the kitchen.
Business can be fun, exciting and extremely profitable!
And it might just be the secret ingredient.
Enjoying your business might be the very thing you need to get the business results you want.
Maybe it’s time for you to inject some more fun and excitement into your business..
With that in mind…
In this week’s podcast, Grant and I share our best business resources of 2022.
Think of these resources like the Mexican spice mix in the bright blue jar.
Add them to your basket and see what you can cook up.
Episode Highlights:
00:00 Welcome to Business and Investing
1:59 The All-In Podcast
7:38 The Power of One More (Ed Mylett)
9:50 Conquering the Mind (Naval Ravikant and Kapil Gupta)
14:04 A business will always be limited by the business owner
14:19 Passing on what you are to your children
15:40 My First Million (Shaan Puri and Sam Paar)
16:01 Compound and Friends (Joshua Brown and Michael Batnick)
20:40 Story Sales Machine (Bill Mueller)
24:09 The 4-Day MBA (Keith Cunningham)
29:00 Working with a mentor - James Schramko
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
Have you ever read a book and it completely changed your life?
One that leaves you as a different person?
I remember being about 23 and Bianca (my partner) gave me a copy of the Cashflow Quadrant by Robert Kiyosaki.
I know for many they say “Rich Dad, Poor Dad” changed their life.
And don't get me wrong, it's a great book.
But, for whatever reason, the Cashflow Quadrant was the one for me.
Anyhow,
I was sitting in bed on a Sunday morning with a cup of coffee on my side table and cracked open this book.
These were the days pre-kids when I could read in bed on a Sunday 🤣
I didn't have any expectations of it but 10 minutes into reading it, I was hooked.
Every page spoke to me.
I couldn't put it down.
It was like it was written for me.
Even though it was written many years earlier
It spoke to my exact challenges and laid out the solution elegantly.
I ended up finishing the book that day.
For those that haven't read the book
It highlighted that I wasn’t a business owner.
I thought I was, but actually, I was self-employed.
There is a massive difference between being self-employed and being a business owner.
After reading the book, I was never the same again.
It changed the paradigm I was operating in.
If I hadn't read that book, I would never have changed what I was doing, and I might still be in the same position today.
That's the power of 1 good book.
One good resource can change it all!
Anyhow,
In this episode of the podcast, Grant and I give out the awards for best investing resources for 2022.
Some of the resources in this episode might be the very thing that changes the trajectory of your life (like the Cashflow Quadrant for me).
Episode Highlights:
00:00 Welcome to Business and Investing
03:27 How we picked the resources featured in this episode
05:07 Who is Garry Davis and how he helped us in our investing journey
10:12 Jacob Field and Ripehouse
16:22 Stuart Wemyss’s Investopoly podcast
20:50 Disrupting Sacred Cows
26:42 Learning from the experienced ones
31:08 The Buyer’s Agent Mentoring Program
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
○ Follow us on Facebook: https://www.facebook.com/businessandinvestingcom
○ Follow us on Instagram: https://www.instagram.com/businessandinvestingcom
○ Follow us on TikTok: https://www.tiktok.com/@businessandinvestingcom
○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
Over the weekend, I had a friend over for dinner.
This time of year, I enjoy having people over for a dinner party and getting reflective on the year that has been.
My go-to questions are:
- Out of 10, how would you rate your 2022?
- What was your biggest win?
- What did you learn?
I find it sets up a high-quality conversation, and I tend to learn something.
As you can imagine, I was eager to get my questions out early in the evening and take up the entire night's conversation unpacking them.
A much more enjoyable conversation than, "How’s this Melbourne weather…"
Anyhow,
I opened the first bottle of wine and launched into question one.
Out of 10, how would you rate your 2022?
As I said it, I could see his face drop.
It was like I had just given him bad news.
All the excitement of the evening disappeared, and the mood changed in an instant.
He paused for a moment.
Looked around the room.
Then just launched into all these stories on how the year went terribly for him.
And when I say stories…
All the excuses on why he had not done well this year.
… The economy
… Marketing changed
… It was hard to recruit people
… I had to let go of some C players
He even called 2022 a write-off and was ready for 2023.
It was noticeable that he had checked out for the year.
He kept going on and on, trying to convince me why it was okay for him to have had a bad year.
Wanting me to justify it for him.
I could see he was wanting me to say it was the same for me or validate that it was ok to do poorly this year.
I nodded along and changed the topic of conversation as soon as I could.
I knew if I challenged him or offered suggestions to close out the year strong, he might break into tears.
I felt deflated by the end of the night.
It’s draining to hear someone whinge and complain all night while they sink booze.
I was relieved when he left.
But I couldn’t get this conversation off my mind.
I was still thinking about it when I went to bed.
The year isn't even done, and he has already written it off…
As my head lay on my pillow, a thought hit me.
The stories we sell ourselves on are dangerous.
I faced most of the same challenges my friend did, but I had an excellent year.
One of my best on record.
I’m not any more skilled than he is.
My friend is super talented at what he does.
But my story was:
All this uncertainty and change in the world creates MASSIVE opportunities for me and my business.
I'm going to seize it!
Anyhow,
I hope this story gets you to check the stories you are holding as fact.
Changing the story might just be the most powerful thing you do.
And to be careful of those negative nancies in your network.
They will drag you down if you give them the chance.
Anyhow, this week on the podcast, Grant and I are releasing our “Business” year in review.
As you might have guessed by this intro, I had a great year!
(I hope you also did.)
If you want to hear all the details on the year that was 2022, make sure to stick with us until the end of this podcast!
Episode Highlights:
00:00 Welcome to Business and Investing
03:26 Why we deserve a 9/10 for this year’s business performance
06:58 Where we’re at in our 2022 business goals
14:21 Top three biggest wins
22:25 The challenges we have to face this year
35:12 What we’ve learned from this year’s business journey
42:18 Doing things differently
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:
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DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
Once upon a time, I was an obsessed golfer.
And when I say obsessed, I mean I played rain, hail or shine six days a week.
At one point, I hit a bit of a rut.
I was continuously practicing and doing drills, but my score was not improving.
It didn't seem to matter how many balls I hit or what I changed, no real improvement came.
One afternoon I had a particularly bad round of golf and became incredibly frustrated.
I lost my temper and bent my 4 iron around a tree in frustration.
All the effort I was putting in was going nowhere.
I marched straight into the pro shop and asked for their best coach.
I didn’t care what it cost.
I booked a lesson for later that week.
In hindsight, I was lucky I didn't get asked to leave the club after what they had just seen me do to my 4 iron…
Anyhow,
When I arrived at my first lesson, he first asked for my last five scorecards.
He wasn't interested in how I thought I was doing.
He wanted to see the proof.
He would look over the cards and highlight any holes I was consistently doing poorly on or doing well on.
Hunting for what we needed to work on in that lesson to improve my score.
Every week he would get my latest scorecard and check if I made improvements on the holes he had highlighted.
To take things further.
He would also film every lesson we did together.
He had a camera and a large monitor to review every ball hit during the lesson.
During our lessons, he would continually go over to the camera and rewind and review how I hit the ball.
Sometimes he would spend 5 minutes watching the same shot over.
He would often make sounds…
“Hmmm, that’s interesting.”
“Ah, let’s change that.”
He never made a recommendation without reviewing my score or footage from the lesson.
A very different approach to what I was taking.
I was just hitting more balls and doing drills I found on youtube.
Over the coming weeks, my score improved, and I enjoyed golf again.
It’s not hard to understand why this guy was such a good coach and why I improved under his guidance.
His whole approach to improvement was evidence-based.
He didn't set wishy-washy goals based on my aspirations.
I believe much of what my golf coach was doing can be brought over to the business and investing world.
Reviewing the year and using the evidence to form your plan for the following year is a powerful concept.
Yet, I don't see or hear of many business owners doing it.
Most seem to take my approach of
“just hit more balls and try things they find on YouTube.”
I do wonder how many businesses would do better if they spent more time reviewing their financials and acting based on evidence.
Anyhow,
On this week's podcast, Grant and I review the investing year that has been 2022.
We take you through our review process and how we think about the year that has been.
I hope you can take some of the insights from our year and apply them to your 2023!
Episode Highlights:
00:00 Welcome to Business and Investing
01:42 It’s Christmas time!
05:51 Rating our investment performance in 2022
09:56 Have we achieved the goals we set for ourselves?
18:16 Three biggest wins
29:53 Wealth-building as a hobby
32:43 Top challenges we have to overcome this year
43:12 How having something to lose affects your investment performance
44:58 Biggest lessons
50:23 Would we do anything differently?
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Business and Investing website: https://www.businessandinvesting.com/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
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DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
I spoke to my buyer's agent a few weeks back.
Keen to get an understanding of what’s happening in real estate.
-
Are prices actually dropping?
-
Are interest rate rises slowing the number of transactions?
-
Are investors getting nervous and waiting for rates to stabilize?
Here is what I found out.
They are not seeing a shortage of investors or owner-occupiers wanting to buy.
In the locations they are buying, there is still competition, and they are having to compete with other bidders.
They are currently not seeing any massive discounts or price drops.
Turns out it’s not the bargain season I was hoping for.
A part of me was hoping to hear it’s the best time ever to be a buyer as everyone is scared…
I do enjoy being a contrarian in the market and buying when others are not.
Anyhow!
He then went on to reveal
The real struggle is finance!
Many people are committing to purchasing a property “subject to finance”
(which is a wise clause to put in when buying a property)
He has witnessed several people get to that point and then have to pull out either because the banks won't lend to them…
Or, the terms of the lending are horrible.
Such as getting hit with higher-than-expected rates and deposit requirements.
This is a sign of rate rises having an impact on things.
I went to my broker to confirm if he is also experiencing it.
I always like to confirm someone's opinion with another source just in case it is isolated.
I also wanted to see what my own borrowing power is currently.
I expected to see a heavily reduced borrowing power due to all the year's rate rises.
To my surprise, my borrowing power had not been reduced that much.
But…
What made me nearly fall off my chair.
Getting quoted interest rates at 7% + 🤯
Not that long ago, I was getting quotes at 3%
While this experience has not changed my strategy, it has made me put more focus on how and when I’m using leverage.
A good asset poorly financed has taken many down before me.
Not something I want to experience myself.
If you haven’t done it in a while, I highly recommend connecting with your broker and getting your own borrowing power checked.
Even if you have no intention to borrow money, it's nice to know what options you have.
Anyhow, a bit of an insight into what I’m experiencing first-hand atm.
I'll press on!
On this week's podcast, I have brought on Aaron Whybrow to do a mortgage broker QNA.
Being able to understand and access lending plays such a critical role in how the economy works.
Lending is one of the biggest drivers of the business and investing world.
You can tune in here at this link: https://youtu.be/_dWL9RggnLk
Also… please note this podcast is not personal financial advice.
Seek and use qualified professionals who know and understand your situation.
Episode Highlights:
00:00 Welcome to Business and Investing
04:48 What’s the difference between the Big 4, 2nd tier, and 3rd tier lenders?
10:48 Is there more risk in getting loans from 2nd tier or 3rd tier lenders?
16:15 Private funding vs. 2nd tier lenders
20:01 Is it common to take a loan to get a deal done and refinance it later?
23:24 Understanding approaches that different mortgage brokers make
29:44 How often do people refinance and Aaron’s suggestions
34:24 Aaron’s tips on refinancing
38:02 Is it risky to have multiple mortgages with one bank?
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
○ If you want to find out more about our guest, Aaron Whybrow, and talk about your mortgage, head over to https://www.businessandinvesting.com/partners
About the Guest:
Aaron Whybrow is the founder of Diagnostics and Finance, a Financial Broking and Personal Risk Insurance Business.
Diagnostics & Finance (ARW Financial Services Pty Ltd) is a Credit Representative 425540 of Finsure Finance & Insurance ACL 384704.
He is known as the ‘bagpiping mortgage broker’, who prides himself on having no ‘flats’ in his career. He blends his experiences as a former intensive care unit nurse and medical sales rep to provide the best outcomes for his clients.
To connect with Aaron and his team of mortgage professionals, head over to: https://businessandinvesting.com/partners/diagnostics-and-finance/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
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○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Support the show: https://linktr.ee/businessandinvestingcom
See omnystudio.com/listener for privacy information.
Every year in January, I used to block out two full days to plan out my year
I would set some ambitious goals.
Pick out some quarterly milestones.
Write up weekly deliverables.
Even set the KPIs to track the progress.
I always felt really good about taking the time to plan.
I was excited to have a plan.
I would fantasize about the results that would come from executing this plan well.
However…
By the end of January, so many unexpected things would happen that my plan became useless.
I would set goals that were too ambitious and unrealistic to hit.
A good opportunity would come that I would be stupid not to take.
A team member I was relying on to help execute the plan would leave.
The business environment would change, and I needed to pivot.
Every year I found a way to justify abandoning my plan.
Which led me to believe planning is a waste of time.
How can anyone plan when there are so many unknowns?
I remember thinking, “Just focus on making more money.”
Which is an endless pursuit and grind… not a good idea
Anyhow, turns out I was just terrible at planning.
The way I was doing annual planning was more like writing a movie for how I wanted the year to go than an actual plan.
These days, planning has become one of the most important activities when it comes to running my business.
Anyhow, in this week's episode of the podcast, I’m joined by Goose McGrath,
Our Property Specialist from Dashdot.
We go over how to create a property portfolio growth plan.
What I love about this episode is so much of it is relatable to not just property but business as well.
Episode Highlights:
00:00 Welcome to Business and Investing
02:51 Goose McGrath and his expertise in property investing
04:55 What is a portfolio growth plan?
08:03 Going through immense changes in business
12:42 Psychological and strategically adjusting to change
17:54 Importance of having a plan
20:13 Having a strategic plan vs playing games when investing
23:35 Is it the right time to change strategies?
33:34 Goose’s formula to a minimum viable life
46:33 Minimum viable life and abundance
50:42 Do you have limiting beliefs when setting your goal?
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Business and Investing website: https://www.businessandinvesting.com/
○ See your property roadmap with Dashdot's Property Portfolio Growth Plan: https://dashdot.com.au/portfoliogrowthplan/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/business-investing/id1607453342
Connect with Business and Investing:○ Join the Business and Investing Community: https://www.facebook.com/groups/440140397804480
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○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I’ll never forget the experience of hiring my first mentor.
I had seen this guy popping up on my social media.
Every week he would release a video.
He had this way of describing the exact problems I was dealing with and could accurately articulate how I got these problems.
It was like he was talking directly to me.
Like the videos were just for me.
Eventually, I was so convinced he understood my problems and I felt that he could help me…
So, I reached out and enquired about his mentoring program.
I got on a call with him, and just as I expected, he had a similar business to mine.
To no surprise, he had been through the same thing and knew how to overcome what I was facing at the time.
I asked him when we could start working together and what it would cost.
When he gave me the price, I nearly fainted.
Kidney prices…
Then he said something I’ll never forget.
Only idiots attempt to grow a business by trial and error.
The smart ones do this.
- Find someone who has done it
- Pay them
- Model what they have done
The trial and error approach is slow and expensive, and mentors are cheap and offer quicker results when you measure it this way.
I looked at how much time and money I had wasted in business “trying” to get things to work.
I couldn’t argue with his point and signed up for the program
Which ended up being a great decision.
Since that day, it has been my approach to not only business but to life.
Find someone who has done it and pay for the shortcut.
Anyhow, in this week's episode of the podcast, Grant and I build our dream panel of Mentors / Advisors.
We go into
- Who we would have on our panel
- Why we picked them
- What we would hope to get from working with them
Take note, as there might be hints on what to look for in your advisors.
Episode Highlights:
00:00 Welcome to Business and Investing
03:00 Analogy in designing a panel of advisors
06:11 Getting people with different skills and opposing views
07:48 Who’s advising you today and the roles they fill
10:03 The people you have around you makes all the difference
10:32 Dream Advisor: Keith Cunningham
14:25 Exercise caution when taking advice from other people
16:45 Dream Advisor: Carl Icahn
21:04 Why you don’t need a ‘Yes Man’ as an advisor
22:58 Dream Advisor: Howard Marks
29:20 Dream Advisor: Stephen Schwarzman
33:00 Gaining access to your advisor’s network
34:20 Trend spotting
35:23 Dream Advisor: Peter Attia
40:05 Dream Advisor: Tony Robbins
44:17 Dream Advisor: Kim Kardashian
49:30 Avoiding bias
51:10 Dream Advisor: Ray Dalio
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Business and Investing website: https://www.businessandinvesting.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/@businessandinvesting
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Connect with Business and Investing:
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○ Send your enquiries or drop by to say hello: grant@businessandinvesting.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
When I was a kid, one of the things my family would often do on a Friday night is go to Blockbuster. (Video rental store)
My sister and I were allowed to pick one movie each for the weekend.
Now my sister would be able to pick a movie in under 5 minutes.
She never over thought it and would often get a movie she had seen before.
Me, on the other hand…
I would take as long as my parents would allow.
Walking down each aisle, picking up several movies.
I would then find myself a spot in the store.
Layout all the movies I had picked up and start comparing them.
I would then ask the staff at the store which one they would pick from my selection.
I had to get this down to one option, and I wanted to ensure I made the right choice.
It was my weekend viewing at stake here.
I’m pretty sure it drove my parents and sister nuts waiting for me to pick a movie.
They would often make threats to leave me at the store.
But here is the thing that I find interesting.
My sister often picked dud movies and hated them.
She would often ask our parents to go back and change.
I rarely picked a loser because I put the time into researching and making a good decision.
That story sums up how I approach business today.
I’m very calculated and strategic.
And it has served me well.
Pressing on!
This week's podcast is a little bit different.
As it’s an episode in which I was a guest on the James Schramko podcast.
James and I went back and forth on sharing our experiences from both selling businesses and setting businesses up for cash flow.
The conversation brought out the pros and cons of each and why we are both focused on cash flow today.
You can see we both put a lot of thought and intention into the businesses and business models we have today.
We didn’t pick them by whim like my sister in the video store.
I hope this podcast lets you be more strategic and intentional about your business.
Episode Highlights:
00:00 Welcome to Full Stack Business Owner
2:43 What is a full stack business owner?
4:20 Building a business to sell versus building a business for cash flow
12:43 Why having an objective is a great head start in building a business?
16:32 Is it profitable to sell your personal business brand?
19:44 Can you build a business to sell that has great cash flow?
22:05 Pros and cons of selling a business
26:25 The skills involved in selling a business
31:11 What are some business models that are more suited to sell?
34:31 What’s the importance of knowing your numbers in selling a business?
39:40 Reasons why you need to make a plan before selling your business
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
○ James Schramko website: https://www.jamesschramko.com/
○ F E International website: https://feinternational.com/
○ Built to Sell: Creating a Business That Can Thrive Without You: https://www.amazon.com/Built-Sell-Creating-Business-Without-ebook/dp/B004IYISQW
○ Master the ART OF NEGOTIATION and WIN Any Exchange: https://www.youtube.com/watch?v=TllU5IXAP40
○ John Warrillow: https://ca.linkedin.com/in/johnwarrillow
About the Guest:
James Schramko is a highly sought-after business coach and the founder of SuperFastBusiness, who has a unique vision that shaped his digital marketing business into a success.
James is also the author of the best-selling book, "Work Less, Make More."
To connect with James, head over to: https://www.jamesschramko.com/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:
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○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
For many years I worked my face off in business.
7 days a week and always on.
I was eating glass and grinding towards financial success.
It was suffering, and I was miserable doing it.
To give you an example, I refused to drive a car.
I would get an Uber or have Bianca (my wife) drive everywhere so I could be on my phone doing emails and calls.
The idea of wasting time commuting when I could be working more seemed insane to me!
I would say ‘no’ to any social events or holidays as, once again, that was time I could be working!
I did it because I convinced myself that once I have money, then I’ll be happy.
Like, I knew money wouldn’t buy me happiness directly.
But I thought it was a critical foundation.
It was the base that my happiness would be built on.
My plan:
Step 1 = make money
Step 2 = build happiness on top
Step 3 = amazing life with no problems 😂
Bulletproof right?
For some odd reason, I also took pride in how much I could suffer in business.
The sacrifice and pain I was willing to make to provide for my family.
I was also very good at hiding just how unhappy I was from others.
But eventually, after years of grinding, I hit my financial goal.
(yay!)
However, I realised quickly that shifting from that grind mode into being a happier person was not going to come naturally or easily for me.
After years of grinding, I was wired to be unhappy.
On the days I could have off to enjoy life, I felt guilty for not working.
I had made all my habits, behaviours and thoughts about grinding and making money, not being happy.
I didn't know how to be happy anymore or even what it felt like.
And then one day, it suddenly occurred to me…
Surely, I wasn't the first person to have this experience?
I couldn’t have been the odd one out.
So, like any reasonable person trying to solve a problem…
I hit YouTube, of course.
I went down an endless spiral of YouTube videos about happiness and eventually found one by Naval Ravikant.
Naval is a guy who I respected immensely for his business achievements.
I couldn’t believe he had made a guide on happiness.
I ended up watching the video several times.
The key point:
Happiness is a skill that can be learnt.
It is no different than learning to ride a bike.
What annoys me to this day is that when I look back on those years of grinding.
I could have been happy that entire time but I chose to be unhappy.
It's possible to work your face off and be happy.
It's possible not to work hard and be unhappy.
It's not a binary option.
And I'm sure you have seen plenty of examples across your life, just as I have!
I lost years of my life that I can never get back, being unhappy.
And you don't need to do the same.
So, on this week’s podcast, Grant and I discuss happiness.
More specifically, we share the strategies and tactics we use to live happier lives.
Swipe and deploy what has worked for us and bring it into your own life.
You can always go back to being unhappy if you don't like it 😛
Episode Highlights:
00:00 Welcome to Full Stack Business Owner
02:07 Do businesses always have to be hard and challenging?
07:05 Charley’s epiphany on happiness
09:37 Grant and his seemingly happy life
15:19 Does being happy mean avoiding things that make you unhappy?
18:49 How do you interpret happiness?
19:51 Does your health affect your emotional state?
20:46 Unrealistic expectations and desires
27:15 Be careful with the people you work with
34:42 Happiness, employee retention, and increased profits
37:28 Doing the stuff that you like with good people
43:24 Increasing happiness outside your business
51:03 Money and happiness
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
There is someone in my life that I care about a lot.
He has worked hard his entire life and put everything into providing a great life for their family.
Often at the expense of himself.
He is getting to that age in which it is time to retire as he has some health issues developing and just doesn't have the energy he used to.
However, now, in his late 60’s, he can’t retire.
It's not an option.
Through poor planning and never putting anything into super, he is not in a position to.
In these golden years, when he would love to spend more time with his Grandkids and play golf with his friends, he is still slogging it out in business.
And hating it…
Wouldn’t you?
Having to slog it out in business to maintain your lifestyle after 40+ years in business not because you want to but because you have to.
Anyhow,
Not too long ago, I asked him.
“why didn’t you put money into superannuation or other retirement investments?”
A topic he hates talking about because of his situation.
He replied
“I never thought I would need it, and I didn't understand the massive tax benefits.”
“If I could go back in time, I would plan for my retirement very differently.”
As he spoke, he looked me dead in the eyes, and it hit me hard.
I knew as he said it, he was telling me not to make the same mistake.
Like many before him, he thought his business would have provided a better result for him in retirement, and so he never built a plan B.
That conversation hit me heavily and has had an impact on my own retirement planning.
Anyhow,
This week on the podcast, we have Ray, our resident financial advisor, on to talk about superannuation.
I wanted to bring Ray on the show to break down how super works and its many advantages and disadvantages.
I suspect many business owners don’t understand its power, and that’s why they choose to ignore it.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
1:56 Who is Ray Regmi?
2:15 What is Superannuation?
3:51 How can we think about Super in a better way?
8:12 Downsides of superannuation contributions
10:54 Why is superannuation contribution a tax structure?
12:04 Increasing your assets and retirement income using Super
17:49 Good tax strategies in superannuation
19:26 Super as a phenomenal opportunity to business owners
21:52 How insurance can be in your super?
24:27 The difference between a self-managed fund and a general super fund
30:43 How to leverage your self-managed super funds (SMSF)?
31:27 What are the types of self-managed super funds (SMSF) that are more suited to business owners?
34:25 What to consider when choosing a super fund?
37:46 Is it easy to change the type of your super fund?
39:40 Why you should not invest all your assets in a super fund?
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
About the Guest:
Ray Regmi is the Senior Financial Adviser and Principle of Ryker Capital (AFSL: 243313). They offer services to Australian business owners who are looking to reach financial independence and create true wealth.
With a team of degree-qualified professionals who have a collective of decades of experience, they can provide you with expertise in wealth creation, self-managed super funds, risk insurance, retirement planning and more.
To connect with Ray and the Ryker Capital Team, head over to: https://www.fullstackbusinessowner.com/partners/ryker-capital/
Subscribe:
○ Subscribe on Youtube:
https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Ahh, the budget.
What a boring and dry topic.
It’s one of those things that I know is important but still resist.
Here is how I like to think about it.
Instead of thinking about Australia as a country, I like to think about it as a business.
It’s a business that I’m building my business (and wealth) inside of.
This business of Australia is telling us where and how it plans to spend its money for the next 12 months.
The budget is giving us the opportunity to get behind the tailwinds it’s creating.
Or… what potential headwinds to avoid.
For example:
In this year's budget, it was revealed that power costs are going to rise nearly 50% in the coming years.
If your business uses a lot of power, doesn’t it make sense to look at how you can lower your power usage?
Or looking if getting solar panels is a viable move?
If you are paying attention while your competitors are not, this is one of the ways you can build an advantage.
Anyhow,
My key takeaways from the budget
1 - Spending $40 million on improving our Visa processing capacity.
Not only are we bringing 200,000 new people into the country, but we will also do it quickly!
When I first read this, my knee-jerk reaction was
“Where are they going to live?”
We already have a massive undersupply of housing and a rental shortage.
I don’t see how this doesn’t put more upward pressure on property prices and rents.
Even in a higher interest rate environment, people still need a place to live.
2 - Inflation running higher and longer than expected.
Inflation was brought up many times across the budget.
Many election promises were delayed or scrapped in the concern that it could increase inflation further.
From my point of view, it's a good thing that the government is working in line with the RBA to battle inflation.
We are lucky in Australia not to be getting hit as hard as other parts of the world.
(I’d like to keep it that way)
In my opinion, everyone needs to be paying attention to their personal inflation rate and have an investment strategy to protect any wealth they have built.
(Please note this episode is not personal financial advice. Speak to a professional who can understand your personal situation.)
Back to inflation.
Any profit your business makes is being eaten away at 8% + per year.
For every $100,000 this year, $8,000 is being eaten away!
This is the one that concerns me… If you have investments.
Any investments you have must make at least 8% to maintain their purchasing power.
If you have money in a bank account earning 5% while inflation is at 8%, then you are going backward by 3% per year in real terms 😬
Inflation can be lethal.
Anyhow, this week on the podcast, Grant and I take a deeper dive into the budget and what it means for Australian business owners.
Episode Highlights:
00:00 Welcome to Full Stack Business Owner
03:02 Thinking of Australia as a business instead of a country
05:01 Rating the federal budget
09:58 The dominance of the inflation
17:52 What does it mean to have debt
27:44 The value of human resources for a country
30:05 How does the population’s growth affect property prices
38:45 Dealing with the cost of energy
42:28 Renting vs owning a home
44:53 Adjusting to the increased cost of energy
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
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○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
One of the things I have been repeatedly told in my business career is never to trade your time for money.
Focus on building leverage.
I’ve decided that this is terrible advice.
Once upon a time, I used to play a lot of golf.
(handicap 12)
I was a member at one of the more prestigious clubs in my area.
Something interesting about golf is you often get to meet a lot of very wealthy people.
Club membership is expensive + the cost of equipment is high.
Sure enough, many Doctors, lawyers and business owners tend to congregate at golf clubs.
Anyhow,
The car park at my club was always loaded with incredibly expensive cars.
I'm not talking about your average Mercedes or even a Porsche.
I’m talking about cars that cost the same as houses.
Now golf is also a very social sport.
A round of 18 holes + some time at the 19th (the bar) can take 3+ hours.
When you play with someone you get to learn a lot about them.
Being I was someone who was looking to be wealthy at this point in my life, I would always ask questions about what they do.
What was interesting is that 99% traded their time for money.
Yes, even the ones who were business owners.
So what gives?
Why are they not all obsessed with getting leverage in business like I was?
They knew something I didn’t
What they had worked out was…
Because of the earning power they have trading time for money, they could accumulate capital quickly and put it into things that compound.
They didn't care about trading time for money.
They cared about how much capital they could put into investments so that compounding could do its thing.
Compounding capital is the ‘thing’ that sets these guys free to play golf on a Wednesday…
Not leverage.
Now I'm not saying leverage isn't incredible and something worth pursuing.
But what if you could harness both?
I suspect many business owners are out there seeking leverage but… have very little compounding for them.
If you can earn a high amount by trading your time for money, it might actually get you financially independent far faster than just pursuing leverage.
What made me a financially independent person is not how much leverage I had.
But the combination of leverage and compounding.
In my opinion, you need both!
Anyhow, this week on the podcast, Grant and I talk about doing things that compound and why it's more important than leverage alone.
Leverage will only take you so far.
Compounding is the thing that moves the needle and ultimately gets you to a point of financial independence.
Episode Highlights:00:00 Welcome To Full Stack Business Owner
01:46 Compound And Leverage Explained
03:25 Is Obsessing Over Leverage Profitable?
06:47 The Power Of Compounding
09:24 How Affluent People Build Wealth
12:39 Overcoming Your Business’s Built-In Profit Ceiling
15:21 The Problem With Just Playing The Leverage Game
17:45 Why Many Developers Lose Money & Rob Flux’s 1-In-6 Rule
19:54 Charley’s Cheat Code To Winning At Life
24:51 Is There A ‘Best Approach’ To Building Cash Flow?
26:37 Why No One Talks About Combining Leverage And Compounding
31:36 How Awareness Affects Your Wealth-Building Decisions
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:
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Connect with Full Stack Business Owner:
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○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
One of the investors I admire is a guy called Stan Druckenmiller.
Stan runs a private family office in the United States.
(He looks after money for the super-wealthy)
What I admire about him is that he thinks for himself.
A lot of the time, you hear people on Youtube or podcasts just repeating what others have said.
Not Stan.
His words are his own.
He rarely does TV interviews.
But every now and then, he pops up.
When he does, I make sure to listen to what he has to say.
Last Sunday was one of those days.
I tuned in, eager to hear his view of the world and where it was going.
Though I kinda wish I didn't, as his outlook was rather dim…
His opinion is the big R word is coming next year.
A recession, that is…
He presented a range of data to support his opinion.
Plus, his track record of calling such events is higher than average.
Something was odd, though.
As he was saying these doomsday words,
He didn’t appear to be bothered by it.
Like it was just another day.
Then at the end of the interview, he said...
(I’ll paraphrase)
"We have time to prepare for it now, and we will be in a position to capitalise on it as the majority of investors only know how to make money in a bull market.”
And it hit me.
Most business owners only know how to make money in the good times.
When a recession hits, the majority bunker down and try and conserve capital.
They cut spending, maybe fire some staff and wait till the good times come again.
It’s a survival strategy, not a thrival strategy.
Many decide a recession means they can't make money, then put things in place to make it real for them.
Yet, it's a real opportunity to take market share from your competition if you know what you are doing.
While your competitors are standing still, trying to preserve and survive, you can push right past them.
Just like Stan…
So what are the power moves in a recession?
The answer is in this episode.
This week, Grant and I did a podcast on why a recession is a great time to grow a business.
If Stan is correct in his call on the upcoming recession, then this episode might just be the most important one to listen to.
Episode Highlights:
00:00 Welcome to Full Stack Business Owner
03:35 The certainty or uncertainty of an upcoming recession
05:29 Why are tough times a good option for running a business
11:05 Market share absorption
12:30 Preparing your business for tough times
14:16 Opportunities during a recession
20:07 Hiring A-players during an economic downturn
26:31 Forcing new business owners to drive innovation
30:02 How to reshape your business offers
33:10 Leveraging your negotiation skills
37:15 How your perception changes the situation
41:41 The importance of thinking long term
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:
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○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
At one point in my life, I wanted to be a day trader.
I had just made an exit on my 1st business.
I had some capital and the time to invest in it.
I figured I had worked out how business works by having my own business.
The share market was just putting capital to work on other businesses doing the same thing.
Invest in good companies that are run well, and this should be easy.
The learning curve shouldn't be too sharp.
I took a couple of courses prior to starting and told myself I would start small with $100,000 and build up to more.
The plan sounded reasonable!
Doesn't it?
However…
What I didn’t know is that markets don’t work like that.
Believe it or not, investing in “good” companies doesn't matter as much as you think.
Turns out the markets are driven by human psychology (people)
Trading started out well for me.
In my first month, I made a profit and was building up some skills.
I made a 3% return in month 1.
I started thinking I could get 30%+ returns a year doing this!
But… at this time, North Korea started threatening the world by testing and positioning nuclear weapons.
Guess what happened to those “good” companies I invested in when the news cycle was talking about potential wars?
The price crashed, and I lost money on my trade.
Or guess what happened when Donald Trump provoked relations with China
Yep… you guessed it.
I lost again
I was dumbfounded by it.
As I started to understand the news cycle playing such a significant role in the markets, I decided to follow it more closely.
I would check the news each day before setting up trades.
( NEVER A GOOD IDEA )
Before you know it, I was becoming paranoid about world events.
Instead of being my usual optimistic self, I'm now looking at how I can invest in defence companies and companies that make underground bunkers.
Watching the news messed up my psychology further.
I lost even more money when I was panic selling positions.
After 3 straight months of losses, I quit.
I decided I wasn't built for the markets, and it’s all rigged.
(not true, but I made it true for me)
By the way, after two weeks of not watching the news, miraculously, I felt so much better.
Turns out that what I was experiencing was trading psychology.
Which is common…
My emotional brain was taking over, and I had no skills to deal with it.
Logically I was a great trader, but I did not have any ability to manage my emotions.
As you know from other emails and the podcast, I have done a lot of work on myself since to build these skills.
What's interesting is many business owners today are doing the same thing in business as I was doing in the markets, and they don't even realise it.
I know many business owners right now who won't invest in growing their businesses because of their own money fears.
Or who take a ton of risk because they got a tip from another business owner.
Don't even get me started on how many business owners got into crypto and lost a ton.
Anyhow, this week on the podcast I have brought on Ash Playsted.
A master of human behaviour and psychology when it comes to investing.
In this episode, you will learn some incredibly powerful strategies and tools to level up your own psychology.
Just my opinion here…
A business will always be limited by the business owner.
I believe most business owners would do substantially better if they invested in developing themselves instead of more business skills.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:20 Charley’s trading journey
03:29 Who is Ash Playsted, and what does he do
08:30 Trading psychology in business
12:02 The shiny object syndrome
19:08 Improving through subtraction
20:54 Handling uncertainties when you’re used to having a structure
23:11 How your past affects your future
28:46 Is survival and success only about money?
33:28 What happens when you’ve already reached your goal?
36:34 Mindfulness and identifying oneself
44:45 The first step toward mindfulness
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
○ Ash Playsted’s Website: https://www.ashplaysted.com/
○ Subscribe to Ash Playsted’s YouTube channel: https://www.youtube.com/c/TradingPsychologyandMindset
○ Connect with Ash Playsted on LinkedIn: https://www.linkedin.com/in/trading-psychology-master-coach/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Last week I released a podcast on business profit killers.
This week, I want to talk about how YOU and YOUR life can destroy your business's profits.
I am no exception to this.
Let me share a story from last week…
One of the things I love to do when I finish work for the day is play with my three-year-old son, Jack.
He is going through a truck stage atm.
So when I'm done with business for the day, I will come out of my office and head straight to him.
We have a large playmat with his trucks, blocks, and a heap of kid's tools.
Now on this day, we decided his dump truck needed a “tune-up”.
He was concerned the wheels were not on correctly and we needed to fix it now!
Of course, I was all in on this mission.
As we lay down on the mat and began the repair work, Jack grabbed a screwdriver and started adjusting the wheel.
He then put that screwdriver in his mouth while he spun the wheel on the truck.
The wheel was spinning beautifully now that we had tuned it up.
He then took that screwdriver and put it in my mouth.
When he did it, I knew what was going to happen.
I was about to lose the rest of my week to sickness.
And sure enough, it turned into a complete wipeout event.
I lost my voice to a throat infection and could not speak for three days.
In those three days, I got nothing done in business.
I also had to cancel podcast recordings.
It has also made this week carnage as I am still attempting to catch up.
Now, what I want you to take from this…
The choices I made in my personal life directly impacted the profits of my business.
The time I lost being sick and the week after
Now, I'm not saying don’t have kids or don’t have a personal life
But you can certainly mitigate things that lead to getting sick or coming to business run down.
In this week's episode of the podcast, Grant and I discuss the PERSONAL profit killers.
The things you do in your personal life to destroy profits.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:56 Why Should We Talk About Profit Killers?
03:02 Poor Health Lowers Your Productivity
06:19 How to Kill Your Profit Using Your Health
07:33 Doing Things vs. Doing the RIGHT Things
09:40 Can We Avoid Burnout?
10:56 How to Extend Your Sickness
12:14 How to Approach Life Dramas
14:09 Life Dramas: Can We Ever Get Away With It?
23:56 Fixing Your Business Problems Using Personal Development
32:09 How Can Unhealthy Relationships Affect Your Business
36:28 Getting Serious About Building Your Reputation
41:00 First Impressions Are Important (More Than You Think)
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
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Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
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○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I remember the day.
I was sitting across from Bianca at our kitchen table.
We were reviewing our monthly financial reports, and it hit me.
We make plenty of money.But… We keep very little of it.
I'm working my face off to bring in new clients.
Revenue is going up.
But, my expenses are also going up rapidly.
We are becoming less profitable as we grow… WTF
What's the point of bringing in more clients if we are not making more profit?
I thought about just going back to being a solo operator as it was far more profitable and easier.
But I knew that other people had solved this problem, and it was something I was doing.
If it were a terrible idea to grow a business, no one would be doing it.
I started to compare my business to other businesses in the space.
I had many friends running similar agencies at the time.
It didn't take long to work out where my problems were.
A large number of my clients at the time were on old legacy pricing.
Not only that…
We were still employing team members to deliver on those legacy projects despite not offering that service anymore.
How dumb was this!
I was employing a graphic designer full-time to deliver legacy projects that took up about 20 hours a week!
He was at half capacity, and I didn't see it.
As I was trying to grow this business, all those legacy clients and delivering on those legacy services were draining the profits from the business.
I wanted to do right by the clients and honour the deals we had done with them, but it got to the point in which it was becoming crippling for the business.
Not how a business should work…
I was also worried they would leave if I tried to raise prices.
But something needed to change
Once I saw how much of my profit was being drained…
And knowing we would not be able to grow because of these legacy clients and services.
I began setting up calls with all the legacy clients.
I had to raise prices or end (on good terms) the service.
The calls were brutal
60% left on the spot
Some accused me of being greedy.
Others begged me not to change the pricing as they couldn't afford it.
I felt horrible doing it.
However, 40% did stay…
And instantly became profitable clients.
Not surprising, my overall profit dramatically increased.
My big lesson:
Marketing and sales DO NOT solve all problems.
One must pay attention to the profit killers in their business.
Anyhow, in this week's episode of the podcast, Grant and I go over the many profit killers that businesses can have.
More importantly, we share how to avoid and fix them.
Tune in now!
Episode Highlights:
00:00 Welcome to Full Stack Business Owner
01:45 Looking into the factors that destroy your profit
03:44 Holding onto legacy clients and suppliers
11:05 Why is it difficult to get rid of what we’re used to
13:00 Reasons you shouldn’t do ad hoc services and products
17:21 Changing directions too quickly
23:46 Ring fencing new ideas
24:52 Dealing with team drama and toxicity
30:03 Is re-recruiting a wise step to take?
36:55 How much does training cost your business?
40:47 Keeping your team when the business has changed
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
When internet marketing was first taking off around the world, a few Australians were getting involved.
The industry was exploding in the states, but most Aussies still had no idea what internet marketing even was.
So, what ended up happening?
If you ever met another Aussie through a mastermind or course in the USA, you would add them to this Skype group to keep in touch.
Now, most of what went on in this Skype group was not something I would not call “business wisdom”.
More than anything, it was just a group of people looking for ways to exploit google loopholes and talk shit.
However, there was this one guy in there who used to post very well-thought-out replies.
He would often reply to people with things like:
“Have you ever thought about X”
Or, “What if Y happens?”
One day he replied to a question I had asked in the group, and I asked him where he was from?
He said Melbourne
I asked if he would be keen to catch up for lunch and share ideas.
(I suspect he was reluctant at first, as I probably appeared to be one of those time wasters.)
I was pretty new to business at this point, after all.
But I can be charming when I need to be, and he agreed to have lunch at hunky dory.
(one of the greatest seafood restaurants in Melbourne)
Anyhow, when we had lunch, he said the strangest thing that has still stuck with me to this day.
I’ll share it with you:
“I’m building a business to sell.
I couldn’t care less about it being profitable.
I want to make this business so painful for our competitors to deal with that they have to buy us at a premium.
All the decisions I’m making are focused on that outcome.”
I instantly realised he was playing a completely different game to me.
And I had no idea you could run a business that way to get that outcome.
I just thought if you build a profitable business, someone would want to buy it…
Anyhow the point being is that if you are trying to build a business to sell -VS- one to make cash today, the decisions and focus points are different.
If you try to do both, you will be making compromises.
Anyhow, this leads into this week's podcast topic.
What is the real purpose of your business?
Are you building a business for Cash? to Sell? Impact? Lifestyle?
Or are you chasing too many options at once…
BTW… the guy in the Skype group was Grant.
It’s actually how we met ;)
If I didn’t join that Skype group the podcast wouldn’t exist!
It changed my life.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
1:50 What is the Purpose of Your Business and Wealth?
5:02 Disadvantages of Not Knowing the Purpose of Your Business
7:37 The Importance of (Re)Defining the Purpose of Your Business
9:21 The Big Reason Why You Close Your First Business
11:28 The Impacts of Redirecting the Purpose of Your Business
19:13 Why Do You Need a Wealth Goal?
27:21 Selling a Job vs. Selling a Business
34:50 Why Hybrid is a Perfect Route for Your Business?
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
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Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Last week I went on a beautiful morning walk in my neighbourhood.
We have finally hit spring, and it makes all the difference.
No more having to wear eight layers of clothing to broach the Melbourne winter.
I went on my usual loop and popped a podcast in.
About halfway through the walk, I noticed something different…
A ‘for sale' sign on a beautiful home that I had often admired.
This was a house I could imagine living in and raising my family.
I would even go as far as to call it a ‘dream home’.
I could see the family events.
The Christmases we would host.
The dinner parties I would host.
Really show everyone that I had made it.
Without hesitation, I grabbed my phone out of my pocket and opened up the realestate.com app.
I was eager to know the price.
I was thinking to myself:
“I would be so proud to provide a home like this one for my family.”
However…
My excitement faded quickly when I saw the price.
Kidney prices came to mind…
I started to rationalise with myself.
If I stretched myself, I could probably buy it.
But I had a realisation of what would happen if I did.
All the money I put into this house would mean that the money would not be working for me like it does in my investment portfolio.
It would also create a large amount of debt under my personal name rather than under my investments.
I then stopped and thought about where I would be in 10 years if I bought this house VS buying a reasonable house and kept investing.
Suddenly I didn't want the house.
I much prefer the freedom that comes from my investments at this point in my life.
I’ll buy a “dream home” at a different stage.
I’ve seen myself make this type of decision several times too.
There is a real danger in buying too much house, especially before you have the wealth built up to pay for it.
It becomes the thing that holds people back from making the moves and seizing opportunities.
I'm not against buying nice homes, but WHEN you do, it is critical.
Anyhow…
This week on the podcast, Grant and I are covering more Q&A from the community.
Including the question
“How much house is too much house?”
A question all business owners should consider…
If you would like the hear the discussion, tune in to this episode now.
Episode Highlights:
00:00 Welcome to Full Stack Business Owner
02:17 How much is too much house?
05:40 Reasons people get massive and expensive houses
12:58 Decision-making through calculating time and costs
17:33 The recommended ratio between your residence and net worth
20:53 What happens when you buy too much house
24:21 Do 90% of business owners fail in the first five years?
29:13 Fear and overconfidence in business
35:07 Learning by failing
39:25 Being a continuous learner
41:17 The mindset that drives business success
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
○ Ep 15: Looking Rich vs Being Rich: https://www.fullstackbusinessowner.com/ep-015-looking-rich-vs-being-rich/ Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I want to share an incredible moment I had yesterday.
It has to be one of the strongest and most impactful moments of my life.
I needed to be in the city yesterday for an interview.
As I'm going to be featured in a book on the topic of how business owners have a huge advantage when it comes to investing.
I’ll mention more about the book in future emails.
But I want to share this story with you.
Anyhow,
I needed to be in the city at 10 am yesterday.
It normally takes me about 30 min to get to the city via train.
Rather than leave at 9:30, I decided to take the opportunity to get into the city earlier.
I wanted to see what peak hour was like in Melbourne CBD these days.
To see the huge numbers of people in suits and construction workers in high vis tops getting into their day.
I was curious if the energy of Melbourne was back after recent years, or is it a ghost town these days?
And Melbourne didn’t disappoint.
I caught the train to flinders street station at 8:30 am
( A full hour earlier than needed and right on peak hour. )
I grabbed a coffee near the station and began walking slowly up Elizabeth Street towards where the interview was being held later that day.
As I watched the people around me, I noticed a few things.
-
they were all addicted to their phones
-
most were rushing and aggressively walking through each other
-
99% of people looked unhappy, and that they would prefer to be somewhere else
-
no one (apart from me) noticed what a beautiful day it was
And then it hit me.
That's not my life.
I'm free from that.
I’m not plugged into that system anymore.
And while I have known that logically for some time, this was the first time I truly felt it.
I felt like Neo in the first Matrix movie.
That scene where he is walking up the street with the girl in the red dress.
That deep realisation that he is no longer plugged in.
That he is no longer a slave to that system.
The reason I started a business was to have this level of freedom, and now I do.
Which I’m incredibly grateful for.
I want every business owner to have that moment in their own journey.
Anyhow,
This week on the podcast, Grant and I are doing some Q&A.
Covering questions from the community (Yes, you.)
My favourite question on this round was:
“What does a healthy business look like?”
If you have a question for future episodes, send us an email.
I enjoy hearing from you and the questions you have!
Episode Highlights:00:00 Welcome to Full Stack Business Owner
02:38 What a healthy business looks like
08:12 Evaluating profit margins for a healthy business
15:00 How to improve profit margin in business
19:24 Putting in the effort to understand your metrics
23:01 The profit margin to help scale your business
27:43 Effective strategies for recruiting great employees
33:24 Promoting employees in your organization
36:30 Considering cash buffers before recruitment
41:22 Weighing your applicants
50:20 When is the right time to hire?
55:19 The best way to train a new talent
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
This story is important.
Do not make this mistake with your own relationship.
After many years of struggling to get my 1st business off the ground, I had a breakthrough.
I landed my first big client.
I was so happy and relieved to have finally broken through.
We were finally making some good $$$.
To that point, we had been living mostly off my wife's income and some savings we had.
She was incredibly supportive, but the whole reason I started my business was so I could provide for my family.
I was doing a poor job at providing, and our bank account was getting lower every month.
Truth be told, I wasn't far away from going back to a job as the pressure to provide was building.
But, that had all just changed thanks to this new client coming on board.
Anyhow!
One of the things my “big client” needed was an ads campaign to go live on boxing day.
They wanted to take advantage of the boxing day sales rush.
I, of course, agreed to it and wanted to impress my new client.
I was keen as mustard to get some wins on the board for them.
One of the challenges with that, however, meant I would need to work on Christmas day.
A price I was willing to pay to finally see some success in my business and be able to provide for my wife.
Christmas day came around, and we had a beautiful morning together.
I was extra excited about Christmas as I actually had some money to buy my wife a gift from business profits.
We went to a bigger family lunch together, and the day just kept getting better.
The whole family was in a great mood.
So many smiles and laughter in the air.
About halfway through lunch, I got up and started to say goodbye to everyone.
I emphasised that I was going to work and that business was doing well!
I had this “big client”, and I was launching their boxing day campaign.
I thought everyone would be impressed by my dedication and happy to hear business was doing well.
What I didn’t realise…
I left my wife alone on Christmas day, having to defend my behaviour to her family.
Turns out no one was impressed with me leaving the lunch.
(My wife included.)
The truth was that all I had done since starting my business was work 24/7.
Even though in my mind, “I was doing it for my family.”
All I had done was show them that the business was more important to me than them.
Essentially that the business was the priority, everything else came second!
When I caught up with my wife later that day, I thought we would celebrate the successful campaign together.
I thought she would be happy to see me win in business and would understand all the sacrifices I was making.
I was wrong.
It was a Christmas day we will never get back.
It was time with family members we will never get back.
Since starting the business, her life had become so much harder as she had to put up with a partner who was never there.
The family I was working so hard to provide for wasn't going to be there if I kept behaving like this.
That Christmas was a turning point in my life.
It was an incredibly tough pill to swallow.
I made massive changes to my life after that day.
To follow on from this story…
This week on the podcast, I have brought on Toni Versic.
Toni specialises in helping business owners with their relationships.
Really what he does is help business owners not do dumb things like I did in the above story.
And… help them fix their relationships if they have done some dumb things like me.
What I love about this episode…
Toni gives away some strategies that are easy to implement today and will yield a big win in your relationship.
Part of being a FULL STACK business owner means having a great home life.
Many business owners end up getting taken for half of what they worked so hard to build and finish their remaining years broke and alone.
DO NOT ignore your relationships as a part of your full stack journey.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:09 Learn about Toni Versic and what he does
03:19 The highest-risk asset for business owners
07:52 Signs to look out for if your home life is taking a downturn
12:45 Focusing on self-improvement for the business
15:55 How to get back on track with your health and relationship
19:44 Balancing multiple areas in your life as a business owner
28:55 Why communication is the key to connection
36:41 Improving relationship with your kids
43:15 Dealing with uncertainties from your partner
51:02 Get in touch with Toni Versic
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
○ The Empowered Man website: https://www.elitebusinessman.com/
○ The Empowered Man Method on YouTube: https://www.youtube.com/ToniVersicTalks
○ Free Video: Day 6 - Connection in Relationships: https://vimeo.com/738794703
About the Guest:Toni Versic is the CEO and Coach for The Empowered Man Method, a proven roadmap to help men become the best husband, father, and business owner. He aims to help career-driven men become more successful in business without sacrificing their health or relationships.
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
This past week I have had three interesting experiences with three different business owners.
1) I had a call with a business owner who is looking at neglecting his business to pursue a short-term cash-grab opportunity.
Despite having great business…
2) I touched base with another business owner who is taking too much risk with investments because he hates his business and wants to get out of it as soon as possible.
This terrifies me as if market conditions change, he will be wiped out…
3) I spoke with another business owner who has a massive mortgage (and no investments.)
His mortgage is draining all his cash, but he won't move because of the hit his ego will have to take moving to a ‘less prominent’ suburb.
It’s preventing him from being able to hire the people his business needs…
And I'm not actually sure if he recognises the income he is losing by under-investing in his business.
His plan is to grind out the next ten years to pay for the house. 🫤
Despite all of them dealing with it differently…
They have the same core problem.
They are all feeling a huge amount of pressure and stress to earn $$$
To the extent where it’s actually causing them all to make terrible short-term decisions.
It’s taking all the fun and joy out of business and putting them into grind mode.
You can tell they are not enjoying business.
They are in survival mode.
I recognise these symptoms because that used to be me.
That's how I used to show up in the world before I became financially independent.
To clarify what I mean by “financial independence”
I could stop working tomorrow, and my investments would take care of me for the rest of my life.
I don't HAVE to run a business.
I GET to run a business.
Life is different when your “have to” turns into “get to”
These experiences in the last week reminded me just how important it is for business owners to become financially independent.
Not so they can retire and do nothing.
( though I'm sure it’s the goal for some )
It’s so you can play business without having to compromise.
Without the pressure and stress to make money this week or this month!
Without having to make short-term decisions to pay the bills.
For me, business has become so much more enjoyable since becoming financially independent.
-I only work with people I want to work with
-I only do projects I want to do
-I say no to things I don't want to do
Anyhow, I don’t say these things to brag.
I say them because I want you to have it too.
I want you to be able to do business like I do business.
It’s a goal worth pursuing and should be high on your list.
(in my opinion.)
Not only that.
It has made a huge positive impact on all areas of my life.
I'm happier, healthier, less stressed, and have become a better partner/father.
Anyhow,
This week on the podcast, Grant and I discuss this topic in more depth.
“The unexpected impacts of being financially independent”
I wanted to go into a bit more detail on how my life has changed since becoming financially independent.
Shed some light on what it’s really like.
I hope it encourages you on your own journey, and it doesn't come across as some rich asshole preaching.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
02:03 Business owners in a grind loop
05:43 Financial independence versus retirement
10:06 The perks of being a financially independent business owner
16:58 Achieving financial independence: a progressive journey
23:40 Approaching wealth creation when you're financially independent
29:53 Generating wealth outside of business
33:44 How financial freedom leads to better health
39:33 Less pressure and more enjoyment in personal life
45:04 Being better with family and relationships
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I'm just going to say it.
If you are a business owner who can't read financial reports…
You are screwed.
It's kinda like going through life living in a country and never learning to speak the language.
Can you imagine spending your whole life living in Australia, but you can’t speak English?
Can you imagine how hard it would be to get through life?
Even just the basics.
Yet…
Time and time again, I see business owners refuse to learn the language.
And I get it.
Reading financial reports has a bit of a learning curve, but it doesn't make it any less essential to learn.
What most don't realise is being strong in finance is a superpower for business owners.
Just imagine, what an advantage would it be for your business if all your competitors couldn't speak English?
How quick and effective you would be VS your competition.
Anyhow,
I attribute a large amount of my success today to my strong financial skills.
And I want to help you level up your own financial skills game.
This week on the Podcast, we have Matt Williams, our resident bookkeeper.
We do a deep dive on setting up your reports to match your goals and how to get dialed in with your bookkeeper to get the reports you need.
Consider this a great place to start with improving your financial skills
(and a great tune-up for those who know the basics).
Episode Highlights:00:00 Welcome to Full Stack Business Owner
02:06 Having a quality bookkeeper for your business
03:36 Bookkeeper horror stories
11:22 Getting started with your bookkeeper
18:24 The value of being transparent with your bookkeeper
22:50 How a good financial report should look like
30:43 Choosing the right financial reporting cycle
37:42 The essence of looking after your cash flow
43:42 Signs that you're not getting good financial reports
47:37 Reach out to Matt and Platinum Financial Services
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
○ Full Stack Business Owner partners: https://www.fullstackbusinessowner.com/partners/
About the Guest:Matt Williams is part of Platinum Financial Services which focuses on providing business owners with the best bookkeeping service across their business, investments and personal income, which allows you to concentrate on more significant aspects of your business.
They completely reconcile all of your financials and help you understand your numbers so you can make the right decision for your business based on evidence, not opinions.
To connect with Matt and his experienced team of bookkeepers, head over to: https://www.fullstackbusinessowner.com/partners/platinum-financial-services/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
When I was three years into business, I thought all business problems could be solved with marketing and sales.
I was so certain the more I focused on these activities, the better my business would do.
I mean, it makes sense, right?
If I want to make more $$$, then doing more marketing and sales would surely solve that.
These are the direct activities that lead to more $$$.
It was only when I sat down with my accountant he looked me dead in the eyes and said,
“You are wrong.”It hit me hard!
I realised I was making a big mistake.
It seems dumb in hindsight…
What I didn’t realise was that as I grew my revenue, my margin was compressing.
We were super profitable as a small company, but with the expenses of a bigger company, I was fast moving into the “unprofitable” territory.
All the team and management expenses I had added in had completely changed our cost to deliver the service.
My pricing model had not changed as the business grew.
So guess what happened after three months of pushing more marketing and sales?
The more marketing and sales I did, the more broke I was becoming…
Completely the opposite of what I was trying to achieve.
Today what I find interesting…
Many business owners are running like I was in those early years.
Applying the wrong strategies and tactics to the goals they have.
If the only tool you have is a hammer, then the solution to all your problems better be a nail…
Anyhow.
If I could go back in time, I would focus much more on these four things.
- Business model
- Moat (strategic advantage)
- Pricing
- Innovation (riding the trends)
And this week, that's what we discuss on the podcast.
Grant and I dig into each of these four elements and explain how each of these could be the thing to unlock the next level in your business.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:07 What's stopping business owners from hitting their wealth goals
05:52 Creating the right business model
10:01 What makes a better business model
15:59 Leveraging your business model
19:34 Building a moat around your business
23:33 How to create a competitive moat for your business
30:57 Correct pricing in business
37:15 Delivering value in your products or services
39:55 Business innovations
47:47 Innovating by combining and franchising
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
One of my heroes in the investing world is Howard Marks.
What impresses me so much about him is his ability to act counter-cyclically to the markets.
To give you an example:
In the worst part of the 2008 global financial crisis, Howard dropped 6 billion into the markets.
Can you imagine...
The world is literally falling apart around him.
Banks are collapsing.
People are losing their jobs.
The economy is plummeting into a recession.
People think he is insane to be making any type of investment.
Yet, he was able to act in a counter-cyclical way.
Making HUGE moves while others are running for the exits.
I wonder how he felt in the moment of pressing the button on the trades.
Was he excited to have an opportunity to buy things at bargain prices or fearful that it would be a huge mistake?
Either way, he still found the courage to do what others were unwilling to do.
The discipline it takes not to invest when things are hot but also buy things when no one wants them.
Anyhow, following on from that point.
This week on the podcast I have Goose McGrath on for part 2 of our podcast:
“The Danger of Following the Crowd”
We dig heavily into more discussion around the danger of following the masses.
More importantly, where the masses have it wrong today.
PS: I highly recommend you read Howard Marks memos.
They are free and up on his website.
You will become a better business owner and investor for reading them!
Episode Highlights:01:42 Here’s how you can beat interest rates
05:15 Covid era drops building approval rates
10:37 Soup up your portfolio to change the game
13:17 Playing business to win
21:01 Why waiting is often a better idea
30:08 Everything is transitory
33:01 The bellwether mindset
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
○ ○ Full Stack Business Owner partners: https://www.fullstackbusinessowner.com/partners/
○ The Investor Lab: https://theinvestorlab.com.au/
About the Guest:Goose McGrath is the CEO of Dashdot, a property investment firm helping business owners build prolific, profitable property portfolios. They specialise in sourcing properties that are under market value, cashflow positive and have strong growth and value add potential.
Get a special discount from Dashdot when you get in touch with them through https://www.fullstackbusinessowner.com/partners/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Believe it or not...
When I was 22 years old, I was making $100,000 a year as a plumber.
I was doing well by society's standards (the masses) and on track for a normal suburban life.
But… there was a big problem…
Even on 100k a year, I couldn't afford to buy my wife a nice house.
Or, give her the option not to work when we have kids.
It used to eat into me that in the future when we had kids, we would be forced to put them into care.
That my wife would be in the rat race answering to some corporate asshole rather than raising our family.
(Which, at the time, was her preferred option.)
I would drive to work every day, dwelling on it, feeling like shit that I couldn't provide the life I wanted for my family.
I knew that if we kept doing what the masses are doing, then we will get what everyone else in society has.
Which were both parents working full-time and kids forced into care.
I wanted to have different options for my life.
I decided to quit my job as a plumber and launch an online business.
At the time, people thought I was insane for leaving plumbing!
A well-paid Job.
The internet was a thing full of scams!
My parents pulled me aside and tried to talk me out of it.
Warning me that it could go terribly.
It was very challenging to do something different from the masses.
I doubted my decision many times.
It was lonely and isolating.
It made me completely different to everyone else.
The only way I could have achieved what I have today is by going on a different path from the masses.
If you want something different to the masses in your life, then it’s time to start accepting you will need to do things differently also.
To close this loop in the story.
My wife hasn’t had to work since our son was born.
She never has to work for the rest of her life if she doesn't choose to.
We have a paid-off home and don't have to worry about financial pressure.
This is one of my proudest achievements in life.
Anyhow,
In this week's episode of the podcast, I have brought on a good friend of the show, Goose McGrath.
This episode will absolutely challenge what the masses are thinking and doing.
I was considering not publishing it as I'm sure we will get some haters leaving mean comments.
But... Goose backs his opinions up with data.
And… He makes some damn good points.
There are some serious flaws in what the masses are being told today.
Make sure you check them out in this episode.
Episode Highlights:
01:04 Get to know Goose McGrath
05:05 Do property prices go down when interest rates go up?
08:47 Impact of change in interest rates to property prices
12:41 The Australian property market at present
17:40 Media narratives versus reality in business and investing
21:46 A theory on circulating negative news
25:19 Factors why property prices in Australia dropped
31:02 Goose's reliable team of experts
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
○ ○ Full Stack Business Owner partners: https://www.fullstackbusinessowner.com/partners/
○ The Investor Lab: https://theinvestorlab.com.au/
About the Guest:Goose McGrath is the CEO of Dashdot, a property investment firm helping business owners build prolific, profitable property portfolios. They specialise in sourcing properties that are under market value, cashflow positive and have strong growth and value add potential.
Get a special discount from Dashdot when you get in touch with them through https://www.fullstackbusinessowner.com/partners/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
On Monday night, I decided to cook dinner for the family.
I enjoy cooking.
As I spend my days creating things on a computer, it's nice to make something in the real world that can be enjoyed with the family.
Found it to be very helpful in unwinding after a big day in business and investing.
Side note… follow me on social media if you want to see my food creations. 😉
Anyhow,
I wanted to make something new on Monday night and had been craving some Mexican food.
I thought, what could be better than some Fajitas and Mexican rice?
A dish I have never made before.
I followed a recipe closely and felt I executed the skills well.
Everything looked and smelt great.
However, when we sat down to eat…
It was not a pleasant experience.
It was purely a meal to get calories in.
There was NO enjoyment in the meal.
I felt bad for serving it to my wife.
She pretended to enjoy it.
Later in the night, she would admit it was terrible.
To be honest, I'm not exactly sure where I went wrong.
How did I mess this up so badly???
It was not an overly complicated meal to make.
Tuesday came around, and I was still bitter about it.
I had to redeem myself.
Tuesday became the night for “REDEMPTION Fajitas”.
During the day, I spent an hour on youtube watching other people make Fajitas.
Assessing where their approach was different to mine.
I investigated different recipes VS mine.
I spent extra time at the supermarket to ensure I had the best ingredients.
I was not leaving things to chance after Monday night's experience.
I wanted to ensure success and not make the mistakes of the previous night.
The result?
THE BEST DAMN FAJITAS I HAVE EVER HAD.
They were so good that my wife wants them weekly now.
The point of this story?
It’s ok to make mistakes.
It’s not ok to NOT learn from them.
This is especially true when it comes to business and investing.
If you make a mistake, go the extra mile to redeem yourself.
Anyhow,
This week on the podcast, Grant and I discuss our next investment moves and how we approach making better investment decisions.
I share my process of gathering information and taking responsibility for my actions.
(You might find it similar to the story above about the Fajitas.)
We also share what we are getting up to when it comes to investing for ourselves.
(NOT FINANCIAL ADVICE! PLEASE SEEK OUT QUALIFIED ADVISORS.)
Also…Does anyone else enjoy cooking?
How do you unwind and relax?
Send an email and let me know!
Episode Highlights:00:00 Welcome to Full Stack Business Owner
02:54 Exploring the investment side of things
04:24 Why more is not always the answer
11:06 The art and option of not doing anything
12:59 A powerful three-step strategy you need to know
17:18 Understanding the many ways to build wealth and how other people do it
23:16 A rare financial advice from our podcasters
24:17 Asking questions is imperative in forming your own opinion
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
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○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Let me ask you…
What would happen if you couldn’t work anymore?
Would your family and those you care about be okay financially?
And, on top of dealing with the tragic circumstances, would they also be dealing with financial pressure?
Building wealth is not just about building it, it’s also making sure that you keep it.
Sadly MOST business owners prefer to live in denial when it comes to insurance and risk mitigation.
They live with the attitude that they are bulletproof and…
“It won't happen to me.”
A mentor of mine used to say;
“Championship teams have a strong defence.”
This is a piece of advice that has served me very well in life.
As many of you know, this topic is close to my heart as my father (a fellow business owner) had a workplace accident.
He was not properly insured and lost everything.
It was devastating for him and horrible for our family to go through.
Part of the reason I am so driven with finances is to make sure what happened to my father does not happen to me.
And hopefully, I can help many of you avoid that pain.
To help with this topic, I have brought Ray Regmi on the podcast to talk about personal insurance.
I know a part of you won't want to listen to this episode.
As insurance is boring AF.
But, it could be the very thing that helps you the most.
Please make sure you connect with a qualified EXPERT on insurance and get the coverage.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:25 Why getting an insurance policy is essential
02:57 Common mistakes people make about
07:46 Who to look for when getting a personal insurance
09:34 Variables to consider before getting an insurance policy
14:57 Evaluating personal and financial situations
19:04 Does the super rich need personal insurance?
20:06 Reviewing your personal insurance
23:34 Getting insurance: the earlier, the better
24:22 Types of personal insurance
28:48 Receiving claims
34:33 Get in touch with financial adviser Ray Regmi
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
○ Full Stack Business Owner partners: https://www.fullstackbusinessowner.com/partners/
About the Guest:Ray Regmi is the Senior Financial Adviser and Principle of Ryker Capital.
Ryker Capital (AFSL: 243313) offers services to Australian business owners who are looking to reach financial independence and create true wealth.
With a team of degree-qualified professionals who have a collective of decades of experience, they can provide you with expertise in wealth creation, self-managed super funds, risk insurance, retirement planning and more.
To connect with Ray and the Ryker Capital team, head over to: https://www.fullstackbusinessowner.com/partners/ryker-capital/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
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Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
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○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I have been getting a few questions about what I'm personally doing atm.
Am I still investing?
Have I sold any investments?
Is a recession coming?
How is the business performing?
What am I focusing on next?
BTW - I love getting your emails and questions, so keep sending them through.
Anyhow,
The uncertain environment has left many people unsure if they should keep doing what they are doing or if they need to make some changes to their plans.
Which is a great question to ask yourself at least once a year!
First up,
I will mention that you should not be looking at what I do as the source of truth.
DO NOT blindly follow me as my personal situation and stage of life are likely very different to yours.
Nonetheless.
I will share some updates here.
On a personal note.
I moved house to be closer to Melbourne CBD.
Why?
To capitalise on the immense amount of opportunity I see in business.
I have been here for nearly two months, and the networking alone has made the move worth it.
My income has increased significantly by being in the right environment for my business.
Not to mention all the delicious food options. 😋
The family is loving it also.
When it comes to business.
The business environment is the best it has been for me in a long time.
Particularly in 2 areas.
Recruiting and content marketing.
Our content is performing the best it ever has.
(Big thank you to those who tune into the show.)
We have been able to hire more people in the last two months than in the last two years!
It has unlocked a huge amount of capacity in the business and the ability to grow again.
We have also brought on a brand manager (Hazel) to take the full stack to the next level.
Which excited me a lot as she is far more talented at content than Grant and I.
On the investing front.
You will have to wait on this update for the next update email. 😜
I suspect many of the insights we share in this episode will be helpful in the current times.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:39 Practicing what you preach
03:15 Becoming a rentvestor
07:46 How proximity opens up to opportunities
10:15 The positive impact of being close to opportunities
15:01 Finding the right environment for you
16:01 The benefits of having a powerhouse team
21:05 Getting premium talents in your business
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
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○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I had a call with my Buyers agent a few weeks ago.
He made a passing comment that probably wasn't significant to him.
But… did keep me up that night.
“If you are thinking of buying another property, move quickly! As you won't get the lending you want from the bank if you wait too long.”
I pulled him up and asked him to explain.
As I thought that I was in a strong lending position.
My balance sheet and business profits are solid in my eyes.
Even better than last year.
“Interest rates plus inflation,” he said the reason was.
He then went on to school me on how things are changing when it comes to borrowing.
I'll summarise his points below.
* Please note the below points were specific to my situation *
You need to speak to a lending specialist to understand the impacts on your own borrowing capacity.
Inflation:
In the bank's eyes, your cost of living has gone up due to inflation.
Even if you haven't changed the way you live, the cost of living for you has gone up, and you are seen as less capable of servicing a loan because of it.
Interest rates:
For every 1% the interest rate goes up, my borrowing capacity will go down 9%
This compounds across all your borrowing, not just the new borrowing you are contemplating.
For someone with a portfolio of my size, a 1% rise can be a 20%-25% decrease in borrowing power.
Pair these up, and my borrowing capacity is being constricted more and more each month!
This is what was keeping me up at night.
I was severely underestimating the impacts of rate rises and inflation on overall borrowing.
So a question I kept coming back to:
“Do I make a move now or wait?”
A tough question for anyone, especially with all that is going on in the world…
Anyhow,
To help others understand this topic more deeply, I have brought Aaron Whybrow on the podcast.
Our resident mortgage broker and lending specialist for business owners.
He was gracious enough to walk us through a practical example of how lending works when rates are going up, and inflation is on a tear.
If you want to understand how borrowing works, this is the episode for you.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
02:26 Learn about Aaron and his mortgage broking firm
03:25 How interest rate rise affects borrowing power
07:30 Different ways lenders assess your borrowing power
12:27 The impact of debt and loss in your borrowing capacity
16:43 Increasing income to increase borrowing power
20:07 Assessing household expenditures
23:26 The right time to borrow money
27:05 How people are keeping up with inflation and high interest rates
32:54 Outpacing your business income
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
○ Full Stack Business Owner partners: https://www.fullstackbusinessowner.com/partners/
About the Guest:Aaron Whybrow is the founder of Diagnostics and Finance, a Financial Broking and Personal Risk Insurance Business.
Diagnostics & Finance (ARW Financial Services Pty Ltd) is a Credit Representative 425540 of Finsure Finance & Insurance ACL 384704.
He is known as the ‘bagpiping mortgage broker’, who prides himself on having no ‘flats’ in his career. He blends his experiences as a former intensive care unit nurse and medical sales rep to provide the best outcomes for his clients.
To connect with Aaron and his team of mortgage professionals, head over to https://www.fullstackbusinessowner.com/partners/diagnostics-and-finance/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
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Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
This week on Full Stack, I have a special guest…
Jarrad Mahon.
This is a guy you want to be paying attention to.
I want you to think of him as a case study or a bit of a cheat sheet.
Someone you can model and get ideas from.
He is the representation of what we stand for at Full Stack Business Owner.
He has done the thing many set out to do:
- Built a great business that he enjoys running (and is wildly profitable)
- Invests inside and outside of his business
- Has built a quality life
What Jarrad has achieved, I hope everyone who listens to Full Stack Business Owner achieves.
Most notably, achieving what he has while taking Fridays off to spend with his daughter.
However…
His journey to get to this point has been…
Well…
Brutal, to put it bluntly.
Many business owners would have given up if faced with such challenges.
I’ll list a couple here:
- Having to sell his significant and entire investment portfolio to rescue his business in a crisis
- Going through a long multi-year down cycle after the mining boom in Perth
Ask yourself, would you have gotten up after taking hits of that size?
Maybe that's the difference in achieving your goals or not…
Anyhow.
Tune in to the podcast episode and I hope it motivates you as it did me.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:02 Learn about Jarrad Mahon and what he does
04:02 What inspired Jarrad to invest in properties
08:28 How Jarrad got started in property management business
11:13 Balancing business and investing at the same time
18:14 How a successful business helps with wealth creation
22:00 Property investing strategies from a property expert
30:07 Financial planning and setting goals
35:45 The value of loving your business
39:23 What's next for Jarrad in the property world
40:59 Jarrad's biggest wins from his property business and investing journey
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Investor's Edge Real Estate website: https://www.investorsedge.com.au/
○ Jarrad Mahon's Perth Property Insider Podcast: https://apple.co/3wZj1ZF○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
About the Guest:Jarrad Mahon is a seasoned property investor and the go-to source for Perth property market strategies.He is the Managing Director of Investors Edge Real Estate, a company of highly skilled and award-winning property managers trusted by more than 800 property investors in more than 200 suburbs throughout the Perth metropolitan region.
He also hosts Perth Property Insider Podcast, a show which gives market insights, strategies and mindset tips to grow wealth and improve life.
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
If you heard the last episode of the podcast, you would know I am not a fan of the profit-first system.
I think Mike and his books are awesome, but the profit-first system has some significant flaws for me.
Case in point.
If the profit-first system was the best financial management system, wouldn't all the companies listed on the stock exchange use it?
Turns out not one listed company uses it…
So why don’t I like the profit-first system?
1) It promotes business owners being lazy when it comes to financial management.
Why learn to cook when I can just buy takeout every night?
Financial management is just too important not to learn it properly in my opinion.
2) The traditional accounting system is amazing.Yes, I accept getting a good grasp of finances comes with a steep learning curve and takes some time to learn.
But… Once you know it…
It will change the way you do and think about business.
(In a good way.)
Let’s continue with this cooking analogy.
Once you know how to cook, it opens up a world of possibilities for what you can eat.
You are no longer limited to what's available but can cook what your business needs!
Do you want to be a chef? Or someone who orders takeout when it comes to your business?
It also gives you the unique ability to analyse other businesses and know how they work.
(A SUPERPOWER.)
3) Every business and its goals are unique.
At different stages of the journey, you will need to change the goals of your financial management system.
Believe it or not, at a point in my life, the goal of my business was profit LAST.
(Yep, you read that right.)
Why?
Because we wanted to spend every cent we could on growing the company.
Taking profit too early would have prevented us from getting the team we needed.
Then, at another point in the journey, my goal was “Cash first” (not profit first).
I had a profitable business.
But… my cash cycle was negative.
I needed to focus on improving my cash first to stay in business.
The profit-first system doesn’t adapt well to changing conditions and goals.
Good financial management allowed me to focus on cash first.
Anyhow…
I just released another podcast episode on what good financial management looks like.
If you would like to hear about my financial management process, be sure to tune in.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:23 The first step to good financial management
06:11 Communicating goals with your bookkeeper and accountant
09:02 Reading and analysing financial reports
15:54 How to get good insights into your finances
19:56 Good financial planning needs constant learning and improvement
22:05 How managing finances vary in property investing
24:34 Wise words to live by for business owners
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Did you know that many profitable businesses go broke every year?
The first time I heard that I thought it was a joke.
“How could a profitable business go broke?”
It sounded wrong and backwards.
But think about it.
Businesses go broke when they run out of cash, not when they run out of profit.
You can have a really “profitable” business, but if your cash flow cycle is negative, you can run out of cash fast.
Counter to that…
Businesses that are “unprofitable” can keep going if they have the ability to keep producing cash.
You cant pay your bills with profit.
Only cash.
Over the years, I have met many business owners who run their businesses via their P&L with little consideration for their cash flow cycle.
In turn, they tend to struggle to grow the business.
Never able to invest enough into their business to get the...
- Staff they need
- Stock they need
- Equipment they need
- Marketing they need
ETC…
They will hit a level and just stay there.
Never realising it's their financial management skills holding them back.
They never take the time to dig deeper and understand how they got to this place or what they can do about it.
They will just continually stay confused as to why there is not more cash in the bank account.
Anyhow,
Knowing your cash flow cycle and how quickly you can turn a sale into free cash flow is just one of the many things that come into good financial management.
In this week's episode of the podcast, Grant and I do a deep dive into what good financial management looks like.
We also share some of our own processes and thinking.
In my opinion, financial management is a full-stack skill.
It's dangerous to run a business without it.
I would highly encourage it's something you invest in learning.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:16 The challenge for business owners when managing finances
06:10 How well should business owners understand their finances
09:53 The Profit First system in financial management
17:20 Interpreting and implementing financial advice
19:00 Consequences of poor financial management in business
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Something I have had to work very hard on is my relationship with money.
For most of my life, I have been terrified of money.
- Never feeling like I had enough
- Always looking at the price of everything
- Always trying to find cheaper options
Constantly doing things myself rather than paying for help to save a buck.
It all stems from some things that happened in my childhood.
Growing up, my family went through some very tough financial times.
My father had a workplace accident.
Which meant he could not work for several years after it.
This then led to him not having income for several years.
It created a lot of stress about money in my home.
There was a real concern we would run out of money and lose the house.
I was about 12 years old at the time.
Old enough to understand the situation but not old enough to be useful in helping them.
My parents did their absolute best, and I love them dearly for that.
But… It was a very challenging time.
I witnessed first-hand what a lack of money does to people.
I can assure you it isn't something you want to experience.
(Trust me on this one.)
My fears around money as an adult all came from not wanting to have the experience my parents did.
I carried that with me into business, and my business suffered because of it.
I wouldn't hire people or invest in growth.
My behaviour got worse the further I went into business.
It became apparent after attending a mastermind event in Sydney.
Rather than staying in a hotel, I slept on a friend's couch to save $200.
I missed some key experiences from the event.
…not to mention that I would lie to people at the event, saying
“I wanted to catch up with an old friend.”
When, in reality, I just didn't want to pay for a hotel.
I didn't like who I was becoming.
I was embarrassed by my behaviour.
Luckily the embarrassment was enough to get me to do something about it.
Way too much of my time was being spent obsessing about money.
After looking at some options, I decided to do 2 money psychology programs.
(Just in case 1 didn't work.)
Both programs were incredible and changed my life.
I wouldn’t have achieved what I have done today without doing them.
What strikes me today is that most people live their whole life never addressing their relationship with money.
Many carry a poor mindset with them, and it keeps them poor their entire life.
It holds them back like an anchor.
And they often pass it on to their kids who do the same thing…
I see the things in them that I was doing at a point in my life.
I often want to say something to try and help them.
Anyhow…
This week's episode of the podcast is on money psychology.
More specifically, I wanted to share some of the tools that helped me.
This very episode might be the thing that will level up your wealth game both inside and outside of business.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:00 Why money psychology is a big factor in your success
06:14 How past experience bias affects your money psychology
11:18 Scarcity mindset can lead to missed opportunities
14:30 Personal bias on money can root from upbringing and decisions
22:07 The benefit of thinking ahead in business
25:01 Leveraging advanced thinking in investing
32:11 Learning how to adapt to changes
40:23 Resistance to change affects your success
47:23 How to succeed in business and wealth building
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
No need to dance around it.
On the back of 2 silly decisions, I lost more than $100,000
I got emotional and let fear take over at a critical point.
And it still pains me to this day.
But…
Rather than pretend it didn't happen, I remind myself continually.
Why?
So I don't repeat it.
The good news is that since making that poor decision, I have gone on to make many better decisions.
Anyway, here's the story…
I had just completed my first successful property development.
The bank had revalued the property, and I was blown away by how much it was now worth.
I was jumping around celebrating the result.
Throwing high fives and hugs at Bianca.
I contacted my buyer's agent to share the good news, as he was the one who found the project.
While I was on the phone, I told him it was time to find the next one.
“Let’s go again!”
The excitement of the win fueled me to want to do it again.
About 4 weeks later, my buyer's agent sent me an email.
It read:
“Found another property.A similar type of project.Let's go.”
However… things had changed.
The 2nd phase of a pandemic had just started.
We had just gone into lockdown for the second time.
Things were getting intense around me.
- I wasn't allowed to leave my home
- The news was reporting some dire projections
- There was constant talk of the economy collapsing.
I’ll be honest.
I got fearful that things were going to get much worse and that the property market might collapse.
I got on the phone with my buyer's agent and said.
“I’m going to pass on the project.”
He was shocked to hear it from me.
Asked me if I was sure several times.
I also knew I would forfeit the $5,000 deposit I had paid him also.
To be fair, he did the work and deserved to be paid.
I was the one who passed on it.
Fast forward a year.
I couldn’t help but check what happened to that purchase.
As I knew someone else must have bought it and done the development.
Sure enough, someone did buy it.
I looked up the value of the property.
Let’s just say that I’ll summarise my feelings with a simple word: “ouch.”
It had gone up in value… by A LOT!!!
I reflected on this experience.
What can I learn from this?
Where did this go wrong for me?
Here are my conclusions…
I made the decision to buy another property emotionally and then made the decision to pull out of the purchase emotionally.
The high of the win on the first property and the low of the fear of my environment both guided my actions.
I never make good financial decisions when my emotions are running hot in either direction.
I’ve since made sure to get my emotions in check before making big decisions.
Anyhow…
On this week's podcast, Grant and I share more of our financial mistakes and regrets.
There are some powerful lessons within these stories.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:10 Investing in "good" businesses and taking advice
07:25 Finding businesses and investments that you can control
10:16 How fear holds you back from grabbing big opportunities
16:00 Your goals play a role in decision making
20:35 The downside of lending your money
27:31 How financial mistakes can help business owners learn and grow
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
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○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
A quality I like about myself is that I'm an action taker.
I’d rather take action and make mistakes than do nothing.
I see so many procrastinators miss out on great opportunities because they are stuck analysing things to be perfect rather than getting it done.
The mindset I like to take in life is “win or learn”... there is no such thing as losing.
However, it would be ignorant of me not to acknowledge this mindset comes with some downsides.
The most notable one…
This speedy action-taking means I have made some incredibly expensive mistakes along the way.
I often have to remind myself I am “learning” at times.
To make the point…
-
I once bought a container of products from China without having any idea what “tariffs'' were.
I lost a lot of money on that one… -
My first mentor ended up going to jail.
Yep, I should have done more research on him before signing up.
Every time I have made a big mistake, I have found myself saying.
“I wish I knew “X” beforehand.”
Overall I have come out on top, but more diligence would have sometimes served me.
In this week's episode of the podcast, Grant and I dig into our deepest financial mistakes/regrets.
The point of this episode is to share where we have gone wrong so that you don't have to make them.
There is no need to repeat the mistakes we have made for you.
PS: This podcast episode ended up being incredibly long so we have broken it up into 2 parts.
This week you get part 1, and next week you get part 2.
Turns out we had a lot to share on this topic.
Also…I’d love to know.
What's your biggest financial mistake/regret?
Let me know by reaching out through email or on our social media accounts!
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:12 How problems can start out as a “good idea”
05:42 Chasing rapid business growth
10:35 Ideas to slowly scale a business
14:10 Charley's best lesson from his business regret
15:07 Dealing with opportunity and financial costs in a struggling business
22:31 How paying off a house became a financial mistake
28:35 A different perspective for people who want to build wealth
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
In my first year of business, I would judge the success or failure by what was in my bank account.
Account go up = Good.
Account go down = Bad.
I should also mention my emotions were heavily tied to this also.
Account go up = best guy to be around.
Account go down = I wouldn’t want to be near this guy.
Anyhow, after 9 months of doing this, it became pretty clear this was a dumb way to do things.
Every time an annual expense came up, it would lower my bank account, and I would act as if my business is failing.
It got to the point in which I would delay paying for things just to keep the account up.
It also meant I severely under-invested in my business to keep my bank account at a certain level…
Which is incredibly dumb.
I resisted hiring people unless absolutely crucial and would often just work more hours to make up for it.
This left me working big hours doing tasks I could outsource cheaply.
It’s no wonder I wasn't making much money, and my business wasn't growing.
Anyhow,
I thought the role of a bookkeeper was to give my accountant what he needs, so I don't get into trouble with the ATO…
Basically, keep me “compliant” with tax, GST and super.
I didn’t bother to read the reports… as that was for the accountant.
I just thought my accountant needed them for something.
I started searching online for how other business owners were dealing with this.
Was everyone else a wreck managing things by their bank account?
I came across a video by Keith Cunningham.
Within 2 minutes, it hit me like a kick to the face.
Running a business by a single bank account is possibly the dumbest way to run a business.
It would be like driving a car without a dashboard.
Do I need fuel? No idea
Am I going too fast? No idea
Is the engine light on? No idea
I had no idea what was actually happening in my business.
I wouldn't drive a car without a dashboard.
So, why on earth would I run a business without one?
The financial reports my bookkeeper had been sending me WERE that dashboard!
Yes… I had the dashboard and I was paying someone for it but I didn't learn how to read it or use it. (facepalm)
After that, I went on a rampage to master reading and using my financial reports.
This is a skill that pays me immense dividends today.
I want to encourage you to become strong in reading and using your financial reports.
It's a critical skill for a Full Stack Business Owner.
To go further, I made a podcast topic with Matt Williams (our resident bookkeeper).
“Bookkeeping for compliance VS Bookkeeping to drive results.”
We go deeper into the topic and highlight how you can work better with a bookkeeper.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:05 Learn about Matt Williams of Platinum Financial Services
02:15 What bookkeeping for compliance means
04:03 The advantage of working closely with your bookkeeper
08:50 Common mistakes people do about their finances
12:19 How bookkeepers work best with their clients
20:26 Changing up your financial metrics to utilise growth
22:52 How to improve at reading and analysing financial reports
27:06 Getting the most out of your bookkeeper's services
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
My very first business was an eBay store.
I loved the simplicity of it.
All I had to do was sell things for more than I paid for them.
Seems simple right?
In a nutshell, here is how I did that on eBay…
I would look on eBay Australia for high-demand branded products.
Let's say… men's shaving products.
I would then compare what products are sold for on AUS eBay VS USA eBay.
Hoping to find a spread.
A pack of shaver blades might sell for $25 on eBay in Australia.
But… they were $10 on eBay USA.
I would then contact a few store owners in the USA and ask for a bulk deal sent to Australia.
They might sell me all their stock for $8 each.
Leaving me with a 50% + margin.
The store owners were thrilled to have someone making big orders.
They would often email me asking when I wanted more.
They were making money.
I was making money.
It was a nice little arbitrage business.
Until it wasn't…
What I didn’t realise at the time and only learnt painfully later.
The only reason my business worked was that eBay USA sellers couldn't directly sell into eBay AUS.
eBay stores could only sell in the country they were in.
When that policy changed, my business was over.
All the USA stores started selling in AUS.
No one wanted to sell me stock when they could make more selling direct to consumers.
To make things worse.
All the stock I had was now being sold on eBay cheaper than I paid for it.
It was a truly painful experience.
I threw in the towel and sold my eBay store to a competitor.
I learned many powerful lessons from this experience, and I want to share 1 with you today.
When the environment changes, so must you.
The mistake I made when the policy change came in…
Trying to make the same business work post the international selling changes.
I should have been innovating forward instead of trying to get something old to work again.
I feel like we are going through something similar today.
A lot has changed in recent years.
I see a lot of business owners stuck in a “going back” mentality.
…There is no going back.
The smart business owners I know are moving forward.
The good news?
There has never been a better time to be looking forward.
All the changes in the world have presented new and wildly profitable opportunities for business owners.
In this week's podcast, I wanted to share with you some of the best opportunities I have seen.
In fact: 4 businesses that I would start today.
Honestly, some of these opportunities are so big I have contemplated shutting down my current business to get after them.
I suspect someone out there will start the businesses mentioned in the podcast and will do incredibly well from them.
Anyhow, that's it from me for this episode.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
03:48 Business Idea #1: Bookkeeping and dashboard combo
05:47 Opportunities and marketing strategy
09:50 Business Idea #2: Funnel testing
13:28 Scaling a funnel testing business
14:57 Business #3: Renovation Company
19:50 Business #4: Curating online content
22:40 How to grow a content curating business
25:11 Bonus business idea: revenue sharing
31:04 The best business idea
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
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○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I'm going to level with you.
It’s been an incredibly confusing week.
Things are not making sense.
I feel like I'm living in the upside down
(reference to the series ‘Stranger Things’)
If I open up Youtube or turn on the news, I would swear the world is ending.
Recession is here!
Businesses are failing!
Inflation has households on the brink of collapse!
Just massive amounts of doom and gloom.
However, when I'm at work…
The complete opposite
Business is booming.
Demand is stronger than ever.
We have hired 4 people in the last 2 weeks.
And, it looks like we are about to have a record month.
Not only that…
When I go out for a lunchtime walk the restaurants are packed.
The shops are full.
My first thought was: “Maybe I’m an outlier here.”
“I should check in with other business owners and see how they are doing.”
Turns out…
90% of my network reported the same findings as me.
Business isn’t crashing at all.
And of the 10% who said things aren’t going well were industry related.
So what gives?
The macro is not matching the micro.
If I didn’t put on the TV or tune into other media, I would swear we are in a raging bull market.
After some deep thinking sessions.
I have a theory…
What if...
All these inflation and interest rate rises have motivated business owners to earn more.
Rather than cutting costs, they are hungry to grow.
Yes, things are getting more expensive but, earning more is a more attractive option than cutting costs.
In turn, this is leading to more business activity and the flywheel continues.
When presented with the options of cutting costs or earning more - I know exactly which one I would pick.
So, I made a podcast episode that goes much deeper into this topic
You can check that out here: https://youtu.be/zjvrmS7ezkEIt would be awesome to collect some more data points.
Reach out and let me know how your business is doing.
Are you seeing the same as me?
Does the theory hold up?
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:04 Negative news versus our positive business environment
05:12 Charley and Grant's upside-down experiences
09:58 Upscaling our business through recruitment
13:23 Why many businesses are thriving in spite of negative news sentiments
20:06 The risk of following too much on mainstream news
25:38 How inflation becomes a driving force for growing businesses
30:54 Key takeaways on the confusing upside-down environment
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
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○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I might need to apologise to all the financial planners out there.
For many years I have thought of them as the dregs of society.
Taking a clip off the hard work of others.
Before you judge my opinion
Let me explain my reasoning.
Bianca (my wife) worked in the financial planning industry.
I got to take a peek under the hood.
…And I didn't like it.
I would often hear stories.
They would give “advice” based on how not to get sued and what was compliant with ASIC.
It wasn't necessarily what was in the best interest of the client.
Which is a huge conflict of interest, in my view.
If a financial planner has to choose between the survival of their business and getting clients the best result.
I know which one they will pick.
To enhance my bias further…
I did see a financial planner, and the “advice” he gave me was projected to get a lower return than what I was currently getting.
When I asked him why I would follow his strategy when mine gets better returns, he didn't have a good answer.
I don't think anyone had ever challenged him on the advice.
I’m pretty sure he was just reading from the brochure…
These 2 experiences lead me to the belief that financial planners are a waste of time and money.
However…
After a conversation with my accountant, I changed my mind.
I was wrong.
It turns out I had just had a bad experience with a few bad apples.
Just like that time I had a bad meal at a restaurant.
I never ate another meal again… 😜
What came to light from this conversation with my accountant is that I didn’t know how a financial planner could help me as a business owner.
I didn't realise all the areas they could have an impact on.
I asked my accountant for an introduction to a financial planner he knew was serving clients well.
He introduced me to a financial planner named Ray, and I booked a chat with him.
10 minutes into a conversation with Ray, he confirmed my suspicion that I just had a bad experience previously.
The financial planning industry isn't trash.
It also highlighted I need to make some changes personally when it comes to protecting my wealth.
Just one of the areas I didn't realise financial planners could have such an impact on.
(I'll be sure to do a podcast on this at another point)
Anyhow…
I realised later in the day that the insights and experience he has is not spoken about in the business owner community.
I suspect many business owners don’t actually know what a financial planner does for business owners or how to work with them effectively.
(Just like me)
For that exact reason, I have brought Ray onto the podcast this week.
Understanding the role and outcomes of a financial planner is critical information for business owners.
I highly encourage you to check out this episode.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:16 Get to know financial planner – Ray Regmi
02:16 The perfect time for business owners to get a financial planner
06:59 Why a financial planner is essential in your wealth team
11:45 How financial planners address concerns on super funds
15:28 The cost of hiring a financial planner
19:26 How to find the best financial planner for you
23:31 The reason why financial advice is fluid
26:00 Strategising estate planning for business owners
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I do have a story for you this week.
I nearly didn’t share this…
But I wanted you to see that building wealth is not all sunshine and rainbows.
You will hit challenges, just like in business.
A few weeks ago, after a delicious dinner, Bianca’s (my partner) phone kept ringing.
It was odd, as she was not expecting any calls.
And, it was a private number.
With the number of spam calls we get nowadays days, we didn’t think much of it and ignored the call.
It was getting to that time of the night when we were putting Jack (my son) to bed and the phone started to ring again.
With it being later, we were even less likely to answer the phone.
Not to mention that it had been a big week, and we were looking forward to spending some time together.
Just her and I... pretending like it was the old "pre-kid" days.
Like clockwork, the phone rings again.
And again.
And again.
It hit a point in which we started to ask ourselves if we should answer it.
"It might be important."
"Nah, it's probably just someone trying to sell us something."
Anyway, we decided not to answer it and savour the evening.
Thankfully, the phone did eventually stop ringing.
But…
Then we got a text message... “URGENT CHECK YOUR EMAIL.”
Now we were super curious... and concerned.
We opened up the laptop.
What we saw was an email from one of our property managers.
It clicked!
That's who had been calling us!
There was one line in the email that stood out:
“We think the house you just bought was a drug house.”
Wait... what?!?
We were in shock.
The house is in an extremely nice area.
We called them straight away.
I asked why they thought this?
What about the evidence?
They replied with:
- The bench tops are... sticky.
- The carpet has this... smell.
- There are odd people coming to the house looking for the previous owners.
- Someone is even moving furniture in the backyard…
WTF...
We went to bed that evening thinking we had just made a huge financial mistake.
I felt sick, and I'm sure Bianca felt the same.
Over the coming days, we investigated more.
The good news.
We didn't buy a house from a drug lord.
It turns out…
We bought the house from a couple going through a messy separation.
The house had been neglected while this couple caused havoc in each others lives.
Lucky, we have a great property manager.
It did cost us a few thousand dollars to get the house cleaned up...
But, I'm always playing the long game.
Never in a million years would I have expected to be dealing with things like this as a property investor.
This is the type of stuff you will have to deal with if you invest in property.
In this week’s email:
○ Investment update
○ Buying property interstate
Do you prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
WHAT HAPPENED
Buying in WA...
Different from other states
Earlier this year, both Grant and I bought property in WA.
Please note this is not financial advice or a recommendation
Something I didn't know when I got into property investing.
The process of buying a property is different in every state across Australia.
While I did do some research on buying in WA, I clearly didn’t do enough.
What caught me out?
In WA, the settlement of a property (the day it officially becomes yours) can fail three times with no consequence.
Yep, you can have settlement booked, and it just fails.
If that happened in other states, it would be a big deal and have penalties attached.
If a settlement fails, another settlement date has to be booked in.
This creates a bit more work and is a pain, as all parties have to be organised again.
(banks, conveyancers, buyers, vendors etc.…)
Our settlement failed four times.
The process of buying the house took weeks longer than expected and distracted me from other important work.
After everything settled, I am thrilled with the purchase and plan to keep it long-term.
But…
I wish I had done more research on buying in WA and had prepared accordingly.
A hot tip
If you are looking to buy property in a state you haven't bought before...
It's best to find someone who has bought in that state and question how the process is different from the state you are familiar with.
I should have paid someone with experience and dug deep.
A good lesson learnt.
If you want to hear more of the story of buying in WA.
Or, if you want to hear Grants' experience of buying in WA, then check out this podcast episode.
That’s it for this one.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:11 Full Stack Business Owner’s newest sponsor and partner
03:58 What Charley is up to with his business and investments
07:19 Grant’s business and investments
08:51 Charley and Grant’s experiences buying property in WA
16:49 How to take advantage of delayed settlements
21:23 A crazy experience with tenants
26:33 Little hint on business opportunities and the Melbourne CBD
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Alright, I'm starting to settle into the new house.
I am writing this after a night out having dinner with some incredibly talented business owners.
It was one of those nights I didn't want to end.
The type of high-level conversation I want to have more of.
We shared big ideas.
Goals for the rest of the year.
What's working and not working in 2022.
How we are successfully building our wealth in the current environment.
I came home excited and full of energy.
It has made me feel good about moving back to the CBD.
Now, before I get into this, I wanted to ask you a question.
(Yes, you. The one reading this.)
Have you put yourself in the right location?
Or, have you settled for what was convenient or easy?
Have a think about it and let me know.
—————————
Side note… do you prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast.
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
Opportunity cost…
The unmeasured metric that costs business owners a significant amount of wealth.
When I looked at my new house, the first thing I looked at was the cost.
The cost of living in this new location is significantly more than in my previous location.
I had concerns I would be overspending on my living costs and that money could have been better used on other investments.
Upon reflection… that was the wrong way to think about it.
What I wish I looked at first is the potential gains in ‘opportunity’ that would come from living in the new location VS my previous location.
The value of having access to more people who have aligned goals to mine…
Or who have even achieved the things I want for my life.
Rather than just looking at costs, the equation I should have been doing is:
The potential gain from opportunities in the new location ‘minus’ the cost increase.Let me use an example to articulate this point.
As I mentioned above.
Last night I went out for dinner with some incredibly talented business owners.
Some of the things discussed have the opportunity to make me many thousands of dollars, this year.
If I hadn’t moved house, that dinner wouldn't have happened.
And if that didn’t happen, I would then have missed out on the opportunities that came from it.
The upside of that dinner alone was worth more than my living costs for the entire month!
Let’s extrapolate that out.
If I go out for dinner once a week with people who are trying to achieve similar things to me…
What is the amount of opportunity I can create?
And does that value exceed the increased cost of my living expenses?
The answer is: Absolutely!
It’s so obvious when I asked myself the ‘right’ question and did the maths.
It turns out that it actually costs me more money NOT to be in this area than the increased cost of living in it.
And it’s something I want to encourage all business owners to do.
Evaluate the cost of not being in the location you are most likely to succeed in.—————————
Be on the lookout…Recently Grant and I bought some property in WA.
It was a very different experience than buying in the other states of Australia.
Let’s just say; I wasn't prepared to be buying a property from people dealing with a messy divorce.
But, more on that in the next podcast episode.
Episode Highlights:
00:00 Welcome to Full Stack Business Owner!
03:23 Why moving house can be the best option for business owners
06:54 How changing locations can open to business opportunities
13:35 The importance of choosing a good environment
16:56 Another key factor to consider before moving
19:50 How proximity plays in your opportunities and growth
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I'm back on the show notes after moving house.
( Big thank you to Grant for picking up the slack! )
A few people in the community have asked me why I moved house.
So, I wanted to share my reasons in the email as it’s relevant for business owners.
Reason 1 - Kinder is Jack’s first “Mastermind.”
I'm a big believer that you become who you spend time with.
It hit me like a shovel to the face that I'm currently deciding who Jack spends time with and the environment he is in.
However, when I asked myself the tough question:
“Am I giving Jack the best opportunity I can?”
The answer was a sobering: … no
I was settling for less.
I take being the provider of my family very seriously, and I know many of you who read these emails also do, and so I just couldn’t let this slide without a change.
Reason 2 - Significant business opportunity
As I have been mentioning in previous episodes…
There are so many business opportunities out there if you just pay attention.
An exciting and big opportunity has come up for me.
The catch is… I need to be closer to Melbourne CBD to seize it.
Many people would not be willing to move house.
However, sometimes we have to be willing to do what others want to get the results we want.
It may or may not be related to future events for full stack business owners…
But, more on that another time ;)
This week, we are going to be discussing a critical topic for business owners.
(especially at this time)
Emergency funds.
How big should they be?
When should you use them?
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast.
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
Emergency funds.I won't insult you by explaining what an emergency fund is, as I think that if you are listening to this episode, you are well aware.
What I find interesting atm.
Many business owners are only building or building up an emergency fund now while things are a bit uncertain.
Not in the good times.
Part of being a full-stack business owner means being financially responsible.
Build your emergency fund in the good times when you don’t need it!
I'm going to pass on a set of emergency fund rules a mentor gave to me.
- 12 months of living expenses
- 3 months of business expenses
- Tax money set aside in a separate account and up to date
- No credit card debt but have a credit card available
If you have any investments like property, it’s worth keeping 6-12 month rent set aside just in case there is a long vacancy or significant repair required.
(depending on the risk level of investment)
I remember the first time I heard these emergency fund rules I thought it was extreme.
But…
I’m so glad I took them on as I sleep VERY well at night.
It is very reassuring to know I don't have to panic if an emergency hits.
I have the time and resources to make good decisions instead of desperate ones.
Honestly, I think it's worth listening to this episode, as Grant also makes some great points about other ways to reduce risk.
Then make sure you are subscribed to the podcast: https://linktr.ee/fullstackbusinessowner
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:57 Why business owners need emergency funds
07:50 Getting started on building your emergency fund
11:08 Emergency funds for household, business, and investments
18:03 How emergency funds affect your risk tolerance in finances
26:34 Building emergency funds for business start-ups
28:41 Diversifying your business and investments
32:10 Diversification: making money versus skills
38:01 How to look for opportunities in your lane
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
It’s Grant stepping in for Charley this week.
(Charley is moving house)
Yep - I have hijacked the show notes!
And what better episode to do it on than the touchiest subject ever…
Your partner -vs- the Assets and Liabilities columns.
…This is ONE OF the most critical topics…
And will likely determine a large amount of the results you get in life.
To the extent that I have asked Hazel what other people do at night?
Was it watch Netflix and chill -or- watch a good documentary?
As an business owner, this is extremely logical to me.
An asset is something that brings me in money.
A liability is something that costs me money.
For me to become wealthy, I need more assets than liabilities.
Even to go so far that removing liabilities off my balance sheet is a core strategy I use to increase profitability.
Why?
No matter if I am talking about a service we are delivering, products we are selling, an investment property we have bought,
I look at the $$ they bring in and compare them to the $$ they cost me.
And then, I either remove the liabilities, swap the asset out for a better asset - because we never want to accept loosing money.
And an unpopular opinion is this:
Your partner can either be a tailwind or a headwind in your journey.
They can be an asset by helping propel you forwards,
Or they can be a liability by drawing you back and creating resistance.
It is a hard conversation to have out loud, let alone only internalising it.
But it has been a topic a few members have asked us about.
In this week’s episode:
○ Where does your Partner sit on your Balance Sheet? Asset or Liability?
○ How to approach a partner who is a liability
Prefer to listen or watch?
You can hear Charley and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
Where does your Partner sit on your Balance Sheet? Asset or Liability?To be completely honest…
You will have read that question and deep down you already know the answer.
Fortunately (or unfortunately), this isn’t rocket science.
Just like in business - assets create money but liabilities take money.
So, all we are looking for from our partners is the difference between:
Asset behaviour -vs- liability behaviour
But before we dive in, I need to remind you (and myself)...
Just like assets and liability, with time, they always change.
I constantly need evaluate them.
Something that was an asset 2 years ago could become a liability today.
Think about stock on shelves, computers, software, etc.
Same goes for our partners…
Albeit we need to look at a longer time horizon and not just replace it in a split second decision.
In the episode, Charley and I talk about the red flags that we have personally looked out for in our relationships to identify a partner with a liability.
Here are a few of them:
1 - Constant Roadblocks
As business owners, we always need to evolve and change.
It’s how we win.
As we change, it will impact our business, employees, customers and…
Our partner.
The last thing we need is a partner who constantly blocks or resists the change.
Especially when the change we made is positive and could lead to new heights.
One important point to mention here is that this includes if they allow you to do it, BUT, it creates a ‘tax’.
Meaning that they will allow you to do something but you now owe them something.
2 - Lack of Goals
I know that you and I have personal goals and aspirations.
Heck, we wouldn’t be business owners if we didn’t.
It’s the main reason I leap out of bed every morning.
I have goals in fitness, wealth, family and business that I want to achieve.
But what happens if my partner doesn’t have goals?
It doesn’t mean they need to try and change the world like you.
(Not to mention there is something very attractive about someone who has aspirations.)
And the main point I want to make is that I have seen relationships where one person had goals and started achieving them…
Then their partner felt left being
It created a large, irreparable divide between them
3 - Minimal Support
In the episode I shared a personal experience I had with one of my previous partners, so be sure to check it out.
I shared a story about a previous partner of mine.
She was an amazing person.
But, every time I went to her for support, she would try to one up me to prove why she was in a worse position and needed support
There is nothing worse than not having a partner to lean into.
And a reason why I dove into meditation and yoga as my support system.
Now, I could just say that this was all her fault…
But a great reminder is - this goes both ways!
Yes, my partner needs to provide that shoulder for me to cry on.
But, if it is ME who always needs a shoulder to cry on and nothing is ever good…
That’s not a partner problem, that’s on me.
4 - Soft Ethics and Core Values
This should almost go without saying… but… seems constantly pops up.
My partner and my ethics must align.
For me, I was brought up in a home where we were taught to never lie, steal, cheat, etc.
Even to the extent that my Mum would give me a ‘love tap’ to remind me to say ‘thank you’ to someone.
This behaviour has extended into how I do business.
I am fierce at business but I treat everyone with respect, never lie, never steal, etc.
The impact on me, my belief system, etc would be dire if my partner didn’t align.
5 - No Trust of Faith
As business owners, we are always trying to achieve something we have never achieved before in our lives.
And it means that we will constantly miss and need to re-align.
I have made many business decisions during my relationship with Hazel.
At the time, they were great ideas.
Albeit most some have turned positive, there are a few that have negatively impacted both of us.
The key is that Hazel trusts me and has faith that I will ‘figure it out’.
I couldn’t imagine how hard it would be if she kept says “I told you so” when things didn’t work out.
A partner who does not have faith in you and doesn’t trust you can achieve it is a red flag.
6 - Constant Negativity
My ability to push through adversity is what has always defined my success.
Every time I lost a big client, team members left, etc as long as I was positive, I could find a way.
Having a significant other who continues to push me up is a cheat code for my success.
But on the other side…
Having a partner who constantly brings me down with their problems is a recipe for disaster.
To the point that it isn’t a competition.
It doesn’t matter whose problems are worse, seemingly more important, etc.
If I ever see myself avoiding my partner due to not wanting to be brought down, I am running in the opposite direction!
This is a big topic and we dive deeper into each of these points and more in the episode.
—————————
How to approach a partner who is a liability
If you have read my stories above and feel as though you are in a situation where your partner is a liability…
I just want to say that I have been there.
I have had long-term relationships, where it turned out my partner was a liability.
And unfortunately, I was the one who needed to call it.
Did I delay the decision?
Definitely!
Did I put more time into business to avoid it?
You bet!
Did I think that we could work through it?
Of course!
But there was one thing above all else that I realised…
I only have one life
And that life is too short to spend it with a liability.
And I want that one person I spend the rest of my life with to be my asset
(and for me to be theirs.)
You are no different.
You are already (or going to) crushing business, wealth and life!
And if you do want someone to share that journey with you, they need to be an asset.
But before you look at your situation, believe it’s FUBAR (f’d up beyond all repair) and about to rip the bandaid…
Just walk through the steps that Charley and I outlined first.
It might actually avoid a major mistake…
Step 1 - Work on yourself first
Just know that as business owners, we can be (and are) selfish.
We need to be aware that everything does not revolve around us.
And some of the time, the reason our partner is acting they way they do is because of us.
They are reflecting what we have done to them.
Or, they are shutting their doors to avoid more pain.
So, we first need to assess if we are triggering the issue.
Step 2 - Communicate
Most relationships break due to lack of open communication.
Share your feelings, thoughts and emotions with your partner.
Talk about your dreams and aspirations for the relationship.
Share this email and the podcast with them.
And both of you should discuss the dream.
Step 3 - Get third part help
I must say this first:
It is DUMB that society sees couples who get professional help as having ‘problems’.
This is a symptom of a bad society, not a bad relationship.
Relationships are a skill,
And skills need to be developed by both parties in a relationship.
Nobody was ever born with the natural ability to be a great partner,
So both of you should strive to develop the skill, especially as this is a team sport.
To continue that point…
Even if your partner is an asset, you should both develop your relationships skills.
Step 4 - Never hold onto a relationship too long
It sounds cliche, but know that it is not your job is not to change someone.
If you have followed the steps above and nothing has changed…
It might be the time to make the tough decision.
Call it for what it is and end the relationship.
But just remember, once you have actioned your decision, it is final,
So, do not rush it.
And for those of you who progressed through the steps and found your partner could become an asset (or realised that they already were),
Charley also covered a great way to further optimise and run a great relationship.
Everything from how to run it like a business and be team players,
And some very powerful tips that are only in the episode…
—————————
Be on the lookout…Coming up next week, Charley and I talk about how big our emergency funds are.
But more importantly… how we use them.
This will be an episode you won’t want to miss!
So, be sure to catch the episode by making sure you are subscribed to the podcast!
Episode Highlights:
00:00 Welcome to Full Stack Business Owner
01:30 Why having the right partner is critical to your success
08:30 How to know if your partner is an asset or liability
16:53 Your partner’s ethics, trust, and faith
23:20 What to do if you see your partner as a liability
33:39 How business skills can be applied to your relationship
43:34 Practising accountability and being a team player
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
In my teens, I dated a girl whose family owned a restaurant.
As a growing teenager who spent a lot of time in the gym… this was a dream come true.
I would often do a massive workout on a Friday evening before heading into the restaurant and testing the capacity of my stomach.
Anyhow, I spent a fair amount of time at the restaurant and got to know the staff.
And there was one thing I always found interesting…
The staff and chef never ate the same food that people in the restaurant ate.
I used to think it must have been because they have eaten the same items on the menu so many times that they are just over it.
Then I realised… it wasn't that at all!
It was because they knew what produce was the best.
They knew what deliveries had just come in.
They had the inside knowledge because they worked in the kitchen.
If the fish was fresh and looked good, they ate it.
If the new season of a specific vegetable was starting, they ate those.
Having insider knowledge was key.
And this doesn’t just apply to food.
It applies to a lot of industries.
How the people who work inside an industry behave is often very different from those who don’t.
Applying this same principle to wealth building is like paying attention to how the professionals are investing their own money.
That's exactly why I have brought on Aaron Whybrow to this week's podcast and am sharing the insights.
(Make sure you check out the podcast for more detailed insights.)
As Aaron is a mortgage broker, he knows the rules of lending better than the average bear.
So, how does he invest with this advantage?
And, what is he doing that we are not?
Let's jump in to find out.
Please also note that this episode is not financial advice.
We are just exploring what others are doing.
Always speak to a professional before acting on anything you learn from the Full Stack brand.
In this week’s episode:
○ How the broker invests his own $$$
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast.
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
WHAT HAPPENED
How the broker invests his own $$$Is it any real surprise that the mortgage broker invests in property himself?
I would have been shocked if he didn’t…
However what did catch me by surprise is the strategies he has used to build his portfolio.
He has utilised much more advanced strategies than most investors use.
Let’s take a look at a few of the strategies he is using.
Please note if you are inspired by any of these strategies please speak to professionals who know what they are doing before acting on it!1) SMSF (Super)
A topic that is often spoken about in property circles.
Borrowing money in super (SMSF) is harder than borrowing money outside of it.
This is due to a large amount of compliance and a lot of hoops that you have to jump through.
Many investors just don’t do it because of the complexity and time.
(myself included)
Anyhow, this is where Aaron's advanced borrowing knowledge has been a huge advantage.
He has been able to successfully buy property in his SMSF.
2) NDIS Housing.
NDIS housing is a government incentive scheme.
Here is how it works:
The investor buys an NDIS suitable property and rents it out to someone who fits the NDIS criteria at a discount on the market rate.
Yes, the investor intentionally takes a loss on the rent.
The government then incentivises the investor with significant tax credits to make up for that loss, plus a little extra.
This helps people with disabilities get into suitable accommodation.
The investor gets a win with the tax credits.
And, the government gets a win as they don’t need to build additional housing for people with disability needs.
Aaron was able to purchase a property in WA under this scheme and take advantage of the significant cashflow that came from the property after tax.
Please note that the NDIS incentives have changed over the years and vary by state.
Make sure you know the numbers and policy very well and speak to NDIS experts if you are considering this.
3) Untitled Land
Think of this as buying land “off the plan” before it’s ready for titling.
You might have driven past a massive paddock of land that is being cut up by big machinery.
What you might not be aware of is that that land is for sale often years before being ready to build on.
…or even years before having a road to drive on to get to it.
The real question is:
Why would an investor consider buying land off the plan?
It has a couple of distinct advantages.
(1) Stamp duty savings.
When you buy land off the plan you only pay stamp duty on the land as there is no house on it… yet!
(2) Build the type of dwelling that fits your needs.
Sometimes you might want to own a specific type of dwelling in an area.
Maybe an investor wants a 5 bedroom house in a particular location because there are none available.
And, building it might be the only option for the investor to get the asset they want.
Aaron was able to buy untitled land in NSW.
It did take more than a year for the land to be titled and he is now assessing when to develop on it.
From what I hear, Aaron has future plans to build a duplex on it.
——
Well, there you have it.
Some not-so-common strategies that Aaron used to build out his property portfolio.
I learnt a lot from the conversation with Aaron
And it was a huge reminder on how many different ways there are to play the game of property.
If you would like to hear Aarons full investment journey tune into the podcast.
He goes much deeper into the details of when he bought and what order he bought them in.
That's it for me on this one.
Episode Highlights:
00:00 Welcome to Full Stack Business Owner
01:13 Get to know Aaron Whybrow
05:30 Aaron’s investment goal
10:07 Why and how Aaron decided to take on property investing
14:27 Aaron’s first investment
22:28 Selling his first property
26:06 Buying properties using the NDIS scheme and Super funds
34:32 Purchasing land “off the plan”
41:33 Aaron’s biggest lesson from his investment journey
46:01 Getting started on wealth building
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
In 2018 I attended an options trading workshop.
The premise of the workshop was to learn how to generate a consistent income from options trading.
It utilised a strategy called “covered calls,”
(which I won’t get into right now.)
The first exercise we did at the workshop was to work out how much income we needed to cover our living expenses.
The idea being…
Once you know how much income you need to generate per month, you can reverse engineer how much capital you would need to invest.
And… how much risk you would need to take.
In this method of options trading, the more risk you take on, the higher the potential returns.
The less risk you take, the lower the returns.
It became very clear to me.
The more capital you had to invest the easier it was to generate a certain level of income.
The less capital you had the worse your odds.
Anyhow,
I could see some people in the room had very little capital to invest in running this strategy.
When I looked at the risk they had to take on it just seemed insane to me.
There are better odds at the casino!
I couldn’t believe they were willing to take on so much risk.
But then it hit me…
They don’t have the option to get more capital from their business.
I had the option to make more money in business and take on much less risk with investing.
They did not.
Having the ability to earn more from business is a massive advantage when it comes to investing.Which brings me to this week's episode.
While business owners have the option to earn more.
Most of them suck at it.
So, I want to offer a process that I have used to massively increase my income over the years.
In this week’s episode:
○ a practical approach to earning more
Prefer to listen or watch?
You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
How do I earn more?Oooooohhhh….. the juicy bit.
The process.
Let’s go through the steps.
1 - Get uncomfortable with what you earn today
In my opinion, this is the most important step.
The more uncomfortable you are with what you earn today the better.
If you just kinda want to increase your income you will likely fail.
The times I have been EXTREMELY uncomfortable with my income, are the times I have been able to raise it the most.
For example,
When my son Jack was born I didn't feel my income was high enough to support what he needs.
How uncomfortable do you think I felt with the idea of not being able to provide for my child?
EXTREMELY uncomfortable.
I lost sleep thinking about it.
The cost of food, school fees, housing…
What if we have 2 kids or 3?
We all have different things that make us uncomfortable.
Find yours and lean into it… hard!
Use it as fuel.
Don’t pretend it doesn't exist.
Stare at it.
2 - Set a target incomeNow that you are uncomfortable the question becomes what would make you comfortable?
Following on from the example of when my son was born.
I was incredibly uncomfortable.
So, I created a spreadsheet and calculated how much income I needed.
I went deep and specific.
How much are the school fees?
What do nappies cost?
Clothes?
Holidays?
By the end of it, I had mapped out the cost of what it would take to get 2 kids to 25 years old.
I then turned that into an income level I needed per month to support that.
Hitting this target is what would make me “comfortable” with my income.
Personally, I love having a target to aim for.
Most business owners I know are the same.
Define your target and be specific.
3 - Tracking
You often hear
“What gets measured gets managed.”
Do you know why?
Because it’s true.
As business owners I'm sure we know the importance of tracking but, here are some specific things I do when I'm focused on raising my income.
I have my bookkeeper highlight my income on my monthly financial reports.
I want to see the progress month on month and how close I am to the goal.
I want this number to stand out in the reports, so I can’t miss it.
Make it bold and highlight it.
I do this for a few reasons.
Having it stand out keeps me focused on what I'm trying to achieve.
It keeps my eyes on the target and motivation high.
It also helps me know if the actions I'm taking to increase my income are working or not.
If I'm making the right decisions and taking the right actions I will see progress.
If not this is the sign to change something.
It can be confronting to look this closely at your income but it is critical to the process.
4 - Create the business model that supports the level of income
This is where I see a lot of business owners make big mistakes.
They want to earn more $$, so they start ramping up marketing and sales as step 1.
However, they have taken zero consideration to if their current business model will support that level of income.
In turn, many business owners just get frustrated and give up.
If you have never earned at the level you are striving for, then it's highly likely there are things that are required that you just don't know about.
Here is what I do instead.
Find someone who has done it with a similar business model to yours.
Pay them to show you how they did it.
Follow that advice and track the results.
Now… This is important.
If that method you follow from someone who has done it is not working.
Find someone else and repeat the process.
You might need to find and try several people's approaches.
In my own experience, I have often had to find and try several different methods before finding the one that was right for me.
Do not default to trial and error based on what you think will work.
Model those who have done it!
5 - AccountabilityThis is the secret sauce and likely the difference in you increasing your income.
Also, remember that raising your income can take some time and if you lose motivation along the way.
Here are things I do…
○ I like to have my monthly financial reports highlight if I'm making progress in this area or not.
Every month I'm either inspired because I'm making progress towards my desired income level or it makes me uncomfortable again and motivates me to do more.
○ I tell my peer network.
This was incredibly uncomfortable at first.
If you have a good network not only will they be supportive but they will also help you.
Heck some of them might start doing it with you.
To this day Grant and I use this type of accountability to push each other.
(we do it with things like wealth building also)
○ I have mentors I report to.
I mentioned above that you need to find people who have done it.
When possible I encourage you to hire them to guide you along the journey also.
Things will come up along the way to raising your income.
Having someone who can realign you and tell you what to focus on next is critical.
6 - Repeat
And repeat…
And repeat…
Once you hit a new level of income, the key is to not get too comfortable for too long.
Of course, take a moment to celebrate your new level of income and the rewards that come from it.
But, keep pushing that bar up!
Don’t let yourself get stale.
—————————
Be on the lookout…At the start of next week, I am having my mortgage broker (Aaron Whybrow) on the podcast.
But… we won't be talking about borrowing money.
We will be diving into how he invests personally and his journey as an investor.
Why?
If this is the guy who knows all the rules…
It's going to be just as beneficial as asking the head chef where and what to eat.
Anyhow, if you want to hear that episode when it drops make sure you are subscribed to the podcast:
https://linktr.ee/fullstackbusinessowner
Episode Highlights:
00:00 Welcome to Full Stack Business Owner
03:08 What’s stopping business owners from earning more
09:20 The first step to growing your income
16:35 Defining what ‘earning more’ means for you
18:27 Using the right business model to boost your income
30:55 The importance of having strong support networks
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Alright… This week I have a part 2 of the interview with Goose.
(Our property specialist)
It appears his views and opinions on the last email and podcast ruffled some feathers.
I actually can’t remember the last time I had so many people reach out to disagree or tell me why we are wrong. 😕
I did find this interesting though…
When I asked someone who disagreed with us:
“How did they form their views?”
And, “What evidence do they have?”
They either didn’t reply or pointed to some article on some news site.
They didn’t really have their own opinions.
They were just repeating things they had heard elsewhere.
What is more surprising…
I actually doubt they looked any deeper than reading the article's headline and maybe the first paragraph…
Anyhow, here is my recommendation:
If you want to be successful in business or wealth building, it’s critical to form your own opinions.
There will always be someone who disagrees with you and someone who agrees with you.
Take the time to do the research and make informed decisions for yourself.
In this week’s episode:
○ Are we headed for a recession?
○ Where are the opportunities?
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
WHAT HAPPENED
Are we headed for a recession?As it stands today there is a large amount of economic uncertainty.
Wars, inflation, interest rates, energy costs, supply chain lines…
(the list goes on)
I can’t actually remember the last time we had so many contributing factors creating uncertainty.
While no one has a crystal ball and I can’t give you a guarantee.
I will share my opinion and how I'm playing the uncertainty.
My opinion.
Yes, It’s likely we are going to have a recession.
All the signals I'm looking at say the economy is slowing down.
However, I believe that we will get through it.
And, good times exist on the other side of it.
This is not an end of days type of thing.
The issues we face today will be solved.
What am I doing / What have I done to prepare for a recession?
(If and when it comes)
1 - Strong cash buffers in my business, personal life and investments.
If a storm comes I want to be able to weather it.
I won’t tell you how much buffer you need but, if you can't survive at least 6 months without any income then you might want to consider raising your buffers.
Personally, my buffers are over 12 months.
2 - Keeping my books up to date
I’m paying very close attention to the performance of my business.
Especially profit margin.
In a rising cost environment, it is easy for margins to get compressed and profits to shrink.
3 - Staying on top of bad debtors
Self explanatory.
4 - Prepare to seize opportunities if they come.
I have funds ready to deploy should an opportunity arise that fits my strategy.
***Please note this is on top of my buffers.
Side note…
If a recession does not come, is the above list really a bad thing to do anyhow?
How you run your business in the good times will be a sign of how it runs in the more challenging times.
—————————
WHAT HAPPENED
Where are the opportunities?Right now there are many people who are not acting rationally.
They are acting emotionally and from a state of fear.
Think of it like this…
If someone truly believes the world is headed for economic collapse, then they will be willing to sell assets for anything they can get today VS getting nothing in the future.
They “believe” the assets will be worth less in the future and want to avoid that loss.
You can see a good example of this when the pandemic started back in 2020.
When the pandemic hit many investors pulled their money out of their investments.
They believed the market would keep dropping.
They wanted to get anything they could for their shares before it dropped lower.
It was peak fear and acting on emotion.
Not logic.
I'm certainly seeing quite a bit of that today.
Here is the thing to think about…
For someone to sell something.
Someone else has to buy something.
Who did those panic sellers sell to back in 2020?
Someone acting more rationally.
The people who bought from those panic sellers made an absolute killing across the next 12 months.
These are the Warren Buffet “Be greedy when others are fearful” moments we hear about.
I was one of those people who bought from a panic seller in 2020.
I bought a house in NSW from a panic seller and it went on to be one of my best investments.
That property has ended up doubling in value.
How I wish I could go back in time and buy more!
Anyhow, my point is…
Across our lifetime there are going to be times when great assets are going on sale.
You need to set yourself up to capitalise on those opportunities.
By the way - this doesn’t just apply to investing either…
—————————
UPCOMINGBe on the lookout…Later this week I am going to be releasing an episode about “how to earn more?”
I get this question a lot.
Many of the business owners I meet want to invest more into wealth building, but they lack the income to do it.
I want to give you my process for earning more from your current business.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
02:25 Is Australia going into a recession?
04:33 Proper mindset when facing the looming recession
09:05 Best investment option during an economic uncertainty
16:05 Business and investment risks to look out for
19:08 Finding opportunities during an economic downturn
27:20 How to build wealth and grow your business in a bad economy
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I went out for a run extra early this morning.
It was pitch black and I had to use the light on my phone to light the path.
I made it to the running track and began putting some laps in.
There was another guy on the track who was clearly a well-seasoned athlete.
He was absolutely flying!
Eventually, he caught up next to me.
“What are you training for?”
He asked.
“Life."
I replied with a big smile on my face.
He looked back at me confused as he put his foot on the accelerator.
I don’t think he got me at all.
But, I will explain it to you here.
In business, and wealth-building you are going to experience challenges and discomfort.
There are times when business will be incredibly hard.
There are times when you won’t enjoy it.
I have taken some massive hits on the journey and I have never met a good business owner who hasn’t.
Something I wish someone had told me earlier though...
Dealing with challenges and discomfort is something that can be trained.
It’s a muscle.
Why I have taken up running is to improve my ability to deal with challenges and discomfort.
Dealing with the challenges of running is making me stronger at handling challenges life throws at me.
I want to be ready for whatever life throws at me.
I'm building my ability to handle challenges and discomfort.
This is also why we see many good athletes ending up being good business owners.
They have spent years pushing their ability to handle challenges and discomfort.
The skills translate across.
This is an incredibly powerful concept and something I hope you will take on board.
Prepare yourself for what life throws at you.
In this week’s episode:
○ Is your current network holding you back?
○ Is cost-cutting the best way to drive profits?
Prefer to listen or watch?
You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
COMMUNITY QUESTIONSIs your current network holding you back?This question came in via email.
(Just a reminder, you can reply to our newsletter to submit your questions for the show.)
Anyhow,
This reader sent in his concerns that the network around him is holding him back.
In summary:
○ they are playing small
○ they don't have the results he wants to produce
○ they are negative people overall
He feels like every time he brings an idea or opportunity to his network they shoot it down.
They tell him all the reasons it won't work.
To me, this is the description of the network you don’t want.
(And you should avoid people like this.)
But, how do you go about building a good network?
One that propels you in the direction you want to go in life.
If I could pass on one thing that has worked for me it's this…
Pay to be a part of masterminds, communities and events with the people who have matching goals to yours.
The people who pay to be in masterminds, communities and at events are the serious ones.
(Likely the ones you want to connect with.)
You will become who you spend time with.
If you want to be good at golf, pay to be a part of a good golf club.
If you want to be a stronger business owner, pay to be a part of a mastermind with strong business owners.
If you want to build wealth, pay to be a part of a group of people who have built wealth.
Now, you might have to try a few of these to find the one that’s right for you.
But, when you find the right one it will be worth it.
Something I wanted to mention here also.
As you and your goals change, so will the network you require to succeed.
If you haven’t changed some people in your network in a while, it is likely you need a change.
Be very careful of holding onto a network that no longer supports you and that you outgrow.
Hear more about how I build my network and build value with them on the podcast.
—————————
COMMUNITY QUESTIONSIs cutting costs the best way to drive profits?What a great question!
I want to use an example to explain this one.
Let’s pretend you have a business that does $1,000,000 a year at a 33% margin.
$1,000,000 at 33% margin = $333,000 per year of profit.
Now if you cut your expenses by $100,000 a year.
Your profit grows to $433,000.
A direct $100,000 increase in profits.
Every dollar saved goes straight onto profit.
But, What happens if we grow revenue by $100,000, instead of cutting costs by $100,000?
Your profit only goes up by $33,000.
Why? Your business has a 33% margin.
You would need to grow this business by $300,000 just to produce the same amount of profit that $100,000 of cost-cutting would produce.
That's what makes cost-cutting such a powerful driver of profits.
And why having a bloated business is so dangerous…
Now before you get too excited and start cutting costs across the board.
It's critical you don't cut the wrong costs!
And I see this one all the time…
The most notable ones.
Marketing and Team
When you cut marketing, your business brings in less work.
When you cut the team, your business delivers less work.
If you cut too aggressively in those areas you will shrink the size of the business and might reduce revenue and also your profit.
In general, you don't want to cut things that get customers or keep customers.
I’ll share a few of the areas I focus my cost-cutting efforts on.
(I share more on the podcast!)
1) Replacing Software
There are continually newer, better and cheaper software solutions coming out.
Many business owners get comfortable with the tools they are using and never look for new options.
Just this month I replaced a software that was costing me $1,000 per month with one tool that we are already using.
As the tool we were already using released a new feature, which removed the need for the other software.
That’s $12,000 of savings that turns straight into profit!
2) Enhancing team
This one is counterintuitive.
I’m happy to spend money on things that make my team more efficient.
If my team is more efficient, then I need fewer overall people to deliver the same result.
Enhancing the team is a cost-cutting measure!
3) Insurance, phone services, utilitiesIt’s surprising how much of a difference switching providers can be.
You can often get the exact same insurance, phone services or utilities from another provider at a VERY different price.
I will acknowledge it's painful to do this but, swapping providers can be an incredibly powerful way to cut costs.
Make sure you jump onto the podcast to hear more about how I keep my business lean and profitable.
—————————
UPCOMINGBe on the lookout…Next week, we have got a special guest coming on.
I won’t share too much besides he is one of my ‘go-to’ people to understand what is happening in the markets right now.
And because he is a business owner and an investor, his insights are even more powerful.
So, be on the lookout for that one.
Anyway, that’s it for this week.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:28 The value of having a great network
06:17 Growing your network
12:48 Finding your niche and building rapport
21:40 Hey takeaways for improving your network
28:41 Cost-cutting to grow profits
36:23 Effective metric for managing expenses
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
This week I had our property expert Goose McGrath on the podcast.
I like getting his perspective on things as he has a unique positioning.
He is a:
○ Business owner
○ Investor
○ Buyers Agent (he buys property for people)
I'm very mindful of where I get my information these days.
The mainstream media will write anything to get you to click
(regardless of how much they have to bend the truth)
Finding the source of truth can be incredibly difficult.
Anyhow,
Why is the property market important to Australian business owners?Regardless if you invest in property or not…
I wanted to take a moment to express why it’s important for Australian business owners to keep informed on what's happening in the property market.
1) You live in a property
2) Your team lives in a property
3) Your business operates from a property
4) Companies you invest in operate from a property
5) The Australian businesses you do business with operate from a property
6) Your Australian clients / customers live in a property
7) It offers an opportunity to build wealth as an asset class
When you think about it, property touches our lives in so many ways.
It is not an area you can afford to be ignorant in.
Having strong knowledge of property is a huge advantage as a business owner and someone who wants to build their wealth!
Below are my takeaways and insights from the podcast with Goose.
In this week’s episode:
○ A different perspective on interest rates and inflation
○ Is the property market crashing?
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
INSIGHT 1
A different perspective on interest ratesStraight out of the gate I asked Goose his views on interest rates.
What's happening with interest and inflation now?
Where do you think they will go next?
Here is his take:
○ Yes, interest rates have gone up. ○ Yes, they are likely to go up further.He almost brushed it off as not a big deal.
(which was surprising)He continued to share that… ○ The RBA does not want to crash the property market ○ Once inflation is under control they will likely start dropping rates again ○ Rents will continue to go up to counter the effect of rising interest ratesProperty is a long game and we should not be put off by a little speed bump along the way.
Although I’m not too surprised, I know you might be.
Especially as this is a very different message than we see from the mainstream media.
It was interesting, as Goose made those points, it reminded me of a key lesson I learnt years ago:
Sometimes we just need to zoom out.
It’s easy to get suckered into short-term thinking.
Both in business and in wealth building I'm playing a long game.
Yes, there will be periods of time that are not ideal.
But, what I need to do is make sure I have enough buffers and risk mitigation in place to ride those times out and keep playing the long game.
As I know many people need to as well.
—————————
INSIGHT 2Is the property market crashing?I have seen many economists and media outlets forecasting a 20%+ drop in the property market.
So, the next question I asked Goose.
Is the property market crashing?
Do you think it will drop 20% or more?
Here is his take on things:
Rising interest rates and inflation generally impact expensive property markets much more than more affordable property markets.Melbourne, Sydney and Canberra have experienced slight drops in the recent months.To put it in perspective they have dropped 1-2% in the last few months after going up 20% plus in the past year.However, when you look at the rest of the country prices are still going up… and so are rents.This type of environment could actually be a tailwind for more affordable areas.As people get priced out of more expensive markets, the demand shifts to more affordable areas.Many areas of the country will thrive while interest rates and inflation are going up!(Read that again to make sure it sinks in.)This type of environment is the very thing driving up some property markets.Once Goose shared this, I realised that it was something I had not put a lot of thought into.
In general, I made the assumption that rising interest rates would not be good for property overall.
As, in my mind, it would lower the overall demand for property.
However when you think about it.
People still need a place to live.
The demand for housing hasn't changed.
It’s the type of housing that has!
It’s kinda like this…
Think of housing like food.
Someone who can't afford to eat at a fancy restaurant doesn't stop eating.
They instead spend money on food they can afford.
If food prices rise, it will just change the demand for certain types of food.
Which we can see in today's environment already.
Supply and demand wins again!
—————————
UPCOMINGBe on the lookout…Later this week we will be publishing an episode about building the ‘right’ network.
Specifically, one that aligns to your goals.
If you plan on being wealthy then I highly encourage you to spend more time with wealthy business owners.
A poor quality network is an anchor to achieving success at anything.
Anyhow, more on that later in the week.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
02:29 Why interest rates are going up
06:44 How interest rates affect loan affordability
14:18 Wealth creation in business and property when interest rates are high
20:52 What will happen to interest rates in the coming years?
25:17 Should interest rates be a deciding factor for business owners?
34:04 Sourcing true and accurate information
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
For the past few months, I have been feeling like I'm in a rut when it comes to my health. I am…
- continually getting sick
- going backwards with fitness
- sleeping routine is off
One of the things I know about myself...
When my health and fitness is in a good place, I perform significantly better in all the areas of life that matter.
I’ll bet if I look closely at my financial statements my income will match how healthy I am.
Hence, why I put such a priority on health.
(and maybe you should also)
Anyhow,
A few years back I met a guy who gave me some interesting advice when it comes to life.
I’ll pass on what he shared with me.
As it has served me very well and might be helpful to you also.
“Never let yourself get stale.”“If you ever spend more than 3 months making no progress in any area of your life, start changing things.”“You are either growing or dying.”
His view was that we need ‘challenge’ and ‘change’ to keep making progress.
When we don’t provide that challenge to ourselves we get stale and start to degrade.
This doesn't just apply to health but, to every area of life.
If you start getting stale it spreads to the other areas of your life.
If you start getting stale with your health, eventually it will spread to your business and your relationships.
Being this advice has served me in the past I knew it was time to change something.
This past week I have taken up running.
What's interesting is this has absolutely pulled me out of my rut.
While my body is feeling a bit sore, as it’s not used to running, my mindset and overall health have improved dramatically.
My message to you.
Don't let yourself get stale!
In this week’s episode:
○ Grant sells his business.
○ Healthy competition
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
COMMUNITY QUESTIONSGrant sold one of his companies.This week's listener question comes from… ME!
After hearing the news that Grant had sold off one of his companies I couldn’t resist but ask him for the details.
Building, buying and selling a company can be an incredible way to build wealth.
Something I know many members of the ‘Full Stack’ community have or are considering.
Anyhow, the details:
Grant started a serviced office business in Melbourne 5 years ago with 2 friends.
(This is a business they built from scratch.)
Think of it kinda like a co-working office mixed with meeting rooms for hire.
The initial capital outlay was $250,000.
The intent for this business was for it to be a cash flow business distributed to the owners every month.
With the potential for a sale down the road.
On the surface, this business had the potential to be an incredibly high cash flow investment, with very little monthly time needed to keep it going.
Kinda like a gym membership model.
However…
One of the things I noted down, was just how much time it took to get off the ground.
It certainly wasn’t as passive as he had hoped.
Grant also expressed the challenges of having a business with friends.
At times it had put a strain on relationships.
(Though they are still all on good terms.)
This, however, isn’t the biggest takeaway.
The big ‘aha’ moment…
The one that hit home for me (and I suspect many others)...
2nd business syndrome!
The service office business was not anyone's main business.
The 3 friends had it as a side hustle.
No one had the intention of putting a huge time in.
As this business demanded more time from all of them, in order for it to succeed - they had to be pulled away from their main businesses.
It became a distraction for all of them, which they paid for in opportunity cost.
They all would have made more money by focusing on their main businesses instead of the serviced office.
Now, he did make a profit on the sale (which is rare).
And if you want to hear more about Grant selling this business and hear all the juicy details from the man himself, then tune in to the podcast.
—————————
What I am thinking about:Using healthy competition to achieve your goals fasterI mentioned above that I had taken up running to pull myself out of a rut.
Well, it turns out that Grant has also decided to take up running also.
After one-week things have already become incredibly competitive.
I swear I could feel him on my heels when out for a run today.
(despite him being on the other side of the state)Just knowing he would be looking at my run stats made me push harder.It’s also made me hugely accountable for going for a run.
It was hammering down with rain today and I still went out.
We keep it competitive by posting our running stats in slack and comparing who is improving the fastest.
So much so, that I don't want to have to tell him I didn't get out there.
Last night I was sitting on youtube last watching running technique videos.
And… you better believe I bought new runners.
If there is a way for me to create an advantage, I'm looking for it.
I know I'm only doing these extra things because I want to beat Grant.
Making it competitive is helping me achieve my goals faster and has brought a heap of fun to it.
This isn’t the first time Grant and I have used competition to our advantage.
We did it with great success in our wealth building and our businesses.
Having someone to compete with has had a hugely positive impact on the results I have been able to achieve.
Business owners by nature are a competitive bunch.
The key is competing on the things that line up with your goals.
Which begs the question…
How much quicker could you achieve your goals if you added in some healthy competition in the areas that matter?
—————————
UPCOMINGBe on the lookout…In the coming weeks, we have some experts coming onto the podcast to talk about the economic conditions.
I’m curious to get their take on how the next 24 months will play out.
I’ll be sure to share the key insights and learnings with you in upcoming episodes!
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:00 Grant sold his business!
06:38 How well Grant’s business did financially
11:57 Grant’s learnings from his experience in the business
16:47 Why defining a problem is the best first step for starting your business
19:22 Should you have multiple businesses?
25:21 What Grant is pondering about
29:50 What’s weighing on Charley’s mind
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I almost got the deal of the century this week.
The opportunity to buy a property from a panic seller at nearly a 20% discount!!!
“Almost” being the keyword…
Let me explain.
It had been brought to my attention that someone I know was looking to offload a property quickly due to interest rate rises.
They were feeling the pinch and could only see things getting worse.
So, they wanted out before a big potential sell-off.
I was feeling a bit opportunistic and thought I would take a call with the owner.
…which was a mistake in hindsight...
When I spoke with the owner, I tried to play it cool.
But they could see just how keen I was to buy it.
That’s when they started to realise they might be missing something.
(Ahh, human psychology is interesting.)
My excitement and enthusiasm for the property was the thing that made them change their mind.
And in the end, they did not sell.
I had better work on my poker face…
Although, it was probably a good thing I missed out.
As I was trying to be opportunistic rather than sticking to my plan.
A good deal that doesn't fit my plan is NOT a good deal.
Another way to put it:
“The shoe isn't a bargain if it's the wrong size!”
In this week’s episode:
○ Real interest rates
○ Private online schools
Prefer to listen or watch?
You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
WHAT HAPPENED
The REAL impact of Real interest rates.First up let's define what “REAL” interest rates are.
Then, we will walk through an example.
“Nominal” interest rates are the rates the bank gives you when you borrow money.
EG: You get a loan from the bank, charging you 5% PA (per annum).
The “Nominal Interest Rate” is 5%.
“Real” interest rates are nominal interest rates minus the inflation rate.
EG: You get a loan from the bank at 5% and the inflation rate is 3%
The “REAL interest rate” is 2%
5% - 3% = 2%
To put it simply…
REAL interest rates are a measure of the cost of debt while factoring in the inflation rate.
Why factor in inflation when borrowing money you ask?
Great question!
It’s because when you borrow money, inflation erodes the purchasing power of that money.
EG: You borrow $1,000,000 and inflation is 10%. The debt is being eroded by 10% per year.
After 1 year the $1,000,000 you borrowed only has $900,000 worth of purchasing power due to inflation.
Keep with me here - as this is where it gets interesting (and important).
Why should you care about REAL interest rates?
Right now, in many places across Australia, the inflation rate is HIGHER than the cost of debt.
Again let’s use an example to explain it.
Let's say I buy a house for $1,000,000.
And I borrowed $1,000,000 from the bank with a 5% interest rate to make the purchase.
The interest cost on that loan is $50,000 per year.
If the inflation rate is 10%
My debt is eroding at $100,000 per year.
Which means that the REAL interest rate is -5%
5% - 10% = -5%
(yes NEGATIVE 5%)
What does this mean?
In this example, I'm making $50,000 a year from inflation!
The debt costs $50,000 but I'm making $100,000 from inflation.
And this doesn’t factor in any rental income or property appreciation.
The key point.
“It’s possible to make incredible returns from real interest rates and the use of debt.”
This has been one of the key strategies I have used personally.
And also… how people like Robert Kyosaki invest and why you always see them advocating the use of debt.
But. I must say one thing…
Be VERY careful with the information I just shared with you.
This is where many people get wiped out also.
Even if you are making huge profits from real interest rates…
You still need to come up with the cash to support the loan on the property.
If you are going to use leveraged strategies please get advice from professionals.
(which is not me)
Please note this concept doesn't just apply to property.
It can be used in other asset classes and your business.
I do find it interesting we don't see many people talking about the positives of inflation and how it can be used to our advantage.
Anyhow, on the podcast, this week Grant and I unpack some examples of this in use.
Well worth checking out if you want to learn more about “REAL” interest rate.
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WHAT HAPPENEDPrivate online schools.Last week I noticed a Facebook ad in my newsfeed.
Victorias 1st Private Online School
Taking expressions of interest for 2023 enrollment:
○ Haileybury School
I almost couldn't believe it.
Haileybury is a very prestigious school.
Not one I would think of as a disrupter.
What makes this really interesting…
In 2021 when Haileybury offered online learning due to lockdowns they produced one of the best sets of VCE results in its history!
Eight students achieved the highest possible ATAR of 99.95.
And, 51% of students finished in the top 10 of Australia.
It appears that Haileybury has cracked the code with online learning.
They were forced to build it in lockdown and now see the potential.
Talk about innovation!
High school is about to be disrupted in a big way.
This is Netflix coming for Blockbuster all over again.
Think about it.
This now means they can enrol students from all over Australia.
(Significantly increasing their potential market size.)
And.. they don't need to build more buildings or make more room on school grounds.
I can only imagine what this does for their profit margins.
These are the types of post-pandemic moves I like to see.
Moving forward and innovating.
Not trying to go back to the old ways.
In my opinion, this is the start of a big trend and more schools will follow.
I'm also hopeful this will help more kids access high-quality education rather than what is only available to them locally.
Higher skilled Australians are a net benefit to everyone!
I go into more impacts of online schools on the podcast you check that out below.
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UPCOMINGBe on the lookout…
Grant makes a tidy profit selling a business!Later this week I will be unpacking one of Grant's recent investments.
After 5 years of building a company, he has sold it off.
But, it's the details of the deal that make it particularly interesting!
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:02 What are REAL interest rates?
08:53 How inflation impacts investing
14:16 Key takeaways on dealing with real interest rates impacts
18:58 Are online private high schools the future of education?
22:23 Increasing opportunities and accessibility through online learning
24:47 How business owners can take advantage of private online schools
30:29 Community shoutout!
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Earlier this week I got a phone call from a friend and fellow business owner in panic.
“It's all going to shit.
Have you seen what is happening?
Are you selling off everything?”
They had just signed the contract on an investment property.
They now wanted to pull out because of what is going on in the economy.
I listened intently and then asked:
“Who have you been spending time with?”
They replied:
“I caught up with some friends and family on the weekend. Why?”
I then asked:
“Do you want to end up like them?”
They replied:
“No”
I said:
“Then stop listening to them!What makes them qualified to have these views?If they don’t have the results you want in your life, ignore them.Go find the people who have the result you want and see what they are doing.”
And I hung up the phone.
The next morning I got a text message that had one word on it.
“Thank-you”
It was a huge reminder that we need to be careful of the inputs in our life.
○ Information
○ People
○ Food
Poor inputs = Poor outputs
If you put the wrong fuel in a car you wouldn't expect it to run well.
The same is true for us.
In this week’s episode:
○ Building wealth in challenging times
○ Building emotionally fitness
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
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COMMUNITY QUESTIONSHow to build wealth in challenging times?Something that really concerns me is that most business owners think they can only make money when the economy is good.
If it's a bull market then it's okay for you to make money and have a thriving business.
But, If there is a recession or a downturn it means they must have a recession also.
Really important point.
What's going on in the WORLD economy and what is going on in YOUR economy do not have to match.
What surprises a lot of people is that recessions are often when the largest transfers of wealth happen.
It's often when market share is taken by those who are paying attention to the economic environment.
Let me give you some examples.
1) On the back of the 2008 GFC (Global Financial Crisis) many restaurants struggled as people cut back on spending.
But, Mcdonald's thrived by offering “budget-friendly value meals.”
2) In 2020 an accountant in my local area shifted his strategy when he noticed that small business owners needed help getting access to pandemic government grants.
He could see that getting new accounting clients would be tough in the environment.
So, he shifted to being a specialist in Government grants.
His office is now twice the size it was the year before.
When the environment changes, so does what works!
It's kind of like the seasons.
In summer it makes sense to use the A/C to keep your body temperature comfortable.
In winter if you use that strategy it will only make things worse. (much worse)
In winter it's a far better idea to use a heater or thermal clothing to keep your body temperature comfortable.
The strategy you use to keep your body at an ideal temperature changes based on the season.
Bull markets, bear markets and sideways markets are just different seasons.
The strategies your business uses need to change as the economic seasons change.
One thing we know is that the seasons will keep on changing.
A better way to approach things is by developing the skills required as a business owner to do well in any season.
Not only that…
It pays to make sure you are informed of what season we are in and where we are heading as an economy.
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COMMUNITY QUESTIONSHow to become emotionally fit to run a business?This topic hits home.
The first few years I was in business I wasn't emotionally fit to be a business owner.
I was a hot head and an absolute mess when it came to managing my emotions.
When things were good in business I was ecstatic and excited.
The best person to be around.
When things were not going good…
I was not good to be around at all.
I was on the emotional rollercoaster.
It was hard on those around me also.
My wife, friends and teammates all paid a tax for having me in their life.
It got to the point when I had to say enough is enough.
I didn’t like who I was becoming and could see it was limiting my success.
I decided to hire a personal development coach.
Someone to mentor me and guide me on becoming emotionally fit.
My desire was to be one of those people that it doesn't matter what's going on around me, I will always be the coolest-headed person in the room.
Never reacting and only responding intentionally to the situation at hand.
Kinda like Gus Fring from the TV series “Breaking Bad”.
After 12 months of intense training, the payoff was huge.
The emotionally fit version of myself was able to reach much higher levels in business and with my wealth.
Even today, people often quote how calm I am in challenging times.
Here is one of the key concepts that helped me.
I hope it is helpful for you also.
In every perceivable bad situation, there is GOOD.And in every perceivable good situation, there is BAD.
Something the 20-year-old version of myself had not considered.
Here is an example:
When a key team member resigned from my company I was gutted.
I felt betrayed and pissed off after investing so much in training them.
Where was the loyalty?
However, their resignation got me to level up my recruiting skills and I was able to get someone better for the role.
3 months later we are doing better than ever + I have improved a key business skill.
So was it really a good or bad thing?
For me, the realisation that I need challenging times to become the level of business owner I want to be was a big shift.
A challenging time might be the very thing that leads to a big breakthrough in your own success.
I strongly encourage all business owners to work on their emotional fitness.
If you want to hear more on this topic and learn some of the other concepts that helped me…
It's worth listening to the podcast episode as I go much deeper.
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BE ON THE LOOKOUTInvestment BreakdownsIn the coming weeks, I am going to do some more investment breakdowns on the podcast.
As both Grant and I have been making some moves that others are asking about.
But, more on that another time. 😉
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:25 How to build wealth in a challenging economy
10:28 The problem with FOMO (fear of missing out)
12:25 Playing the economy on offence versus defence
13:56 Grant’s take on emotional fitness
17:36 What it means for Charley to be emotionally fit
25:26 What Charley is pondering
28:54 What’s weighing on Grant’s mind
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I have felt a bit negative about the topics I have been covering these last few weeks.
Rising interest rates, soaring power costs, rising staff costs… etc.
I don’t make these episodes to spread fear or create doubt.
As the mass media already does enough of that…
I make them so you can stay informed on the important topics to seize the opportunities that have presented themselves.
As in EVERY environment, there are plenty of people crushing it.
Right now, we are going through a time of global change.
And ONLY the business owners who are paying attention will create serious wealth.
Think of this episode as one of the ways you are paying attention.
Anyhow, let's get into it.
In this week’s episode:
○ Innovating your business in a downturn
○ What the top politicians get paid
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
WHAT HAPPENEDInnovating your business in a downturnWhat do Blockbuster, Kodak and Yellowpages all have in common?
They went broke because they resisted innovation.
Each of them had the opportunity to lead the way in innovation.
But they didn't…
They stayed stuck in their ways when the world was changing, and it cost them the business.
Right now, we are going through another time of change.
And yet I see so many business owners thinking like Blockbuster, Kodak and Yellowpages.
I believe we are headed into a post-pandemic economy, and now is a critical time to be innovating.
I want to share a story about John Deere.
(Yes, the company that makes tractors.)
In the past few years, they have innovated massively!
Adopting a huge amount of tech into their tractors.
They have developed self-driving tractors that can operate in the dark.
Tractor Sensors that can measure the yields of crops and when they are ready to harvest.
Honestly, I am blown away by the things they are doing.
But, by far the most impressive innovation in my mind.
They now sell data to Wall Street.
Let me explain.
Right now, John Deere is collecting a massive amount of data from their tractors all over the world.
They bring that data together at scale to draw some seriously valuable insights.
They know which crops are doing well this year and which ones are not.
I mean, imagine if you knew the corn yields were low this year, and the price of corn would “likely” be going up due to a shortage.
Sounds like some pretty valuable data for commodity traders to me.
A huge innovation as a company.
Anyhow. My point is this.
If a tractor company can innovate and sell data to wall street, you have no excuse.
A big recommendation I want to make for every business owner…
Spend time each quarter on innovation.
○ Brainstorm ideas based on trends
○ Ask your network what's working for them and see how it could apply to your business
○ Spend time researching what's working in other industries right now
○ And, look at what your industry is doing in other countries
In summary, don't stay stuck in your old ways!
I go into much more detail about how to innovate in the podcast episode this week.
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WHAT HAPPENEDWhat the top politicians and public servants get paidOk, I’ll admit it.
I got caught by a clickbait article.
“What do the top politicians get paid?”
Anyhow… something caught me by surprise and I wanted to share it with you…
The prime minister is not the highest-paid public servant in Australia!
Yes, the PM does get paid $550k per year, but…
That's not even close to the top pay packet.
There are 27 public servants who get paid more than 7 figures per year!
To name a few:
○ CEO of NBN - $3m
○ CEO of SnowyHydro - $2m
○ CEO of AusPost - $1.6m
○ RBA Governor - $1mil
I guess I never thought you could make that type of money in a government / public servant role.
Anyhow, this is how our tax dollars are being spent.
—————————
UPCOMINGWhat's coming later this week.I got a great community question this week:
“How do you become emotionally fit to manage a business and build wealth?”Building a solid mindset and being able to handle emotionally challenging times is a superpower as a business owner.
I am going to unpack it on the podcast and email later this week and will share some tips that have helped me a lot.
And don’t forget, you can send in your questions by sending us a message on our socials or through email.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:00 Reshaping the way of doing business
06:07 Successful businesses and how they nailed their innovations
13:20 Can every business innovate?
15:20 How to get started with your business innovations
22:28 How much do top politicians and public servants make?
28:59 Are these politicians worthy of their salaries?
36:41 Shoutout to the Full Stack Business Owner community
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
This week I have been sick AF.
I almost cancelled this week's podcast and didn’t record this episode.
This sums up my state.
I spent 15 minutes looking for my phone only to realise it was in my hand.
But… sometimes you gotta ask yourself.
Are you committed? Or, just interested?
Many people are just interested in building wealth.
They are not committed and their results show it.
And one other thing I have been reminded of…
When we are sick we are not our most productive.
Which means that investing in keeping yourself healthy is a worthy investment!
Anyhow,
In this week’s episode:
○ The most important skill for wealth building?
○ Did the boomers have it easier?
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
COMMUNITY QUESTIONSWhat is the most important skill to develop for wealth building?What a great question.
If you are going to be successful in any endeavour, building the necessary skills is critical.
But… Which ones do we think are the most important?
Here are our answers from the podcast.
Grant: Research & Education.
Charley: Long-term thinking
One of the things I have noticed when it comes to wealth building.
Making money and growing money are very different skill sets.
Yes, there is a lot of crossover between business skills and wealth-building skills.
But.. they are very different sports.
It's kinda like the difference between 100m sprinters and marathon runners.
They both require you to be able to run…
But, what is required of you to win is very different.
One of the things I notice in business is that you have so much more agility.
You can make big changes to a business quickly.
You can bring out a new service, hire a new person or pick a new niche in the space of a weekend.
Often those types of moves are required for you to be successful in business.
However… doing that with wealth building is a sure-fire way to destroy capital and send you backwards.
The transaction costs and tax implications of moving in and out of investments quickly can be brutal.
—————————
COMMUNITY QUESTIONSDid the baby boomers have it easier?Yes, the boomers had it easier and they absolutely destroyed the economy.😜
I will take my opportunity to throw shots at the boomers!
To be more specific,
When it comes to the cost of assets in relation to incomes, I don't think anyone can deny that boomers had it substantially easier.
But… When it comes to business opportunities it's the complete opposite.
My parents never had the business opportunities I had.
Just think of what can be done with a smartphone and an internet connection.
We see countless e-commerce businesses starting out of garages and spare bedrooms.
The boomers would have had to rent retail space to open a store or walk door to door to sell.
And don't even get me started on how easy it is today to get information through platforms like youtube.
I have a hard time thinking that any Millennial has been hard done by from this perspective.
Yep, houses are expensive!
But, the new generations have the ability to make so much more money than the boomers did.
Where I think many go wrong is trying to play the game of life like the boomers.
That ship has sailed.
It’s far better to seize the opportunities of today.
—————————
DON’T FORGETWe want to hear from you…If you want to have your question answered on the show send it over on our email or reply to our newsletter.
Both Grant and I love hearing from the community and want to support you on your wealth-building journey.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
02:11 Most important wealth-building skill for Charley
06:23 Grant’s #1 skill for building wealth
13:36 Power combination: long-term thinking plus education and research
15:49 Finance perspective: did the baby boomers have it easier?
19:41 Which generation has more business opportunities and access to education?
26:30 What Charley is pondering
29:45 What Grant is thinking about
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
What an expensive week it is to be an Australian business owner!
It doesn't seem to matter what way you look, the cost of living and operating a business is going up substantially.
If you are feeling the pinch, just know that you are certainly not alone.
It's not all bad news though.
If your business provides products and services that help people save money and cut costs, NOW is your time to shine!
Both consumers and businesses are more open than ever to solutions to help them save money.
Heck, I'm thinking about developing a new service in which I will sit down with a business owner and show them how they can cut costs and be more efficient with their money.
But more on that another time.
In this week’s episode:
○ Another interest rate rise
○ Australia's energy crisis
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
WHAT HAPPENEDThe RBA puts rates up again!
In summary:The RBA has lifted rates by 0.5% and has indicated there are more rate rises coming.
In simple terms If you have a $500k mortgage - the interest costs on that mortgage went up by $200 a month.
I don't think anyone was surprised that rates went up.
Especially after being at such low levels due to the pandemic.
However…
I think many were surprised by the speed they went up in combination with the rising cost of living (myself included).
Until the RBA either wins its fight with inflation or pushes the economy into recession I think we can expect more rate rises to come.
Why is this important to Australian business owners?
I do think this last rate rise will change both consumer and business behaviour.
People will be much less likely to take on more debt and will start to tighten their belts in preparation for more rate rises.
I have personally spoken with 2 business owners this week who have changed their plans to grow as they are worried about more interest rate rises.
Even though they have great businesses they don’t want to increase their risk at the moment.
I think it's smart at this time to prepare yourself and your business as if the economy is heading towards a recession… even if it isn't.
You would rather be prepared for a downturn and not need it, than be underprepared and get caught out.
Personally, I am making sure I have strong cash buffers in place and am running a lean business.
Not only that…
I want to make sure I'm positioned to seize any opportunities that come from this period.
This time could also present some interesting and advantageous opportunities.
If people start panic selling good assets I want to be the one they are selling to!
—————————
WHAT HAPPENEDAustralia's energy crisisIn summary:Get used to paying more to heat your house, drive your car, and run your life overall.
The combination of world events + an extra cold winter is sending the cost of energy through the roof in Australia.
The average consumer is expected to see a $250 per year increase in the cost of energy.
While green energy is certainly contributing to Australia's energy demands it's still many years off from replacing our dependence on fossil fuels.
Hopefully, this energy crisis will see more investment in going green!
Why is this important to Australian business owners?
What I want to make clear is these energy cost increases don't appear to be short term.
You can expect to pay more for energy for the coming years, not weeks or months.
As a business owner, you need to make sure you are passing on these increased costs or, finding ways to bring down your power consumption.
If not, you can expect to see your margins compress.
Which is not something I would want for any business owner.
—————————
FINAL THOUGHTYour Feedback…I wanted to ask for some feedback on these episodes.
If you enjoy watching or listening to them, please let us know.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:05 Interest rates went up… again!
07:05 The impact of rising rates to people and business owners
12:31 How business owners can deal with increasing interest rates
18:17 Australia’s energy crisis
21:34 Chasing business opportunities amidst the energy crisis
27:38 Why the future is still looking bright for Australian business owners
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I just got back from a trip to Western Australia (Margaret River).
What a beautiful part of the country and a great chance for me to get a new perspective on things.
I was very lucky to have wined and dined across the region as I was the keynote speaker at a business event discussing the importance of wealth creation for business owners.
A big shoutout to Kim Barrett and the YSV team the hospitality was incredible.
Something I had forgotten is just how powerful it is to get outside of your usual environment and speak with different business owners.
Has to be one of the quickest ways to level up your game.
If you haven't been out of your usual circle in a while now might be the time.
Anyhow,
In this week’s episode:
○ Why most business owners fail at wealth creation
○ Are in-person events back? (and worth doing?)
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast.
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
COMMUNITY QUESTIONSWhy do most business owners fail at wealth creation?OK…This is a topic I have been obsessed about.
As the majority of business owners get into business to create financial independence and build wealth.
However… barely any of them achieve it, especially when it comes to wealth building.
Business owners in general are an intelligent group.
They are also great at solving problems.
So, why do they suck so much at wealth-building?
After studying it for so long I’ve put it down to 4 critical reasons.
1- Bad money wiring
As soon as they make some money they blow it on things to look rich instead of being rich.
2- Lack of business owner skills
Many business owners get stuck working as the technician inside their business.
This means it takes up all their time and resources just making it through the day.
They never have the ability to focus on wealth creation.
3- Poor quality network and mentors
You become who you spend time with.
If you don't hang out with people who are wealthy there is a slim chance you will ever become one.
4- Limited education on wealth creation.
The vast majority of business owners I have spoken to have done nothing to educate themselves on building wealth.
Maybe they have read “Rich Dad Poor Dad” but that's about it.
(We might have to do a whole podcast episode on this topic at another point.)
—————————
COMMUNITY QUESTIONSAre in-person events back?And… Are they worth doing?Both Grant and I recently got back from some in-person business events.
After years of not attending anything in person, it was nice to get out and amongst the business owner community.
One thing that was most notable for me when comparing in-person VS online events was…
The speed in which you can develop a relationship with someone and a sense of trust.
That is something that is just not replicable online in the same way.
Yes, I absolutely do enjoy online events but I will be bringing back in-person experiences in a big way.
It also reminded me what a shortcut it can be for levelling up your business.
Many of the business owners I spoke to at the event were crushing it using strategies and tactics that I had never heard of.
I’ve since been able to bring those strategies back with me and implement them in my own business.
Which has saved me the hassle of working it out for myself.
Hot tip
My favourite question to ask when getting to know a new set of business owners,
“What is working for you right now?”
In summary.
YES. In-person events are back.
YES. You should likely get involved.
—————————
DON’T FORGETWe want to hear from you…If you have a question you would like answered on the show, then hit reply to our newsletter or send it here: grant@fullstackbusinessowner.com
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:02 Why most business owners fail at wealth creation
10:04 How the Full Stack Business Owner podcast was born and its objective
14:30 The #1 reason why business owners can’t build wealth
15:38 Are in-person events really back?
19:12 Why face-to-face events are king to business owners
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
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DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Winter is here… and I don't just mean the season.
I’ll cover this topic in-depth in another episode, but it appears Australia is about to go through an energy crisis.
As the cold front has hit us and we have all reached out to turn on the heater, it has meant demand for energy has soared at a time of global shortages.
This, along with other global factors will continue to put pressure on the rising cost of doing business.
I am by no means a doom and gloom type of guy but, I will say this…
How you run your business and wealth in the good times, will also show in the harder times.
Now is the time to be diligent.
In this week’s episode:
○ Elon is forcing everyone back to the office
○ End of the financial year is fast approaching - start preparing!
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
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WHAT HAPPENEDBringing workers back to the officeIn summary:Tesla, Apple and Google have all indicated to workers it's time to come back to the office.
And… it isn’t optional.
Now that pandemic restrictions have ended in the USA, employers can require workers to come back to the office.
And I get it…
If I had just spent a billion dollars on a company HQ I would be pretty keen to get workers back also.
Not to mention many companies that rely on team collaboration will see a huge productivity increase in getting people back.
I'm actually thrilled that companies that make innovative products bring people back as innovation drives productivity.
And raising productivity is great for the world economy overall.
But, do I think this is the end of work from home?
Absolutely not.
That Genie is out of the bottle.
My belief is that we are going through a normalisation period.
Some people will go back to offices fulltime
Others will do a couple of days a week
Some never again.
This is now how it’s done.
Why is this important to Australian business owners?I mentioned in a previous episode that I believe offering work from home could be a strategic advantage for recruiting talent.
As many would prefer never to go back to an office.
This is the beginning of this opportunity.
I’ll bet a reasonable amount of Tesla, Apple and Google employees decide to look for other job opportunities as they don't want to sit in traffic every day.
(Or have to get out of their PJs.)
Anyhow,
A few people have suggested to me that as major employers pull people back to the office and capital cities it could be the end of the regional boom in Australia.
As the population follows the jobs.
I’m not convinced.
Technology advancements enabling people to work from home + government spending in regional areas + housing affordability + cost of living + lifestyle
= a much stronger force pushing people into the regions than into the city.
Over the next 5 years I think with immigration and the push in the regions we will see our capital cities and major regional areas do well.
—————————
WHAT HAPPENEDPreparing for the end of financial yearIn summary:The end of the financial year is fast approaching.
I am seeing ads everywhere promoting that I better buy any business-related things now before the financial year ends!
I’m yet to meet anyone who got wealthy by trying to make the most tax deductions at the end of the financial year.
But, there is still positive action we need to take.
Why is this important to Australian business owners?I had a very painful experience with my first accountant.
Every year in July I would come into his office to sign off on the accounts for the previous financial year.
He was great at maximising the deductions and making sure we were compliant.
Everything was always above board.
However, the thing he did that would drive me up the wall.
He would make comments and recommendations on things we could do better in the current financial year -VS- what we missed in the year that just passed.
He was trying to be helpful.
Though if he had told me these things at the start of June rather than after EOFY we could have done them in ‘THAT’ financial year!
I learnt some important and expensive lessons here.
1) Be proactive with your accountant.
Don't rely on them to come to you.
Take responsibility for driving communication and asking high-quality questions.
2) Review the financial year with your accountant in !2.
NOT after the financial year has ended.
This gives you the opportunity to be strategic and make far better decisions around tax strategy.
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UPCOMINGBe on the lookout…Later this week we have a QNA episode of the podcast dropping.
Specifically this week, we cover:
“Why do most business owners fail at wealth creation?”
It's a discussion worth listening to as just avoiding the things that keep business owners broke can be a big advantage.
Also…
If you want to have a question answered just hit reply on this email and send across your question.
And, if you want to hear us unpack these topics before anybody else does…
Then make sure you are subscribed to the podcast: https://linktr.ee/fullstackbusinessowner
Episode Highlights:00:00 Welcome to Full Stack Business Owner
00:58 Elon is forcing everyone back to the office
09:24 Is it time for CBD offices to build regional satellites?
15:01 Weighing options: In-office versus remote work
19:07 Preparing for the end of the financial year
32:20 Important keys to help you stay on top of your finances
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
The Labor government has won.
It appears they are about to shake things up by bringing in a heap of new policies and changing some older ones.
But…What does this mean for business owners?
Are we all about to get screwed by rising wages and unions?
…I doubt it.
In fact, this looks like the most pro-business Labor government ever.
(To my surprise and delight.)
Time will tell.In this week’s episode:
○ Labor wants to own 40% of your house
○ Labor’s plan to secure jobs and… raise wages
○ The plan to fix the NBN and finally have good internet
○ Who is paying for all this government spending?
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
WHAT HAPPENEDLabor wants to own 40% of your house… Well, kind of.In summary:Labor will be helping 10,000 1st home buyers get into the market via an equity scheme.
How does it work?
I’ll use an example to lay it out simply.
(Noting there are a bunch of terms and conditions.)
A 1st home buyer buys a house for $100k.
The 1st home buyer would put in $60k.
The Government would put in $40k.
If the house doubled in value and was sold for $200k.
1st home buyer would get $120k.
Government would get $80k.
Yep… The government is investing in housing and potentially making a profit from it.
I guess this makes them the next Black Rock or Vanguard?
It seems to be positioned as helping 1st home buyers.
I’m not so convinced…
In my opinion, this will likely be a huge driver of revenue for the Government in the coming years.
Why is this important to Australian business owners?
If you work in or support the construction industry you should be celebrating right now, as I think this is a massive tailwind for the industry.
Plenty of work coming!
It will also likely keep our property market incredibly strong.
Especially in the major regions that support our capital cities.
Though not so great for affordability…
As a property investor myself, I do see this as the Government propping up the property market once again.
—————————
WHAT HAPPENEDLabor’s plan to secure jobs and… raise wagesIn summary:It wouldn't be a Labor government if “Labor” didn’t get some wins out of this right?
Some key points on this one:
○ Wages will go up with the desire of matching inflation
○ Universities - 20,000 additional places:
“priority areas like clean energy, advanced manufacturing, health and education"
Why is this important to Australian business owners?I’m not going to dance around this one.
Your costs to employ staff are going to go up.
Now more than ever you need to make sure you are being efficient with how you use your team.
Having a bloated team size or using staff on low-level tasks that could be done by software or remotely could be your undoing.
Businesses who focus on innovating their business model to adapt to new technology will thrive in the coming years.
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WHAT HAPPENEDWill Australia finally have good internet? Fixing the NBNIn summary:
Labor has made a big pledge to “fix” and “improve” the NBN.
Australia is currently 59th in the world on average broadband speeds.
Which is appalling considering how reliant on it we all are.
Under this plan, 10m premises will have gigabit speeds by 2025.
With a big push once again in the regional areas.
(You might be noticing a theme here with the regional areas.)
Why is this important to Australian business owners?This is huge for business owners.
Faster more reliable internet improves productivity and enables innovation.
This will also enable more Australians to work from home or operate in virtual companies.
It's time to start thinking creatively about how we can take more of our businesses online.
—————————
WHAT HAPPENEDWho is paying for all of this government spending?In summary:We don’t get all of this for free.
At the end of the day, the citizens of the country pay for all of these government projects.
But… how we pay for it is different today than generations ago.
Once upon a time, governments would get funding from the taxes we pay.
However, today that isn't possible.
As our governments spend more money than they collect from taxes.
Instead, they print money and use debt to fund things.
YES, they are spending more money than they earn…
Which is dangerous.
It does mean we are passing on today's spending to future generations.
But with a twist.
Governments are using the power of inflation to inflate away the debt.
If you want to go deep on the topic of inflation I would suggest you listen to the episode of the podcast we did on the topic:
The Lies About Inflation and How It Impacts Your Life
Why is this important to Australian business owners?This is important for 2 reasons.
1) If governments continue to spend more than they earn, then inflation will remain in our economy.
I think it’s VERY important for business owners to have a strategy in place to deal with the rising costs of goods and services.
2) You “might” want to take a leaf out of the government's book and use the power of inflation for yourself and your wealth building decisions.
This is once again one of the reasons I personally put an emphasis on property.
(I repeat, this is my opinion and NOT financial advice.)
—————————
UPCOMINGBe on the lookout…And, If you want to hear us unpack these topics before anybody else does…
Then make sure you are subscribed to the podcast: https://linktr.ee/fullstackbusinessowner
Episode Highlights:00:00 Welcome to Full Stack Business Owner!
03:14 The government owns 40% of your home
14:11 Would Grant and Charley take on the equity scheme?
18:49 Will wages go up under a Labor government?
31:05 Labor’s plan to fix the NBN
42:27 Who really pays for all this government spending?
52:10 Moving forward post-election as business owners
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Have you ever wished you could go back in time with the knowledge you have today?
I know I have…
Can you imagine?
Knowing what to focus on from day 1?
What things would work and what things would be worth doing for the long term.
Or… perhaps more importantly what things are an absolute waste of money and time.
Just not doing some of the dumb things would have sped up my progress and results immensely.
For example:
- I spent a small fortune on an office in Melbourne CBD thinking it would impress clients and help win us work.
Not a single client ever came to the office nor did it help us win any work.
Although, it did hurt my bank balance immensely.
- I spent years doing everything myself, refusing to hire staff with the attitude that no one can do it as well as I can.
Turns out there are many people who are not only as good as me… but better
(was a tough pill to swallow)
Not only that, doing everything is a great way to limit growth and get burnt out.
(sigh)
It's easy for me to say these things were dumb today but, it would have been far better if I had those insights before making the decisions.
That's EXACTLY what today's episode of the podcast is designed to do with Goose McGrath.
Goose has a unique perspective on property not commonly found in the space.
He is not only a property investor himself but also a business owner and service provider to property investors.
Lean in on his experience as we unpack the critically important conversation of the business model that exists behind property investing.
I know once I understood this topic properly, it changed how I thought about property investing.
Enjoy!
Episode Highlights:00:00 Welcome to Full Stack Business Owner!
01:46 About Goose
02:37 Elevating your thinking about property investing
05:51 Cashflow vs growth-focused business models
09:32 Active property investing business models
12:26 Active vs less active business models
15:52 Why you should look at real estate as a business
18:08 Less active property investing business models
19:53 Cashflow positive vs negative properties
25:28 How negative gearing affects borrowing capacity
27:24 How business owners can approach property investing
31:30 Cashflow is key to accessing capital
35:07 How to know which property investing model is right for you
39:56 What most people do wrong in property investing
45:31 What to ask yourself before buying a property investment
47:50 Key takeaways from the episode
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources: ○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
○ Full Stack Business Owner partners: https://www.fullstackbusinessowner.com/partners/
○ The Investor Lab: https://theinvestorlab.com.au/
About the Guest:Goose McGrath is the CEO of Dashdot, a property investment firm helping business owners build prolific, profitable property portfolios. They specialise in sourcing properties that are under market value, cashflow positive and have strong growth and value add potential.
Get a special discount from Dashdot when you get in touch with them through https://www.fullstackbusinessowner.com/partners/
Subscribe:
○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Ahh, election weekend in Australia.
I’m still trying to decide if Labor won or The Liberals lost.
What's clear is the country wants change and to move forward.
Something I did find interesting is how much more informed the average voter is this election VS the last major election.
The impacts of the last few years have certainly made Australians take voting and policy more seriously. (Which is a good thing)
But more on that next week…
In this episode:
○ How does housing affordability affect Australian business owners?
○ Green Metal mining - Mining boom 2.0
○ What to do if your business can't support your wealth goals?
○ How do you evaluate assets against each other to find the best option?
If you prefer to listen to us discuss these topics, then check out the podcast on: https://linktr.ee/fullstackbusinessowner
—————————
WHAT HAPPENED
Housing affordability is at all-time lows in Australia.○ Not enough supply of new housing coming onto the market
○ Cost of building supplies keeps going up
○ The government has a vested interest in house prices staying up as it generates a lot of tax revenue
All in all, there is pressure coming from all angles pushing house prices up.
In the past 2 years, the price of housing has far outpaced incomes.
This is a trend that I don't see changing anytime soon…
Why is this important to Australian business owners?One of the things that concerns me with housing affordability is that as people spend more of their income on housing, they typically spend less in the economy.
This means less spending in businesses, like yours and mine.
Which can really slow down the overall economy.
However, I see some upside and opportunities that come with this.
Something that I don't see anyone really talking about.
As capital cities become less affordable, it will drive more people out of capital cities and into major regional areas. (which we are already seeing)
Many highly talented workers who are leaving the capital cities are going to be looking for new jobs in those regions or they will have the ability to work from home.
Plus they will be spending the money they make in those regional areas.
This also means many businesses that were not viable in some regional areas due to population size will start becoming viable.
Yep, hipster cafes will start popping up everywhere!
I really think we could see regional businesses and the businesses that support the region's boom in the coming years.
If your business has the potential to serve those regions or hire those people looking for new opportunities it could be your unfair advantage in the coming years.
—————————
WHAT HAPPENEDAustralian Mining boom 2.0 on the horizon with MASSIVE demand for “Green” resources
Australia is once again the lucky country.
Turns out we have HUGE deposits of all the resources needed to take the world green.
Yep… all the raw materials needed to build electric cars, solar panels and wind turbines.
Demand for these resources is set to 13X in the coming years.
I think we take for granted the amount of wealth created for Australia from mining.
Much of our country's prosperity in the last 25 years has come from mining.
Fun fact...
Last financial year alone Australia did $300 Billion in mining exports.
This is set to go SUBSTANTIALLY higher with the push to go green
Why is this important to Australian business owners?Building a business with this type of economic tailwind behind you is a huge push!
Nearly all businesses in Australia benefit from this economic backdrop.
But.. let's take this a little further.
The world is making a big shift towards green and you have the option to ride this wave.
Think deeply about this.
It’s not just the businesses in mining that benefit from this its the:
○ businesses who support resources businesses
○ towns near the mines
○ executives who buy new cars or go on more holidays
○ businesses building green technology (batteries, solar panels, electric cars)
This green shift will grease the wheels of many industries.
—————————
COMMUNITY QUESTIONWhat would you do if your business is not capable of supporting your wealth goals?In summary, you have to change!
That might mean changing your current business or starting a new one.
When I was 22 years old, I was a plumber making $100k a year.
The problem was that $100k a year was never going to support my family nor give me the time to spend with them.
I was terrified to change.
I had a good income in a secure job.
This build-up of pain eventually became so bad it was more painful to stay the same.
I quit my job and went all-in on business, with very little experience.
At the beginning of the change, it was a disaster.
I lost money and felt like a failure.
The number 1 thing that helped me though…
Finding people who had done the thing and just modelling them.
If your business can’t support your wealth goals, then find business owners in the same space who have achieved this and just start modelling.
Shortcut the pain of trial and error by learning from someone who has done it.
This is something I still do today!
—————————
COMMUNITY QUESTIONHow do you evaluate assets against each other to find the best option?First up this is not financial advice and only an opinion.SEEK THE SERVICES OF PROFESSIONALS, as we do not know your personal situation.Something that has changed me recently is how I think about evaluating assets against each other.
I used to be very return focused.
If I put $1,000 into “X” -vs- “Y”, what would the difference be?
And I think many people start with that type of thinking.
It's purely about the capital return.
Today, I think of it more from a business point of view.
What opportunities are best for my “wealth business”
It's kind of like this.
If you have a marketing agency and an opportunity comes up to buy another marketing agency.
It might be a great opportunity because you know how to run that business + have the team and resources to leverage into that deal.
However…
If an opportunity comes up to buy a logistics business… not so much.
Even if the logistics business is super-cheap, it is probably not the deal for you.
My point.
I'm playing to my strengths and you should too.
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THOUGHTSWhat are we pondering?CharleyI'm currently in the stage of planning for a 2nd kid.
What came as a surprise was the real cost per month, per kid, when you dig into the details.
I had estimated it would be about $1,500 per month per kid.
(Housing, food, clothing, entertainment, care/education)
When I did the maths…It’s closer to $2,500 per kid. (WOW)
This is one of those times I am incredibly grateful to be a business owner and have the option to earn more!
GrantAfter spending some nights out with his network Grant has some growing concerns for the economy.
Not in a “doom or gloom” kinda way.
More about him looking to build up some cash reserves to make the most of unique opportunities that might present themselves in the coming year.
—————————
UPCOMING
Next episode….Be on the lookout for next week's newsletter as I will be covering how business owners will win/lose from the recent election results.
I think you might be surprised by how much who is in government affects YOUR business.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:24 How housing affordability affects business owners
20:48 Australian Mining boom 2.0. Green metals
31:01 Shoutout to the Full Stack Business Owner Community
32:42 What if your business can't support your wealth goals?
41:11 How do you evaluate assets against each other to find the best option?
50:20 What Charley is thinking about
55:37 What Grant is thinking about
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
When people meet me in real life, they are often surprised by how tall I am.
As a kid, I was one of the ones who shot up quickly.
By the age of 12, I was already well over 6 feet tall.
I was easily the tallest in my class by 30cm and had the strength to match it.
My mother was often annoyed by how much she had to spend on school uniforms because I was constantly growing out of it.
My school had also noticed the growth spurt.
One day, my sports teacher pulled me aside and asked if I would like to play rugby.
He mentioned that I had a big advantage because of my size and would likely dominate the game.
He of course loved rugby and was keen to get some wins on the board for the school.
(School sports is a VERY competitive business.)
I liked the idea of having such an advantage.
I had never played the game but accepted his offer.
A few weeks later I went with my school to play my first match.
I was incredibly excited and ready for this to be a “walk in the park”.
….How did it actually go?
It was an absolute disaster!
Instead of dominating, I got dominated.
Despite my size advantage, I wasn't able to use it.
Kids half my size were smashing me.
The reason?
I didn't know the rules of the game or any of the techniques needed to be good at the game.
They did.
Turns out - there was a lot more to the game of rugby than I realised…
…Anyhow
The same could be said about borrowing power for business owners.
There are a lot of big and even profitable business owners out there who think it will be easy to access finance.
It’s only when they need to get lending from the bank that they realise they had no advantage at all. (Just like me in that rugby match.)
In this week's episode of the podcast, I sit down with Grant, my co-host and Aaron Whybrow, as we discuss 5 practical ways to increase your borrowing power.
There is a lot more to borrowing power than meets the eye.
So, if you are an Australian business owner this will be worth your time.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:53 About Aaron, the bagpiping mortgage broker
05:07 How can you increase your borrowing capacity?
06:40 #1 Earn more money
09:53 Business growth vs increasing net profit
12:33 Can you leverage your partner’s income?
14:36 #2 Double down on debt
15:43 Types of debt
17:29 Not all debt is equal in the eyes of banks
22:00 Can you pay off bad debt with good debt?
23:06 Key debt to eliminate first
26:09 #3 Maintain your budget
28:02 Why you should track your personal and business budgets
29:45 Do banks consider income fluctuation?
33:41 #4 Buy an A-grade asset
36:34 How your investments affect your borrowing capacity
39:49 The dangers of underinvesting in your business
43:05 #5 Diversify your banks
44:35 How often do banks change their rules on lending?
47:51 Leverage the knowledge of mortgage brokers
49:53 Pay down your debt first
53:21 What happens to existing debt if your earning capacity drops?
57:00 Is there a ceiling to borrowing capacity?
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources: ○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
○ Full Stack Business Owner partners: https://www.fullstackbusinessowner.com/partners/
About the Guest:Aaron Whybrow is the founder of Diagnostics and Finance, a Financial Broking and Personal Risk Insurance Business.
Diagnostics & Finance (ARW Financial Services Pty Ltd) is a Credit Representative 425540 of Finsure Finance & Insurance ACL 384704.
He is known as the ‘bagpiping mortgage broker’, who prides himself on having no ‘flats’ in his career. He blends his experiences as a former intensive care unit nurse and medical sales rep to provide the best outcomes for his clients.
To connect with Aaron and his team of mortgage professionals, head over to https://www.fullstackbusinessowner.com/partners/
Connect with Full Stack Business Owner: ○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
What a week!
Things are certainly heating up in Australia with the lead up to the federal election.
Don’t forget to vote this weekend ;)
In this week’s episode:
○ Interest rates go up for Australia
○ Is a recession coming?
○ What metrics do you review and obsess over every month?
○ Our favourite online wealth creation resources
Prefer to listen or watch?You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner
—————————
WHAT HAPPENEDInterest rates went up!Will this kill your business and wealth?In summary: ○ Interest rates rose 25 basis point in Australia (50 in the US), from 0.10% to 0.35%
○ For every $100k of debt you have, you are now paying $16 more per week to service that debt
Why is this important to Australian business owners?Believe it or not, interest rates going up is a good thing!
It means the economy is going so well that the central bank needs to slow things down!
(before things get too heated with inflation)
When the central bank (RBA) is cutting rates it's because they are concerned the economy is slowing too much and they want to give it a push.
However!
If you have a lot of debt or are in a business that relies on the use of debt…
Now is the time to review how much debt you are using and the terms of that debt
—————————
WHAT HAPPENEDGlobal markets are falling.Is it time to be concerned about the economy?In summary: ○ Global wealth has dropped 14% in 5 months... $35 trillion ... including $1T in crypto
○ For context, it dropped 19% in 2008 during the mortgage backed Global Finance Crisis
Why is this important to Australian business owners?There is no denying it.
Markets have changed significantly this year in comparison with the last 2 years.
Here’s my take…
The world is learning to deal with life after the events of the last 2 years.
There is going to be some turbulence while we workout how to deal with interest rates, supply chains, people working from home, travel, etc. (the list goes on)
Now, while I suspect there will be some turbulence…
There will also be some huge opportunities for business owners to take advantage of.
This is the time to position yourself and your business in front of the new way the world works.
—————————
COMMUNITY QUESTIONSWhat metrics are you obsessed with reviewing every month?(business and wealth)Something I have noticed in my life is whatever metric I am paying attention to tends to improve.
As they say… What gets measured, gets managed!
This is why it's critical to pick the metrics that match the outcomes you want.
Many get caught out tracking “revenue” or “leads” when they should be tracking net profit.
These are the metrics we are both obsessing about at the moment.Grant: ○ Business = Net profit in $$$ and Net profit as a %
○ Wealth = Cash flow from assets + liquidity
Charley:
○ Business = Return on Equity (ROE)
○ Wealth = Net free cash flow
—————————
COMMUNITY QUESTIONS
What are our favourite online wealth creation courses and resources?Grant and I are in agreement on this one.
Our favourite resource… (A book)
○ ‘Debt Millionaire’ by George Antonne
If you haven't read it you should!
Noting Georges other book “the wealth code” is fantastic and I highly recommend also
Other favourites:
Grant:
○ The elephant in the room podcast
○ The investor lab podcast
Charley:
○ Kent cliffe’s youtube channel
○ Specialist Share education youtube channel
—————————
UPCOMING
Be on the lookout…In Tuesday’s email and podcast, Grant and I will be diving deep into how you can get access to more leverage than typically available.
And, If you want to hear us unpack these topics before anybody else does…
Then make sure you are subscribed to the podcast: https://linktr.ee/fullstackbusinessowner
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:10 Interest rates went up! Will this kill your business and wealth?
13:09 Global Markets Are Falling. Is it time to be concerned about the economy?
27:30 Community shout out
28:15 What metrics do you review every month? (in business and with wealth)
41:37 What are our favourite online wealth creation courses and resources?
48:20 What is Charley pondering
49:26 What is Grant pondering
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I did it.
I bought my dream car.
It was a crazy experience and almost didn’t happen!
(you can hear more about that in the video)
Anyhow, what was really surprising for me…
I have never felt so many different emotions around a purchase.
I went back and forth on the decision several times and almost pulled out of the purchase at the last minute.
…Do I deserve the car?
…How can I think about buying my dream car when I have a family to provide for?
…This is selfish
…Do I really want to live my life without having the experience of having a nice car?
…You can always sell it if it doesn't work out?
…When was the last time you bought something for yourself to enjoy?
It’s amazing what our brains can do.
We can find a way to justify just about anything.
I had to pull myself up and ask.
Why am I struggling so much with the decision?
I have bought cars before without feeling like this.
Especially after putting in so many years getting my finances sorted.
I’m paying cash and not risking my financial position.
Then it hit me.
This purchase is purely for me.
I hadn't done that since starting my business.
I had put off buying things for myself and put my family and business as the priorities.
I didn't realise I had become so accustomed to delaying my own gratification.
It was proving challenging to flip the switch into enjoying something today.
I realised how easy it would be for me to put off ever enjoying my life.
It was time to enjoy something for me.
If you want to hear more about the whole experience of buying my dream car then check out the podcast episode.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
02:07 Balancing delayed gratification with enjoying life
08:39 What car Charley bought and why
15:47 Buying expensive collectibles as investments
19:16 Buying to impress others vs buying for yourself
20:04 Life is not just about accumulating wealth
26:11 The story of Charley acquiring the car
36:17 Everything good requires a bit of pain to achieve
41:21 Expanding your network through buying collectibles
43:49 Where the car stands in Charley’s balance sheet
46:08 Rewiring your mindset on investing and celebrating milestones
49:35 Assessing your milestone purchase relative to your wealth
54:54 Life is short, have some fun
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Full Stack Business Owner website: https://www.fullstackbusinessowner.com/
Subscribe:○ Subscribe on Youtube: https://www.youtube.com/channel/UCwTrdJ5udIvx44PgEAlHgmw
○ Subscribe on Apple Podcast: https://podcasts.apple.com/au/podcast/full-stack-business-owner/id1607453342
Connect with Full Stack Business Owner:
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
Can you believe it…
Once upon a time doctors used to think smoking was good for you?
They also used to think that eating fat was incredibly bad for you and eating a diet super high in carbohydrates was the answer.
Now, this one is hard to believe…but it’s real
In the 50’s meth was prescribed to housewives who wanted more energy
Anyway, the point I’m trying to make here is that we only need to look to history to see the amount of times in which experts got it wrong.
Well…
What if I told you what you think you know about inflation might be a lie also?
Many people have been led to believe inflation is low and the same for everyone.
We see the mass media and the ‘Reserve Bank of Australia’ continue to tell us its low.
But… when you look more closely at the topic…
Their narrative doesn’t add up
I know for myself that the cost of living has increased and so has the cost of housing.
Do I even dare mention the rise of petrol at this point?
Anyhow,
Inflation is one of the core wealth concepts you need to understand and master if you are ever going to be successful at building wealth.
This episode of the podcast might be controversial and you might find disagreeing with Grant and I.
But I ask that you hear this one out and make the decision for yourself, all while keeping an open mind.
Episode Highlights:00:00 Welcome to Full Stack Business Owner
01:42 What is inflation
03:26 Why you should care about inflation
07:26 Inflation is not general, it’s personalised
10:49 Areas inflation has affected most
12:20 How to understand your personal inflation
14:02 Inflation and deflation in our lives
14:37 Rent
16:56 Food
20:43 Petrol
22:08 Electricity
23:48 Why you need to track your personal inflation rate
29:58 How to beat personal inflation
32:04 How to make inflation work for you
41:04 Considering inflation in investing
47:42 You’re losing money by storing it in the bank
49:54 Key takeaways
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Full Stack Business Owner website (https://www.fullstackbusinessowner.com/)
Connect with Full Stack Business Owner:
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
DISCLAIMER:All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
See omnystudio.com/listener for privacy information.
I am shutting down Asset Blocks (not kidding).
What a stressful and intense few weeks it has been…
(Long story coming.)
Recently ASIC (Australia’s financial regulators) made some changes that directly impacted what we had planned for “Asset Blocks”.
Due to those changes, we are wrapping up Asset Blocks.
We do not want to do the wrong thing or be in the firing line of ASIC.
The penalties for breaching are severe and include big fines with the potential of jail time.
As I'm sure you can imagine, the last few weeks have been incredibly stressful for Grant and me.
We have scrambled for legal advice and guidance on how to handle the situation.
Initially, I was pissed!
Actually… pissed is underselling it.
I was enraged!
Nearly every day, someone reaches out to me and says how much they are enjoying Asset Blocks.
That it has been the catalyst for them getting their business and finances sorted.
A huge amount of business owners need help when it comes to money, and I believed Asset Blocks would be the thing to change that.
However, after spending 30 minutes on YouTube and Instagram looking at what “Fin-fluencers” are doing, I get it.
ASIC is right and needs to take action on this.
There are many broke, unlicensed people out there giving terrible advice.
Things like:
“Buy this stock and hold it forever.”
“Buy a property here. It will double in the next few years.”
“Crypto is going to the moon. Go all-in.”
While these influencers might be well-intending…
The things they suggest are insane and terrible advice.
To be clear… Grant and I are not qualified or licensed to give financial advice.
We do not pick any investments or financial products for anyone.
We do not handle anyone's money.
Our advice is to find and hire professionals who have achieved great results for people like you!
Vet them VERY well, speak to their clients and hold them accountable.
As that is what we did…
Our goal with the Asset Blocks podcast and brand is to share our own experiences, opinions and results as a form of education.
We want to show what is possible and inspire other business owners to pursue wealth creation.
Grant and I have achieved a level of financial success and it was hard to get good information on wealth building for us (business owners).
My big hope was that you listen to an episode of Asset Blocks and take it to your accountant or financial advisors and question them on it.
Use our podcast as a form of education to hold your own financial advisors and team accountable.
Make sure they are doing what they are supposed to be doing as many financial advisors are terrible!
(If you don’t believe me, take a look at the Royal Banking Commission.)
Now your advisors might say we are wrong, and that’s fine.
At least you asked questions and can be confident you are being looked after.
Anyhow, back to the point.
What’s happening to Asset Blocks?
Yes, Asset Blocks is over…
But, we decided to take this as an opportunity.
Instead of bitching, moaning and playing victim, we decided to make a pivot.
From this day on, Asset Blocks becomes “Full Stack Business Owner”.
Yes, we are continuing podcasting and bringing you content!
But… with some changes.
Many business owners reached out to us and said they loved the content on wealth creation.
But… they also need to improve their business to support building wealth.
After hearing it so many times, we have decided to start including business topics on the podcast also.
Specifically, business topics that will support wealth building!
This means you will get content on both wealth creation & business from us from now on.
(Within ASIC’s new guidelines of course.)
Far too many business owners are missing key business owner skills.
Instead of developing those key skills, they stay trapped in the grind of chasing the next sale or trying to find the next marketing loophole to exploit.
… Which is an endless grind to poor results and a shitty life.
Anyhow, I will go into much more depth about that in this episode of the podcast.
A big thank you for the support and conversations that Asset Blocks created.
I hope you stick with us and continue to tune in to Full Stack Business Owner.
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
01:40 Why ‘Full Stack Business Owner’
03:10 What triggered the name change
06:35 What we will NOT be discussing in the show
09:07 Business owners should not resist change
13:35 Listen to what your customers want
18:36 Successful business owners have full stack skills
22:00 You don’t know what you don’t know
24:12 What you can expect from the show
27:31 How we feel about the change
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
Connect with Asset Blocks:○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
Trigger warning!
The thing that holds back most people from being wealthy is not how much money they make.
It’s when they make money, they spend it on things to “look” rich instead of “being” rich.
Let me give you an example as I’m sure you know someone like this…
(It might even be you!)
After many years in business, a business owner finally starts making some money.
The years of hard work are finally paying off.
He can see a good amount of money in his bank account for the first time in his life.
He feels like he deserves something for the hard work.
He has seen other business owners in nice cars and dressed much better than he is.
So he buys a car and some designer clothes.
And you know what, it feels DAMN GOOD!
Then not too long after, a new house seems in order.
I mean, what’s the point of working so hard in business if you don’t get to see the rewards?
Before you know it, it’s flying business class and premium hotel rooms.
All the markers of someone who looks “rich”.
You will notice I didn’t say…
“Oh, he started making money and kept his lifestyle in check and started investing.”
His lifestyle costs have increased dramatically and yes, he does look richer…
But, his wealth really hasn’t moved at all.
In case you didn’t pick it up, the person in the story was me.
What I didn’t know back then is we are wired this way.
It’s in our biology.
Throughout time, those who have “status” have the best options for mating partners.
Your brain thinks that having status will help the human species continue.
It’s this wiring that keeps many broke and in pursuit of looking rich instead of being rich.
So in this episode of the podcast, we discuss how you can move towards being rich instead of just looking like it.
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
01:38 Most business owners only look rich
05:53 The stuff we bought to signal wealth and success
10:21 Why most people think they need to look rich
14:12 The difference between looking and being rich
16:11 How wealth goals change your mindset
18:53 Growing out of the looking rich mindset
22:42 Moving closer to wealth allows you to relax
26:32 Times when looking rich makes sense
34:51 The best way to signal business success
36:07 The wealthier you become, the less you care about looking rich
37:37 Balancing looking and being rich
43:21 When saving money costs you wealth opportunities
44:33 Growing your revenue vs cutting costs
48:15 What Grant skimps and splurges on
50:29 What Charley skimps and splurges on
53:15 The key to balancing looking and being rich
1:02:18 Final takeaways
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
○ Episode 004: Creating Wealth Goals as a Business Owner - What's Enough? https://youtu.be/MbzUEjhITfU
○ Episode 011: Tracking Your Wealth https://youtu.be/dc4EXoNmTQU
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
Here we are for another round of “dissecting our best investments”!
This is your chance to take a look behind the scenes of real investments that we have made.
A deep dive… warts and all.
One of the things that annoys me the most about the wealth industry is many people “pretend” to be wealthy.
They wear the clothes, buy the cars and flash the Rolex but you rarely get to ever actually see what investments they have made.
They hide the things that didn’t work and glorify the wins like that is every investment they have ever made.
But here at Full Stack Business Owner, transparency with our audience is a key value.
This is the content that would’ve helped me when I was earlier in the journey and I hope helps someone on their journey!
Enjoy the episode!
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
02:47 Why Grant chose to talk about this property
05:40 Why buy this property?
07:56 Property yield vs growth
09:03 The beauty of buy, set and forget investments
10:01 Overcoming the resistance to pay for experts
13:32 About the property
18:10 Fixing the property for rental
20:37 The costs and process of acquiring the property
26:57 Income from the property and expenses
30:54 How much is the property worth now?
33:09 Future plans for the property
35:13 Risks of investing in the property
38:20 Challenges of acquiring the property
39:59 The importance of hiring a business owner-specific team
49:33 The property’s impact on Grant’s portfolio, team and wealth goal
52:44 How the property changed Grant and Hazel’s mindset
55:40 Reviewing the investment against core wealth concepts
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
○ Connect with Goose and Gabi from Dashdot, Aaron from D and F and Anthony from Trover through our Partners Page https://www.fullstackbusinessowner.com/partners/.
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
I don't know about you but…
I am one of these people who spends a ton of time comparing and evaluating options.
… Cars
… Hiring resumes
… Software
… Suburbs to live in
… Where to take a holiday
… Property VS Shares VS crypto
Many hours of my life have been lost on Youtube watching detailed reviews and comparison videos in the pursuit of a single question:
“What is the best option for me?”
There are so many fantastic options in this world… but if something is not suited to my circumstances and needs, it can do more harm than good.
When it comes to wealth creation, the stakes are higher as these decisions are often expensive to undo if you make a mistake.
The key message here:
A good option for me might be terrible for you!
Anyhow, in this episode of the podcast, I have 1 goal.
To help you decide if property is a good option for you.
Or if you should avoid it like the plague.
As it certainly isn't a good fit for everyone.
And absolutely get some professional advice on this topic as well.
Enjoy!
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
01:48 Goose in a nutshell
06:11 Do business owners buy more properties faster?
13:41 How property investment gives you continuous momentum
16:18 Indicators that you are ready for property investment
17:00 Indicator #1: Borrowing capacity
18:17 Indicator #2: Financial stability
23:09 Indicator #3: Time
27:39 The advantages of active property portfolio management
30:40 Indicator #4: Mindset
34:44 Business owners’ potential ROI from property
38:44 Real estate is a business
43:01 How Goose will invest $100K
47:51 Capital acceleration > cashflow acceleration
51:08 The perils of going too fast with property investment
52:58 Get in touch with Goose
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
○ The Investor Lab https://theinvestorlab.com.au/
○ Episode 007 How Borrowing Money is Different for Australian Business Owners with Aaron Whybrow https://youtu.be/Qtz20zTniiU
About the Guest:
Goose McGrath is the CEO of Dashdot, a property investment firm helping business owners build prolific, profitable property portfolios. They specialise in sourcing properties that are under market value, cashflow positive and have strong growth and value add potential.
Get a special discount from Dashdot when you get in touch with them through https://www.fullstackbusinessowner.com/partners/.
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
A large amount of the success or failure you have in business will be based on the talent you recruit to work in your business.
The difference in results between hiring 1 quality A player VS a B player is astronomical.
Many times in business I hired people I liked or already knew rather than recruiting properly for the person who was more capable and had experience in a business like mine.
Each and every time I ended up regretting it.
I'd go as far as to say 1 A player is worth 2 B players… or 5 C players.
Now, the same can be said when it comes to building your wealth team.
Working with those A+ players is key to the results you get.
Do not make the mistake of putting the wrong people on your wealth team!
I hope this episode offers insights into who you might need for your team.
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
02:09 Why you shouldn’t DIY wealth creation
07:31 You just don’t know what you don’t know
10:22 Wealth creation goes beyond compliance
14:17 The importance of having a wealth creation team
21:45 Members of our wealth creation team
21:53 Member #1: Partners
27:57 Member #2: Accountants
33:29 Member #3: Bookkeepers
37:06 Member #4: Buyer’s Agents
42:05 Member #5: Lending Specialists
49:06 Member #6: Network and Advisors
52:26 Member #7: Conveyancer
55:42 Member #8: Property Managers
58:37 Member #9: Brokers
59:58 Other possible wealth creation team members
1:04:27 How to design your wealth creation team
1:09:18 Does your team need to be in the same location?
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
○ Free Guide to Building a Wealth Creation Team https://www.fullstackbusinessowner.com/how-to-build-your-wealth-creation-team/
○ Episode 004: Creating Wealth Goals as a Business Owner - What’s Enough? https://youtu.be/MbzUEjhITfU
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
Take a second to imagine running your business without tracking anything.
No sales numbers, no marketing numbers, no financial reports, no time sheets, no stock levels.
How would you know if you are on track or off track?
How would you know if you need more stocks or less stocks?
How would you know if your marketing is working or if you need a new strategy?
Without tracking, it’s next to impossible to make good decisions or run a business well.
I’ve met business owners who run their business on “gut feel” and 99% of the time, it leads to absolute disaster. (I’m sure you have also!)
Anyhow, I’m sure I don’t need to convince you that tracking the numbers in your business is crucial.
Which is why bringing tracking to your wealth is just as important.
So in this episode of the podcast, we go through how to track your wealth and the process we use to do so.
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
01:52 Has Charley always tracked his wealth?
04:31 Grant’s wealth tracking journey
08:41 The benefits of wealth tracking
09:04 Benefit #1: Constant realignment with wealth goals
11:57 Benefit #2: Ability to look at historical comparisons
14:50 Benefit #3: Making data-backed investing decisions
16:46 Benefit #4: Illustrating your borrowing capacity
19:39 Benefit #5: Ability to sleep well at night
21:38 Benefit #6: Risk mitigation
24:26 Why many of us suck at tracking wealth
26:34 Finding a network that supports your wealth goals
30:46 Benefit #7: Forecasting
33:38 The essential numbers to track
38:16 Diving deeper into the balance sheet
41:43 Understanding your wealth position
46:54 The best tools for wealth tracking
53:22 Why you should hire a bookkeeper
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
○ Free Wealth Tracker https://www.fullstackbusinessowner.com/the-ultimate-wealth-tracker-for-business-owners/
○ Episode 004: Creating Wealth Goals as a Business Owner - What’s Enough? https://youtu.be/Qtz20zTniiU
○ Tiller HQ https://www.tillerhq.com/
○ Xero https://www.xero.com/
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
Many years ago, I attended a mastermind event.
I was only a couple of years into my business journey and relatively green.
I’ll never forget the impact it had on me.
Spending time with other successful business owners and understanding what was working for them.
…What were they focused on?
…How did they spend their time?
…How did they make their money?
It opened my eyes to what I wasn’t doing.
What I didn’t see in my own business.
Across the next 6 months, my business doubled.
All because of the perspective change and learnings from the business owners I met at that mastermind event.
The same thing applies to wealth creation.
A lot of the time people miss out on opportunities because they can't see them or know they exist.
In this episode of the podcast, I hope to recreate the experience of that event.
Showing you behind the scenes of one of my investments.
And hopefully, at the end of this episode, you’re able to imagine what is possible for you, too.
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
03:05 The power of knowing what’s possible
05:22 Charley’s hybrid investing goal
08:15 About Charley’s best investment property
11:11 Finding out about the property
16:29 The costs and process of financing the property
22:15 Additional costs and fees
25:58 The property’s income and expenses
30:57 Has the property always been cashflow positive?
34:14 Refinancing the loan
37:24 The advantages of paying interest-only
40:00 The pitfalls of fixed interest rates
43:06 How much the property is worth now
45:44 Charley’s plans for the investment property
48:17 Mitigating risks associated with the investment
52:16 The risk of inaction
53:45 Lessons learned from acquiring the property
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
○ Episode 005: Core Wealth Creation Concepts Only Top Investors Know https://youtu.be/4XZgeFI7MSU
○ Episode 007: How Borrowing Money Is Different For Australian Business Owners with Aaron Whybrow https://youtu.be/Qtz20zTniiU
○ Connect with Dashdot and Diagnostics and Finance https://www.fullstackbusinessowner.com/partners/
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
In theory, buying a house seems like a no-brainer.
But in reality, it may just be the worst financial mistake anyone can make, especially for us business owners.
If done wrong, you could negatively impact your ability to create wealth and hamper the growth of your business.
BUT…
If done right, you can leverage your house to build sustainable wealth and continue to create a thriving business.
The key to doing this correctly is understanding all of the crucial factors that go into buying a home.
And that’s exactly what we cover in this episode…
…as we share our approach to owning homes and investing.
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
01:57 Why buying a house is more complicated for business owners
07:42 Considerations for buying a house
08:14 Consideration #1: Location
15:35 Consideration #2: Environment
21:45 Consideration #3: Budget
24:50 Consideration #4: Security
29:12 Consideration #5: Life events and emotions
33:23 Consideration #6: Long-term costs
38:40 Consideration #7: Long-term ROI
41:16 Communication is key in buying a home
42:51 How buying a house can hold back wealth creation
45:55 Playing the game of wealth should be fun
49:12 Key takeaways from the episode
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
Creating wealth is just like building a house. You need to start with a solid foundation.
Without a solid foundation, you’ll be severely limited with your options moving forward…
Not to mention, taking on way more risk than is necessary.
What most business owners don’t understand is having a good business is the foundation to wealth creation.
Business owners seem to treat wealth creation and their business as two separate entities.
But when you have a business set up right, it is the foundation for wealth.
If you tune in to this episode, you will hear the specifics of what a good business looks like…
And how it can be the foundation of your wealth.
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
01:50 Why Charley quit plumbing to start a business
06:40 Charley’s investing takeaways from his first business
13:23 Grant’s realisations from his business ownership journey
20:19 A good business is your ticket to the wealth creation game
25:46 What are the characteristics of a good business?
26:44 Characteristic #1: Stable profits
27:20 Characteristic #2: Enough salary for a comfortable life
29:00 Characteristic #2: Ability to leverage team
30:52 Characteristic #4: Stable services and products
33:36 Characteristic #5: At least 2 years of positive financials
36:33 Turning active business income into asset blocks
40:34 Living off of your assets, NOT your business
41:32 Pivoting away from a bad business
43:39 Filling in gaps in your business
45:33 Our greatest business advice
46:55 Did we get lucky in business?
49:40 Key takeaways from the episode
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
I’ll never forget the first time I applied for a loan as a business owner.
The broker practically laughed at me.
Like he thought I was making a joke to ask for a loan.
I had no idea that my decision to go into business would affect my ability to borrow money in such a drastic way…
Sadly this is a topic not often discussed or known by most business owners.
When I was employed, all I had to do was talk to our broker and show them a few payslips.
Then BAM! Loan approved.
But since being a business owner (despite making much more money!) I was TOO HIGH RISK to lend any money to.
What I want you to learn from this podcast…
…Is there’s a whole different set of rules that apply for business owners when it comes to the game of borrowing money.
You can win this game. But first, you need to know the rules.
So listen to this episode with mortgage broker Aaron Whybrow to understand how to borrow money as an Australian business owner.
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
01:33 Who is Aaron and what does he do?
03:33 Borrowing money as an employee vs as a business owner
11:18 Alt-doc lending for business owners
14:54 Not all mortgage brokers are made equal
19:14 How to find the right mortgage broker
23:16 Restructuring your loans to fit your needs
27:33 It’s not about the interest rate, but the ROI
31:04 Having a good business fixes your lending problems
33:13 The left pocket, right pocket borrowing approach
37:40 Common financial fixes needed for business owners
43:45 Does tax minimization hurt your borrowing capacity?
48:08 Should business owners buy or rent?
55:50 No business owner can retire on their business income
59:23 Making no decision is the worst decision
01:01:39 What Aaron would have done differently in his wealth creation journey
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
○ Asset Blocks Episode 004: Creating Wealth Goals as a Business Owner - What's Enough? https://youtu.be/MbzUEjhITfU
About The Guest:
Aaron Whybrow is the founder of Diagnostics and Finance, a Financial Broking and Personal Risk Insurance Business.
Diagnostics & Finance (ARW Financial Services Pty Ltd) is a Credit Representative 425540 of Finsure Finance & Insurance ACL 384704.
He is known as the ‘bagpiping mortgage broker’, who prides himself on having no ‘flats’ in his career. He blends his experiences as a former intensive care unit nurse and medical sales rep to provide the best outcomes for his clients. To connect with Aaron, head over to https://www.fullstackbusinessowner.com/partners/ and select Diagnostics and Finance.
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
Most business owners fail at wealth creation because of the ‘iceberg illusion’.
Let’s dive into this idea…
When we see someone else—a friend, family member, someone on social media—successfully invest in a specific stock, cryptocurrency or property - we get excited.
We think they are doing really well…
Making a ton of money, driving a nice car, living in a great house, and having perceivably all the freedom that we want.
So, we start following them.
Thinking that if we just do what they do… we will win too.
Seems logical, right?
But just think about it for a second… Have you really ever seen below the surface?
Or, are they just gloating? Only showing you the wins, without any of the challenges.
Have you actually ever SEEN them make money?
Have you seen the research and concepts that have gone into the investment?
I mean, maybe they just got lucky?
Maybe you have tried to follow their investments yourself…
Has that worked out for you?
I doubt it.
And the reason why you hardly saw any success, is because the ‘gurus’ only show you the tip of the iceberg.
What they want you to see— their wins, not their losses.
What really makes an investor successful is understanding the concepts that sit below the surface.
The foundational ideas that allow them to realise a good investment from a bad investment.
And what makes it worse…
These ‘below the surface’ concepts are completely different for business owners compared to the rest of society…
And most gurus don’t understand how it works for business owners.
But, what can you do about it?
How can you understand the wealth creation concepts that apply to business owners and stand on top of your own iceberg?
Just play the episode, as we explain it all in detail.
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
01:41 Why most people don't know about these concepts
04:14 How Charley discovered these core wealth creation concepts
06:59 Concept #1: Inflation
09:45 Inflation is personalised
13:48 How to make inflation work for you
17:19 Concept #2: Leverage
22:26 Concept #3: Time
25:54 Concept #4: Tax
28:04 How business owners can use tax to their advantage
31:49 Concept #5: Team
32:47 The professionals comprising Grant and Charley's teams
36:15 Leveraging the services of professionals
40:58 Surrounding yourself with like-minded business owners
42:24 Concept #6: Risk Mitigation
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:
○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
○ The Debt Millionaire by George Antone https://www.amazon.com/Debt-Millionaire-people-never-wealth-ebook/dp/B01FTY5YSE
○ Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194
○ The Barefoot Investor: The Only Money Guide You’ll Ever Need by Scott Pape https://www.amazon.com/Barefoot-Investor-Money-Guide-Youll/dp/0730324214
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
Creating wealth goals should be treated as the north star of your journey.
Let me explain…
Imagine you decide to take a trip.
You head off to the airport and catch a plane.
The flight is fantastic!
Hassle-free check-in, top-notch in-flight entertainment, no turbulence, and to top it all off, a great landing.
But... When you land you notice something is off.
You've arrived in New Zealand... when you wanted to be in the UK.
No matter how awesome your journey was, you would be gutted if you ended up in the wrong destination.
(Not to mention the costs you would incur to fix the mistake.)
Well, that's exactly what happens to most business owners when they don't set their wealth goals.
They think flying more = winning
When in reality, getting to the right place is much more important.
You see, building wealth isn't about mindlessly accumulating more and more...
It should be a conscious investing effort that leads to a specific goal.
So, how do you chart the course for your wealth creation journey, and how do you know you're on track?
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
02:18 How setting business goals is parallel to creating wealth goals
04:30 Why is it important to create a wealth goal?
06:01 Barriers hindering business owners from creating wealth goals
08:03 How to break the money taboo
10:27 Taking responsibility for building your wealth
15:05 How Charley set his wealth goal
20:41 How Grant set his wealth goal
26:46 It's okay to change your goal
29:01 Progress happens when you make a decision
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
There’s a great movie you might have heard of, called ‘The Matrix’
Where everyone is plugged into the world that has been put in front of their eyes.
Not Neo though…
He knows that the way he wins is by not operating like everyone else who is plugged into the Matrix
And, this is a lot like society
Everyone is running around accepting what is given to them…
And hoping that their wealth will naturally grow or the Government (or Agents) will look after them
Not us Business Owners though
Just like Neo, we are the ones who have already unplugged ourselves
The only difference now is learning how to use this to our advantage
And this is what we hope you get out of this episode.
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
02:01 What is an unfair advantage for business owners?
03:10 The benefits of having time flexibility
04:22 Charley’s and Grant’s experiences in having a flexible schedule
07:21 Using the ability to control your income
10:53 Having the power to adjust your numbers for lending
11:43 Charley’s story about lending as a business owner
13:10 Method of lending for employees vs. business owners
14:22 The strategy that Grant used to increase his business’ profitability
15:50 Charley’s and Grant’s experiences working with professionals
17:48 Adjusting income or distributions to maximise tax brackets
22:35 Utilise available structures to maintain a good tax balance
25:32 How risk mitigation is different for business owners
28:00 Getting the freedom to collect and hold tax payments until ready
30:08 The most important unfair advantage for Charley and Grant
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
As Keith Cunningham says: life and business is not about making more of the right choices but making fewer of the wrong ones.
This powerful phrase also applies to wealth creation.
As a business owner, you've likely faced the impact of what one bad call can make. A dumb mistake made after another can unleash a domino effect putting your livelihood at risk.
This pushes us to hone our decision-making skills - to ensure we minimise the amount of wrong turns we make.
Going with the same mindset, we also need to develop our skills when making decisions about building wealth.
Fortunately, we're willing to share in this episode what we've learned from the stupid—and expensive—mistakes we've made along the way and that most Australian business owners also do.
We also share some tips and insights around how we've dealt with those challenges.
So if you're an Australian business owner who wants to learn from the choices we've had in the past, this episode is for you.
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
01:37 Charley’s and Grant’s biggest mistakes in creating wealth
03:41 Mistake #1: Poor understanding of wealth creation as business owners
05:32 The notion that business is the strategy for becoming wealthy
09:45 Mistake #2: Lack of education about generating personal wealth
10:35 Applying strategies tailored to your financial situation
15:30 Mistake #3: Investing in assets that exhaust your pocket
18:08 Learn the risk profile of different investment strategies
19:00 Mistake #4: Picking investments that don’t align with your time and availability
22:51 Mistake #5: Confusion about tactical investing vs. strategical investing
27:18 Charley’s and Grant’s current approach to building personal wealth
32:19 Explore the wealth creation options available to you
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
○ The Road Less Stupid: Advice from the Chairman of the Board by Keith J. Cunningham https://www.amazon.com/Road-Less-Stupid-Advice-Chairman-ebook/dp/B077NXPL4L
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.
Most Australian business owners see their business as the only wealth creation strategy they need in order to unlock their desired freedom.
Which means that we work our fingers to the bone so we can sell it one day or hope that it can sustain itself for decades to generate money without needing us.
But what happens when the business loses a key client? Loses a key employee? Or needs to pivot to stay relevant?
We need to dive headfirst back into the business to solve it!
So, where do we go to get the security to ensure that our families will be looked after in the future, irrespective of the risk in our business?
To add to the pain, most business books focus on teaching about wealth creation that is geared towards the general population (eg, employees).
Which sadly doesn’t help business owners, like us, as much because we are different.
Well, it’s time for this to change.
It’s time for you to discover the missing piece in the puzzle.
For the first episode of Full Stack Business Owner, let us introduce how this podcast will help bridge the knowledge gap for Australian business owners in creating wealth.
We walk you through what Full Stack Business Owner is all about and the value every business owner can get from it to achieve the wealth that they want.
The rules are different when making money as a business owner. And we're here to share how we played the game wisely.
Let's jump into the show!
○ DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
Episode Highlights:00:00 Introduction
01:44 Why are we doing this podcast?
02:36 Reasons why business owners don’t find success in wealth creation
04:22 The main objective of the podcast
05:18 Charley’s and Grant’s trial and error experiences in investing
08:06 Who is the podcast really built for?
10:05 Why business owners need to pivot something outside business
12:51 Making money as a business owner vs. as an employee
14:30 Business owners lack education about building wealth
16:40 How wealth creation opportunities are different for business owners
17:31 The earlier you start creating wealth, the easier it is
19:20 Charley’s and Grant’s journeys as Australian entrepreneurs
28:33 Growing wealth is a skill you can develop
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
Resources:○ Full Stack Business Owner website https://www.fullstackbusinessowner.com/
○ Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194
Connect with us:
○ Follow us on Facebook: https://www.facebook.com/fullstackbusinessowner/
○ Join the Full Stack Business Owner Community: https://www.facebook.com/fullstackbusinessowner/
○ Follow us on Instagram: https://www.instagram.com/fullstackbusinessowner/
○ Send your enquiries or drop by to say hello: grant@fullstackbusinessowner.com
See omnystudio.com/listener for privacy information.