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.
Sign up for Shortform to access the whole episode summary along with additional materials like counterarguments and context.
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.
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.
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.
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
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 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).
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 ...
Investing Basics for Beginners
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.
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.
Now with the internet, teaching Spanish or other skills online can serve as a fruitful source of incom ...
Making Money from Your Passion and Skills
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.
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.
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.
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.
While the term 'coaches' or 'masterminds' is not used explicitly, the concept is discussed through O'Brien's experience. CEOs ...
Business Growth Mindset
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.
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 ...
Giving Back
...
Download the Shortform Chrome extension for your browser