RELATED ARTICLES

161 COMMENTS

  1. Even though I bought your books years ago, unfortunately, i didn’t follow the investing advice and have been sitting on all cash for past 5 years (have been waiting for markets to fall, didn’t understand BTC fully, and thought i had enough risk exposure in my own startup.)

    If you were in my shoes now, how would you divide up portfolio allocation now with 500k cash (how much I currently have.)  No 401k, IRA, etc

    Continue remaining all cash until something opens up? 
    i.e, next flash crash on BTC ?
    or DCA BTC?
    S&P and markets seem fairly valued. (had expected market to continue falling but it went straight up)
    Gold has already gone up

    Thanks much for your advice and for keeping the website up and running throughout the years.  

  2. Hey guys, thanks for all the great posts as always.

    Question: For someone that has 1) Relatively high cash balance 2) Own business(es) full time 3) Skill concentration in online sales (high proven skill) 4) A high income, but is very active management/volatile

    **What areas would you recommend pursuing for “passive income” if the goal is ~$10k-20k+ in passive per month? Basically although active income higher than this, want add more stability.**

    Thoughts have been real estate, but think the principal cash needed to hit $10k may be too high and not at all the strength given online biz skills.

    Thanks!

    1. Pretty much the same… Just scale your own biz. Get an online biz. Or do real estate later on.

      All three of those will work. To do $10-20K a month the amount of money needed is a lot lower for online revs (riskier) and a lot higher for real estate (big down payments are likely).

      Really your choice

  3. Planning to launch a supplement side business…would you lean towards the idea of diet pills for middle aged women, nootropics for young men, or perhaps combining aspects of the two?

    I have been latched on the diet pills idea; however, I fear the industry saturation (hence leaning towards adding nootropics)

    1. Those are very different markets.

      You have to figure out who you can sell to (men, women, age etc.). You’re trying to target two different markets (young men and middle aged women?). Probably won’t work. Chances are you’ll be better at one versus the other

      Industry is never saturated, new fools are born every second

  4. Let’s say I made several $MM from crypto. What’s the best way to cash out while minimizing my tax liability?

  5. With the presentt COVID and economic situation — after seeing the local response to date and circumstances going forward, where do you rank the top places to live in US?

    1. Our best guess is beaches/weather go up in value.

      So probably florida gets better, LA gets better, places like Chicago and NYC are worse since they rely on networks to drive value

  6. Assuming areas near airports and stadiums get hit harder.
    What are your thoughts on buying RE near airports/sports stadiums? (I do multi family).

    Would this be an example of buying the wrong thing ie bank stock in 2009.

    1. Not clear yet you have to see what the prices are after the collapse happens.

      This actually isn’t a good question because you are assuming that you’ll know the price before the sales begin. Figure out what you think its worth and you won’t have to ask these questions anymore (a great thing!). Prices might be too high as idiots buy it thinking it’ll snap back. So if you outbid them you actually lose

  7. 1. Any plans to move out of The States to “Green Zones” in the medium to long term (e.g. New Zealand)?
    2. You guys mention a general timeline of when real estate will go on sale, wondering what your timeline is for cheap talent (e.g. designers, web developers that got laid off
    for example the lists from layoffs.fyi).
    3. Have you guys ever used decentralized markets like Open Bazaar? Any views on if these online markets become more useful with scarcity of staple goods in supermarkets/Amazon.

  8. Have you used IG influencer to promote your product? What has been your successful medium of reaching them (ie DM, email, agency, etc) and what niche do you see generally see do well on IG (ie fashion, beauty, fitness, etc.)?

    Thanks!!

    2. I’ve had success just DM’ing them but usually they’ll say “DM or email for promos” unless they have an extremely large following they’re probably run by an agency you’ll have to contact.

  9. My questions:
    1) You advise to use a S Corp for tax reasons, any reasons for going with a “pure” S Corp over a LLC with tax election as a S Corp? Also, is New Mexico LLC the best option to have an anonymous LLC?
    2) How to evaluate the LTV of customer with a subscription product?
    3) Assuming $1.50 CPC and 3% conversion rate, this means that traffic costs $50 per unit of product sold, so it seems tough to apply this approach to product with low prices. If selling products worth ~$30, the two possible ways are (i) upsell, (ii) LTV? Or is it anything else that I missed?

    Thanks

    Thanks!

    1. 1) yes S corp in tax free state is typically ideal. As you scale some people end up changing their lifestyles but yes thats a generic set up that works
      2) Depends on market so no real answer, there are calculations online that will estimate it for you by sector
      3) That low price point our guess would be upsell, as always you want recurring revs. A better price point is usually $50

  10. I am looking to get my jd from cuny law (affordable) to be chief of compliance or counsel for a financial institution (Licensed banker currently) .. is it worth another 2.5/3 years of school? Will be starting at age 28.

  11. 1. Best answer for this question in an interview: “Do you prefer working with a team or by yourself?” Didn’t see this one on the interview post.

    2. Do you have a preferred web browser when it comes to running an online biz?

    1. 1) No clue haven’t interviewed in forever. Just ask what the interviewer wants to hear. Probably something like “i’m a self starter so enjoy working alone, that said i’ve found better results working in a team where each member can specialize and create a product better than any individual could create themselves”. Something like that.

      2) No

  12. We have a couple of already paid for rental properties (~$80k/yr gross) and $500k to invest. What additional stream of income would you recommend at this point? More rentals, or something else?

  13. I’m not a religious person but have been doing research on faith-based products. Most of what I’ve seen are shit. What are you thoughts on this market especially in times like these?

  14. Military>MBA(paid for)> internship LDP/CPG Brand Manager

    You guys talked about personalities being 1) Quant, 2) Sales, 3) Synthesizer

    You guys also talk about only going into 1)Tech (Quant), 2) IB (Synth), 3) Tech Sales (Sales)

    However, there was very little discussion about Synthesizers other than going into IB which is a 0.001% field to get into and dwindling by the day. Do you have any other recommendations for synthesizers going into a “big league” field? Do you see any value in CPG’s or just get out of dodge and aim for Tech?

    If the answer is Tech Sales or bust, are you aware of any better way for someone to break into the field in a lower middle class bracket? It seems like most entry options are to hustlegrind for a $30k position or sling cell phone plans and get promoted…

    Much appreciated, enjoy your weekend!

    1. You probably have to go into the education sector and create a product that is information based that you can scale.

      Synthesis = ability to get to the point/explain to a two year old. So find complex items master them and turn into recurring revs such as an online school of some sort.

      Yeah options are basically dying by the day: M&A, tech sales, RE sales, software engineering

      This is reality

      1. >You probably have to go into the education sector and create a product that is information based that you can scale.

        FWIW found out recently that teacherspayteachers dot com does $30m+ rev/year (not GMV), this was pre-covid too

  15. 32, from a low wage / low cost of living Eastern European capital.
    NW around ~250k USD, mostly in RE, generating some rent, this includes the flat where I live. No debt, can invest slightly more than 2k each month.
    I switched from playing online poker in my early 20s to mobile development around 4 years ago. Managed to climb my way to a high paying jog by local standards and do some consulting on the side.
    As per your book’s recommendation, I am trying to build more sources of income, which in my case is by iOS fitness apps.
    Unfortunately I have close to no sales skills and am maybe top 30 percentile in development skills.
    Therefore this stream only nets me around 200$ a month at the moment (after developing them on the side for 2 years).
    1. Am I on the right path here and is it too early to quit this side hustle?
    2. Should I go down the affiliate marketing route or try to market my own apps instead? (this doesn’t seem easy beacuse I can’t charge a lot for them)
    3. Does it make any sense for me to try to move to a country with higher pay in my field (eg .Switzerland, US)?

    1. 1) you’re on the right path, just very low. Your first attempt so skills are low get ready to “tinker”/adjust a million times until good at it. Then target a larger market.
      2) sounds like you can make your own apps so go that way
      3) yes always better to go to richer countries if possible

  16. I know you’ve hit on it, but maybe putting it all together for the 50th time might help:

    Career income is going well. Now interested in a second CF stream from online business rather than RE.

    But I’m in at Finra job where any outside activity is limited. And having a strong social media presence / gathering followers is not my cup of tea (prefer no profile).

    You said landing page with no updates is good for semi-passive revenue. Is that where you would start online given these parameters / Is that possible without social media? How long should I expect to get up and running? Any other recommendations appreciated

    1. Okay so you have to go into affiliate marketing. Same answer

      We may have to add the same tired answer “there is no up and running time”. Some people are awful at online sales and never ever make money. Others are talented at it and start generating thousands within a few months. Its a skill

  17. 1. If you were in your early 20s and had the chance to work directly with someone crushing it in online biz (grey hat) space, what are the key things you would do to help grow the business, and what are the key things you would be looking to learn?

    2. For online biz, what are the pros and cons of direct response vs. brand-oriented store?

    1. 1) figure out what his angle is – ie. whats the differentiation. This is a generic comment usually made by people with no experience (no offense) there is no step by step like they teach you in school (which is worthless by the way). Instead you have to go in, learn all the operations. Then figure out what he/she is doing exactly (ie. skills he/she is using). That’s where the value is. All the stuff he tells other people to do = worthless and doesn’t generate money/differentiation for the most part.

      2) brand oriented = stickier customer base but much harder to grow. Ads always crush in our experience since it nearly guarantees profits when you’re good at it

  18. Your best books/courses recommendations to learn design? I know how to sell (copywriting) pretty well, but now I gotta make those ads/creatives look better, u know? Sales + design skills seems like a killer combo for the long term future.

    1. Can’t recommend one ours is outsourced, you can take online classes though, we did this 7-8 years ago by hiring a guy to teach us (worked for a design company)

      So maybe do that, find a designer and pay him by the hour to teach you basics

  19. How do I get a better paying job?

    my current boss says I can do b2b sales but I’ve been given 2 short chats by the Biz Dev VP. 0 official training.

    23 2 years left in finance program but I can’t finish degree unless I pay 20k in debt.

    Getting into Saas sales no degree is a big hurdle but doable apparently. Try to transfer to Saas for better pay?

    Started reselling for forced returns netted 200 last month. Will try to do 10k by end of the year.

    1. This seems to be a ramble? You have to decide what you want to do.

      Unless finance goes into M&A banking, just skip that. Dead on arrival. Then you’re left with sales, if you can do that work with curent boss to shift over asap. Seems like a no brainer to shift over if your boss will help

      1. I’ve had the convo with boss/CEO. He supports. He directed me to head of sales. Head of sales not giving me a chance to cold call.

        Most sales responsibility I’ve been given is sending cold emails and scraping Linkedin leads.

        How do I know when this is a dead-end and to try sales elsewhere?

      2. Thats your call, try to convert some of it and then talk to boss/CEO about getting more responsibility.

        If shut down, then just apply to other sales roles. At least you’ve switched to the better side of biz (revenue generation)

  20. Co-founder in boutique esports business about to turn first qtr million in revenue.

    Just moved to Dallas.

    What opportunities for socialization do you consider more valuable than the money it costs or time that’s spent? Ideally leading to future deal flow or achievers as friends.

    1. No clue what this means to be honest.

      There are work items and social items, social items = just for fun not trying to meet high achievers.

      Networking is usually for losers looking for a handout, as you become more successful people know who you are which is how you network

  21. 19M attending Zoom University.

    I find I am willing to work hard but the actual output is low (low time efficiency).

    Is this normal? Is there an age at which you feel more confident in yourself assuming good decisions were made?

    1. We have no experience with Zoom University. So not sure how to answer this question.

      We’d say as long as you’re learning new skills, you’re on the right track. If you’re spending your time learning and earning it’s hard to lose. If you spend 4-6 hours watching TV and goofing off, life is going to be very hard.

      Wish we had more but don’t know what you’re currently doing

  22. First off, thanks for the content. Has helped me out a ton. I’m 22, starting in tech sales a few weeks out of college graduation. My next step is starting an online business.

    I was curious to hear your thoughts on starting a Social Media Marketing Agency. The way I see it, it has huge margins and recurring monthly revenue (1,500k+ per client).

    I’ve already started prospecting and have a few meetings lined up.

    Is this a viable business model you’d consider even though it will never really be passive income? Or would you still stand by the recommendation you made in Efficiency and sell a product?

    Thanks again

  23. 1. Is there any drawback from buying crypto through an exchange like coin base?

    2. Do you guys have practices keeping things clean regarding having multiple websites? Domain, wordpress stuff, accounts, can already start seeing things get messy without good practice.

    3. Do you tend to turn on/off that switch regarding your blunt nature when you’re out in a social setting as opposed to a financial environment?

    1. 1) yes you don’t own the keys, better to move to hardware wallet/offline wallet
      2) vitrual admins are incredibly efficient
      3) yes, always point out positive things smile 10x more than usual and shut off all work thinking so you’re in a carefree mode. If it is related to a real contact (you meeting a biz person), just assume everyone else will dislike you except the successful person.

  24. Still believe S-corp is best way to incorporate online business? If so, worth incorporating in one of the tax-advantaged states even if not based there (specifically thinking of Nevada)? I’ve heard differing opinions, so would like your insight.

  25. In Efficiency you mentioned 50k is needed to start a proper business. How do you split up the money, e.g. product testing, cost for inventory, marketing/ads etc.? If this is too individual for each type of business, how would you do it for a skin care product?

    Thanks to your advice I started buying Bitcoin about 3 months ago. Haven’t bought anything since the halving, as the price increased that much and many people seem to believe that it will go down again. Should I wait for the next dip or just continue to dollar cost average. If dca, is it better to do it on a monthly or weekly basis.
    (Funny how one can be sad that the price of a good one invested in goes up)

  26. Started selling online during quarantine and got a first taste of passive income (loss). Completely understand now why it’s retarded to try to invest with anything < 1mil. Thanks for the great share.

    Question
    – What's the best way to improve intent as a skill?
    – What's the difference between disinterestedness and passive aggressiveness? (refer to your talent post)

    1. 1) practice over time, meet a lot of people and try to predict what they will do and the meaning behind their words. 99% of people are not direct and live passive aggressive lives, so all you’re doing is figuring out what they really mean instantly. No other way to get better

      2) Passive aggressive = too scared to say what they think and attempting to lower your status. Disinterested = doesn’t talk to you never interacts with you. If someone never interacts with another person usually means the person really has no interest

  27. Let’s say you are starting a new eCommerce venture from scratch with only $20k.

    You have T-Shirt designs that target a specific micro niche and you’re going to start testing demand through FB/IG ads.

    Help me understand.. how much time and money you would invest to determine if it’s a viable business? I’m guessing you would make the decision mainly on ROAS?

    1. You spend some money targeting your niche and see how many people click through and buy a product.

      For something that tiny you probably don’t even need ads as successful T-shirt niches usually target a mini cult.

  28. Any tips/ techniques/ books on how to stop reading/ procrastinating and start to execute business ideas? Ie where 99% of people fail

  29. Any pointers when it comes to shirts, suits, shoes etc. for WSP readers fresh out of college and going into finance? Understand that you folks have an old post related to this but that was written almost a decade ago (back in 2012).

  31. I just discovered you guys recently so I apologize in advance if the answers to my questions are easily found.

    1) I am 18 and trying to break into West Coast IB. What general advice can you give on recruiting and networking, how should I be preparing myself for interviews and superdays in the future.

    2) There seems to be endless ways to make money online but what’s the best way to find the industries that actually provide real potential.

    3) What are the best things I can learn and practice on my own to set myself up for creating a business or online revenue sources.

    1. 1) There is a overview on front page of blog? In the Q&A section everything is there
      2) This is covered in the book? We gave out the major markets already
      3) Learn sales ASAP, most people your age are just processing machines with no ability to think for themselves constantly asking generic questions and asking for step by step answers which never work in the real world

  32. started 2/17/20 working for credit card merchant processing company. this is my 1st sdr role making $30k plus commission selling to SMB Owners.

    Before covid i was planning on waiting out a year and then look for Saas role, ( company has lost 50% of their business, cut all employees pay by 5% and laid of some staff, and admitted that its just the beginning )

    Should i start applying now or wait till 6 months mark for resume experience purposes when applying for new Saas Role?

  33. Should I compare myself to my prior self or to others? I’ve been comparing myself to others lately, and I’ve been working harder. Comparing myself to prior self feels like the easier option.

  34. Hey, im 19 and find i have a hard time focusing on starting a online biz.

    I feel like im mentally and physically ready with a couple of good ideas but never getting myself to sit down and actually work on my ideas. Instead i go out partying etc…

    Do you have any advice on how to get yourself motivated to actually start and give it your all ?

    1. Nope see “motivation is for the weak”. People like this always fail in life so we don’t cater to them.

      Either get started now or you will end up hating this blog anyway (about 10 years).

      Motivation = for the masses. Which is why Tony Robbins is popular. Successful people don’t bother with that stuff

  35. 1. What was harder for you guys to make millions in? Investment banking or affiliate marketing?

    2. Spending every free second in quarantine working on aff marketing.. when does it make sense to only focus on black hat (what I eventually wish to be doing)? After a few $xxx days in white hat?

    3. In a customer success role where I can rarely visit customers face-to-face. Does it make sense to demand to always work from home (will spend 95% of time on biz) even if it is political suicide?

    1. 1) never made anywhere near $1M in banking, that is 100x harder than any biz to get to $1M. Since you’re working for someone else you’re always paid less than you are worth.
      2) That’s your call, if you want to risk it that is a personal decision. You’ll probably be locked down fast so be sure if you go down that path (willing to take risk of going to zero).
      3). Depends on your company. If whole department is working from home go for it. If half is and half isnt… you shouldn’t work from home. Most businesses are just political monsters, so good luck getting a promotion without showing face! IF you’re already set, then it doesn’t matter and you can work from home and expect to never move up again

  36. Love it when you guys do these and I am glad to catch one!

    So I am in NYC right now (East Village) and got an announcement from my company on Monday that we will likely be remote until end of this year. Lease ends on August 1st. A lot of my friends have left NYC to go back home to their parents (New England states, Florida, etc.).

    I wanted your thoughts on the future of NYC. Seems like the nightlife which brings life to the city is going to be shut down for the rest of 2020 at least so not the place to be for a party animal. Dating and meeting women might not be the same in a city which is amazing for single men in the US.

    Would it be worth it to get a 9 month to 1 year lease now or should I think about moving to another state for the time being?

    Also, how to make the most of this time with no more commute? Feel like I am wasting my life away and not making the most of the extra time.

    1. Sounds like you are young. So you should do the math break lease and move to florida and work remote if possible.

      No point in being in NYC without anything being open, so ditch and go to the beach (florida is fine) and come back when everything is back to normal

      1. I am actually 27 with about 5k in the bank account to spend. I was thinking maybe an AirBnB in a nearby northeastern beach town, maybe in New England. Better yet, hunt for good 1 year leases in the city if the market favors us lol.

        Also, I was going to ask, have you guys ever covered the Amway scam given your support for affiliate marketing? I have had 3 outreaches and almost fell for it.

  37. 1. I live in a rich ‘Northern European’ country where the CoVid impact has been minimal so far due to generous govt unemployment support. Things are slowly going back to normal, but I see that RE market is almost dead with 10-20% of transactions compared to Q4-19 / Jan – 20. And the prices are still high i.e. no reduction. Do you think that will change given your example of NY (rich people, can muscle cash crunch or even losses in the beginning and hence no need to panic sell)? If yes, what timeline? PS: I know you tend to focus on US, but can you apply / help apply some learnings to Europe.
    2. I am here due to personal situation without which I would rather be in APAC or the US. Starting a side-gig is very difficult due to import taxes and small markets, but I am keen to start an online business now focusing on global markets. I have been in top-5 (or 1) %-ile in maths (GMAT etc) and at B-school as well, so that is something I am inclined to, but my marketing skills are not at par and I find online marketing to be a pain in the neck. Should I just grind it out or find a partner who complements? I need to be here for the next 6-7 years before I can go someplace else.
    3. I hold a 250k equity portfolio (mostly FAMGA) and sold part of it two months ago… it went down by 20% and is now back to where I sold some, and growing. Should I sell some more or wait for another high before it inevitably goes down as Q2 results come in?

    1. 1) Can’t comment as we have no idea how Europe works? We’re not a good place to ask as we have never invested in RE there
      2) This doesn’t seem to be a question? Being good at GMAT doesn’t mean anything its just a standard test? Sounds like you want to leave Europe so simply apply for jobs in APAC/USA and transition over. Partners never work as one guy always does the heavy lifting. We’ve also covered this in the past. No such thing as a 50/50 partnership
      3) You don’t have enough money to worry about investing as stated on front of page. Should spend 0 mins looking at portfolio and hundreds of hours a month working on a new income stream.

  38. I’ve followed your exact advice in efficiency (actually have a grandmother in France)- very helpful to remain completely anonymous no matter what and avoid FINRA problems. Any other golden nuggets or overall strategy you guys have for navigating legal/ compliance issues? Get best bang for buck (and for time) on lawyers? Avoid lawsuits and set things up so they don’t stress you out if you get them? etc.

    Advice on compliance/legal stuff when selling products in a space with regulatory grey areas (quasi medical equipment)

  39. 1. Best way to connect with wealthy buyers/sellers in RE?

    2) What are your top cities to live in outside of the US?

    1. 1) That’s a bit of an oxymoron just go to the areas with expensive homes/apartments not much else needed after that
      2) have not lived outside the USA for more than a few months so cannot comment

  40. I am Air Force Nurse, I am thinking of going back to school to complete my master’s to become a Nurse Practitioner( certain states allow us to prescribe medications). My thoughts were to start my own pseudo TeleDoc or health, or become an independent contracting business. I think our economy is revert back to pre industrial revolution ( we watch new movies at home, shop at home, receive medical at home, barbers come to your home) But School is 30K, I was going to pay it out of pocket, now I am having second thought of paying that. What are your thoughts?

    1. While we agree with your views, that pseudo teledoc/independent contracting would work… we don’t know the medical field at all.

      So just do the ROI on the $30K, if you pay that out how much will you make when you finish (with high probability 90%+). That’ll answer the question for you

  41. Have about 7k saved and just started getting an ecomm business going.

    I’m planning on ordering white-label and making my own labels to put on until I can get decent growth going, validating my business model.

    Do I need to save more?

    1. You’ve already broken the first rule.

      Is there demand for the product at all? Why would you buy inventory and assume growth will come. Demand test see if its worth your time before ordering inventory and blowing your savings on an idea that wont go anywhere

  42. 1) Between Amazon FBA, Shopify dropshipping and affiliate marketing which do you recommend? I’m having trouble picking a business model for my 2nd stream of income as they all seem like viable options, I just know I don’t want to go service based. FBA requires more capital upfront but Amazon does most of the work for you (massively scalable) and the product has guaranteed demand (sales / search volume data). Dropshipping and affiliate marketing on the other hand allow you to test many different products in a short period of time with less risk. Thoughts?

    *Side note* a close contact of mine is very knowledgeable about Amazon, so I can probably get some help from him if I go with FBA.

    2) Currently working as an SDR in tech sales. Working from home and loving the free time. I’m performing well and want to negotiate permanent WFH eventually (or at least 80% WFH) so I can devote more time to an online business. Do you still advise against this? Or do you think WFH is less of a career killer now that companies have acclimated to the idea?

    3) Tips on how to avoid shiny object syndrome when it comes to business? There is so much opportunity out there… it can be overwhelming.

    Thanks!

    1. 1) we went affiliate marketing, if you have a real trustworthy contact to help you with FBA then maybe that’s actually a better starting point. so AM or FBA
      2) Depends on how high up you are. If you’re willing to never get promoted again then work from home. If you want to accelerate career then try to find a way to remain in front of all the political decision makers
      3) Figure out what market you sell well into. After that you won’t care about the other markets. Most people only know how to sell into 1-3 niches but that’s enough to get rich

  43. Register side business with solid career

    I know you recommend registering a side business with e.g. a family member. Could you outline how you approach this exactly? How do you 1) deal with customers and suppliers 2) deal with notary and tax accountants for setting up the business? 3) Anything else to consider?

    And how do you see alternatives like A) asking boss (<10 people HF) if I can register a company (frame in a smart way as if I did it before already) or B) register in a different country (FYI, I am Europe-based)?

    Asking, because I would not want to risk a $250k+ career position this early in my career (mid 20s) for an idea that might generate $10k p.a. and is not extremely scalable. Would see it as a first step and good learning.

    Thank you!

    1. There are no issues here at all

      It takes a few minutes to open any biz account and you just put it under name of family member

      Nothing illegal about your dad starting a online biz. You’re just not telling anyone what you’re doing on nights and weekends which is helping dad.

      If you’re only making $10K a year no one is going to care. If you get big enough you quit… This isn’t an issue at all we’ve seen a lot of people do this now over the past 7-8 years

      No clue why dealing with customers would be hard, it would just be sales guy named “XXX” can be you on the other end since all sales go under the company name anyway. Just have a generic email: Sales@[bizname].com

      Hopefully no one with any sort of an IQ believes the sales reps for these place are all “good looking women” in the profile photos. It’s just a bunch of catfishing to help the sale

  44. So, I’m a Bay Area native with kids. I’m planning on staying put, because family. Was already planning on selling my house in SF this year to move somewhere more family friendly. Also, have two rental properties in Oakland.

    I’m inclined to move forward with my primary residence right now and leave the properties in Oakland unless tenants leave. Make sense? Anything else I can do to protect or even come out ahead? Any other ideas on timing / things to look out for?

    1. Can’t help here? Don’t own anything in SF/Oakland don’t know how it works.

      Our only concern is that area in general will see commercial real estate fall as it’s an area with a lot of tech companies

  45. What are you thoughts on starting a crypto-tax firm as a side gig? I got the cpa part done. There arent many CPAs who specialize in it in my geographic area. Doesnt seem like the need is there at this point, but should grow as adoption occurs.

  46. When would you suggest refinancing a home mortgage? Now, given rates are +/-3%? Wait 2-3 months and hope they drop lower?

    1. Go for it. If it’s lower vs. original rate just do it. If it gets much worse you can do it again.

      Seems like an unimportant answer since savings won’t be much, better to look into buying in 6-9 months (something new if RE focused)

  47. Following your advice on starting in affiliate marketing rather than creating a product. With this approach is it best to hone in on a single product or act as an affiliate for multiple products? Are there any sources you can recommend on the nuts and bolts of getting started once we have found the product(s)

    Thanks

    1. 1) Multiple products, if you’re new you have to find what you’re good at
      2) No as always no short cuts ever. Never will be any never has been any. Copy from competition who is doing well and build off their templates

  48. I had an event recently and have $3m in cash. I’ve put 10% into bitcoin. I don’t want to invest in real estate at the moment and am wanting to put it into the market. How would you do this? Planning on putting it in tranches? Ie 1/3 at a time, if the market dips?

    Cheers!

    1. 1) that’s fine
      2) figure out where you’re going to live and want to live for a long time. Buy place around end of year maybe 2021 depending on city
      3) just dollar cost the rest monthly basis

      Spend all rest of time getting another event we assume you sold a company. Thats highest ROI

      1. I’ve already got a place to live paid off. I just want to re-enter the market. You’re saying there’s no point waiting for dips? You mentioned you’ve been hoarding cash for a recession like this. I live in Europe so won’t do Commercial Real estate.

      2. Ah. Then we cant help you live in europe so we have no idea what markets will drop (no experience).

        Reach out to a finance blog in europe, this is just going to be a guess as we don’t know how the mortgage/rental laws work there. You want to see when people get evicted/foreclosed thats when prices usually get lowered a lot

  49. 1. Investment/risk management club at University and to try to get a position at this club (they are closely tied to a IB)
    2. Be involved at said club and get a part-time job at accounting/financial services firm in the city
    3. Or is it better to focus on extracurricular activities at uni – like fraternity/debate club/sports/cume laude

    If the second option/maybe combined with the first, what is the best way to approach a firm?

    Do I explain the whole situation: I’m trying to break into Investment Banking. Or do I show interest in the firm and ‘lie” my way in, that I am not trying to leave anytime soon.

    1. 1) will add next to no value, just get in the group/club and do the minimum. Look for internships.
      2) See above
      3) No those have no value.

      You have to sign up and be in all finance clubs/groups. Take all finance classes/courses. Then apply apply apply and work tons of finance internships. Start low if you have to (wealth management intern for example) and move on up

  50. In process of establishing/learning passive income through E-commerce.

    Close to launching Amazon FBA store while looking to source product through Alibaba.

    Concerns with this as a model due to China/US relations? Other sectors/products that are more insulated from having to source through China?

    1. Don’t see why it would be an issue, there is manufacturing in other countries in Asia as well. You’d be forced to find a new person.

      So if worried work with someone outside china

Newer Comments »