TMBA 283: Ways the Wealthy Do it Differently

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TMBA283: Ways the Wealthy Do it Differently post image

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This weekend Ian and I shared the room with 30 high-net worth individuals. We held our first ever wealth event for some of the most successful listeners of this podcast. It’s not very often that you get to hang out with so many interesting and successful people in one weekend, so we’ve decided share some of the lessons that we learned from that event on this week’s show. We’ll be talking about how we got the idea for this event, why this is my favorite event I have ever attended, and the nine things that surprised us the most coming out of this conference.

Listen to this week’s show and learn:

  • At even the highest levels of wealth, people are still unsure about how to invest their money.
  • Why the difficulty of a business model is not directly correlated with the profitability.
  • The most successful businesses have the most successful processes.
  • Why the stuff that got you your first success is not what is going to take you to the next level.
  • The benefits to hiring a great coach.
  • Why you shoud be present in the moment at a conference and maximize the time you have with the people there.

People on this episode:

Mentioned in the episode:

TMBA Listener Simon Vaillancourt in his private jet.

TMBA Listener Simon Vaillancourt in his private jet.

Listening options:

Thanks for listening to our show! We’ll be back next Thursday morning 8AM EST.

Cheers,

Dan & Ian

Published on 02.26.15
  • Jake Schuster

    “Hey Ma” was THAT song, in middle school, during which I’d break out into “the crazy white kid who knew all the words to the song” mode!!

    Great ep guys, something to look forward to a few more steps down the road. Hiring a coach and mentor was a very important topic to hear about, great range of topics covered here!

    Till next time.

  • http://codebyjeff.com/ Jeff Madsen

    Great show! I certainly hope your thoughts on the tax laws are correct – it is a horrible mess, and a major block for so many people who simply want to run a small business

  • Pat D

    Great to hear how your perspective has evolved over the years. You’ve mentioned people making solid money and building wealth – can you share some figures without naming names? Do you see people making +$100k/year or running +$1M businesses in the group? The perspective/inspiration would be appreciated. Thanks!

  • http://www.tropicalmba.com/ Dan Andrews

    thanks Jake glad you dug it, it was THAT song! :D

  • http://www.tropicalmba.com/ Dan Andrews

    me too, our cost of compliance and energy is outrageous given how simple out set up is.

  • http://www.tropicalmba.com/ Dan Andrews

    hey Pat yeah that would represent one of the low end requirements to attend, it was a pretty diverse group, lots of multi-million dollar exits (sold businesses), some people managing net cash flow 500K-1M++ annually on their business, and then another group who carefully built wealth over years of earning, saving, and careful deployment of their funds. One thing that seems consistent across the group is that many of these people have focused on one business for 4-5 years. I can say this, a lot of people make over 1M a year net on their location independent businesses, they just aren’t the most likely to write blog posts saying “here’s how I made 1M on my online business” they generally want to be discrete about it.

  • Tuk Tran

    i love your podcasts..perhaps one thing you can touch on in a future podcast is the issue of age. First, there are many older entrepreneurs and there are many experienced retirees who still want to work part-time.

    quote from yahoo business: A study by the Kauffman Foundation that surveyed 652 US-born CEOs and heads of product development had some interesting results. Specifically: The average and median age of U.S.-born tech founders was thirty-nine when they started their companies. Twice as many were older than fifty as were younger than twenty-five.

    At the same time, I know many examples of age discrimination in well-known silicon valley companies ( it is a question of time before they are slapped with legitimate law suits). I have friends in silicon valley literally laughed at when applying for jobs because of age issues..i know my claims may be unscientific…but think about it..when you are about to hire someone and you see someone in person much older than you expected, what is your reaction?.Usually negative.

    ..isnt there more that can be done in leveraging cross-generational talent? And are there market opportunties in this?

  • http://www.tropicalmba.com/ Dan Andrews

    hey Tuk thanks for the compliment, i like the idea and posted your comment into our content brainstorm sheet. i’ve got very few ideas regarding age discrimination in hiring practices at larger firms although i admit i’ve had similar prejudices for our own hiring practices and that’s something we’ve been taking a second look at this year, regarding entrepreneurship it doesn’t actually surprise me that the median age of founders is higher than expected… once thing i’m seeing in the location independent space, as it gets more fleshed out and legible, and therefore i guess less ‘risky’ is more older people leaving their corporate careers to start LI style businesses.

  • http://www.linkedin.com/in/sholaabidoye/ Shola Abidoye

    Dan (and Ian) – there are are a lot of really, really well connected folks in the DC. They just don’t use it as healthier substitute for Facebook like some of us (hands raised, lol). To illustrate, one of the benefits of hiring a coach (I prefer the term strategist/advisor) isn’t so much what they know how to do (that’s important) but also their network you get access to. I am working with someone brilliant I found on the DC to meet my goals in 2015 to become a world-class delegator. I realized for instance that a good 50% of being better at delegation is mental. Giving up the control and/or worthiness issues associated with tasks one used to do oneself. Even CEOs running $10 billion companies can do better at delegation. Through the person I found on the DC I spent 1 hour on a conference call DIRECTLY with Sam Carpenter and her. Talk about SOPs? Have Sam drop knowledge directly to you. None of this would have happened had I not found some of the hidden resources on the DC.The same goes with a quiet but hella successful LBO/private equity expert Ace Chapman (he’s a client that found me via PM).Google him. He’s bought at sold 10 businesses. So if you do more higher level events, you will see a different crowd. It would be nice to see you guys do events with bootstrappers turned VC funded like Leadpages as not all of us are anti-VC (it’s hard to find a 9 figure business not run buy a founder with a billionaire parent that got there through retained earnings). My dream event speaker that would make me come out would be the ultimate lifestyle entrepreneur Richard Koch.Try being worth $250 million, writing 10 books and working 1 hour a day from honmes in 5 countries :P Good content as always…

  • Julius van der Beek

    Thank you for this post. Got me thinking.
    Just hired first assistant and realized I was not delegating but expecting her to do exactly as I wanted, instead of letting it go.
    Will read the 80/20 principle of Richard Koch.
    Have a good day.

  • http://www.tropicalmba.com/ Dan Andrews

    :)

  • http://www.tropicalmba.com/ Dan Andrews

    hey Shola thanks for the comment that’s so freaking cool to hear! :) I totally agree RE: delegation, I think I’ve struggled at the level of delegation and coaching for the sake of leverage / infrastructure. that is to say, early on, you’d talk to smart people and get good advice and then implement it. but i’m really out of implementation bandwidth, now i need to get better at finding and identifying leverage.

  • http://www.tropicalmba.com/ Dan Andrews

    PS, would *love* to hear from Richard as well. such a boss!

  • wtf

    Is that Simon picture an inside joke or something?

  • http://www.tropicalmba.com/ Dan Andrews

    nope just from here:

    http://tropicalmba.com/listeners

  • http://www.marketfit.net Gregory V. Diehl

    I hired Shola Abidoye, founder of Converport last April to help me create, publish, and market a bestselling book for $5,000. Unfortunately, after delaying everything six months past the due date, she decided to cut off all contact with me without delivering what I paid for.

    You can read the full details of my experience getting ripped off and scammed by Convertport here: http://www.borderlessblog.com/shola-abidoye-scam-inspired-me-write-self-publish-first-book/

    Because she has ignored all my attempts at peaceful resolution, I don’t see what other choice I have but to start warning others about her fraudulent behavior before I gather to evidence necessary to take her to court and try to get my money back.

    I know these are strong accusations I am making, and I am prepared to support them with emails and recorded calls if necessary. Please let me know if you have any questions or any suggestions for getting Shola to reach out to me so we can resolve this dispute.

    I have yet to receive even a partial refund for what I paid, and Ms. Abidoye publicly denies that I hired her to do these things. She has taken a very insulting and condescending tone to me or anyone who questions her about this incident.

    Gregory Diehl

    livefreeretiree@gmail.com

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