Fastlane AMA: James Altucher; Startups, Publishing, Bloggin More...

[J. Altucher]

James,

If you have a chance to read this, I would like to really thank you.

I read your earlier post in here about cold e-mailing and I've decided to immediately take action. So, I e-mailed a lifestyle blogger (here's his website) and I suggested 10 things that he should publish, one of them being my weight loss experience. He got back to me within the same day with a couple of things for me to share on his blog. So, we're currently working on a possible guest post about my 265 pound weight loss experience! When it's all and done (hopefully), I'll gladly share it with you guys when it's posted.

So, I would like to also note to y'all to choose yourself (and I bought and read the book as well, which I very highly recommend). It really works!

This turned out to be a very good day.

Ingenius, that's great. The technique really does work.

One thing about advice in general - I never say anything that didn't work for me personally. I'm glad you had a chance to try that particular idea out and it worked for you. You will write a great article. Sounds like you had an intense experience with the weight loss. Please send me the link when you first publish and I hope it becomes a series of articles. Congrats.

 

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[SueC]

Hi James, so glad to see you here, I've suggested a few times that folks check out your blog, and I just bought your book.

I was kind of intrigued to see your comment below, could you expand a little? Aren't folks just sick to death of email marketing?

I also think there's huge opportunity for selling information products via email marketing.

Also do you have any suggestions for how to get past procrastination? I have that plus trouble with focus, it's a deadly combination.

Thanks for taking the time.

 

[J. Altucher]

Also do you have any suggestions for how to get past procrastination? I have that plus trouble with focus, it's a deadly combination.

I procastinate almost every day. But it does wonders for my productivity. Here is my procrtastination technique:

I usually have a primary thing to do and then a bunch of secondary things.

Often I will procrastinate on my primary thing. I will say to myself, "Ok, clearly I am procrastinating" and then BAM, I start knocking off the secondary things one by one. It's amazing how much I get done.

#2. If you are procrastinating it could be your body's way of telling you this is not the right thing for you to be doing. Or you are not ready for it yet. Pay attention to what your body tells you. It might be important.

 

[J. Altucher]

I was kind of intrigued to see your comment below, could you expand a little? Aren't folks just sick to death of email marketing?

Yes and no.

Lets take a quick example. There's a trillion dollars in student loan debt. Let's say you really research this and find 100 loopholes. I wouldn't be surprised if there were 200.

Now you write a $200 book, "100 ways to reduce your student loan debt".

You rent an email list of young people who have recently purchased financial products.

Who knows? You provide value , make money, and build a list that way. It's not a bad thing and it's an easier way than most to make money.

 

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[SueC]

OK so I have another one. You mentioned trust before. Do you think a writer/blogger needs to have some kind of authority or expert status to be able to communicate effectively on some topics?

Take investing for example, or the student loan debt book idea. Do you think someone has to be a finance professional to blog or write with authority or to be taken seriously? Another example might be services for self publishing authors - how to build the trust/credibility?

 

[Hong King Kong]

Hi James thanks for doing this AMA!

Earlier you mentioned your biggest mistake was not having all your relationships in balance when you needed them to be.

Can you elaborate on this? You said it might be a marriage, relationship, partnership or yourself. I'm curious which one of those were more important to you in becoming successful and which stage of your life did you need them to be balanced?

I'm curious because I'm a young entrepreneur and just focused on keeping myself balanced, having a balanced relationship/marriage is very low my priority list at the moment.

 

[GuestUser8117]

I would never own a home. I give the reasons why here in detail: Why I Am Never Going to Own a Home Again Altucher Confidential

But a quick summary:

A) its a huge illiquid investment that you can never sell when you need to (the worst qualities of an ugly investment).
B) historically, housing has never been a good investment (everyone has anecdotes but look at the actual historical returns over the past century)
C) if you like it as an investment, then lever up and buy a diversified REIT. Much much safer.
D) opportunity cost. Instead of that huge down payment, plus mortgage interest, plus maintenance, I'd rather invest in a diversified basket of other investments to mitigate risks while still trying to capture similar or better returns.
E) I hate mowing the lawn or shoveling the snow or changing the air conditioner or fixing the plumbing. That's what landlords are for.
F) I like having cash in the bank. There's a reason houses are called a money sink. That's a nicer way of saying a money toilet.
G) I'm in a 5 year rental right now right on the river that I can easily make 10 years in a great house. There's always ways to do that. And whenever I want to move, I'll move. I am totally mobile.

James, what do you think about renting a home or a condo instead of renting an appartment?

 

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[DeletedUser394]

Just placed my order. Thanks for your time here James, and thanks MJ for everything you do. I think this is the 4th time I'm buying tmfl

 

[omar]

James your awesome period.

James, first off I want to say I'm a professor of writing and I think you're writing is literally some of the best writing I've ever read. No joke. I've always wanted to tell you that. There's something about it and I'm sure you've heard that before.


I couldn't help but ask you two questions. Ill take whatever you have time for.


1. I've always struggled with focusing on one business idea. What's your take on multiple goals vs a single goal?


Say one wants to build a business creating value for a market. I usually have 3-4 business ideas. And since I don't have all the answers, plus have interest in all of them, I'll push each along until I get proper feedback. But then it seems to leads into more confusion. T


How do you go about assessing multiple business ideas? Essentially how do you zero in on the right business thing to focus on.




2. I do a lot of creative digital content creation. Like apps, entertaining sites, etc. It seems all this stuff just needs eyeballs for monetization. While I always consider the market needs, this sort of stuff seems to always need press and coverage.


What's the most valuable steps to take to build an audience in the shortest amount of time? How do you get reporters interested in covering you?


Thanks James!

 

[GuestUser8117]

What kind business would you do given the experience that you have? Or what kind of business would you do according to chances of succeeding?

 

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[Vance]

James,

Thanks for coming on here and for helping out with your great advice. I'm about to order your book and dive into your blog.

I seem to be in the same pattern that you were in with the ups and downs of business. Though my numbers aren't in the millions, they might as well be because emotionally I feel like I'm losing that much. I'm stuck in this cycle where I make great strides and think I'm finally there, then leads or traffic slow up and I'm wondering what the hell is it I'm actually doing this for?

Just curious as to what you grabbed onto for strength during all those low times, and at what point exactly did you feel like you "made it?"

Love your quote of "cash in the bank helps me sleep at night." I just told my wife about that this morning and how that's my new motto.

 

[InMotion]

James,

The Easiest Way to Succeed as an Entrepreneur Altucher Confidential

In the above article under "How do you get that first customer?" in between the communicate and meet stage...are you asking for the meetings or is your objective to provide enough value to them that they invite you in to a meeting without asking?

In addition to the question "what's one product can I build for you that you will definitely buy?" Can you share anymore of your favorite lines of questioning for discovering opportunities or problems worth solving?

Thanks.

 

[rorschach]

Best. Thread. Ever.
Thank you for providing so much useful info to us James.

My questions to you:

1.Earlier you said procrastination might be your body's way of telling what you are doing is not the right thing, or it could mean you're not ready. How does that compare to making excuses and not wanting to step out of your comfort zone? Isn't breaking through procrastination a good thing? Doesn't it mean you're growing?

2.How do you go about making important decisions? Do you contemplate for hours or are you a full on yes-man?

3.If I put too much importance on a goal it will hurt the process of achieving that goal. I will hesitate and become afraid of failing. How do you balance wanting something and yet not caring enough so you'll take the risk?

again, thanks for taking the time to answer our questions!

 

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[Jonleehacker]

James,

Will you share with us your process for writing a blog post.

Everything from idea, to title, to the process of writing and then promotion.

Thank you,

Jon

 

[J. Altucher]

Will you share with us your process for writing a blog post.

Everything from idea, to title, to the process of writing and then promotion.

I read for three hours ever morning. I'll usually go through chapters in 2-3 "dirty realist" autobiographical fiction books (Carver, Bukowski, Denis Johnson, Miranda July, James Baldwin, Tim O'Brien, Sam Pink, and about a dozen others are on my list of go-to guys), then I'll read some non-fiction, then some inspirational.

Then I'll sit down and think of something really shitty that happened to me that I would be embarrassed if my mother, kids, or current colleagues knew about. Then I write about it. Somewhere in the middle of writing it, I'll twist in what I learned, but not in a preachy way, more in a storytelling way.

An example might be:

My first customer is now dead: My First Customer Is Now Dead Altucher Confidential

or

I want my kids to be drug addicts: READY: I Want My Kids to Be Drug Addicts Altucher Confidential

Lately, I've been doing something new. I've been editing inside the Facebook status update window. How come? Because it makes me really cut out every additional line, word, paragraph. There can be no extra words in a facebook status update or people click away.

Usually my final revision (and I'll do up to 10-20 rewrites per blog post) is about 30% less than my original version. And, in general, I write less words per post now than two years ago just because I edit harder.

Another thing I do is go to kdp.amazon.com and look at the most highlighted passages from different books. I like to see what sorts of language and themes are resonating with people. I don't take those passages but I think about them and how they apply to my own life.

Everything ultimately has to be about my own life. I don't know about anyone else's. I can't advise on anyone else's. I know what shit I've been through and how I've gotten through it and I write about that.

So, summary:

A) I read a lot
B) I write every day. And then rewrite
C) if it doesn't bleed, it doesn't lead. Almost every line has to be a cliffhanger.
D) I have to entertain
E) last on the list is try and provide value. But this is hard. First I make sure I provide value to me. Writing ultimately is my way of finding out what happened to me.

 

[J. Altucher]

E) last on the list is try and provide value. But this is hard. First I make sure I provide value to me. Writing ultimately is my way of finding out what happened to me.

Oh, and I should add: I then post on 4 different FB pages that I manage, on G+, on LinkedIn, and on Twitter. And sometimes on reddit. Then other blogs syndicate what I write.

In terms of title. I pick a title that is relevant to the story that I KNOW people will click on.

Like:

"How I Screwed Yasser Arafat out of $2 million and then lost another $100 million in the process"

sounds like a BS title but it's totally true. So because people know it's going to be true on my blog, people are going to click on a title like that.

How I Screwed Yasser Arafat out of $ 2mm (and lost $ 100mm in the process) Altucher Confidential

 

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[J. Altucher]

1.Earlier you said procrastination might be your body's way of telling what you are doing is not the right thing, or it could mean you're not ready. How does that compare to making excuses and not wanting to step out of your comfort zone? Isn't breaking through procrastination a good thing? Doesn't it mean you're growing?

My rule #1: I never do anything I don't 'want to do. So if I'm procrastinating at something, it doesn't mean I am "bad". It means (in part because I know I'm operating on all cylinders most of the time) it means that perhaps there's something wrong.

Example: someone shows me a great great deal but I'm procrastinating on calling him back. Something is probably itching inside of me that the deal is no good and I need to research further.

rule #2: always have my backup list. If I'm procrastinating I just switch gears and start returning emails or doing stuff on all my secondary projects. Procrastinating on the tier one projects always helps me get done the tier two projects I've been avoiding.

But you are right, I have to examine if perhaps this is just me not wanting to go out of my comfort zone. So I make sure every day I go alittle out of my comfort zone in some way so I don't feel blocked in that way. Usually by writing every day I go out of my comfort zone in some way.

Today I went out of my comfort zone by giving harsh advice to a friend that needed it. It's hard for me to sometimes be harsh with someone I like. I'm not a tough love kind of person. But I did it today and I don't know if it worked or not. For me, that's out of my comfort zone to not know something like that.

 

[J. Altucher]

2.How do you go about making important decisions? Do you contemplate for hours or are you a full on yes-man?

3.If I put too much importance on a goal it will hurt the process of achieving that goal. I will hesitate and become afraid of failing. How do you balance wanting something and yet not caring enough so you'll take the risk?

If I feel too badly like I want something, then it's probably not good for me. If I'm worried someone won't "choose" me for something, then it's probably not good for me. I have a lot of ways of knowing if something is not good for me.

I'm in the middle of making a decision now about something. I listen to what is being offered. I talk to the two or three people I trust the most, and if it feels right I do it.

Right now my most important thing to me is balancing my business interests with writing. So if it fits in or contributes to that model without risking financial safety, then I am good with it.

By the way, rather than being a yes-man, the most important thing is to be able to say "No".

When someone first asks me to do something, I say "No" (saying, "It's not quite right for me but I'm willing to listen" is a way of saying no)
Then I say "No" again, (saying, "I'll listen but I have to talk to people and think about it)
And saying "No" a third time is important (e.g. I get paid X to do something like this is a way of saying No)

Then if they get through those hurdles and I've listened and gotten advice and its something I want to do and the money is right, then I say yes.

And yes, if you put too much importance on a goal, you kill the goal.

So I diversify my goals as much as possible. Make sure that multiple outcomes are all equally good for me, and then I don't get too emotionally attached to any one goal.

For instance, I'm on the board of a private tech company that is having some troubles. I am doing my best to help it. If it doesn't work out I have 20 other investments.

Or, I'm writing a novel. But I've never done that before (out of my comfort zone by a long shot). If it doesn't work out, I also write non-fiction every day.

I don't stress myself out with goals. Life is too short and I want to be happy and make money. So, in a weird way, I keep expectations low for any one goal and then I know I will always exceed them.

 

[J. Altucher]

The Easiest Way to Succeed as an Entrepreneur Altucher Confidential

In the above article under "How do you get that first customer?" in between the communicate and meet stage...are you asking for the meetings or is your objective to provide enough value to them that they invite you in to a meeting without asking?

In addition to the question "what's one product can I build for you that you will definitely buy?" Can you share anymore of your favorite lines of questioning for discovering opportunities or problems worth solving?

Sometimes I ask for the meeting, sometimes they ask. But it's always give and take. I have to give something of value. Nobody is really that interested in giving me anything of value. When I built stockpickr.com I wanted to partner with thestreet.com because I wanted them to send all their customers and ad dollars to me.

So I had to come up with something they needed. Well, Wall Street loved social media. And I had the "Myspace for Finance" (myspace was hot then). Plus I gave their customer extra ways to stay on the site and create pageviews. I ended up generating an extra several hundred million pageviews for them.

When coming up with something to say to potential customers, always start with either questions ("what do you want?") or tell them ("You want your stock price higher. I can help." or "You want to sign with a record label. I will make that happen") In both ways you have spoken directly to their ego and their attention will be spiked.

 

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[J. Altucher]

their attention will be spiked.

In other words, don't start with your own story or skills or product. That is boring to them.

You are then like every other person who comes in their office trying to dance for their attention.

 

[J. Altucher]

Just curious as to what you grabbed onto for strength during all those low times, and at what point exactly did you feel like you "made it?"

Love your quote of "cash in the bank helps me sleep at night." I just told my wife about that this morning and how that's my new motto.

In my book I describe what I call "the daily practice" which I described earlier on this thread. It's corny but it's the oNLY thing that helped me.

I will tell you: one time I tried something else - My ex was leaving me, it was Thanksgiving and I was eating in a deli, and I was going broke and losing my house.

So I put an ad on Craigslist saying, "I'm a psychic and will answer all questions".

I only answered the questions sent to me by women.

The results are in my book.

But basically, the daily practice I describe is better.

In terms of when I feel like I "made it".

I was talking to my wife about this recently (good that we both talk to our wives):

I was telling her when things are going very well I sometimes am anxious that I can't keep it going this well. And when things are going poorly I get anxious they will continue poorly.

This is an issue for me. Most of the time now, I'll admit, things are going pretty well. But I never feel like I've made it. I have to try harder to not try so hard.

 

[Vance]

Thanks James.

Your insight makes me appreciate my Amazon Prime membership fee. The book arrives tomorrow! (You may use this testimonial as you wish)

I try to relate my successes and failures to Maxwell Maltz's theory of our self-image. When I look at my background and growing up, including my family I can totally relate. I just can't seem to put it all together yet. Maybe that's why I like your stuff so much. That's a compliment believe it or not!

Will continue to follow. I don't like Journey's either. I like destinations. Destinations full of stress-free days and wealthy happiness.

 

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[J. Altucher]

I don't like Journey's either. I like destinations. Destinations full of stress-free days and wealthy happiness.

Funny, people always say it's about the journey.

I really hate that. When I'm traveling, I can't wait to get there. Or I can't wait to get back home. But the journey usually sucks.

 

[Jonleehacker]

Thank you James, this is amazing stuff. I really appreciate the insightful answers.

 

[InMotion]

One thing I would like to point out. James has an section of his blog titled "Ask James" in the far right hand corner. Lots of previous Q & A posted there...great information.

Ask James Altucher Confidential




Found a great article there titled "What You Can Do If You Are a Nobody":

http://www.jamesaltucher.com/2012/10/what-you-can-do-if-you-are-a-nobody/

Found a new favorite quote of mine in that article:



"There are no gatekeepers in life, preventing you from doing what you want to do. You are your only gatekeeper. You are your only prison warden." ~James Altucher

 

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[Eskil]

Just wanted to comment here and thank James for his time, and this great thread. Speed+ to you. (Speed already given to InMotion).

I think my only question to James at this point is:
- Can we hope to see you around here again on the forum from time to time?

 

[forchunet]

James - thanks a lot for this thread. I bought your book and have added it to my queue.

I started a materials supply company last month that solves the specific needs of real estate investors. Basically its an online based menu of select construction supplies that real estate investors use most often. Theres more to it, but I don't want to bore you with details...

The need is there, I've talked to dozens of investors who agree, some saying they would pay me a 20% premium if I ever got it running right. I also have a survey of 180+ respondents who generally want the service (which means little to me btw, just some initial motivation that I needed to get out of the way)

After 1.5 months since I came up with this idea I'm four days away from launching and opening up to take orders (have spent last month putting together a small inventory, website and a barebones fulfillment process). I have a marketing plan down to the T and will execute no matter what, thats not the issue. I will be cold calling, door knocking, etc.. I will be pulling all the stops to make a sale before the end of the month. I will be successful.

BUT

even with all this, some evil bitch nicknamed doubt, fear and insecurity showed up the other day as I came closer to launching. I pushed through it and forced myself to speed up my timeline instead of further postponing. The best validation is to get it out there now so I've decided that I will make a sale this weekend, guaranteed.

...Basically I don't know what I'm asking, I was just hoping for reassurance that this doubt is just the little bitch inside me forever trying to condemn me into the life of a slowlaner. The same little bitch that all successful entrepreneurs before me have faced and conquered in the past.

 

[TedM]

BUT, think of ten articles about coffee you can write for each influencer, FOR FREE. Or better yet, ideas you would read if THEY WROTE IT. Or better yet, write the articles and just send them.

James-
Coming back to you for the coup de grace

Writing an email to people who don't know me...


=>> How do I get my email opened, at least?

Would you give me a few subject lines *you* would use?

Thanks!
Ted

 

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[Berto]

BUT

even with all this, some evil bitch nicknamed doubt, fear and insecurity showed up the other day as I came closer to launching. I pushed through it and forced myself to speed up my timeline instead of further postponing. The best validation is to get it out there now so I've decided that I will make a sale this weekend, guaranteed.

...Basically I don't know what I'm asking, I was just hoping for reassurance that this doubt is just the little bitch inside me forever trying to condemn me into the life of a slowlaner. The same little bitch that all successful entrepreneurs before me have faced and conquered in the past.

This is actually a very valid question, and a problem that nearly all of us have at some point.

I'd paraphrase it as "How do you motivate yourself to push something out the door even if you know it's not 100% ready?"

This is right in James' wheelhouse...

 

[J. Altucher]

=>> How do I get my email opened, at least?

Would you give me a few subject lines *you* would use?

- "We have a mutual friend in X" where X is a GOOD mutual friend
- "X suggested I write you about your business"
- "I wish you had trashcans in your lobby and 10 other things I would do if I were you to improve XYZ Co" - where XYZ Co is their company and they actually dont hvae trashcans in their lobby (or some other first idea)
- "My last 5 businesses succeeded and I really want to share one idea with you"
- "I've never done this before but I have a comment on your last business activity/article/speech/etc"
- "I need your advice on one thing and it's directly relate to your business."
- "I loved your last book/article. Two thoughts:"
- "I read an article you wrote in 1972 and I have one quick question about it. Fascinating stuff."
- "Whoever is handling your PR is not doing a good job. Here's what you should do today"
- "I found some security holes on your website. I have a series of fixes you might want to use."
- "Here's an idea specifically for your fund that will give you negative correlation to your returns."