TMBA 104 (LBP94) – 6 Financial Secrets of Lifestyle Business Ballers

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TMBA 104 (LBP94) – 6 Financial Secrets of Lifestyle Business Ballers post image

Dan taking in the view after dirt biking into the jungle

Even though Dan & Ian’s travel adventures in the Philippines are winding down for now, they’ll be back.

The folks they’ve been able to hang out with the past few weeks are straight ballin’, entrepreneurs and business owners with at least six figures kicking around in an account or five. Whether they’re hobnobbing with the Vice President of the Philippines or dirt biking through the jungle, they’ve been absorbing all the advice these guys have to offer.

It isn’t all yachts and big payout investments though.

In this episode learn the 6 Financial Secrets that Dan & Ian have gathered from their conversations and observations. Things like:

  • How To Handle Your Mindset Like a Poker Player
  • Avoiding Itchy Feet and “I Finally Have Money” Euphoria
  • Having a Solid Fall Back Position
  • Supply, Demand, and Running Out of Stock
  • What Should You Borrow Against?
  • Dinari, Florida Swampland, and Other “No-Fail” Investments

Listener Questions:

Go-Carting Through The Mud

  • George asks: You mention all the time about making cold calls to clients. How do you find these clients to make the cold calls to? I have a product that I know I can sell a decent amount of units a month on eBay and Amazon. com. Yet what I want to do is find companies who are willing to buy this product at a larger scale. How did you guys find the companies to talk with and is there a script that you used for cold calls.
  • Ryan asks: If you were going to do a weekend project and build a brand new, easily scalable business model (that could be run from anywhere), what would be your first choice? Also, do you have any tips on how to cure shiny object syndrome?
  • From last week, Benjamin from vLighthouse followed up with: One thing I was NOT expecting though was having my Google Analytics “traffic surge alert” triggered twice now.  You sent a ton of traffic to my site!  THANK YOU GUYS SO FREAKIN’ MUCH.  <– no exclamation point necessary
  • Scott Galbraith from Akaliko Skateboards asks: As I am starting to build contact lists of potential or past customers that come through my websites, I am wondering the best way to manage and market to these people are.
Mentioned:
Quick Tips, Tricks and Funny Jokes

Have fun. Leave a comment. Give us a ring. 888-554-8428. Go make it happen! :)

Episode length: 38:18

 

Download options:

If you’ve found the podcast at all helpful or entertaining, we’d love if you could click over to our iTunes page and give us a positive review. This will help us to get more listeners and invest more in the podcast! If you know some ways we can make it better, please send us an email: Dan at lifestyle business podcast . com.

Published on 03.15.12
  • http://www.CloudVenturesGroup.com Steve Wyman CloudVenturesGroup

    DollarShaveClub – woow that video is FXcXing Epic :-)

  • http://www.facebook.com/brandonellistv Brandon Ellis

    Great episode guys. Still listening but wanted to chime in on Stephen Pressfields “War of Art” book. 

    So friggin’ awesome!! I have read that book probably 4-5 times in 2011 and is probably one of my favorite books out there. His book “Do the Work” is really good too. 

    I got an email from Mars Dorian yesterday and loved this image he drew that goes along with facing your fears (lizard brain) and taking action. 

    http://us2.campaign-archive2.com/?u=9ad5db7febb4a27d1f4e3df84&id=6f3935566f&e=85da159ec0 

    Ninja-balla.

    Let’s rock the rest of the day out guys!

    B

  • tom libelt

    Best podcast you guys did… so far

  • http://www.mattpaulson.com Matthew Paulson

    What do you guys mean by bullet loans?

  • http://www.facebook.com/jamestolf James T Tolf

    bullet loan is a loan where a payment of the entire principle of the loan, and sometimes the principal and interest, is due at the end of the loan term. 

  • http://www.facebook.com/matjnewton Matthew Newton

    Dan, Ian

    Great episode.Best blog post I have ever read on how to manage money to become wealthy, back when John Chow was actually posting:http://www.johnchow.com/the-four-spending-tracks/ Completely changed my paradigm and follows a very similar track.

  • http://www.tropicalmba.com Dan

    I should probably drop this nomenclature, I think I even used it incorrectly on this show. In my career, I’ve used this term with my banks in CA to refer to short term, relatively high interest loans, that are unsecured (we didn’t have any significant real estate or assets), usually at timeframes 2-3 month terms. We commonly used them when we were in a bad financial position but got a big order from a client. We could use the signed customer PO as a reason for the banker to hit the green light. 

    A lot of private financiers do this kind of work for cash intensive / low profit margin trading deals in manufacturing hot spots like China. I just got an order for 740K, how do I get the factory working? Bullet loan! :)

  • http://www.tropicalmba.com Dan

    Thank you! Hopefully we can manage to start having consistent sound for the rest of the year. 

  • http://www.tropicalmba.com Dan

    haha great link. LOVE that book too, maybe worth another visit myself.

  • http://www.tropicalmba.com Dan

    haha yeah for realz

  • http://www.tropicalmba.com Dan

    Thanks for the link Matt I’m checking it out now.

  • http://twitter.com/JohnMcIntyre_ John McIntyre

    “Save your money”. I keep hearing this all over the place. It’s so refreshing. Sometimes I wonder if I’m being too tight, but then I remind myself that if that’s what it takes, so be it. 

    I remember speaking to Brian at the Christmas and we were talking about this type of thing. He said something to the effect of “The secret of this game is being really, really good at what you do. Just be the best, and money will follow”. 

  • http://www.tropicalmba.com Dan

    I agree with that advice so much. If you know your shit, others in the room will know. 

  • http://www.facebook.com/matjnewton Matthew Newton

    Cool. Because the idea was new to me at the time I would say it’s the most personally influencing blog post I have ever read. My #1 financial goal is re-invest 90%.

  • http://twitter.com/cubesapien Justin Treptow

     Def signed up for the club.

  • http://www.estrategistas.com/ Paulo Roberto

    “So it doesn’t look like Ian teamed up with some random homeless guy and tried to start a business.”

    HAHAH great show, guys.

  • http://www.tropicalmba.com Dan

    :D 

  • http://twitter.com/MYDIRNDL MyDirndl.Com

    Great blogcast as always. Fiscally conservative wins the day. You are so right about the inventory on product businesses, inventory can be death. Its a balance. 

  • http://www.tropicalmba.com Dan

    Thanks! :D

  • http://www.lifestylebusinesspodcast.com/ Ian

    it’s a thin line..

  • http://www.lifestylebusinesspodcast.com/ Ian

    Thanks for the link Matt.

  • http://www.estrategistas.com/ Paulo Roberto

    Almost fell off my chair when I heard that. lol

  • http://twitter.com/DynamicLife Joe Hughes

    Another great episode, guys.  I’m a big fan of differentiating between lifestyle design and real business building / chops.  Thanks for covering that and reminding us what we are really building.  Sometimes I get caught up in the weeds of reading about start ups, lifestyle businesses, making a few bucks here and there, but I (and most people here) am/are in it for the long haul to build businesses that last and that matter.  As you guys learn more about this and interact w/ more billionaires, I’d like to hear more on the LBP.  

  • http://www.brandsuperpower.com David Crandall

    I was super impressed with your response to Ryan about the website in a weekend. I thought the answer was honest and directed his (our) attention back to where it should be. The goal isn’t to churn out bullshit over the course of a weekend (not saying that was his intent though) but to create businesses for our futures. 

    Honestly, I thought this answer was deserving of its own episode as I think the mindset his question betrays is prominent right now and one of the reasons people are frustrated with their assumptions of the entrepreneurial lifestyle. In fact, I’d might just like to hear more about why this mindset is bad, how to spot it when it is being sold to you, and why it doesn’t work. You know…just sayin. ;)

    And dammit, I’ll use exclamation points if I want to!!!!!!!!!!! :) And smileys. Lots of smileys. :) :) :)

  • http://www.tropicalmba.com Dan

    Cheers Joe thanks for that! There might even be a more fundamental distinction here between people fascinated by entrepreneurship and people fascinated by attention / lifestyle and stuff that’s sorta related but not the meat of the issue. At the core, we are trying to grow great businesses here. 

  • http://www.tropicalmba.com Dan

    Thanks David! NOTED sir. Actually, I did not it. In the podcast show notes. Gotta record tomorrow :) 

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