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GOLD! The MAIN difference between someone who makes 100k /year and someone who makes 1m?

Andy Black

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We lie to ourselves that it's better to not have employees since it's more aligned with subconscious goals. Less employees typically equals more freedom in the short-term. They're an additional component that needs to be managed, even if you're outsourcing. So our preference is to not hire them and stay small vs hiring them and adding on short-term headaches that can eventually be delegated.

Eventually those headaches are worth it, but it's something that I see myself and other entrepreneurs avoiding as much as possible. Even in this thread I'll bet that my reply gets less likes and replies since it's not aligned with the culture of "online, automated income". However, if you look at any billionaire, almost all of them made it there by having a lot of people under them. Same if you meet with multi-millionaires - it's an extrapolation of that.
Having a team has made my life and business much better. I’ve no desire to have employees on a payroll though. Having a team of freelancers gives me the upside I want without the downside I don’t want. I’m curious if you meant they had to be employees? I’m guessing not, but ask just in case...
 

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eliquid

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Very few people have touched on it, but I feel it comes down to belief.

Belief knowing you can and will do it.

As someone with no team, no soft skills, and limited scale.. I was able to go from one extreme to the other.

I also dabbed in many industries and ideas.

The one thing that glued it all together, I knew I was going to make it and that belief helped me through thick and thin.

I guess you could also label it as grit and determination, but I feel you have to have the belief for that to even work out too.

.
 

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Game 7 of the NBA playoff series between Golden State and Houston showed it ........ Houston 'should' have won. They 'thought' they could. ...... Golden State won. They 'knew' they would win.

You could see it in their eyes coming down the stretch of the 4th quarter. They took it up a notch in crunch time and fought through to give their best performance when it mattered the most.
 

eliquid

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Did you have this belief right from the beginning or did you develop it?
No lie, I always had it.

My mom dug out a cassette tape where I recorded myself singing at like 8 years old. On this tape I was singing a song I made up and in the lyrics I mentioned over and over again how I was going to be rich and successful.

Besides that, I had a lot of other experiences where I just knew my time would come.

Not trying to brag or sound conceded. Just wanted to show the belief was always there. Sure, it could have all been conquincidence too. Regardless, the belief was something I feel I did not develop.

.
 

Longinus

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Mind you this is just my opinion.
I would say mindset and ambition are the most important factors.
All the others factors mentioned in the thread are likely just as important but of little use if you have a shitty mindset and no ambition.


Here is a question I am curious about:
What is the difference between the entrepreneur that makes 6 figures vs. 7 figures via a web design company?

While it may not be the best/easiest way to build a 7 figure business it shoud certainly be possible. Imo if you can scale a hard to scale business to 7 figures the skills you need for that should be also very valueable for a business that's easier to scale.

Besides mindset and ambition I can think of these:
- human resources (hiring a+ employees)
- management skills (get the most value out of your employees but also your business grows the skill to manage managers that work for you)
- building repeatable processes and systems

What do you think?
Funny you say that. I know a web agency that had 14 people working. One day the owner fired them all. He said it's not profitable with the staff and continues on his own. Smaller, but more profitable.

So yeah, maybe you can make big revenue with a lot of staff, but it also affects profit. Really depends what type of business of course.
 

Andy Daniels

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Belief knowing you can and will do it.
Definitely this.

I've noticed that the millionaires are the people who take risks that others won't. Those who dare travel down the road less traveled.

Also I firmly believe that creativity is key. Being presented with a problem, and finding a unique and valuable solution every time.
 

eliquid

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Also I firmly believe that creativity is key. Being presented with a problem, and finding a unique and valuable solution every time.
yes yes yes
 

MHP368

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I'm going with "Habits, discipline, mindset"

The best idea is worthless if you can't fund it because you have too many vices or you can't execute because you keep getting sidetracked or you can't scale because...

Use the hotdog stand example, hard to scale but not impossible (ever hear of oscar meyer or hebrew national?) , so its an inherently non fastlane model but we have real life examples of how it can meet all the criteria and become something big, but no one who can't balance a checkbook or get off facebook long enough to do some work will ever be that guy.

I think you'd find that the majority of millionaires have some kind of millionaire inducing mindset / personality traits etc and a much smaller % are like "mad scientist / adhd" types who just had brilliant ideas that were so good they just couldn't make money.

To further rag on this, idk how many of you are familiar with "extreme early retirement" / FIRE ? , so mathematically even someone with literally no business to speak of can build themselves a healthy nest egg using the methods that we think of as "ways to keep wealth" instead of "ways to make wealth" , they just do it by having an iron will (and a really boring bland life) - still makes my point though , the well disciplined entrepreneur is going to run laps around the guy with the gambling addiction who sleeps in every day even if sleepy gambler man executes slightly better (or has any other of the Nects keystones working in his or her favor)

You have to have like, an exponentially better head start on some other criteria to make up for poor mindset / willpower / discipline (however you wish to describe it) and even then, those are the people that might give up too soon on an idea that has legs, or fail two or three times and give up entirely, or are prone to making life shatteringly bad decisions.
 

Get Right

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1. Getting the hell out of your comfort zone.

Did you have this belief right from the beginning or did you develop it?
I had to develop mine.
 

MHP368

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grit and determination
Yah got moxy kid , spunk , chutzpah , the right stuff.
 

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Monica Rose

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Good point.

What I personally meant by saying scaling is having a business model that can scale.

I can’t scale because I do the coal-face work every time I take on a client, and am even turning down clients. I need to switch to a model that can allow me to scale.

I don’t do any paid advertising for my service. I couldn’t cope with the additional work.
We are working on this right now as we are in a very similar position. I have read two books recently that might help you, both of which I found on another post on this site. The first is the E-Myth Revisited by Michael E. Gerber, and the second is Built to Sell by John Warrillow. My husband and I make six figures currently running our wholesale company remotely (we have a couple of suppliers that drop ship for us), but because of the level of personalized service we offer our customers, we've been hesitant to market our business aggressively. We are currently working on improving our systems/automation (leverage) to create a business worth scaling. If we focused on scaling without the systems (leverage), we'd have to hire a team and change our business model. If we focus on leverage first and then scale with better leverage, we may still have to hire eventually but then even our employees will be able to operate more effectively and do more with less time
 

Monica Rose

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We lie to ourselves that it's better to not have employees since it's more aligned with subconscious goals. Less employees typically equals more freedom in the short-term. They're an additional component that needs to be managed, even if you're outsourcing. So our preference is to not hire them and stay small vs hiring them and adding on short-term headaches that can eventually be delegated.

Eventually those headaches are worth it, but it's something that I see myself and other entrepreneurs avoiding as much as possible. Even in this thread I'll bet that my reply gets less likes and replies since it's not aligned with the culture of "online, automated income". However, if you look at any billionaire, almost all of them made it there by having a lot of people under them. Same if you meet with multi-millionaires - it's an extrapolation of that.
Agree completely! My husband and I are in this position ourselves where we make a decent income running a wholesale business using drop shipping. Because of our business model we've managed to grow significantly without yet adding any employees. Our suppliers have the bricks and mortar facilities and we use software/technology that has helped us scale. We've weighed the pros/cons of having employees to help us grow further, but haven't been ready to give up the freedom/independence yet. We know we will have to if we want to take our growth to the next level, but we are currently working on defining our business model/process and improving our back end systems, that way when we do hire our first people we first of all know what we need them to do, and second of all can make more efficient use of their time.
 

Real Deal Denver

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You have to have a scalable product, and then an attitude to break through barriers. Yes, break through.

I just had the most fascinating conversation with a good friend of mine over the weekend. I found out things I never knew about him. Turns out this guy is a genius but has no need for admiration or approval, so he doesn't talk about it. Therefore, only he and a very few close associates knew about his ventures. Luckily, I am now on that list of the very few.

He had a business that he dominated. It did extremely well. He was the recognized leader of the "Rolls Royce" high-quality part of that business. This was an offshoot of where the main part of the market, so he never really jumped into the most profitable part of the business. I asked him why not, since he so completely conquered and dominated a smaller, more specialized, part of that business. He said the main business was closed off to him because he had to pay for a licensing fee to sell his products, and the organization that sold the licensing fees had a limit of companies they would work with - and that limit had been reached. End of story. Or so it seemed.

He never achieved breaking into the incredibly lucrative market because there was no opening available to him. I said bullshit. He said what? I didn't understand the word impossible, to which I said he was right. I spell it differently. I spell it I'm possible.

He asked me what he could have possibly have done to break through that glass ceiling. I said to do what any red-blooded business owner that was determined to succeed would do.

I said to find the weakest player in the coveted list of players and buy the company. No partnership - buy them out. Money was not an issue, as they were selling their products for triple what their competition was, and couldn't keep up with demand. But they could not bust into this other market segment.

We both hit our foreheads at the same time! He realized he had to change the rules of the game and use different tactics - and I realized that we (if we had been working together) could have easily busted into that market and conquered it, just as he had already done in a different segment.

There is ALWAYS a way. That's the rule to success. Albert Einstein said, "You have to learn the rules of the game and then play better than anyone else." That doesn't say you have to be the smartest - or the most established - or the biggest. Be the best. He was clearly the very best at what he did, but he did not have the small Rhino DNA strand that I do in my DNA. That's the difference.

Now that we both know so much more about each other, we are planning on moving forward together in different business ventures. He also had a few difficulties with former people he worked with, which I proceeded to crush right before his eyes. One was financial equity. I told him I would give up 10% of my equity to him if it meant tripling my business income. I'm not greedy. Another guy he worked with was very greedy and a very strong partnership was destroyed over a piddly amount of money. Everyone here would be surprised how much income that only 1% ownership of McDonalds would bring them (over a BILLION dollars). Go for the gusto!

This weekend was such a shocking eye-opener in so many ways. It may be the best weekend I have ever had in my life so far. I hope so anyway.

I have learned a lot here. With the focus of MJ's books, a great product, and a bit of busting through walls mentality - things are looking way up. I now also have a partner that is as close to being a blood brother as one can be to work with. We both know and trust each other completely. Well, I should say now that I know about his "secret" part of his life... he is a bit paranoid about someone stealing his ideas so he tries to be as secretive as possible. I liken him to a tiger - very stealthy. That, combined with my Rhino methods of nothing stopping us means nothing will.

Great thread. This came at just the right time.

I would add one more thing. Plan plan plan. Success is when planning intercepts with opportunity. You never know what opportunity will show up all of a sudden. I have been planning for a long time - and now everything can come together (finally!).
 

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I think the main difference could be as simple as picking the right business model. E.g. Subscription vs one-off sale. Easy to scale vs not easy to scale.



For knowledge workers like myself, another consideration is encapsulating our knowledge and removing ourselves from the coal-face.

Hitting the $100k/year mark as a consultant/freelancer is common enough. Hitting 10x that is rarer.

I’m not going to hit $1m/year doing what I’m doing the way I’m doing it. I’m too much a consultant bound by my time. I could charge more, but that’s still not breaking out of the time-for-money model.

I figure I can scale using one or more of:
  • People
  • Processes
  • Technology
I’ve no desire to build a big headcount, so I’m focused on finding models that allow me to encapsulate my knowledge and scale via Processes and Technology.


EDIT: I’m wrong. The MAIN difference between a business doing $100k/year and one doing $1m/year is the jockey (because they’ll know which horse to ride and when).
With all due respect, you can reach $1 mil. there are many gurus doing those sorts of figures.

Just emulate them. From my (little bit of) research on them - what I've found is that they build ever-green webinar funnels (basically a recorded webinar that makes it seem like its live), they provide free value in the webinar and towards the end they sell a $1000 product. They then upsell their consultation for around $2500 - $5000.

With those figures its def. possible to reach $1 mil.

If you have those webinars played daily (just in time) and sell 3-5 of those $1000 value packed information products, and you upsell 1 person for every 10 people that buy the $1k product. Dude, you'll hit a million bucks easily.

You just need to hire the right agency that's familiar with building these sorts of funnels and invest $50k (half towards building the funnel other half towards ad spend for the first month).

There probably compnents I'm missing, but that's like the 10,000 feet overview of how they do it.

Ask @Lex DeVille I believe he's worked with some of them.
 

Lex DeVille

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With all due respect, you can reach $1 mil. there are many gurus doing those sorts of figures.

Just emulate them. From my (little bit of) research on them - what I've found is that they build ever-green webinar funnels (basically a recorded webinar that makes it seem like its live), they provide free value in the webinar and towards the end they sell a $1000 product. They then upsell their consultation for around $2500 - $5000.

With those figures its def. possible to reach $1 mil.

If you have those webinars played daily (just in time) and sell 3-5 of those $1000 value packed information products, and you upsell 1 person for every 10 people that buy the $1k product. Dude, you'll hit a million bucks easily.

You just need to hire the right agency that's familiar with building these sorts of funnels and invest $50k (half towards building the funnel other half towards ad spend for the first month).

There probably compnents I'm missing, but that's like the 10,000 feet overview of how they do it.

Ask @Lex DeVille I believe he's worked with some of them.
The coaches I worked with did use that process, but they didn't sell a $1,000 product at the end. They sold $15,000 to $30,000 products at the end. You can definitely hit the mil mark with that.

We do have to make the distinction between a coach and a consultant. They fulfill different roles. A consultant is in the trenches a lot more than a coach, especially a high-ticket coach.

High-ticket coaches spend $15k+ to learn the funnel system. Then they spend money to hire a team of people to build the system and get it working properly.

Once they have a proven system and they start earning sales, then they expand their sales team so they can scale that part of the process.

After that they turn their coaching into courses or group programs so they aren't exchanging 1 for 1 time. Later they bring on "breakthrough coaches" or whatever they call them. These are sub-coaches who do the coaching for them.

They also usually have a full-time assistant, business manager, copywriter, web designer and several other members of their team who may be traditional employees or just freelancers.

Coaches are supposed to help people work through problems and find their own solutions. Consultants, on the other hand, are specialists who work directly with a business to solve a specific problem in a specific way. So I'd say it's much harder to scale a consulting business, but definitely can still be done. Mainly it's a matter of charging the right amount for your time to make the numbers work.
 

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What is the difference between the entrepreneur that makes 6 figures vs. 7 figures via a web design company?

While it may not be the best/easiest way to build a 7 figure business it shoud certainly be possible. Imo if you can scale a hard to scale business to 7 figures the skills you need for that should be also very valueable for a business that's easier to scale.

Besides mindset and ambition I can think of these:
- human resources (hiring a+ employees)
- management skills (get the most value out of your employees but also your business grows the skill to manage managers that work for you)
- building repeatable processes and systems
I have a friend who co-owns a 260+ employes software outsourcing company, a CEO there, and actually founded it alone and got a partner later, so that's pretty similar to web design business I guess.

From my observations:
  • Trusting and delegating really important parts of the business.
  • Building processes/systems and company culture to make hiring easier. That's his focus #1.
  • Really thinking big and on the high level. Like the market is going that way, we should start marketing this and that and start hiring people with these skills. That's focus #2.
  • Jumping into any minor issues in his company that he knows about. Don't know if that's right, but probably it can lead to bigger issues over time so worth fixing asap. On the other hand, he's not that deep in what his company is doing well. Like he doesn't know all the clients and even how many employees he have at a given time.
  • Watching what his competition is doing and instantly responding to it. Often I have a feeling that he knows more about his competition than about his own company, lol.
  • Constantly looking for a way to scale both in terms of landing clients and the delivery part of the business. That's focus #3.
  • Have really high ambitions. They made a deal with his partner that they would sell a company for $10m one day and got a real offer for that not long ago. Passed, cause he thought that the deal was $10m each, not in total... His partner is a little upset about that, but their goal now is $50m in total.
A short story of the company.

It got stuck on ~24 employees for about two years. That's when he got a CTO partner, allowing him to focus 100% on CEO responsibilities. Then quickly grew to 80 and slowly to 120 again. After that it really took off, almost doubling in a year. He had like 220 employes in winter, 260 now so still growing fast.
 
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Andy Black

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With all due respect, you can reach $1 mil. there are many gurus doing those sorts of figures.

Just emulate them. From my (little bit of) research on them - what I've found is that they build ever-green webinar funnels (basically a recorded webinar that makes it seem like its live), they provide free value in the webinar and towards the end they sell a $1000 product. They then upsell their consultation for around $2500 - $5000.

With those figures its def. possible to reach $1 mil.

If you have those webinars played daily (just in time) and sell 3-5 of those $1000 value packed information products, and you upsell 1 person for every 10 people that buy the $1k product. Dude, you'll hit a million bucks easily.

You just need to hire the right agency that's familiar with building these sorts of funnels and invest $50k (half towards building the funnel other half towards ad spend for the first month).

There probably compnents I'm missing, but that's like the 10,000 feet overview of how they do it.

Ask @Lex DeVille I believe he's worked with some of them.
The coaches I worked with did use that process, but they didn't sell a $1,000 product at the end. They sold $15,000 to $30,000 products at the end. You can definitely hit the mil mark with that.

We do have to make the distinction between a coach and a consultant. They fulfill different roles. A consultant is in the trenches a lot more than a coach, especially a high-ticket coach.

High-ticket coaches spend $15k+ to learn the funnel system. Then they spend money to hire a team of people to build the system and get it working properly.

Once they have a proven system and they start earning sales, then they expand their sales team so they can scale that part of the process.

After that they turn their coaching into courses or group programs so they aren't exchanging 1 for 1 time. Later they bring on "breakthrough coaches" or whatever they call them. These are sub-coaches who do the coaching for them.

They also usually have a full-time assistant, business manager, copywriter, web designer and several other members of their team who may be traditional employees or just freelancers.

Coaches are supposed to help people work through problems and find their own solutions. Consultants, on the other hand, are specialists who work directly with a business to solve a specific problem in a specific way. So I'd say it's much harder to scale a consulting business, but definitely can still be done. Mainly it's a matter of charging the right amount for your time to make the numbers work.
Thanks @100k @Lex DeVille

What Lex described is totally not the vision I have for my business. I even have a filter that any email mentioning "webinar" gets deleted. I'm not a coach, I'm a consultant/practitioner. I prefer getting it done rather than coaching people to do a half-arsed job in 10x the time it would take me to do it. If I was to ever create a marketplace ad it would be to hire me to do the work, not to get coached by me. I don't want to sell shovels, I want to be in the mine digging the gold out. I’m allergic to the shovel selling guru world.

However, I do want to setup some info-seeker funnels, get people onto a short automated course delivered by email, and take it from there. I'll just use Google paid search to send visitors to a squeeze page (as we do for some clients funnily enough). To scale I have to put a money nozzle on the end that is NOT dependent on my 1-2-1 time (like my course, paid email newsletter, a plugin I have in mind, signing up to a directory or some other productised service, etc.). I’d be embarrassed to put an automated webinar up on a sales page that pretends to be live. Just call it a video and let people watch it ffs.
 

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MJ DeMarco

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Upgraded to NOTABLE, lots of great insights.
 

Pat D. Rick

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I think Network should also be mentioned here.

It's when business owners appear on shark tank, looking for investors to open some doors for them.
It's when you have a client that reffers you to another even higher paying client, so you can make money on magnitude.
It's when Elon Musk's businesses were out of cash, but he knew who to call to get some more money in.

Getting in touch with the right people should not be underestimated, especially if they have the right mindset as well.
 

AceVentures

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Exceptional people skills.

One common trait I find among all the millionaires I know - they all have an uncanny ability to win people over. They're typically very charismatic, have a wonderful sense of humor, are genuinely friendly in their approach with people they're meeting, they offer tremendous value in conversations and meetings, they handle tense situations calmly, they're open-minded and receptive to new ideas, etc. The list goes on, but the takeaway is their people skills.

To be bold, to form a dream team, to properly network, to build a scalable business, and all of the other great answers I've read throughout this thread - this can only be achieved by developing exceptional people skills. Learn to read people, read body language, become in tune with people's emotions, learn to decipher people's subconscious intentions, etc. These are invaluable, I believe, in becoming a million dollar man.
 

Tiago

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We lie to ourselves that it's better to not have employees since it's more aligned with subconscious goals. Less employees typically equals more freedom in the short-term. They're an additional component that needs to be managed, even if you're outsourcing. So our preference is to not hire them and stay small vs hiring them and adding on short-term headaches that can eventually be delegated.

Eventually those headaches are worth it, but it's something that I see myself and other entrepreneurs avoiding as much as possible. Even in this thread I'll bet that my reply gets less likes and replies since it's not aligned with the culture of "online, automated income". However, if you look at any billionaire, almost all of them made it there by having a lot of people under them. Same if you meet with multi-millionaires - it's an extrapolation of that.
This post has been a slap in my face. I've read it two days ago and it's rumbling inside.

Thank you so much, this has changed how I go about growing my business.
 

lydialeads

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Question for the forum...

What is the MAIN difference you see between someone who makes 100k /year and someone who makes 1 million plus?

It is a bit of a simplistic question but I am curious how people on here would answer this...

- Habits, discipline, mindset?

- Systems and scaling?

- Value in the marketplace and demand?

- All of the above and more?

This question isn't meant to be a "what is the one thing that will make me a millionaire" but rather when you look at REAL examples of people making a million plus a year what trends or common characteristics of them or their businesses do you see? (if any)
This is what I see...
24964
I guess these efforts can also be said for someone (entrepreneur) making 100k, especially if you're a newbie. But if you're in the slowlane making this, then I don't think it fits the event/process model.
 

apollo_web

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To have a crack at this myself I would say - scale.

The three friends closest who are multi-millionaires all made/make their money through massive scale.

- One made 100,000s of sales of a product
- The other has 10,000s of monthly users
- The last works with massive businesses to help protect 10,000s of assets.

They all have massive maths on their side that makes their income easily reach 7 figures annually.
Love this, really interesting!

Going after the "scale" thing myself, taking a long while, but will get there!
 
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Rawr

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Aug 12, 2007
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Asked a MM friend 2 days ago 'is it true person working your biz and making $50k vs you making MM is close to amount of work?' he said absolutely, thats to MJ's point early on.

other thing i suppose is your motivation for doing it - one guy just cant stop making biz, and as he said 'i have a kid, if i stop people die' early on to me.

other one was burned by a golddigging gf in college and has a hangup that he must be successful. he's better w it now, but as we were discussing his very expensive rent he said 'im not sure i like living in such an expensive place..and i wish i did buy a used luxury car instead of new' he can afford both easily though..but money goes into the biz, which brings me to third point

those 100k and under guys dont have MM assets like warehouses, where the other guys do. so when you have a warehouse which will net you 250-300k in rents thats pretty fkn great and you can do whatever...problem is i dont think either one of them will stop anytime soon, lofty goals.
 

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