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  • talk to me about the business.

  • That guy in a 30 or 40 million?

  • Well, a couple things that a lot of people would have stopped there.

  • Now, taking that to the 400 million it It involves a whole different kind of thinking.

  • From what I understand, it involves new concepts of leadership.

  • I mean, it evolves.

  • You really almost having that first moment where you have to be super aware of yourself, Andi, and almost transformed.

  • Is that correct?

  • And what I'm saying?

  • Or what was that journey like for you?

  • Yes, totally correct.

  • I think that my when I made my 1st 30 or 40 million, I thought money was scarce and I got a lot of it.

  • And then when I made that money, I started being around people who had much more than me, and I realized there's a lot of money on this spinning earth.

  • There's a lot of money, and there's plenty for all of us to go get who are willing to do these things.

  • And I think what it did is it opened to space in my mind up honestly where the possibilities achieved that notion that you and I had a that beach house.

  • To me, that was just mega rich.

  • Like, who are these people that live in these houses on the beach like how did they do it?

  • And then I realized there's there's much more to it than that.

  • It was my I'm gonna tell you what it waas I got to the point where my fear of losing it went away.

  • So as I was acquiring money the first time around, I was so afraid of losing it and going backwards.

  • Not that I'm not afraid of being broke, because I still have that little bit of fear of being broke.

  • But I have a confidence I could get it back this time.

  • Where is the first time I did not have that.

  • And so also the idea of the second time of getting people around me that were smarter than me.

  • The way I made my money the first time was mainly building a team and selling.

  • And the second time I made money work for me, not me work for money.

  • So the first time was me earning and making money.

  • The big leap was getting my money working for me.

  • That is a huge difference in wealth accumulation and wealth.

  • Explosion is getting your money working for you.

  • And how do you do that?

  • For me?

  • It was two ways.

  • One was multi unit investing in real estate.

  • I've done pretty well in that space.

  • As I know you've had other people on who have done that.

  • And then it was investing in start up businesses that I was in control of in the business.

  • In other words, I found my discipline.

  • I don't just by the way, I pass on lots of great ideas.

  • I know where my desk I wanna be in.

  • In the early stage.

  • I know the amount of money I'm willing to put in, which is usually 10 million or less in my case, um, risk reward and I under.

  • And it has to be a business that I also bring ancillary value to.

  • In other words, it's not just the idea is that I can multiply my money by either my abilities, my connections, other businesses that I have so that I am a multiplier on my own money in those businesses.

  • And so both of those spaces for me have caused pretty massive.

  • I shouldn't say massive, significant growth of my own income.

  • And ironically, once I no longer needed to work for income is when my personal income started to get into the eight and high high eight figure range as well.

  • Because now I was really doing those work for a passion play because my own money was working so hard for me.

  • Wow, that's a fascinating mind shift.

  • And those startups you're investing in, your careful not to go run them because then it's just you making the money.

  • You're smiling.

  • It's making me making the money, and it's it's not why I do it.

  • I do it.

  • So the money works for May.

  • I don't have the time and energy and resource.

  • In other words, my portfolio now is probably only about 31 or 32 companies, which is still pretty significant.

  • But if I had to run a couple of them, maybe I only have three or four.

  • And the other thing is during Cove it I've also really discovered, like I had to come back and kind of get more involved in a couple of them during this difficult time.

  • But by and large it has to be something I could multiply for me.

  • Mainly, it's usually 10 million and less, and I gotta be early.

  • If I'm not early, I'm not.

  • It doesn't mean that there aren't great investments out there that I could be involved in late.

  • It's just that's not my plan.

  • And I try to stay in my play when I've invested in things.

  • I don't understand that air late stage or that I can't bring value to.

  • I've not done well on those and I've had losses.

  • So I've just learned I gotta bring value.

  • It's gotta be early stage and it's up to about 10 million.

  • Typically, my my my wife.

  • Why don't you?

  • My wife.

talk to me about the business.

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A2 investing multiply income working early making money

MAKING MONEY: How To Get Money Working For You Instead Of You Working For Money - Ed Mylett

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    林宜悉 posted on 2020/10/12
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