In this video summary, the speaker discusses the importance of acquiring valuable skills and making smart investments to achieve financial success. They share a scenario where someone with $50,000 could either buy a house or invest in a business. The speaker emphasizes the advantages of acquiring a business through negotiation, seller financing, and securing a bank loan. They also share their personal experience of acquiring a gym business with no upfront payment and eventually selling it for a profit. The speaker concludes by highlighting the significance of developing skills and being risk-averse when it comes to financial decisions.
1. The speaker discusses a situation where they were financially broke and decided to take a different path, focusing on developing their skills.
2. The speaker mentions that they were able to generate $110,000 in cash collected in the next 30 days after losing everything.
3. The speaker emphasizes that skills are assets that no one can take away from you, even in a divorce.
4. The speaker mentions that as they progressed in their career, they found themselves surrounding themselves with people who had less money but desired to spend less.
5. The speaker discusses two scenarios for investment opportunities: buying a house and investing in a business.
6. In the scenario of buying a house, the speaker suggests that instead of buying a house, one could invest in a business that is doing well financially.
7. The speaker shares an example of a business deal where they paid $625 for a business that was making $250,000 in profit. They were able to get seller finance for $437,000, and then they got a loan for $200,000 from the bank, putting down $50,000.
8. The speaker recaps that the total cost of the business was $625, and they got $437,000 in seller finance and a $200,000 loan from the bank.
9. The speaker shares another example of a business deal where they opened a fifth location of a gym. They agreed on a price of $40,000 and paid it over the next year.
10. The speaker mentions that the fifth gym made $51,000 in sales in the first 30 days and started making a profit every month.
11. The speaker shares that they sold the gym for 1.5 times more than they bought it for, and the gym paid for itself on its own.
12. The speaker emphasizes the importance of having patience and the right character traits to make successful deals or start a business.
13. The speaker concludes by stating that there are opportunities to make a tremendous amount of money with very little risk, and that anyone with a bit of work ethic can achieve this.