Podcasts > The Money Mondays > Walter O'Brien & Brian Goldstein's Best Strategies for Success & Smart Investing đź’ˇ E56

Walter O'Brien & Brian Goldstein's Best Strategies for Success & Smart Investing đź’ˇ E56

By Dan Fleyshman

Dive into the world of strategic success and sage investment advice with this episode of The Money Mondays, featuring insights from Walter O’Brien, Dan Fleyshman, Mike Holston, and Brian Goldstein. This week, the topic centers on foundational investing practices perfect for novices and various methods to monetize talents and interests in the booming gig economy. From real estate investing mechanics, such as the benefits and risks associated with hard money lending, to leveraging passion for animals into a business venture—listeners are treated to a range of perspectives on how to build financial security and personal satisfaction.

Beyond personal wealth, the speakers also delve into cultivating a business growth mindset by setting audacious targets and planning with precision. Goldstein and O'Brien discuss the merits of reinvesting in personal development, while Fleyshman and Holston offer insights on leveraging digital platforms and the sharing economy. Complementing their financial wisdom, Fleyshman and Goldstein share their experiences with charity, motivating audiences to consider the impact of contributing time and expertise—demonstrating that success encompasses giving back to the community as much as it does achieving personal and professional milestones.

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Walter O'Brien & Brian Goldstein's Best Strategies for Success & Smart Investing đź’ˇ E56

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Walter O'Brien & Brian Goldstein's Best Strategies for Success & Smart Investing đź’ˇ E56

1-Page Summary

Investing Basics for Beginners

Investing in real estate is a solid entry point for beginners with both long-term appreciation and cash flow opportunities. Common real estate investments include rental properties, house flipping, and Real Estate Investment Trusts (REITs). Specifically, hard money lending emerges as a lucrative niche, offering alternative financing to real estate investors. Hard money loans, often used for purchasing and renovating properties, are short-term with higher interest rates, reflecting their risk and expedience. These loans are covered by the property value itself, appealing to investors with readily available capital who are ready to assume greater risks for speedier gains.

Making Money from Your Passion and Skills

Earning from personal passions and skills is more accessible in the modern gig economy. Fleyshman encourages those skilled in makeup and hairstyling to offer services professionally, and possibly obtain a cosmetology license for added credibility and pricing power. Holston transformed his love for animals into a career, illustrating how passion can forge a successful business path while mitigating burnout. Additionally, the rise of online education platforms has enabled teaching skills, like Spanish, to a global audience. Finally, Fleyshman suggests renting out extra rooms on Airbnb to create passive income, capitalizing on the sharing economy to monetize unused living spaces.

Business Growth Mindset

Adopting a growth mindset in business involves setting ambitious financial goals, planning systematically, and taking decisive actions. Goldstein stresses aiming high, such as targeting a $100 million revenue, paired with strategizing via tools like whiteboarding. Although hiring for weaknesses isn't explicitly addressed, it's implicit that delegating tasks where one is weaker can strengthen the business. The importance of adaptability is exemplified through Holston's emphasis on learning and leveraging social media for business expansion. O'Brien and Goldstein advocate reinvesting in oneself by consulting with professionals, pursuing self-improvement, and detaching from social media to prepare for future business challenges.

Giving Back

Dan Fleyshman and Brian Goldstein broaden the scope of philanthropy beyond monetary donations. They both vouch for contributing personal time to charitable work. Goldstein recounts participating in a suicide prevention panel amidst a busy schedule, highlighting the significance of dedicating time to meaningful causes. They underscore that while financial support is important for charities, offering time to raise awareness and advocacy for important issues holds profound value in giving back to the community.

1-Page Summary

Additional Materials

Clarifications

  • Hard money lending in real estate involves providing short-term, high-interest loans secured by the property itself. These loans are typically used by real estate investors for quick purchases or renovations. Hard money lenders focus more on the property's value rather than the borrower's creditworthiness. The higher interest rates on hard money loans reflect the increased risk taken by the lender.
  • A cosmetology license is a certification that allows individuals to legally provide services like makeup and hairstyling professionally. Obtaining this license typically involves completing a state-approved cosmetology program, which covers various aspects of beauty services, hygiene, and safety regulations. It ensures that professionals have the necessary skills and knowledge to work in the beauty industry while adhering to health and safety standards. This credential can enhance credibility, open up more job opportunities, and potentially command higher prices for services rendered.
  • A Real Estate Investment Trust (REIT) is a company that owns and typically operates income-generating real estate properties. REITs allow investors to access real estate assets without directly owning them. They can be publicly traded like stocks, providing liquidity to investors. REITs offer tax advantages and are required to distribute a significant portion of their income to shareholders.
  • A growth mindset in business involves embracing challenges, persisting in the face of setbacks, and seeing effort as a path to mastery. Whiteboarding is a visual tool used in business to brainstorm, plan, and communicate ideas effectively. It allows teams to collaborate, organize thoughts, and map out strategies in a dynamic and interactive way. By utilizing whiteboarding techniques, businesses can foster creativity, problem-solving, and strategic thinking among team members.
  • Reinvesting in oneself through consulting professionals involves seeking guidance and expertise from individuals with specialized knowledge in areas where you may need support or improvement. This process can help you gain new insights, skills, and perspectives to enhance your personal and professional growth. By investing in professional consultations, you prioritize continuous learning and development, which can lead to better decision-making and overall success in your endeavors. Consulting professionals can provide tailored advice and strategies to help you overcome challenges, capitalize on opportunities, and stay competitive in your field.

Counterarguments

  • Real estate investments can be complex and carry risks such as market volatility, property management challenges, and liquidity issues, which may not be suitable for all beginners.
  • Hard money lending, while potentially lucrative, involves significant risk and may not be the best option for those without experience in real estate or a high tolerance for risk.
  • The gig economy can be unpredictable and may not provide a stable or sufficient income for everyone, especially without a diversified income stream.
  • Obtaining a cosmetology license requires time and financial investment, which may not be feasible or desirable for all makeup and hairstyling enthusiasts.
  • Turning a passion into a successful business requires more than just passion; it also requires business acumen, market demand, and often, a significant amount of capital.
  • Teaching skills online is competitive, and not everyone may have the necessary technology, skills, or audience to succeed in online education platforms.
  • Renting out extra rooms on Airbnb involves dealing with guests, adhering to local regulations, and potential property damage, which may not be preferable or practical for all homeowners.
  • Setting ambitious financial goals in business can be motivating, but without realistic expectations and risk management, it can lead to disappointment or financial loss.
  • While whiteboarding and strategic planning are valuable, they are not a guarantee of achieving high revenue targets and must be complemented by effective execution.
  • Delegating tasks is important, but finding the right talent and managing a team also present challenges that can impact business growth.
  • Leveraging social media for business expansion is not a one-size-fits-all solution, as different businesses may benefit from different marketing strategies.
  • Reinvesting in oneself is important, but it should be balanced with other financial responsibilities and not lead to neglecting other aspects of one's life or business.
  • While giving back through personal time is valuable, individuals must also manage their own time and resources effectively to avoid burnout or neglecting their own needs and responsibilities.

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Walter O'Brien & Brian Goldstein's Best Strategies for Success & Smart Investing đź’ˇ E56

Investing Basics for Beginners

Understanding the basics of investing is essential for anyone starting their journey towards financial growth. One of the fundamental areas of investment for beginners to consider is real estate.

Real estate investing

Real estate is a popular choice for new investors because it offers the possibility of both long-term appreciation and immediate cash flow. There are several ways to invest in real estate, such as purchasing rental properties, flipping houses, or investing in real estate investment trusts (REITs).

Hard money lending - alternative financing

One niche within real estate investing is hard money lending, which serves as an alternative financing option. Hard money loans are typically issued by private investors or companies and are utilized for real estate transactions. These loans often cover not only the purchase price of a property but also the renovation costs, making them an attractive option for investors looking to flip properties quickly.

What makes hard money lending particularly suitable for investors with access to capital is that these ...

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Investing Basics for Beginners

Additional Materials

Clarifications

  • A real estate investment trust (REIT) is a company that owns and typically operates income-generating real estate properties. REITs offer investors the opportunity to invest in real estate without directly owning properties. They can be publicly traded, publicly registered but non-listed, or private entities. REITs can own various types of real estate, such as office buildings, shopping centers, and hotels, providing investors with diversified exposure to the real estate market.
  • Flipping houses is a real estate investment strategy where an investor purchases a property with the intention of renovating it quickly and selling it for a profit. This practice involves buying properties below market value, making improvements to increase their value, and then selling them at a higher price. Flipping houses requires a good understanding of the local real estate market, renovation costs, and the ability to manage a project efficiently. Investors often aim to complete the renovation and sale process within a short timeframe to maximize their returns.
  • Hard money lending involves obtaining loans secured by real property, often used for short-term projects with higher interest rates due to increased risk. These loans are typically provided by private investors or companies and are popular for real estate transactions. Lenders base the loan amount on the property's value, known as the loan-to-value ratio, with most lenders capping loans at around 65% of the property's value. Investors usually need to provide a significant down payment when utilizing hard money loans.
  • Renovation costs in real estate investing typically refer to the expenses incurred to improve or repair a property. These costs can include materia ...

Counterarguments

  • Real estate investment can be complex and may not be suitable for all beginners due to the need for significant capital, understanding of market conditions, and management responsibilities.
  • Long-term appreciation in real estate is not guaranteed and can be influenced by economic downturns, changes in market demand, and location-specific factors.
  • Immediate cash flow from real estate, such as rental income, can be inconsistent due to vacancies, tenant issues, and maintenance costs.
  • Flipping houses carries risks such as unexpected renovation costs, longer than anticipated project timelines, and potential difficulties in selling the property for a profit.
  • Investing in REITs, while providing exposure to real estate, does not offer the same level of control or potential for leverage as direct property investments.
  • Hard money lending, while providing quick financing, may not be the best option for all investors due to its higher risk profile and the potential for borrowers to default on their loans.
  • The security provided by the property in hard money lending does not eliminate risk, as the value of the property can decrease or the cost of foreclosure can be high.
  • The short-term nature of hard money loans may lead to freque ...

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Walter O'Brien & Brian Goldstein's Best Strategies for Success & Smart Investing đź’ˇ E56

Making Money from Your Passion and Skills

In today's gig economy, converting your passions and abilities into income has become more achievable than ever. Whether it's makeup, hair styling, dog walking, or teaching skills online, there are multiple pathways to monetize your hobbies and talents.

Monetizing makeup, hair, dog walking, music lessons, etc.

Fleyshman suggests that individuals who are skilled in makeup should consider charging for makeup services. To enhance credibility and potentially command higher prices, he recommends obtaining a cosmetology license. Similarly, for those talented in hair styling, Fleyshman encourages offering hair sessions to make money.

For animal lovers, walking dogs can also be a practical method to earn some extra cash. Holston shares his experience of turning his passion for animals into a viable business. He pursued an education in marine biology, started a business, created content, and secured brand deals—all stemming from his love for animals. His journey demonstrates that focusing on what you're passionate about can lead to success while also helping to prevent burnout.

Teaching Spanish or other skills online for income

Now with the internet, teaching Spanish or other skills online can serve as a fruitful source of incom ...

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Making Money from Your Passion and Skills

Additional Materials

Clarifications

  • When individuals pursue their passion for animals, they can leverage their expertise and love for animals to start a business related to pets or animal care services. This connection involves turning their passion into a profitable venture by offering services, creating content, and potentially securing partnerships or brand deals within the animal industry. By combining their passion with business acumen, individuals can create a sustainable income stream while doing what they love. This approach allows them to align their personal interests with entrepreneurial opportunities, leading to a fulfilling and successful business venture.
  • The sharing economy is an economic model where individuals can rent or share resources directly with others, often facilitated by online platforms. Platforms like Airbnb enable individ ...

Counterarguments

  • While obtaining a cosmetology license may enhance credibility, it also requires time and financial investment, which may not be feasible for everyone.
  • Offering hair sessions can be profitable, but it also involves competition, the need for marketing skills, and possibly the need to comply with local business regulations.
  • Dog walking is a practical way to earn money, but it can be physically demanding, and the market may be saturated in some areas, making it difficult to find clients.
  • Turning a passion for animals into a successful business is inspiring, but not everyone will have the resources, business acumen, or right circumstances to replicate Holston's success.
  • Teaching Spanish or other skills online offers flexibility, but ...

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Walter O'Brien & Brian Goldstein's Best Strategies for Success & Smart Investing đź’ˇ E56

Business Growth Mindset

A business growth mindset involves not only establishing ambitious goals but also creating actionable plans and investing in personal development to achieve these goals. Goldstein and his colleagues discuss various aspects crucial to nurturing such a mindset.

Setting goals, making a plan, taking action

Goldstein emphasizes the significance of setting a substantial financial target, like making a hundred million dollars a year, and underscores the necessity to draft an action plan to accomplish that goal. The use of tools such as whiteboarding is mentioned as a beneficial method for outlining the necessary steps and delineating a path towards achieving set objectives.

Hiring to fill your weaknesses

The content provided does not discuss this topic explicitly. However, the general consensus in business growth strategies often includes hiring to address personal and professional weaknesses, which allows leaders to focus on their strengths and grow the business more effectively.

Importance of adaptive ability - using social media

Mike Holston points out that adaptability is imperative for business growth and suggests closely observing various tactics and strategies, including the use of social media. Social media serves as a platform for innovation and interaction that can lead to substantial business growth when utilized effectively.

Reinvesting in yourself through coaches and masterminds

While the term 'coaches' or 'masterminds' is not used explicitly, the concept is discussed through O'Brien's experience. CEOs ...

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Business Growth Mindset

Additional Materials

Clarifications

  • Whiteboarding is a visual tool used in brainstorming and planning sessions. It involves writing or drawing ideas on a large whiteboard to facilitate collaboration and idea generation. Whiteboarding helps teams organize thoughts, outline strategies, and create actionable plans in a dynamic and interactive way. It is commonly used in business settings to map out goals, tasks, and timelines for projects.
  • A mastermind group is a gathering of like-minded individuals who come together to support each other's personal and professional growth. Participants share knowledge, experiences, and insights to help each other overcome challenges and achieve their goals. These groups provide a platform for brainstorming, accountability, and collective problem-solving. Engaging in a mastermind can lead to increased motivation, expanded networks, and accelerated personal development.
  • Social media plays a crucial role in business growth by providing a platform for innovation, interaction, and rea ...

Counterarguments

  • Setting ambitious financial goals can be motivating, but they should be realistic and achievable to prevent discouragement or burnout.
  • Creating an action plan is important, but it should be flexible to adapt to changing circumstances and market conditions.
  • Whiteboarding and similar tools are useful, but they are not the only methods for planning, and different tools may work better for different people or businesses.
  • Hiring to address weaknesses is a sound strategy, but it's also important to develop one's own skills and not become overly dependent on others.
  • Adaptability is indeed essential, but it should be balanced with a consistent vision and strategy to avoid appearing fickle or unreliable.
  • Social media can be a powerful tool for growth, but it can also be a distraction and may not be suitable for all types of businesses or target markets.
  • Reinvesting in personal development is valuable, but it should not come at the expense of neglecting the day-to-day operations of the business ...

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Walter O'Brien & Brian Goldstein's Best Strategies for Success & Smart Investing đź’ˇ E56

Giving Back

In discussions about philanthropy, Dan Fleyshman and Brian Goldstein emphasize that giving back to the community isn’t limited to financial contributions but can also include donating one’s time.

Donating money or time to charity

Fleyshman and Goldstein understand the value of contributing personal time to charitable causes. Goldstein shares a personal experience where, during a hectic week, he participated in a panel on suicide prevention. He emphasizes that giving time to important causes like these is valuable and that such topics are worth dedicating time to ...

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Giving Back

Additional Materials

Clarifications

...

Counterarguments

  • While donating time is valuable, not everyone may have the flexibility in their schedule to do so, making financial contributions a more feasible option for some individuals.
  • The impact of donating time versus money can vary depending on the cause and the specific needs of the organization; in some cases, financial support may be more urgently required.
  • There may be a limit to the scalability of impact through donating time, as one person can only do so much, whereas financial contributions can potentially be used to leverage larger-scale efforts.
  • Some individuals may lack the skills or experience necessary to make a significant impact through their time, whereas financial contributions can be used to hire professionals who can make a more substantial difference.
  • The effectivenes ...

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