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Recent content by Young Money

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  1. Young Money

    Creating my own product in eCommerce

    EXECUTION 
    How’s it coming along? Interesting thread btw, I just came across it!
  2. Young Money

    Is Donating 10% of Profits to Charity too much?

    I admit this is one of my concerns, especially if it ever came to the point where we wanted to sell the company. Having 10% of the profits allocated towards charity could lead to a lower valuation and a smaller liquidation for us? I don’t know, it could scare off potential buyers. I’m glad to...
  3. Young Money

    Fiverr is awful (my experience of outsourcing work using Fiverr)

    PEOPLE 
    Here’s how my experience usually goes with Fiverr: Seller offers 3 Packages Basic $22 Standard $50 Premium $95 Based on my requirements for the task and the description the seller has for each package, I assume my service cost will be Basic. But they don’t let you proceed to pay, they always...
  4. Young Money

    Random Chat, Thoughts, Posts, and/or Rants Thread

    CHAT 
    Some people are so disgusting, wouldn’t surprise me at all if people spit in nice convertibles. Reminds me a little bit of the losers who were licking ice cream in grocery stores and putting the lid back on.
  5. Young Money

    Is Donating 10% of Profits to Charity too much?

    I love this idea! So smart, thanks for sharing the graph it really breaks it down nicely!
  6. Young Money

    Is Donating 10% of Profits to Charity too much?

    Thanks a lot for the valuable insight @Kak . Kind of funny that my girlfriend's number of 10% is the same as yours. I really like the analogy of giving charities golden eggs as opposed to geese to slaughter. Definitely makes sense to keep 90% to reinvest in your business, which then in turn...
  7. Young Money

    Is Donating 10% of Profits to Charity too much?

    Lol ah gotcha! That is very interesting. Subconsciously, knowing the more you sell, than the more you are helping others probably causes us to work harder.
  8. Young Money

    Is Donating 10% of Profits to Charity too much?

    Yeah I guess if its off net profits its less risky. Would look good to have on the website for sure, don't want to advertise it too hard though or people might think I'm just "boasting" charity donations to increase sales
  9. Young Money

    Is Donating 10% of Profits to Charity too much?

    Interesting theory. Though, I don't think it would look good from a branding perspective to be giving away a percentage of profits to charity and then suddenly stopping.
  10. Young Money

    Is Donating 10% of Profits to Charity too much?

    You've got a point there! Lmao
  11. Young Money

    Is Donating 10% of Profits to Charity too much?

    I am open to new perspectives, I just want to be careful and consider each detail. Maybe see if other Fastlaners with successful businesses were able to grow while still having a charity component? Thanks for your opinion, I tend to agree that it would be better to ruthlessly grow the business...
  12. Young Money

    Is Donating 10% of Profits to Charity too much?

    I’m starting a business with my spouse and she is adamant that we donate 10% of the profits to charity. While I am all for supporting charities and helping out the community, I am worried that such a significant financial commitment could limit our growth and make it difficult to compete with...
  13. Young Money

    I violated CENTS and my business failed..

    MINDSET FAILURE 
    Right. I sort of mixed up my definition of scale. The magnitude on my product is not bad, a few hundred bucks/unit, which is about 10X my last product. And it is something that millions will buy so it is a good scale-able product. Thanks for clarifying. I'm reading your "Building an Empire"...
  14. Young Money

    I violated CENTS and my business failed..

    MINDSET FAILURE 
    Thanks for the encouragement. Interesting to hear your perspective on FBA. Yes, race to the bottom is right!! And the high PPC cost just diminished any profit I hoped to make. I sold all 750 units of my product eventually, but I ended up in the hole. I must admit to having been swept up in the...
  15. Young Money

    I violated CENTS and my business failed..

    MINDSET FAILURE 
    My first product failed and I lost a lot of money on it. Now I’m looking back at what went wrong to make sure I don’t make the same mistakes for the new business I’m starting. Well, all I really had to do was a CENTS analysis and it became clear very fast! First Business (Amazon FBA Product)...

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