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Whenever I feel that little tickle in my stomach

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or at the back of my neck,

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I'm like, ooh, I feel like I'm missing out.

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I literally just stop and I say, wait.

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And this takes practice

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because unfortunately, you just have to get your ass beat

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over and over again to really learn this lesson.

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But now I recognize what FOMO feels like

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and FOMO means slow down.

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This isn't where you're gonna make your money.

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Welcome to the game where we talk about how to sell more stuff

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to more people in more ways

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and build businesses worth owning.

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I'm trying to build a billion dollar thing

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with acquisition.com.

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I always wish Basos, musk and Buffett had documented their journey.

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So I'm doing it for the rest of us.

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Please share and enjoy.

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So a lot of you guys know there was the big crypto craze

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that happened in 2020, I think.

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And there's been lots of little mini peaks and valleys,

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but probably the craziest one happened

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during COVID-19 time period.

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And at that time, I was like, well, shoot.

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I missed out in 2017 because I had a guy who was like,

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hey man, you should buy the stuff called Ethereum.

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And at the time, it was a hundred bucks.

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And I set up the account, I put a million dollars in

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and like right before I'm about to click purchase at a hundred dollars,

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it went down to like 93 and I was like,

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I don't know about this.

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And so I decided not to pull the trigger.

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Long story short, it then 30 extra there, whatever it was.

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And this next time around a few years later,

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so it had been going like this.

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And then right here Bitcoin was at $60,000.

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Ethereum was really high too.

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And I was like, I called my buddy up,

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not the same guy, different buddy.

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And I was like, hey man, I'm going to get it on this.

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And he was like, I'll put a million bucks in if you do.

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And I was like, fine.

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So we put a million bucks in and then lost 500 grand

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in a matter of weeks.

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And so he went be like, wow, Alex, that was retarded.

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And the answer is, yes, it was retarded.

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But there's two things that I think were good reminders

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for me from this whole experience.

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The first is that me making a million dollar bet

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at the time was not a huge percentage of my income

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or my net worth.

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And I made more than every month anyways.

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And so it sounds big and it makes me more dramatic for this.

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But it wasn't for me at the time.

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And the only reason I was able to do that

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is because I had a foundational way

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of actually making money.

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I didn't plan on having this be how I made money.

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I made money doing stuff that are fundamental business things.

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And then I basically made a bet or a gamble,

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which realistically it was just gambling.

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The second big point was that Warren Buffen

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Charlie Munger talked about your sphere of competence.

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Now, for me, business is very much within that.

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And then within there, marketing sales acquisition,

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pricing product, there's the things that I'm very good at.

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Now outside of this is probably real estate and crypto.

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And a bunch of other things that other people do

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and have spent lots of time developing their skill set.

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And so those people should do those things.

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I have no idea.

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And so this was way less about is crypto good or bad,

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is real estate good or bad, is business good or bad.

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But are the things that you're making the bets

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within your very narrow competence?

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And I have just noticed the further away I get from my core,

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the more money I lose.

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And the closer I am to the core of what I'm good at,

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the more money I make.

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And the thing is is the things that seem easy to you

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feel like they're not fair.

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And so they're boring.

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And so you try and look for this excitement

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because in the beginning, the things that you do

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are exciting because you don't know anything about it

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because it's uncertain.

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But the more you understand a game,

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the better you get at it.

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But it also becomes less interesting in terms of like risk.

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Because I know that if I have a machine

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where I put a dollar and I get $10 out in a month,

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which in most of the businesses we have,

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that's what we do all the time.

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But the idea of being able to put a million bucks in

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and getting $10 million out with no work sounded exciting.

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But if I work, I know I can do that all the time.

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And I can do that on a month rather than trying to hope

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for five years or 10 years, right?

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And so I will give you a little tidbit

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that a mentor gave me really, really, really high up person

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at a big bank, commercial bank that you would know

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of top three in the US.

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He said, if you know how to create wealth,

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just create wealth.

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He said, don't fuck with investing

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if you know how to make money.

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And he gave that to me as advice.

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And I try to remember that as like, what am I good at?

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Now, I've tried to basically make my investing

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really just me doing business.

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I'm not trying to pick stocks.

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I'm buying companies I understand,

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and then I just use business skills to grow them.

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But that has been very valuable to me,

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even as I study Charlie Munger and Warren Buffett,

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they have different skill sets than me.

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And so for me to try and play the game the same way

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as them would be silly,

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because I didn't buy my first stock when I was seven.

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So for the many people who want a model Warren Buffett,

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Trevor says this, he's like, you can't model Warren Buffett

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because you didn't buy your first stock when you were seven.

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Because if you were Warren Buffett,

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you'd be Warren Buffett.

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So play the game your way,

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where you have your unique advantages.

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And I think that's my big TLDR on this little experience.

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So that was big loss number one,

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or one of my smaller losses,

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we're gonna get bigger ones, believe me.

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It gets worse.

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But this was me getting out of my sphere of competence,

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which might be a recurring theme, and into crypto.

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And so I think it's important to think about

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what are the themes that are gonna be around these mistakes,

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because you're hopefully not gonna repeat the mistake.

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I'd rather you just get the lesson without the scar, right?

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And so number one, out of my sphere of competence.

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Number two, I latched on a FOMO, right?

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I saw other people making money at something

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and I was like, I'm not immune to it either, I'm human.

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I saw these people was like, man,

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I would like to make quick, fast, easy money, too, right?

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And so interestingly what I've now learned is that

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when everyone thinks something is a good idea,

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it's usually a bad idea.

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Basically, by the time you're really, really certain about

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the opportunity, the opportunity has already closed.

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It's only when it appears really risky

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and not a lot of people are doing it,

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where the big arbitrage happens.

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It's when, in 2017, I could have made that bet

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before a lot of people had done it,

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where I would have made that 20x or that 30x thing.

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Now either way, I was out of my sphere of confidence

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and that would have been truly luck.

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All right, it's not my skill set.

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And so whenever you feel that FOMO, I've now learned Paws.

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And second, just because someone else

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is gonna make money with it, it doesn't mean you are.

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Because the buddies that I did have,

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we're making crazy money in that stuff.

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All they did was eat, sleep, and shit, kryptop.

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All day long, 20 hours a day,

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they were taking heavy stimulants

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so they could wake up when China was coming online

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so they could trade in those markets.

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Like, I wasn't doing any of that stuff.

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I was making money with my normal day job

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and was like, well shoot, this sounds fun.

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And that's a perfect way to lose your ass.

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So the second big mistake I had was in real estate.

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And you'll notice there's multiple big mistakes

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that I will make in real estate over my career.

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And hopefully I stop making them.

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This one was actually my first ever real estate investment.

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So later than I've been making a ton of money

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and jamage for a few years now,

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I think at the time we probably had,

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honestly like 20 million bucks in cash,

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just saved in our bank account.

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And so we were like, well shit,

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we should do something with this, right?

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And so a buddy of mine,

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you'll notice how this common theme happens, right?

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So buddy of mine's like, hey, I've got this guy, right?

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And he sells houses in Ohio.

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Because houses in Ohio are actually really cheap.

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And so you can buy these houses in cash for like 50 grand.

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And each house can make you like six grand a year in cash flow.

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And so I was like, okay, well that's not gonna be a lie.

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He's like, yeah, but you can buy like five or 10 at a time.

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And there's a guy who would eat all he does

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these specializes in finding these particular houses

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and then he'll basically give them to you

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and he'll set you up with the property manager.

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And I was like, okay, that sounds cool.

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And when I got on the phone with the guy,

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he only did this was he would find these houses.

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And he said, yeah, I buy him for 30, I fix him for 10 grand.

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So I have 40,000 and then I flip it to you for 50.

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So I make 10 on this bread.

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He's like, that's my business mama.

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I just sell a lot of them.

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And I was like, okay, that's cool.

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And he's like, well, do you want to buy five,

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do you want to buy 10, what do you want to buy?

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And I was like, and this is from a lesson

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that I had learned earlier on less money.

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I was like, why don't I dip my toe in?

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Let's not lose a shitload of money if this doesn't work.

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But I said, why don't I just buy one of these houses

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and see what happens?

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Amos and Asian quick break just to let you know

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we've been starting to post on LinkedIn

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and want to connect with you.

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All right, so send me a connection request

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and let me know that you listen to the show

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and I will accept it.

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There's anyone you think that we should be connected

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with, tag them in one of my or Laila's posts

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and I will give you all the love of the world.

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All right, so let's get back to the show.

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So I bought one house.

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Once the papers transferred, it turned out

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that the house was not in fact a three bedroom.

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It was actually a two bedroom house.

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And the third bedroom was actually in a closet

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that they'd put a mattress into.

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The house did not actually have electricity.

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They were running it from the neighbor's house illegally.

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The driveway was so in shambles

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that the people couldn't actually park on it.

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So tenants couldn't park there.

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And so fixing the driveway on its own was like $7,000.

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Now for a house that costs 50,

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that's a huge chunk of what you put into as an investment.

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Now remember, I'm trying to get like 6,000 a year

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at this house, I put 7,000 into it

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up front to fix that.

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A friend of mine who is in real estate, different friend,

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looked up the county records or whatever

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and found out that the guy who had sold it to me

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actually bought the house for $19,000

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and had put no money into the house.

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And so his business model was buy it for 19,

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flip it to 50 to people who don't know any better.

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That was me.

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And so I then of course was like more and more pissed off

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about this.

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And then the property management group that they set me up with

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because I only had one unit and by the way,

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the idea of like, oh, property management

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will take care of it for you.

255
00:09:31.000 --> 00:09:32.840
They take care of it for you based on how important

256
00:09:32.840 --> 00:09:35.280
you order them as a investor.

257
00:09:35.280 --> 00:09:38.000
If you have 100 houses, they're gonna treat you really well.

258
00:09:38.000 --> 00:09:40.080
If you've got one, you don't give a shit about you

259
00:09:40.080 --> 00:09:42.720
because they get a percentage of the earnings

260
00:09:42.720 --> 00:09:43.600
that you're making.

261
00:09:43.600 --> 00:09:45.640
And so if you make $6,000 on the house,

262
00:09:45.640 --> 00:09:47.600
they're getting 10 or 20% of that.

263
00:09:47.600 --> 00:09:51.840
And so they're making $600 a year, $1,000 a year,

264
00:09:51.840 --> 00:09:53.000
they can give a fuck.

265
00:09:53.000 --> 00:09:54.760
And so they stop responding to me altogether

266
00:09:54.760 --> 00:09:56.840
and then they actually dropped me overall

267
00:09:56.840 --> 00:09:58.880
and said we're just not gonna represent you anymore.

268
00:09:58.880 --> 00:10:02.080
So then we got a second property manager to come in,

269
00:10:02.080 --> 00:10:05.440
they found a tenant and the tenant's paying $700 a month now.

270
00:10:05.440 --> 00:10:07.440
All right, so that was what we were able to rent this place for.

271
00:10:07.440 --> 00:10:10.160
Now $700 a month doesn't cover the driveway

272
00:10:10.160 --> 00:10:11.120
that I had to repair.

273
00:10:11.120 --> 00:10:14.080
I doesn't cover the electricity that I had to actually run

274
00:10:14.080 --> 00:10:16.720
from scratch into this thing to make it livable.

275
00:10:16.720 --> 00:10:18.520
And because they were like, hey,

276
00:10:18.520 --> 00:10:20.440
and honestly, really kind tenants.

277
00:10:20.440 --> 00:10:22.440
They were like, hey, you think it'd be nice

278
00:10:22.440 --> 00:10:23.640
if we could have our own electricity

279
00:10:23.640 --> 00:10:25.680
and like, of course they fucking should.

280
00:10:25.680 --> 00:10:26.520
I didn't know.

281
00:10:26.520 --> 00:10:27.760
I was buying it out of state.

282
00:10:27.760 --> 00:10:30.720
And so what did I have to do because it was unlivable?

283
00:10:30.760 --> 00:10:32.200
I had to put them up in a hotel

284
00:10:32.200 --> 00:10:35.800
while we had to basically make this place livable up to code.

285
00:10:35.800 --> 00:10:38.120
And so that took like 30 days.

286
00:10:38.120 --> 00:10:40.320
And so this family is in a hotel

287
00:10:40.320 --> 00:10:42.720
that I'm paying for this whole time as the landlord.

288
00:10:42.720 --> 00:10:45.960
Now, you're like, wow, Alex, shitcho.

289
00:10:45.960 --> 00:10:48.320
The thing is, is like, I lost whatever.

290
00:10:48.320 --> 00:10:51.840
I end up selling the house with the tenant in it.

291
00:10:51.840 --> 00:10:55.040
I think for $20,000 because I was like,

292
00:10:55.040 --> 00:10:57.160
just get rid of this fucking thing.

293
00:10:57.160 --> 00:11:00.560
But the thing that I lost beyond just the 30 or 40 or $50,000

294
00:11:00.600 --> 00:11:04.200
I lost in the deal was the amount of time, effort and energy

295
00:11:04.200 --> 00:11:05.840
and emails and phone calls.

296
00:11:05.840 --> 00:11:08.760
So I went back and forth about this bullshit thing.

297
00:11:08.760 --> 00:11:09.840
And for context at the time,

298
00:11:09.840 --> 00:11:11.640
I'm making $50,000 a day in profit.

299
00:11:11.640 --> 00:11:14.000
I was like, just fucking get this out of my life.

300
00:11:14.000 --> 00:11:15.120
What a mistake.

301
00:11:15.120 --> 00:11:17.920
So anyways, I call the guy up who sold me the house.

302
00:11:17.920 --> 00:11:21.400
And I was like, dude, what the fuck?

303
00:11:21.400 --> 00:11:23.680
And basically he stopped responding to my,

304
00:11:23.680 --> 00:11:24.840
my attempts to reach out to him

305
00:11:24.840 --> 00:11:26.680
because it was apparent what he had done.

306
00:11:26.680 --> 00:11:29.760
And he did say this and I basically was like,

307
00:11:29.760 --> 00:11:32.240
I just want to let you know I'm really grateful

308
00:11:32.240 --> 00:11:34.240
that you taught me this lesson for so cheap.

309
00:11:34.240 --> 00:11:36.800
And he, being the scumbag that he was,

310
00:11:36.800 --> 00:11:37.960
said you're welcome.

311
00:11:37.960 --> 00:11:40.080
He very much was aware of the fact

312
00:11:40.080 --> 00:11:44.320
that he was totally running a scam, a hundred percent.

313
00:11:44.320 --> 00:11:46.880
And I call my buddy up who made the intro.

314
00:11:46.880 --> 00:11:49.440
And he had bought five houses

315
00:11:49.440 --> 00:11:52.080
and he had five times that I had.

316
00:11:52.080 --> 00:11:53.960
And so let me walk you through

317
00:11:53.960 --> 00:11:55.320
some of the lessons that I got from this.

318
00:11:55.320 --> 00:11:58.520
So number one is that if it's too good to be true,

319
00:11:58.520 --> 00:11:59.360
it usually is.

320
00:11:59.360 --> 00:12:02.320
He was telling me about 25% plus cash and cash returns.

321
00:12:02.320 --> 00:12:04.560
And so I was like really excited about that.

322
00:12:04.560 --> 00:12:07.560
And my, I caught a, what do you mind?

323
00:12:07.560 --> 00:12:09.120
Who owns a billion dollar fund?

324
00:12:09.120 --> 00:12:10.440
And I was like, hey, what do you think about this thing?

325
00:12:10.440 --> 00:12:11.920
He was like, this doesn't make sense.

326
00:12:11.920 --> 00:12:13.200
He's like, because if he really was doing that,

327
00:12:13.200 --> 00:12:14.680
he should just own all the houses.

328
00:12:14.680 --> 00:12:15.680
Why would he sell these houses?

329
00:12:15.680 --> 00:12:17.920
And I was like, no, man, you're just not a believer.

330
00:12:17.920 --> 00:12:20.040
And so anyways, if it's too good to be true,

331
00:12:20.040 --> 00:12:21.240
it usually is.

332
00:12:21.240 --> 00:12:24.680
All right, so that's too good to be true.

333
00:12:24.680 --> 00:12:26.000
Usually is.

334
00:12:26.000 --> 00:12:27.520
And the thing is, the hard part about this one,

335
00:12:27.520 --> 00:12:30.600
this one's really deceptive is that if you're in early

336
00:12:30.600 --> 00:12:32.800
on something, sometimes it is really good.

337
00:12:32.800 --> 00:12:35.040
But the thing that makes it the to be true part

338
00:12:35.040 --> 00:12:36.760
is that if no one else is aware of it,

339
00:12:36.760 --> 00:12:38.640
there's this double edged sword of like,

340
00:12:38.640 --> 00:12:40.920
am I seeing some opportunity that's going to close

341
00:12:40.920 --> 00:12:42.040
in the marketplace?

342
00:12:42.040 --> 00:12:44.160
Or am I just about to get fucking robbed blind?

343
00:12:44.160 --> 00:12:46.720
And it's tough to know the difference.

344
00:12:46.720 --> 00:12:48.720
Now, I should have just recognized the big sign

345
00:12:48.720 --> 00:12:50.560
the guy had on his forehead that said scam,

346
00:12:50.560 --> 00:12:52.400
though, which is blinking like Vegas lights.

347
00:12:52.400 --> 00:12:54.440
But I just chose to overlook that.

348
00:12:54.440 --> 00:12:55.760
Just based on his social media,

349
00:12:55.760 --> 00:12:58.120
he looked exactly like you would think.

350
00:12:58.120 --> 00:13:00.960
Just imagine what a fucking scam artist would look like,

351
00:13:00.960 --> 00:13:03.560
the fucking roles, the flashy watches,

352
00:13:03.560 --> 00:13:05.600
talking about his hustle game and how he started like,

353
00:13:05.600 --> 00:13:08.200
just all of that, just imagine it, it was him.

354
00:13:08.200 --> 00:13:09.360
That's it.

355
00:13:09.360 --> 00:13:12.120
So, too good to be true, it usually is.

356
00:13:12.120 --> 00:13:14.400
The second thing is you'll see this lovely recurring

357
00:13:14.400 --> 00:13:17.640
friend we have here is that I saw my friend's making money

358
00:13:17.640 --> 00:13:19.040
and I was like, oh man, I should do it.

359
00:13:19.040 --> 00:13:19.920
And he was a business guy.

360
00:13:19.920 --> 00:13:21.000
And I was like, oh, if he's a business guy,

361
00:13:21.000 --> 00:13:22.520
he could do it, I'm a business guy, I could do it.

362
00:13:22.520 --> 00:13:23.560
And guess what?

363
00:13:23.560 --> 00:13:26.000
He lost his ass too, which leads me to number three,

364
00:13:26.000 --> 00:13:28.560
which is now, if someone tells me about an opportunity

365
00:13:28.560 --> 00:13:29.920
that they're doing for investing,

366
00:13:29.920 --> 00:13:32.080
which for me is now a much longer time horizon,

367
00:13:32.080 --> 00:13:34.200
I say, how long you've been in this deal for?

368
00:13:34.200 --> 00:13:36.080
If someone says they've been doing it for less than two

369
00:13:36.080 --> 00:13:37.800
or three years, I don't care.

370
00:13:37.800 --> 00:13:40.240
I just say, cool, let me know how it goes in a few years.

371
00:13:40.240 --> 00:13:41.480
Now, if you're like, well, Alex,

372
00:13:41.480 --> 00:13:43.200
what about the opportunity closing?

373
00:13:43.200 --> 00:13:44.400
What is my objective?

374
00:13:44.400 --> 00:13:46.680
If I want to make money, I go make money.

375
00:13:46.680 --> 00:13:48.800
If I'm trying to invest money, I'm trying to keep

376
00:13:48.800 --> 00:13:50.440
and maintain the money and then slowly grow it.

377
00:13:50.440 --> 00:13:53.040
And so, one of the big isms that I like is that

378
00:13:53.040 --> 00:13:54.880
you take a lot of risk with a little bit of money

379
00:13:54.880 --> 00:13:56.400
in order to make a fortune,

380
00:13:56.400 --> 00:13:59.520
but you maintain a fortune by taking a little amount

381
00:13:59.520 --> 00:14:01.000
of risk with a lot of money.

382
00:14:01.000 --> 00:14:02.880
And so, once you have the money,

383
00:14:02.880 --> 00:14:04.600
you're not trying to 10x that.

384
00:14:04.600 --> 00:14:07.480
Professional gamblers don't actually go to the casino

385
00:14:07.480 --> 00:14:09.320
with 10 grand hoping to make 100.

386
00:14:09.320 --> 00:14:12.320
They go into the casino with 10 grand hoping to make 12,

387
00:14:12.320 --> 00:14:13.800
because they know that they're just playing

388
00:14:13.800 --> 00:14:15.000
a very small spread.

389
00:14:15.000 --> 00:14:16.080
That's the point.

390
00:14:16.080 --> 00:14:18.560
And so, I didn't understand how the game was played.

391
00:14:18.560 --> 00:14:21.720
And so, point three is that, what's the hold period?

392
00:14:21.720 --> 00:14:23.480
If I'm hearing about something from somebody,

393
00:14:23.480 --> 00:14:25.360
they better be doing it for multiple years

394
00:14:25.360 --> 00:14:27.880
before I'm gonna even consider it.

395
00:14:27.880 --> 00:14:30.520
And so, what I would say I do now,

396
00:14:30.520 --> 00:14:33.320
with these types of things, is that one,

397
00:14:33.320 --> 00:14:34.520
I'll do it with somebody,

398
00:14:34.520 --> 00:14:36.760
but I wanna do it with the guy,

399
00:14:36.760 --> 00:14:38.720
which means that I partner with them.

400
00:14:38.720 --> 00:14:40.960
So, that guy who was on the phone with me,

401
00:14:40.960 --> 00:14:42.160
selling me the property,

402
00:14:42.160 --> 00:14:43.480
what I would do now is to say,

403
00:14:43.480 --> 00:14:45.440
I'll buy a property that you buy.

404
00:14:45.440 --> 00:14:46.720
I'll just go in.

405
00:14:46.720 --> 00:14:48.680
And if they don't wanna go in with me,

406
00:14:48.680 --> 00:14:50.560
great, then I'm not doing a deal.

407
00:14:50.560 --> 00:14:52.720
So, number one is I'll partner with them.

408
00:14:52.720 --> 00:14:54.320
The second thing is that this decrease

409
00:14:54.320 --> 00:14:55.920
is a huge amount of risk,

410
00:14:55.920 --> 00:14:57.880
because they're putting skin in the game,

411
00:14:57.880 --> 00:15:00.000
and they have all the knowledge.

412
00:15:00.000 --> 00:15:01.560
And this guy had been clearly scamming people

413
00:15:01.560 --> 00:15:02.520
for a very long time.

414
00:15:02.520 --> 00:15:05.400
And so, he's got 10 years of experience.

415
00:15:05.400 --> 00:15:06.440
I'm like, fantastic.

416
00:15:06.440 --> 00:15:08.080
No, obviously I wouldn't get into business with a scam artist,

417
00:15:08.080 --> 00:15:09.520
but the idea is that if somebody approached me

418
00:15:09.520 --> 00:15:11.560
with an opportunity and they'd be doing it for a long time,

419
00:15:11.560 --> 00:15:13.360
which is what he was basically touting,

420
00:15:13.360 --> 00:15:16.600
then I'd say, great, I'm happy to give you some of the upside,

421
00:15:16.600 --> 00:15:18.120
because in the beginning, I was really greedy.

422
00:15:18.120 --> 00:15:19.600
I was like, no, I don't want anybody having the upside.

423
00:15:19.640 --> 00:15:21.320
Now, I'm happy to get partners to the upside,

424
00:15:21.320 --> 00:15:22.240
because the more money they make,

425
00:15:22.240 --> 00:15:23.360
the more they wanna make it with me,

426
00:15:23.360 --> 00:15:24.280
and we'll do it together.

427
00:15:24.280 --> 00:15:28.280
And I'd rather have a very sure 20% than a really risky 40.

428
00:15:28.280 --> 00:15:30.640
Because yet, I make my money, make my money.

429
00:15:30.640 --> 00:15:32.320
I invest my money to not lose it.

430
00:15:33.320 --> 00:15:36.520
And whenever I feel that little tickle in my stomach

431
00:15:36.520 --> 00:15:37.360
or at the back of my neck,

432
00:15:37.360 --> 00:15:38.800
or I'm like, ooh, I feel like I'm missing out.

433
00:15:38.800 --> 00:15:41.880
I literally just stop, and I say wait.

434
00:15:41.880 --> 00:15:42.960
And this takes practice,

435
00:15:42.960 --> 00:15:44.440
because unfortunately, you just have to get your ass beat

436
00:15:44.440 --> 00:15:45.880
over and over again to really learn this lesson.

437
00:15:45.880 --> 00:15:48.600
But now I recognize what FOMO feels like,

438
00:15:48.600 --> 00:15:50.840
and FOMO means slow down.

439
00:15:50.840 --> 00:15:53.680
And that has now been my internal translation for FOMO.

440
00:15:53.680 --> 00:15:55.920
It's like, slow down.

441
00:15:55.920 --> 00:15:56.760
Slow down.

442
00:15:56.760 --> 00:15:58.400
This isn't where you're gonna make your money.

443
00:15:58.400 --> 00:16:01.000
Because every huge amount of money that I've made

444
00:16:01.000 --> 00:16:03.240
has never been from any investment.

445
00:16:03.240 --> 00:16:05.800
It's been from me seeing an arbitrage opportunity

446
00:16:05.800 --> 00:16:07.040
in marketing and sales,

447
00:16:07.040 --> 00:16:08.940
and seeing that I can acquire a customer for $10,

448
00:16:08.940 --> 00:16:11.480
that's worth a thousand, and then saying great.

449
00:16:11.480 --> 00:16:14.440
Let's gym as much cash as seemingly possible into that.

450
00:16:14.440 --> 00:16:16.320
But that takes lots of iterations to get there,

451
00:16:16.320 --> 00:16:18.200
and I was there every single step of the way.

452
00:16:18.240 --> 00:16:20.400
It doesn't just appear on some spreadsheet

453
00:16:20.400 --> 00:16:21.880
showing how rich I'm gonna get.

454
00:16:21.880 --> 00:16:24.520
You